v3.22.4
Financial Instruments (Tables)
 3 Months Ended
Dec. 31, 2022
Investments, All Other Investments [Abstract]  
Cash, Cash Equivalents and Marketable Securities by Significant Investment Category
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of December 31, 2022 and September 24, 2022 (in millions):
December 31, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$17,908 $— $— $17,908 $17,908 $— $— 
Level 1 (1):
Money market funds818 — — 818 818 — — 
Mutual funds330 2 (40)292 — 292 — 
Subtotal1,148 2 (40)1,110 818 292 — 
Level 2 (2):
U.S. Treasury securities24,128 1 (1,576)22,553 13 9,105 13,435 
U.S. agency securities5,743 — (643)5,100 — 310 4,790 
Non-U.S. government securities17,778 14 (1,029)16,763 — 9,907 6,856 
Certificates of deposit and time deposits
2,025 — — 2,025 1,795 230 — 
Commercial paper237 — — 237 — 237 — 
Corporate debt securities85,895 14 (7,039)78,870 1 10,377 68,492 
Municipal securities864 — (26)838 — 278 560 
Mortgage- and asset-backed securities
22,448 3 (2,405)20,046 — 84 19,962 
Subtotal159,118 32 (12,718)146,432 1,809 30,528 114,095 
Total (3)
$178,174 $34 $(12,758)$165,450 $20,535 $30,820 $114,095 
September 24, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$18,546 $— $— $18,546 $18,546 $— $— 
Level 1 (1):
Money market funds2,929 — — 2,929 2,929 — — 
Mutual funds274 — (47)227 — 227 — 
Subtotal3,203 — (47)3,156 2,929 227 — 
Level 2 (2):
U.S. Treasury securities25,134 — (1,725)23,409 338 5,091 17,980 
U.S. agency securities5,823 — (655)5,168 — 240 4,928 
Non-U.S. government securities16,948 2 (1,201)15,749 — 8,806 6,943 
Certificates of deposit and time deposits
2,067 — — 2,067 1,805 262 — 
Commercial paper718 — — 718 28 690 — 
Corporate debt securities87,148 9 (7,707)79,450 — 9,023 70,427 
Municipal securities921 — (35)886 — 266 620 
Mortgage- and asset-backed securities
22,553 — (2,593)19,960 — 53 19,907 
Subtotal161,312 11 (13,916)147,407 2,171 24,431 120,805 
Total (3)
$183,061 $11 $(13,963)$169,109 $23,646 $24,658 $120,805 
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)As of December 31, 2022 and September 24, 2022, total marketable securities included $13.6 billion and $12.7 billion, respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted state aid to the Company, and other agreements.
Non-Current Marketable Debt Securities by Contractual Maturity
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of December 31, 2022 (in millions):
Due after 1 year through 5 years$82,497 
Due after 5 years through 10 years14,243 
Due after 10 years17,355 
Total fair value$114,095 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of December 31, 2022 and September 24, 2022 were as follows (in millions):
December 31,
2022		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$66,054 $102,670 
Interest rate contracts$20,125 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$134,971 $185,381 
Gross Fair Values of Derivative Assets and Liabilities
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
September 24, 2022
Fair Value of
Derivatives Designated
as Accounting Hedges		Fair Value of
Derivatives Not Designated
as Accounting Hedges		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$4,317 $2,819 $7,136 
Derivative liabilities (2):
Foreign exchange contracts$2,205 $2,547 $4,752 
Interest rate contracts$1,367 $— $1,367 
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheet.
(2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheet.
Carrying Amounts of Hedged Items in Fair Value Hedges
The carrying amounts of the Company’s hedged items in fair value hedges as of December 31, 2022 and September 24, 2022 were as follows (in millions):
December 31,
2022		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,311 $13,378 
Current and non-current term debt$(18,731)$(18,739)