United states securities and exchange commission

The Company is subject to changes in tax rates, the adoption of new U.S. or international tax legislation and exposure to 
additional tax liabilities.
The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland, where a number of the 
Company’s subsidiaries are organized. Due to economic and political conditions, tax laws and tax rates for income taxes and 
other non-income taxes in various jurisdictions may be subject to significant change. The Company’s effective tax rates are 
affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax 
assets and liabilities, the introduction of new taxes, or changes in tax laws or their interpretation, including in the U.S. and 
Ireland. The application of tax laws may be uncertain, require significant judgment and be subject to differing interpretations.
Apple Inc. | 2022 Form 10-K | 16

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The Company is also subject to the examination of its tax returns and other tax matters by the U.S. Internal Revenue Service 
and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome 
resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the 
outcome of these examinations. If the Company’s effective tax rates were to increase, particularly in the U.S. or Ireland, or if the 
ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s 
business, results of operations and financial condition could be materially adversely affected.
General Risks
The price of the Company’s stock is subject to volatility.
The Company’s stock has experienced substantial price volatility in the past and may continue to do so in the future. Additionally, 
the Company, the technology industry and the stock market as a whole have, from time to time, experienced extreme stock price 
and volume fluctuations that have affected stock prices in ways that may have been unrelated to these companies’ operating 
performance. Price volatility may cause the average price at which the Company repurchases its stock in a given period to 
exceed the stock’s price at a given point in time. The Company believes the price of its stock should reflect expectations of future 
growth and profitability. The Company also believes the price of its stock should reflect expectations that its cash dividend will 
continue at current levels or grow, and that its current share repurchase program will be fully consummated. Future dividends are 
subject to declaration by the Company’s Board of Directors, and the Company’s share repurchase program does not obligate it 
to acquire any specific number of shares. If the Company fails to meet expectations related to future growth, profitability, 
dividends, share repurchases or other market expectations, the price of the Company’s stock may decline significantly, which 
could have a material adverse impact on investor confidence and employee retention.