Marketable Securities (Tables)
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12 Months Ended |
Sep. 27, 2015 |
Marketable Securities [Abstract] |
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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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September 27, 2015 |
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September 28, 2014 |
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September 27, 2015 |
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September 28, 2014 |
Trading: |
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U.S. Treasury securities and government-related securities |
$ |
— |
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$ |
320 |
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$ |
12 |
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$ |
38 |
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Corporate bonds and notes |
— |
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|
191 |
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|
364 |
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|
367 |
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Mortgage- and asset-backed and auction rate securities |
— |
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|
— |
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|
242 |
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|
237 |
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Total trading |
— |
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|
511 |
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|
618 |
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|
642 |
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Available-for-sale: |
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U.S. Treasury securities and government-related securities |
156 |
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|
805 |
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|
691 |
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|
392 |
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Corporate bonds and notes |
7,926 |
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|
6,274 |
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|
7,112 |
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|
7,649 |
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Mortgage- and asset-backed and auction rate securities |
1,302 |
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|
1,063 |
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|
263 |
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|
278 |
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Equity and preferred securities and equity funds |
377 |
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|
192 |
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|
1,253 |
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|
2,146 |
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Debt funds |
— |
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|
813 |
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|
2,909 |
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|
2,560 |
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Total available-for-sale |
9,761 |
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|
9,147 |
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|
12,228 |
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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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|
780 |
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|
790 |
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Total marketable securities |
$ |
9,761 |
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|
$ |
9,658 |
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|
$ |
13,626 |
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$ |
14,457 |
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Contractual maturities of available-for-sale debt securities |
At September 27, 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
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No Single
Maturity
Date
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Total |
$ |
3,124 |
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|
$ |
11,271 |
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|
$ |
980 |
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|
$ |
510 |
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$ |
4,474 |
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$ |
20,359 |
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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 |
2015 |
$ |
540 |
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$ |
(52 |
) |
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$ |
488 |
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2014 |
732 |
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(18 |
) |
|
714 |
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2013 |
430 |
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(142 |
) |
|
288 |
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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 |
September 27, 2015 |
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Equity securities |
$ |
1,394 |
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|
$ |
264 |
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$ |
(28 |
) |
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$ |
1,630 |
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Debt securities (including debt funds) |
20,459 |
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|
185 |
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|
(285 |
) |
|
20,359 |
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|
$ |
21,853 |
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|
$ |
449 |
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|
$ |
(313 |
) |
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$ |
21,989 |
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September 28, 2014 |
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Equity securities |
$ |
1,769 |
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$ |
575 |
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$ |
(6 |
) |
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$ |
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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September 27, 2015 |
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Less than 12 months |
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More than 12 months |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
304 |
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|
$ |
(4 |
) |
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$ |
— |
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$ |
— |
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Corporate bonds and notes |
7,656 |
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|
(93 |
) |
|
368 |
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|
(62 |
) |
Mortgage- and asset-backed and auction rate securities |
862 |
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|
(3 |
) |
|
108 |
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(1 |
) |
Equity and preferred securities and equity funds |
392 |
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|
(28 |
) |
|
17 |
|
|
— |
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Debt funds |
1,792 |
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|
(117 |
) |
|
124 |
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|
(5 |
) |
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$ |
11,006 |
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$ |
(245 |
) |
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$ |
617 |
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$ |
(68 |
) |
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September 28, 2014 |
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Less than 12 months |
|
More than 12 months |
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Fair Value |
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Unrealized Losses |
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Fair Value |
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Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
279 |
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|
$ |
(2 |
) |
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$ |
— |
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$ |
— |
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Corporate bonds and notes |
4,924 |
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|
(31 |
) |
|
104 |
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|
(4 |
) |
Mortgage- and asset-backed and auction rate securities |
484 |
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|
(1 |
) |
|
135 |
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(2 |
) |
Equity and preferred securities and equity funds |
86 |
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(3 |
) |
|
52 |
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(3 |
) |
Debt funds |
133 |
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(1 |
) |
|
384 |
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|
(19 |
) |
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$ |
5,906 |
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|
$ |
(38 |
) |
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$ |
675 |
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|
$ |
(28 |
) |
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