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v3.23.1

Financial Instruments (Tables) | 6 Months Ended
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Apr. 01, 2023
Investments, All Other Investments [Abstract] |
Cash, Cash Equivalents and Marketable Securities by Significant Investment Category | The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of April 1, 2023 and September 24, 2022 (in millions):
| April 1, 2023
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non-Current Marketable Securities
Cash | $ | 20,050 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,050 |  |  | $ | 20,050 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,656 |  |  | — |  |  | — |  |  | 1,656 |  |  | 1,656 |  |  | — |  |  | — |
Mutual funds | 345 |  |  | 5 |  |  | (26) |  |  | 324 |  |  | — |  |  | 324 |  |  | — |
Subtotal | 2,001 |  |  | 5 |  |  | (26) |  |  | 1,980 |  |  | 1,656 |  |  | 324 |  |  | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 22,754 |  |  | 1 |  |  | (1,262) |  |  | 21,493 |  |  | 9 |  |  | 8,002 |  |  | 13,482 |
U.S. agency securities | 5,743 |  |  | — |  |  | (538) |  |  | 5,205 |  |  | — |  |  | 199 |  |  | 5,006 |
Non-U.S. government securities | 17,380 |  |  | 20 |  |  | (961) |  |  | 16,439 |  |  | — |  |  | 10,222 |  |  | 6,217 |
Certificates of deposit and time deposits | 2,999 |  |  | — |  |  | — |  |  | 2,999 |  |  | 2,881 |  |  | 118 |  |  | — |
Commercial paper | 271 |  |  | — |  |  | — |  |  | 271 |  |  | — |  |  | 271 |  |  | — |
Corporate debt securities | 82,802 |  |  | 32 |  |  | (6,049) |  |  | 76,785 |  |  | 91 |  |  | 11,676 |  |  | 65,018 |
Municipal securities | 790 |  |  | — |  |  | (20) |  |  | 770 |  |  | — |  |  | 257 |  |  | 513 |
Mortgage- and asset-backed securities | 22,438 |  |  | 9 |  |  | (2,106) |  |  | 20,341 |  |  | — |  |  | 116 |  |  | 20,225 |
Subtotal | 155,177 |  |  | 62 |  |  | (10,936) |  |  | 144,303 |  |  | 2,981 |  |  | 30,861 |  |  | 110,461 |
Total (3) | $ | 177,228 |  |  | $ | 67 |  |  | $ | (10,962) |  |  | $ | 166,333 |  |  | $ | 24,687 |  |  | $ | 31,185 |  |  | $ | 110,461 |
| September 24, 2022
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non-Current Marketable Securities
Cash | $ | 18,546 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,546 |  |  | $ | 18,546 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 2,929 |  |  | — |  |  | — |  |  | 2,929 |  |  | 2,929 |  |  | — |  |  | — |
Mutual funds | 274 |  |  | — |  |  | (47) |  |  | 227 |  |  | — |  |  | 227 |  |  | — |
Subtotal | 3,203 |  |  | — |  |  | (47) |  |  | 3,156 |  |  | 2,929 |  |  | 227 |  |  | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 25,134 |  |  | — |  |  | (1,725) |  |  | 23,409 |  |  | 338 |  |  | 5,091 |  |  | 17,980 |
U.S. agency securities | 5,823 |  |  | — |  |  | (655) |  |  | 5,168 |  |  | — |  |  | 240 |  |  | 4,928 |
Non-U.S. government securities | 16,948 |  |  | 2 |  |  | (1,201) |  |  | 15,749 |  |  | — |  |  | 8,806 |  |  | 6,943 |
Certificates of deposit and time deposits | 2,067 |  |  | — |  |  | — |  |  | 2,067 |  |  | 1,805 |  |  | 262 |  |  | — |
Commercial paper | 718 |  |  | — |  |  | — |  |  | 718 |  |  | 28 |  |  | 690 |  |  | — |
Corporate debt securities | 87,148 |  |  | 9 |  |  | (7,707) |  |  | 79,450 |  |  | — |  |  | 9,023 |  |  | 70,427 |
Municipal securities | 921 |  |  | — |  |  | (35) |  |  | 886 |  |  | — |  |  | 266 |  |  | 620 |
Mortgage- and asset-backed securities | 22,553 |  |  | — |  |  | (2,593) |  |  | 19,960 |  |  | — |  |  | 53 |  |  | 19,907 |
Subtotal | 161,312 |  |  | 11 |  |  | (13,916) |  |  | 147,407 |  |  | 2,171 |  |  | 24,431 |  |  | 120,805 |
Total (3) | $ | 183,061 |  |  | $ | 11 |  |  | $ | (13,963) |  |  | $ | 169,109 |  |  | $ | 23,646 |  |  | $ | 24,658 |  |  | $ | 120,805 |
(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 April 1, 2023 and September 24, 2022, total marketable securities included $13.1 billion and $12.7 billion, respectively, that were 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 April 1, 2023 (in millions):
Due after 1 year through 5 years | $ | 81,352 |
Due after 5 years through 10 years | 11,928 |
Due after 10 years | 17,181 |
Total fair value | $ | 110,461 |
Notional Amounts of Outstanding Derivative Instruments | The notional amounts of the Company’s outstanding derivative instruments as of April 1, 2023 and September 24, 2022 were as follows (in millions):
| April 1, 2023 |  | September 24, 2022
Derivative instruments designated as accounting hedges: |  |  |
Foreign exchange contracts | $ | 51,119 |  |  | $ | 102,670 |
Interest rate contracts | $ | 19,375 |  |  | $ | 20,125 |
Derivative instruments not designated as accounting hedges: |  |  |
Foreign exchange contracts | $ | 111,696 |  |  | $ | 185,381 |
Gross Fair Values of Derivative Assets and Liabilities | The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
| September 24, 2022
| Fair Value of Derivatives Designated as Accounting Hedges |  | Fair Value of Derivatives Not Designated as Accounting Hedges |  | Total Fair Value
Derivative assets (1): |  |  |  |  |
Foreign exchange contracts | $ | 4,317 |  |  | $ | 2,819 |  |  | $ | 7,136 |
Derivative liabilities (2): |  |  |  |  |
Foreign exchange contracts | $ | 2,205 |  |  | $ | 2,547 |  |  | $ | 4,752 |
Interest rate contracts | $ | 1,367 |  |  | $ | — |  |  | $ | 1,367 |
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheet. (2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheet.
Carrying Amounts of Hedged Items in Fair Value Hedges | The carrying amounts of the Company’s hedged items in fair value hedges as of April 1, 2023 and September 24, 2022 were as follows (in millions):
| April 1, 2023 |  | September 24, 2022
Hedged assets/(liabilities): |  |  |
Current and non-current marketable securities | $ | 14,651 |  |  | $ | 13,378 |
Current and non-current term debt | $ | (18,249) |  |  | $ | (18,739) |

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