Apple(AAPL) - 2023 Q4 - Annual Report

Product Lines - iPhone line includes iPhone 15 Pro, iPhone 15, iPhone 14, iPhone 13, and iPhone SE[29] - Mac line includes MacBook Air, MacBook Pro, iMac, Mac mini, Mac Studio, and Mac Pro[30] - iPad line includes iPad Pro, iPad Air, iPad, and iPad mini[31] - Wearables include Apple Watch Ultra 2, Apple Watch Series 9, Apple Watch SE, AirPods, AirPods Pro, AirPods Max, and Beats products[14] - Home products include Apple TV, HomePod, and HomePod mini[32] Sales and Distribution - Net sales through direct and indirect distribution channels accounted for 37% and 63% of total net sales in 2023, respectively[36] - The company historically experiences higher net sales in Q1 due to seasonal holiday demand[358] - A significant portion of the company's net sales depends on a single product, and a decline in its demand could impact quarterly results[358] Financial Position - Current assets increased to $143.566 billion in 2023 from$135.405 billion in 2022[183] - Total liabilities decreased to $290.437 billion in 2023 from$302.083 billion in 2022[183] - Shareholders' equity increased to $62.146 billion in 2023 from$50.672 billion in 2022[183] Geographic Operations - The company manages its business on a geographic basis, including Americas, Europe, Greater China, Japan, and Rest of Asia Pacific[35] Risks and Challenges - Strengthening foreign currencies relative to the USD may increase product component costs, adversely affecting gross margins[359] - The company's investments are subject to risks like liquidity changes, credit deterioration, and interest rate fluctuations, potentially impacting cash and marketable securities[360] - The company faces tax examination risks, and adverse outcomes could materially affect its financial condition[361] - Stock price volatility may impact investor confidence and employee retention if future growth, profitability, or dividend expectations are not met[362] - The company's uncertain tax positions involve significant judgment, and resolution inconsistent with expectations could impact financial results[177] Facilities - As of September 30, 2023, the company owns or leases facilities globally, which are in good operating condition[363]