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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Apple Inc., income tax expense (benefit), continuing operations
US$ in millions
12 months ended: | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | |||||||
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State | |||||||||||||
Foreign | |||||||||||||
Current | |||||||||||||
Federal | |||||||||||||
State | |||||||||||||
Foreign | |||||||||||||
Deferred | |||||||||||||
Provision for income taxes |
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
Item | Description | The company |
---|---|---|
Current | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Apple Inc.’s current decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Apple Inc.’s deferred increased from 2018 to 2019 and from 2019 to 2020. |
Provision for income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Apple Inc.’s provision for income taxes decreased from 2018 to 2019 and from 2019 to 2020. |
Effective Income Tax Rate (EITR)
Apple Inc., effective income tax rate (EITR) reconciliation
Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | ||
---|---|---|---|---|---|---|---|
Statutory federal income tax rate | |||||||
Effective tax rate |
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
Item | Description | The company |
---|---|---|
Effective tax rate | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Apple Inc.’s effective tax rate decreased from 2018 to 2019 and from 2019 to 2020. |
Components of Deferred Tax Assets and Liabilities
Apple Inc., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
Item | Description | The company |
---|---|---|
Deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Apple Inc.’s deferred tax assets increased from 2018 to 2019 but then slightly decreased from 2019 to 2020. |
Deferred tax assets, net | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Apple Inc.’s deferred tax assets, net increased from 2018 to 2019 but then slightly decreased from 2019 to 2020. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Apple Inc.’s net deferred tax assets (liabilities) increased from 2018 to 2019 and from 2019 to 2020. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Apple Inc., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
Apple Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Apple Inc., adjusted financial ratios
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
Financial ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Apple Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Apple Inc.’s adjusted total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Apple Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Apple Inc.’s adjusted ROE improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Apple Inc.’s adjusted ROA improved from 2018 to 2019 and from 2019 to 2020. |
Apple Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
2020 Calculations
1 Net profit margin = 100 × Net income ÷ Net sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Apple Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
2020 Calculations
1 Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Apple Inc.’s adjusted total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
2020 Calculations
1 Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Apple Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
2020 Calculations
1 ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Apple Inc.’s adjusted ROE improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).
2020 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Apple Inc.’s adjusted ROA improved from 2018 to 2019 and from 2019 to 2020. |