|
Marketable Securities (Tables)
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9 Months Ended |
|
Jun. 29, 2014
|
| Marketable Securities [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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June 29,
2014 |
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September 29,
2013 |
|
June 29,
2014 |
|
September 29,
2013 |
Trading: |
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|
|
|
|
|
|
U.S. Treasury securities and government-related securities |
$ |
317 |
|
|
$ |
241 |
|
|
$ |
47 |
|
|
$ |
49 |
|
Corporate bonds and notes |
195 |
|
|
269 |
|
|
380 |
|
|
256 |
|
Mortgage- and asset-backed securities |
— |
|
|
— |
|
|
215 |
|
|
104 |
|
Total trading |
512 |
|
|
510 |
|
|
642 |
|
|
409 |
|
Available-for-sale: |
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|
|
|
U.S. Treasury securities and government-related securities |
872 |
|
|
721 |
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|
390 |
|
|
71 |
|
Corporate bonds and notes |
6,553 |
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|
4,533 |
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|
7,687 |
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|
6,812 |
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Mortgage- and asset-backed securities |
860 |
|
|
745 |
|
|
200 |
|
|
328 |
|
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
83 |
|
Common and preferred stock |
342 |
|
|
8 |
|
|
1,664 |
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|
2,351 |
|
Equity funds |
160 |
|
|
— |
|
|
521 |
|
|
960 |
|
Debt funds |
910 |
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|
2,307 |
|
|
2,589 |
|
|
2,889 |
|
Total available-for-sale |
9,697 |
|
|
8,314 |
|
|
13,134 |
|
|
13,494 |
|
Fair value option: |
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|
|
|
|
|
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Debt fund |
— |
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|
— |
|
|
787 |
|
|
537 |
|
Total marketable securities |
$ |
10,209 |
|
|
$ |
8,824 |
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|
$ |
14,563 |
|
|
$ |
14,440 |
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|
| Contractual maturities of available-for-sale debt securities |
At June 29, 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
|
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Five to
Ten Years
|
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Greater Than
Ten Years
|
|
No Single
Maturity
Date
|
|
Total |
$ |
2,993 |
|
|
$ |
10,255 |
|
|
$ |
1,594 |
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|
$ |
660 |
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|
$ |
4,642 |
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|
$ |
20,144 |
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| 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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|
June 29, 2014 |
$ |
267 |
|
|
$ |
(8 |
) |
|
$ |
259 |
|
June 30, 2013 |
52 |
|
|
(5 |
) |
|
47 |
|
|
|
|
|
|
|
For the nine months ended |
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|
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|
June 29, 2014 |
$ |
610 |
|
|
$ |
(16 |
) |
|
$ |
594 |
|
June 30, 2013 |
204 |
|
|
(14 |
) |
|
190 |
|
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| Composition of available-for-sale securities |
Available-for-sale securities were comprised as follows (in millions):
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Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
June 29, 2014 |
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|
|
|
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Equity securities |
$ |
2,000 |
|
|
$ |
692 |
|
|
$ |
(5 |
) |
|
$ |
2,687 |
|
Debt securities (including debt funds) |
19,741 |
|
|
423 |
|
|
(20 |
) |
|
20,144 |
|
|
$ |
21,741 |
|
|
$ |
1,115 |
|
|
$ |
(25 |
) |
|
$ |
22,831 |
|
September 29, 2013 |
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|
|
|
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Equity securities |
$ |
2,570 |
|
|
$ |
793 |
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|
$ |
(44 |
) |
|
$ |
3,319 |
|
Debt securities (including debt funds) |
18,255 |
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|
396 |
|
|
(162 |
) |
|
18,489 |
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|
$ |
20,825 |
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|
$ |
1,189 |
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|
$ |
(206 |
) |
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$ |
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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|
June 29, 2014 |
|
Less than 12 months |
|
More than 12 months |
|
Fair Value |
|
Unrealized Losses |
|
Fair Value |
|
Unrealized Losses |
Corporate bonds and notes |
$ |
2,033 |
|
|
$ |
(5 |
) |
|
$ |
96 |
|
|
$ |
(2 |
) |
Auction rate securities |
— |
|
|
— |
|
|
83 |
|
|
(1 |
) |
Debt funds |
50 |
|
|
(1 |
) |
|
394 |
|
|
(11 |
) |
Equity funds |
30 |
|
|
— |
|
|
115 |
|
|
(5 |
) |
|
$ |
2,113 |
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|
$ |
(6 |
) |
|
$ |
688 |
|
|
$ |
(19 |
) |
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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 |
) |
|
— |
|
|
— |
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|
$ |
5,642 |
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|
$ |
(204 |
) |
|
$ |
135 |
|
|
$ |
(2 |
) |
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| 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 |
|
Nine Months Ended |
|
June 29,
2014 |
|
June 30,
2013 |
|
June 29,
2014 |
|
June 30,
2013 |
Beginning balance of credit losses |
$ |
8 |
|
|
$ |
8 |
|
|
$ |
4 |
|
|
$ |
31 |
|
Reduction in credit losses related to securities the Company intends to sell |
— |
|
|
— |
|
|
— |
|
|
(6 |
) |
Credit losses recognized on securities not previously impaired |
— |
|
|
— |
|
|
5 |
|
|
1 |
|
Additional credit losses recognized on securities previously impaired |
— |
|
|
— |
|
|
— |
|
|
1 |
|
Reductions in credit losses related to securities sold |
(3 |
) |
|
(3 |
) |
|
(4 |
) |
|
(21 |
) |
Accretion of credit losses due to an increase in cash flows expected to be collected |
— |
|
|
— |
|
|
— |
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|
(1 |
) |
Ending balance of credit losses |
$ |
5 |
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|
$ |
5 |
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|
$ |
5 |
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$ |
5 |
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