Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Notes)

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Fair Value Measurements (Notes)
 3 Months Ended
Dec. 27, 2020
Fair Value Measurements [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at December 27, 2020 (in millions):
Level 1 Level 2 Level 3 Total
Assets        
Cash equivalents $ 1,970  $ 3,684  $ —  $ 5,654 
Marketable securities:        
U.S. Treasury securities and government-related securities 19  8  —  27 
Corporate bonds and notes —  4,675  —  4,675 
Mortgage- and asset-backed and auction rate securities —  95  35  130 
Equity securities 425  —  —  425 
Total marketable securities 444  4,778  35  5,257 
Derivative instruments —  60  —  60 
Other investments 590  —  9  599 
Total assets measured at fair value $ 3,004  $ 8,522  $ 44  $ 11,570 
Liabilities        
Derivative instruments $ —  $ 19  $ —  $ 19 
Other liabilities 590  —  —  590 
Total liabilities measured at fair value $ 590  $ 19  $ —  $ 609 
Activity within Level 3 of the Fair Value Hierarchy. Other investments included in Level 3 at December 27, 2020 were comprised of non-marketable debt instruments. Activity for marketable securities and other investments classified within Level 3 was insignificant during the three months ended December 27, 2020 (primarily related to settlements of non-marketable debt instruments) and the three months ended December 29, 2019 (primarily related to purchases of non-marketable debt instruments). Activity for other liabilities classified within Level 3 was insignificant during the three months ended December 29, 2019.
Assets Measured and Recorded at Fair Value on a Nonrecurring Basis. We measure certain assets and liabilities at fair value on a nonrecurring basis. These assets and liabilities include equity method and non-marketable equity investments, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property, plant and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. During the three months ended December 27, 2020 and December 29, 2019, certain of our non-marketable equity investments were written down to their estimated fair values, which was recorded as a component of impairment losses on other investments in investment and other income, net (Note 2), and certain other non-marketable equity investments were remeasured to their estimated fair values based on observable price changes in orderly transactions for identical or similar securities, which is recorded as a component of net gains on other investments in investment and other income, net (Note 2). The estimation of fair value used in the fair value measurements required the use of significant unobservable inputs, and as a result, the fair value measurements were classified as Level 3.
Long-term Debt. At December 27, 2020 and September 27, 2020, the aggregate fair value of our outstanding floating- and fixed-rate notes, based on Level 2 inputs, was approximately $17.7 billion and $17.5 billion, respectively.