Marketable Securities (Tables)
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9 Months Ended |
Jun. 26, 2016 |
|---|
| Marketable Securities [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 26,
2016 |
|
September 27,
2015 |
|
June 26,
2016 |
|
September 27,
2015 |
Trading: |
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|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12 |
|
Corporate bonds and notes |
— |
|
|
— |
|
|
— |
|
|
364 |
|
Mortgage- and asset-backed and auction rate securities |
— |
|
|
— |
|
|
— |
|
|
242 |
|
Total trading |
— |
|
|
— |
|
|
— |
|
|
618 |
|
Available-for-sale: |
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|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
217 |
|
|
156 |
|
|
1,931 |
|
|
691 |
|
Corporate bonds and notes |
9,381 |
|
|
7,926 |
|
|
7,778 |
|
|
7,112 |
|
Mortgage- and asset-backed and auction rate securities |
1,521 |
|
|
1,302 |
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|
538 |
|
|
263 |
|
Equity and preferred securities and equity funds |
106 |
|
|
377 |
|
|
1,459 |
|
|
1,253 |
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Debt funds |
— |
|
|
— |
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|
2,216 |
|
|
2,909 |
|
Total available-for-sale |
11,225 |
|
|
9,761 |
|
|
13,922 |
|
|
12,228 |
|
Fair value option: |
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|
|
|
|
Debt fund |
— |
|
|
— |
|
|
— |
|
|
780 |
|
Total marketable securities |
$ |
11,225 |
|
|
$ |
9,761 |
|
|
$ |
13,922 |
|
|
$ |
13,626 |
|
|
| Contractual maturities of available-for-sale debt securities |
At June 26, 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
|
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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 |
$ |
3,987 |
|
|
$ |
12,341 |
|
|
$ |
2,103 |
|
|
$ |
788 |
|
|
$ |
4,363 |
|
|
$ |
23,582 |
|
|
| 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 26, 2016 |
$ |
62 |
|
|
$ |
(8 |
) |
|
$ |
54 |
|
June 28, 2015 |
126 |
|
|
(10 |
) |
|
116 |
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|
|
|
|
|
For the nine months ended |
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|
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|
June 26, 2016 |
$ |
146 |
|
|
$ |
(30 |
) |
|
$ |
116 |
|
June 28, 2015 |
434 |
|
|
(48 |
) |
|
386 |
|
|
| Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
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|
Cost |
|
Unrealized Gains |
|
Unrealized Losses |
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Fair Value |
June 26, 2016 |
|
|
|
|
|
|
|
Equity securities |
$ |
1,355 |
|
|
$ |
254 |
|
|
$ |
(44 |
) |
|
$ |
1,565 |
|
Debt securities (including debt funds) |
23,461 |
|
|
292 |
|
|
(171 |
) |
|
23,582 |
|
|
$ |
24,816 |
|
|
$ |
546 |
|
|
$ |
(215 |
) |
|
$ |
25,147 |
|
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 |
|
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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 26, 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 |
$ |
421 |
|
|
$ |
(2 |
) |
|
$ |
35 |
|
|
$ |
(1 |
) |
Corporate bonds and notes |
3,054 |
|
|
(36 |
) |
|
1,488 |
|
|
(82 |
) |
Mortgage- and asset-backed and auction rate securities |
537 |
|
|
(5 |
) |
|
265 |
|
|
(2 |
) |
Equity and preferred securities and equity funds |
447 |
|
|
(43 |
) |
|
5 |
|
|
(1 |
) |
Debt funds |
318 |
|
|
(4 |
) |
|
863 |
|
|
(39 |
) |
|
$ |
4,777 |
|
|
$ |
(90 |
) |
|
$ |
2,656 |
|
|
$ |
(125 |
) |
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|
|
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|
|
|
|
|
|
|
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 |
) |
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