Order 1193286: Final Project Submission 1 & 2
tutorthammy
AAPL.xlsx2017 Balance Sheet
| APPLE Inc (AAPL) | |||||
| Exchange rate used is that of the Year End reported date | |||||
| As Reported Annual Balance Sheet | |||||
| Report Date | 12/31/2017 | 12/31/2016 | 12/31/2015 | ||
| Currency | USD | USD | USD | ||
| Audit Status | Not Qualified | Not Qualified | Not Qualified | ||
| Consolidated | Yes | Yes | Yes | ||
| Scale | Thousands | Thousands | Thousands | ||
| Cash | 1347155 | 1126496 | 1480452 | ||
| Money market funds | - | 330 | 1602 | ||
| Cash & cash equivalents | 1347155 | 1126826 | 1482054 | ||
| Marketable securities | 607991 | 703454 | 509032 | ||
| Accounts receivable trade, gross | 266687 | 500631 | 142542 | ||
| Allowance for doubtful accounts | - | 2 | 7108 | ||
| Accounts receivable trade, net | 266687 | 500629 | 135434 | ||
| Accounts receivable, unbilled & retainage | 205530 | 59171 | 76971 | ||
| Raw materials | 148222 | 159078 | 157468 | ||
| Work in process | 13204 | 19736 | 20829 | ||
| Finished goods | 302305 | 309369 | 442408 | ||
| Less noncurrent inventories | -100512 | -107759 | -115617 | ||
| Inventories | 363219 | 380424 | 505088 | ||
| Balance of systems parts | 62776 | 136889 | 125083 | ||
| Deferred project costs | 701105 | 187940 | 29354 | ||
| Deferred tax assets, net | - | - | 91565 | ||
| Assets held for sale | - | - | 20728 | ||
| Note receivable, affiliate | 15000 | 1276 | 12487 | ||
| Prepaid expenses | 42007 | 74990 | 42193 | ||
| Prepaid income taxes | 35336 | - | - | ||
| Restricted cash | 37154 | 72526 | 74695 | ||
| Value added tax receivables | 22308 | - | - | ||
| Derivative instruments | 6078 | 2691 | 9791 | ||
| Other current assets | 74274 | 98770 | 75991 | ||
| Total prepaid expenses & other current assets | 217157 | 248977 | 202670 | ||
| Total current assets | 3786620 | 3345586 | 3190466 | ||
| Land | 7839 | 12063 | 12378 | ||
| Buildings & improvements | 378981 | 410898 | 381925 | ||
| Machinery & equipment | 1444442 | 1824717 | 1646841 | ||
| Office equipment & furniture | 147833 | 144773 | 134268 | ||
| Leasehold improvements | 53552 | 50546 | 50096 | ||
| Construction in progress | 93164 | 37734 | 154497 | ||
| Stored assets | 17995 | 138954 | 155389 | ||
| Gross depreciable property, plant & equipment | 2143806 | 2619685 | 2535394 | ||
| Less: accumulated depreciation | 1514664 | 1335549 | 1133090 | ||
| Property, plant & equipment, net | 629142 | 1284136 | 1402304 | ||
| PV solar power systems, net | 448601 | 93741 | 46393 | ||
| Project assets & deferred project costs | 800770 | 1111137 | 810348 | ||
| Deferred tax assets, net | 252655 | 357693 | 222326 | ||
| Restricted cash & investments | 371307 | 333878 | 407053 | ||
| Investments in unconsolidated affiliates & joint ventures | 242361 | 399805 | 255029 | ||
| Goodwill | 14462 | 84985 | 84985 | ||
| Other intangibles, net | 87970 | 110002 | 119236 | ||
| Inventories | 100512 | 107759 | 115617 | ||
| Note receivable, affiliate | 54737 | 17887 | 9127 | ||
| Other assets | 78076 | 69722 | 61555 | ||
| Total assets | 6867213 | 7316331 | 6724439 | ||
| Accounts payable | 148730 | 337668 | 214656 | ||
| Income taxes payable | 5288 | 1330 | 1727 | ||
| Accrued compensation & benefits | 47877 | 63699 | 43072 | ||
| Accrued property, plant & equipment | 14828 | 7808 | 30723 | ||
| Accrued inventory & balance of systems parts | 13085 | 53542 | 36233 | ||
| Accrued project assets & deferred project costs | 71164 | 145695 | 113012 | ||
| Product warranty liability | 40079 | 38468 | 69656 | ||
| Accrued expenses in excess of normal product warranty liability & related expenses | - | 5040 | 7800 | ||
| Other accrued expenses | 75944 | 95200 | 87660 | ||
| Accrued expenses | 262977 | 409452 | 388156 | ||
| Current portion of long-term debt | 27966 | 38090 | 51918 | ||
| Billings in excess of costs & estimated earnings | 115623 | 87942 | 195346 | ||
| Payments & billings for deferred project costs | 284440 | 28580 | 60591 | ||
| Deferred revenue | 7742 | 17957 | 21879 | ||
| Derivative instruments | 6642 | 16450 | 7657 | ||
| Contingent consideration | 19620 | 9233 | 36817 | ||
| Financing liability | 5219 | 5277 | - | ||
| Other current liabilities | 15460 | 8821 | 22349 | ||
| Total other current liabilities | 54683 | 57738 | 88702 | ||
| Total current liabilities | 899707 | 960800 | 1001096 | ||
| Accrued solar module collection & recycling liabilities | 166277 | 163407 | 246307 | ||
| Project construction credit facilities | 196691 | 218183 | 75418 | ||
| Malaysian Ringgit facility agreement | - | 54175 | 88606 | ||
| Malaysian Euro facility agreement | - | 21869 | 34112 | ||
| Malaysian facility agreement | - | 5100 | 25818 | ||
| Capital lease obligations | 562 | 1065 | 1558 | ||
| Long-term debt principal | 197253 | 300392 | 225512 | ||
| Less unamortized discount & issuance costs | -8865 | -10977 | -8591 | ||
| Total long-term debt | 188388 | 289415 | 216921 | ||
| Less: current portion | 27966 | 38090 | 51918 | ||
| Long-term debt | 160422 | 251325 | 165003 | ||
| Product warranty liability | 212329 | - | - | ||
| Other taxes payable | 24099 | - | - | ||
| Contingent consideration | 10472 | - | - | ||
| Financing liability | 33314 | - | - | ||
| Other liabilities | 147906 | - | - | ||
| Other liabilities | 428120 | 392312 | 284546 | ||
| Total liabilities | 1654526 | 1767844 | 1696952 | ||
| Common stock | 104 | 102 | 100 | ||
| Additional paid-in capital | 2759211 | 2742795 | 2697558 | ||
| Retained earnings (accumulated deficit) | 2463279 | 2790110 | 2279689 | ||
| Foreign currency translation adjustments | -77178 | -69769 | -53337 | ||
| Unrealized gain on marketable securities, net | 65171 | 86884 | 102299 | ||
| Unrealized gain (loss) on derivative instruments, net | 2100 | -1635 | 1178 | ||
| Accumulated other comprehensive income (loss) | -9907 | 15480 | 50140 | ||
| Total stockholders' equity | 5212687 | 5548487 | 5027487 | ||
| References: | |||||
| AAPL Balance Sheet. (2017, December 31). Retrieved September 15, 2018, from | |||||
| https://finance.yahoo.com/quote/AAPL/balance-sheet?p=AAPL |
2017 Income Statement
| APPLE Inc. (AAPL) | |||||
| Exchange rate used is that of the Year End reported date | |||||
| As Reported Annual Income Statement | |||||
| Report Date | 12/31/2017 | 12/31/2016 | 12/31/20145 | ||
| Currency | USD | USD | USD | ||
| Audit Status | Not Qualified | Not Qualified | Not Qualified | ||
| Consolidated | Yes | Yes | Yes | ||
| Scale | Thousands | Thousands | Thousands | ||
| Net sales | 2951328 | 3578995 | 3391814 | ||
| Cost of sales | 2247349 | 2659728 | 2564709 | ||
| Gross profit (loss) | 703979 | 919267 | 827105 | ||
| Research & development expenses | 124762 | 130593 | 143969 | ||
| Selling, general & administrative expenses | 261994 | 255192 | 253827 | ||
| Production start-up | 1021 | 16818 | 5146 | ||
| Restructuring & asset impairments | 818792 | - | - | ||
| Total operating expenses | 1206569 | 402603 | 402942 | ||
| Operating income (loss) | -502590 | 516664 | 424163 | ||
| Foreign currency gain (loss) | -14007 | -6868 | -3017 | ||
| Interest income | 25193 | 22516 | 18030 | ||
| Interest cost incurred | 26157 | 19367 | 9997 | ||
| Interest cost capitalized - property, plant & equipment | 1878 | 1335 | 2324 | ||
| Interest cost capitalized - project assets | 3741 | 11057 | - | ||
| Interest cost capitalized - project assets & deferred project costs | - | - | 5691 | ||
| Interest expense, net | 20538 | 6975 | 1982 | ||
| Other income (expenses), net | 40252 | -5502 | -5203 | ||
| Income (loss) before income taxes - U.S. | -361231 | 126958 | 139026 | ||
| Income (loss) before income taxes - non-U.S. | -110459 | 392877 | 292965 | ||
| Income (loss) before income taxes | -471690 | 519835 | 431991 | ||
| Current federal income tax expense | -7689 | 20208 | 15616 | ||
| Current state income tax expense | 1877 | 4172 | 1717 | ||
| Current foreign income tax expense | -29009 | 23215 | 6917 | ||
| Total current income tax expense | -34821 | 47595 | 24250 | ||
| Deferred federal income tax expense (benefit) | 115905 | -716 | 2926 | ||
| Deferred state income tax expense (benefit) | -7343 | 3118 | 5133 | ||
| Deferred foreign income tax expense (benefit) | -15522 | -56153 | -2185 | ||
| Total deferred income tax expense (benefit) | 93040 | -53751 | 5874 | ||
| Income tax expense (benefit) | 58219 | -6156 | 30124 | ||
| Equity in earnings of unconsolidated affiliates, net of tax | 171945 | 20430 | -4949 | ||
| Net income (loss) | -357964 | 546421 | 396918 | ||
| Weighted average shares outstanding - basic | 102866 | 100886 | 100048 | ||
| Weighted average shares outstanding - diluted | 102866 | 101815 | 101643 | ||
| Year end shares outstanding | 104034.731 | 101766.797 | 100288.942 | ||
| Net income (loss) per share - basic | -3.48 | 5.42 | 3.97 | ||
| Net income (loss) per share - diluted | -3.48 | 5.37 | 3.91 | ||
| Total number of employees | 5400 | 6350 | 6060 | ||
| Number of common stockholders | 49 | 51 | 20 | ||
| Investment tax credit | 57400 | - | - | ||
| Foreign currency translation adjustments | -7409 | -16432 | - | ||
| References: | |||||
| AAPL Income Sheet. (2017, December 31). Retrieved September 15, 2018, from: | |||||
| https://finance.yahoo.com/quote/AAPL/financials?p=AAPL | |||||
2017 Cash Flows
| APPLE Inc (AAPL) | |||||
| Exchange rate used is that of the Year End reported date | |||||
| As Reported Annual Cash Flow | |||||
| Report Date | 12/31/2017 | 12/31/2016 | 12/31/2015 | ||
| Currency | USD | USD | USD | ||
| Audit Status | Not Qualified | Not Qualified | Not Qualified | ||
| Consolidated | Yes | Yes | Yes | ||
| Scale | Thousands | Thousands | Thousands | ||
| Cash received from customers | - | - | 3366839 | ||
| Cash paid to suppliers & employees | - | - | -2642306 | ||
| Interest received | - | - | 12966 | ||
| Interest paid | - | - | -7601 | ||
| Income tax refunds (payments), net | - | - | -17045 | ||
| Excess tax benefit from share-based compensation arrangements | - | - | -31166 | ||
| Other cash flows from operating activities | - | - | -698 | ||
| Net cash flows from operating activities | - | - | 680989 | ||
| Net income (loss) | -357964 | 546421 | 396918 | ||
| Depreciation, amortization & accretion | 230940 | 257825 | 245798 | ||
| Impairment of assets & liabilities | - | - | 5228 | ||
| Impairment & net loss on disposal of long-lived assets | 838467 | 14593 | - | ||
| Impairment of project assets | - | - | 433 | ||
| Share-based compensation | 28712 | 44899 | 43810 | ||
| Equity in earnings of unconsolidated affiliates, net of tax | -171945 | -20430 | - | ||
| Distributions received from equity method investments | 18562 | - | - | ||
| Remeasurement of monetary assets & liabilities | 5442 | -4043 | 8772 | ||
| Deferred income taxes | 123864 | -17534 | 14068 | ||
| Gain on sales of marketable securities & restricted investments | -41632 | - | - | ||
| Excess tax benefits from share-based compensation arrangements | - | -17707 | -31166 | ||
| Other operating activities | 13863 | 520 | 6296 | ||
| Accounts receivable, trade, unbilled & retainage | 92747 | -340292 | 453826 | ||
| Prepaid expenses & other current assets | 9574 | -38635 | -19947 | ||
| Inventories & balance of systems parts | 95785 | 113537 | -99870 | ||
| Project assets & deferred project costs | -592204 | -857529 | 141908 | ||
| Other assets | -19423 | -8484 | -5371 | ||
| Income taxes receivable & payable | -59640 | -13281 | -989 | ||
| Accounts payable | -191642 | 143872 | -52339 | ||
| Accrued expenses & other liabilities | 179610 | -85425 | -452438 | ||
| Accrued solar module collection & recycling liability | 3637 | -79226 | 26052 | ||
| Total adjustments | - | - | 284071 | ||
| Net cash flows from operating activities | 206753 | -360919 | 680989 | ||
| Purchases of property, plant & equipment | -229452 | -166438 | -257549 | ||
| Proceeds from sale of property, plant & equipment | - | 77 | 1532 | ||
| Purchase of marketable securities | -422609 | -556479 | -305396 | ||
| Proceeds from sales & maturities of marketable securities | 525515 | 353359 | 227900 | ||
| Proceeds from sales of equity & cost method investments | 291502 | - | - | ||
| Purchase of equity & cost method investments | - | -27475 | -24967 | ||
| Distributions received from equity method investments | 1502 | 238980 | - | ||
| Investment in notes receivable, affiliate | -4760 | -55163 | -72692 | ||
| Payments received on notes receivable, affiliate | 3053 | 57866 | 49517 | ||
| Change in restricted cash | - | 44037 | -124061 | ||
| Acquisitions, net of cash acquired | -10272 | - | -4306 | ||
| Other investing activities | -9959 | -904 | -1857 | ||
| Net cash flows from investing activities | 144520 | -112140 | -511879 | ||
| Repayment of borrowings under revolving credit facility | -550000 | - | - | ||
| Proceeds from borrowings under revolving credit facility | 550000 | - | - | ||
| Repayment of long-term debt | -137367 | -47078 | -60063 | ||
| Proceeds from borrowings under long-term debt, net of discount & issuance costs | 26816 | 146027 | 65563 | ||
| Repayment of sale-leaseback financing | -5276 | -3702 | - | ||
| Proceeds from sale-leaseback financing | - | 44718 | - | ||
| Excess tax benefit from share-based compensation arrangements | - | 17707 | 31166 | ||
| Payments of tax withholdings for restricted shares | -20407 | - | - | ||
| Contingent consideration payments & other financing activities | -159 | -20569 | - | ||
| Other financing activities | - | - | -29307 | ||
| Net cash flows from financing activities | -136393 | 137103 | 7359 | ||
| Effect of exchange rate changes on cash & cash equivalents | -6306 | -19272 | -19487 | ||
| Net increase (decrease) in cash & cash equivalents | 208574 | -355228 | 156982 | ||
| Cash & cash equivalents, beginning of year | 1207116 | 1482054 | 1325072 | ||
| Cash & cash equivalents, end of year | 1415690 | 1126826 | 1482054 | ||
| References: | |||||
| AAPL Cash Flows. (2017, December 31). Retrieved September 15, 2018, from https://finance.yahoo.com/quote/AAPL/cash-flow?p=AAPL |
Stock Prices
| APPLE Inc (AAPL) | ||||||
| Issue: First Solar Inc(NMS:FSLR) NASDAQ National Market System | ||||||
| Date: From 11/18/2014 to 11/18/2017 Frequency: daily Adjusted Prices | ||||||
| Historical Pricing | ||||||
| Date | Open | High | Low | Close | Volume | Price Move (%) |
| 11/17/2017 | 160.73 | 160.8 | 159.53 | 160.18 | 511447570 | -0.28 |
| 11/16/2017 | 160.65 | 161.5558 | 160.2 | 160.35 | 528081507 | -0.41 |
| 11/15/2017 | 160.89 | 161.59 | 160.33 | 160.6 | 525680536 | -1.11 |
| 11/14/2017 | 161.74 | 162.22 | 160.56 | 161.28 | 511443628 | -0.47 |
| 11/13/2017 | 161.62 | 162.0499 | 160.86 | 161.57 | 500647810 | -0.03 |
| 11/10/2017 | 161.67 | 162.56 | 160.16 | 161.59 | 513014835 | 1.73 |
| 11/09/2017 | 161.7 | 161.754 | 160.162 | 160.54 | 526410289 | -2.02 |
| Rate of Return | -0.2242431793 | |||||
| The stock had a - .59 percent return over the period Nov 9, 2017 through Nov 17, 2017. | ||||||
| References: | ||||||
| AAPL Stock Prices. (2016, December 31). Retrieved September 15, 2018, from https://finance.yahoo.com/quote/AAPL/history?period1=1451509200&period2=1514667600&interval=1mo&filter=history&frequency=1mo | ||||||
