Financial Instruments

6 Months Ended

Mar. 25, 2016

Financial Instruments

Financial Instruments

12. Financial Instruments

        We hedge our net investment in certain foreign operations using intercompany non-derivative financial instruments denominated in the same currencies. The aggregate notional value of these hedges was $3,704 million and $3,880 million at March 25, 2016 and September 25, 2015, respectively. We recorded foreign exchange losses of $54 million and foreign exchange gains of $282 million in the quarters ended March 25, 2016 and March 27, 2015, respectively, and foreign exchange gains of $1 million and $412 million in the six months ended March 25, 2016 and March 27, 2015, respectively. These foreign exchange gains and losses were recorded as currency translation, a component of accumulated other comprehensive loss, offsetting foreign exchange gains or losses attributable to the translation of the net investment.