Financial Instruments (Tables)

3 Months Ended

Dec. 27, 2019

Cash flow hedges

Schedule of impacts of hedging program

	For the
	Quarters Ended
	December 27,		December 28,
	2019		2018
	(in millions)
Gains recorded in other comprehensive income (loss)	$	4	$	19
Gains (losses) excluded from the hedging relationship(1)		(22)		17

(1) Gains and losses excluded from the hedging relationship are recognized prospectively in selling, general, and administrative expenses and are offset by losses and gains generated as a result of re-measuring certain intercompany loans to the U.S. dollar.

Net investment hedges

Schedule of impacts of hedging program

		For the
		Quarters Ended
	December 27,		December 28,
	2019		2018
	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings(1)	$	(65)	$	76
Losses on cross-currency swap contracts designated as hedges of net investment(2)		(33)		(5)

(1) Foreign currency exchange gains and losses on intercompany loans and external borrowings are recorded as currency translation, a component of accumulated other comprehensive income (loss), and are offset by changes attributable to the translation of the net investment.

(2) Gains and losses on cross-currency swap contracts designated as hedges of net investment are recorded as currency translation.

Cross-currency swap contracts | Cash flow hedges

Summary of fair value of derivative instruments

	December 27,		September 27,
	2019		2019
	(in millions)
Other assets	$	6	$	19
Other liabilities		5		—

Cross-currency swap contracts | Net investment hedges

Summary of fair value of derivative instruments

	December 27,		September 27,
	2019		2019
	(in millions)
Prepaid expenses and other current assets	$	16	$	27
Other assets		26		46
Accrued and other current liabilities		7		2
Other liabilities		—		1