Marketable Securities (Tables)
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6 Months Ended |
Mar. 26, 2017 |
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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March 26, 2017 |
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September 25, 2016 |
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March 26, 2017 |
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September 25, 2016 |
Available-for-sale: |
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U.S. Treasury securities and government-related securities |
$ |
255 |
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|
$ |
1,116 |
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$ |
836 |
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|
$ |
1,099 |
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Corporate bonds and notes |
2,273 |
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|
10,159 |
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|
16,057 |
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|
8,584 |
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Mortgage- and asset-backed and auction rate securities |
156 |
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|
1,363 |
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|
1,296 |
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|
534 |
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Equity and preferred securities and equity funds |
70 |
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|
64 |
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|
176 |
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|
1,682 |
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Debt funds |
104 |
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|
— |
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|
511 |
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|
1,803 |
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|
$ |
2,858 |
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|
$ |
12,702 |
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|
$ |
18,876 |
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|
$ |
13,702 |
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Contractual maturities of available-for-sale debt securities |
At March 26, 2017, 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 |
$ |
6,979 |
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|
$ |
10,513 |
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|
$ |
1,396 |
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|
$ |
533 |
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|
$ |
2,067 |
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|
$ |
21,488 |
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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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March 26, 2017 |
$ |
57 |
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|
$ |
— |
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$ |
57 |
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March 27, 2016 |
34 |
|
|
(11 |
) |
|
23 |
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For the six months ended |
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March 26, 2017 |
$ |
303 |
|
|
$ |
(107 |
) |
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$ |
196 |
|
March 27, 2016 |
84 |
|
|
(22 |
) |
|
62 |
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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 |
March 26, 2017 |
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Equity securities |
$ |
171 |
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|
$ |
75 |
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|
$ |
— |
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|
$ |
246 |
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Debt securities (including debt funds) |
21,360 |
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|
156 |
|
|
(28 |
) |
|
21,488 |
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|
$ |
21,531 |
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|
$ |
231 |
|
|
$ |
(28 |
) |
|
$ |
21,734 |
|
September 25, 2016 |
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Equity securities |
$ |
1,554 |
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|
$ |
204 |
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|
$ |
(12 |
) |
|
$ |
1,746 |
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Debt securities (including debt funds) |
24,363 |
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|
388 |
|
|
(93 |
) |
|
24,658 |
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|
$ |
25,917 |
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|
$ |
592 |
|
|
$ |
(105 |
) |
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$ |
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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March 26, 2017 |
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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 |
$ |
366 |
|
|
$ |
(8 |
) |
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$ |
3 |
|
|
$ |
— |
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Corporate bonds and notes |
2,141 |
|
|
(18 |
) |
|
25 |
|
|
— |
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Mortgage- and asset-backed and auction rate securities |
69 |
|
|
(1 |
) |
|
55 |
|
|
(1 |
) |
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$ |
2,576 |
|
|
$ |
(27 |
) |
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$ |
83 |
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|
$ |
(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 |
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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 |
$ |
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 |
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|
(8 |
) |
Debt funds |
— |
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|
— |
|
|
309 |
|
|
(6 |
) |
|
$ |
3,868 |
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|
$ |
(24 |
) |
|
$ |
1,699 |
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|
$ |
(81 |
) |
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