Company Quick10K Filing
Apple
Price287.00 EPS13
Shares4,455 P/E22
MCap1,278,449 P/FCF17
Net Debt61,421 EBIT74,711
TEV1,339,870 TEV/EBIT18
TTM 2019-12-28, in MM, except price, ratios
10-Q 2020-06-27 Filed 2020-07-31
10-Q 2020-03-28 Filed 2020-05-01
10-Q 2019-12-28 Filed 2020-01-29
10-K 2019-09-28 Filed 2019-10-31
10-Q 2019-06-29 Filed 2019-07-31
10-Q 2019-03-30 Filed 2019-05-01
10-Q 2018-12-29 Filed 2019-01-30
10-K 2018-09-29 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-30 Filed 2018-02-02
10-K 2017-09-30 Filed 2017-11-03
10-Q 2017-07-01 Filed 2017-08-02
10-Q 2017-04-01 Filed 2017-05-03
10-Q 2016-12-31 Filed 2017-02-01
10-K 2016-09-24 Filed 2016-10-26
10-Q 2016-06-25 Filed 2016-07-27
10-Q 2016-03-26 Filed 2016-04-27
10-Q 2015-12-26 Filed 2016-01-27
10-K 2015-09-26 Filed 2015-10-28
10-Q 2015-06-27 Filed 2015-07-22
10-Q 2015-03-28 Filed 2015-04-28
10-Q 2014-12-27 Filed 2015-01-28
10-K 2014-09-27 Filed 2014-10-27
10-Q 2014-06-28 Filed 2014-07-23
10-Q 2014-03-29 Filed 2014-04-24
10-Q 2013-12-28 Filed 2014-01-28
10-K 2013-09-28 Filed 2013-10-30
10-Q 2013-06-29 Filed 2013-07-24
10-Q 2013-03-30 Filed 2013-04-24
10-Q 2012-12-29 Filed 2013-01-24
10-K 2012-09-29 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-07-25
10-Q 2012-03-31 Filed 2012-04-25
10-Q 2011-12-31 Filed 2012-01-25
10-K 2011-09-24 Filed 2011-10-26
10-Q 2011-06-25 Filed 2011-07-20
10-Q 2011-03-26 Filed 2011-04-21
10-Q 2010-12-25 Filed 2011-01-19
10-K 2010-09-25 Filed 2010-10-27
10-Q 2010-06-26 Filed 2010-07-21
10-Q 2010-03-27 Filed 2010-04-21
10-Q 2009-12-26 Filed 2010-01-25
8-K 2020-08-13 Other Events, Exhibits
8-K 2020-08-03 Amend Bylaw, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-05-04
8-K 2020-04-30
8-K 2020-02-26
8-K 2020-02-17
8-K 2020-01-28
8-K 2019-11-07
8-K 2019-10-30
8-K 2019-09-10
8-K 2019-09-04
8-K 2019-07-30
8-K 2019-04-30
8-K 2019-03-01
8-K 2019-02-05
8-K 2019-01-29
8-K 2019-01-02
8-K 2018-11-01
8-K 2018-07-31
8-K 2018-05-01
8-K 2018-04-30
8-K 2018-02-13
8-K 2018-02-01
8-K 2015-09-10
8-K 2015-07-24
8-K 2015-07-21
8-K 2015-06-03
8-K 2015-05-06
8-K 2015-04-27
8-K 2015-04-27
8-K 2015-03-10
8-K 2015-02-02
8-K 2015-01-28
8-K 2015-01-27

AAPL 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Revenue Recognition
Note 3 - Financial Instruments
Note 4 - Condensed Consolidated Financial Statement Details
Note 5 - Income Taxes
Note 6 - Debt
Note 7 - Shareholders' Equity
Note 8 - Comprehensive Income
Note 9 - Benefit Plans
Note 10 - Commitments and Contingencies
Note 11 - Segment Information and Geographic Data
Note 12 - Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a10-qexhibit3116272020.htm
EX-31.2 a10-qexhibit3126272020.htm
EX-32.1 a10-qexhibit3216272020.htm

Apple Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
4103282461648202011201420172021
Assets, Equity
957657381902011201420172021
Rev, G Profit, Net Income
35217-7-21-352011201420172021
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36743
aapl-20200627_g1.jpg
Apple Inc.
(Exact name of Registrant as specified in its charter)
California94-2404110
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
One Apple Park Way
Cupertino, California
95014
(Address of principal executive offices)(Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, $0.00001 par value per share
AAPL
The Nasdaq Stock Market LLC
1.000% Notes due 2022
The Nasdaq Stock Market LLC
1.375% Notes due 2024
The Nasdaq Stock Market LLC
0.000% Notes due 2025
The Nasdaq Stock Market LLC
0.875% Notes due 2025
The Nasdaq Stock Market LLC
1.625% Notes due 2026
The Nasdaq Stock Market LLC
2.000% Notes due 2027
The Nasdaq Stock Market LLC
1.375% Notes due 2029
The Nasdaq Stock Market LLC
3.050% Notes due 2029
The Nasdaq Stock Market LLC
0.500% Notes due 2031
The Nasdaq Stock Market LLC
3.600% Notes due 2042
The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes      No  
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  

4,275,634,000 shares of common stock were issued and outstanding as of July 17, 2020.



Apple Inc.

Form 10-Q
For the Fiscal Quarter Ended June 27, 2020
TABLE OF CONTENTS

Page



PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)

Three Months EndedNine Months Ended
June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Net sales:
   Products$46,529  $42,354  $170,598  $162,354  
   Services13,156  11,455  39,219  33,780  
Total net sales59,685  53,809  209,817  196,134  
Cost of sales:
   Products32,693  29,473  116,089  109,758  
   Services4,312  4,109  13,461  12,297  
Total cost of sales37,005  33,582  129,550  122,055  
Gross margin22,680  20,227  80,267  74,079  
Operating expenses:
Research and development4,758  4,257  13,774  12,107  
Selling, general and administrative4,831  4,426  14,980  13,667  
Total operating expenses9,589  8,683  28,754  25,774  
Operating income13,091  11,544  51,513  48,305  
Other income/(expense), net46  367  677  1,305  
Income before provision for income taxes13,137  11,911  52,190  49,610  
Provision for income taxes1,884  1,867  7,452  8,040  
Net income$11,253  $10,044  $44,738  $41,570  
Earnings per share:
Basic$2.61  $2.20  $10.25  $8.92  
Diluted$2.58  $2.18  $10.16  $8.86  
Shares used in computing earnings per share:
Basic4,312,573  4,570,633  4,362,571  4,660,175  
Diluted4,354,788  4,601,380  4,404,695  4,691,759  
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2020 Form 10-Q | 1


Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)

Three Months EndedNine Months Ended
June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Net income
$11,253  $10,044  $44,738  $41,570  
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax
194  (219) (170) (123) 
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivatives
78  (108) 46  (492) 
Adjustment for net (gains)/losses realized and included in net income
(1,120) (44) (884) (107) 
Total change in unrealized gains/losses on derivative instruments
(1,042) (152) (838) (599) 
Change in unrealized gains/losses on marketable debt securities, net of tax:
Change in fair value of marketable debt securities
3,098  1,253  898  3,405  
Adjustment for net (gains)/losses realized and included in net income
(11) (22) 8  43  
Total change in unrealized gains/losses on marketable debt securities
3,087  1,231  906  3,448  
Total other comprehensive income/(loss)2,239  860  (102) 2,726  
Total comprehensive income$13,492  $10,904  $44,636  $44,296  
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2020 Form 10-Q | 2


Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)

June 27,
2020
September 28,
2019
ASSETS:
Current assets:
Cash and cash equivalents$33,383  $48,844  
Marketable securities59,642  51,713  
Accounts receivable, net17,882  22,926  
Inventories3,978  4,106  
Vendor non-trade receivables14,193  22,878  
Other current assets10,987  12,352  
Total current assets140,065  162,819  
Non-current assets:
Marketable securities100,592  105,341  
Property, plant and equipment, net35,687  37,378  
Other non-current assets41,000  32,978  
Total non-current assets
177,279  175,697  
Total assets
$317,344  $338,516  
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable$35,325  $46,236  
Other current liabilities35,005  37,720  
Deferred revenue6,313  5,522  
Commercial paper and repurchase agreements11,166  5,980  
Term debt7,509  10,260  
Total current liabilities95,318  105,718  
Non-current liabilities:
Term debt
94,048  91,807  
Other non-current liabilities
55,696  50,503  
Total non-current liabilities
149,744  142,310  
Total liabilities
245,062  248,028  
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,283,939 and 4,443,236 shares issued and outstanding, respectively
48,696  45,174  
Retained earnings24,136  45,898  
Accumulated other comprehensive income/(loss)(550) (584) 
Total shareholders’ equity72,282  90,488  
Total liabilities and shareholders’ equity$317,344  $338,516  
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2020 Form 10-Q | 3


Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)

Three Months EndedNine Months Ended
June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Total shareholders’ equity, beginning balances$78,425  $105,860  $90,488  $107,147  
Common stock and additional paid-in capital:
Beginning balances48,032  42,801  45,174  40,201  
Common stock issued
  1  430  391  
Common stock withheld related to net share settlement of equity awards
(1,071) (958) (2,123) (1,885) 
Share-based compensation1,735  1,527  5,215  4,664  
Ending balances48,696  43,371  48,696  43,371  
Retained earnings:
Beginning balances33,182  64,558  45,898  70,400  
Net income11,253  10,044  44,738  41,570  
Dividends and dividend equivalents declared(3,611) (3,580) (10,528) (10,605) 
Common stock withheld related to net share settlement of equity awards
(688) (336) (1,320) (944) 
Common stock repurchased(16,000) (16,962) (54,516) (49,198) 
Cumulative effects of changes in accounting principles    (136) 2,501  
Ending balances24,136  53,724  24,136  53,724  
Accumulated other comprehensive income/(loss):
Beginning balances(2,789) (1,499) (584) (3,454) 
Other comprehensive income/(loss)2,239  860  (102) 2,726  
Cumulative effects of changes in accounting principles    136  89  
Ending balances(550) (639) (550) (639) 
Total shareholders’ equity, ending balances$72,282  $96,456  $72,282  $96,456  
Dividends and dividend equivalents declared per share or RSU$0.82  $0.77  $2.36  $2.23  
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2020 Form 10-Q | 4


Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 27,
2020
June 29,
2019
Cash, cash equivalents and restricted cash, beginning balances$50,224  $25,913  
Operating activities:
Net income44,738  41,570  
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization8,354  9,368  
Share-based compensation expense5,105  4,569  
Deferred income tax expense/(benefit)182  (38) 
Other(94) (340) 
Changes in operating assets and liabilities:
Accounts receivable, net5,149  9,013  
Inventories10  496  
Vendor non-trade receivables8,685  13,483  
Other current and non-current assets(6,760) 693  
Accounts payable(10,787) (19,804) 
Deferred revenue1,649  (776) 
Other current and non-current liabilities3,867  (8,753) 
Cash generated by operating activities60,098  49,481  
Investing activities:
Purchases of marketable securities(96,606) (21,902) 
Proceeds from maturities of marketable securities54,865  26,783  
Proceeds from sales of marketable securities39,760  49,516  
Payments for acquisition of property, plant and equipment(5,525) (7,718) 
Payments made in connection with business acquisitions, net(1,473) (611) 
Purchases of non-marketable securities
(210) (632) 
Proceeds from non-marketable securities58  1,526  
Other(689) (268) 
Cash generated by/(used in) investing activities(9,820) 46,694  
Financing activities:
Proceeds from issuance of common stock430  391  
Payments for taxes related to net share settlement of equity awards(3,234) (2,626) 
Payments for dividends and dividend equivalents(10,570) (10,640) 
Repurchases of common stock(55,171) (49,453) 
Proceeds from issuance of term debt, net10,635    
Repayments of term debt(12,629) (5,500) 
Proceeds from/(Repayments of) commercial paper, net31  (2,026) 
Proceeds from repurchase agreements5,165    
Other(120) (83) 
Cash used in financing activities(65,463) (69,937) 
Increase/(Decrease) in cash, cash equivalents and restricted cash(15,185) 26,238  
Cash, cash equivalents and restricted cash, ending balances$35,039  $52,151  
Supplemental cash flow disclosure:
Cash paid for income taxes, net$8,410  $11,795  
Cash paid for interest$2,275  $2,563  
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2020 Form 10-Q | 5


Apple Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 28, 2019 (the “2019 Form 10-K”).
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. A 14th week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The Company’s fiscal years 2020 and 2019 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Recently Adopted Accounting Pronouncements
Leases
At the beginning of the first quarter of 2020, the Company adopted the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), and additional ASUs issued to clarify and update the guidance in ASU 2016-02 (collectively, the “new leases standard”), which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. The Company adopted the new leases standard utilizing the modified retrospective transition method, under which amounts in prior periods presented were not restated. For contracts existing at the time of adoption, the Company elected to not reassess (i) whether any are or contain leases, (ii) lease classification, and (iii) initial direct costs. Upon adoption, the Company recorded $7.5 billion of right-of-use (“ROU”) assets and $8.1 billion of lease liabilities on its Condensed Consolidated Balance Sheet.
Hedging
At the beginning of the first quarter of 2020, the Company adopted FASB ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 expands component and fair value hedging, specifies the presentation of the effects of hedging instruments, eliminates the separate measurement and presentation of hedge ineffectiveness, and updates disclosure requirements related to hedging. The Company adopted ASU 2017-12 utilizing the modified retrospective transition method. Upon adoption, the Company recorded a $136 million increase in accumulated other comprehensive income/(loss) (“AOCI”) and a corresponding decrease in retained earnings in the Condensed Consolidated Statement of Shareholders’ Equity.
Apple Inc. | Q3 2020 Form 10-Q | 6


Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 27, 2020 and June 29, 2019 (net income in millions and shares in thousands):
Three Months EndedNine Months Ended
June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Numerator:
Net income$11,253  $10,044  $44,738  $41,570  
Denominator:
Weighted-average basic shares outstanding4,312,573  4,570,633  4,362,571  4,660,175  
Effect of dilutive securities42,215  30,747  42,124  31,584  
Weighted-average diluted shares4,354,788  4,601,380  4,404,695  4,691,759  
Basic earnings per share$2.61  $2.20  $10.25  $8.92  
Diluted earnings per share$2.58  $2.18  $10.16  $8.86  
Potentially dilutive securities representing 1.5 million and 20.5 million shares of common stock were excluded from the computation of diluted earnings per share for the three- and nine-month periods ended June 29, 2019, respectively, because their effect would have been antidilutive.
Note 2 – Revenue Recognition
Net sales consist of revenue from the sale of iPhone®, Mac®, iPad®, Services and other products. The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers. For most of the Company’s Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable.
The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience.
For arrangements with multiple performance obligations, which represent promises within an arrangement that are capable of being distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation.
The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred.
Apple Inc. | Q3 2020 Form 10-Q | 7


For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized revenue, and has elected not to disclose amounts, related to these undelivered services.
For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products including, but not limited to, evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store®, Mac App Store, TV App Store and Watch App Store and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains.
The Company has elected to record revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority.
Deferred Revenue
As of June 27, 2020 and September 28, 2019, the Company had total deferred revenue of $9.8 billion and $8.1 billion, respectively. As of June 27, 2020, the Company expects 65% of total deferred revenue to be realized in less than a year, 26% within one-to-two years, 7% within two-to-three years and 2% in greater than three years.
Disaggregated Revenue
Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 27, 2020 and June 29, 2019 were as follows (in millions):
Three Months EndedNine Months Ended
June 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
iPhone (1)
$26,418  $25,986  $111,337  $109,019  
Mac (1)
7,079  5,820  19,590  18,749  
iPad (1)
6,582  5,023  16,927  16,624  
Wearables, Home and Accessories (1)(2)
6,450