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Financial Instruments | 9 Months Ended
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Jun. 29, 2024
Financial Instruments [Abstract] |
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Marketable Securities The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of June 29, 2024 and September 30, 2023 (in millions):
| June 29, 2024
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non-Current Marketable Securities
Cash | $ | 22,866 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,866 |  |  | $ | 22,866 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,648 |  |  | — |  |  | — |  |  | 1,648 |  |  | 1,648 |  |  | — |  |  | — |
Mutual funds | 493 |  |  | 76 |  |  | (7) |  |  | 562 |  |  | — |  |  | 562 |  |  | — |
Subtotal | 2,141 |  |  | 76 |  |  | (7) |  |  | 2,210 |  |  | 1,648 |  |  | 562 |  |  | — |
Level 2 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 16,298 |  |  | 3 |  |  | (855) |  |  | 15,446 |  |  | 138 |  |  | 4,649 |  |  | 10,659 |
U.S. agency securities | 5,500 |  |  | — |  |  | (418) |  |  | 5,082 |  |  | 73 |  |  | 518 |  |  | 4,491 |
Non-U.S. government securities | 17,560 |  |  | 31 |  |  | (680) |  |  | 16,911 |  |  | — |  |  | 11,592 |  |  | 5,319 |
Certificates of deposit and time deposits | 1,337 |  |  | — |  |  | — |  |  | 1,337 |  |  | 838 |  |  | 492 |  |  | 7 |
Commercial paper | 1,346 |  |  | — |  |  | — |  |  | 1,346 |  |  | 2 |  |  | 1,344 |  |  | — |
Corporate debt securities | 68,194 |  |  | 83 |  |  | (3,350) |  |  | 64,927 |  |  | — |  |  | 15,489 |  |  | 49,438 |
Municipal securities | 480 |  |  | — |  |  | (13) |  |  | 467 |  |  | — |  |  | 197 |  |  | 270 |
Mortgage- and asset-backed securities | 24,508 |  |  | 27 |  |  | (2,086) |  |  | 22,449 |  |  | — |  |  | 1,393 |  |  | 21,056 |
Subtotal | 135,223 |  |  | 144 |  |  | (7,402) |  |  | 127,965 |  |  | 1,051 |  |  | 35,674 |  |  | 91,240 |
Total (2) | $ | 160,230 |  |  | $ | 220 |  |  | $ | (7,409) |  |  | $ | 153,041 |  |  | $ | 25,565 |  |  | $ | 36,236 |  |  | $ | 91,240 |
| September 30, 2023
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non-Current Marketable Securities
Cash | $ | 28,359 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,359 |  |  | $ | 28,359 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 481 |  |  | — |  |  | — |  |  | 481 |  |  | 481 |  |  | — |  |  | — |
Mutual funds and equity securities | 442 |  |  | 12 |  |  | (26) |  |  | 428 |  |  | — |  |  | 428 |  |  | — |
Subtotal | 923 |  |  | 12 |  |  | (26) |  |  | 909 |  |  | 481 |  |  | 428 |  |  | — |
Level 2 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | 19,406 |  |  | — |  |  | (1,292) |  |  | 18,114 |  |  | 35 |  |  | 5,468 |  |  | 12,611 |
U.S. agency securities | 5,736 |  |  | — |  |  | (600) |  |  | 5,136 |  |  | 36 |  |  | 271 |  |  | 4,829 |
Non-U.S. government securities | 17,533 |  |  | 6 |  |  | (1,048) |  |  | 16,491 |  |  | — |  |  | 11,332 |  |  | 5,159 |
Certificates of deposit and time deposits | 1,354 |  |  | — |  |  | — |  |  | 1,354 |  |  | 1,034 |  |  | 320 |  |  | — |
Commercial paper | 608 |  |  | — |  |  | — |  |  | 608 |  |  | — |  |  | 608 |  |  | — |
Corporate debt securities | 76,840 |  |  | 6 |  |  | (5,956) |  |  | 70,890 |  |  | 20 |  |  | 12,627 |  |  | 58,243 |
Municipal securities | 628 |  |  | — |  |  | (26) |  |  | 602 |  |  | — |  |  | 192 |  |  | 410 |
Mortgage- and asset-backed securities | 22,365 |  |  | 6 |  |  | (2,735) |  |  | 19,636 |  |  | — |  |  | 344 |  |  | 19,292 |
Subtotal | 144,470 |  |  | 18 |  |  | (11,657) |  |  | 132,831 |  |  | 1,125 |  |  | 31,162 |  |  | 100,544 |
Total (2) | $ | 173,752 |  |  | $ | 30 |  |  | $ | (11,683) |  |  | $ | 162,099 |  |  | $ | 29,965 |  |  | $ | 31,590 |  |  | $ | 100,544 |
(1)The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. (2)As of June 29, 2024 and September 30, 2023, total marketable securities included $14.1 billion and $13.8 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 6, “Income Taxes”) and other agreements. The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of June 29, 2024 (in millions):
Due after 1 year through 5 years | $ | 64,209 |
Due after 5 years through 10 years | 8,660 |
Due after 10 years | 18,371 |
Total fair value | $ | 91,240 |
Derivative Instruments and Hedging The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates. Foreign Exchange Rate Risk To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months. To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of June 29, 2024, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 18 years. The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies. Interest Rate Risk To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges. The notional amounts of the Company’s outstanding derivative instruments as of June 29, 2024 and September 30, 2023 were as follows (in millions):
| June 29, 2024 |  | September 30, 2023
Derivative instruments designated as accounting hedges: |  |  |
Foreign exchange contracts | $ | 65,542 |  |  | $ | 74,730 |
Interest rate contracts | $ | 13,875 |  |  | $ | 19,375 |
Derivative instruments not designated as accounting hedges: |  |  |
Foreign exchange contracts | $ | 97,136 |  |  | $ | 104,777 |
The carrying amounts of the Company’s hedged items in fair value hedges as of June 29, 2024 and September 30, 2023 were as follows (in millions):
| June 29, 2024 |  | September 30, 2023
Hedged assets/(liabilities): |  |  |
Current and non-current marketable securities | $ | 15,007 |  |  | $ | 14,433 |
Current and non-current term debt | $ | (13,096) |  |  | $ | (18,247) |
Accounts Receivable Trade Receivables The Company’s third-party cellular network carriers accounted for 32% and 41% of total trade receivables as of June 29, 2024 and September 30, 2023, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk. Vendor Non-Trade Receivables The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As of June 29, 2024, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted f or 46% and 18%. A s of September 30, 2023, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 48% and 23%.

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- Definition Financial Instruments + References No definition available. + Details
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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