Marketable Securities (Tables)
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3 Months Ended |
Dec. 25, 2016 |
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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December 25, 2016 |
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September 25, 2016 |
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December 25, 2016 |
|
September 25, 2016 |
Available-for-sale: |
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|
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U.S. Treasury securities and government-related securities |
$ |
251 |
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|
$ |
1,116 |
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|
$ |
1,639 |
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|
$ |
1,099 |
|
Corporate bonds and notes |
3,312 |
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|
10,159 |
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|
14,435 |
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|
8,584 |
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Mortgage- and asset-backed and auction rate securities |
176 |
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|
1,363 |
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|
1,390 |
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|
534 |
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Equity and preferred securities and equity funds |
88 |
|
|
64 |
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|
476 |
|
|
1,682 |
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Debt funds |
100 |
|
|
— |
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|
1,033 |
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|
1,803 |
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|
$ |
3,927 |
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|
$ |
12,702 |
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|
$ |
18,973 |
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|
$ |
13,702 |
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Contractual maturities of available-for-sale debt securities |
At December 25, 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
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No Single
Maturity
Date
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Total |
$ |
5,628 |
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|
$ |
11,797 |
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|
$ |
1,575 |
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|
$ |
637 |
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|
$ |
2,699 |
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|
$ |
22,336 |
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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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December 25, 2016 |
$ |
248 |
|
|
$ |
(109 |
) |
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$ |
139 |
|
December 27, 2015 |
50 |
|
|
(12 |
) |
|
38 |
|
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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 |
December 25, 2016 |
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Equity securities |
$ |
478 |
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|
$ |
86 |
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|
$ |
— |
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|
$ |
564 |
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Debt securities (including debt funds) |
22,269 |
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|
111 |
|
|
(44 |
) |
|
22,336 |
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|
$ |
22,747 |
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|
$ |
197 |
|
|
$ |
(44 |
) |
|
$ |
22,900 |
|
September 25, 2016 |
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Equity securities |
$ |
1,554 |
|
|
$ |
204 |
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|
$ |
(12 |
) |
|
$ |
1,746 |
|
Debt securities (including debt funds) |
24,363 |
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|
388 |
|
|
(93 |
) |
|
24,658 |
|
|
$ |
25,917 |
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|
$ |
592 |
|
|
$ |
(105 |
) |
|
$ |
26,404 |
|
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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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December 25, 2016 |
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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 |
$ |
263 |
|
|
$ |
(11 |
) |
|
$ |
5 |
|
|
$ |
— |
|
Corporate bonds and notes |
1,681 |
|
|
(28 |
) |
|
59 |
|
|
— |
|
Mortgage- and asset-backed and auction rate securities |
89 |
|
|
(2 |
) |
|
59 |
|
|
(1 |
) |
Debt funds |
489 |
|
|
(2 |
) |
|
— |
|
|
— |
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|
$ |
2,522 |
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|
$ |
(43 |
) |
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$ |
123 |
|
|
$ |
(1 |
) |
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September 25, 2016 |
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Less than 12 months |
|
More than 12 months |
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Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
444 |
|
|
$ |
(5 |
) |
|
$ |
16 |
|
|
$ |
— |
|
Corporate bonds and notes |
2,775 |
|
|
(12 |
) |
|
1,033 |
|
|
(65 |
) |
Mortgage- and asset-backed and auction rate securities |
337 |
|
|
(3 |
) |
|
211 |
|
|
(2 |
) |
Equity and preferred securities and equity funds |
312 |
|
|
(4 |
) |
|
130 |
|
|
(8 |
) |
Debt funds |
— |
|
|
— |
|
|
309 |
|
|
(6 |
) |
|
$ |
3,868 |
|
|
$ |
(24 |
) |
|
$ |
1,699 |
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|
$ |
(81 |
) |
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