|
Marketable Securities (Tables)
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9 Months Ended |
|
Jun. 30, 2013
|
| Notes to Financial Statements [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 30,
2013 |
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September 30,
2012 |
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June 30,
2013 |
|
September 30,
2012 |
Trading: |
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|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
225 |
|
|
$ |
196 |
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|
$ |
239 |
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|
$ |
254 |
|
Corporate bonds and notes |
276 |
|
|
283 |
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|
307 |
|
|
176 |
|
Mortgage- and asset-backed securities |
— |
|
|
— |
|
|
185 |
|
|
120 |
|
Total trading |
501 |
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|
479 |
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|
731 |
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|
550 |
|
Available-for-sale: |
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|
|
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U.S. Treasury securities and government-related securities |
251 |
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|
362 |
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|
971 |
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|
592 |
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Corporate bonds and notes |
4,711 |
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|
4,554 |
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|
9,735 |
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|
7,570 |
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Mortgage- and asset-backed securities |
1,031 |
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|
1,157 |
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|
341 |
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|
241 |
|
Auction rate securities |
— |
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|
— |
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|
83 |
|
|
118 |
|
Common and preferred stock |
22 |
|
|
57 |
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|
2,338 |
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|
2,030 |
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Equity funds |
— |
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|
— |
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|
1,354 |
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|
1,126 |
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Debt funds |
2,412 |
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|
1,958 |
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|
2,854 |
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|
1,716 |
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Total available-for-sale |
8,427 |
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|
8,088 |
|
|
17,676 |
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|
13,393 |
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Fair value option: |
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|
|
|
|
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Debt fund |
— |
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|
— |
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|
534 |
|
|
520 |
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Total marketable securities |
$ |
8,928 |
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|
$ |
8,567 |
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|
$ |
18,941 |
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|
$ |
14,463 |
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| Contractual maturities of available-for-sale debt securities |
At June 30, 2013, 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 |
$ |
2,403 |
|
|
$ |
8,024 |
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|
$ |
3,900 |
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|
$ |
1,341 |
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|
$ |
6,721 |
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$ |
22,389 |
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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 30, 2013 |
$ |
52 |
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|
$ |
(5 |
) |
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$ |
47 |
|
June 24, 2012 |
76 |
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|
(7 |
) |
|
69 |
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For the nine months ended |
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June 30, 2013 |
$ |
204 |
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|
$ |
(14 |
) |
|
$ |
190 |
|
June 24, 2012 |
177 |
|
|
(14 |
) |
|
163 |
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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 30, 2013 |
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Equity securities |
$ |
2,929 |
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|
$ |
821 |
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|
$ |
(36 |
) |
|
$ |
3,714 |
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Debt securities (including debt funds) |
22,284 |
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|
424 |
|
|
(319 |
) |
|
22,389 |
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|
$ |
25,213 |
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|
$ |
1,245 |
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|
$ |
(355 |
) |
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$ |
26,103 |
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September 30, 2012 |
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Equity securities |
$ |
2,599 |
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|
$ |
628 |
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|
$ |
(14 |
) |
|
$ |
3,213 |
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Debt securities (including debt funds) |
17,714 |
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|
573 |
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|
(19 |
) |
|
18,268 |
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|
$ |
20,313 |
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|
$ |
1,201 |
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|
$ |
(33 |
) |
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$ |
21,481 |
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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 30, 2013 |
|
Less than 12 months |
|
More than 12 months |
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Fair Value |
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Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
418 |
|
|
$ |
(24 |
) |
|
$ |
— |
|
|
$ |
— |
|
Corporate bonds and notes |
6,311 |
|
|
(140 |
) |
|
49 |
|
|
(1 |
) |
Mortgage- and asset-backed securities |
577 |
|
|
(10 |
) |
|
9 |
|
|
— |
|
Auction rate securities |
— |
|
|
— |
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|
83 |
|
|
(1 |
) |
Common and preferred stock |
337 |
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|
(24 |
) |
|
9 |
|
|
(1 |
) |
Debt funds |
3,580 |
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|
(143 |
) |
|
4 |
|
|
— |
|
Equity funds |
239 |
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|
(11 |
) |
|
— |
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|
— |
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|
$ |
11,462 |
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|
$ |
(352 |
) |
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$ |
154 |
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|
$ |
(3 |
) |
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September 30, 2012 |
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Less than 12 months |
|
More than 12 months |
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Fair Value |
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Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
Corporate bonds and notes |
$ |
723 |
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|
$ |
(8 |
) |
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$ |
256 |
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|
$ |
(9 |
) |
Mortgage- and asset-backed securities |
143 |
|
|
(1 |
) |
|
7 |
|
|
— |
|
Auction rate securities |
— |
|
|
— |
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|
115 |
|
|
(1 |
) |
Common and preferred stock |
105 |
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|
(5 |
) |
|
9 |
|
|
— |
|
Equity funds |
64 |
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|
(4 |
) |
|
36 |
|
|
(5 |
) |
|
$ |
1,035 |
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|
$ |
(18 |
) |
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$ |
423 |
|
|
$ |
(15 |
) |
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| Activity for credit loss portion of other-than-temporary impairments on debt securities |
The following table shows the activity for the credit loss portion of other-than-temporary impairments on debt securities held by the Company (in millions):
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Three Months Ended |
|
Nine Months Ended |
|
June 30,
2013 |
|
June 24,
2012 |
|
June 30,
2013 |
|
June 24,
2012 |
Beginning balance of credit losses |
$ |
8 |
|
|
$ |
46 |
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|
$ |
31 |
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|
$ |
46 |
|
Reductions in credit losses related to securities the Company intends to sell |
— |
|
|
— |
|
|
(6 |
) |
|
(1 |
) |
Credit losses recognized on securities previously not impaired |
— |
|
|
— |
|
|
1 |
|
|
2 |
|
Additional credit losses recognized on securities previously impaired |
— |
|
|
2 |
|
|
1 |
|
|
5 |
|
Reductions in credit losses related to securities sold |
(3 |
) |
|
(5 |
) |
|
(21 |
) |
|
(9 |
) |
Accretion of credit losses due to an increase in cash flows expected to be collected |
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
Ending balance of credit losses |
$ |
5 |
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|
$ |
43 |
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|
$ |
5 |
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$ |
43 |
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