Marketable Securities (Tables)
|
6 Months Ended |
Mar. 27, 2016 |
|---|
| Marketable Securities [Abstract] |
|
| Composition of marketable securities |
Marketable securities were comprised as follows (in millions):
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|
|
|
|
|
|
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|
|
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|
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Current |
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Noncurrent |
|
March 27,
2016 |
|
September 27,
2015 |
|
March 27,
2016 |
|
September 27,
2015 |
Trading: |
|
|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
— |
|
|
$ |
— |
|
|
$ |
23 |
|
|
$ |
12 |
|
Corporate bonds and notes |
— |
|
|
— |
|
|
— |
|
|
364 |
|
Mortgage- and asset-backed and auction rate securities |
— |
|
|
— |
|
|
— |
|
|
242 |
|
Total trading |
— |
|
|
— |
|
|
23 |
|
|
618 |
|
Available-for-sale: |
|
|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
238 |
|
|
156 |
|
|
861 |
|
|
691 |
|
Corporate bonds and notes |
8,770 |
|
|
7,926 |
|
|
7,926 |
|
|
7,112 |
|
Mortgage- and asset-backed and auction rate securities |
1,505 |
|
|
1,302 |
|
|
461 |
|
|
263 |
|
Equity and preferred securities and equity funds |
114 |
|
|
377 |
|
|
1,377 |
|
|
1,253 |
|
Debt funds |
— |
|
|
— |
|
|
2,934 |
|
|
2,909 |
|
Total available-for-sale |
10,627 |
|
|
9,761 |
|
|
13,559 |
|
|
12,228 |
|
Fair value option: |
|
|
|
|
|
|
|
Debt fund |
— |
|
|
— |
|
|
— |
|
|
780 |
|
Total marketable securities |
$ |
10,627 |
|
|
$ |
9,761 |
|
|
$ |
13,582 |
|
|
$ |
13,626 |
|
|
| Contractual maturities of available-for-sale debt securities |
At March 27, 2016, 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
|
|
One to
Five Years
|
|
Five to
Ten Years
|
|
Greater Than
Ten Years
|
|
No Single
Maturity
Date
|
|
Total |
$ |
3,616 |
|
|
$ |
11,239 |
|
|
$ |
2,187 |
|
|
$ |
753 |
|
|
$ |
4,900 |
|
|
$ |
22,695 |
|
|
| 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 |
|
Gross Realized Losses |
|
Net Realized Gains |
For the three months ended |
|
|
|
|
|
March 27, 2016 |
$ |
34 |
|
|
$ |
(11 |
) |
|
$ |
23 |
|
March 29, 2015 |
128 |
|
|
(30 |
) |
|
98 |
|
|
|
|
|
|
|
For the six months ended |
|
|
|
|
|
March 27, 2016 |
$ |
84 |
|
|
$ |
(22 |
) |
|
$ |
62 |
|
March 29, 2015 |
308 |
|
|
(37 |
) |
|
271 |
|
|
| Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
Unrealized Gains |
|
Unrealized Losses |
|
Fair Value |
March 27, 2016 |
|
|
|
|
|
|
|
Equity securities |
$ |
1,283 |
|
|
$ |
242 |
|
|
$ |
(34 |
) |
|
$ |
1,491 |
|
Debt securities (including debt funds) |
22,824 |
|
|
196 |
|
|
(325 |
) |
|
22,695 |
|
|
$ |
24,107 |
|
|
$ |
438 |
|
|
$ |
(359 |
) |
|
$ |
24,186 |
|
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):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 27, 2016 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
468 |
|
|
$ |
(3 |
) |
|
$ |
39 |
|
|
$ |
(1 |
) |
Corporate bonds and notes |
7,498 |
|
|
(117 |
) |
|
1,065 |
|
|
(93 |
) |
Mortgage- and asset-backed and auction rate securities |
1,122 |
|
|
(9 |
) |
|
171 |
|
|
(2 |
) |
Equity and preferred securities and equity funds |
358 |
|
|
(34 |
) |
|
4 |
|
|
— |
|
Debt funds |
1,953 |
|
|
(95 |
) |
|
79 |
|
|
(5 |
) |
|
$ |
11,399 |
|
|
$ |
(258 |
) |
|
$ |
1,358 |
|
|
$ |
(101 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|