Marketable Securities (Tables)
|
3 Months Ended |
Dec. 27, 2015 |
|---|
| Marketable Securities [Abstract] |
|
| Composition of marketable securities |
Marketable securities were comprised as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
Noncurrent |
|
December 27,
2015 |
|
September 27,
2015 |
|
December 27,
2015 |
|
September 27,
2015 |
Trading: |
|
|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
— |
|
|
$ |
— |
|
|
$ |
61 |
|
|
$ |
12 |
|
Corporate bonds and notes |
— |
|
|
— |
|
|
300 |
|
|
364 |
|
Mortgage- and asset-backed and auction rate securities |
— |
|
|
— |
|
|
279 |
|
|
242 |
|
Total trading |
— |
|
|
— |
|
|
640 |
|
|
618 |
|
Available-for-sale: |
|
|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
160 |
|
|
156 |
|
|
782 |
|
|
691 |
|
Corporate bonds and notes |
7,942 |
|
|
7,926 |
|
|
7,568 |
|
|
7,112 |
|
Mortgage- and asset-backed and auction rate securities |
1,339 |
|
|
1,302 |
|
|
299 |
|
|
263 |
|
Equity and preferred securities and equity funds |
174 |
|
|
377 |
|
|
1,321 |
|
|
1,253 |
|
Debt funds |
— |
|
|
— |
|
|
2,870 |
|
|
2,909 |
|
Total available-for-sale |
9,615 |
|
|
9,761 |
|
|
12,840 |
|
|
12,228 |
|
Fair value option: |
|
|
|
|
|
|
|
Debt fund |
— |
|
|
— |
|
|
583 |
|
|
780 |
|
Total marketable securities |
$ |
9,615 |
|
|
$ |
9,761 |
|
|
$ |
14,063 |
|
|
$ |
13,626 |
|
|
| Contractual maturities of available-for-sale debt securities |
At December 27, 2015, the contractual maturities of available-for-sale debt securities were as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years to Maturity |
|
|
|
|
|
Less Than
One Year
|
|
One to
Five Years
|
|
Five to
Ten Years
|
|
Greater Than
Ten Years
|
|
No Single
Maturity
Date
|
|
Total |
$ |
3,142 |
|
|
$ |
10,947 |
|
|
$ |
1,721 |
|
|
$ |
643 |
|
|
$ |
4,507 |
|
|
$ |
20,960 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Realized Gains |
|
Gross Realized Losses |
|
Net Realized Gains |
For the three months ended |
|
|
|
|
|
December 27, 2015 |
$ |
50 |
|
|
$ |
(12 |
) |
|
$ |
38 |
|
December 28, 2014 |
180 |
|
|
(8 |
) |
|
172 |
|
|
| Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
Unrealized Gains |
|
Unrealized Losses |
|
Fair Value |
December 27, 2015 |
|
|
|
|
|
|
|
Equity securities |
$ |
1,266 |
|
|
$ |
251 |
|
|
$ |
(22 |
) |
|
$ |
1,495 |
|
Debt securities (including debt funds) |
21,234 |
|
|
132 |
|
|
(406 |
) |
|
20,960 |
|
|
$ |
22,500 |
|
|
$ |
383 |
|
|
$ |
(428 |
) |
|
$ |
22,455 |
|
September 27, 2015 |
|
|
|
|
|
|
|
Equity securities |
$ |
1,394 |
|
|
$ |
264 |
|
|
$ |
(28 |
) |
|
$ |
1,630 |
|
Debt securities (including debt funds) |
20,459 |
|
|
185 |
|
|
(285 |
) |
|
20,359 |
|
|
$ |
21,853 |
|
|
$ |
449 |
|
|
$ |
(313 |
) |
|
$ |
21,989 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 27, 2015 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
808 |
|
|
$ |
(12 |
) |
|
$ |
20 |
|
|
$ |
(2 |
) |
Corporate bonds and notes |
10,466 |
|
|
(132 |
) |
|
956 |
|
|
(108 |
) |
Mortgage- and asset-backed and auction rate securities |
1,220 |
|
|
(7 |
) |
|
164 |
|
|
(1 |
) |
Equity and preferred securities and equity funds |
360 |
|
|
(22 |
) |
|
2 |
|
|
— |
|
Debt funds |
1,923 |
|
|
(138 |
) |
|
79 |
|
|
(6 |
) |
|
$ |
14,777 |
|
|
$ |
(311 |
) |
|
$ |
1,221 |
|
|
$ |
(117 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 27, 2015 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
304 |
|
|
$ |
(4 |
) |
|
$ |
— |
|
|
$ |
— |
|
Corporate bonds and notes |
7,656 |
|
|
(93 |
) |
|
368 |
|
|
(62 |
) |
Mortgage- and asset-backed and auction rate securities |
862 |
|
|
(3 |
) |
|
108 |
|
|
(1 |
) |
Equity and preferred securities and equity funds |
392 |
|
|
(28 |
) |
|
17 |
|
|
— |
|
Debt funds |
1,792 |
|
|
(117 |
) |
|
124 |
|
|
(5 |
) |
|
$ |
11,006 |
|
|
$ |
(245 |
) |
|
$ |
617 |
|
|
$ |
(68 |
) |
|