QUALCOMM INC/DE, 10-K filed on 11/6/2024
Annual Report
v3.24.3
Cover Page - USD ($)
shares in Millions, $ in Billions
 12 Months Ended
Sep. 29, 2024
Nov. 04, 2024
Mar. 22, 2024
Cover [Abstract]      
Entity Registrant Name QUALCOMM INC/DE    
Entity Central Index Key 0000804328    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Current Fiscal Year End Date --09-29    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Sep. 29, 2024    
Document Transition Report false    
Entity File Number 0-19528    
Entity Registrant State of Incorporation DE    
Entity Employer ID 95-3685934    
Entity Address 5775 Morehouse Dr.    
Entity City San Diego    
Entity State CA    
Entity Zip Code 92121-1714    
City Area Code 858    
Entity Phone Number 587-1121    
Title of 12(b) Security Common stock, $0.0001 par value    
Trading Symbol QCOM    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 190.0
Entity Common Stock, Shares Outstanding   1,111  
Document Financial Statement Error Correction [Flag] false    
v3.24.3
Audit Information
 12 Months Ended
Sep. 29, 2024
Auditor information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Diego, California
Auditor Firm ID 238
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Sep. 29, 2024
Sep. 24, 2023
Current assets:    
Cash and cash equivalents $ 7,849 $ 8,450
Marketable securities 5,451 2,874
Accounts receivable, net 3,929 3,183
Inventories 6,423 6,422
Held for sale assets 0 341
Other current assets 1,579 1,194
Total current assets 25,231 22,464
Deferred tax assets 5,162 3,310
Property, plant and equipment, net 4,665 5,042
Goodwill [1] 10,799 10,642
Other intangible assets, net 1,244 1,408
Held for sale assets 0 88
Other assets 8,053 8,086
Total assets 55,154 51,040
Current liabilities:    
Trade accounts payable 2,584 1,912
Payroll and other benefits related liabilities 1,834 1,685
Unearned revenues 297 293
Short-term debt 1,364 914
Held for sale liabilities 0 333
Other current liabilities 4,425 4,491
Total current liabilities 10,504 9,628
Unearned revenues 88 99
Long-term debt 13,270 14,484
Held for sale liabilities 0 38
Other liabilities 5,018 5,210
Total liabilities 28,880 29,459
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding $ 0 $ 0
Preferred Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 8 8
Preferred Stock, Shares Outstanding 0 0
Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,113 and 1,114 shares issued and outstanding, respectively $ 0 $ 490
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 6,000 6,000
Common Stock, Shares, Issued 1,113 1,114
Retained earnings $ 25,687 $ 20,733
Accumulated other comprehensive income 587 358
Total stockholders’ equity 26,274 21,581
Total liabilities and stockholders’ equity $ 55,154 $ 51,040
[1] Cumulative goodwill impairments were $812 million at both September 29, 2024 and September 24, 2023.
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Revenues:      
Equipment and services $ 32,791 $ 30,028 $ 37,171
Licensing 6,171 5,792 7,029
Total revenues 38,962 35,820 44,200
Costs and expenses:      
Cost of revenues 17,060 15,869 18,635
Research and development 8,893 8,818 8,194
Selling, general and administrative 2,759 2,483 2,570
Other (Note 2) 179 862 (1,059)
Total costs and expenses 28,891 28,032 28,340
Operating income 10,071 7,788 15,860
Interest expense (697) (694) (490)
Investment and other income (expense), net 962 349 (372)
Income from continuing operations before income taxes 10,336 7,443 14,998
Income tax expense (226) (104) (2,012)
Income from continuing operations 10,110 7,339 12,986
Discontinued operations, net of income taxes 32 (107) (50)
Net income $ 10,142 $ 7,232 $ 12,936
Basic earnings per share, Continuing operations $ 9.06 $ 6.57 $ 11.56
Basic earnings per share, Discontinued operations 0.03 (0.10) (0.04)
Earnings Per Share, Basic, Total 9.09 6.47 11.52
Diluted earnings per share, Continuing operations 8.94 6.52 11.41
Diluted earnings per share, Discontinued operations 0.03 (0.10) (0.04)
Earnings Per Share, Diluted, Total $ 8.97 $ 6.42 $ 11.37
Shares used in per share calculations:      
Basic 1,116 1,117 1,123
Diluted 1,130 1,126 1,137
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 10,142 $ 7,232 $ 12,936
Other comprehensive income (loss), net of income taxes:      
Foreign currency translation gains (losses) 121 140 (433)
Net unrealized gains (losses) on certain available-for-sale debt securities 93 54 (113)
Net unrealized gains on derivative instruments 28 99 361
Other (losses) gains (12) 10 35
Other reclassifications included in net income (1) 77 0
Total other comprehensive income (loss) 229 380 (150)
Comprehensive income $ 10,371 $ 7,612 $ 12,786
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Operating Activities:      
Income from continuing operations $ 10,110 $ 7,339 $ 12,986
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 1,706 1,809 1,762
Indefinite and long-lived asset impairment charges 7 182 2
Income tax provision less than income tax payments (3,064) (1,269) (138)
Share-based compensation expense 2,648 2,484 2,031
Net (gains) losses on marketable securities and other investments (349) (152) 432
Impairment losses on other investments 79 132 47
Other items, net (67) 25 (56)
Changes in assets and liabilities:      
Accounts receivable, net (768) 2,472 (2,066)
Inventories 13 8 (3,137)
Other assets 230 603 (2,266)
Trade accounts payable 682 (1,880) 1,036
Payroll, benefits and other liabilities 1,046 1 (1,043)
Unearned revenues 20 (56) (324)
Net cash used by operating activities from discontinued operations (91) (399) (170)
Net cash provided by operating activities 12,202 11,299 9,096
Investing Activities:      
Capital expenditures (1,041) (1,450) (2,262)
Purchases of debt and equity marketable securities (5,069) (668) (1,414)
Proceeds from sales and maturities of debt and equity marketable securities 2,677 1,566 2,622
Acquisitions and other investments, net of cash acquired (254) (235) (4,912)
Proceeds from sales of property, plant and equipment 10 127 5
Proceeds from other investments 88 20 132
Other items, net (36) 19 41
Net cash provided (used) by investing activities from discontinued operations 2 1,383 (16)
Net cash (used) provided by investing activities (3,623) 762 (5,804)
Financing Activities:      
Proceeds from short-term debt 799 5,068 7,000
Repayment of short-term debt (799) (5,566) (7,003)
Repayment of debt of acquired company 0 0 (349)
Proceeds from long-term debt 0 1,880 1,477
Repayment of long-term debt (914) (1,446) (1,540)
Proceeds from issuance of common stock 383 434 356
Repurchases and retirements of common stock (4,121) (2,973) (3,129)
Dividends paid (3,687) (3,462) (3,212)
Payments of tax withholdings related to vesting of share-based awards (932) (521) (766)
Other items, net (17) (19) (34)
Net cash provided (used) by financing activities from discontinued operations 19 (58) 4
Net cash used by financing activities (9,269) (6,663) (7,196)
Effect of exchange rate changes on cash and cash equivalents 12 30 (113)
Net (decrease) increase in total cash and cash equivalents (678) 5,428 (4,017)
Total cash and cash equivalents at beginning of period (including $77 and $326 classified as held for sale at September 24, 2023 and September 25, 2022) 8,527 3,099 7,116
Total cash and cash equivalents at end of period (including $77 and $326 classified as held for sale at September 24, 2023 and September 25, 2022, respectively) $ 7,849 8,527 3,099
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents   $ 77 $ 326
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock and Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income
Balance at beginning of period at Sep. 26, 2021 $ 9,950 $ 0 $ 9,822 $ 128
Common stock issued under employee benefit plans   356    
Repurchases and retirements of common stock   (1,514) (1,615)  
Share-based compensation   2,119    
Tax withholdings related to vesting of share-based payments   (766)    
Common stock issued in acquisition   0    
Net income 12,936   12,936  
Dividends     (3,303)  
Other comprehensive income (loss)       (150)
Balance at end of period at Sep. 25, 2022 $ 18,013 195 17,840 (22)
Dividends per share announced $ 2.86      
Common stock issued under employee benefit plans   434    
Repurchases and retirements of common stock   (2,218) (755)  
Share-based compensation   2,600    
Tax withholdings related to vesting of share-based payments   (521)    
Common stock issued in acquisition   0    
Net income $ 7,232   7,232  
Dividends     (3,584)  
Other comprehensive income (loss)       380
Balance at end of period at Sep. 24, 2023 $ 21,581 490 20,733 358
Dividends per share announced $ 3.10      
Common stock issued under employee benefit plans   383    
Repurchases and retirements of common stock   (2,731) (1,394)  
Share-based compensation   2,767    
Tax withholdings related to vesting of share-based payments   (932)    
Common stock issued in acquisition   23    
Net income $ 10,142   10,142  
Dividends     (3,794)  
Other comprehensive income (loss)       229
Balance at end of period at Sep. 29, 2024 $ 26,274 $ 0 $ 25,687 $ 587
Dividends per share announced $ 3.30      
v3.24.3
Significant Accounting Policies
 12 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
We are a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies, including 3G (third generation), 4G (fourth generation) and 5G (fifth generation) wireless connectivity, high-performance and low-power computing and on-device artificial intelligence (AI). Our technologies and products have helped power the growth in smartphones and other connected devices. We are scaling our innovations across industries and applications beyond mobile handsets, including automotive and the internet of things (IoT). We derive revenues principally from sales of integrated circuit products and through the licensing of our intellectual property, including patents and other rights.
Principles of Consolidation. The consolidated financial statements include the assets, liabilities and operating results of Qualcomm, its subsidiaries and any variable interest entities for which we are deemed to be the primary beneficiary (Note 2). Intercompany transactions and balances have been eliminated.
Financial Statement Preparation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Examples of our significant accounting estimates and policies that may involve a higher degree of judgment and complexity than others include: the estimation of sales-based royalty revenues; the impairment of non-marketable equity investments; the valuation of inventories; the impairment of goodwill, other indefinite-lived assets and long-lived assets; the recognition, measurement and disclosure of loss contingencies related to legal and regulatory proceedings; and the calculation of our income tax provision, including the recognition and measurement of uncertain tax positions. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.
Fiscal Year. We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. Fiscal 2024 included 53 weeks, and fiscal years 2023 and 2022 included 52 weeks. Our fiscal year for 2025 will include 52 weeks.
Cash Equivalents. We consider all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents may be comprised of money market funds, certificates of deposit, commercial paper, corporate bonds and notes and certain bank time deposits, U.S. Treasury securities and government-related securities. The carrying amounts approximate fair value due to the short maturities of these instruments.
Marketable Securities. Marketable securities include marketable equity securities, available-for-sale debt securities and, from time-to-time, certain time deposits. We classify marketable securities as current or noncurrent based on the nature of the securities and their availability for use in current operations. Marketable securities are stated at fair value with all realized and unrealized gains and losses on investments in marketable equity securities and realized gains and losses on available-for-sale debt securities recognized in investment and other income (expense), net. Debt securities are classified as available-for-sale or held-to-maturity at the time of purchase and reevaluated at each balance sheet date. The realized and unrealized gains and losses on marketable securities are determined using the specific identification method.
If a debt security has an unrealized loss and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we record an impairment charge to investment and other income (expense), net for the entire amount of the unrealized loss and adjust the amortized cost basis of the security. For the remaining debt securities, if an unrealized loss exists, we separate the impairment into the portion of the loss related to credit factors and the portion of the loss that is not related to credit factors. Unrealized gains or unrealized losses that are not related to credit factors on available-for-sale debt securities are recorded as a component of accumulated other comprehensive income (loss), net of income taxes. Unrealized losses that are related to credit loss factors on available-for-sale debt securities and subsequent adjustments to the credit loss are recorded as an allowance for credit losses, which is included in investment and other income (expense), net. In evaluating whether a credit loss exists, we consider a variety of factors, including the significance of the decline in value as compared to the cost basis; underlying factors contributing to a decline in the prices of securities in a single asset class; the security’s relative performance versus its peers, sector or asset class; the market and economy in general; views of external investment managers; news or financial information that has been released specific to the investee; and the outlook for the overall industry in which the investee operates.
Equity Method and Non-marketable Equity Investments. Equity investments in common stock or in-substance common stock for which we have significant influence, but not control, over the investee and are not the primary beneficiary of the investee’s activities are accounted for under the equity method. Our share of gains and losses in equity method investments are recorded in investment and other income (expense), net. We eliminate unrealized profit or loss related to transactions with equity method investees in relation to our ownership interest in the investee, which is recorded as a component of equity in net earnings (losses) in investees in investment and other income (expense), net. Non-marketable equity investments (for which we do not have significant influence or control) are investments without readily determinable fair values that are generally recorded based on initial cost minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar securities, if any. All gains and losses on investments in non-marketable equity securities, realized and unrealized, are recognized in investment and other income (expense), net. We monitor equity method and non-marketable equity investments for events or circumstances that could indicate the investments are impaired, such as a deterioration in the investee’s financial condition and business forecasts and lower
valuations in recently completed or anticipated financings, and recognize a charge to investment and other income (expense), net for the difference between the estimated fair value and the carrying value. For equity method investments, we record impairment losses in earnings only when impairments are considered other-than-temporary.
Derivatives. Our primary objectives for holding derivative instruments are to manage foreign exchange risk for certain foreign currency revenues, operating expenses, receivables and payables and to manage interest rate risk associated with our cash equivalents, marketable securities and long-term debt. Derivative instruments are recorded at fair value and included in other current or noncurrent assets or liabilities based on their maturity dates. Counterparties to these derivative instruments are all major banking institutions. At September 29, 2024, the aggregate fair value of our derivative instruments recorded in total assets and in total liabilities were $30 million and $138 million, respectively. At September 24, 2023, the aggregate fair value of our derivative instruments recorded in total assets and in total liabilities were $32 million and $317 million, respectively.
Foreign Currency Hedges: We manage our exposure to foreign exchange market risks, when deemed appropriate, through the use of derivative instruments, including foreign currency forward and option contracts with financial counterparties, that may or may not be designated as hedging instruments. These derivative instruments generally have maturity dates between one and 24 months. Gains and losses arising from such contracts that are designated as cash flow hedging instruments are recorded as a component of accumulated other comprehensive income (loss) as gains and losses on derivative instruments, net of income taxes. The hedging gains and losses in accumulated other comprehensive income (loss) are subsequently reclassified to revenues or costs and expenses, as applicable, in the consolidated statements of operations in the same period in which the underlying transactions affect our earnings. For foreign currency forward contracts not designated as hedging instruments, the changes in fair value are recorded in investment and other income (expense), net in the period of change.
The cash flows associated with such derivative instruments are classified as cash flows from operating activities in the consolidated statements of cash flows, which is the same category as the hedged transaction.
Interest Rate Swaps: From time to time, we enter into interest rate swap agreements that allow us to effectively convert fixed-rate payments into floating-rate payments on portions of our outstanding long-term debt. We enter into these agreements to manage interest rate risk associated with our cash equivalents and marketable securities, in addition to changes in the fair value of our outstanding debt. These transactions are designated as fair value hedges, and the gains and losses related to changes in the fair value of the interest rate swaps substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to changes in the market interest rates. The net gains and losses on the interest rate swaps, as well as the offsetting gains or losses on the related fixed-rate debt attributable to the hedged risks, are recognized as interest expense in the current period. The interest settlement payments associated with the interest rate swap agreements are classified as cash flows from operating activities in the consolidated statements of cash flows.
From time to time, we also enter into forward-starting interest rate swaps to hedge the variability of forecasted interest payments on certain anticipated debt issuances. These swaps are designated as cash flow hedges of forecasted transactions. The gains and losses arising from such contracts are recorded as a component in accumulated other comprehensive income (loss) as gains and losses on derivative instruments. When the anticipated debt is issued, any associated swaps are terminated, and the hedging gains and losses in accumulated other comprehensive income (loss) are recorded to interest expense over the term of the hedged portions of the related debt issued.
Gross Notional Amounts: The gross notional amounts of our foreign currency and interest rate derivatives by instrument type were as follows (in millions):
September 29,
2024		September 24,
2023
Forwards$2,723 $2,432 
Options792 667 
Swaps2,050 2,050 
$5,565 $5,149 
The gross notional amounts of our derivatives by currency were as follows (in millions):
September 29,
2024		September 24,
2023
Chinese renminbi$1,456 $1,333 
Indian rupee1,373 1,151 
United States dollar2,205 2,181 
Other531 484 
$5,565 $5,149 
Fair Value Measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:
•Level 1 includes financial instruments for which quoted market prices for identical instruments are available in active markets.
•Level 2 includes financial instruments for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument.
•Level 3 includes financial instruments for which fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including our own assumptions.
Assets and liabilities measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. We review the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We recognize transfers into and out of levels within the fair value hierarchy at the end of the fiscal month in which the actual event or change in circumstances that caused the transfer to occur.
Cash Equivalents and Marketable Securities: We obtain pricing information from quoted market prices, pricing vendors or quotes from brokers/dealers. We conduct reviews of our primary pricing vendors to determine whether the inputs used in the vendor’s pricing processes are deemed to be observable. Contractual sale restrictions are not considered in measuring the fair value of marketable equity securities. The fair value for interest-bearing securities includes accrued interest. The fair value of U.S. Treasury securities and government-related securities, corporate bonds and notes and common stock is generally determined using standard observable inputs, including reported trades, market based quotes, matrix pricing, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets and/or benchmark securities. The fair value of mortgage- and asset-backed securities is derived from the use of matrix pricing (prices for similar securities) or, in some cases, cash flow pricing models with observable inputs, such as contractual terms, maturity, credit rating and/or securitization structure to determine the timing and amount of future cash flows.
Derivative Instruments: Derivative instruments that are traded on an exchange are valued using quoted market prices and are included in Level 1. Derivative instruments that are not traded on an exchange are valued using conventional calculations/models that are primarily based on observable inputs, such as foreign currency exchange rates, volatilities and interest rates, and therefore, such derivative instruments are included in Level 2.
Other Investments and Other Liabilities: Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan liabilities and related assets, which consist of mutual funds and are included in other current assets and other assets. Gains and losses on the revaluation of our deferred compensation plan assets are recorded in investment and other income (expense), net. Corresponding offsetting amounts related to the revaluation of our deferred compensation plan liabilities are included in operating expenses. Other investments included in Level 3 are comprised of convertible debt instruments issued by private companies. The inputs we use to estimate the fair values of these instruments are generally unobservable, and therefore, they are included in Level 3.
Nonrecurring Fair Value Measurements: We measure certain assets and liabilities at fair value on a nonrecurring basis. These assets and liabilities include equity method and non-marketable equity investments, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property, plant and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired, all of which are generally measured based on unobservable inputs using an income or market approach.
Inventories. Inventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Recoverability of inventories is assessed based on review of future customer demand that considers multiple factors, including committed purchase orders from customers as well as purchase commitment projections provided by customers and our own forecasts of customer demand, among other factors. This valuation also requires us to make judgments and assumptions based on information currently available about market conditions, including competition, anticipated technological changes, internal product life cycle and development plans, product pricing and other broader market conditions that may impact customer demand, such as the impact of the macroeconomic environment in fiscal 2022 and 2023. We generally place binding purchase orders with our suppliers in advance of receiving contractually binding forecasts and/or purchase orders from our customers. The time period between placing purchase orders with our suppliers and receiving contractually binding forecasts and/or purchase orders from our customers has increased and may continue to increase as a result of extended manufacturing lead-times, driven in part by a continued transition to leading-edge technologies and/or increased complexity in the manufacturing process of our products. If we overestimate demand for our products, the amount of our loss will be impacted by our ability to reduce inventory purchases from our suppliers. Further, if our customers cancel purchase orders or alter forecasts this may result in excess inventory on hand. Our assumptions of future product demand are
inherently uncertain, and changes in our estimates and assumptions may cause us to record additional write-downs in the future if demand forecasted for specific products is greater than actual demand.
Property, Plant and Equipment. Property, plant and equipment are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives. Upon the retirement or disposition of property, plant and equipment, the related cost and accumulated depreciation or amortization are removed, and a gain or loss is recorded, when appropriate. Buildings on owned land are depreciated over 30 years, and building improvements are depreciated over 15 years. Leasehold improvements and buildings on leased land are amortized over the shorter of their estimated useful lives, not to exceed 15 years and 30 years, respectively, or the remaining term of the related lease. Other property, plant and equipment have useful lives ranging from 2 to 15 years. Maintenance, repairs and minor renewals or betterments are charged to expense as incurred.
Operating Leases. Operating lease assets and liabilities are recognized for leases with lease terms greater than 12 months based on the present value of the future lease payments over the lease term at the commencement date. Operating leases are included in other assets, other current liabilities and other liabilities on our consolidated balance sheet. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We account for substantially all lease and related non-lease components together as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term.
Goodwill and Other Intangible Assets. Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. For intangible assets purchased in a business combination, the estimated fair values of the assets acquired are used to establish their recorded values. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. An estimate of fair value can be affected by many assumptions that require significant judgment. For example, the income approach generally requires us to use assumptions to estimate the present value of future cash flows including those related to total addressable market, pricing and share forecasts, competition, technology obsolescence, future tax rates and discount rates. Our estimate of the fair value of certain assets may differ materially from that determined by others who use different assumptions or utilize different business models and from the future cash flows actually realized.
Impairment of Goodwill, Other Indefinite-Lived Assets and Long-Lived Assets. Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter, and in interim periods if events or changes in circumstances indicate that the assets may be impaired. If a qualitative assessment is used and we determine that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill is quantitatively assessed for impairment and a reporting unit’s carrying value exceeds its fair value, the difference is recorded as an impairment. Other indefinite-lived intangible assets are quantitatively assessed for impairment, if necessary, by comparing their estimated fair values to their carrying values. If the carrying value exceeds the fair value, the difference is recorded as an impairment. Our judgments regarding the existence of impairment indicators and future cash flows related to goodwill, other indefinite-lived assets and long-lived assets may be based on operational performance of our businesses, market conditions, expected selling price and/or other factors. Although there are inherent uncertainties in this assessment process, the estimates and assumptions we use, including estimates of future cash flows and discount rates, are consistent with our internal planning, when appropriate. If these estimates or their related assumptions change in the future, we may be required to record an impairment charge on a portion or all of such assets. Furthermore, we cannot predict the occurrence of future impairment-triggering events nor the impact such events might have on our reported asset values.
Long-lived assets, such as property, plant and equipment and intangible assets subject to amortization, are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amounts or their estimated fair values less costs to sell and are not depreciated.
Revenue Recognition. We derive revenues principally from sales of integrated circuit products and licensing of our intellectual property. We also generate revenues from licensing system software and by performing development and other services and from other product sales. The timing of revenue recognition and the amount of revenue actually recognized in each case depends upon a variety of factors, including the specific terms of each arrangement and the nature of our performance obligations.
Revenues from sales of our products are recognized upon transfer of control to the customer, which is generally at the time of shipment. Revenues from providing services are typically recognized over time as our performance obligation is satisfied. Revenues from providing services and licensing system software were each less than 5% of total revenues for all periods presented.
We grant licenses or otherwise provide rights to use portions of our intellectual property portfolio, which, among other rights, includes certain patent rights essential to and/or useful in the manufacture, sale or use of certain wireless products.
License agreements contain a single performance obligation that represents ongoing access to a portfolio of intellectual property over the license term since such agreements provide the licensee the right to access a portfolio of intellectual property that exists at inception of the license agreement and to updates and new intellectual property that is added to the licensed portfolio during the term of the agreement that are highly interdependent or interrelated.
Licensees pay per-unit royalties based on their sales of products incorporating or using our licensed intellectual property and, to a lesser extent, lump sum payments (license fees, substantially all of which were recognized prior to fiscal 2024). License fees are recognized as revenues on a straight-line basis over the estimated period of benefit of the license to the licensee. Per-unit royalties are generally based upon a percentage of the wholesale (i.e., licensee’s) selling price of complete licensed products, net of certain permissible deductions (including transportation, insurance, packing costs and other items), with certain products subject to per unit minimums and/or per unit caps. Certain products may also have a fixed royalty amount per unit. We estimate and recognize sales-based royalties on such licensed products in the period in which the associated sales occur, considering all relevant information (historical, current and forecasted) that is reasonably available to us. Our estimates of sales-based royalties are based largely on preliminary royalty estimates provided by our licensees and, to a lesser extent, an assessment of the volume of devices supplied into the market that incorporate or use our licensed intellectual property, combined with an estimate of the mix of such sales on a licensee-by-licensee basis, as well as the licensees’ average wholesale prices of such products. In the periods presented, we have recognized immaterial differences between preliminary royalty estimates provided to us by licensees and actual amounts reported and paid by licensees, which are generally received the following quarter, as licensees have not completed their royalty reporting process at the time estimates are provided to us, and in certain cases, they do not provide all necessary information in order for us to calculate an estimate of royalties due, which requires us to independently estimate certain information. We also consider in our estimates of sales-based royalties any changes in pricing we plan or expect to make and certain constraints on our ability to estimate such royalties. As a result of recognizing revenues in the period in which the licensees’ sales occur using estimates, adjustments to revenues are required in subsequent periods to reflect changes in estimates as new information becomes available, primarily resulting from actual amounts reported by our licensees.
We account for a contract with a customer/licensee when it is legally enforceable, the parties are committed to perform their respective obligations, the rights of the parties regarding the goods and/or services to be transferred are identified, payment terms are identified, the contract has commercial substance and collectability of substantially all of the consideration is probable, which for product sales, is generally when a customer purchase order is executed and for licensing revenues, is generally upon execution of a license agreement. If all such conditions are not met, revenues and any associated receivables are generally not recognized until such time that the required conditions are met. Cash collected from customers prior to a contract existing is recorded to other customer-related liabilities in other current liabilities.
From time to time, companies initiate various strategies in an attempt to negotiate, renegotiate, reduce and/or eliminate their need to pay royalties to us for the use of our intellectual property, which may include disputing, underreporting, underpaying, not reporting and/or not paying royalties owed to us under their license agreements with us, or reporting to us in a manner that is not in compliance with their contractual obligations. In such cases, we estimate and recognize licensing revenues only when we have a contract, as defined in the revenue recognition guidance, which includes, among other items, evaluating whether our license agreements remain valid and enforceable and evaluating licensees’ conduct and whether they remain committed to perform their respective obligations. We also estimate and recognize licensing revenues only to the extent it is probable that a significant reversal of cumulative revenues recognized will not occur, which includes, among other items, determining the expected impact, if any, to revenues of any license agreements that may be renegotiated and/or are newly entered into. We analyze the risk of a significant revenue reversal considering both the likelihood and magnitude of the reversal and, if necessary, constrain the amount of estimated revenues recognized in order to mitigate this risk, which may result in recognizing revenues less than amounts contractually owed to us. These aforementioned estimates may require significant judgment.
We measure revenues (including our estimates of sales-based royalties) based on the amount of consideration we expect to receive in exchange for products or services. We record reductions to revenues for customer incentive arrangements, including volume-related and other pricing rebates and cost reimbursements for marketing and other activities involving certain of our products and technologies, in the period that the related revenues are earned. For certain QCT (Qualcomm CDMA Technologies) customer incentive arrangements, there is complexity in applying certain contractual terms to determine the amount recorded as a reduction to revenues. For the periods presented, no significant reversals of revenues have been made related to such amounts previously recorded. The amounts accrued for customer incentive arrangements are recorded as a reduction to accounts receivable, net or as other current liabilities based on whether we have the intent and enforceable right of offset. Certain amounts recorded as a reduction to revenues for customer incentive arrangements are considered variable consideration and are included in the transaction price primarily based on estimating the most likely amount expected to be provided to the customer/licensee.
Adjustments made to revenues in subsequent periods to reflect changes in estimates as new information becomes available are included in our disclosure of revenues recognized from previously satisfied performance obligations (Note 2).
Revenues recognized from sales of our products and sales-based royalties are generally included in accounts receivable, net (including unbilled receivables) based on our unconditional right to payment for satisfied or partially satisfied
performance obligations. Our payment terms are generally short-term in duration, with payment due shortly after delivery for product sales and within the following quarter for QTL sales-based royalties.
Share-Based Compensation. Share-based compensation expense for equity-classified awards, principally related to restricted stock units (RSUs), is measured at the grant date, or at the acquisition date for awards assumed in business combinations, based on the estimated fair value of the award and is recognized over the employee’s requisite service period. The fair values of RSUs are estimated based on the fair market values of the underlying stock on the dates of grant or dates the RSUs are assumed. Share-based compensation expense is adjusted to exclude amounts related to share-based awards that are expected to be forfeited.
Legal and Regulatory Proceedings. We are currently involved in certain legal and regulatory proceedings. Litigation and investigations are inherently uncertain, and we face difficulties in evaluating or estimating likely outcomes or ranges of possible loss in antitrust and trade regulation investigations in particular. Investigations by antitrust and trade regulation agencies are not conducted in a consistent manner across jurisdictions. Further, each country and agency has different sets of laws, rules and regulations, both substantive and procedural, as well as different legal principles, theories and potential remedies, and some agencies may seek to use the investigation to advance domestic policy goals. Depending on the jurisdiction, these investigations can involve non-transparent procedures under which we may not receive access to evidence relied upon by the enforcement agency or that may be exculpatory and may not be informed of the specific legal theories or evidence considered or relied upon by the agency. Unlike in civil litigation in the United States, in foreign proceedings, we may not be entitled to discovery or depositions, allowed to cross-examine witnesses or confront our accusers. As a result, we may not be aware of, and may not be entitled to know, all allegations against us, or the information or documents provided to, or discovered or prepared by, the agency. Accordingly, we may have little or no idea what an agency’s intent is with respect to liability, penalties or the timing of a decision. In many cases the agencies are given significant discretion, and any available precedent may have limited, if any, predictive value in their jurisdictions or other jurisdictions. Accordingly, we cannot predict the outcome of these matters. A broad range of remedies with respect to our business practices that are deemed to violate applicable laws are potentially available. These remedies may include, among others, injunctions, monetary damages or fines or other orders to pay money and the issuance of orders to cease certain conduct and/or to modify our business practices.
If there is at least a reasonable possibility that a material loss may have been incurred associated with pending legal and regulatory proceedings, we disclose such fact, and if reasonably estimable, we provide an estimate of the possible loss or range of possible loss. We record our best estimate of a loss related to pending legal and regulatory proceedings when the loss is considered probable and the amount can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, we record the minimum estimated liability. As additional information becomes available, we assess the potential liability related to pending legal and regulatory proceedings and revise our estimates and update our disclosures accordingly. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Our legal costs associated with defending ourselves are recorded to expense as incurred.
Foreign Currency. Certain foreign subsidiaries use a local currency as the functional currency. Resulting translation gains or losses are recorded as a component of accumulated other comprehensive income (loss). Transaction gains or losses related to balances denominated in a currency other than the functional currency of the entity involved are recognized in the consolidated statements of operations.
Income Taxes. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Tax law and rate changes are reflected in income in the period such changes are enacted. We record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. We include interest and penalties related to income taxes, including unrecognized tax benefits, within income tax expense. We classify all deferred tax assets and liabilities as noncurrent in the consolidated balance sheets. We recognize excess tax benefits and shortfall tax detriments associated with share-based awards in the consolidated statements of operations, as a component of income tax expense, when realized.
Our income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service (IRS) and other tax authorities. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known.
We are subject to income taxes in the United States and numerous foreign jurisdictions, and the assessment of our income tax positions involves dealing with uncertainties in the application of complex tax laws and regulations in various taxing jurisdictions. In addition, the application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Significant judgments and estimates are required in
determining our provision for income taxes, including those related to special deductions such as FDII (foreign-derived intangible income), tax incentives, intercompany research and development cost-sharing arrangements, transfer pricing, tax credits and the realizability of deferred tax assets. While we believe we have appropriate support for the positions we have taken or that we plan to take on our tax returns, we regularly assess the potential outcomes of examinations by taxing authorities in determining the adequacy of our provision for income taxes. Therefore, the actual liability for U.S. or foreign taxes may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities. For tax years prior to fiscal 2021, we are participating in the IRS Compliance Assurance Process program whereby we endeavor to agree with the IRS on the treatment of all issues prior to filing our federal return.
Stock Repurchases. To reflect share repurchases in the consolidated balance sheet, we (i) reduce common stock for the par value of the shares, (ii) reduce paid-in capital for the amount in excess of par to zero during the quarter in which the shares are repurchased and (iii) record the residual amount, if any, to retained earnings.
Earnings Per Share. Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed by dividing net income by the combination of the weighted-average number of common shares outstanding and the weighted-average number of dilutive common share equivalents, comprised of shares issuable under our share-based compensation plans, during the reporting period, using the treasury stock method. The following table provides information about the diluted earnings per share calculation (in millions):
202420232022
Dilutive common share equivalents included in diluted shares14 9 14 
Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period4 7 1 
Recent Accounting Pronouncements Not Yet Adopted.
Segment Reporting Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued new requirements to disclose certain incremental segment information on an annual and interim basis, including (among other items) additional disclosure about significant segment expenses. We will adopt the new requirements for our annual periods starting in fiscal 2025 (and interim periods thereafter) on a retrospective basis.
Income Tax Disclosures: In December 2023, the FASB issued new requirements to disclose annually certain additional detailed income tax information related to the effective tax rate reconciliation and income taxes paid, among other items. We will adopt the new requirements starting in fiscal 2026 on a retrospective basis.
Income Statement - Expense Disaggregation Disclosures: In November 2024, the FASB issued new requirements to disclose certain additional expense information on an annual and interim basis, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt the new requirements starting in fiscal 2028 on a prospective basis.
v3.24.3
Composition of Certain Financial Statement Items
 12 Months Ended
Sep. 29, 2024
Balance Sheet Related Disclosures [Abstract]  
Composition of Certain Financial Statement Items Composition of Certain Financial Statement Items
Accounts Receivable (in millions)
September 29,
2024		September 24,
2023
Trade, net of allowances for doubtful accounts $2,347 $1,923 
Unbilled1,546 1,223 
Other36 37 
$3,929 $3,183 
Inventories (in millions)
September 29,
2024		September 24,
2023
Raw materials$340 $176 
Work-in-process3,497 4,096 
Finished goods2,586 2,150 
$6,423 $6,422 
Property, Plant and Equipment (in millions)
September 29,
2024		September 24,
2023
Land$169 $169 
Buildings and improvements1,888 1,849 
Computer equipment and software2,022 1,773 
Machinery and equipment8,647 8,078 
Furniture and office equipment139 130 
Leasehold improvements550 485 
Construction in progress126 226 
13,541 12,710 
Less accumulated depreciation and amortization(8,876)(7,668)
$4,665 $5,042 
Depreciation and amortization expense related to property, plant and equipment for fiscal 2024, 2023 and 2022 was $1.4 billion, $1.4 billion and $1.3 billion, respectively.
Goodwill and Other Intangible Assets. We allocate goodwill to our reporting units for impairment testing purposes. The following table presents the goodwill allocated to our segments, as described in Note 8, as well as the changes in the carrying amounts of goodwill during fiscal 2024 and 2023 (in millions):
QCTQTLTotal
Balance at September 25, 2022
$9,777 $731 $10,508 
Acquisitions76 — 76 
Foreign currency translation adjustments56 2 58 
Balance at September 24, 2023 (1)
9,909 733 10,642 
Acquisitions126 — 126 
Foreign currency translation adjustments30 1 31 
Balance at September 29, 2024 (1)
$10,065 $734 $10,799 
(1) Cumulative goodwill impairments were $812 million at both September 29, 2024 and September 24, 2023.
The components of other intangible assets, net were as follows (in millions):
September 29, 2024September 24, 2023
Gross Carrying
Amount		Accumulated
Amortization		Weighted-average amortization period
(years)		Gross Carrying
Amount		Accumulated
Amortization		Weighted-average amortization period
(years)
Technology-based$2,498 $(1,275)9$4,292 $(2,912)12
Other69 (48)1170 (42)11
$2,567 $(1,323)9$4,362 $(2,954)11
All of these intangible assets are subject to amortization, other than acquired in-process research and development which had a carrying value of $188 million and $435 million at September 29, 2024 and September 24, 2023, respectively. Amortization expense related to these intangible assets was $311 million, $418 million and $482 million for fiscal 2024, 2023 and 2022, respectively. At September 29, 2024, amortization expense related to other intangible assets, including acquired in-process research and development beginning upon the completion of the underlying projects, is expected to be $290 million, $274 million, $187 million, $156 million and $129 million for each of the five years from fiscal 2025 through 2029, respectively, and $208 million thereafter.
Equity Method and Non-marketable Equity Investments. The carrying values of our equity method and non-marketable equity investments are recorded in other assets and were as follows (in millions):
September 29,
2024		September 24,
2023
Equity method investments$154 $164 
Non-marketable equity investments (1)
1,187 1,072 
$1,341 $1,236 
(1) Cumulative unrealized gains were $370 million and $241 million at September 29, 2024 and September 24, 2023, respectively. Cumulative unrealized losses, including impairments, were $385 million and $335 million at September 29, 2024 and September 24, 2023, respectively.
Other Current Liabilities (in millions)
September 29,
2024		September 24,
2023
Customer incentives and other customer-related liabilities$2,480 $1,821 
Income taxes payable1,080 1,717 
Other865 953 
$4,425 $4,491 
Revenues. We disaggregate our revenues by segment (Note 8), by products and services (as presented on our consolidated statements of operations), and for our QCT segment, by revenue stream, which is based on the industry and application in which our products are sold (as presented below). In certain cases, the determination of QCT revenues by industry and application requires the use of certain assumptions. Substantially all of QCT’s revenues consist of equipment revenues that are recognized at a point in time, and substantially all of QTL’s revenues represent licensing revenues that are recognized over time and are principally from royalties generated through our licensees’ sales of mobile handsets. QCT revenue streams were as follows (in millions):
202420232022
Handsets (1)$24,863 $22,570 $28,815 
Automotive (2)2,910 1,872 1,509 
IoT (internet of things) (3)5,423 5,940 7,353 
Total QCT revenues$33,196 $30,382 $37,677 
(1) Includes revenues from products sold for use in mobile handsets.
(2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and ADAS/AD.
(3) Primarily includes products sold for use in the following industries and applications: consumer (including PCs, tablets, voice and music and XR), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain QCT sales-based royalty revenues related to system software, certain amounts related to QCT customer incentives and QTL royalty revenues recognized related to devices sold in prior periods (including adjustments to prior period royalty estimates, which includes the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
202420232022
Revenues recognized from previously satisfied performance obligations
$558 $598 $788 
Unearned revenues (which are considered contract liabilities) consist primarily of certain customer contracts for which QCT received fees upfront and QTL license fees for intellectual property with continuing performance obligations (substantially all of which were recognized prior to fiscal 2024). In fiscal 2024 and fiscal 2023, we recognized revenues of $312 million and $355 million, respectively, that were recorded as unearned revenues at September 24, 2023 and September 25, 2022, respectively.
Remaining performance obligations, which are primarily included in unearned revenues (as presented on our consolidated balance sheet), represent the aggregate amount of the transaction price of certain customer contracts yet to be recognized as revenues as of the end of the reporting period and exclude revenues related to (a) contracts that have an original expected duration of one year or less and (b) sales-based royalties (i.e., future royalty revenues) pursuant to our license
agreements. Our patent license agreements with key OEMs are generally long-term, with terms expiring at varying dates between fiscal 2025 and 2031. We generally seek to renew or renegotiate such license agreements prior to expiration.
Concentrations. A significant portion of our revenues are concentrated with a small number of customers/licensees of our QCT and QTL (Qualcomm Technology Licensing) segments. The comparability of customer/licensee concentrations for the periods presented are impacted by the timing of customer/licensees device launches and/or innovation cycles and other seasonal trends, among other fluctuations in demand. Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
September 29,
2024		September 24,
2023		September 25,
2022
Customer/licensee (x)
22 %27 %21 %
Customer/licensee (y)
19 21 21 
Customer/licensee (z)
12 **
* Less than 10%
We rely on sole- or limited-source suppliers for some products, particularly products in our QCT segment, subjecting us to possible shortages of raw materials or manufacturing capacity. The loss of a supplier or the inability of a supplier to meet performance or quality specifications or delivery schedules could harm our ability to meet our delivery obligations and/or negatively impact our revenues, business operations and ability to compete for future business.
Other Income, Costs and Expenses. Other expenses in fiscal 2024 consisted primarily of restructuring and restructuring-related charges (substantially all of which related to severance costs) and a charge related to the settlement of the securities class action lawsuit (Note 7).
Other expenses in fiscal 2023 consisted of $712 million in total restructuring and restructuring-related charges (substantially all of which related to severance costs, resulting from certain cost reduction actions committed to in fiscal 2023) and a $150 million intangible asset impairment charge related to in-process research and development.
In the third quarter of fiscal 2022, the General Court of the European Union issued a ruling annulling a decision made by the European Commission (EC) in fiscal 2018. As a result of the court’s decision, we recorded a $1.1 billion benefit to other income in fiscal 2022 resulting from the reversal of the previously accrued EC fine.
Discontinued Operations. In fiscal 2022, we and SSW Partners, a New York-based investment partnership, entered into and closed a definitive agreement to acquire Veoneer, Inc. (Veoneer). Total cash consideration paid in the transaction was $4.7 billion. We acquired Veoneer’s Arriver business and SSW Partners retained Veoneer’s Tier-1 automotive supplier businesses, primarily consisting of the Active Safety and the Restraint Control Systems businesses (the Non-Arriver businesses), with the intent to sell such businesses in multiple transactions. In exchange for us funding substantially all of the cash consideration payable in the transaction, we obtained the right to receive a majority of the proceeds upon the sale of the Non-Arriver businesses by SSW Partners. On June 1, 2023, SSW Partners completed the sale of Veoneer’s Active Safety business to Magna International Inc. for net cash proceeds of $1.5 billion. On March 1, 2024, SSW Partners completed the sale of Veoneer’s Restraint Control Systems (RCS) business to American Industrial Partners Capital Fund VII.
Although we did not own or operate the Non-Arriver businesses, we were the primary beneficiary, within the meaning of the FASB accounting guidance related to consolidation (ASC 810), of these businesses under the variable interest model, until sold by SSW. Factors considered in reaching this conclusion included, among others: (i) our involvement in the design of and our funding of substantially all of the total cash consideration payable in the transaction and (ii) our obligation to absorb losses and rights to receive returns from the Non-Arriver businesses. Accordingly, through the date of disposition by SSW Partners, the assets and liabilities of the Non-Arriver businesses have been consolidated and presented as held for sale on our consolidated balance sheets, and the operating results (including the gain or loss on sale, the amounts of which were not material) have been presented as discontinued operations. Also, the cash flows provided (used) by the Non-Arriver businesses are reflected separately as discontinued operations, with the cash proceeds from the sale of the Active Safety and RCS businesses presented as investing activities.
Investment and Other Income (Expense), Net (in millions)
202420232022
Interest and dividend income$675 $313 $91 
Net gains (losses) on marketable securities
14 75 (363)
Net gains on other investments175 21 113 
Net gains (losses) on deferred compensation plan assets
198 86 (141)
Impairment losses on other investments(79)(132)(47)
Other(21)(14)(25)
$962 $349 $(372)
v3.24.3
Income Taxes
 12 Months Ended
Sep. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the income tax provision from continuing operations were as follows (in millions):
202420232022
Current provision:   
Federal$1,306 $1,229 $1,114 
State3 10 1 
Foreign (1)805 491 906 
2,114 1,730 2,021 
Deferred (benefit) provision:   
Federal(1,553)(1,475)(34)
State(4)(8)15 
Foreign (1)(331)(143)10 
(1,888)(1,626)(9)
$226 $104 $2,012 
(1) The foreign component of the income tax provision included foreign withholding taxes on royalty revenues included in U.S. earnings.
The components of income from continuing operations before income taxes by U.S. and foreign jurisdictions were as follows (in millions):
202420232022
United States$9,169 $6,400 $12,537 
Foreign1,167 1,043 2,461 
$10,336 $7,443 $14,998 
The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision from continuing operations (in millions, except percentages). A significant portion of our U.S. income qualifies for preferential treatment as FDII at a 13% effective tax rate.
202420232022
Expected income tax provision at federal statutory tax rate$2,171 $1,563$3,150 
Benefit from FDII deduction, excluding the impact of capitalizing research and development expenditures(596)(447)(753)
Benefit from FDII deduction related to capitalizing research and development expenditures(585)(598)— 
Benefit related to the transfer of intellectual property between foreign subsidiaries
(317)— — 
Benefit related to research and development tax credits(259)(235)(224)
Excess tax (benefit) deficiency associated with share-based awards(176)3 (257)
Foreign currency (gains) losses related to Korean withholding tax receivable(21)(66)243 
Benefit from fiscal 2021 and 2022 FDII deductions related to a change in sourcing of research and development expenditures— (126)— 
Benefit from releasing valuation allowance on unutilized foreign loss carryforwards— (114)— 
Nontaxable reversal of 2018 EC fine— — (224)
Other9 124 77 
$226 $104 $2,012 
Effective tax rate2 %1 %13 %
Beginning in fiscal 2023, for federal income tax purposes, we are required to capitalize and amortize domestic research and development expenditures over five years and foreign research and development expenditures over fifteen years (such expenditures were previously deducted as incurred). Our cash flows from operations are adversely affected due to significantly higher cash tax payments. However, since the resulting deferred tax asset is established at the statutory rate of 21% (rather than the current effective tax rate of 13% to 16% after considering the FDII deduction), capitalization favorably
affects our total provision for income taxes and results of operations. The adverse cash flow impact and favorable tax provision impact will diminish in future years as capitalized research and development expenditures continue to amortize.
In the fourth quarter of fiscal 2024, we completed an intra-group transfer of intellectual property to better align certain intellectual property ownership within our QCT business, which resulted in the recognition of a tax benefit of $317 million during the fourth quarter of fiscal 2024 from the establishment of a deferred tax asset. Such tax benefit was based on the value of the intellectual property transferred, which was measured using an income approach based on significant unobservable inputs.
Beginning in fiscal 2019, as a result of certain court rulings in Korea, among other factors, we decided to apply for a partial refund claim for taxes previously withheld from licensees in Korea on payments due under their license agreements to which we have claimed a foreign tax credit in the United States. As a result, $2.2 billion and $2.0 billion was recorded as a noncurrent income taxes receivable (recorded in other assets) at September 29, 2024 and September 24, 2023, respectively, and $2.5 billion and $2.3 billion was recorded as a noncurrent liability for uncertain tax benefits (recorded in other liabilities) at September 29, 2024 and September 24, 2023, respectively.
At September 29, 2024, our remaining future payments were $1.0 billion for a one-time repatriation tax accrued in fiscal 2018, after application of certain tax credits, which is payable in installments over the next two years. At September 29, 2024, $530 million was recorded in other current liabilities, reflecting the next installment due in January 2025, with the remaining noncurrent portion presented in other liabilities on our balance sheet.
We had deferred tax assets and deferred tax liabilities as follows (in millions):
September 29,
2024		September 24,
2023
Capitalized research and development expenditures
$3,015 $1,490 
Unused tax credits2,172 1,819 
Customer incentives769 659 
Unused net operating losses719 364 
Accrued liabilities and reserves397 401 
Operating lease liabilities282 216 
Share-based compensation152 285 
Unrealized losses on other investments and marketable securities146 159 
Other459 409 
Total gross deferred tax assets8,111 5,802 
Valuation allowance(2,061)(1,803)
Total net deferred tax assets6,050 3,999 
Intangible assets(388)(335)
Operating lease assets(248)(194)
Unrealized gains on other investments and marketable securities(169)(101)
Other(197)(170)
Total deferred tax liabilities(1,002)(800)
Net deferred tax assets$5,048 $3,199 
Reported as:  
Non-current deferred tax assets$5,162 $3,310 
        Non-current deferred tax liabilities (1)(114)(111)
$5,048 $3,199 
(1) Non-current deferred tax liabilities were included in other liabilities in the consolidated balance sheets.
At September 29, 2024, we had unused foreign net operating loss carryforwards of $2.6 billion, of which substantially all may be carried forward indefinitely, unused state net operating loss carryforwards of $817 million expiring from 2025 through 2037 and unused federal net operating loss carryforwards of $150 million, of which $102 million expire from 2025 through 2037 and $48 million may be carried forward indefinitely. At September 29, 2024, we had unused state tax credits of $1.9 billion, of which substantially all may be carried forward indefinitely, unused federal tax credits of $219 million expiring from 2028 through 2041 and unused tax credits of $92 million in foreign jurisdictions expiring from 2031 through 2044. We do not expect our federal net operating loss carryforwards to expire unused.
At September 29, 2024, we have provided a valuation allowance on certain state tax credits, foreign deferred tax assets and state net operating losses of $1.9 billion, $121 million and $41 million respectively. The valuation allowance reflects the uncertainties surrounding our ability to generate sufficient future taxable income in certain tax jurisdictions to utilize our net deferred tax assets. We believe, more likely than not, that we will have sufficient taxable income to utilize our remaining deferred tax assets.
A summary of the changes in the amount of unrecognized tax benefits for fiscal 2024, 2023 and 2022 follows (in millions):
202420232022
Beginning balance of unrecognized tax benefits$2,296 $2,191 $2,136 
Additions based on prior year tax positions2 10 58 
Reductions for prior year tax positions and lapse in statute of limitations(1)(63)(136)
Additions for current year tax positions153 158 184 
Settlements with taxing authorities— — (51)
Ending balance of unrecognized tax benefits$2,450 $2,296 $2,191 
Of the $2.5 billion of unrecognized tax benefits, $2.3 billion has been recorded to other liabilities. We believe that it is reasonably possible that certain unrecognized tax benefits recorded at September 29, 2024 may result in a cash payment in fiscal 2025. Unrecognized tax benefits at September 29, 2024 included $91 million for tax positions that, if recognized, would impact the effective tax rate. The unrecognized tax benefits differ from the amount that would affect our effective tax rate primarily because the unrecognized tax benefits were included on a gross basis and did not reflect related receivables or secondary impacts, such as the federal deduction for state taxes, adjustments to deferred tax assets and the valuation allowance that might be required if our tax positions are sustained. The increase in unrecognized tax benefits for all periods presented was primarily due to expected refunds of Korean withholding tax previously paid (which such increase had an insignificant impact to our income tax provision). If successful, the refund will result in a corresponding reduction in U.S. foreign tax credits. We believe that it is likely that the total amount of unrecognized tax benefits at September 29, 2024 will increase in fiscal 2025 as licensees in Korea continue to withhold taxes on future payments due under their licensing agreements at a rate higher than we believe is owed; such increase is not expected to have a significant impact on our income tax provision. At September 29, 2024, total interest and penalties related to unrecognized tax benefits accrued in other current liabilities and other liabilities was $250 million, with a corresponding noncurrent income taxes receivable of $181 million recorded in other assets for expected refunds of certain tax benefits.
We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations for years prior to fiscal 2018. We are also subject to examination in other taxing jurisdictions in the U.S. and numerous foreign jurisdictions. These examinations are at various stages with respect to assessments, claims, deficiencies and refunds, many of which are open for periods after fiscal 2001.
Cash amounts paid for income taxes, net of refunds received, were $3.3 billion, $1.4 billion and $2.1 billion for fiscal 2024, 2023 and 2022, respectively.
v3.24.3
Capital Stock
 12 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Capital Stock Capital Stock
Stock Repurchase Program. On October 12, 2021, we announced a $10.0 billion stock repurchase program. At September 29, 2024, $1.0 billion remained authorized for repurchase under this stock repurchase program. On November 6, 2024, we announced a new $15.0 billion stock repurchase authorization, which is in addition to the aforementioned program. The stock repurchase programs have no expiration date.
Shares Outstanding. Shares of common stock outstanding at September 29, 2024 were as follows (in millions):
Balance at beginning of period
1,114 
Issued
24 
Repurchased
(25)

1,113
Dividends. On October 16, 2024, we announced a cash dividend of $0.85 per share on our common stock, payable on December 19, 2024 to stockholders of record as of the close of business on December 5, 2024.
v3.24.3
Employee Benefit Plans
 12 Months Ended
Sep. 29, 2024
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Equity Compensation Plans. On March 5, 2024, our stockholders approved the Amended and Restated Qualcomm Incorporated 2023 Long-Term Incentive Plan (the 2023 Plan), including an increase in the share reserve by 15 million shares. The 2023 Plan provides for the grant of RSUs and other stock-based awards. The RSUs generally include dividend-equivalent rights and vest over three years from the date of grant. The Board of Directors may amend or terminate the 2023 Plan at any time. Certain amendments, including an increase in the share reserve, require stockholder approval. At September 29, 2024, approximately 75 million shares were available for future grant under the 2023 Plan.
The following is a summary of employee RSU transactions that contain only service requirements to vest:
Number of Shares
(in millions)		Weighted-Average
Grant Date Fair Value
RSUs outstanding at September 24, 202335 $122.86 
RSUs granted21 134.31 
RSUs canceled/forfeited(3)124.84 
RSUs vested(25)124.45 
RSUs outstanding at September 29, 202428 129.61 
The weighted-average estimated grant date fair values of employee RSUs that contain only service requirements to vest granted during fiscal 2023 and 2022 were $116.80 and $136.09 per share, respectively. Upon vesting, we issue new shares of common stock. For the majority of RSUs, shares are issued on the vesting dates net of the amount of shares needed to satisfy statutory tax withholding requirements to be paid by us on behalf of the employees. As a result, the actual number of shares issued will be fewer than the number of RSUs outstanding. The annual pre-vest forfeiture rate for RSUs was estimated to be approximately 6%, 7% and 6% in fiscal 2024, 2023 and 2022, respectively.
At September 29, 2024, total unrecognized compensation expense related to such non-vested RSUs granted prior to that date was $2.9 billion, which is expected to be recognized over a weighted-average period of 1.7 years. The total vest-date fair value of such RSUs that vested during fiscal 2024, 2023 and 2022 was $4.0 billion, $2.1 billion and $2.9 billion, respectively. The total shares withheld to satisfy statutory tax withholding requirements related to all share-based awards were 6 million, 4 million and 5 million in fiscal 2024, 2023 and 2022, respectively and were based on the value of the awards on their vesting dates as determined by our closing stock price.
The total tax benefits realized, including the excess tax benefits, related to share-based awards during fiscal 2024, 2023 and 2022 were $840 million, $435 million and $627 million, respectively.
Employee Stock Purchase Plan. We have an employee stock purchase plan that allows eligible employees to purchase shares of common stock at 85% of the value of our common stock on specific dates through periodic payroll deductions. The shares reserved for future issuance under the employee stock purchase plan were 15 million at September 29, 2024. We recorded cash received from the exercise of purchase rights of $379 million, $395 million and $355 million during fiscal 2024, 2023 and 2022, respectively.
Share-based Compensation Expense. Total share-based compensation expense, related to all of our share-based awards, was comprised as follows (in millions):
202420232022
Cost of revenues$89 $76 $61 
Research and development2,024 1,911 1,537 
Selling, general and administrative535 497 463 
Share-based compensation expense before income taxes2,648 2,484 2,061 
Related income tax benefit(662)(463)(489)
$1,986 $2,021 $1,572 
v3.24.3
Debt
 12 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Debt Debt
Long-term Debt. In May 2024, we repaid $914 million of fixed-rate notes that matured in May 2024.
The following table provides a summary of our long-term debt and current portion of long-term debt:
September 29, 2024September 24, 2023
MaturitiesAmount
(in millions)		Effective RateMaturitiesAmount
(in millions)		Effective Rate
May 2015 Notes
2025 - 2045
$3,865 
3.45% - 4.72%
2025 - 2045
$3,865 
3.46% - 4.73%
May 2017 Notes
2027 - 2047
3,500 
3.81% - 4.45%
2024 - 2047
4,414 
3.00% - 4.45%
May 2020 Notes
2030 - 2050
2,000 
2.84% - 3.30%
2030 - 2050
2,000 
3.22% - 3.30%
August 2020 Notes
2028 - 2032
2,207 
2.37% - 3.39%
2028 - 2032
2,207 
2.65% - 3.89%
May 2022 Notes
2032 - 2052
1,500 
3.17% - 4.28%
2032 - 2052
1,500 
3.15% - 4.27%
November 2022 Notes
2033 - 2053
1,900 
3.50% - 5.07%
2033 - 2053
1,900 
3.47% - 5.02%
Total principal14,972 15,886 
Unamortized discount, including debt issuance costs(212)(238)
Hedge accounting adjustments(126)(250)
Total long-term debt$14,634 $15,398 
Reported as:
Short-term debt$1,364 $914 
Long-term debt13,270 14,484 
   Total$14,634 $15,398 
At September 29, 2024, future principal payments were $1.4 billion in fiscal 2025, $2.0 billion in fiscal 2027, $1.0 billion in fiscal 2028 and $10.6 billion after fiscal 2029; no principal payments are due in fiscal 2026 or fiscal 2029. At September 29, 2024, the aggregate fair value of the notes, based on Level 2 inputs, was approximately $14.3 billion.
At September 29, 2024, all of our outstanding long-term debt is comprised of unsecured fixed-rate notes. We may redeem the outstanding fixed-rate notes at any time in whole, or from time to time in part, at specified make-whole premiums as defined in the applicable form of note. The obligations under the notes rank equally in right of payment with all of our other senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries.
The effective interest rates for the notes include the interest on the notes, amortization of the discount, which includes debt issuance costs, and if applicable, adjustments related to hedging. Interest is payable in arrears semi-annually for the notes. Cash interest paid related to our commercial paper program and long-term debt was $656 million, $614 million and $491 million during fiscal 2024, 2023 and 2022, respectively.
Interest Rate Swaps. At September 29, 2024 and September 24, 2023, we had outstanding interest rate swaps with an aggregate notional amount of $2.1 billion that are designated as fair value hedges and allow us to effectively convert fixed-rate payments into floating-rate payments on a portion of our outstanding long-term debt.
Commercial Paper Program. We have an unsecured commercial paper program, which provides for the issuance of up to $4.5 billion. Net proceeds from this program are for general corporate purposes. Maturities of commercial paper can range from 1 to up to 397 days. At September 29, 2024 and September 24, 2023, we had no amounts of commercial paper outstanding.
Revolving Credit Facility. On August 8, 2024, we entered into a Revolving Credit Facility, replacing our prior Amended and Restated Revolving Credit Facility. The Revolving Credit Facility provides for unsecured revolving facility loans, swing line loans and letters of credit in an aggregate amount of up to $4.0 billion, which expires on August 8, 2029. At September 29, 2024, no amounts were outstanding under the Revolving Credit Facility. There were no outstanding borrowings under the Amended and Restated Revolving Credit Facility at the time of termination and September 24, 2023.
Debt Covenants. The Revolving Credit Facility requires that we comply with certain covenants, including that we maintain an interest coverage ratio as defined in the agreement. We are not subject to any financial covenants under the notes nor any covenants that would prohibit us from incurring additional indebtedness ranking equal to the notes, paying dividends or issuing securities or repurchasing securities issued by us or our subsidiaries. At September 29, 2024, we were in compliance with the applicable covenants under the Revolving Credit Facility.
v3.24.3
Commitments and Contingencies
 12 Months Ended
Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal and Regulatory Proceedings.
Consolidated Securities Class Action Lawsuit: On January 23, 2017 and January 26, 2017, securities class action complaints were filed by purported stockholders of us in the United States District Court for the Southern District of California against us and certain of our then current and former officers and directors. The complaints alleged, among other things, that we violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material fact in connection with certain allegations that we are or were engaged in anticompetitive conduct. The complaints sought unspecified damages, interest, fees and costs. The court consolidated the two actions, and on July 3, 2017, the plaintiffs filed a consolidated amended complaint asserting the same basic theories of liability and requesting the same basic relief. On May 23, 2022, the plaintiffs filed a motion for class certification, and on March 20, 2023, the court issued an order granting in part and denying in part the plaintiffs’ motion for class certification. The order denied class certification on the basis of alleged misrepresentations relating to our chip-level licensing practices, but certified a class on the basis of alleged misrepresentations relating to the separate operations of QCT and QTL. We reached a proposed settlement with the plaintiffs to resolve this litigation, and on June 18, 2024, we and the plaintiffs, along with the individual defendants, filed a joint Stipulation and Agreement of Settlement with the court. The settlement was approved by the court on September 27, 2024. In the third quarter of fiscal 2024, we recorded a charge of $75 million to other expenses for the settlement amount, which amount was paid in the fourth quarter of fiscal 2024.
Consumer Class Action Lawsuits: Beginning in January 2017, a number of consumer class action complaints were filed against us in the United States District Courts for the Southern and Northern Districts of California, each on behalf of a putative class of purchasers of cellular phones and other cellular devices. The cases filed in the Southern District of California were subsequently transferred to the Northern District of California. On July 11, 2017, the plaintiffs filed a consolidated amended complaint alleging that we violated California and federal antitrust and unfair competition laws by, among other things, refusing to license standard-essential patents to our competitors, conditioning the supply of certain of our baseband chipsets on the purchaser first agreeing to license our entire patent portfolio, entering into exclusive deals with companies, including Apple Inc., and charging unreasonably high royalties that do not comply with our commitments to standard setting organizations. The complaint sought unspecified damages and disgorgement and/or restitution, as well as an order that we be enjoined from further unlawful conduct. On September 27, 2018, the court certified the class. We appealed the court’s class certification order to the United States Court of Appeals for the Ninth Circuit (Ninth Circuit). On September 29, 2021, the Ninth Circuit vacated the class certification order, ruling that the district court had failed to correctly assess the propriety of applying California law to a nationwide class, and remanded the case to the district court. On June 10, 2022, the plaintiffs filed an amended complaint, limiting the proposed class to California residents rather than a nationwide class. We filed a motion to dismiss the amended complaint, and on January 6, 2023, the court issued an order granting in part and denying in part our motion to dismiss. We subsequently filed a motion for summary judgment on the plaintiffs’ remaining claims. The court granted our motion in its entirety and, on October 5, 2023, entered final judgment in Qualcomm’s favor. On November 2, 2023, the plaintiffs filed a notice of appeal to the Ninth Circuit, and on October 15, 2024, the court held a hearing on the appeal. The court has not yet issued a ruling. We intend to continue to vigorously defend ourselves in this matter.
Beginning in November 2017, several other consumer class action complaints were filed against us in Canada (in the Supreme Court of British Columbia and the Quebec Superior Court), Israel (in the Haifa District Court) and the United Kingdom (in the Competition Appeal Tribunal), each on behalf of a putative class of purchasers of cellular phones and other cellular devices, alleging violations of certain of those countries’ competition and consumer protection laws and seeking damages. The claims in these complaints are similar to those in the U.S. consumer class action complaints described above. These matters are at various stages of litigation, and we intend to continue to vigorously defend ourselves.
ParkerVision, Inc. v. QUALCOMM Incorporated: On May 1, 2014, ParkerVision filed a complaint against us in the United States District Court for the Middle District of Florida alleging that certain of our products infringed seven ParkerVision patents. On August 21, 2014, ParkerVision amended the complaint, alleging that we infringed 11 ParkerVision patents and sought damages and injunctive and other relief. ParkerVision subsequently reduced the number of patents asserted to three. The asserted patents are now expired, and injunctive relief is no longer available. ParkerVision continues to seek damages related to the sale of many of our radio frequency (RF) products sold between 2008 and 2018. On March 23, 2022, the district court entered judgment in our favor on all claims and closed the case. On April 20, 2022, ParkerVision filed a notice of appeal to the United States Court of Appeals for the Federal Circuit (Federal Circuit). On September 6, 2024, the Federal Circuit reversed the judgment of the district court, citing certain substantive and procedural issues, and remanded the case to the district court for further proceedings. We intend to continue to vigorously defend ourselves in this matter.
Arm Ltd. v. QUALCOMM Incorporated: On August 31, 2022, Arm Ltd. (Arm) filed a complaint against us in the United States District Court for the District of Delaware. Our subsidiaries Qualcomm Technologies, Inc. and NuVia, Inc. (Nuvia) are also named in the complaint. The complaint alleges that following our acquisition of Nuvia, we and Nuvia breached Nuvia’s Architecture License Agreement with Arm (the Nuvia ALA) by failing to comply with the termination obligations under the Nuvia ALA. Arm is seeking specific performance, including that we cease all use of and destroy any technology that was developed under the Nuvia ALA, including processor core technology (which Arm alleges includes our custom Qualcomm Oryon CPU cores). Arm’s complaint also contends that we violated the Lanham Act through trademark infringement and false designation of origin through unauthorized use of Arm’s trademarks and seeks associated injunctive and declaratory relief; however, Arm subsequently informed the court of its intent to withdraw such claims.
On September 30, 2022, we filed our Answer and Counterclaim in response to Arm’s complaint denying Arm’s claims. Our counterclaim seeks a declaratory judgment that we did not breach the Nuvia ALA or the Technology License Agreement between Nuvia and Arm (together with the Nuvia ALA, the Arm-Nuvia Agreements) and that, following the acquisition of Nuvia, our architected cores (including all further developments, iterations or instantiations of the technology we acquired from Nuvia) and System-on-Chip (SoC) products incorporating such cores are fully licensed under our existing Architecture License Agreement with Arm (the Qualcomm ALA) and Technology License Agreement with Arm (together with the Qualcomm ALA, the Arm-Qualcomm Agreements). We further seek an order enjoining Arm from making any claim that our products are not licensed under the Arm-Qualcomm Agreements, are not Arm-compliant or that we are prohibited from using Arm’s marks in the marketing of any such products. On October 26, 2022, we filed an Amended Counterclaim seeking additional declaratory relief that certain statements Arm is making in the marketplace concerning our rights under the Arm-Qualcomm Agreements are false, and that Arm has no right to prevent us from shipping our products, which are validly licensed. On March 22, 2024, we filed a Second Amended Counterclaim asserting that Arm has breached the Arm-Nuvia Agreements by continuing to use Nuvia technology and by failing to return or destroy Nuvia confidential information after the Arm-Nuvia Agreements were terminated. The Second Amended Counterclaim seeks damages related to the asserted breaches. On July 10, 2024, Arm filed a motion for partial summary judgment that the Nuvia ALA was properly terminated, that the Nuvia ALA was breached, and that Arm did not breach the Arm-Nuvia Agreements. We also filed a motion for summary judgment on Arm’s breach of contract claims, that Qualcomm’s architected cores are licensed under the Qualcomm ALA, and that Qualcomm has not infringed Arm’s trademarks. On October 30, 2024, the court denied both parties’ motions for summary judgment. Trial is scheduled to begin on December 16, 2024. We intend to continue to vigorously defend ourselves against Arm’s claims in this matter.
On April 18, 2024, we filed a separate complaint (captioned QUALCOMM Incorporated v. Arm Ltd.) against Arm in the United States District Court for the District of Delaware. The complaint alleges that Arm has breached the Qualcomm ALA by failing to provide certain deliverables that Arm is obligated to provide. The complaint seeks an order that Arm comply with its contractual obligations, damages, and additional relief. Arm moved to dismiss this complaint, and on October 30, 2024, the court denied Arm’s motion to dismiss. No trial date has been set for this case.
On October 22, 2024, Arm provided us with a notice alleging that we have breached the Qualcomm ALA by marketing products that contain CPUs that Arm alleges use designs, technology and code created by Nuvia employees prior to our acquisition of Nuvia; by seeking support and verification from Arm for additional products that use such alleged designs, technology and code; and by suing Arm for breach of the Qualcomm ALA. Arm’s notice asserts that it will have the right to terminate the Qualcomm ALA if such alleged breaches are not cured within 60 days of such notice. We disagree with Arm’s allegations, including that we are in breach of the Qualcomm ALA.
Contingent Losses and Other Considerations: Litigation and investigations are inherently uncertain, and we face difficulties in evaluating or estimating likely outcomes or ranges of possible loss, particularly in antitrust and trade regulation investigations. We have not recorded any accrual at September 29, 2024 for contingent losses associated with the pending matters described above based on our belief that losses, while reasonably possible, are not probable. Further, any possible amount or range of loss cannot be reasonably estimated at this time. The unfavorable resolution of one or more of these matters could have a material adverse effect on our business, results of operations, financial condition or cash flows. We are engaged in numerous other legal actions not described above (for example, our 2010 European Commission matter relating to the Icera complaint, and other matters arising in the ordinary course of our business, including those relating to employment matters or the initiation or defense of proceedings relating to intellectual property rights) and, while there can be no assurance, we believe that the ultimate outcome of these other legal actions will not have a material adverse effect on our business, results of operations, financial condition or cash flows.
Indemnifications. We generally do not indemnify our customers, licensees and suppliers for losses sustained from infringement of third-party intellectual property rights. However, we are contingently liable under certain agreements to defend and/or indemnify certain customers, licensees, and suppliers against certain types of liability and/or damages arising from the infringement of third-party intellectual property rights and to indemnify certain companies that purchased businesses we previously consolidated against certain contingent losses. Our obligations under these agreements may be limited in terms of time and/or amounts, and in some instances, we may have recourse against third parties for certain payments made by us. Claims and reimbursements under indemnification arrangements have not been material to our consolidated financial statements. We have not recorded accruals for certain claims under indemnification arrangements based on our belief that additional liabilities, while possible, are not probable. Further, any possible range of loss cannot be reasonably estimated at this time.
Purchase Obligations. We have agreements with suppliers and other parties to purchase inventory, other goods and services and long-lived assets. Such agreements include multi-year capacity purchase commitments with certain suppliers of our integrated circuit products. Total advance payments related to multi-year capacity purchase commitments recorded on the consolidated balance sheets at September 29, 2024 and September 24, 2023 were $3.0 billion and $3.3 billion, respectively, of which $765 million and $404 million were recorded in other current assets, respectively, and $2.2 billion and $2.9 billion were recorded in other assets, respectively. Integrated circuit product inventory obligations represent purchase commitments (including those under multi-year capacity purchase commitments to the extent such minimum amounts are both fixed and determinable) for raw materials, semiconductor die, finished goods and manufacturing services, such as wafer bump, probe, assembly and final test. Under our manufacturing relationships with our foundry suppliers and assembly and test service providers, cancellation of outstanding purchase commitments is generally allowed but would require payment of costs incurred through the date of cancellation. Also, in some cases, we may be subject to incremental fees and/or the loss of amounts paid in advance due to capacity underutilization and/or the failure to meet minimum purchase volumes under multi-year capacity purchase commitments. Obligations under our purchase agreements, which primarily relate to integrated circuit product inventory obligations, at September 29, 2024 totaled $12.8 billion of which, $9.6 billion is expected to be paid in the next 12 months.
Operating Leases. We lease certain of our land, facilities and equipment under operating leases, with terms ranging from less than one year to 20 years, some of which include options to extend for up to 20 years. At September 29, 2024 and September 24, 2023, the weighted-average remaining lease term for operating leases was nine years and eight years, respectively. Operating lease expense for fiscal 2024, 2023 and 2022 was $184 million, $204 million and $207 million, respectively. At September 29, 2024, other assets included $719 million of operating lease assets, with corresponding lease liabilities of $98 million recorded in other current liabilities and $708 million recorded in other liabilities. At September 24, 2023, other assets included $612 million of operating lease assets, with corresponding lease liabilities of $98 million recorded in other current liabilities and $571 million recorded in other liabilities.
At September 29, 2024, future lease payments under our operating leases were as follows (in millions):
September 29,
2024
2025
$136 
2026
134 
2027
127 
2028
117 
2029
102 
Thereafter468 
Total future lease payments1,084 
Imputed interest(278)
Total lease liability balance$806 
v3.24.3
Segment Information
 12 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We are organized on the basis of products and services and have three reportable segments. Our operating segments reflect the way our businesses and management/reporting structure are organized internally and the way our Chief Operating Decision Maker (CODM), who is our CEO, reviews financial information, makes operating decisions and assesses business performance. We also consider, among other items, the way budgets and forecasts are prepared and reviewed and the basis on which executive compensation is determined, as well as the similarities and the level of centralized resource planning within our operating segments, such as the nature of products, the level of shared products, technology and other resources, production processes and customer base. We conduct business primarily through our QCT semiconductor business and our QTL licensing business. QCT develops and supplies integrated circuits and system software with advanced connectivity and high-performance, low-power computing technologies for use in mobile devices; automotive systems for connectivity, digital cockpit and ADAS/AD; and IoT including consumer electronic devices, industrial devices and edge networking products. QTL grants licenses or otherwise provides rights to use portions of our intellectual property portfolio, which includes certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products. Our QSI (Qualcomm Strategic Initiatives) reportable segment makes strategic investments. We also have nonreportable segments, including QGOV (Qualcomm Government Technologies) and our cloud computing processing initiative.
Our CODM allocates resources to and evaluates the performance of our segments based on revenues and earnings (loss) before income taxes (EBT). Segment EBT includes the allocation of certain corporate expenses to the segments, including depreciation and amortization expense related to certain corporate assets. Certain income and charges are not allocated to segments in our management reports because they are not considered in evaluating the segments’ operating performance. Unallocated income and charges include certain interest expense, certain net investment income, share-based compensation, gains and losses on our deferred compensation plan liabilities and related assets and certain research and development
expenses, certain selling, general and administrative expenses and other expenses or income that were deemed to be not directly related to the businesses of the segments. Additionally, unallocated charges include recognition of the step-up of inventories and property, plant and equipment to fair value, amortization of certain intangible assets and certain other acquisition-related charges, third-party acquisition and integration services costs and certain other items, which may include major restructuring and restructuring-related costs, asset impairment charges and awards, settlements and/or damages arising from legal or regulatory matters. Our CODM does not evaluate our operating segments using discrete asset information.
The table below presents revenues and EBT for reportable segments (in millions):
202420232022
Revenues:
QCT$33,196 $30,382 $37,677 
QTL5,572 5,306 6,358 
QSI18 28 31 
Reconciling items176 104 134 
Total$38,962 $35,820 $44,200 
EBT:
QCT$9,527 $7,924 $12,837 
QTL4,027 3,628 4,628 
QSI104 (12)(279)
Reconciling items(3,322)(4,097)(2,188)
Total$10,336 $7,443 $14,998 
Reconciling items for revenues and EBT in the previous table were as follows (in millions):
202420232022
Revenues:
Nonreportable segments$176 $144 $134 
Unallocated revenues
— (40)— 
$176 $104 $134 
EBT:
Unallocated revenues
$— $(40)$— 
Unallocated cost of revenues(229)(205)(266)
Unallocated research and development expenses(2,277)(2,034)(1,767)
Unallocated selling, general and administrative expenses(781)(588)(609)
Unallocated other (expense) income (Note 2)
(179)(862)1,059 
Unallocated interest expense(697)(694)(490)
Unallocated investment and other income (expense), net
855 364 (91)
Nonreportable segments(14)(38)(24)
$(3,322)$(4,097)$(2,188)
The net book value of long-lived tangible assets located outside of the U.S. (the majority of which is located in Taiwan and the rest of the Asia-Pacific region) was $3.5 billion and $3.6 billion at September 29, 2024 and September 24, 2023, respectively. The net book value of long-lived tangible assets located in the U.S. was $1.9 billion and $2.0 billion at September 29, 2024 and September 24, 2023, respectively.
Beginning in fiscal 2024, revenues by country are presented based on our customer’s/licensee’s headquarter location and were as follows (in millions):
202420232022
China (including Hong Kong)$17,826 46 %$13,386 37 %$18,977 43 %
United States9,686 25 10,503 29 10,501 24 
South Korea7,995 20 8,075 23 9,666 22 
Other foreign3,455 9 3,856 11 5,056 11 
$38,962 100 %$35,820 100 %$44,200 100 %
Previously, revenues by country were presented based on the location to which our products or services were delivered. For QCT, this was the country in which our customers manufacture their products and for licensing revenues, the invoiced addresses of our licensees, and was not necessarily indicative of either the country in which the devices containing our products and/or intellectual property are ultimately sold to consumers or the country in which the companies that sell the devices were headquartered. We believe this change generally provides a better representation of the geographic profile of our revenues. However, it is still not necessarily indicative of the country in which the devices containing our products and/or intellectual property are ultimately sold to consumers. Prior period information has been recast to reflect this change.
For comparative purposes, based on the location to which our products or services are delivered, revenues from sales into China (including Hong Kong), United States, South Korea, and Vietnam were 66%, 3%, 7%, and 12% of total revenues, respectively, for fiscal 2024.
v3.24.3
Fair Value Measurements
 12 Months Ended
Sep. 29, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value Measurements 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 September 29, 2024 (in millions):
Level 1Level 2Level 3Total
Assets:    
Cash equivalents$3,802 $446 $— $4,248 
Marketable securities:    
Corporate bonds and notes$— $4,634 $— $4,634 
Mortgage- and asset-backed securities— 487 — 487 
U.S. Treasury securities and government-related securities176 32 — 208 
Equity securities 122 — — 122 
Total marketable securities298 5,153 — 5,451 
Derivative instruments— 30 — 30 
Other investments (1)
954 — 42 996 
Total assets measured at fair value$5,054 $5,629 $42 $10,725 
Liabilities:    
Derivative instruments$— $138 $— $138 
Other liabilities (1)
950 — — 950 
Total liabilities measured at fair value$950 $138 $— $1,088 
(1) Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan assets and liabilities.
At September 29, 2024 and September 24, 2023, our marketable securities were all classified as current and were primarily comprised of available-for-sale debt securities (substantially all of which were corporate bonds and notes).
The contractual maturities of available-for-sale debt securities were as follows (in millions):
September 29,
2024
Years to Maturity:
Less than one year$1,387 
One to five years3,455 
No single maturity date487 
Total$5,329 
Debt securities with no single maturity date included mortgage- and asset-backed securities.
v3.24.3
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Sep. 29, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts Disclosure
SCHEDULE II
QUALCOMM Incorporated
VALUATION AND QUALIFYING ACCOUNTS

The table below details the activity of the valuation allowance on deferred tax assets for fiscal 2024, 2023 and 2022 (in millions):
Balance at
Beginning of
Period
Charged (Credited) to
Costs and
Expenses
OtherBalance at
End of
Period
Year ended September 29, 2024$1,803 $258 $— $2,061 
Year ended September 24, 20232,223 (420)— 1,803 
Year ended September 25, 20221,926 278 19 2,223 
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Pay vs Performance Disclosure      
Net income $ 10,142 $ 7,232 $ 12,936
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 29, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 12, 2024, Cristiano Amon, our President and Chief Executive Officer, acting as trustee on behalf of his family trust, terminated the trust’s Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K), which provided for the sale of up to 75,000 shares of our common stock and was previously scheduled to terminate on September 30, 2025, and adopted a new Rule 10b5-1 trading arrangement. The new plan provides for the sale of up to 60,000 shares of our common stock and is scheduled to terminate on September 30, 2025.
Cristiano Amon [Member]  
Trading Arrangements, by Individual  
Name Cristiano Amon
Title President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 12, 2024
Rule 10b5-1 Arrangement Terminated true
Termination Date September 12, 2024
Critiano Amon [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 383 days
Terminated Arrangement [Member] | Cristiano Amon [Member]  
Trading Arrangements, by Individual  
Aggregate Available 75,000
Adopted Trading Arrangement [Member] | Cristiano Amon [Member]  
Trading Arrangements, by Individual  
Aggregate Available 60,000
v3.24.3
Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation. The consolidated financial statements include the assets, liabilities and operating results of Qualcomm, its subsidiaries and any variable interest entities for which we are deemed to be the primary beneficiary (Note 2). Intercompany transactions and balances have been eliminated.
Financial Statement Preparation
Financial Statement Preparation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Examples of our significant accounting estimates and policies that may involve a higher degree of judgment and complexity than others include: the estimation of sales-based royalty revenues; the impairment of non-marketable equity investments; the valuation of inventories; the impairment of goodwill, other indefinite-lived assets and long-lived assets; the recognition, measurement and disclosure of loss contingencies related to legal and regulatory proceedings; and the calculation of our income tax provision, including the recognition and measurement of uncertain tax positions. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.
Fiscal Year
Fiscal Year. We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. Fiscal 2024 included 53 weeks, and fiscal years 2023 and 2022 included 52 weeks. Our fiscal year for 2025 will include 52 weeks.
Cash Equivalents
Cash Equivalents. We consider all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents may be comprised of money market funds, certificates of deposit, commercial paper, corporate bonds and notes and certain bank time deposits, U.S. Treasury securities and government-related securities. The carrying amounts approximate fair value due to the short maturities of these instruments.
Marketable Securities
Marketable Securities. Marketable securities include marketable equity securities, available-for-sale debt securities and, from time-to-time, certain time deposits. We classify marketable securities as current or noncurrent based on the nature of the securities and their availability for use in current operations. Marketable securities are stated at fair value with all realized and unrealized gains and losses on investments in marketable equity securities and realized gains and losses on available-for-sale debt securities recognized in investment and other income (expense), net. Debt securities are classified as available-for-sale or held-to-maturity at the time of purchase and reevaluated at each balance sheet date. The realized and unrealized gains and losses on marketable securities are determined using the specific identification method.
If a debt security has an unrealized loss and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we record an impairment charge to investment and other income (expense), net for the entire amount of the unrealized loss and adjust the amortized cost basis of the security. For the remaining debt securities, if an unrealized loss exists, we separate the impairment into the portion of the loss related to credit factors and the portion of the loss that is not related to credit factors. Unrealized gains or unrealized losses that are not related to credit factors on available-for-sale debt securities are recorded as a component of accumulated other comprehensive income (loss), net of income taxes. Unrealized losses that are related to credit loss factors on available-for-sale debt securities and subsequent adjustments to the credit loss are recorded as an allowance for credit losses, which is included in investment and other income (expense), net. In evaluating whether a credit loss exists, we consider a variety of factors, including the significance of the decline in value as compared to the cost basis; underlying factors contributing to a decline in the prices of securities in a single asset class; the security’s relative performance versus its peers, sector or asset class; the market and economy in general; views of external investment managers; news or financial information that has been released specific to the investee; and the outlook for the overall industry in which the investee operates.
Equity Method Investments
Equity Method and Non-marketable Equity Investments. Equity investments in common stock or in-substance common stock for which we have significant influence, but not control, over the investee and are not the primary beneficiary of the investee’s activities are accounted for under the equity method. Our share of gains and losses in equity method investments are recorded in investment and other income (expense), net. We eliminate unrealized profit or loss related to transactions with equity method investees in relation to our ownership interest in the investee, which is recorded as a component of equity in net earnings (losses) in investees in investment and other income (expense), net. Non-marketable equity investments (for which we do not have significant influence or control) are investments without readily determinable fair values that are generally recorded based on initial cost minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar securities, if any. All gains and losses on investments in non-marketable equity securities, realized and unrealized, are recognized in investment and other income (expense), net. We monitor equity method and non-marketable equity investments for events or circumstances that could indicate the investments are impaired, such as a deterioration in the investee’s financial condition and business forecasts and lower
valuations in recently completed or anticipated financings, and recognize a charge to investment and other income (expense), net for the difference between the estimated fair value and the carrying value. For equity method investments, we record impairment losses in earnings only when impairments are considered other-than-temporary.
Non-marketable Equity Investments
Equity Method and Non-marketable Equity Investments. Equity investments in common stock or in-substance common stock for which we have significant influence, but not control, over the investee and are not the primary beneficiary of the investee’s activities are accounted for under the equity method. Our share of gains and losses in equity method investments are recorded in investment and other income (expense), net. We eliminate unrealized profit or loss related to transactions with equity method investees in relation to our ownership interest in the investee, which is recorded as a component of equity in net earnings (losses) in investees in investment and other income (expense), net. Non-marketable equity investments (for which we do not have significant influence or control) are investments without readily determinable fair values that are generally recorded based on initial cost minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar securities, if any. All gains and losses on investments in non-marketable equity securities, realized and unrealized, are recognized in investment and other income (expense), net. We monitor equity method and non-marketable equity investments for events or circumstances that could indicate the investments are impaired, such as a deterioration in the investee’s financial condition and business forecasts and lower
valuations in recently completed or anticipated financings, and recognize a charge to investment and other income (expense), net for the difference between the estimated fair value and the carrying value. For equity method investments, we record impairment losses in earnings only when impairments are considered other-than-temporary.
Derivatives
Derivatives. Our primary objectives for holding derivative instruments are to manage foreign exchange risk for certain foreign currency revenues, operating expenses, receivables and payables and to manage interest rate risk associated with our cash equivalents, marketable securities and long-term debt. Derivative instruments are recorded at fair value and included in other current or noncurrent assets or liabilities based on their maturity dates. Counterparties to these derivative instruments are all major banking institutions. At September 29, 2024, the aggregate fair value of our derivative instruments recorded in total assets and in total liabilities were $30 million and $138 million, respectively. At September 24, 2023, the aggregate fair value of our derivative instruments recorded in total assets and in total liabilities were $32 million and $317 million, respectively.
Foreign Currency Hedges: We manage our exposure to foreign exchange market risks, when deemed appropriate, through the use of derivative instruments, including foreign currency forward and option contracts with financial counterparties, that may or may not be designated as hedging instruments. These derivative instruments generally have maturity dates between one and 24 months. Gains and losses arising from such contracts that are designated as cash flow hedging instruments are recorded as a component of accumulated other comprehensive income (loss) as gains and losses on derivative instruments, net of income taxes. The hedging gains and losses in accumulated other comprehensive income (loss) are subsequently reclassified to revenues or costs and expenses, as applicable, in the consolidated statements of operations in the same period in which the underlying transactions affect our earnings. For foreign currency forward contracts not designated as hedging instruments, the changes in fair value are recorded in investment and other income (expense), net in the period of change.
The cash flows associated with such derivative instruments are classified as cash flows from operating activities in the consolidated statements of cash flows, which is the same category as the hedged transaction.
Interest Rate Swaps: From time to time, we enter into interest rate swap agreements that allow us to effectively convert fixed-rate payments into floating-rate payments on portions of our outstanding long-term debt. We enter into these agreements to manage interest rate risk associated with our cash equivalents and marketable securities, in addition to changes in the fair value of our outstanding debt. These transactions are designated as fair value hedges, and the gains and losses related to changes in the fair value of the interest rate swaps substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to changes in the market interest rates. The net gains and losses on the interest rate swaps, as well as the offsetting gains or losses on the related fixed-rate debt attributable to the hedged risks, are recognized as interest expense in the current period. The interest settlement payments associated with the interest rate swap agreements are classified as cash flows from operating activities in the consolidated statements of cash flows.
From time to time, we also enter into forward-starting interest rate swaps to hedge the variability of forecasted interest payments on certain anticipated debt issuances. These swaps are designated as cash flow hedges of forecasted transactions. The gains and losses arising from such contracts are recorded as a component in accumulated other comprehensive income (loss) as gains and losses on derivative instruments. When the anticipated debt is issued, any associated swaps are terminated, and the hedging gains and losses in accumulated other comprehensive income (loss) are recorded to interest expense over the term of the hedged portions of the related debt issued.
Gross Notional Amounts: The gross notional amounts of our foreign currency and interest rate derivatives by instrument type were as follows (in millions):
September 29,
2024		September 24,
2023
Forwards$2,723 $2,432 
Options792 667 
Swaps2,050 2,050 
$5,565 $5,149 
The gross notional amounts of our derivatives by currency were as follows (in millions):
September 29,
2024		September 24,
2023
Chinese renminbi$1,456 $1,333 
Indian rupee1,373 1,151 
United States dollar2,205 2,181 
Other531 484 
$5,565 $5,149 
Fair Value Measurements
Fair Value Measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance provides an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors that market participants would use in valuing the asset or liability. There are three levels of inputs that may be used to measure fair value:
•Level 1 includes financial instruments for which quoted market prices for identical instruments are available in active markets.
•Level 2 includes financial instruments for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument.
•Level 3 includes financial instruments for which fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including our own assumptions.
Assets and liabilities measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. We review the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We recognize transfers into and out of levels within the fair value hierarchy at the end of the fiscal month in which the actual event or change in circumstances that caused the transfer to occur.
Cash Equivalents and Marketable Securities: We obtain pricing information from quoted market prices, pricing vendors or quotes from brokers/dealers. We conduct reviews of our primary pricing vendors to determine whether the inputs used in the vendor’s pricing processes are deemed to be observable. Contractual sale restrictions are not considered in measuring the fair value of marketable equity securities. The fair value for interest-bearing securities includes accrued interest. The fair value of U.S. Treasury securities and government-related securities, corporate bonds and notes and common stock is generally determined using standard observable inputs, including reported trades, market based quotes, matrix pricing, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets and/or benchmark securities. The fair value of mortgage- and asset-backed securities is derived from the use of matrix pricing (prices for similar securities) or, in some cases, cash flow pricing models with observable inputs, such as contractual terms, maturity, credit rating and/or securitization structure to determine the timing and amount of future cash flows.
Derivative Instruments: Derivative instruments that are traded on an exchange are valued using quoted market prices and are included in Level 1. Derivative instruments that are not traded on an exchange are valued using conventional calculations/models that are primarily based on observable inputs, such as foreign currency exchange rates, volatilities and interest rates, and therefore, such derivative instruments are included in Level 2.
Other Investments and Other Liabilities: Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan liabilities and related assets, which consist of mutual funds and are included in other current assets and other assets. Gains and losses on the revaluation of our deferred compensation plan assets are recorded in investment and other income (expense), net. Corresponding offsetting amounts related to the revaluation of our deferred compensation plan liabilities are included in operating expenses. Other investments included in Level 3 are comprised of convertible debt instruments issued by private companies. The inputs we use to estimate the fair values of these instruments are generally unobservable, and therefore, they are included in Level 3.
Nonrecurring Fair Value Measurements: We measure certain assets and liabilities at fair value on a nonrecurring basis. These assets and liabilities include equity method and non-marketable equity investments, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property, plant and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired, all of which are generally measured based on unobservable inputs using an income or market approach.
Inventories
Inventories. Inventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Recoverability of inventories is assessed based on review of future customer demand that considers multiple factors, including committed purchase orders from customers as well as purchase commitment projections provided by customers and our own forecasts of customer demand, among other factors. This valuation also requires us to make judgments and assumptions based on information currently available about market conditions, including competition, anticipated technological changes, internal product life cycle and development plans, product pricing and other broader market conditions that may impact customer demand, such as the impact of the macroeconomic environment in fiscal 2022 and 2023. We generally place binding purchase orders with our suppliers in advance of receiving contractually binding forecasts and/or purchase orders from our customers. The time period between placing purchase orders with our suppliers and receiving contractually binding forecasts and/or purchase orders from our customers has increased and may continue to increase as a result of extended manufacturing lead-times, driven in part by a continued transition to leading-edge technologies and/or increased complexity in the manufacturing process of our products. If we overestimate demand for our products, the amount of our loss will be impacted by our ability to reduce inventory purchases from our suppliers. Further, if our customers cancel purchase orders or alter forecasts this may result in excess inventory on hand. Our assumptions of future product demand are
inherently uncertain, and changes in our estimates and assumptions may cause us to record additional write-downs in the future if demand forecasted for specific products is greater than actual demand.
Property, Plant and Equipment Property, Plant and Equipment. Property, plant and equipment are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives. Upon the retirement or disposition of property, plant and equipment, the related cost and accumulated depreciation or amortization are removed, and a gain or loss is recorded, when appropriate. Buildings on owned land are depreciated over 30 years, and building improvements are depreciated over 15 years. Leasehold improvements and buildings on leased land are amortized over the shorter of their estimated useful lives, not to exceed 15 years and 30 years, respectively, or the remaining term of the related lease. Other property, plant and equipment have useful lives ranging from 2 to 15 years. Maintenance, repairs and minor renewals or betterments are charged to expense as incurred.
Operating Leases
Operating Leases. Operating lease assets and liabilities are recognized for leases with lease terms greater than 12 months based on the present value of the future lease payments over the lease term at the commencement date. Operating leases are included in other assets, other current liabilities and other liabilities on our consolidated balance sheet. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We account for substantially all lease and related non-lease components together as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term.
We lease certain of our land, facilities and equipment under operating leases, with terms ranging from less than one year to 20 years, some of which include options to extend for up to 20 years.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets. Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. For intangible assets purchased in a business combination, the estimated fair values of the assets acquired are used to establish their recorded values. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. An estimate of fair value can be affected by many assumptions that require significant judgment. For example, the income approach generally requires us to use assumptions to estimate the present value of future cash flows including those related to total addressable market, pricing and share forecasts, competition, technology obsolescence, future tax rates and discount rates. Our estimate of the fair value of certain assets may differ materially from that determined by others who use different assumptions or utilize different business models and from the future cash flows actually realized.
Impairment of Goodwill, Other Indefinite-Lived Assets and Long-Lived Assets
Impairment of Goodwill, Other Indefinite-Lived Assets and Long-Lived Assets. Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter, and in interim periods if events or changes in circumstances indicate that the assets may be impaired. If a qualitative assessment is used and we determine that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill is quantitatively assessed for impairment and a reporting unit’s carrying value exceeds its fair value, the difference is recorded as an impairment. Other indefinite-lived intangible assets are quantitatively assessed for impairment, if necessary, by comparing their estimated fair values to their carrying values. If the carrying value exceeds the fair value, the difference is recorded as an impairment. Our judgments regarding the existence of impairment indicators and future cash flows related to goodwill, other indefinite-lived assets and long-lived assets may be based on operational performance of our businesses, market conditions, expected selling price and/or other factors. Although there are inherent uncertainties in this assessment process, the estimates and assumptions we use, including estimates of future cash flows and discount rates, are consistent with our internal planning, when appropriate. If these estimates or their related assumptions change in the future, we may be required to record an impairment charge on a portion or all of such assets. Furthermore, we cannot predict the occurrence of future impairment-triggering events nor the impact such events might have on our reported asset values.
Long-lived assets, such as property, plant and equipment and intangible assets subject to amortization, are reviewed for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amounts or their estimated fair values less costs to sell and are not depreciated.
Revenue Recognition
Revenue Recognition. We derive revenues principally from sales of integrated circuit products and licensing of our intellectual property. We also generate revenues from licensing system software and by performing development and other services and from other product sales. The timing of revenue recognition and the amount of revenue actually recognized in each case depends upon a variety of factors, including the specific terms of each arrangement and the nature of our performance obligations.
Revenues from sales of our products are recognized upon transfer of control to the customer, which is generally at the time of shipment. Revenues from providing services are typically recognized over time as our performance obligation is satisfied. Revenues from providing services and licensing system software were each less than 5% of total revenues for all periods presented.
We grant licenses or otherwise provide rights to use portions of our intellectual property portfolio, which, among other rights, includes certain patent rights essential to and/or useful in the manufacture, sale or use of certain wireless products.
License agreements contain a single performance obligation that represents ongoing access to a portfolio of intellectual property over the license term since such agreements provide the licensee the right to access a portfolio of intellectual property that exists at inception of the license agreement and to updates and new intellectual property that is added to the licensed portfolio during the term of the agreement that are highly interdependent or interrelated.
Licensees pay per-unit royalties based on their sales of products incorporating or using our licensed intellectual property and, to a lesser extent, lump sum payments (license fees, substantially all of which were recognized prior to fiscal 2024). License fees are recognized as revenues on a straight-line basis over the estimated period of benefit of the license to the licensee. Per-unit royalties are generally based upon a percentage of the wholesale (i.e., licensee’s) selling price of complete licensed products, net of certain permissible deductions (including transportation, insurance, packing costs and other items), with certain products subject to per unit minimums and/or per unit caps. Certain products may also have a fixed royalty amount per unit. We estimate and recognize sales-based royalties on such licensed products in the period in which the associated sales occur, considering all relevant information (historical, current and forecasted) that is reasonably available to us. Our estimates of sales-based royalties are based largely on preliminary royalty estimates provided by our licensees and, to a lesser extent, an assessment of the volume of devices supplied into the market that incorporate or use our licensed intellectual property, combined with an estimate of the mix of such sales on a licensee-by-licensee basis, as well as the licensees’ average wholesale prices of such products. In the periods presented, we have recognized immaterial differences between preliminary royalty estimates provided to us by licensees and actual amounts reported and paid by licensees, which are generally received the following quarter, as licensees have not completed their royalty reporting process at the time estimates are provided to us, and in certain cases, they do not provide all necessary information in order for us to calculate an estimate of royalties due, which requires us to independently estimate certain information. We also consider in our estimates of sales-based royalties any changes in pricing we plan or expect to make and certain constraints on our ability to estimate such royalties. As a result of recognizing revenues in the period in which the licensees’ sales occur using estimates, adjustments to revenues are required in subsequent periods to reflect changes in estimates as new information becomes available, primarily resulting from actual amounts reported by our licensees.
We account for a contract with a customer/licensee when it is legally enforceable, the parties are committed to perform their respective obligations, the rights of the parties regarding the goods and/or services to be transferred are identified, payment terms are identified, the contract has commercial substance and collectability of substantially all of the consideration is probable, which for product sales, is generally when a customer purchase order is executed and for licensing revenues, is generally upon execution of a license agreement. If all such conditions are not met, revenues and any associated receivables are generally not recognized until such time that the required conditions are met. Cash collected from customers prior to a contract existing is recorded to other customer-related liabilities in other current liabilities.
From time to time, companies initiate various strategies in an attempt to negotiate, renegotiate, reduce and/or eliminate their need to pay royalties to us for the use of our intellectual property, which may include disputing, underreporting, underpaying, not reporting and/or not paying royalties owed to us under their license agreements with us, or reporting to us in a manner that is not in compliance with their contractual obligations. In such cases, we estimate and recognize licensing revenues only when we have a contract, as defined in the revenue recognition guidance, which includes, among other items, evaluating whether our license agreements remain valid and enforceable and evaluating licensees’ conduct and whether they remain committed to perform their respective obligations. We also estimate and recognize licensing revenues only to the extent it is probable that a significant reversal of cumulative revenues recognized will not occur, which includes, among other items, determining the expected impact, if any, to revenues of any license agreements that may be renegotiated and/or are newly entered into. We analyze the risk of a significant revenue reversal considering both the likelihood and magnitude of the reversal and, if necessary, constrain the amount of estimated revenues recognized in order to mitigate this risk, which may result in recognizing revenues less than amounts contractually owed to us. These aforementioned estimates may require significant judgment.
We measure revenues (including our estimates of sales-based royalties) based on the amount of consideration we expect to receive in exchange for products or services. We record reductions to revenues for customer incentive arrangements, including volume-related and other pricing rebates and cost reimbursements for marketing and other activities involving certain of our products and technologies, in the period that the related revenues are earned. For certain QCT (Qualcomm CDMA Technologies) customer incentive arrangements, there is complexity in applying certain contractual terms to determine the amount recorded as a reduction to revenues. For the periods presented, no significant reversals of revenues have been made related to such amounts previously recorded. The amounts accrued for customer incentive arrangements are recorded as a reduction to accounts receivable, net or as other current liabilities based on whether we have the intent and enforceable right of offset. Certain amounts recorded as a reduction to revenues for customer incentive arrangements are considered variable consideration and are included in the transaction price primarily based on estimating the most likely amount expected to be provided to the customer/licensee.
Adjustments made to revenues in subsequent periods to reflect changes in estimates as new information becomes available are included in our disclosure of revenues recognized from previously satisfied performance obligations (Note 2).
Revenues recognized from sales of our products and sales-based royalties are generally included in accounts receivable, net (including unbilled receivables) based on our unconditional right to payment for satisfied or partially satisfied
performance obligations. Our payment terms are generally short-term in duration, with payment due shortly after delivery for product sales and within the following quarter for QTL sales-based royalties.
We disaggregate our revenues by segment (Note 8), by products and services (as presented on our consolidated statements of operations), and for our QCT segment, by revenue stream, which is based on the industry and application in which our products are sold (as presented below). In certain cases, the determination of QCT revenues by industry and application requires the use of certain assumptions. Substantially all of QCT’s revenues consist of equipment revenues that are recognized at a point in time, and substantially all of QTL’s revenues represent licensing revenues that are recognized over time and are principally from royalties generated through our licensees’ sales of mobile handsets.
Share-Based Compensation
Share-Based Compensation. Share-based compensation expense for equity-classified awards, principally related to restricted stock units (RSUs), is measured at the grant date, or at the acquisition date for awards assumed in business combinations, based on the estimated fair value of the award and is recognized over the employee’s requisite service period. The fair values of RSUs are estimated based on the fair market values of the underlying stock on the dates of grant or dates the RSUs are assumed. Share-based compensation expense is adjusted to exclude amounts related to share-based awards that are expected to be forfeited.
Legal and Regulatory Proceedings
Legal and Regulatory Proceedings. We are currently involved in certain legal and regulatory proceedings. Litigation and investigations are inherently uncertain, and we face difficulties in evaluating or estimating likely outcomes or ranges of possible loss in antitrust and trade regulation investigations in particular. Investigations by antitrust and trade regulation agencies are not conducted in a consistent manner across jurisdictions. Further, each country and agency has different sets of laws, rules and regulations, both substantive and procedural, as well as different legal principles, theories and potential remedies, and some agencies may seek to use the investigation to advance domestic policy goals. Depending on the jurisdiction, these investigations can involve non-transparent procedures under which we may not receive access to evidence relied upon by the enforcement agency or that may be exculpatory and may not be informed of the specific legal theories or evidence considered or relied upon by the agency. Unlike in civil litigation in the United States, in foreign proceedings, we may not be entitled to discovery or depositions, allowed to cross-examine witnesses or confront our accusers. As a result, we may not be aware of, and may not be entitled to know, all allegations against us, or the information or documents provided to, or discovered or prepared by, the agency. Accordingly, we may have little or no idea what an agency’s intent is with respect to liability, penalties or the timing of a decision. In many cases the agencies are given significant discretion, and any available precedent may have limited, if any, predictive value in their jurisdictions or other jurisdictions. Accordingly, we cannot predict the outcome of these matters. A broad range of remedies with respect to our business practices that are deemed to violate applicable laws are potentially available. These remedies may include, among others, injunctions, monetary damages or fines or other orders to pay money and the issuance of orders to cease certain conduct and/or to modify our business practices.
If there is at least a reasonable possibility that a material loss may have been incurred associated with pending legal and regulatory proceedings, we disclose such fact, and if reasonably estimable, we provide an estimate of the possible loss or range of possible loss. We record our best estimate of a loss related to pending legal and regulatory proceedings when the loss is considered probable and the amount can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, we record the minimum estimated liability. As additional information becomes available, we assess the potential liability related to pending legal and regulatory proceedings and revise our estimates and update our disclosures accordingly. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Our legal costs associated with defending ourselves are recorded to expense as incurred.
Legal Costs, Policy Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Our legal costs associated with defending ourselves are recorded to expense as incurred.
Foreign Currency Foreign Currency. Certain foreign subsidiaries use a local currency as the functional currency. Resulting translation gains or losses are recorded as a component of accumulated other comprehensive income (loss). Transaction gains or losses related to balances denominated in a currency other than the functional currency of the entity involved are recognized in the consolidated statements of operations.
Income Taxes
Income Taxes. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Tax law and rate changes are reflected in income in the period such changes are enacted. We record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. We include interest and penalties related to income taxes, including unrecognized tax benefits, within income tax expense. We classify all deferred tax assets and liabilities as noncurrent in the consolidated balance sheets. We recognize excess tax benefits and shortfall tax detriments associated with share-based awards in the consolidated statements of operations, as a component of income tax expense, when realized.
Our income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service (IRS) and other tax authorities. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known.
We are subject to income taxes in the United States and numerous foreign jurisdictions, and the assessment of our income tax positions involves dealing with uncertainties in the application of complex tax laws and regulations in various taxing jurisdictions. In addition, the application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Significant judgments and estimates are required in
determining our provision for income taxes, including those related to special deductions such as FDII (foreign-derived intangible income), tax incentives, intercompany research and development cost-sharing arrangements, transfer pricing, tax credits and the realizability of deferred tax assets. While we believe we have appropriate support for the positions we have taken or that we plan to take on our tax returns, we regularly assess the potential outcomes of examinations by taxing authorities in determining the adequacy of our provision for income taxes. Therefore, the actual liability for U.S. or foreign taxes may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities. For tax years prior to fiscal 2021, we are participating in the IRS Compliance Assurance Process program whereby we endeavor to agree with the IRS on the treatment of all issues prior to filing our federal return.
Stockholders' equity policy, Stock repurchases
Stock Repurchases. To reflect share repurchases in the consolidated balance sheet, we (i) reduce common stock for the par value of the shares, (ii) reduce paid-in capital for the amount in excess of par to zero during the quarter in which the shares are repurchased and (iii) record the residual amount, if any, to retained earnings.
Earnings (Loss) Per Common Share
Earnings Per Share. Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed by dividing net income by the combination of the weighted-average number of common shares outstanding and the weighted-average number of dilutive common share equivalents, comprised of shares issuable under our share-based compensation plans, during the reporting period, using the treasury stock method. The following table provides information about the diluted earnings per share calculation (in millions):
202420232022
Dilutive common share equivalents included in diluted shares14 9 14 
Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period4 7 1 
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted.
Segment Reporting Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued new requirements to disclose certain incremental segment information on an annual and interim basis, including (among other items) additional disclosure about significant segment expenses. We will adopt the new requirements for our annual periods starting in fiscal 2025 (and interim periods thereafter) on a retrospective basis.
Income Tax Disclosures: In December 2023, the FASB issued new requirements to disclose annually certain additional detailed income tax information related to the effective tax rate reconciliation and income taxes paid, among other items. We will adopt the new requirements starting in fiscal 2026 on a retrospective basis.
Income Statement - Expense Disaggregation Disclosures: In November 2024, the FASB issued new requirements to disclose certain additional expense information on an annual and interim basis, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt the new requirements starting in fiscal 2028 on a prospective basis.
Segment Reporting, Policy We are organized on the basis of products and services and have three reportable segments.
Segment Reporting EBT Policy
Our CODM allocates resources to and evaluates the performance of our segments based on revenues and earnings (loss) before income taxes (EBT). Segment EBT includes the allocation of certain corporate expenses to the segments, including depreciation and amortization expense related to certain corporate assets. Certain income and charges are not allocated to segments in our management reports because they are not considered in evaluating the segments’ operating performance. Unallocated income and charges include certain interest expense, certain net investment income, share-based compensation, gains and losses on our deferred compensation plan liabilities and related assets and certain research and development
expenses, certain selling, general and administrative expenses and other expenses or income that were deemed to be not directly related to the businesses of the segments. Additionally, unallocated charges include recognition of the step-up of inventories and property, plant and equipment to fair value, amortization of certain intangible assets and certain other acquisition-related charges, third-party acquisition and integration services costs and certain other items, which may include major restructuring and restructuring-related costs, asset impairment charges and awards, settlements and/or damages arising from legal or regulatory matters. Our CODM does not evaluate our operating segments using discrete asset information.
v3.24.3
Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 29, 2024
Accounting Policies [Abstract]  
Notional Amounts of Outstanding Derivative Positions
Gross Notional Amounts: The gross notional amounts of our foreign currency and interest rate derivatives by instrument type were as follows (in millions):
September 29,
2024		September 24,
2023
Forwards$2,723 $2,432 
Options792 667 
Swaps2,050 2,050 
$5,565 $5,149 
The gross notional amounts of our derivatives by currency were as follows (in millions):
September 29,
2024		September 24,
2023
Chinese renminbi$1,456 $1,333 
Indian rupee1,373 1,151 
United States dollar2,205 2,181 
Other531 484 
$5,565 $5,149 
Schedule of diluted earnings per share The following table provides information about the diluted earnings per share calculation (in millions):
202420232022
Dilutive common share equivalents included in diluted shares14 9 14 
Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period4 7 1 
v3.24.3
Composition of Certain Financial Statement Items (Tables)
 12 Months Ended
Sep. 29, 2024
Balance Sheet Related Disclosures [Abstract]  
Accounts Receivable
Accounts Receivable (in millions)
September 29,
2024		September 24,
2023
Trade, net of allowances for doubtful accounts $2,347 $1,923 
Unbilled1,546 1,223 
Other36 37 
$3,929 $3,183 
Inventories
Inventories (in millions)
September 29,
2024		September 24,
2023
Raw materials$340 $176 
Work-in-process3,497 4,096 
Finished goods2,586 2,150 
$6,423 $6,422 
Property, Plant and Equipment
Property, Plant and Equipment (in millions)
September 29,
2024		September 24,
2023
Land$169 $169 
Buildings and improvements1,888 1,849 
Computer equipment and software2,022 1,773 
Machinery and equipment8,647 8,078 
Furniture and office equipment139 130 
Leasehold improvements550 485 
Construction in progress126 226 
13,541 12,710 
Less accumulated depreciation and amortization(8,876)(7,668)
$4,665 $5,042 
Goodwill The following table presents the goodwill allocated to our segments, as described in Note 8, as well as the changes in the carrying amounts of goodwill during fiscal 2024 and 2023 (in millions):
QCTQTLTotal
Balance at September 25, 2022
$9,777 $731 $10,508 
Acquisitions76 — 76 
Foreign currency translation adjustments56 2 58 
Balance at September 24, 2023 (1)
9,909 733 10,642 
Acquisitions126 — 126 
Foreign currency translation adjustments30 1 31 
Balance at September 29, 2024 (1)
$10,065 $734 $10,799 
(1) Cumulative goodwill impairments were $812 million at both September 29, 2024 and September 24, 2023.
Intangible Assets
The components of other intangible assets, net were as follows (in millions):
September 29, 2024September 24, 2023
Gross Carrying
Amount		Accumulated
Amortization		Weighted-average amortization period
(years)		Gross Carrying
Amount		Accumulated
Amortization		Weighted-average amortization period
(years)
Technology-based$2,498 $(1,275)9$4,292 $(2,912)12
Other69 (48)1170 (42)11
$2,567 $(1,323)9$4,362 $(2,954)11
Equity Method and Non-marketable Equity Investments The carrying values of our equity method and non-marketable equity investments are recorded in other assets and were as follows (in millions):
September 29,
2024		September 24,
2023
Equity method investments$154 $164 
Non-marketable equity investments (1)
1,187 1,072 
$1,341 $1,236 
(1) Cumulative unrealized gains were $370 million and $241 million at September 29, 2024 and September 24, 2023, respectively. Cumulative unrealized losses, including impairments, were $385 million and $335 million at September 29, 2024 and September 24, 2023, respectively.
Other Current Liabilities
Other Current Liabilities (in millions)
September 29,
2024		September 24,
2023
Customer incentives and other customer-related liabilities$2,480 $1,821 
Income taxes payable1,080 1,717 
Other865 953 
$4,425 $4,491 
QCT Revenues Disaggregated QCT revenue streams were as follows (in millions):
202420232022
Handsets (1)$24,863 $22,570 $28,815 
Automotive (2)2,910 1,872 1,509 
IoT (internet of things) (3)5,423 5,940 7,353 
Total QCT revenues$33,196 $30,382 $37,677 
(1) Includes revenues from products sold for use in mobile handsets.
(2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and ADAS/AD.
(3) Primarily includes products sold for use in the following industries and applications: consumer (including PCs, tablets, voice and music and XR), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
Revenue recognized from performance obligations satisfied in previous periods
Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain QCT sales-based royalty revenues related to system software, certain amounts related to QCT customer incentives and QTL royalty revenues recognized related to devices sold in prior periods (including adjustments to prior period royalty estimates, which includes the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
202420232022
Revenues recognized from previously satisfied performance obligations
$558 $598 $788 
Concentrations Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
September 29,
2024		September 24,
2023		September 25,
2022
Customer/licensee (x)
22 %27 %21 %
Customer/licensee (y)
19 21 21 
Customer/licensee (z)
12 **
* Less than 10%
Investment and Other Income, net
Investment and Other Income (Expense), Net (in millions)
202420232022
Interest and dividend income$675 $313 $91 
Net gains (losses) on marketable securities
14 75 (363)
Net gains on other investments175 21 113 
Net gains (losses) on deferred compensation plan assets
198 86 (141)
Impairment losses on other investments(79)(132)(47)
Other(21)(14)(25)
$962 $349 $(372)
v3.24.3
Income Taxes (Tables)
 12 Months Ended
Sep. 29, 2024
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense (Benefit)
The components of the income tax provision from continuing operations were as follows (in millions):
202420232022
Current provision:   
Federal$1,306 $1,229 $1,114 
State3 10 1 
Foreign (1)805 491 906 
2,114 1,730 2,021 
Deferred (benefit) provision:   
Federal(1,553)(1,475)(34)
State(4)(8)15 
Foreign (1)(331)(143)10 
(1,888)(1,626)(9)
$226 $104 $2,012 
(1) The foreign component of the income tax provision included foreign withholding taxes on royalty revenues included in U.S. earnings.
Income before Income Tax, Domestic and Foreign
The components of income from continuing operations before income taxes by U.S. and foreign jurisdictions were as follows (in millions):
202420232022
United States$9,169 $6,400 $12,537 
Foreign1,167 1,043 2,461 
$10,336 $7,443 $14,998 
Effective Income Tax Rate Reconciliation
The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision from continuing operations (in millions, except percentages). A significant portion of our U.S. income qualifies for preferential treatment as FDII at a 13% effective tax rate.
202420232022
Expected income tax provision at federal statutory tax rate$2,171 $1,563$3,150 
Benefit from FDII deduction, excluding the impact of capitalizing research and development expenditures(596)(447)(753)
Benefit from FDII deduction related to capitalizing research and development expenditures(585)(598)— 
Benefit related to the transfer of intellectual property between foreign subsidiaries
(317)— — 
Benefit related to research and development tax credits(259)(235)(224)
Excess tax (benefit) deficiency associated with share-based awards(176)3 (257)
Foreign currency (gains) losses related to Korean withholding tax receivable(21)(66)243 
Benefit from fiscal 2021 and 2022 FDII deductions related to a change in sourcing of research and development expenditures— (126)— 
Benefit from releasing valuation allowance on unutilized foreign loss carryforwards— (114)— 
Nontaxable reversal of 2018 EC fine— — (224)
Other9 124 77 
$226 $104 $2,012 
Effective tax rate2 %1 %13 %
Deferred Tax Assets and Liabilities
We had deferred tax assets and deferred tax liabilities as follows (in millions):
September 29,
2024		September 24,
2023
Capitalized research and development expenditures
$3,015 $1,490 
Unused tax credits2,172 1,819 
Customer incentives769 659 
Unused net operating losses719 364 
Accrued liabilities and reserves397 401 
Operating lease liabilities282 216 
Share-based compensation152 285 
Unrealized losses on other investments and marketable securities146 159 
Other459 409 
Total gross deferred tax assets8,111 5,802 
Valuation allowance(2,061)(1,803)
Total net deferred tax assets6,050 3,999 
Intangible assets(388)(335)
Operating lease assets(248)(194)
Unrealized gains on other investments and marketable securities(169)(101)
Other(197)(170)
Total deferred tax liabilities(1,002)(800)
Net deferred tax assets$5,048 $3,199 
Reported as:  
Non-current deferred tax assets$5,162 $3,310 
        Non-current deferred tax liabilities (1)(114)(111)
$5,048 $3,199 
(1) Non-current deferred tax liabilities were included in other liabilities in the consolidated balance sheets.
Unrecognized Tax Benefits Roll Forward
A summary of the changes in the amount of unrecognized tax benefits for fiscal 2024, 2023 and 2022 follows (in millions):
202420232022
Beginning balance of unrecognized tax benefits$2,296 $2,191 $2,136 
Additions based on prior year tax positions2 10 58 
Reductions for prior year tax positions and lapse in statute of limitations(1)(63)(136)
Additions for current year tax positions153 158 184 
Settlements with taxing authorities— — (51)
Ending balance of unrecognized tax benefits$2,450 $2,296 $2,191 
v3.24.3
Capital Stock Shares Outstanding (Tables)
 12 Months Ended
Sep. 29, 2024
Shares Outstanding [Abstract]  
Schedule of Capital Units [Table Text Block]
Shares Outstanding. Shares of common stock outstanding at September 29, 2024 were as follows (in millions):
Balance at beginning of period
1,114 
Issued
24 
Repurchased
(25)

1,113
v3.24.3
Employee Benefit Plans (Tables)
 12 Months Ended
Sep. 29, 2024
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation Arrangements by Share-based Payment Award
The following is a summary of employee RSU transactions that contain only service requirements to vest:
Number of Shares
(in millions)		Weighted-Average
Grant Date Fair Value
RSUs outstanding at September 24, 202335 $122.86 
RSUs granted21 134.31 
RSUs canceled/forfeited(3)124.84 
RSUs vested(25)124.45 
RSUs outstanding at September 29, 202428 129.61 
Share-based Compensation Expense Total share-based compensation expense, related to all of our share-based awards, was comprised as follows (in millions):
202420232022
Cost of revenues$89 $76 $61 
Research and development2,024 1,911 1,537 
Selling, general and administrative535 497 463 
Share-based compensation expense before income taxes2,648 2,484 2,061 
Related income tax benefit(662)(463)(489)
$1,986 $2,021 $1,572 
v3.24.3
Debt (Tables)
 12 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Long-term debt
The following table provides a summary of our long-term debt and current portion of long-term debt:
September 29, 2024September 24, 2023
MaturitiesAmount
(in millions)		Effective RateMaturitiesAmount
(in millions)		Effective Rate
May 2015 Notes
2025 - 2045
$3,865 
3.45% - 4.72%
2025 - 2045
$3,865 
3.46% - 4.73%
May 2017 Notes
2027 - 2047
3,500 
3.81% - 4.45%
2024 - 2047
4,414 
3.00% - 4.45%
May 2020 Notes
2030 - 2050
2,000 
2.84% - 3.30%
2030 - 2050
2,000 
3.22% - 3.30%
August 2020 Notes
2028 - 2032
2,207 
2.37% - 3.39%
2028 - 2032
2,207 
2.65% - 3.89%
May 2022 Notes
2032 - 2052
1,500 
3.17% - 4.28%
2032 - 2052
1,500 
3.15% - 4.27%
November 2022 Notes
2033 - 2053
1,900 
3.50% - 5.07%
2033 - 2053
1,900 
3.47% - 5.02%
Total principal14,972 15,886 
Unamortized discount, including debt issuance costs(212)(238)
Hedge accounting adjustments(126)(250)
Total long-term debt$14,634 $15,398 
Reported as:
Short-term debt$1,364 $914 
Long-term debt13,270 14,484 
   Total$14,634 $15,398 
v3.24.3
Commitments and Contingencies (Tables)
 12 Months Ended
Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]  
Lessee, Operating Lease, Liability, Maturity
At September 29, 2024, future lease payments under our operating leases were as follows (in millions):
September 29,
2024
2025
$136 
2026
134 
2027
127 
2028
117 
2029
102 
Thereafter468 
Total future lease payments1,084 
Imputed interest(278)
Total lease liability balance$806 
v3.24.3
Segment Information (Tables)
 12 Months Ended
Sep. 29, 2024
Segment Reporting [Abstract]  
Revenues, EBT, and Assets for reportable segments
The table below presents revenues and EBT for reportable segments (in millions):
202420232022
Revenues:
QCT$33,196 $30,382 $37,677 
QTL5,572 5,306 6,358 
QSI18 28 31 
Reconciling items176 104 134 
Total$38,962 $35,820 $44,200 
EBT:
QCT$9,527 $7,924 $12,837 
QTL4,027 3,628 4,628 
QSI104 (12)(279)
Reconciling items(3,322)(4,097)(2,188)
Total$10,336 $7,443 $14,998 
Reconciling items for reportable segments - revenues
Reconciling items for revenues and EBT in the previous table were as follows (in millions):
202420232022
Revenues:
Nonreportable segments$176 $144 $134 
Unallocated revenues
— (40)— 
$176 $104 $134 
EBT:
Unallocated revenues
$— $(40)$— 
Unallocated cost of revenues(229)(205)(266)
Unallocated research and development expenses(2,277)(2,034)(1,767)
Unallocated selling, general and administrative expenses(781)(588)(609)
Unallocated other (expense) income (Note 2)
(179)(862)1,059 
Unallocated interest expense(697)(694)(490)
Unallocated investment and other income (expense), net
855 364 (91)
Nonreportable segments(14)(38)(24)
$(3,322)$(4,097)$(2,188)
Reconciling items for reportable segments - EBT
Reconciling items for revenues and EBT in the previous table were as follows (in millions):
202420232022
Revenues:
Nonreportable segments$176 $144 $134 
Unallocated revenues
— (40)— 
$176 $104 $134 
EBT:
Unallocated revenues
$— $(40)$— 
Unallocated cost of revenues(229)(205)(266)
Unallocated research and development expenses(2,277)(2,034)(1,767)
Unallocated selling, general and administrative expenses(781)(588)(609)
Unallocated other (expense) income (Note 2)
(179)(862)1,059 
Unallocated interest expense(697)(694)(490)
Unallocated investment and other income (expense), net
855 364 (91)
Nonreportable segments(14)(38)(24)
$(3,322)$(4,097)$(2,188)
Revenue from external customers attributed to foreign countries by geographic area
Beginning in fiscal 2024, revenues by country are presented based on our customer’s/licensee’s headquarter location and were as follows (in millions):
202420232022
China (including Hong Kong)$17,826 46 %$13,386 37 %$18,977 43 %
United States9,686 25 10,503 29 10,501 24 
South Korea7,995 20 8,075 23 9,666 22 
Other foreign3,455 9 3,856 11 5,056 11 
$38,962 100 %$35,820 100 %$44,200 100 %
v3.24.3
Fair Value Measurements (Tables)
 12 Months Ended
Sep. 29, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 29, 2024 (in millions):
Level 1Level 2Level 3Total
Assets:    
Cash equivalents$3,802 $446 $— $4,248 
Marketable securities:    
Corporate bonds and notes$— $4,634 $— $4,634 
Mortgage- and asset-backed securities— 487 — 487 
U.S. Treasury securities and government-related securities176 32 — 208 
Equity securities 122 — — 122 
Total marketable securities298 5,153 — 5,451 
Derivative instruments— 30 — 30 
Other investments (1)
954 — 42 996 
Total assets measured at fair value$5,054 $5,629 $42 $10,725 
Liabilities:    
Derivative instruments$— $138 $— $138 
Other liabilities (1)
950 — — 950 
Total liabilities measured at fair value$950 $138 $— $1,088 
(1) Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan assets and liabilities.
Investments Classified by Contractual Maturity Date
The contractual maturities of available-for-sale debt securities were as follows (in millions):
September 29,
2024
Years to Maturity:
Less than one year$1,387 
One to five years3,455 
No single maturity date487 
Total$5,329 
v3.24.3
Schedule II - Valuation and Qualifying Accounts (Tables)
 12 Months Ended
Sep. 29, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Summary of Valuation Allowance
The table below details the activity of the valuation allowance on deferred tax assets for fiscal 2024, 2023 and 2022 (in millions):
Balance at
Beginning of
Period
Charged (Credited) to
Costs and
Expenses
OtherBalance at
End of
Period
Year ended September 29, 2024$1,803 $258 $— $2,061 
Year ended September 24, 20232,223 (420)— 1,803 
Year ended September 25, 20221,926 278 19 2,223 
v3.24.3
Significant Accounting Policies Derivatives and Other Hedging Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Derivative      
Derivative Asset, Fair Value Recorded in Assets $ 30 $ 32  
Derivative Liability, Fair Value Recorded in Liabilities 138 317  
Derivative, Notional Amount $ 5,565 $ 5,149  
Net (losses) gains on derivative instruments, Statement of Income or Comprehensive Income Investment and other income (expense), net Investment and other income (expense), net Investment and other income (expense), net
Chinese renminbi      
Derivative      
Derivative, Notional Amount $ 1,456 $ 1,333  
Indian rupee      
Derivative      
Derivative, Notional Amount 1,373 1,151  
United States dollar      
Derivative      
Derivative, Notional Amount 2,205 2,181  
Other      
Derivative      
Derivative, Notional Amount 531 484  
Forwards      
Derivative      
Derivative, Notional Amount 2,723 2,432  
Options      
Derivative      
Derivative, Notional Amount 792 667  
Swaps      
Derivative      
Derivative, Notional Amount $ 2,050 $ 2,050  
Foreign Currency Hedges [Member] | Minimum      
Derivative      
Derivative, Remaining Maturity 1 month 1 month  
Foreign Currency Hedges [Member] | Maximum      
Derivative      
Derivative, Remaining Maturity 24 months 24 months  
v3.24.3
Significant Accounting Policies Property, Plant and Equipment (Details)
Sep. 29, 2024
Building  
Property, Plant and Equipment  
Property, Plant and Equipment, Useful Life 30 years
Building | Maximum  
Property, Plant and Equipment  
Property, Plant and Equipment, Useful Life 30 years
Building Improvements  
Property, Plant and Equipment  
Property, Plant and Equipment, Useful Life 15 years
Leasehold Improvements | Maximum  
Property, Plant and Equipment  
Property, Plant and Equipment, Useful Life 15 years
Property, Plant and Equipment, Other Types | Minimum  
Property, Plant and Equipment  
Property, Plant and Equipment, Useful Life 2 years
Property, Plant and Equipment, Other Types | Maximum  
Property, Plant and Equipment  
Property, Plant and Equipment, Useful Life 15 years
v3.24.3
Significant Accounting Policies Revenue Recognition (Details)
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Revenue from External Customer      
Revenue, Performance Obligation, Description of Payment Terms Our payment terms are generally short-term in duration, with payment due shortly after delivery for product sales and within the following quarter for QTL sales-based royalties.    
Service, Other      
Revenue from External Customer      
Revenues from providing services and licensing system software, percentage 5.00% 5.00% 5.00%
v3.24.3
Significant Accounting Policies Earnings Per Common Share (Details) - shares
shares in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Incremental Dilutive Common Share Equivalents      
Dilutive common share equivalents included in diluted shares 14 9 14
Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period 4 7 1
v3.24.3
Composition of Certain Financial Statement Items Accounts Receivable (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Sep. 24, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Trade, net of allowances for doubtful accounts $ 2,347 $ 1,923
Unbilled 1,546 1,223
Other 36 37
Accounts receivable, net $ 3,929 $ 3,183
v3.24.3
Composition of Certain Financial Statement Items Inventories (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Sep. 24, 2023
Inventory, Net [Abstract]    
Raw materials $ 340 $ 176
Work-in-process 3,497 4,096
Finished goods 2,586 2,150
Inventories $ 6,423 $ 6,422
v3.24.3
Composition of Certain Financial Statement Items Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Property, Plant and Equipment [Abstract]      
Land $ 169 $ 169  
Buildings and improvements 1,888 1,849  
Computer equipment and software 2,022 1,773  
Machinery and equipment 8,647 8,078  
Furniture and office equipment 139 130  
Leasehold improvements 550 485  
Construction in progress 126 226  
Property, plant and equipment, gross 13,541 12,710  
Less accumulated depreciation and amortization (8,876) (7,668)  
Property, plant and equipment, net 4,665 5,042  
Depreciation and amortization expense $ 1,400 $ 1,400 $ 1,300
v3.24.3
Composition of Certain Financial Statement Items Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Goodwill [Roll Forward]    
Beginning balance $ 10,642 [1] $ 10,508
Acquisitions 126 76
Foreign currency translation adjustments 31 58
Ending balance [1] 10,799 10,642
Cumulative goodwill impairments 812 812
QCT    
Goodwill [Roll Forward]    
Beginning balance 9,909 [1] 9,777
Acquisitions 126 76
Foreign currency translation adjustments 30 56
Ending balance [1] 10,065 9,909
QTL    
Goodwill [Roll Forward]    
Beginning balance 733 [1] 731
Acquisitions 0 0
Foreign currency translation adjustments 1 2
Ending balance [1] $ 734 $ 733
[1] Cumulative goodwill impairments were $812 million at both September 29, 2024 and September 24, 2023.
v3.24.3
Composition of Certain Financial Statement Items Other Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Other intangible assets      
Gross Carrying Amount $ 2,567 $ 4,362  
Accumulated Amortization $ (1,323) $ (2,954)  
Weighted-average amortization period (years) 9 years 11 years  
In-process research and development (IPR&D) $ 188 $ 435  
Amortization of intangible assets 311 418 $ 482
Amortization expense, Fiscal 2025 290    
Amortization expense, Fiscal 2026 274    
Amortization expense, Fiscal 2027 187    
Amortization expense, Fiscal 2028 156    
Amortization expense, Fiscal 2029 129    
Amortization expense, thereafter 208    
Technology-based      
Other intangible assets      
Gross Carrying Amount 2,498 4,292  
Accumulated Amortization $ (1,275) $ (2,912)  
Weighted-average amortization period (years) 9 years 12 years  
Other      
Other intangible assets      
Gross Carrying Amount $ 69 $ 70  
Accumulated Amortization $ (48) $ (42)  
Weighted-average amortization period (years) 11 years 11 years  
v3.24.3
Composition of Certain Financial Statement Items Equity Method and Non-marketable Equity Investments (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Sep. 24, 2023
Equity Method and Non-Marketable Equity Investments [Abstract]    
Equity method investments $ 154 $ 164
Non-marketable equity investments [1] 1,187 1,072
Carrying value of equity method and non-marketable equity investments 1,341 1,236
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount 370 241
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Cumulative Amount $ 385 $ 335
[1] Cumulative unrealized gains were $370 million and $241 million at September 29, 2024 and September 24, 2023, respectively. Cumulative unrealized losses, including impairments, were $385 million and $335 million at September 29, 2024 and September 24, 2023, respectively.
v3.24.3
Composition of Certain Financial Statement Items Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Sep. 24, 2023
Other Liabilities, Current [Abstract]    
Customer incentives and other customer-related liabilities $ 2,480 $ 1,821
Income taxes payable 1,080 1,717
Other 865 953
Other current liabilities $ 4,425 $ 4,491
v3.24.3
Composition of Certain Financial Statement Items Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Revenues      
Revenues $ 38,962 $ 35,820 $ 44,200
Contract with Customer, Performance Obligation Satisfied in Previous Period 558 598 788
Contract with Customer, Liability, Revenue Recognized $ 312 355  
Minimum      
Revenues      
Patent license agreement expiration period 2025    
Maximum      
Revenues      
Patent license agreement expiration period 2031    
QCT      
Revenues      
Revenues $ 33,196 30,382 37,677
QCT | Handsets      
Revenues      
Revenues [1] 24,863 22,570 28,815
QCT | Automotive      
Revenues      
Revenues [2] 2,910 1,872 1,509
QCT | IoT (internet of things)      
Revenues      
Revenues [3] 5,423 5,940 7,353
QTL      
Revenues      
Revenues $ 5,572 $ 5,306 $ 6,358
Customer/licensee one | Customer Concentration Risk | Sales      
Concentration Risk      
Percentage of total 22.00% 27.00% 21.00%
Customer/licensee two | Customer Concentration Risk | Sales      
Concentration Risk      
Percentage of total 19.00% 21.00% 21.00%
Customer/licensee three | Customer Concentration Risk | Sales      
Concentration Risk      
Percentage of total 12.00%    
[1] Includes revenues from products sold for use in mobile handsets.
[2] Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and ADAS/AD.
[3] Primarily includes products sold for use in the following industries and applications: consumer (including PCs, tablets, voice and music and XR), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
v3.24.3
Composition of Certain Financial Statement Items Other Income, Costs and Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 24, 2023
Sep. 25, 2022
Restructuring and Restructuring Related Costs    
Restructuring and restructuring related charges $ 712  
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income Other expense  
Impaired Intangible Assets    
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) $ 150  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income Other expense  
EC    
Loss Contingencies    
Other Operating Income   $ 1,100
v3.24.3
Composition of Certain Financial Statement Items Discontinued Operations (Details) - USD ($)
$ in Billions
Apr. 01, 2022
Jun. 01, 2023
Veoneer    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Payments to acquire business including debt assumed $ 4.7  
Veoneer's Active Safety [Member]    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Disposal Group, Including Discontinued Operation, Consideration   $ 1.5
v3.24.3
Composition of Certain Financial Statement Items Investment and Other Income, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Investment Income, Net [Abstract]      
Interest and dividend income $ 675 $ 313 $ 91
Net gains (losses) on marketable securities 14 75 (363)
Net gains on other investments 175 21 113
Net gains (losses) on deferred compensation plan assets 198 86 (141)
Impairment losses on other investments (79) (132) (47)
Other (21) (14) (25)
Investment and other income (expense), net $ 962 $ 349 $ (372)
v3.24.3
Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2026
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Current provision (benefit):        
Federal   $ 1,306 $ 1,229 $ 1,114
State   3 10 1
Foreign [1]   805 491 906
Current Income tax provision   2,114 1,730 2,021
Deferred (benefit) provision:        
Federal   (1,553) (1,475) (34)
State   (4) (8) 15
Foreign [1]   (331) (143) 10
Deferred provision (benefit)   (1,888) (1,626) (9)
Components of income before income taxes        
United States   9,169 6,400 12,537
Foreign   1,167 1,043 2,461
Income from continuing operations before income taxes   10,336 7,443 14,998
Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Expected income tax provision at federal statutory tax rate   2,171 1,563 3,150
Benefit from FDII deduction, excluding the impact of capitalizing research and development expenditures   (596) (447) (753)
Benefit from FDII deduction related to capitalizing research and development expenditures   (585) (598) 0
Benefit related to the transfer of intellectual property between foreign subsidiaries   (317) 0 0
Benefit related to research and development tax credits   (259) (235) (224)
Excess tax (benefit) deficiency associated with share-based awards   (176) 3 (257)
Foreign currency (gains) losses related to Korean withholding tax receivable   (21) (66) 243
Benefit from fiscal 2021 and 2022 FDII deductions related to a change in sourcing of research and development expenditures   0 (126) 0
Benefit from releasing valuation allowance on unutilized foreign loss carryforwards   0 (114) 0
Nontaxable reversal of 2018 EC fine   0 0 (224)
Other   9 124 77
Income Tax Expense (Benefit)   $ 226 $ 104 $ 2,012
Effective Income Tax Rate Reconciliation, Percent   2.00% 1.00% 13.00%
Income Taxes Receivable, Noncurrent   $ 2,200 $ 2,000  
Liability for Uncertainty in Income Taxes, Noncurrent   2,500 2,300  
Accrued Income Taxes, Current   1,080 1,717  
Deferred Tax Assets        
Capitalized research and development expenditures   3,015 1,490  
Unused tax credits   2,172 1,819  
Customer incentives   769 659  
Unused net operating losses   719 364  
Accrued liabilities and reserves   397 401  
Operating lease liabilities   282 216  
Share-based compensation   152 285  
Unrealized losses on other investments and marketable securities   146 159  
Other   459 409  
Total gross deferred tax assets   8,111 5,802  
Valuation allowance   (2,061) (1,803)  
Total net deferred tax assets   6,050 3,999  
Deferred Tax Liabilities        
Intangible assets   (388) (335)  
Operating lease assets   (248) (194)  
Unrealized gains on other investments and marketable securities   (169) (101)  
Other   (197) (170)  
Total deferred tax liabilities   (1,002) (800)  
Net deferred tax assets   5,048 3,199  
Non-current deferred tax assets   5,162 3,310  
Changes in the amount of unrecognized tax benefits: [Roll Forward]        
Beginning balance of unrecognized tax benefits   2,296 2,191 $ 2,136
Additions based on prior year tax positions   2 10 58
Reductions for prior year tax positions and lapse in statute of limitations   (1) (63) (136)
Additions for current year tax positions   153 158 184
Settlements with taxing authorities   0 0 (51)
Ending balance of unrecognized tax benefits   2,450 2,296 2,191
Unrecognized Tax Benefits that Would Impact Effective Tax Rate   91    
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued   250    
Income Taxes Receivable   181    
Income Taxes Paid, Net [Abstract]        
Cash paid for income taxes   3,300 1,400 $ 2,100
Other Liabilities [Member]        
Deferred Tax Liabilities        
Non-current deferred tax liabilities (1) [2]   (114) $ (111)  
Changes in the amount of unrecognized tax benefits: [Roll Forward]        
Ending balance of unrecognized tax benefits   $ 2,300    
FDII Effective Tax Rate [Member]        
Income Taxes Paid, Net [Abstract]        
Effective Income Tax Rate Reconciliation, FDII, Percent   13.00%    
U.S. Tax Cuts and Jobs Act Effective 2018 [Member]        
Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Accrued Income Taxes, Current   $ 530    
Accrued Income Taxes   1,000    
Internal Revenue Service (IRS) [Member]        
Components of Deferred Tax Assets [Abstract]        
Operating Loss Carryforwards   150    
Operating Loss Carryforwards, Subject to Expiration   102    
Operating Loss Carryforwards, Not Subject to Expiration   48    
Unused Income Tax Credits   219    
FDII Tax Rate Effective 2027 | Forecast [Member]        
Income Taxes Paid, Net [Abstract]        
Effective Income Tax Rate Reconciliation, FDII, Percent 16.00%      
Foreign Tax Authority [Member]        
Deferred Tax Assets        
Valuation allowance   (121)    
Components of Deferred Tax Assets [Abstract]        
Operating Loss Carryforwards, Not Subject to Expiration   2,600    
Unused Income Tax Credits   92    
State and Local Jurisdiction [Member]        
Components of Deferred Tax Assets [Abstract]        
Operating Loss Carryforwards, Subject to Expiration   817    
Unused Income Tax Credits   1,900    
Tax credit, Valuation allowance   1,900    
Operating losses, Valuation allowance   $ 41    
Internal Revenue Service (IRS) [Member] | FDII Effective Tax Rate [Member]        
Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Effective Income Tax Rate Reconciliation, Percent   21.00%    
[1] The foreign component of the income tax provision included foreign withholding taxes on royalty revenues included in U.S. earnings.
[2] Non-current deferred tax liabilities were included in other liabilities in the consolidated balance sheets.
v3.24.3
Capital Stock Stock Repurchase Program (Details) - USD ($)
$ in Billions
Nov. 06, 2024
Sep. 29, 2024
Oct. 12, 2021
$10B stock repurchase program announced October 12, 2021      
Stock Repurchase Program      
Authorized Amount     $ 10.0
Remaining authorized amount   $ 1.0  
$15B stock repurchase program announced November 6, 2024 | Subsequent Event [Member]      
Stock Repurchase Program      
Authorized Amount $ 15.0    
v3.24.3
Capital Stock Shares Outstanding (Details)
shares in Millions
 12 Months Ended
Sep. 29, 2024
shares
Shares Outstanding [Abstract]  
Common Stock, Shares, Outstanding, Beginning Balance 1,114
Issued 24
Repurchased (25)
Common Stock, Shares, Outstanding, Ending Balance 1,113
v3.24.3
Capital Stock Dividends (Details) - $ / shares
 12 Months Ended
Dec. 19, 2024
Dec. 05, 2024
Oct. 16, 2024
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Dividends Payable            
Dividends per share announced       $ 3.30 $ 3.10 $ 2.86
Subsequent Event [Member] | Dividend Declared [Member]            
Dividends Payable            
Dividends Payable, Date Declared     Oct. 16, 2024      
Dividends per share announced     $ 0.85      
Dividends Payable, Date to be Paid Dec. 19, 2024          
Dividends Payable, Date of Record   Dec. 05, 2024        
v3.24.3
Employee Benefit Plans Equity Compensation Plans (Details) - shares
shares in Millions
Mar. 05, 2024
Sep. 29, 2024
Equity Compensation Plans    
Share reserve approved 15  
Share-based Payment Arrangement [Member]    
Equity Compensation Plans    
Number of shares available for grant   75
v3.24.3
Employee Benefit Plans Restricted Stock Units (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award      
Vesting period 3 years    
Summary of Restricted Stock Units [Roll Forward]      
RSUs outstanding at beginning of the period 35    
RSUs granted 21    
RSUs canceled/forfeited (3)    
RSUs vested (25)    
RSUs outstanding at end of the period 28 35  
RSUs outstanding at beginning of the period, weighted average grant date fair value $ 122.86    
RSUs granted, weighted average grant date fair value 134.31 $ 116.80 $ 136.09
RSUs cancelled/forfeited, weighted average grant date fair value 124.84    
RSUs vested, weighted average grant date fair value 124.45    
RSUs outstanding at end of the period, weighted average grant date fair value $ 129.61 $ 122.86  
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Pre-vesting Forfeiture Rate 6.00% 7.00% 6.00%
Unrecognized compensation expense related to non-vested awards $ 2,900    
Weighted-average period over which the total unrecognized compensation expense is expected to be recognized 1 year 8 months 12 days    
Total vest-date fair value of restricted stock units that vested during the period $ 4,000 $ 2,100 $ 2,900
Shares withheld to satisfy statutory tax withholding 6 4 5
Share-based Payment Arrangement, Option [Member]      
Summary of Restricted Stock Units [Roll Forward]      
Share-based Payment Arrangement, Exercise of Option, Tax Benefit $ 840 $ 435 $ 627
v3.24.3
Employee Benefit Plans Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plans [Member] - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award      
Percentage applied to fair market value of the Company's common stock to determine purchase price 85.00%    
Shares reserved for future issuances 15    
Cash received from the exercise of purchase rights $ 379 $ 395 $ 355
v3.24.3
Compensation Related Costs, Share Based Payments (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Share-based compensation expense before income taxes $ 2,648 $ 2,484 $ 2,061
Related income tax benefit (662) (463) (489)
Share-based compensation expense, net of income taxes 1,986 2,021 1,572
Cost of revenues      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Share-based compensation expense before income taxes 89 76 61
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Share-based compensation expense before income taxes 2,024 1,911 1,537
Selling, general and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount      
Share-based compensation expense before income taxes $ 535 $ 497 $ 463
v3.24.3
Debt Long-term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Long-term Debt [Abstract]      
Repayment of long-term debt $ 914 $ 1,446 $ 1,540
Long-term debt, Principal amount 14,972 15,886  
Unamortized discount including debt issuance costs (212) (238)  
Hedge accounting adjustments (126) (250)  
Debt, Long-term and Short-term, Combined Amount 14,634 15,398  
Long-term debt, Current Maturities 1,364 914  
Long-term Debt, Excluding Current Maturities 13,270 14,484  
Future principal payments, Fiscal 2025 1,400    
Future principal payments, Fiscal 2026 0    
Future principal payments, Fiscal 2027 2,000    
Future principal payments, Fiscal 2028 1,000    
Future principal payments, Fiscal 2029 0    
Future principal payments, after Fiscal 2029 10,600    
Long-term Debt, Fair value 14,300    
Interest paid related to commercial paper and long-term debt, net of cash received from the related interest rate swaps 656 614 $ 491
Fixed rate notes due May 2024      
Long-term Debt [Abstract]      
Repayment of long-term debt 914    
May 2015 Notes      
Long-term Debt [Abstract]      
Long-term debt, Principal amount $ 3,865 $ 3,865  
Debt Instrument Maturity Date Range Start 2025 2025  
Debt Instrument Maturity Date Range End 2045 2045  
May 2015 Notes | Minimum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 3.45% 3.46%  
May 2015 Notes | Maximum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 4.72% 4.73%  
May 2017 Notes      
Long-term Debt [Abstract]      
Long-term debt, Principal amount $ 3,500 $ 4,414  
Debt Instrument Maturity Date Range Start 2027 2024  
Debt Instrument Maturity Date Range End 2047 2047  
May 2017 Notes | Minimum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 3.81% 3.00%  
May 2017 Notes | Maximum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 4.45% 4.45%  
May 2020 Notes      
Long-term Debt [Abstract]      
Long-term debt, Principal amount $ 2,000 $ 2,000  
Debt Instrument Maturity Date Range Start 2030 2030  
Debt Instrument Maturity Date Range End 2050 2050  
May 2020 Notes | Minimum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 2.84% 3.22%  
May 2020 Notes | Maximum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 3.30% 3.30%  
August 2020 Notes      
Long-term Debt [Abstract]      
Long-term debt, Principal amount $ 2,207 $ 2,207  
Debt Instrument Maturity Date Range Start 2028 2028  
Debt Instrument Maturity Date Range End 2032 2032  
August 2020 Notes | Minimum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 2.37% 2.65%  
August 2020 Notes | Maximum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 3.39% 3.89%  
May 2022 Notes      
Long-term Debt [Abstract]      
Long-term debt, Principal amount $ 1,500 $ 1,500  
Debt Instrument Maturity Date Range Start 2032 2032  
Debt Instrument Maturity Date Range End 2052 2052  
May 2022 Notes | Minimum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 3.17% 3.15%  
May 2022 Notes | Maximum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 4.28% 4.27%  
November 2022 Notes      
Long-term Debt [Abstract]      
Long-term debt, Principal amount $ 1,900 $ 1,900  
Debt Instrument Maturity Date Range Start 2033 2033  
Debt Instrument Maturity Date Range End 2053 2053  
November 2022 Notes | Minimum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 3.50% 3.47%  
November 2022 Notes | Maximum      
Long-term Debt [Abstract]      
Long-term debt, Effective Interest Rate 5.07% 5.02%  
v3.24.3
Interest Rate Swap (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Sep. 24, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Notional Amount $ 5,565 $ 5,149
Interest Rate Swap    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Notional Amount $ 2,100 $ 2,100
v3.24.3
Debt Credit Facilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Aug. 08, 2024
Sep. 24, 2023
Commercial Paper [Member]      
Line of Credit Facility [Abstract]      
Outstanding Commercial Paper Classified as Short-Term debt $ 0   $ 0
Credit Facility, Maximum Borrowing Capacity $ 4,500    
Commercial Paper [Member] | Minimum      
Line of Credit Facility [Abstract]      
Debt Instrument, Term 1 day    
Commercial Paper [Member] | Maximum      
Line of Credit Facility [Abstract]      
Debt Instrument, Term 397 days    
Revolving Credit Facility [Member]      
Line of Credit Facility [Abstract]      
Credit Facility, Maximum Borrowing Capacity $ 4,000    
Line of Credit Facility, Fair Value of Amount Outstanding $ 0    
Line of Credit Facility, Covenant Compliance we were in compliance with the applicable covenants    
Prior Amended and Restated Revolving Credit Facility      
Line of Credit Facility [Abstract]      
Line of Credit Facility, Fair Value of Amount Outstanding   $ 0 $ 0
v3.24.3
Commitments and Contingencies Legal and Regulatory Proceedings (Details)
$ in Millions
 12 Months Ended
Sep. 29, 2024
USD ($)
Loss Contingencies  
Loss Contingency, Estimate of Possible Loss $ 0
Securities Class Action  
Loss Contingencies  
Loss Contingency, Loss in Period $ 75
v3.24.3
Commitments and Contingencies Purchase Obligations (Details) - USD ($)
$ in Millions
Sep. 29, 2024
Sep. 24, 2023
Long-Term Purchase Commitment [Line Items]    
Advance payment related to multi-year capacity commitments $ 3,000 $ 3,300
Total - Purchase obligation 12,800  
Purchase Obligation, to be paid in the next twelve months 9,600  
Other Current Assets    
Long-Term Purchase Commitment [Line Items]    
Advance payment related to multi-year capacity commitments 765 404
Other Assets    
Long-Term Purchase Commitment [Line Items]    
Advance payment related to multi-year capacity commitments $ 2,200 $ 2,900
v3.24.3
Commitments and Contingencies Operating Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Leases, Operating [Abstract]      
Operating Lease, Weighted Average Remaining Lease Term 9 years 8 years  
Operating Lease, Expense $ 184 $ 204 $ 207
Operating Lease, Right-of-Use Asset $ 719 $ 612  
Operating Lease, Right-of-Use Asset Other current assets Other current assets  
Operating Lease, Liability, Current $ 98 $ 98  
Operating Lease, Liability, Current Other current liabilities Other current liabilities  
Operating Lease, Liability, Noncurrent $ 708 $ 571  
Operating Lease, Liability, Noncurrent Other liabilities Other liabilities  
Fiscal 2025 - future lease payments $ 136    
Fiscal 2026 - future lease payments 134    
Fiscal 2027 - future lease payments 127    
Fiscal 2028 - future lease payments 117    
Fiscal 2029 - future lease payments 102    
Thereafter - future lease payments 468    
Total future lease payments 1,084    
Imputed interest (278)    
Total lease liability balance $ 806    
Lessee, Lease, Description      
Lessee, Operating Lease, Renewal Term 20 years    
Minimum      
Lessee, Lease, Description      
Lessee, Operating Lease, Term of Contract 1 year    
Maximum      
Lessee, Lease, Description      
Lessee, Operating Lease, Term of Contract 20 years    
v3.24.3
Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
Segment Reporting Information      
Revenues $ 38,962 $ 35,820 $ 44,200
EBT 10,336 7,443 14,998
Cost of revenues (17,060) (15,869) (18,635)
Research and development expense (8,893) (8,818) (8,194)
Selling, general and administrative expense (2,759) (2,483) (2,570)
Other expense (179) (862) 1,059
Interest expense (697) (694) $ (490)
Net book value of long-lived tangible assets $ 4,665 $ 5,042  
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information      
Percentage of total 100.00% 100.00% 100.00%
CHINA (including Hong Kong) | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk by Shipment Destination      
Segment Reporting Information      
Percentage of total 66.00%    
CHINA (including Hong Kong) | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information      
Revenues $ 17,826 $ 13,386 $ 18,977
Percentage of total 46.00% 37.00% 43.00%
UNITED STATES      
Segment Reporting Information      
Net book value of long-lived tangible assets $ 1,900 $ 2,000  
UNITED STATES | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk by Shipment Destination      
Segment Reporting Information      
Percentage of total 3.00%    
UNITED STATES | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information      
Revenues $ 9,686 $ 10,503 $ 10,501
Percentage of total 25.00% 29.00% 24.00%
KOREA, REPUBLIC OF | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk by Shipment Destination      
Segment Reporting Information      
Percentage of total 7.00%    
KOREA, REPUBLIC OF | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information      
Revenues $ 7,995 $ 8,075 $ 9,666
Percentage of total 20.00% 23.00% 22.00%
Other Foreign | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information      
Revenues $ 3,455 $ 3,856 $ 5,056
Percentage of total 9.00% 11.00% 11.00%
Non-US      
Segment Reporting Information      
Net book value of long-lived tangible assets $ 3,500 $ 3,600  
VIETNAM | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk by Shipment Destination      
Segment Reporting Information      
Percentage of total 12.00%    
Reconciling Items      
Segment Reporting Information      
Revenues $ 176 104 $ 134
EBT (3,322) (4,097) (2,188)
Cost of revenues (229) (205) (266)
Research and development expense (2,277) (2,034) (1,767)
Selling, general and administrative expense (781) (588) (609)
Other expense (179) (862) 1,059
Interest expense (697) (694) (490)
Investment and other Income, net 855 364 (91)
Reconciling Items | Licensing Agreements      
Segment Reporting Information      
Revenues 0 (40) 0
QCT      
Segment Reporting Information      
Revenues 33,196 30,382 37,677
EBT 9,527 7,924 12,837
QTL      
Segment Reporting Information      
Revenues 5,572 5,306 6,358
EBT 4,027 3,628 4,628
QSI      
Segment Reporting Information      
Revenues 18 28 31
EBT 104 (12) (279)
Nonreportable Segments      
Segment Reporting Information      
Revenues 176 144 134
Nonreportable Segments | Reconciling Items      
Segment Reporting Information      
EBT $ (14) $ (38) $ (24)
v3.24.3
Fair Value Measurements Fair Value Hierarchy (Details) - Fair Value, Recurring
$ in Millions
Sep. 29, 2024
USD ($)
Assets  
Cash equivalents $ 4,248
Marketable securities 5,451
Derivative Instruments in Hedges, Assets, at Fair Value 30
Other investments 996 [1]
Total assets measured at fair value 10,725
Liabilities  
Derivative Instruments in Hedges, Liabilities, at Fair Value 138
Other liabilities 950 [1]
Total liabilities measured at fair value 1,088
Level 1  
Assets  
Cash equivalents 3,802
Marketable securities 298
Derivative Instruments in Hedges, Assets, at Fair Value 0
Other investments 954 [1]
Total assets measured at fair value 5,054
Liabilities  
Derivative Instruments in Hedges, Liabilities, at Fair Value 0
Other liabilities 950 [1]
Total liabilities measured at fair value 950
Level 2  
Assets  
Cash equivalents 446
Marketable securities 5,153
Derivative Instruments in Hedges, Assets, at Fair Value 30
Other investments 0 [1]
Total assets measured at fair value 5,629
Liabilities  
Derivative Instruments in Hedges, Liabilities, at Fair Value 138
Other liabilities 0 [1]
Total liabilities measured at fair value 138
Level 3  
Assets  
Cash equivalents 0
Marketable securities 0
Derivative Instruments in Hedges, Assets, at Fair Value 0
Other investments 42 [1]
Total assets measured at fair value 42
Liabilities  
Derivative Instruments in Hedges, Liabilities, at Fair Value 0
Other liabilities 0 [1]
Total liabilities measured at fair value 0
Corporate bonds and notes  
Assets  
Marketable securities 4,634
Corporate bonds and notes | Level 1  
Assets  
Marketable securities 0
Corporate bonds and notes | Level 2  
Assets  
Marketable securities 4,634
Corporate bonds and notes | Level 3  
Assets  
Marketable securities 0
Mortgage- and asset-backed securities  
Assets  
Marketable securities 487
Mortgage- and asset-backed securities | Level 1  
Assets  
Marketable securities 0
Mortgage- and asset-backed securities | Level 2  
Assets  
Marketable securities 487
Mortgage- and asset-backed securities | Level 3  
Assets  
Marketable securities 0
US Treasury securities and government-related securities  
Assets  
Marketable securities 208
US Treasury securities and government-related securities | Level 1  
Assets  
Marketable securities 176
US Treasury securities and government-related securities | Level 2  
Assets  
Marketable securities 32
US Treasury securities and government-related securities | Level 3  
Assets  
Marketable securities 0
Equity securities  
Assets  
Marketable securities 122
Equity securities | Level 1  
Assets  
Marketable securities 122
Equity securities | Level 2  
Assets  
Marketable securities 0
Equity securities | Level 3  
Assets  
Marketable securities $ 0
[1] Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan assets and liabilities.
v3.24.3
Marketable Securities (Details) - Available-for-Sale Securities
$ in Millions
Sep. 29, 2024
USD ($)
Marketable Securities [Line Items]  
Less than one year $ 1,387
One to five years 3,455
No single maturity date 487
Debt Securities, Available-for-sale $ 5,329
v3.24.3
Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($)
$ in Millions
 12 Months Ended
Sep. 29, 2024
Sep. 24, 2023
Sep. 25, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation Allowances and Reserves, Beginning Balance $ 1,803 $ 2,223 $ 1,926
Valuation Allowances and Reserves, Charged (Credited) to Costs and Expenses 258 (420) 278
Valuation Allowances and Reserves, Additions, Charge to Other Account 0 0 19
Valuation Allowances and Reserves, Ending Balance $ 2,061 $ 1,803 $ 2,223