Quarterly report pursuant to Section 13 or 15(d)

Composition of Certain Financial Statement Items (Tables)

v3.24.1.u1
Composition of Certain Financial Statement Items (Tables)
6 Months Ended
Mar. 24, 2024
Condensed Financial Information Disclosure [Abstract]  
Inventories
Inventories (in millions)
March 24,
2024
September 24,
2023
Raw materials $ 157  $ 176 
Work-in-process 3,670  4,096 
Finished goods 2,260  2,150 
$ 6,087  $ 6,422 
Other Current Liabilities
Other Current Liabilities (in millions)
March 24,
2024
September 24,
2023
Customer incentives and other customer-related liabilities
$ 2,441  $ 1,821 
Income taxes payable
1,093  1,717 
Other
875  953 
$ 4,409  $ 4,491 
QCT Revenues Disaggregated
QCT revenue streams were as follows (in millions):
Three Months Ended Six Months Ended
March 24,
2024
March 26,
2023
March 24,
2024
March 26,
2023
Handsets (1) $ 6,180  $ 6,105  $ 12,867  $ 11,860 
Automotive (2) 603  447  1,201  903 
IoT (internet of things) (3)
1,243  1,390  2,381  3,071 
Total QCT revenues $ 8,026  $ 7,942  $ 16,449  $ 15,834 
(1) Includes revenues from products sold for use in mobile handsets.
(2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and advanced driver assistance systems (ADAS) and automated driving (AD).
(3) Primarily includes products sold for use in the following industries and applications: consumer (including computing, voice and music and extended reality (XR)), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
Revenue recognized from performance obligations satisfied in previous periods
Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain QCT sales-based royalty revenues related to system software, certain amounts related to QCT customer incentives and QTL royalty revenues recognized related to devices sold in prior periods (including adjustments to prior period royalty estimates, which includes the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
Three Months Ended Six Months Ended
March 24,
2024
March 26,
2023
March 24,
2024
March 26,
2023
Revenues recognized from previously satisfied performance obligations $ 55  $ 170  $ 206  $ 337 
Customer Concentrations - Revenues Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
Three Months Ended Six Months Ended
March 24,
2024
March 26,
2023
March 24,
2024
March 26,
2023
Customer/licensee (x)
24  % 25  % 21  % 19  %
Customer/licensee (y)
19  27  22  31 
Customer/licensee (z) 14  * 14  *
*Less than 10%
Investment and Other Income (Expense), Net
Investment and Other Income (Expense), Net (in millions)
Three Months Ended Six Months Ended
March 24,
2024
March 26,
2023
March 24,
2024
March 26,
2023
Interest and dividend income $ 160  $ 59  $ 312  $ 114 
Net (losses) gains on marketable securities
(3) 20 
Net gains on other investments 155  —  159  — 
Net gains on deferred compensation plan assets
62  21  126  47 
Impairment losses on other investments (50) (87) (62) (101)
Other (18) (1) (20)
$ 330  $ (16) $ 542  $ 60