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Derivative Instruments (Tables) | 9 Months Ended
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Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross Fair Value of Derivative Positions | The Company’s derivative positions measured at fair value (see Note 14) are summarized in the following tables:
| As of June 29, 2024
| Current Assets |  | Investments/ Other Assets |  | Other Current Liabilities |  | Other Long- Term Liabilities
Derivatives designated as hedges |  |  |  |  |  |  |
Foreign exchange | $ | 491 |  |  | $ | 264 |  |  | $ | (94) |  |  | $ | (64) |
Interest rate | — |  |  | — |  |  | (1,479) |  |  | — |
Other | 2 |  |  | 2 |  |  | (1) |  |  | — |
Derivatives not designated as hedges |  |  |  |  |  |  |
Foreign exchange | 113 |  |  | 2 |  |  | (234) |  |  | (2) |
Other | 3 |  |  | 95 |  |  | — |  |  | — |
Gross fair value of derivatives | 609 |  |  | 363 |  |  | (1,808) |  |  | (66) |
Counterparty netting | (434) |  |  | (228) |  |  | 599 |  |  | 63 |
Cash collateral (received) paid | (61) |  |  | — |  |  | 911 |  |  | — |
Net derivative positions | $ | 114 |  |  | $ | 135 |  |  | $ | (298) |  |  | $ | (3) |
| As of September 30, 2023
| Current Assets |  | Investments/ Other Assets |  | Other Current Liabilities |  | Other Long- Term Liabilities
Derivatives designated as hedges |  |  |  |  |  |  |
Foreign exchange | $ | 595 |  |  | $ | 338 |  |  | $ | (123) |  |  | $ | (93) |
Interest rate | — |  |  | — |  |  | (1,791) |  |  | — |
Other | 12 |  |  | 6 |  |  | — |  |  | — |
Derivatives not designated as hedges |  |  |  |  |  |  |
Foreign exchange | 384 |  |  | 19 |  |  | (520) |  |  | (79) |
Other | — |  |  | 128 |  |  | (13) |  |  | — |
Gross fair value of derivatives | 991 |  |  | 491 |  |  | (2,447) |  |  | (172) |
Counterparty netting | (770) |  |  | (262) |  |  | 900 |  |  | 132 |
Cash collateral (received) paid | (123) |  |  | (7) |  |  | 1,257 |  |  | — |
Net derivative positions | $ | 98 |  |  | $ | 222 |  |  | $ | (290) |  |  | $ | (40) |
Carrying Amount and Cumulative Basis Adjustments for Fair Value Hedges Recorded on the Balance Sheet | The following table summarizes fair value hedge adjustments to hedged borrowings:
| Carrying Amount of Hedged Borrowings |  | Fair Value Adjustments Included in Hedged Borrowings
| June 29, 2024 |  | September 30, 2023 |  | June 29, 2024 |  | September 30, 2023
Borrowings: |  |  |  |  |  |  |
Current | $ | 2,869 |  |  | $ | 1,439 |  |  | $ | (42) |  |  | $ | (59) |
Long-term | 9,746 |  |  | 10,748 |  |  | (1,280) |  |  | (1,694) |
| $ | 12,615 |  |  | $ | 12,187 |  |  | $ | (1,322) |  |  | $ | (1,753) |
Adjustments Related to Fair Value Hedges Included in Interest Expense, net in the Consolidated Statements of Income | The following amounts are included in “Interest expense, net” in the Condensed Consolidated Statements of Operations:
| Quarter Ended |  | Nine Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Gain (loss) on: |  |  |  |  |  |  |
Pay-floating swaps | $ | 64 |  |  | $ | (208) |  |  | $ | 407 |  |  | $ | 98 |
Borrowings hedged with pay-floating swaps | (64) |  |  | 208 |  |  | (407) |  |  | (98) |
Benefit (expense) associated with interest accruals on pay-floating swaps | (153) |  |  | (140) |  |  | (460) |  |  | (360) |
Effect of Foreign Exchange Cash Flow Hedges on AOCI | The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:
| Quarter Ended |  | Nine Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Gain (loss) recognized in Other Comprehensive Income | $ | 235 |  |  | $ | 89 |  |  | $ | 208 |  |  | $ | (398) |
Gain (loss) reclassified from AOCI into the Statements of Operations(1) | 111 |  |  | 76 |  |  | 345 |  |  | 414 |
(1)Primarily recorded in revenue.
Net Gains or Losses Recognized in Costs and Expenses on Economic Exposures Associated with Foreign Currency Exchange Rates | The following table summarizes the net foreign exchange gains or losses recognized on foreign currency denominated assets and liabilities and the net foreign exchange gains or losses on the foreign exchange contracts we entered into to mitigate our exposure with respect to foreign currency denominated assets and liabilities by the corresponding line item in which they are recorded in the Condensed Consolidated Statements of Operations:
| Costs and expenses |  | Interest expense, net |  | Income taxes
Quarter Ended: | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net gains (losses) on foreign currency denominated assets and liabilities | $ | (89) |  |  | $ | (61) |  |  | $ | 10 |  |  | $ | (19) |  |  | $ | 17 |  |  | $ | (15) |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | 60 |  |  | — |  |  | (12) |  |  | 17 |  |  | (9) |  |  | 19 |
Net gains (losses) | $ | (29) |  |  | $ | (61) |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | 8 |  |  | $ | 4 |
Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on foreign currency denominated assets and liabilities | $ | (157) |  |  | $ | 99 |  |  | $ | 8 |  |  | $ | (39) |  |  | $ | (22) |  |  | $ | (124) |
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | 21 |  |  | (260) |  |  | (14) |  |  | 36 |  |  | 13 |  |  | 106 |
Net gains (losses) | $ | (136) |  |  | $ | (161) |  |  | $ | (6) |  |  | $ | (3) |  |  | $ | (9) |  |  | $ | (18) |

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