Financial Instruments (Tables)

9 Months Ended

Jun. 24, 2022

Net investment hedges

Schedule of impacts of hedging program

		For the			For the
		Quarters Ended			Nine Months Ended
	June 24,		June 25,		June 24,		June 25,
	2022		2021		2022		2021
	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings(1)	$	156	$	(46)	$	344	$	(81)
Gains (losses) on cross-currency swap contracts designated as hedges of net investment(1)		78		(14)		148		(41)

(1) Recorded as currency translation, a component of accumulated other comprehensive income (loss), and offset by changes attributable to the translation of the net investment.

Cross-currency swap contracts | Cash flow hedges

Summary of fair value of derivative instruments

	June 24,		September 24,
	2022		2021
	(in millions)
Prepaid expenses and other current assets	$	18	$	—
Other liabilities		—		20

Schedule of impacts of hedging program

	For the				For the
	Quarters Ended				Nine Months Ended
	June 24,		June 25,		June 24,		June 25,
	2022		2021		2022		2021
	(in millions)
Losses recorded in other comprehensive income (loss)	$	(1)	$	(1)	$	(6)	$	(5)
Gains (losses) excluded from the hedging relationship(1)		13		(11)		52		(23)

(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

	June 24,		September 24,
	2022		2021
	(in millions)
Prepaid expenses and other current assets	$	28	$	3
Other assets		97		18
Accrued and other current liabilities		—		13
Other liabilities		—		18

Forward starting interest rate swaps | Cash flow hedges

Summary of fair value of derivative instruments

	September 24,
	2021
	(in millions)
Prepaid expenses and other current assets	$	7
Accrued and other current liabilities		38

Schedule of impacts of hedging program

	For the				For the
	Quarters Ended				Nine Months Ended
	June 24,		June 25,		June 24,		June 25,
	2022		2021		2022		2021
	(in millions)
Gains (losses) recorded in other comprehensive income (loss)	$	—	$	(11)	$	13	$	36

Commodity swap contracts | Cash flow hedges

Summary of fair value of derivative instruments

	June 24,		September 24,
	2022		2021
	(in millions)
Prepaid expenses and other current assets	$	2	$	23
Accrued and other current liabilities		57		18
Other liabilities		10		4

Schedule of impacts of hedging program

	For the				For the
	Quarters Ended				Nine Months Ended
	June 24,		June 25,		June 24,		June 25,
	2022		2021		2022		2021
	(in millions)
Gains (losses) recorded in other comprehensive income (loss)	$	(106)	$	24	$	(45)	$	78
Gains reclassified from accumulated other comprehensive income (loss) into cost of sales		15		27		35		66