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Derivative Instruments (Tables)
 12 Months Ended
Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Fair Value of Derivative Positions
The Company’s derivative positions measured at fair value are summarized in the following tables: 
 
As of September 28, 2019
 
Current
Assets
 
Other Assets
 
Other
Current
Liabilities
 
Other Long-
Term
Liabilities
Derivatives designated as hedges
 
 
 
 
 
 
 
Foreign exchange
$
302

 
$
241

 
$
(67
)
 
$
(244
)
Interest rate
—

 
89

 
(82
)
 
—

Other
1

 
—

 
(3
)
 
(1
)
Derivatives not designated as hedges
 
 
 
 
 
 
 
Foreign exchange
65

 
163

 
(107
)
 
(126
)
Interest Rate
—

 
—

 
—

 
(11
)
Gross fair value of derivatives
368

 
493

 
(259
)
 
(382
)
Counterparty netting
(231
)
 
(345
)
 
258

 
318

Cash collateral (received)/paid
(55
)
 
(6
)
 
—

 
7

Net derivative positions
$
82

 
$
142

 
$
(1
)
 
$
(57
)

 
As of September 29, 2018
 
Current
Assets
 
Other Assets
 
Other
Current
Liabilities
 
Other Long-
Term
Liabilities
Derivatives designated as hedges
 
 
 
 
 
 
 
Foreign exchange
$
166

 
$
169

 
$
(80
)
 
$
(39
)
Interest rate
—

 
—

 
(329
)
 
—

Other
13

 
2

 
—

 
—

Derivatives not designated as hedges
 
 
 
 
 
 
 
Foreign exchange
38

 
96

 
(95
)
 
(60
)
Interest Rate
—

 
—

 
—

 
(81
)
Gross fair value of derivatives
217

 
267

 
(504
)
 
(180
)
Counterparty netting
(158
)
 
(227
)
 
254

 
131

Cash collateral (received)/paid
—

 
—

 
135

 
5

Net derivative positions
$
59

 
$
40

 
$
(115
)
 
$
(44
)
Carrying Amount and Cumulative Basis Adjustments for Fair Value Hedges Recorded on the Balance Sheet
The following table summarizes fair value hedge adjustments to hedged borrowings:
 
Carrying Amount of Hedged Borrowings (1)
 
Fair Value Adjustments Included in Hedged Borrowings (1)
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
Borrowings:
 
 
 
 
 
 
 
Current
$
1,121

 
$
1,585

 
$
(3
)
 
$
(14
)
Long-term
9,562

 
6,425

 
34

 
(290
)
 
$
10,683

 
$
8,010

 
$
31

 
$
(304
)
(1) 
Includes $37 million and $41 million of gains on terminated interest rate swaps as of September 28, 2019 and September 29, 2018, respectively.
Adjustments Related to Fair Value Hedges Included in Net Interest Income/(Expense) in Consolidated Statements of Income
The following amounts are included in “Interest expense, net” in the Consolidated Statements of Income:
 
2019
 
2018
 
2017
Gain (loss) on:
 
 
 
 
 
Pay-floating swaps
$
337

 
$
(230
)
 
$
(211
)
Borrowings hedged with pay-floating swaps
(337
)
 
230

 
211

Benefit (expense) associated with interest accruals on pay-floating swaps
(58
)
 
(15
)
 
35
Effect of foreign Exchange Cash Flow Hedges on AOCI The following table summarizes the effect of foreign exchange cash flow hedges on AOCI for fiscal year 2019:
Gain/(loss) recognized in Other Comprehensive Income
$
156

Gain/(loss) reclassified from AOCI into the Statement of Income (1)
183

(1) 
Primarily recorded in revenue.
Net Gains or Losses Recognized in Costs and Expenses on Economic Exposures Associated with Foreign Currency Exchange Rates The following table summarizes the net foreign exchange gains or losses recognized on foreign currency denominated assets and liabilities and the net foreign exchange gains or losses on the foreign exchange contracts we entered into to mitigate our exposure with respect to foreign currency denominated assets and liabilities by the corresponding line item in which they are recorded in the Consolidated Statements of Income: 
 
Costs and Expenses
 
Interest expense, net
 
Income Tax Expense
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Net gains (losses) on foreign currency denominated assets and liabilities
$
(188
)
 
$
(146
)
 
$
105

 
$
16

 
$
39

 
$
(13
)
 
$
50

 
$
29

 
$
3

Net gains (losses) on foreign exchange risk management contracts not designated as hedges
123

 
104

 
(120
)
 
(19
)
 
(46
)
 
11

 
(51
)
 
(19
)
 
24

Net gains (losses)
$
(65
)
 
$
(42
)
 
$
(15
)
 
$
(3
)
 
$
(7
)
 
$
(2
)
 
$
(1
)
 
$
10

 
$
27