v3.23.2
Financial Instruments (Tables)
 9 Months Ended
Jul. 01, 2023
Financial Instruments [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 July 1, 2023 and September 24, 2022 (in millions):
July 1, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$25,337 $— $— $25,337 $25,337 $— $— 
Level 1 (1):
Money market funds1,108 — — 1,108 1,108 — — 
Mutual funds366 15 (19)362 — 362 — 
Subtotal1,474 15 (19)1,470 1,108 362 — 
Level 2 (2):
U.S. Treasury securities22,274 — (1,354)20,920 — 8,076 12,844 
U.S. agency securities5,709 — (594)5,115 3 272 4,840 
Non-U.S. government securities17,588 19 (927)16,680 — 11,262 5,418 
Certificates of deposit and time deposits
2,315 — — 2,315 1,960 355 — 
Commercial paper364 — — 364 — 364 — 
Corporate debt securities79,621 22 (6,079)73,564 — 13,005 60,559 
Municipal securities713 — (23)690 — 213 477 
Mortgage- and asset-backed securities
22,383 4 (2,299)20,088 — 165 19,923 
Subtotal150,967 45 (11,276)139,736 1,963 33,712 104,061 
Total (3)
$177,778 $60 $(11,295)$166,543 $28,408 $34,074 $104,061 
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 July 1, 2023 and September 24, 2022, total marketable securities included $14.1 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) 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 July 1, 2023 (in millions):
Due after 1 year through 5 years$76,267 
Due after 5 years through 10 years11,148 
Due after 10 years16,646 
Total fair value$104,061 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of July 1, 2023 and September 24, 2022 were as follows (in millions):
July 1,
2023		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$45,425 $102,670 
Interest rate contracts$19,375 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$90,977 $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 July 1, 2023 and September 24, 2022 were as follows (in millions):
July 1,
2023		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,863 $13,378 
Current and non-current term debt$(17,986)$(18,739)