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Fair Value Measurements (Tables)

9 Months Ended

Jul. 02, 2022

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables set forth by level within the fair value hierarchy our financial assets and liabilities accounted for at fair value on a recurring basis according to the valuation techniques we used to determine their fair values (in millions): 

July 2, 2022			Level 1						Level 2						Level 3						Netting (a)						Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges			$	—					$	8					$	—					$	(4)					$	4
Undesignated			—						128						—						(57)						71
Other Assets:
Available-for-sale securities			—						65						38						—						103
Deferred compensation assets			30						352						—						—						382
Total assets			$	30					$	553					$	38					$	(61)					$	560
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges			$	—					$	4					$	—					$	(4)					$	—
Undesignated			—						136						—						(117)						19
Total liabilities			$	—					$	140					$	—					$	(121)					$	19

October 2, 2021			Level 1						Level 2						Level 3						Netting (a)						Total
Other Current Assets:
Derivative financial instruments:
Designated as hedges			$	—					$	18					$	—					$	(10)					$	8
Undesignated			—						169						—						(89)						80
Other Assets:
Available-for-sale securities			—						61						48						—						109
Deferred compensation assets			14						397						—						—						411
Total assets			$	14					$	645					$	48					$	(99)					$	608
Other Current Liabilities:
Derivative financial instruments:
Designated as hedges			$	—					$	12					$	—					$	(12)					$	—
Undesignated			—						159						—						(143)						16
Total liabilities			$	—					$	171					$	—					$	(155)					$	16

(a) Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at July 2, 2022, and October 2, 2021, we had $60 million and $56 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist and held no cash collateral.

Schedule Of Debt Securities Measured At Fair Value On A Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions): 

			Nine Months Ended
			July 2, 2022						July 3, 2021
Balance at beginning of year			$	48					$	53
Total realized and unrealized gains (losses):
Included in other comprehensive income (loss)			(2)						(1)
Purchases			7						17
Issuances			—						—
Settlements			(15)						(20)
Balance at end of period			$	38					$	49
Total gains (losses) for the nine month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period			$	—					$	—

Schedule Of Fair Value And Carrying Value Of Debt

Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions):

			July 2, 2022												October 2, 2021
			Fair Value						Carrying Value						Fair Value						Carrying Value
Total debt			$	8,105					$	8,328					$	10,810					$	9,348

Debt Securities, Available-for-sale

The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):

			July 2, 2022																		October 2, 2021
			Amortized Cost Basis						Fair Value						Unrealized Gain (Loss)						Amortized Cost Basis						Fair Value						Unrealized Gain (Loss)
Available-for-sale securities:
Debt securities:
U.S. treasury and agency			$	69					$	65					$	(4)					$	61					$	61					$	—
Corporate and asset-backed			39						38						(1)						47						48						1

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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-Section 50
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