United states securities and exchange commission

2022
2021
2020
Computed expected tax
$ 
25,012 
$ 
22,933 
$ 
14,089 
State taxes, net of federal effect
1,518 
1,151 
423 
Impacts of the Act
542 
— 
(582) 
Earnings of foreign subsidiaries
(4,366) 
(4,715) 
(2,534) 
Foreign-derived intangible income deduction
(296) 
(1,372) 
(169) 
Research and development credit, net
(1,153) 
(1,033) 
(728) 
Excess tax benefits from equity awards
(1,871) 
(2,137) 
(930) 
Other
(86) 
(300) 
111 
Provision for income taxes
$ 
19,300 
$ 
14,527 
$ 
9,680 
Effective tax rate
16.2% 
13.3% 
14.4% 
Deferred Tax Assets and Liabilities
As of September 24, 2022 and September 25, 2021, the significant components of the Company’s deferred tax assets and 
liabilities were (in millions):
2022
2021
Deferred tax assets:
Amortization and depreciation
$ 
1,496 $ 
5,575 
Accrued liabilities and other reserves
6,515
5,895 
Lease liabilities
2,400
2,406 
Deferred revenue
5,742
5,399 
Unrealized losses
2,913
53 
Tax credit carryforwards
6,962
4,262 
Other
1,596
1,639 
Total deferred tax assets
27,624
25,229 
Less: Valuation allowance
(7,530)
(4,903) 
Total deferred tax assets, net
20,094
20,326 
Deferred tax liabilities:
Minimum tax on foreign earnings
1,983
4,318 
Right-of-use assets
2,163
2,167 
Unrealized gains
942
203 
Other
469
565 
Total deferred tax liabilities
5,557
7,253 
Net deferred tax assets
$ 
14,537 $ 
13,073 
As of September 24, 2022, the Company had $4.4 billion in foreign tax credit carryforwards in Ireland and $2.5 billion in 
California R&D credit carryforwards, both of which can be carried forward indefinitely. A valuation allowance has been recorded 
for the credit carryforwards and a portion of other temporary differences.
Apple Inc. | 2022 Form 10-K | 42

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