Financial Instruments (Tables)

3 Months Ended

Dec. 25, 2020

Net investment hedges

Schedule of impacts of hedging program

		For the
		Quarters Ended
	December 25,		December 27,
	2020		2019
	(in millions)
Foreign currency exchange losses on intercompany loans and external borrowings(1)	$	(168)	$	(65)
Losses on cross-currency swap contracts designated as hedges of net investment(1)		(85)		(33)

(1) Recorded as currency translation, a component of accumulated other comprehensive income (loss).

Cross-currency swap contracts | Cash flow hedges

Summary of fair value of derivative instruments

	December 25,		September 25,
	2020		2020
	(in millions)
Other assets	$	—	$	1
Other liabilities		52		9

Schedule of impacts of hedging program

	For the
	Quarters Ended
	December 25,		December 27,
	2020		2019
	(in millions)
Gains (losses) recorded in other comprehensive income (loss)	$	(4)	$	4
Losses excluded from the hedging relationship(1)		(40)		(22)

(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.

Cross-currency swap contracts | Net investment hedges

Summary of fair value of derivative instruments

	December 25,		September 25,
	2020		2020
	(in millions)
Prepaid expenses and other current assets	$	—	$	1
Other assets		—		3
Accrued and other current liabilities		42		6
Other liabilities		56		16

Forward starting interest rate swap contracts | Cash flow hedges

Summary of fair value of derivative instruments

	December 25,		September 25,
	2020		2020
	(in millions)
Other assets	$	3	$	—
Other liabilities		54		64

Schedule of impacts of hedging program

	For the
	Quarters Ended
	December 25,		December 27,
	2020		2019
	(in millions)
Gains recorded in other comprehensive income (loss)	$	13	$	10

Commodity swap contracts | Cash flow hedges

Summary of fair value of derivative instruments

	December 25,		September 25,
	2020		2020
	(in millions)
Prepaid expenses and other current assets	$	56	$	41
Other assets		3		3
Accrued and other current liabilities		1		2
Other liabilities		—		1

Schedule of impacts of hedging program

	For the
	Quarters Ended
	December 25,		December 27,
	2020		2019
	(in millions)
Gains recorded in other comprehensive income (loss)	$	37	$	19
Gains (losses) reclassified from accumulated other comprehensive income (loss) into cost of sales		15		(1)