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Financial Instruments (Tables)

12 Months Ended

Sep. 26, 2015

Cash and Available-for-Sale Securities' Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value Recorded as Cash and Cash Equivalents or Short-Term or Long-Term Marketable Securities

The following tables show the Company’s cash and available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short- or long-term marketable securities as of September 26, 2015 and September 27, 2014 (in millions):

		2015
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Short-Term Marketable Securities				Long-Term Marketable Securities
Cash		$	11,389			$	0			$	0			$	11,389			$	11,389			$	0			$	0
Level 1:
Money market funds			1,798				0				0				1,798				1,798				0				0
Mutual funds			1,772				0				(144	)			1,628				0				1,628				0
Subtotal			3,570				0				(144	)			3,426				1,798				1,628				0
Level 2:
U.S. Treasury securities			34,902				181				(1	)			35,082				0				3,498				31,584
U.S. agency securities			5,864				14				0				5,878				841				767				4,270
Non-U.S. government securities			6,356				45				(167	)			6,234				43				135				6,056
Certificates of deposit and time deposits			4,347				0				0				4,347				2,065				1,405				877
Commercial paper			6,016				0				0				6,016				4,981				1,035				0
Corporate securities			116,908				242				(985	)			116,165				3				11,948				104,214
Municipal securities			947				5				0				952				0				48				904
Mortgage- and asset-backed securities			16,121				87				(31	)			16,177				0				17				16,160
Subtotal			191,461				574				(1,184	)			190,851				7,933				18,853				164,065
Total		$	206,420			$	574			$	(1,328	)		$	205,666			$	21,120			$	20,481			$	164,065

		2014
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Short-Term Marketable Securities				Long-Term Marketable Securities
Cash		$	10,232			$	0			$	0			$	10,232			$	10,232			$	0			$	0
Level 1:
Money market funds			1,546				0				0				1,546				1,546				0				0
Mutual funds			2,531				1				(132	)			2,400				0				2,400				0
Subtotal			4,077				1				(132	)			3,946				1,546				2,400				0
Level 2:
U.S. Treasury securities			23,140				15				(9	)			23,146				12				607				22,527
U.S. agency securities			7,373				3				(11	)			7,365				652				157				6,556
Non-U.S. government securities			6,925				69				(69	)			6,925				0				204				6,721
Certificates of deposit and time deposits			3,832				0				0				3,832				1,230				1,233				1,369
Commercial paper			475				0				0				475				166				309				0
Corporate securities			85,431				296				(241	)			85,486				6				6,298				79,182
Municipal securities			940				8				0				948				0				0				948
Mortgage- and asset-backed securities			12,907				26				(49	)			12,884				0				25				12,859
Subtotal			141,023				417				(379	)			141,061				2,066				8,833				130,162
Total		$	155,332			$	418			$	(511	)		$	155,239			$	13,844			$	11,233			$	130,162

Cash and Available-for-Sale Securities' Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value Recorded as Cash and Cash Equivalents or Short-Term or Long-Term Marketable Securities

The following tables show the Company’s cash and available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short- or long-term marketable securities as of September 26, 2015 and September 27, 2014 (in millions):

		2015
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Short-Term Marketable Securities				Long-Term Marketable Securities
Cash		$	11,389			$	0			$	0			$	11,389			$	11,389			$	0			$	0
Level 1:
Money market funds			1,798				0				0				1,798				1,798				0				0
Mutual funds			1,772				0				(144	)			1,628				0				1,628				0
Subtotal			3,570				0				(144	)			3,426				1,798				1,628				0
Level 2:
U.S. Treasury securities			34,902				181				(1	)			35,082				0				3,498				31,584
U.S. agency securities			5,864				14				0				5,878				841				767				4,270
Non-U.S. government securities			6,356				45				(167	)			6,234				43				135				6,056
Certificates of deposit and time deposits			4,347				0				0				4,347				2,065				1,405				877
Commercial paper			6,016				0				0				6,016				4,981				1,035				0
Corporate securities			116,908				242				(985	)			116,165				3				11,948				104,214
Municipal securities			947				5				0				952				0				48				904
Mortgage- and asset-backed securities			16,121				87				(31	)			16,177				0				17				16,160
Subtotal			191,461				574				(1,184	)			190,851				7,933				18,853				164,065
Total		$	206,420			$	574			$	(1,328	)		$	205,666			$	21,120			$	20,481			$	164,065

		2014
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Short-Term Marketable Securities				Long-Term Marketable Securities
Cash		$	10,232			$	0			$	0			$	10,232			$	10,232			$	0			$	0
Level 1:
Money market funds			1,546				0				0				1,546				1,546				0				0
Mutual funds			2,531				1				(132	)			2,400				0				2,400				0
Subtotal			4,077				1				(132	)			3,946				1,546				2,400				0
Level 2:
U.S. Treasury securities			23,140				15				(9	)			23,146				12				607				22,527
U.S. agency securities			7,373				3				(11	)			7,365				652				157				6,556
Non-U.S. government securities			6,925				69				(69	)			6,925				0				204				6,721
Certificates of deposit and time deposits			3,832				0				0				3,832				1,230				1,233				1,369
Commercial paper			475				0				0				475				166				309				0
Corporate securities			85,431				296				(241	)			85,486				6				6,298				79,182
Municipal securities			940				8				0				948				0				0				948
Mortgage- and asset-backed securities			12,907				26				(49	)			12,884				0				25				12,859
Subtotal			141,023				417				(379	)			141,061				2,066				8,833				130,162
Total		$	155,332			$	418			$	(511	)		$	155,239			$	13,844			$	11,233			$	130,162

Derivative Instruments at Gross Fair Value

The following tables show the Company’s derivative instruments at gross fair value as of September 26, 2015 and September 27, 2014 (in millions):

		2015
		Fair Value of Derivatives Designated as Hedge Instruments					Fair Value of Derivatives Not Designated as Hedge Instruments					Total Fair Value
Derivative assets (1):
Foreign exchange contracts			$	1,442				$	109				$	1,551
Interest rate contracts			$	394				$	0				$	394
Derivative liabilities (2):
Foreign exchange contracts			$	905				$	94				$	999
Interest rate contracts			$	13				$	0				$	13

		2014
		Fair Value of Derivatives Designated as Hedge Instruments					Fair Value of Derivatives Not Designated as Hedge Instruments					Total Fair Value
Derivative assets (1):
Foreign exchange contracts			$	1,332				$	222				$	1,554
Interest rate contracts			$	81				$	0				$	81
Derivative liabilities (2):
Foreign exchange contracts			$	41				$	40				$	81

⁽¹⁾  The fair value of derivative assets is measured using Level 2 fair value inputs and is recorded as other current assets in the Consolidated Balance Sheets.

⁽²⁾  The fair value of derivative liabilities is measured using Level 2 fair value inputs and is recorded as accrued expenses in the Consolidated Balance Sheets.

Pre-Tax Gains and Losses of Derivative and Non-Derivative Instruments Designated as Cash Flow, Net Investment and Fair Value Hedges

The following table shows the pre-tax gains and losses of the Company’s derivative and non-derivative instruments designated as cash flow, net investment and fair value hedges on OCI and the Consolidated Statements of Operations for 2015, 2014 and 2013 (in millions):

		2015				2014				2013
Gains/(Losses) recognized in OCI – effective portion:
Cash flow hedges:
Foreign exchange contracts		$	3,592			$	1,750			$	891
Interest rate contracts			(111	)			(15	)			12
Total		$	3,481			$	1,735			$	903
Net investment hedges:
Foreign exchange contracts		$	167			$	53			$	143
Foreign currency debt			(71	)			0				0
Total		$	96			$	53			$	143
Gains/(Losses) reclassified from AOCI into net income – effective portion:
Cash flow hedges:
Foreign exchange contracts		$	4,092			$	(154	)		$	676
Interest rate contracts			(17	)			(16	)			(6	)
Total		$	4,075			$	(170	)		$	670
Gains/(Losses) on derivative instruments:
Fair value hedges:
Interest rate contracts		$	337			$	39			$	0
Gains/(Losses) related to hedged items:
Fair value hedges:
Interest rate contracts		$	(337	)		$	(39	)		$	0

Notional Amounts of Outstanding Derivative Instruments and Credit Risk Amounts Associated with Outstanding or Unsettled Derivative Instruments

The following table shows the notional amounts of the Company’s outstanding derivative instruments and credit risk amounts associated with outstanding or unsettled derivative instruments as of September 26, 2015 and September 27, 2014 (in millions):

		2015								2014
		Notional   Amount				Credit Risk Amount				Notional   Amount				Credit Risk Amount
Instruments designated as accounting hedges:
Foreign exchange contracts		$	70,054			$	1,385			$	42,945			$	1,333
Interest rate contracts		$	18,750			$	394			$	12,000			$	89
Instruments not designated as accounting hedges:
Foreign exchange contracts		$	49,190			$	109			$	38,510			$	222

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