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Financial Instruments (Tables) | 9 Months Ended
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Jun. 27, 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 June 27, 2020 and September 28, 2019 (in millions):
| June 27, 2020 |  |  |  |  |  |  |  |  |  |  |  |
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non-Current Marketable Securities
Cash | $ | 20,253 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,253 |  |  | $ | 20,253 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 7,013 |  |  | — |  |  | — |  |  | 7,013 |  |  | 7,013 |  |  | — |  |  | — |
Subtotal | 7,013 |  |  | — |  |  | — |  |  | 7,013 |  |  | 7,013 |  |  | — |  |  | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 23,207 |  |  | 394 |  |  | — |  |  | 23,601 |  |  | 1,767 |  |  | 11,346 |  |  | 10,488 |
U.S. agency securities | 7,129 |  |  | 9 |  |  | (2) |  |  | 7,136 |  |  | 59 |  |  | 2,737 |  |  | 4,340 |
Non-U.S. government securities | 19,324 |  |  | 255 |  |  | (272) |  |  | 19,307 |  |  | 1 |  |  | 4,062 |  |  | 15,244 |
Certificates of deposit and time deposits | 10,247 |  |  | — |  |  | — |  |  | 10,247 |  |  | 3,324 |  |  | 6,787 |  |  | 136 |
Commercial paper | 12,105 |  |  | — |  |  | — |  |  | 12,105 |  |  | 936 |  |  | 11,169 |  |  | — |
Corporate debt securities | 78,747 |  |  | 1,672 |  |  | (280) |  |  | 80,139 |  |  | 30 |  |  | 22,581 |  |  | 57,528 |
Municipal securities | 964 |  |  | 20 |  |  | — |  |  | 984 |  |  | — |  |  | 43 |  |  | 941 |
Mortgage- and asset-backed securities | 12,530 |  |  | 322 |  |  | (20) |  |  | 12,832 |  |  | — |  |  | 917 |  |  | 11,915 |
Subtotal | 164,253 |  |  | 2,672 |  |  | (574) |  |  | 166,351 |  |  | 6,117 |  |  | 59,642 |  |  | 100,592 |
Total (3) | $ | 191,519 |  |  | $ | 2,672 |  |  | $ | (574) |  |  | $ | 193,617 |  |  | $ | 33,383 |  |  | $ | 59,642 |  |  | $ | 100,592 |
| September 28, 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 June 27, 2020 and September 28, 2019, total marketable securities included $18.3 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. Additionally, as of June 27, 2020, $5.3 billion of marketable securities were pledged as collateral under repurchase agreements (refer to Note 6, “Debt”).
Cash, Cash Equivalents and Restricted Cash Reconciliation | A reconciliation of the Company’s cash and cash equivalents in the Condensed Consolidated Balance Sheets to cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows as of June 27, 2020 and September 28, 2019 is as follows (in millions):
| June 27, 2020 |  | September 28, 2019
Cash and cash equivalents | $ | 33,383 |  |  | $ | 48,844 |
Restricted cash included in other current assets | 29 |  |  | 23 |
Restricted cash included in other non-current assets | 1,627 |  |  | 1,357 |
Cash, cash equivalents and restricted cash | $ | 35,039 |  |  | $ | 50,224 |
Derivative Instruments at Gross Fair Value | The following tables show the Company’s derivative instruments at gross fair value as of June 27, 2020 and September 28, 2019 (in millions):
| June 27, 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 | $ | 1,247 |  |  | $ | 172 |  |  | $ | 1,419 |
Interest rate contracts | $ | 1,612 |  |  | $ | — |  |  | $ | 1,612 |
Derivative liabilities (2): |  |  |  |  |
Foreign exchange contracts | $ | 1,757 |  |  | $ | 277 |  |  | $ | 2,034 |
| September 28, 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 Condensed 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 Condensed 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 net investment hedges in OCI and the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 27, 2020 and June 29, 2019 (in millions):
| Three Months Ended |  |  |  | Nine Months Ended |  |
| June 27, 2020 |  | June 29, 2019 |  | June 27, 2020 |  | June 29, 2019
Gains/(Losses) recognized in OCI – included in effectiveness assessment: |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 366 |  |  | $ | (147) |  |  | $ | 175 |  |  | $ | (689) |
Interest rate contracts | (6) |  |  | — |  |  | (72) |  |  | — |
Total | $ | 360 |  |  | $ | (147) |  |  | $ | 103 |  |  | $ | (689) |
Net investment hedges: |  |  |  |  |  |  |
Foreign currency debt | $ | (20) |  |  | $ | (32) |  |  | $ | 15 |  |  | $ | (55) |
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment: |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 1,389 |  |  | $ | 53 |  |  | $ | 1,063 |  |  | $ | 69 |
Interest rate contracts | (3) |  |  | (2) |  |  | (6) |  |  | (5) |
Total | $ | 1,386 |  |  | $ | 51 |  |  | $ | 1,057 |  |  | $ | 64 |
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 the three- and nine-month periods ended June 27, 2020 and June 29, 2019 and as of June 27, 2020 (in millions):
| Three Months Ended |  |  |  | Nine Months Ended |  |
| June 27, 2020 |  | June 29, 2019 |  | June 27, 2020 |  | June 29, 2019
Gains/(Losses) on derivative instruments (1): |  |  |  |  |  |  |
Foreign exchange contracts | $ | (675) |  |  | $ | (136) |  |  | $ | (422) |  |  | $ | 509 |
Interest rate contracts | 57 |  |  | 671 |  |  | 1,185 |  |  | 1,793 |
Total | $ | (618) |  |  | $ | 535 |  |  | $ | 763 |  |  | $ | 2,302 |
Gains/(Losses) related to hedged items (1): |  |  |  |  |  |  |
Marketable securities | $ | 675 |  |  | $ | 136 |  |  | $ | 422 |  |  | $ | (508) |
Fixed-rate debt | (57) |  |  | (671) |  |  | (1,185) |  |  | (1,793) |
Total | $ | 618 |  |  | $ | (535) |  |  | $ | (763) |  |  | $ | (2,301) |
| June 27, 2020 |  |
Carrying amounts of hedged assets/(liabilities): |  |  |
Marketable securities (2) | $ | 15,736 |  |  |
Fixed-rate debt (3) | $ | (21,104) |  |  |
Cumulative hedging adjustments included in the carrying amounts of hedged items: |  |  |
Marketable securities carrying amount increases/(decreases) | $ | (146) |  |  |
Fixed-rate debt carrying amount (increases)/decreases | $ | (1,612) |  |  |
(1)Gains and losses related to fair value hedges are included in OI&E in the Condensed 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 Condensed 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 Condensed 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 June 27, 2020 and September 28, 2019 (in millions):
| June 27, 2020 |  |  |  | September 28, 2019 |  |
| Notional Amount |  | Credit Risk Amount |  | Notional Amount |  | Credit Risk Amount
Instruments designated as accounting hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 52,845 |  |  | $ | 1,247 |  |  | $ | 61,795 |  |  | $ | 1,798 |
Interest rate contracts | $ | 19,500 |  |  | $ | 1,612 |  |  | $ | 31,250 |  |  | $ | 685 |
Instruments not designated as accounting hedges: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 50,208 |  |  | $ | 172 |  |  | $ | 76,868 |  |  | $ | 323 |

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