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Derivative Instruments (Tables)

9 Months Ended

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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