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Composition of Certain Financial Statement Items (Tables) | 12 Months Ended
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Sep. 29, 2024
Balance Sheet Related Disclosures [Abstract] |
Accounts Receivable |
Accounts Receivable (in millions) |  |  |
| September 29, 2024 |  | September 24, 2023
Trade, net of allowances for doubtful accounts | $ | 2,347 |  |  | $ | 1,923 |
Unbilled | 1,546 |  |  | 1,223 |
Other | 36 |  |  | 37 |
| $ | 3,929 |  |  | $ | 3,183 |
Inventories |
Inventories (in millions) |  |  |
| September 29, 2024 |  | September 24, 2023
Raw materials | $ | 340 |  |  | $ | 176 |
Work-in-process | 3,497 |  |  | 4,096 |
Finished goods | 2,586 |  |  | 2,150 |
| $ | 6,423 |  |  | $ | 6,422 |
Property, Plant and Equipment |
Property, Plant and Equipment (in millions) |  |  |
| September 29, 2024 |  | September 24, 2023
Land | $ | 169 |  |  | $ | 169 |
Buildings and improvements | 1,888 |  |  | 1,849 |
Computer equipment and software | 2,022 |  |  | 1,773 |
Machinery and equipment | 8,647 |  |  | 8,078 |
Furniture and office equipment | 139 |  |  | 130 |
Leasehold improvements | 550 |  |  | 485 |
Construction in progress | 126 |  |  | 226 |
| 13,541 |  |  | 12,710 |
Less accumulated depreciation and amortization | (8,876) |  |  | (7,668) |
| $ | 4,665 |  |  | $ | 5,042 |
Goodwill | The following table presents the goodwill allocated to our segments, as described in Note 8, as well as the changes in the carrying amounts of goodwill during fiscal 2024 and 2023 (in millions):
|  | QCT |  | QTL |  |  |  | Total
Balance at September 25, 2022 |  | $ | 9,777 |  |  | $ | 731 |  |  |  |  | $ | 10,508 |
Acquisitions |  | 76 |  |  | — |  |  |  |  | 76 |
Foreign currency translation adjustments |  | 56 |  |  | 2 |  |  |  |  | 58 |
Balance at September 24, 2023 (1) |  | 9,909 |  |  | 733 |  |  |  |  | 10,642 |
Acquisitions |  | 126 |  |  | — |  |  |  |  | 126 |
Foreign currency translation adjustments |  | 30 |  |  | 1 |  |  |  |  | 31 |
Balance at September 29, 2024 (1) |  | $ | 10,065 |  |  | $ | 734 |  |  |  |  | $ | 10,799 |
(1) Cumulative goodwill impairments were $812 million at both September 29, 2024 and September 24, 2023.
Intangible Assets | The components of other intangible assets, net were as follows (in millions):
| September 29, 2024 |  | September 24, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Weighted-average amortization period (years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Weighted-average amortization period (years)
Technology-based | $ | 2,498 |  |  | $ | (1,275) |  |  | 9 |  | $ | 4,292 |  |  | $ | (2,912) |  |  | 12
Other | 69 |  |  | (48) |  |  | 11 |  | 70 |  |  | (42) |  |  | 11
| $ | 2,567 |  |  | $ | (1,323) |  |  | 9 |  | $ | 4,362 |  |  | $ | (2,954) |  |  | 11
Equity Method and Non-marketable Equity Investments | The carrying values of our equity method and non-marketable equity investments are recorded in other assets and were as follows (in millions):
| September 29, 2024 |  | September 24, 2023
Equity method investments | $ | 154 |  |  | $ | 164 |
Non-marketable equity investments (1) | 1,187 |  |  | 1,072 |
| $ | 1,341 |  |  | $ | 1,236 |
(1) Cumulative unrealized gains were $370 million and $241 million at September 29, 2024 and September 24, 2023, respectively. Cumulative unrealized losses, including impairments, were $385 million and $335 million at September 29, 2024 and September 24, 2023, respectively.
Other Current Liabilities |
Other Current Liabilities (in millions) |  |  |
| September 29, 2024 |  | September 24, 2023
Customer incentives and other customer-related liabilities | $ | 2,480 |  |  | $ | 1,821 |
Income taxes payable | 1,080 |  |  | 1,717 |
Other | 865 |  |  | 953 |
| $ | 4,425 |  |  | $ | 4,491 |
QCT Revenues Disaggregated | QCT revenue streams were as follows (in millions):
|  |  |  |  | 2024 |  | 2023 |  | 2022
Handsets (1) |  |  |  |  |  |  |  |  | $ | 24,863 |  |  | $ | 22,570 |  |  | $ | 28,815 |
Automotive (2) |  |  |  |  |  |  |  |  | 2,910 |  |  | 1,872 |  |  | 1,509 |
IoT (internet of things) (3) |  |  |  |  |  |  |  |  | 5,423 |  |  | 5,940 |  |  | 7,353 |
Total QCT revenues |  |  |  |  |  |  |  |  | $ | 33,196 |  |  | $ | 30,382 |  |  | $ | 37,677 |
(1) Includes revenues from products sold for use in mobile handsets. (2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and ADAS/AD. (3) Primarily includes products sold for use in the following industries and applications: consumer (including PCs, tablets, voice and music and XR), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
Revenue recognized from performance obligations satisfied in previous periods | Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain QCT sales-based royalty revenues related to system software, certain amounts related to QCT customer incentives and QTL royalty revenues recognized related to devices sold in prior periods (including adjustments to prior period royalty estimates, which includes the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
| 2024 |  | 2023 |  | 2022
Revenues recognized from previously satisfied performance obligations | $ | 558 |  |  | $ | 598 |  |  | $ | 788 |
Concentrations | Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
| September 29, 2024 |  | September 24, 2023 |  | September 25, 2022
Customer/licensee (x) | 22 | % |  | 27 | % |  | 21 | %
Customer/licensee (y) | 19 |  |  | 21 |  |  | 21 |
Customer/licensee (z) | 12 |  |  | * |  | *
* Less than 10%
Investment and Other Income, net |
Investment and Other Income (Expense), Net (in millions) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Interest and dividend income |  |  |  |  |  |  |  | $ | 675 |  |  | $ | 313 |  |  | $ | 91 |
Net gains (losses) on marketable securities |  |  |  |  |  |  |  | 14 |  |  | 75 |  |  | (363) |
Net gains on other investments |  |  |  |  |  |  |  | 175 |  |  | 21 |  |  | 113 |
Net gains (losses) on deferred compensation plan assets |  |  |  |  |  |  |  | 198 |  |  | 86 |  |  | (141) |
Impairment losses on other investments |  |  |  |  |  |  |  | (79) |  |  | (132) |  |  | (47) |
Other |  |  |  |  |  |  |  | (21) |  |  | (14) |  |  | (25) |
|  |  |  |  |  |  |  | $ | 962 |  |  | $ | 349 |  |  | $ | (372) |

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