Note 3 - Marketable Securities |
Note 3 Marketable Securities
Marketable securities were comprised as follows (in millions):
Current
Noncurrent
March 28,
September 27,
March, 28
September 27,
2010
2009
2010
2009
Available-for-sale:
U.S. Treasury securities and
government-related securities $ 1,162 $ 1,407 $ 5 $ -
Corporate bonds and notes 4,223 3,988 1,238 1,204
Mortgage- and asset-backed securities 766 821 41 36
Auction rate securities - - 176 174
Non-investment-grade debt securities 28 21 2,975 2,719
Common and preferred stock 105 140 1,596 1,377
Equity mutual and exchange-traded funds - - 1,026 948
Debt mutual funds 2,319 1,975 - 215
$ 8,603 $ 8,352 $ 7,057 $ 6,673
As of March 28, 2010, the contractual maturities of available-for-sale debt securities were as follows (in millions):
Years to Maturity
No Single
Less Than
One Year
One to
Five Years
Five to
Ten Years
Greater Than
Ten Years
Maturity
Date
Total
$ 2,968 $ 4,208 $ 883 $ 591 $ 4,283 $ 12,933
Securities with no single maturity date included mortgage- and asset-backed securities, auction rate securities, non-investment-grade debt securities and debt mutual funds.
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 (Losses)
For the three months ended
March 28, 2010 $ 86 $ (6 ) $ 80
March 29, 2009 12 (12 ) -
For the six months ended
March 28, 2010 $ 194 $ (12 ) $ 182
March 29, 2009 32 (65 ) (33 )
Available-for-sale securities were comprised as follows (in millions):
Cost
Unrealized Gains
Unrealized Losses
Fair Value
March 28, 2010
Equity securities $ 2,327 $ 419 $ (19 ) $ 2,727
Debt securities 12,349 607 (23 ) 12,933
$ 14,676 $ 1,026 $ (42 ) $ 15,660
September 27, 2009
Equity securities $ 2,282 $ 340 $ (157 ) $ 2,465
Debt securities 12,069 530 (39 ) 12,560
$ 14,351 $ 870 $ (196 ) $ 15,025
The following table shows the gross unrealized losses and fair values of the Companys 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):
March 28, 2010
Less than 12 months
More than 12 months
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Corporate bonds and notes $ 549 $ (1 ) $ 38 $ -
Mortgage- and asset-backed securities 127 (1 ) 4 -
Auction rate securities - - 176 (5 )
Non-investment-grade debt securities 168 (4 ) 147 (11 )
Common and preferred stock 144 (7 ) 43 (3 )
Equity mutual and exchange-traded funds 180 (1 ) 146 (8 )
Debt mutual funds 650 (1 ) 1 -
$ 1,818 $ (15 ) $ 555 $ (27 )
September 27, 2009
Less than 12 months
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