|
Marketable Securities (Tables)
|
3 Months Ended |
|
Dec. 29, 2013
|
| Notes to Financial Statements [Abstract] |
|
| 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 29,
2013 |
|
September 29,
2013 |
|
December 29,
2013 |
|
September 29,
2013 |
Trading: |
|
|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
289 |
|
|
$ |
241 |
|
|
$ |
21 |
|
|
$ |
49 |
|
Corporate bonds and notes |
220 |
|
|
269 |
|
|
260 |
|
|
256 |
|
Mortgage- and asset-backed securities |
— |
|
|
— |
|
|
121 |
|
|
104 |
|
Total trading |
509 |
|
|
510 |
|
|
402 |
|
|
409 |
|
Available-for-sale: |
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|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
968 |
|
|
721 |
|
|
73 |
|
|
71 |
|
Corporate bonds and notes |
4,858 |
|
|
4,533 |
|
|
6,889 |
|
|
6,812 |
|
Mortgage- and asset-backed securities |
719 |
|
|
745 |
|
|
327 |
|
|
328 |
|
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
83 |
|
Common and preferred stock |
49 |
|
|
8 |
|
|
2,480 |
|
|
2,351 |
|
Equity funds |
153 |
|
|
— |
|
|
639 |
|
|
960 |
|
Debt funds |
1,732 |
|
|
2,307 |
|
|
2,894 |
|
|
2,889 |
|
Total available-for-sale |
8,479 |
|
|
8,314 |
|
|
13,385 |
|
|
13,494 |
|
Fair value option: |
|
|
|
|
|
|
|
Debt fund |
— |
|
|
— |
|
|
543 |
|
|
537 |
|
Total marketable securities |
$ |
8,988 |
|
|
$ |
8,824 |
|
|
$ |
14,330 |
|
|
$ |
14,440 |
|
|
| Contractual maturities of available-for-sale debt securities |
At December 29, 2013, 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
|
|
Five to
Ten Years
|
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Greater Than
Ten Years
|
|
No Single
Maturity
Date
|
|
Total |
$ |
2,086 |
|
|
$ |
7,100 |
|
|
$ |
2,300 |
|
|
$ |
1,302 |
|
|
$ |
5,755 |
|
|
$ |
18,543 |
|
|
| 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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|
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|
December 29, 2013 |
$ |
116 |
|
|
$ |
(3 |
) |
|
$ |
113 |
|
December 30, 2012 |
84 |
|
|
(5 |
) |
|
79 |
|
|
| Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
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|
|
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|
|
|
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|
Cost |
|
Unrealized Gains |
|
Unrealized Losses |
|
Fair Value |
December 29, 2013 |
|
|
|
|
|
|
|
Equity securities |
$ |
2,564 |
|
|
$ |
809 |
|
|
$ |
(52 |
) |
|
$ |
3,321 |
|
Debt securities (including debt funds) |
18,280 |
|
|
420 |
|
|
(157 |
) |
|
18,543 |
|
|
$ |
20,844 |
|
|
$ |
1,229 |
|
|
$ |
(209 |
) |
|
$ |
21,864 |
|
September 29, 2013 |
|
|
|
|
|
|
|
Equity securities |
$ |
2,570 |
|
|
$ |
793 |
|
|
$ |
(44 |
) |
|
$ |
3,319 |
|
Debt securities (including debt funds) |
18,255 |
|
|
396 |
|
|
(162 |
) |
|
18,489 |
|
|
$ |
20,825 |
|
|
$ |
1,189 |
|
|
$ |
(206 |
) |
|
$ |
21,808 |
|
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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 29, 2013 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
155 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
— |
|
Corporate bonds and notes |
2,335 |
|
|
(24 |
) |
|
17 |
|
|
— |
|
Mortgage- and asset-backed securities |
374 |
|
|
(3 |
) |
|
26 |
|
|
(1 |
) |
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
(1 |
) |
Common and preferred stock |
347 |
|
|
(49 |
) |
|
1 |
|
|
— |
|
Debt funds |
1,288 |
|
|
(125 |
) |
|
336 |
|
|
(1 |
) |
Equity funds |
40 |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
$ |
4,539 |
|
|
$ |
(206 |
) |
|
$ |
463 |
|
|
$ |
(3 |
) |
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|
|
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|
|
|
|
|
|
|
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|
September 29, 2013 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
42 |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
— |
|
Corporate bonds and notes |
2,084 |
|
|
(31 |
) |
|
24 |
|
|
(1 |
) |
Mortgage- and asset-backed securities |
367 |
|
|
(5 |
) |
|
24 |
|
|
— |
|
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
(1 |
) |
Common and preferred stock |
291 |
|
|
(41 |
) |
|
— |
|
|
— |
|
Debt funds |
2,776 |
|
|
(123 |
) |
|
4 |
|
|
— |
|
Equity funds |
82 |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
$ |
5,642 |
|
|
$ |
(204 |
) |
|
$ |
135 |
|
|
$ |
(2 |
) |
|
| Activity for credit loss portion of other-than-temporary impairments on debt securities |
The following table shows the activity for the credit loss portion of other-than-temporary impairments on debt securities held by the Company (in millions):
|
|
|
|
|
|
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|
Three Months Ended |
|
December 29,
2013 |
|
December 30,
2012 |
Beginning balance of credit losses |
$ |
4 |
|
|
$ |
31 |
|
Credit losses recognized on securities not previously impaired |
2 |
|
|
— |
|
Reductions in credit losses related to securities sold |
— |
|
|
(12 |
) |
Ending balance of credit losses |
$ |
6 |
|
|
$ |
19 |
|
|