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Financial Instruments (Tables) | 12 Months Ended
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Sep. 26, 2020
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 September 26, 2020 and September 28, 2019 (in millions):
| 2020
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non-Current Marketable Securities
Cash | $ | 17,773 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,773 |  |  | $ | 17,773 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 2,171 |  |  | — |  |  | — |  |  | 2,171 |  |  | 2,171 |  |  | — |  |  | — |
Subtotal | 2,171 |  |  | — |  |  | — |  |  | 2,171 |  |  | 2,171 |  |  | — |  |  | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 28,439 |  |  | 331 |  |  | — |  |  | 28,770 |  |  | 8,580 |  |  | 11,972 |  |  | 8,218 |
U.S. agency securities | 8,604 |  |  | 8 |  |  | — |  |  | 8,612 |  |  | 2,009 |  |  | 3,078 |  |  | 3,525 |
Non-U.S. government securities | 19,361 |  |  | 275 |  |  | (186) |  |  | 19,450 |  |  | 255 |  |  | 3,329 |  |  | 15,866 |
Certificates of deposit and time deposits | 10,399 |  |  | — |  |  | — |  |  | 10,399 |  |  | 4,043 |  |  | 6,246 |  |  | 110 |
Commercial paper | 11,226 |  |  | — |  |  | — |  |  | 11,226 |  |  | 3,185 |  |  | 8,041 |  |  | — |
Corporate debt securities | 76,937 |  |  | 1,834 |  |  | (175) |  |  | 78,596 |  |  | — |  |  | 19,687 |  |  | 58,909 |
Municipal securities | 1,001 |  |  | 22 |  |  | — |  |  | 1,023 |  |  | — |  |  | 139 |  |  | 884 |
Mortgage- and asset-backed securities | 13,520 |  |  | 314 |  |  | (24) |  |  | 13,810 |  |  | — |  |  | 435 |  |  | 13,375 |
Subtotal | 169,487 |  |  | 2,784 |  |  | (385) |  |  | 171,886 |  |  | 18,072 |  |  | 52,927 |  |  | 100,887 |
Total (3) | $ | 189,431 |  |  | $ | 2,784 |  |  | $ | (385) |  |  | $ | 191,830 |  |  | $ | 38,016 |  |  | $ | 52,927 |  |  | $ | 100,887 |
| 2019
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non-Current Marketable Securities
Cash | $ | 12,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,204 |  |  | $ | 12,204 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 15,897 |  |  | — |  |  | — |  |  | 15,897 |  |  | 15,897 |  |  | — |  |  | — |
Subtotal | 15,897 |  |  | — |  |  | — |  |  | 15,897 |  |  | 15,897 |  |  | — |  |  | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 30,293 |  |  | 33 |  |  | (62) |  |  | 30,264 |  |  | 6,165 |  |  | 9,817 |  |  | 14,282 |
U.S. agency securities | 9,767 |  |  | 1 |  |  | (3) |  |  | 9,765 |  |  | 6,489 |  |  | 2,249 |  |  | 1,027 |
Non-U.S. government securities | 19,821 |  |  | 337 |  |  | (50) |  |  | 20,108 |  |  | 749 |  |  | 3,168 |  |  | 16,191 |
Certificates of deposit and time deposits | 4,041 |  |  | — |  |  | — |  |  | 4,041 |  |  | 2,024 |  |  | 1,922 |  |  | 95 |
Commercial paper | 12,433 |  |  | — |  |  | — |  |  | 12,433 |  |  | 5,193 |  |  | 7,240 |  |  | — |
Corporate debt securities | 85,383 |  |  | 756 |  |  | (92) |  |  | 86,047 |  |  | 123 |  |  | 26,127 |  |  | 59,797 |
Municipal securities | 958 |  |  | 8 |  |  | (1) |  |  | 965 |  |  | — |  |  | 68 |  |  | 897 |
Mortgage- and asset-backed securities | 14,180 |  |  | 67 |  |  | (73) |  |  | 14,174 |  |  | — |  |  | 1,122 |  |  | 13,052 |
Subtotal | 176,876 |  |  | 1,202 |  |  | (281) |  |  | 177,797 |  |  | 20,743 |  |  | 51,713 |  |  | 105,341 |
Total (3) | $ | 204,977 |  |  | $ | 1,202 |  |  | $ | (281) |  |  | $ | 205,898 |  |  | $ | 48,844 |  |  | $ | 51,713 |  |  | $ | 105,341 |
(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 September 26, 2020 and September 28, 2019, total marketable securities included $18.6 billion and $18.9 billion, respectively, that was restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.
Cash, Cash Equivalents and Restricted Cash Reconciliation | A reconciliation of the Company’s cash and cash equivalents in the Consolidated Balance Sheets to cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows as of September 26, 2020 and September 28, 2019 is as follows (in millions):
| 2020 |  | 2019
Cash and cash equivalents | $ | 38,016 |  |  | $ | 48,844 |
Restricted cash included in other current assets | 36 |  |  | 23 |
Restricted cash included in other non-current assets | 1,737 |  |  | 1,357 |
Cash, cash equivalents and restricted cash | $ | 39,789 |  |  | $ | 50,224 |
Derivative Instruments at Gross Fair Value | The following tables show the Company’s derivative instruments at gross fair value as of September 26, 2020 and September 28, 2019 (in millions):
| 2020
| 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 | $ | 749 |  |  | $ | 303 |  |  | $ | 1,052 |
Interest rate contracts | $ | 1,557 |  |  | $ | — |  |  | $ | 1,557 |
Derivative liabilities (2): |  |  |  |  |
Foreign exchange contracts | $ | 1,561 |  |  | $ | 485 |  |  | $ | 2,046 |
| 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 | $ | 1,798 |  |  | $ | 323 |  |  | $ | 2,121 |
Interest rate contracts | $ | 685 |  |  | $ | — |  |  | $ | 685 |
Derivative liabilities (2): |  |  |  |  |
Foreign exchange contracts | $ | 1,341 |  |  | $ | 160 |  |  | $ | 1,501 |
Interest rate contracts | $ | 105 |  |  | $ | — |  |  | $ | 105 |
(1)The fair value of derivative assets is measured using Level 2 fair value inputs and is included in other current assets and other non-current assets in the Consolidated Balance Sheets. (2)The fair value of derivative liabilities is measured using Level 2 fair value inputs and is included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheets.
Pre-Tax Gains and Losses of Derivative and Non-Derivative Instruments Designated as Cash Flow and Net Investment Hedges | The following table shows the pre-tax gains and losses of the Company’s derivative and non-derivative instruments designated as cash flow and fair value hedges in OCI and the Consolidated Statements of Operations for 2020, 2019 and 2018 (in millions):
| 2020 |  | 2019 |  | 2018
Gains/(Losses) recognized in OCI – included in effectiveness assessment: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange contracts | $ | 365 |  |  | $ | (959) |  |  | $ | 682 |
Interest rate contracts | (57) |  |  | — |  |  | 1 |
Total | $ | 308 |  |  | $ | (959) |  |  | $ | 683 |
Net investment hedges: |  |  |  |  |
Foreign currency debt | $ | 15 |  |  | $ | (58) |  |  | $ | 4 |
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Foreign exchange contracts | $ | 1,553 |  |  | $ | (116) |  |  | $ | (482) |
Interest rate contracts | (8) |  |  | (7) |  |  | 1 |
Total | $ | 1,545 |  |  | $ | (123) |  |  | $ | (481) |
Derivative Instruments Designated as Fair Value Hedges and the Related Hedged Items | The following tables show information about the Company’s derivative instruments designated as fair value hedges and the related hedged items for 2020, 2019 and 2018 and as of September 26, 2020 (in millions):
| 2020 |  | 2019 |  | 2018
Gains/(Losses) on derivative instruments (1): |  |  |  |  |
Foreign exchange contracts | $ | (992) |  |  | $ | 1,020 |  |  | $ | (168) |
Interest rate contracts | 1,114 |  |  | 2,068 |  |  | (1,363) |
Total | $ | 122 |  |  | $ | 3,088 |  |  | $ | (1,531) |
Gains/(Losses) related to hedged items (1): |  |  |  |  |
Marketable securities | $ | 991 |  |  | $ | (1,018) |  |  | $ | 167 |
Fixed-rate debt | (1,114) |  |  | (2,068) |  |  | 1,363 |
Total | $ | (123) |  |  | $ | (3,086) |  |  | $ | 1,530 |
| 2020 |  |
Carrying amounts of hedged assets/(liabilities): |  |  |
Marketable securities (2) | $ | 16,270 |  |  |
Fixed-rate debt (3) | $ | (21,033) |  |  |
Cumulative hedging adjustments included in the carrying amounts of hedged items: |  |  |
Marketable securities carrying amount increases/(decreases) | $ | 493 |  |  |
Fixed-rate debt carrying amount (increases)/decreases | $ | (1,541) |  |  |
(1)Gains and losses related to fair value hedges are included in OI&E in the Consolidated Statements of Operations. (2)The carrying amounts of marketable securities that are designated as hedged items in fair value hedges are included in current marketable securities and non-current marketable securities in the Consolidated Balance Sheet. (3)The carrying amounts of fixed-rate debt instruments that are designated as hedged items in fair value hedges are included in current term debt and non-current term debt in the Consolidated Balance Sheet.
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, 2020 and September 28, 2019 (in millions):
| 2020 |  | 2019
| Notional Amount |  | Credit Risk Amount |  | Notional Amount |  | Credit Risk Amount
Instruments designated as accounting hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 57,410 |  |  | $ | 749 |  |  | $ | 61,795 |  |  | $ | 1,798 |
Interest rate contracts | $ | 20,700 |  |  | $ | 1,557 |  |  | $ | 31,250 |  |  | $ | 685 |
Instruments not designated as accounting hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 88,636 |  |  | $ | 303 |  |  | $ | 76,868 |  |  | $ | 323 |

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