Marketable Securities (Tables)
|
9 Months Ended |
Jun. 25, 2017 |
|---|
| Marketable Securities [Abstract] |
|
| Composition of marketable securities |
Marketable securities were comprised as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
Noncurrent |
|
June 25,
2017 |
|
September 25,
2016 |
|
June 25,
2017 |
|
September 25,
2016 |
Available-for-sale: |
|
|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
2,738 |
|
|
$ |
1,116 |
|
|
$ |
101 |
|
|
$ |
1,099 |
|
Corporate bonds and notes |
2,769 |
|
|
10,159 |
|
|
15,053 |
|
|
8,584 |
|
Mortgage- and asset-backed and auction rate securities |
104 |
|
|
1,363 |
|
|
894 |
|
|
534 |
|
Equity and preferred securities and equity funds |
32 |
|
|
64 |
|
|
— |
|
|
1,682 |
|
Debt funds |
106 |
|
|
— |
|
|
341 |
|
|
1,803 |
|
Total available-for-sale |
5,749 |
|
|
12,702 |
|
|
16,389 |
|
|
13,702 |
|
Time deposits |
205 |
|
|
— |
|
|
500 |
|
|
— |
|
Total marketable securities |
$ |
5,954 |
|
|
$ |
12,702 |
|
|
$ |
16,889 |
|
|
$ |
13,702 |
|
|
| Contractual maturities of available-for-sale debt securities |
At June 25, 2017, 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 |
$ |
9,705 |
|
|
$ |
9,910 |
|
|
$ |
1,046 |
|
|
$ |
1 |
|
|
$ |
1,444 |
|
|
$ |
22,106 |
|
|
| 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 |
|
|
|
|
|
June 25, 2017 |
$ |
119 |
|
|
$ |
(8 |
) |
|
$ |
111 |
|
June 26, 2016 |
62 |
|
|
(8 |
) |
|
54 |
|
|
|
|
|
|
|
For the nine months ended |
|
|
|
|
|
June 25, 2017 |
$ |
422 |
|
|
$ |
(116 |
) |
|
$ |
306 |
|
June 26, 2016 |
146 |
|
|
(30 |
) |
|
116 |
|
|
| Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
Unrealized Gains |
|
Unrealized Losses |
|
Fair Value |
June 25, 2017 |
|
|
|
|
|
|
|
Equity securities |
$ |
5 |
|
|
$ |
27 |
|
|
$ |
— |
|
|
$ |
32 |
|
Debt securities (including debt funds) |
21,981 |
|
|
136 |
|
|
(11 |
) |
|
22,106 |
|
|
$ |
21,986 |
|
|
$ |
163 |
|
|
$ |
(11 |
) |
|
$ |
22,138 |
|
September 25, 2016 |
|
|
|
|
|
|
|
Equity securities |
$ |
1,554 |
|
|
$ |
204 |
|
|
$ |
(12 |
) |
|
$ |
1,746 |
|
Debt securities (including debt funds) |
24,363 |
|
|
388 |
|
|
(93 |
) |
|
24,658 |
|
|
$ |
25,917 |
|
|
$ |
592 |
|
|
$ |
(105 |
) |
|
$ |
26,404 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 25, 2017 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
205 |
|
|
$ |
(3 |
) |
|
$ |
— |
|
|
$ |
— |
|
Corporate bonds and notes |
1,680 |
|
|
(8 |
) |
|
5 |
|
|
— |
|
Mortgage- and asset-backed and auction rate securities |
51 |
|
|
— |
|
|
41 |
|
|
— |
|
|
$ |
1,936 |
|
|
$ |
(11 |
) |
|
$ |
46 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 25, 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 |
$ |
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 |
|
|
$ |
(81 |
) |
|