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Derivative Financial Instruments | 12 Months Ended
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Sep. 27, 2025
Derivative Instrument Detail [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments We principally use derivative financial instruments to manage foreign exchange risk related to foreign operations and foreign currency transactions. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk. Derivatives designated as hedging instruments We use foreign currency contracts as cash flow hedges to effectively fix the exchange rates on future payments and revenue. To mitigate exposure in movements between various currencies, including the Philippine peso, we had outstanding foreign currency contracts with notional amounts of $35,620 at September 27, 2025. These contracts mature at various times through December 23, 2026. Foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and the related gains or losses are deferred in Shareholders’ Equity as a component of Accumulated Other Comprehensive Income (Loss) ("AOCIL"). These deferred gains and losses are reclassified into the Consolidated Statements of Earnings, as necessary, during the periods in which the related payments or receipts affect earnings. However, to the extent the foreign currency contracts are not perfectly effective in offsetting the change in the value of the payments and revenue being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was not material in 2025, 2024 or 2023. Derivatives not designated as hedging instruments We also have foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. The resulting gains or losses are recorded in the Consolidated Statements of Earnings. To minimize foreign currency exposure, we have foreign currency contracts with notional amounts of $160,659 at September 27, 2025. The foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and resulting gains or losses are recorded in the Consolidated Statements of Earnings. We recorded the following gains and losses on foreign currency contracts which are included in other income or expense and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in other income or expense:
| Statements of Earnings location | 2025 |  | 2024 |  | 2023
Net gain |  |  |  |  |  |
Foreign currency contracts | Other | $ | 2,211 |  |  | $ | 5,121 |  |  | $ | 2,781 |
Summary of derivatives The fair value and classification of derivatives is summarized as follows:
| Balance Sheets location |  | September 27, 2025 |  | September 28, 2024
Derivatives designated as hedging instruments: |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 250 |  |  | $ | — |
Foreign currency contracts | Other assets |  | 39 |  |  | — |
| Total asset derivatives |  | $ | 289 |  |  | $ | — |
Foreign currency contracts | Other long-term liabilities |  | 8 |  |  | — |
| Total liability derivatives |  | $ | 8 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | — |  |  | $ | 648 |
Foreign currency contracts | Accrued liabilities and other |  | $ | 1,502 |  |  | $ | 28 |

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