United states securities and exchange commission

Note 3 – Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category 
as of September 24, 2022 and September 25, 2021 (in millions):
2022
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash
$ 18,546 $ 
— $ 
— $ 18,546 $ 
18,546 $ 
— $ 
— 
Level 1 
(1)
:
Money market funds
2,929
—
—
2,929
2,929
—
— 
Mutual funds
274
—
(47)
227
—
227
— 
Subtotal
3,203
—
(47)
3,156
2,929
227
— 
Level 2 
(2)
:
U.S. Treasury securities
25,134
—
(1,725)
23,409
338
5,091
17,980 
U.S. agency securities
5,823
—
(655)
5,168
—
240
4,928 
Non-U.S. government securities
16,948
2
(1,201)
15,749
—
8,806
6,943 
Certificates of deposit and time deposits
2,067
—
—
2,067
1,805
262
— 
Commercial paper
718
—
—
718
28
690
— 
Corporate debt securities
87,148
9
(7,707)
79,450
—
9,023
70,427 
Municipal securities
921
—
(35)
886
—
266
620 
Mortgage- and asset-backed securities
22,553
—
(2,593)
19,960
—
53
19,907 
Subtotal
161,312
11
(13,916) 147,407
2,171
24,431
120,805 
Total 
(3)
$ 183,061 $ 
11 $ (13,963) $ 169,109 $ 
23,646 $ 
24,658 $ 
120,805 
2021
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash
$ 17,305 $ 
— $ 
— $ 17,305 $ 
17,305 $ 
— $ 
— 
Level 1 
(1)
:
Money market funds
9,608
—
—
9,608
9,608
—
— 
Mutual funds
175
11
(1)
185
—
185
— 
Subtotal
9,783
11
(1)
9,793
9,608
185
— 
Level 2 
(2)
:
Equity securities
1,527
—
(564)
963
—
963
— 
U.S. Treasury securities
22,878
102
(77)
22,903
3,596
6,625
12,682 
U.S. agency securities
8,949
2
(64)
8,887
1,775
1,930
5,182 
Non-U.S. government securities
20,201
211
(101)
20,311
390
3,091
16,830 
Certificates of deposit and time deposits
1,300
—
—
1,300
490
810
— 
Commercial paper
2,639
—
—
2,639
1,776
863
— 
Corporate debt securities
83,883
1,242
(267)
84,858
—
12,327
72,531 
Municipal securities
967
14
—
981
—
130
851 
Mortgage- and asset-backed securities
20,529
171
(124)
20,576
—
775
19,801 
Subtotal
162,873
1,742
(1,197) 163,418
8,027
27,514
127,877 
Total 
(3)
$ 189,961 $ 
1,753 $ 
(1,198) $ 190,516 $ 
34,940 $ 
27,699 $ 
127,877 
(1)
Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)
Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets 
and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable 
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)
As of September 24, 2022 and September 25, 2021, total marketable securities included $12.7 billion and $17.9 billion, 
respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and 
other agreements.
Apple Inc. | 2022 Form 10-K | 38

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The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
September 24, 2022 (in millions):
Due after 1 year through 5 years
$ 
87,031 
Due after 5 years through 10 years
16,429 
Due after 10 years
17,345 
Total fair value
$ 
120,805 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, 
option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally 
hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 
12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency 
exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company 
designates these instruments as either cash flow or fair value hedges. As of September 24, 2022, the maximum length of time 
over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency 
transactions is 20 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins 
from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains 
and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into 
interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value 
hedges.
The notional amounts of the Company’s outstanding derivative instruments as of September 24, 2022 and September 25, 2021 
were as follows (in millions):