Fair Value Measurements and Marketable Securities

6 Months Ended

Mar. 30, 2025

Fair Value Measurements [Abstract]

Fair Value Measurements and Marketable Securities

Note 7. Fair Value Measurements and Marketable Securities

The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 30, 2025 (in millions):

	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	2,720	$	241	$	—	$	2,961
Marketable securities:
Corporate bonds and notes	—		5,048		—		5,048
Mortgage- and asset-backed securities	—		1,037		—		1,037
U.S. Treasury securities and government-related securities	303		183		—		486
Equity securities	72		—		—		72
Total marketable securities	375		6,268		—		6,643
Derivative instruments	—		23		—		23
Other investments (1)	963		—		56		1,019
Total assets measured at fair value	$	4,058	$	6,532	$	56	$	10,646
Liabilities
Derivative instruments	$	—	$	176	$	—	$	176
Other liabilities (1)	959		—		—		959
Total liabilities measured at fair value	$	959	$	176	$	—	$	1,135

(1) Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan assets and liabilities.

Long-term Debt. At March 30, 2025, the aggregate fair value of our outstanding fixed-rate notes, based on Level 2 inputs, was approximately $13.8 billion.

Marketable Securities. At March 30, 2025 and September 29, 2024, our marketable securities were all classified as current and were primarily comprised of available-for-sale debt securities (the vast majority of which were corporate bonds and notes).

The contractual maturities of available-for-sale debt securities were as follows (in millions):

	March 30, 2025
Years to Maturity
Less than one year	$	1,451
One to five years	4,083
No single maturity date	1,037
Total	$	6,571

Debt securities with no single maturity date included mortgage- and asset-backed securities.