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Financial Instruments (Tables)

9 Months Ended

Jun. 27, 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 June 27, 2015 and September 27, 2014 (in millions):

		June 27, 2015
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Short-Term Marketable Securities				Long-Term Marketable Securities
Cash		$	10,451			$	0			$	0			$	10,451			$	10,451			$	0			$	0
Level 1 (1):
Money market funds			1,007				0				0				1,007				1,007				0				0
Mutual funds			2,100				0				(163	)			1,937				0				1,937				0
Subtotal			3,107				0				(163	)			2,944				1,007				1,937				0
Level 2 (2):
U.S. Treasury securities			41,788				76				(50	)			41,814				68				1,379				40,367
U.S. agency securities			5,719				8				(2	)			5,725				683				580				4,462
Non-U.S. government securities			6,662				46				(105	)			6,603				7				219				6,377
Certificates of deposit and time deposits			4,367				0				0				4,367				1,939				1,439				989
Commercial paper			2,997				0				0				2,997				1,133				1,864				0
Corporate securities			111,128				227				(514	)			110,841				31				11,885				98,925
Municipal securities			945				3				(2	)			946				0				43				903
Mortgage- and asset-backed securities			16,191				35				(66	)			16,160				0				38				16,122
Subtotal			189,797				395				(739	)			189,453				3,861				17,447				168,145
Total		$	203,355			$	395			$	(902	)		$	202,848			$	15,319			$	19,384			$	168,145
		September 27, 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 (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 (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

⁽¹⁾  The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities.

⁽²⁾  The fair value of Level 2 securities is estimated 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.

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 June 27, 2015 and September 27, 2014 (in millions):

		June 27, 2015
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Short-Term Marketable Securities				Long-Term Marketable Securities
Cash		$	10,451			$	0			$	0			$	10,451			$	10,451			$	0			$	0
Level 1 (1):
Money market funds			1,007				0				0				1,007				1,007				0				0
Mutual funds			2,100				0				(163	)			1,937				0				1,937				0
Subtotal			3,107				0				(163	)			2,944				1,007				1,937				0
Level 2 (2):
U.S. Treasury securities			41,788				76				(50	)			41,814				68				1,379				40,367
U.S. agency securities			5,719				8				(2	)			5,725				683				580				4,462
Non-U.S. government securities			6,662				46				(105	)			6,603				7				219				6,377
Certificates of deposit and time deposits			4,367				0				0				4,367				1,939				1,439				989
Commercial paper			2,997				0				0				2,997				1,133				1,864				0
Corporate securities			111,128				227				(514	)			110,841				31				11,885				98,925
Municipal securities			945				3				(2	)			946				0				43				903
Mortgage- and asset-backed securities			16,191				35				(66	)			16,160				0				38				16,122
Subtotal			189,797				395				(739	)			189,453				3,861				17,447				168,145
Total		$	203,355			$	395			$	(902	)		$	202,848			$	15,319			$	19,384			$	168,145
		September 27, 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 (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 (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

⁽¹⁾  The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities.

⁽²⁾  The fair value of Level 2 securities is estimated 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.

Derivative Instruments at Gross Fair Value

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

		June 27, 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		$	1,747			$	29			$	1,776
Interest rate contracts		$	160			$	0			$	160
Derivative liabilities (2):
Foreign exchange contracts		$	120			$	58			$	178
Interest rate contracts		$	533			$	0			$	533
		September 27, 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 Condensed 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 Condensed 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 tables show 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 Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 27, 2015 and June 28, 2014 (in millions):

		Three Months Ended								Nine Months Ended
		June 27, 2015				June 28, 2014				June 27, 2015				June 28, 2014
Gains/(Losses) recognized in OCI – effective portion:
Cash flow hedges:
Foreign exchange contracts		$	(39	)		$	(73	)		$	4,137			$	70
Interest rate contracts			6				(10	)			(511	)			(16	)
Total		$	(33	)		$	(83	)		$	3,626			$	54
Net investment hedges:
Foreign exchange contracts		$	55			$	(5	)		$	167			$	0
Foreign currency debt			(6	)			0				(6	)			0
Total		$	49			$	(5	)		$	161			$	0
Gains/(Losses) reclassified from AOCI into net income – effective portion:
Cash flow hedges:
Foreign exchange contracts		$	1,357			$	(29	)		$	3,285			$	(81	)
Interest rate contracts			59				(4	)			(393	)			(12	)
Total		$	1,416			$	(33	)		$	2,892			$	(93	)
Gains/(Losses) on derivative instruments:
Fair value hedges:
Interest rate contracts		$	(254	)		$	83			$	(15	)		$	83
Gains/(Losses) related to hedged items:
Fair value hedges:
Interest rate contracts		$	254			$	(83	)		$	15			$	(83	)

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 June 27, 2015 and September 27, 2014 (in millions):

		June 27, 2015								September 27, 2014
		Notional Amount				Credit Risk Amount				Notional Amount				Credit Risk Amount
Instruments designated as accounting hedges:
Foreign exchange contracts		$	37,433			$	564			$	42,945			$	1,333
Interest rate contracts		$	22,263			$	160			$	12,000			$	89
Instruments not designated as accounting hedges:
Foreign exchange contracts		$	27,357			$	29			$	38,510			$	222

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