Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Marketable Securities

v3.23.2
Fair Value Measurements and Marketable Securities
 9 Months Ended
Jun. 25, 2023
Fair Value Measurements [Abstract]  
Fair Value Measurements and Marketable Securities Fair Value Measurements and Marketable Securities
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at June 25, 2023 (in millions):
Level 1 Level 2 Level 3 Total
Assets        
Cash equivalents $ 4,179  $ 634  $ —  $ 4,813 
Marketable securities:        
Corporate bonds and notes —  2,396  —  2,396 
Mortgage- and asset-backed securities —  80  —  80 
Equity securities 52  —  —  52 
U.S. Treasury securities and government-related securities —  16  —  16 
Total marketable securities 52  2,492  —  2,544 
Derivative instruments —  50  —  50 
Other investments 761  —  29  790 
Total assets measured at fair value $ 4,992  $ 3,176  $ 29  $ 8,197 
Liabilities        
Derivative instruments $ —  $ 259  $ —  $ 259 
Other liabilities 760  —  —  760 
Total liabilities measured at fair value $ 760  $ 259  $ —  $ 1,019 
At June 25, 2023 and September 25, 2022, our marketable securities were all classified as current and were primarily comprised of available-for-sale debt securities (substantially all of which were corporate bonds and notes).
The contractual maturities of available-for-sale debt securities were as follows (in millions):
June 25,
2023
Years to Maturity
Less than one year $ 1,266 
One to five years 1,146 
No single maturity date 80 
Total $ 2,492 
Debt securities with no single maturity date included mortgage- and asset-backed securities.