Marketable Securities (Tables)
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9 Months Ended |
Jun. 28, 2015 |
Marketable Securities [Abstract] |
|
Composition of marketable securities |
Marketable securities were comprised as follows (in millions):
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Current |
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Noncurrent |
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June 28, 2015 |
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September 28, 2014 |
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June 28, 2015 |
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September 28, 2014 |
Trading: |
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|
|
|
|
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U.S. Treasury securities and government-related securities |
$ |
329 |
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|
$ |
320 |
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|
$ |
6 |
|
|
$ |
38 |
|
Corporate bonds and notes |
187 |
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|
191 |
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|
379 |
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|
367 |
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Mortgage- and asset-backed securities |
— |
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|
— |
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|
252 |
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|
237 |
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Total trading |
516 |
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|
511 |
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|
637 |
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|
642 |
|
Available-for-sale: |
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U.S. Treasury securities and government-related securities |
138 |
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|
805 |
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|
708 |
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|
392 |
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Corporate bonds and notes |
8,628 |
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|
6,274 |
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|
7,078 |
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|
7,649 |
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Mortgage- and asset-backed securities |
1,297 |
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|
1,063 |
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|
216 |
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|
195 |
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Auction rate securities |
— |
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|
— |
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|
46 |
|
|
83 |
|
Common and preferred stock |
550 |
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|
192 |
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|
886 |
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|
1,605 |
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Equity funds |
— |
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|
— |
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|
496 |
|
|
541 |
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Debt funds |
215 |
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|
813 |
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|
3,038 |
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|
2,560 |
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Total available-for-sale |
10,828 |
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|
9,147 |
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|
12,468 |
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|
13,025 |
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Fair value option: |
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Debt fund |
— |
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|
— |
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|
789 |
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|
790 |
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Total marketable securities |
$ |
11,344 |
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|
$ |
9,658 |
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|
$ |
13,894 |
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|
$ |
14,457 |
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Contractual maturities of available-for-sale debt securities |
At June 28, 2015, the contractual maturities of available-for-sale debt securities were as follows (in millions):
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Years to Maturity |
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Less Than
One Year
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One to
Five Years
|
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Five to
Ten Years
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Greater Than
Ten Years
|
|
No Single
Maturity
Date
|
|
Total |
$ |
3,750 |
|
|
$ |
11,156 |
|
|
$ |
1,005 |
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|
$ |
641 |
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|
$ |
4,812 |
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|
$ |
21,364 |
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Realized gains and losses on sales of available-for-sale securities |
The Company recorded realized gains and losses on sales of available-for-sale securities as follows (in millions):
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Gross Realized Gains |
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Gross Realized Losses |
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Net Realized Gains |
For the three months ended |
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June 28, 2015 |
$ |
126 |
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|
$ |
(10 |
) |
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$ |
116 |
|
June 29, 2014 |
267 |
|
|
(8 |
) |
|
259 |
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For the nine months ended |
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June 28, 2015 |
$ |
434 |
|
|
$ |
(48 |
) |
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$ |
386 |
|
June 29, 2014 |
610 |
|
|
(16 |
) |
|
594 |
|
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Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
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Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
June 28, 2015 |
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Equity securities |
$ |
1,543 |
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|
$ |
391 |
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|
$ |
(2 |
) |
|
$ |
1,932 |
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Debt securities (including debt funds) |
21,203 |
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|
253 |
|
|
(92 |
) |
|
21,364 |
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|
$ |
22,746 |
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|
$ |
644 |
|
|
$ |
(94 |
) |
|
$ |
23,296 |
|
September 28, 2014 |
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|
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Equity securities |
$ |
1,769 |
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|
$ |
575 |
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|
$ |
(6 |
) |
|
$ |
2,338 |
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Debt securities (including debt funds) |
19,582 |
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|
312 |
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|
(60 |
) |
|
19,834 |
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|
$ |
21,351 |
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|
$ |
887 |
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|
$ |
(66 |
) |
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$ |
22,172 |
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Gross unrealized losses and fair values of investments in individual securities classified as available-for-sale in a continuous unrealized loss position deemed to be temporary |
The following table shows the gross unrealized losses and fair values of the Company’s investments in individual securities that are classified as available-for-sale and have been in a continuous unrealized loss position deemed to be temporary for less than 12 months and for more than 12 months, aggregated by investment category (in millions):
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|
June 28, 2015 |
|
Less than 12 months |
|
More than 12 months |
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Fair Value |
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Unrealized Losses |
|
Fair Value |
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Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
313 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
— |
|
Corporate bonds and notes |
7,413 |
|
|
(59 |
) |
|
142 |
|
|
(9 |
) |
Mortgage- and asset-backed securities |
874 |
|
|
(2 |
) |
|
16 |
|
|
— |
|
Auction rate securities |
— |
|
|
— |
|
|
46 |
|
|
(1 |
) |
Common and preferred stock |
155 |
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|
(2 |
) |
|
18 |
|
|
— |
|
Debt funds |
934 |
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|
(18 |
) |
|
47 |
|
|
(1 |
) |
|
$ |
9,689 |
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|
$ |
(83 |
) |
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$ |
269 |
|
|
$ |
(11 |
) |
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|
September 28, 2014 |
|
Less than 12 months |
|
More than 12 months |
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Fair Value |
|
Unrealized Losses |
|
Fair Value |
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Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
279 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
— |
|
Corporate bonds and notes |
4,924 |
|
|
(31 |
) |
|
104 |
|
|
(4 |
) |
Mortgage- and asset-backed securities |
484 |
|
|
(1 |
) |
|
52 |
|
|
(1 |
) |
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
(1 |
) |
Common and preferred stock |
86 |
|
|
(3 |
) |
|
52 |
|
|
(3 |
) |
Debt funds |
133 |
|
|
(1 |
) |
|
384 |
|
|
(19 |
) |
|
$ |
5,906 |
|
|
$ |
(38 |
) |
|
$ |
675 |
|
|
$ |
(28 |
) |
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