Fair Value Measurements and Marketable Securities

9 Months Ended

Jun. 28, 2026

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 June 28, 2026 (in millions):

	Level 1		Level 2		Total
Assets
Cash equivalents	$	1,529	$	299	$	1,828
Marketable securities:
Corporate bonds and notes	—		2,249		2,249
Mortgage- and asset-backed securities	—		557		557
U.S. Treasury securities and government-related securities	32		7		39
Equity securities (1)	926		—		926
Total marketable securities	958		2,813		3,771
Derivative instruments	—		54		54
Other investments (2)	1,293		—		1,293
Total assets measured at fair value	$	3,780	$	3,166	$	6,946
Liabilities
Derivative instruments	$	—	$	251	$	251
Other liabilities (2)	1,289		—		1,289
Total liabilities measured at fair value	$	1,289	$	251	$	1,540

(1) Primarily consists of equity securities in certain QSI investees that have completed initial public offerings, which remain subject to short-term lock-up restrictions on the ability to sell.

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

Long-term Debt. At June 28, 2026, the aggregate fair value of our outstanding fixed-rate notes, based on Level 2 inputs, was approximately $14.0 billion.

Marketable Securities. At June 28, 2026 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):

	June 28, 2026
Years to maturity
Less than one year	$	616
One to five years	1,670
Five to ten years	2
No single maturity date	557
Total	$	2,845

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