|
Marketable Securities (Tables)
|
6 Months Ended |
|
Mar. 30, 2014
|
| 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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March 30,
2014 |
|
September 29,
2013 |
|
March 30,
2014 |
|
September 29,
2013 |
Trading: |
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|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
319 |
|
|
$ |
241 |
|
|
$ |
13 |
|
|
$ |
49 |
|
Corporate bonds and notes |
189 |
|
|
269 |
|
|
263 |
|
|
256 |
|
Mortgage- and asset-backed securities |
— |
|
|
— |
|
|
134 |
|
|
104 |
|
Total trading |
508 |
|
|
510 |
|
|
410 |
|
|
409 |
|
Available-for-sale: |
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|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
945 |
|
|
721 |
|
|
431 |
|
|
71 |
|
Corporate bonds and notes |
5,737 |
|
|
4,533 |
|
|
7,981 |
|
|
6,812 |
|
Mortgage- and asset-backed securities |
896 |
|
|
745 |
|
|
421 |
|
|
328 |
|
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
83 |
|
Common and preferred stock |
40 |
|
|
8 |
|
|
2,398 |
|
|
2,351 |
|
Equity funds |
— |
|
|
— |
|
|
633 |
|
|
960 |
|
Debt funds |
2,165 |
|
|
2,307 |
|
|
2,513 |
|
|
2,889 |
|
Total available-for-sale |
9,783 |
|
|
8,314 |
|
|
14,460 |
|
|
13,494 |
|
Fair value option: |
|
|
|
|
|
|
|
Debt fund |
— |
|
|
— |
|
|
555 |
|
|
537 |
|
Total marketable securities |
$ |
10,291 |
|
|
$ |
8,824 |
|
|
$ |
15,425 |
|
|
$ |
14,440 |
|
|
| Contractual maturities of available-for-sale debt securities |
At March 30, 2014, 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 |
$ |
1,975 |
|
|
$ |
10,327 |
|
|
$ |
1,815 |
|
|
$ |
977 |
|
|
$ |
6,078 |
|
|
$ |
21,172 |
|
|
| 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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|
March 30, 2014 |
$ |
227 |
|
|
$ |
(5 |
) |
|
$ |
222 |
|
March 31, 2013 |
69 |
|
|
(4 |
) |
|
65 |
|
|
|
|
|
|
|
For the six months ended |
|
|
|
|
|
March 30, 2014 |
$ |
343 |
|
|
$ |
(8 |
) |
|
$ |
335 |
|
March 31, 2013 |
153 |
|
|
(9 |
) |
|
144 |
|
|
| Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
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|
Cost |
|
Unrealized Gains |
|
Unrealized Losses |
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Fair Value |
March 30, 2014 |
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|
|
|
|
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|
Equity securities |
$ |
2,340 |
|
|
$ |
743 |
|
|
$ |
(12 |
) |
|
$ |
3,071 |
|
Debt securities (including debt funds) |
20,849 |
|
|
386 |
|
|
(63 |
) |
|
21,172 |
|
|
$ |
23,189 |
|
|
$ |
1,129 |
|
|
$ |
(75 |
) |
|
$ |
24,243 |
|
September 29, 2013 |
|
|
|
|
|
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|
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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|
|
|
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|
March 30, 2014 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
U.S. Treasury securities and government-related securities |
$ |
236 |
|
|
$ |
(3 |
) |
|
$ |
5 |
|
|
$ |
— |
|
Corporate bonds and notes |
3,724 |
|
|
(21 |
) |
|
26 |
|
|
(1 |
) |
Mortgage- and asset-backed securities |
313 |
|
|
(2 |
) |
|
41 |
|
|
(1 |
) |
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
(1 |
) |
Debt funds |
672 |
|
|
(34 |
) |
|
88 |
|
|
— |
|
Equity funds |
202 |
|
|
(12 |
) |
|
5 |
|
|
— |
|
|
$ |
5,147 |
|
|
$ |
(72 |
) |
|
$ |
248 |
|
|
$ |
(3 |
) |
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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 |
|
Six Months Ended |
|
March 30,
2014 |
|
March 31,
2013 |
|
March 30,
2014 |
|
March 31,
2013 |
Beginning balance of credit losses |
$ |
6 |
|
|
$ |
19 |
|
|
$ |
4 |
|
|
$ |
31 |
|
Reduction in credit losses related to securities the Company intends to sell |
— |
|
|
(6 |
) |
|
— |
|
|
(6 |
) |
Credit losses recognized on securities not previously impaired |
2 |
|
|
— |
|
|
5 |
|
|
— |
|
Reductions in credit losses related to securities sold |
— |
|
|
(5 |
) |
|
(1 |
) |
|
(17 |
) |
Ending balance of credit losses |
$ |
8 |
|
|
$ |
8 |
|
|
$ |
8 |
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|
$ |
8 |
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