XML 27 R21.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Marketable Securities (Tables)
 9 Months Ended
Jun. 26, 2011
Notes to Financial Statements [Abstract]  
Marketable securities
Marketable securities were comprised as follows (in millions):
 
Current
 
Noncurrent
 
June 26,

2011
 
September 26,

2010
 
June 26,

2011
 
September 26,

2010
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and government-related securities
$
209


 
$
650


 
$
4


 
$
4


Corporate bonds and notes
2,764


 
3,504


 
2,304


 
1,495


Mortgage- and asset-backed securities
570


 
629


 
95


 
38


Auction rate securities
—


 
—


 
126


 
126


Non-investment-grade debt securities
21


 
21


 
3,597


 
3,344


Common and preferred stock
91


 
52


 
1,861


 
1,670


Equity mutual and exchange-traded funds
—


 
—


 
1,021


 
979


Debt mutual funds
1,327


 
1,476


 
—


 
—


Total available-for-sale
4,982


 
6,332


 
9,008


 
7,656


Fair value option:
 
 
 
 
 
 
 
Debt mutual fund
—


 
—


 
485


 
467


Time deposits
—


 
400


 
—


 
—


Total marketable securities
$
4,982


 
$
6,732


 
$
9,493


 
$
8,123
Available-for-sale securities
At June 26, 2011, the contractual maturities of available-for-sale debt securities were as follows (in millions):
Years to Maturity
 
 
 
 
Less Than
One Year
 
One to
Five Years
 
Five to
Ten Years
 
Greater Than
Ten Years
 
No Single
Maturity
Date
 
Total
$
464


 
$
4,016


 
$
2,306


 
$
966


 
$
3,265


 
$
11,017


Securities with no single maturity date included debt mutual funds, non-investment-grade debt securities, mortgage- and asset-backed securities and auction rate securities.
The Company recorded realized gains and losses on sales of available-for-sale marketable securities as follows (in millions):
 
Gross Realized Gains
 
Gross Realized Losses
 
Net Realized Gains
For the three months ended
 
 
 
 
 
June 26, 2011
$
74


 
$
(2
)
 
$
72


June 27, 2010
96


 
(6
)
 
90


For the nine months ended
 
 
 
 
 
June 26, 2011
$
297


 
$
(13
)
 
$
284


June 27, 2010
289


 
(17
)
 
272


Available-for-sale securities were comprised as follows (in millions):
 
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
June 26, 2011
 
 
 
 
 
 
 
Equity securities
$
2,443


 
$
545


 
$
(15
)
 
$
2,973


Debt securities
10,616


 
423


 
(22
)
 
11,017


 
$
13,059


 
$
968


 
$
(37
)
 
$
13,990


September 26, 2010
 
 
 
 
 
 
 
Equity securities
$
2,309


 
$
403


 
$
(11
)
 
$
2,701


Debt securities
10,795


 
512


 
(20
)
 
11,287


 
$
13,104


 
$
915


 
$
(31
)
 
$
13,988
Investments in a continuous unrealized loss position
The following table shows the gross unrealized losses and fair values of the Company’s investments in individual securities that have been in a continuous unrealized loss position deemed to be temporary for less than 12 months and for more than 12 months, aggregated by investment category (in millions):
 
June 26, 2011
 
Less than 12 months
 
More than 12 months
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Corporate bonds and notes
$
480


 
$
(4
)
 
$
18


 
$
—


Auction rate securities
3


 
—


 
123


 
(2
)
Non-investment-grade debt securities
754


 
(14
)
 
21


 
(2
)
Common and preferred stock
239


 
(15
)
 
3


 
—


 
$
1,476


 
$
(33
)
 
$
165


 
$
(4
)


 
September 26, 2010
 
Less than 12 months
 
More than 12 months
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Corporate bonds and notes
$
425


 
$
(1
)
 
$
23


 
$
—


Auction rate securities
—


 
—


 
126


 
(4
)
Non-investment-grade debt securities
296


 
(7
)
 
90


 
(8
)
Common and preferred stock
133


 
(10
)
 
3


 
—


Equity mutual and exchange-traded funds
277


 
(1
)
 
—


 
—


 
$
1,131


 
$
(19
)
 
$
242


 
$
(12
)
Activity for credit loss portion of other-than-temporary impairments on debt securities
The following table shows the activity for the credit loss portion of other-than-temporary impairments on debt securities held by the Company (in millions):
 
Three Months Ended
 
Nine Months Ended
 
June 26,

2011
 
June 27,

2010
 
June 26,

2011
 
June 27,

2010
Beginning balance of credit losses
$
52


 
$
134


 
$
109


 
$
170


Credit losses recognized on securities previously impaired
—


 
—


 
(40
)
 
—


Credit losses recognized on securities previously not impaired
—


 
—


 
—


 
1


Reductions in credit losses related to securities sold
(3
)
 
(8
)
 
(15
)
 
(26
)
Accretion of credit losses due to an increase in cash flows expected to be collected
—


 
(2
)
 
(5
)
 
(21
)
Ending balance of credit losses
$
49


 
$
124


 
$
49


 
$
124