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Financial Instruments (Tables)

6 Months Ended

Mar. 27, 2021

Investments, All Other Investments [Abstract]

Cash and Marketable Securities by Significant Investment Category

The following tables show the Company’s cash and marketable securities by significant investment category as of March 27, 2021 and September 26, 2020 (in millions):

			March 27, 2021
			Adjusted Cost						Unrealized Gains						Unrealized Losses						Fair Value						Cash and Cash Equivalents						Current Marketable Securities						Non-Current Marketable Securities
Cash			$	19,444					$	—					$	—					$	19,444					$	19,444					$	—					$	—
Level 1 (1):
Money market funds			11,998						—						—						11,998						11,998						—						—
Mutual funds			143						1						(2)						142						—						142						—
Subtotal			12,141						1						(2)						12,140						11,998						142						—
Level 2 (2):
U.S. Treasury securities			21,331						168						(149)						21,350						205						8,058						13,087
U.S. agency securities			8,228						5						(72)						8,161						—						3,212						4,949
Non-U.S. government securities			19,849						211						(169)						19,891						200						2,881						16,810
Certificates of deposit and time deposits			7,198						—						—						7,198						5,814						1,114						270
Commercial paper			3,353						—						—						3,353						805						2,548						—
Corporate debt securities			88,108						1,506						(444)						89,170						—						13,036						76,134
Municipal securities			980						16						(1)						995						—						136						859
Mortgage- and asset-backed securities			22,624						234						(187)						22,671						—						241						22,430
Subtotal			171,671						2,140						(1,022)						172,789						7,024						31,226						134,539
Total (3)			$	203,256					$	2,141					$	(1,024)					$	204,373					$	38,466					$	31,368					$	134,539

			September 26, 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						—						—
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

(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 March 27, 2021 and September 26, 2020, total marketable securities included $19.0 billion and $18.6 billion, respectively, that was restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.

Non-Current Marketable Debt Securities by Contractual Maturity

The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of March 27, 2021 (in millions):

Due after 1 year through 5 years			$	83,364
Due after 5 years through 10 years			28,835
Due after 10 years			22,340
Total fair value			$	134,539

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 March 27, 2021 and September 26, 2020 is as follows (in millions):

			March 27, 2021						September 26, 2020
Cash and cash equivalents			$	38,466					$	38,016
Restricted cash			1,540						1,773
Cash, cash equivalents and restricted cash			$	40,006					$	39,789

Derivative Instruments at Gross Fair Value

The following tables show the Company’s derivative instruments at gross fair value as of March 27, 2021 and September 26, 2020 (in millions):

			March 27, 2021
			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			$	717					$	778					$	1,495
Interest rate contracts			$	923					$	—					$	923
Derivative liabilities (2):
Foreign exchange contracts			$	1,014					$	702					$	1,716

			September 26, 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

(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 six-month periods ended March 27, 2021 and March 28, 2020 (in millions):

			Three Months Ended												Six Months Ended
			March 27, 2021						March 28, 2020						March 27, 2021						March 28, 2020
Gains/(Losses) recognized in OCI – included in effectiveness assessment:
Cash flow hedges:
Foreign exchange contracts			$	338					$	(462)					$	147					$	(191)
Interest rate contracts			39						(66)						93						(66)
Total			$	377					$	(528)					$	240					$	(257)
Net investment hedges:
Foreign currency debt			$	—					$	11					$	—					$	35
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment:
Cash flow hedges:
Foreign exchange contracts			$	(885)					$	(817)					$	(571)					$	(326)
Interest rate contracts			(2)						(1)						(5)						(3)
Total			$	(887)					$	(818)					$	(576)					$	(329)

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 six-month periods ended March 27, 2021 and March 28, 2020 and as of March 27, 2021 and September 26, 2020 (in millions):

			Three Months Ended												Six Months Ended
			March 27, 2021						March 28, 2020						March 27, 2021						March 28, 2020
Gains/(Losses) on derivative instruments (1):
Foreign exchange contracts			$	570					$	436					$	(183)					$	253
Interest rate contracts			(451)						1,290						(618)						1,128
Total			$	119					$	1,726					$	(801)					$	1,381
Gains/(Losses) related to hedged items (1):
Marketable securities			$	(569)					$	(436)					$	183					$	(253)
Fixed-rate debt			451						(1,290)						618						(1,128)
Total			$	(118)					$	(1,726)					$	801					$	(1,381)

			March 27, 2021						September 26, 2020
Carrying amounts of hedged assets/(liabilities):
Marketable securities (2)			$	16,423					$	16,270
Fixed-rate debt (3)			$	(18,416)					$	(21,033)
Cumulative hedging adjustments included in the carrying amounts of hedged items:
Marketable securities carrying amount increases/(decreases)			$	403					$	493
Fixed-rate debt carrying amount (increases)/decreases			$	(923)					$	(1,541)

(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 Sheets

(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 Sheets.

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 March 27, 2021 and September 26, 2020 (in millions):

			March 27, 2021												September 26, 2020
			Notional Amount						Credit Risk Amount						Notional Amount						Credit Risk Amount
Instruments designated as accounting hedges:
Foreign exchange contracts			$	53,312					$	717					$	57,410					$	749
Interest rate contracts			$	17,500					$	923					$	20,700					$	1,557
Instruments not designated as accounting hedges:
Foreign exchange contracts			$	104,434					$	778					$	88,636					$	303

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