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Financial Instruments (Tables) | 9 Months Ended
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Jun. 29, 2019
Investments, All Other Investments [Abstract] |
Cash and Available-for-Sale Securities by Significant Investment Category | The following tables show the Company’s cash and marketable securities by significant investment category as of June 29, 2019 and September 29, 2018 (in millions):
| June 29, 2019
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-Term Marketable Securities |  | Long-Term Marketable Securities
Cash | $ | 12,075 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,075 |  |  | $ | 12,075 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 10,558 |  |  | — |  |  | — |  |  | 10,558 |  |  | 10,558 |  |  | — |  |  | — |
Subtotal | 10,558 |  |  | — |  |  | — |  |  | 10,558 |  |  | 10,558 |  |  | — |  |  | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 37,307 |  |  | 22 |  |  | (102 | ) |  | 37,227 |  |  | 11,116 |  |  | 8,436 |  |  | 17,675 |
U.S. agency securities | 9,552 |  |  | 1 |  |  | (5 | ) |  | 9,548 |  |  | 7,711 |  |  | 450 |  |  | 1,387 |
Non-U.S. government securities | 20,569 |  |  | 272 |  |  | (63 | ) |  | 20,778 |  |  | 636 |  |  | 3,467 |  |  | 16,675 |
Certificates of deposit and time deposits | 4,838 |  |  | — |  |  | — |  |  | 4,838 |  |  | 3,495 |  |  | 1,273 |  |  | 70 |
Commercial paper | 5,161 |  |  | — |  |  | — |  |  | 5,161 |  |  | 4,930 |  |  | 231 |  |  | — |
Corporate debt securities | 93,896 |  |  | 550 |  |  | (173 | ) |  | 94,273 |  |  | 9 |  |  | 29,027 |  |  | 65,237 |
Municipal securities | 961 |  |  | 9 |  |  | (1 | ) |  | 969 |  |  | — |  |  | 65 |  |  | 904 |
Mortgage- and asset-backed securities | 15,262 |  |  | 38 |  |  | (117 | ) |  | 15,183 |  |  | — |  |  | 1,135 |  |  | 14,048 |
Subtotal | 187,546 |  |  | 892 |  |  | (461 | ) |  | 187,977 |  |  | 27,897 |  |  | 44,084 |  |  | 115,996 |
Total (3) | $ | 210,179 |  |  | $ | 892 |  |  | $ | (461 | ) |  | $ | 210,610 |  |  | $ | 50,530 |  |  | $ | 44,084 |  |  | $ | 115,996 |
| September 29, 2018
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-Term Marketable Securities |  | Long-Term Marketable Securities
Cash | $ | 11,575 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,575 |  |  | $ | 11,575 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 8,083 |  |  | — |  |  | — |  |  | 8,083 |  |  | 8,083 |  |  | — |  |  | — |
Mutual funds | 799 |  |  | — |  |  | (116 | ) |  | 683 |  |  | — |  |  | 683 |  |  | — |
Subtotal | 8,882 |  |  | — |  |  | (116 | ) |  | 8,766 |  |  | 8,083 |  |  | 683 |  |  | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 47,296 |  |  | — |  |  | (1,202 | ) |  | 46,094 |  |  | 1,613 |  |  | 7,606 |  |  | 36,875 |
U.S. agency securities | 4,127 |  |  | — |  |  | (48 | ) |  | 4,079 |  |  | 1,732 |  |  | 360 |  |  | 1,987 |
Non-U.S. government securities | 21,601 |  |  | 49 |  |  | (250 | ) |  | 21,400 |  |  | — |  |  | 3,355 |  |  | 18,045 |
Certificates of deposit and time deposits | 3,074 |  |  | — |  |  | — |  |  | 3,074 |  |  | 1,247 |  |  | 1,330 |  |  | 497 |
Commercial paper | 2,573 |  |  | — |  |  | — |  |  | 2,573 |  |  | 1,663 |  |  | 910 |  |  | — |
Corporate debt securities | 123,001 |  |  | 152 |  |  | (2,038 | ) |  | 121,115 |  |  | — |  |  | 25,162 |  |  | 95,953 |
Municipal securities | 946 |  |  | — |  |  | (12 | ) |  | 934 |  |  | — |  |  | 178 |  |  | 756 |
Mortgage- and asset-backed securities | 18,105 |  |  | 8 |  |  | (623 | ) |  | 17,490 |  |  | — |  |  | 804 |  |  | 16,686 |
Subtotal | 220,723 |  |  | 209 |  |  | (4,173 | ) |  | 216,759 |  |  | 6,255 |  |  | 39,705 |  |  | 170,799 |
Total (3) | $ | 241,180 |  |  | $ | 209 |  |  | $ | (4,289 | ) |  | $ | 237,100 |  |  | $ | 25,913 |  |  | $ | 40,388 |  |  | $ | 170,799 |
(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 June 29, 2019 and September 29, 2018, total cash, cash equivalents and marketable securities included $19.5 billion and $20.3 billion, respectively, that was restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.
Marketable Securities in a Continuous Unrealized Loss Position | The following tables show information about the Company’s marketable securities that had been in a continuous unrealized loss position for less than 12 months and for 12 months or greater as of June 29, 2019 and September 29, 2018 (in millions):
| June 29, 2019
| Continuous Unrealized Losses
| Less than 12 Months |  | 12 Months or Greater |  | Total
Fair value of marketable debt securities | $ | 11,853 |  |  | $ | 71,984 |  |  | $ | 83,837 |
Unrealized losses | $ | (44 | ) |  | $ | (417 | ) |  | $ | (461 | )
| September 29, 2018
| Continuous Unrealized Losses
| Less than 12 Months |  | 12 Months or Greater |  | Total
Fair value of marketable securities | $ | 126,238 |  |  | $ | 60,599 |  |  | $ | 186,837 |
Unrealized losses | $ | (2,400 | ) |  | $ | (1,889 | ) |  | $ | (4,289 | )
Cash, Cash Equivalents and Restricted Cash Reconciliation | A reconciliation of the Company’s cash and cash equivalents in the Condensed Consolidated Balance Sheet to cash, cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows as of June 29, 2019 is as follows (in millions):
| June 29, 2019
Cash and cash equivalents | $ | 50,530 |
Restricted cash included in other current assets | 266 |
Restricted cash included in other non-current assets | 1,355 |
Cash, cash equivalents and restricted cash | $ | 52,151 |
Derivative Instruments at Gross Fair Value | The following tables show the Company’s derivative instruments at gross fair value as of June 29, 2019 and September 29, 2018 (in millions):
| June 29, 2019
| 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 | $ | 1,179 |  |  | $ | 184 |  |  | $ | 1,363 |
Interest rate contracts | $ | 449 |  |  | $ | — |  |  | $ | 449 |
Derivative liabilities (2): |  |  |  |  |
Foreign exchange contracts | $ | 860 |  |  | $ | 251 |  |  | $ | 1,111 |
Interest rate contracts | $ | 112 |  |  | $ | — |  |  | $ | 112 |
| September 29, 2018
| 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 | $ | 1,015 |  |  | $ | 259 |  |  | $ | 1,274 |
Derivative liabilities (2): |  |  |  |  |
Foreign exchange contracts | $ | 543 |  |  | $ | 137 |  |  | $ | 680 |
Interest rate contracts | $ | 1,456 |  |  | $ | — |  |  | $ | 1,456 |
(1) | The fair value of derivative assets is measured using Level 2 fair value inputs and is recorded as other current assets and other non-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 other current liabilities and other non-current liabilities 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 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 in OCI and the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 29, 2019 and June 30, 2018 (in millions):
| Three Months Ended |  | Nine Months Ended
| June 29, 2019 |  | June 30, 2018 |  | June 29, 2019 |  | June 30, 2018
Gains/(Losses) recognized in OCI – effective portion: |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | (147 | ) |  | $ | 40 |  |  | $ | (689 | ) |  | $ | 230 |
Interest rate contracts | — |  |  | — |  |  | — |  |  | 1 |
Total | $ | (147 | ) |  | $ | 40 |  |  | $ | (689 | ) |  | $ | 231 |
Net investment hedges: |  |  |  |  |  |  |
Foreign currency debt | $ | (32 | ) |  | $ | 13 |  |  | $ | (55 | ) |  | $ | (18 | )
Gains/(Losses) reclassified from AOCI into net income – effective portion: |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 53 |  |  | $ | (1,231 | ) |  | $ | 69 |  |  | $ | (1,068 | )
Interest rate contracts | (2 | ) |  | — |  |  | (5 | ) |  | 3 |
Total | $ | 51 |  |  | $ | (1,231 | ) |  | $ | 64 |  |  | $ | (1,065 | )
Gains/(Losses) on derivative instruments: |  |  |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | (136 | ) |  | $ | 31 |  |  | $ | 509 |  |  | $ | 31 |
Interest rate contracts | 671 |  |  | (230 | ) |  | 1,793 |  |  | (1,178 | )
Total | $ | 535 |  |  | $ | (199 | ) |  | $ | 2,302 |  |  | $ | (1,147 | )
Gains/(Losses) related to hedged items: |  |  |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |
Marketable securities | $ | 136 |  |  | $ | (31 | ) |  | $ | (508 | ) |  | $ | (31 | )
Fixed-rate debt | (671 | ) |  | 230 |  |  | (1,793 | ) |  | 1,178 |
Total | $ | (535 | ) |  | $ | 199 |  |  | $ | (2,301 | ) |  | $ | 1,147 |
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 29, 2019 and September 29, 2018 (in millions):
| June 29, 2019 |  | September 29, 2018
| Notional Amount |  | Credit Risk Amount |  | Notional Amount |  | Credit Risk Amount
Instruments designated as accounting hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 55,067 |  |  | $ | 1,179 |  |  | $ | 65,368 |  |  | $ | 1,015 |
Interest rate contracts | $ | 31,250 |  |  | $ | 449 |  |  | $ | 33,250 |  |  | $ | — |
Instruments not designated as accounting hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 54,744 |  |  | $ | 184 |  |  | $ | 63,062 |  |  | $ | 259 |

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