Apple, balance sheet data in millions of dollars
	2002	2020
Assets	$ 6,298	$ 323,888
Liabilities = Debt	2,203	258,549
Equity	4,095	65,339
Check: A-L-E = 0	0	0
Debt/Equity	0.54	3.96
Income statement and footnotes (for interest)
Interest Expense
Income before provision for income taxes
Calculate: Times Interest Earned Ratio

CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 26, September 28, September 29, 2020 2019 2018 $ Net sales: Products Services Total net sales 220,747 $ 53,768 274,515 213,883 $ 46,291 260,174 225,847 39,748 265,595 Cost of sales: Products Services Total cost of sales Gross margin 151,286 18,273 169,559 104,956 144,996 16,786 161,782 98,392 148,164 15,592 163,756 101,839 Operating expenses: Research and development Selling, general and administrative Total operating expenses 18,752 19,916 38,668 16,217 18,245 34,462 14,236 16,705 30,941 Operating income Other income/expense), net Income before provision for income taxes Provision for income taxes Net income 66,288 803 67,091 9,680 57,411 $ 63,930 1,807 65,737 10,481 55,256 $ 70,898 2,005 72,903 13,372 59,531 $ Earnings per share: Basic Diluted $ $ 3.31 $ 3.28 $ 2.99 $ 2.97 $ 3.00 2.98 Shares used in computing earnings per share: Basic Diluted 17,352,119 17,528,214 18,471,336 18,595,651 19,821,510 20,000,435 Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended September 26, September 28, September 29, 2020 2019 2018 $ 57,411 $ 55,256 $ 59,531 Net income Other comprehensive income/(loss): Change in foreign currency translation, net of tax 88 (408) (525) 79 (661) 523 Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives Adjustment for net (gains)/losses realized and included in net income Total change in unrealized gains/losses on derivative instruments (1,264) 23 382 (1,185) (638) 905 1,202 3,802 (3,407) Change in unrealized gains/losses on marketable debt securities, net of tax: Change in fair value of marketable debt securities Adjustment for net (gains)/losses realized and included in net income Total change in unrealized gains/losses on marketable debt securities (63) 25 1 1,139 3,827 (3,406) Total other comprehensive income/(loss) Total comprehensive income 42 57,453 $ 2,781 58,037 $ (3,026) 56,505 $ See accompanying Notes to Consolidated Financial Statements. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 26, 2020 September 28, 2019 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 38,016 $ 52,927 16,120 4,061 21,325 11,264 143,713 48,844 51,713 22,926 4,106 22,878 12,352 162,819 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 100,887 36,766 42,522 180,175 323,888 $ 105,341 37,378 32,978 175,697 338,516 $ LIABILITIES AND SHAREHOLDERS' EQUITY: $ Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities 42,296 $ 42,684 6,643 4,996 8,773 105,392 46,236 37,720 5,522 5,980 10,260 105,718 Non-current liabilities: Term debt Other non-current liabilities 98,667 54,490 91,807 50,503 Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 36,766 42,522 180,175 323,888 $ 37,378 32,978 175,697 338,516 $ LIABILITIES AND SHAREHOLDERS' EQUITY: $ Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities 42,296 $ 42,684 6,643 4,996 8,773 105,392 46,236 37,720 5,522 5,980 10,260 105,718 Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities 98,667 54,490 153,157 258,549 91,807 50,503 142,310 248,028 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,976,763 and 17,772,945 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity 50,779 14,966 (406) 65,339 323,888 $ 45, 174 45,898 (584) 90,488 338,516 $ See accompanying Notes to Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except per share amounts) Years ended September 26, September 28, September 29, 2020 2019 2018 $ 90,488 $ 107,147 $ 134,047 Total shareholders' equity, beginning balances 45,174 880 40,201 781 35,867 669 Common stock and additional paid-in capital: Beginning balances Common stock issued Common stock withheld related to net share settlement of equity awards Share-based compensation Ending balances (2,250) 6,975 50,779 (2,002) 6,194 45, 174 (1,778) 5,443 40,201 45,898 57,411 (14,087) 70,400 55,256 (14,129) 98,330 59,531 (13,735) Retained earnings: Beginning balances Net income Dividends and dividend equivalents declared Common stock withheld related to net share settlement of equity awards Common stock repurchased Cumulative effects of changes in accounting principles Ending balances (1,604) (72,516) (136) 14,966 (1,029) (67,101) 2,501 45,898 (948) (73,056) 278 70,400 Accumulated other comprehensive income/(loss): Beginning balances Other comprehensive income/(loss) Cumulative effects of changes in accounting principles Ending balances (584) 42 136 (406) (3,454) 2,781 89 (584) (150) (3,026) (278) (3,454) Total shareholders' equity, ending balances $ 65,339 $ 90,488 $ 107,147 Dividends and dividend equivalents declared per share or RSU 0.795 $ 0.75 $ 0.68 See accompanying Notes to Consolidated Financial Statements. (97) CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Years ended September 26, September 28, September 29, 2020 2019 2018 Cash, cash equivalents and restricted cash, beginning balances $ 50,224 $ 25,913 $ 20,289 Operating activities: Net income 57,411 55,256 59,531 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 11,056 12,547 10,903 Share-based compensation expense 6,829 6,068 5,340 Deferred income tax benefit (215) (340) (32,590) Other (652) (444) Changes in operating assets and liabilities: Accounts receivable, net 6,917 245 (5,322) Inventories (127) (289) 828 Vendor non-trade receivables 1,553 2,931 (8,010) Other current and non-current assets (9,588) 873 (423) Accounts payable (4,062) (1,923) 9,175 Deferred revenue 2,081 (625) (3) Other current and non-current liabilities 8,916 (4,700) 38,449 Cash generated by operating activities 80,674 69,391 77,434 Investing activities: Purchases of marketable securities (114,938) (39,630) (71,356) Proceeds from maturities of marketable securities 69,918 40,102 55,881 Proceeds from sales of marketable securities 50,473 56,988 47,838 Payments for acquisition of property, plant and equipment (7,309) (10,495) (13,313) Payments made in connection with business acquisitions, net (1,524) (624) (721) Purchases of non-marketable securities (210) (1,001) (1,871) Proceeds from non-marketable securities 92 1,634 353 Other (791) (1,078) (745) Cash generated by/(used in) investing activities (4,289) 45,896 16,066 Financing activities: Proceeds from issuance of common stock 880 781 669 Payments for taxes related to net share settlement of equity awards (3,634) (2,817) (2,527) Payments for dividends and dividend equivalents (14,081) (14,119) (13,712) 69,391 77,434 (39,630) 40,102 56,988 (10,495) (624) (1,001) 1,634 (1,078) 45,896 (71,356) 55,881 47,838 (13,313) (721) (1,871) 353 (745) 16,066 781 669 Cash generated by operating activities 80,674 Investing activities: Purchases of marketable securities (114,938) Proceeds from maturities of marketable securities 69,918 Proceeds from sales of marketable securities 50,473 Payments for acquisition of property, plant and equipment (7,309) Payments made in connection with business acquisitions, net (1,524) Purchases of non-marketable securities (210) Proceeds from non-marketable securities 92 Other (791) Cash generated by/(used in) investing activities (4,289) Financing activities: Proceeds from issuance of common stock 880 Payments for taxes related to net share settlement of equity awards (3,634) Payments for dividends and dividend equivalents (14,081) Repurchases of common stock (72,358) Proceeds from issuance of term debt, net 16,091 Repayments of term debt (12,629) Repayments of commercial paper, net (963) Other (126) Cash used in financing activities (86,820) Increase/Decrease) in cash, cash equivalents and restricted cash (10,435) Cash, cash equivalents and restricted cash, ending balances $ 39,789 $ Supplemental cash flow disclosure: Cash paid for income taxes, net $ 9,501 $ Cash paid for interest $ 3,002 $ See accompanying Notes to Consolidated Financial Statements. (2,817) (14,119) (66,897) 6,963 (8,805) (5,977) (105) (90,976) (2,527) (13,712) (72,738) 6,969 (6,500) (37) (87,876) 5,624 24,311 50,224 $ 25,913 15,263 $ 3,423 $ 10,417 3,022 Apple Inc. I 2020 Form 10-K 135