Fair Value Measurements and Marketable Securities

3 Months Ended

Dec. 28, 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 December 28, 2025 (in millions):

	Level 1		Level 2		Total
Assets
Cash equivalents	$	1,863	$	559	$	2,422
Marketable securities:
Corporate bonds and notes	—		3,344		3,344
Mortgage- and asset-backed securities	—		869		869
U.S. Treasury securities and government-related securities	91		106		197
Equity securities	207		—		207
Total marketable securities	298		4,319		4,617
Derivative instruments	—		65		65
Other investments (1)	1,196		—		1,196
Total assets measured at fair value	$	3,357	$	4,943	$	8,300
Liabilities
Derivative instruments	$	—	$	168	$	168
Other liabilities (1)	1,192		—		1,192
Total liabilities measured at fair value	$	1,192	$	168	$	1,360

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

Long-term Debt. At December 28, 2025, the aggregate fair value of our outstanding fixed-rate notes, based on Level 2 inputs, was approximately $14.2 billion.

Marketable Securities. At December 28, 2025 and September 28, 2025, 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):

	December 28, 2025
Years to Maturity
Less than one year	$	910
One to five years	2,631
No single maturity date	869
Total	$	4,410

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