Derivative Financial Instruments (Tables)

3 Months Ended

Dec. 28, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Forward Contracts

As of December 28, 2019 and September 30, 2019, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

Currency Hedged (in thousands)	December 28, 2019		September 30, 2019
Euro / U.S. Dollar	$	151,595	$	183,396
Total	$	151,595	$	183,396

As of December 28, 2019 and September 30, 2019, we had outstanding forward contracts with notional amounts equivalent to the following:

Currency Hedged (in thousands)	December 28, 2019		September 30, 2019
Canadian / U.S. Dollar	$	7,962	$	9,408
Euro / U.S. Dollar	273,748		308,282
British Pound / U.S. Dollar	4,344		3,756
Israeli Sheqel / U.S. Dollar	7,824		10,272
Japanese Yen / U.S. Dollar	34,103		37,462
Swiss Franc / U.S. Dollar	8,116		12,001
Swedish Kronor / U.S. Dollar	4,837		20,636
Chinese Yuan offshore / U.S. Dollar	1,238		43,387
Singapore Dollar / U.S. Dollar	44,617		34,585
Chinese Renminbi / U.S. Dollar	14,369		9,079
Russian Ruble / U.S. Dollar	6,360		—
All other	7,837		9,487
Total	$	415,355	$	498,355

Net Gains and Losses on Foreign Currency Exposures

The following table shows the effect of our non-designated hedges in the Consolidated Statements of Operations for the three months ended December 28, 2019 and December 29, 2018:

Derivatives Not Designated as Hedging Instruments (in thousands)	Location of Gain or (Loss) Recognized in Income	Net realized and unrealized gain or (loss) (excluding the underlying foreign currency exposure being hedged)
		Three months ended
		December 28, 2019		December 29, 2018
Forward Contracts	Other income (expense), net	$	693	$	(987	)

The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three months ended December 28, 2019 and December 29, 2018 (in thousands):

Derivatives Designated as Hedging Instruments	Gain or (Loss) Recognized in OCI						Location of Gain or (Loss) Reclassified from OCI	Gain or (Loss) Reclassified from OCI					Location of Gain or (Loss) Excluded from Effectiveness Testing	Gain or (Loss) Recognized-Excluded Portion
	Three months ended							Three months ended						Three months ended
	December 28, 2019			December 29, 2018				December 28, 2019			December 29, 2018			December 28, 2019		December 29, 2018
Forward Contracts	$	(3,565	)	$	(698	)	Accumulated other comprehensive loss	$	(762	)	$	773	Other income (expense), net	$	1,229	$	486

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:

(in thousands)	Fair Value of Derivatives Designated As Hedging Instruments				Fair Value of Derivatives Not Designated As Hedging Instruments
	December 28, 2019		September 30, 2019		December 28, 2019		September 30, 2019
Derivative assets (1):
Forward Contracts	$	—	$	1,674	$	757	$	1,390
Derivative liabilities (2):
Forward Contracts	$	663	$	—	$	1,031	$	2,771

(1) As of December 28, 2019 and September 30, 2019, current derivative assets of $0.8 million and $3.1 million, respectively, are recorded in other current assets in the Consolidated Balance Sheets.

(2)

As of December 28, 2019 and September 30, 2019, current derivative liabilities of $1.7 million and $2.8 million, respectively are recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Offsetting Assets

The following table sets forth the offsetting of derivative assets as of December 28, 2019:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of December 28, 2019	Gross Amount of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received		Net Amount
Forward Contracts	$	757	$	—	$	757	$	(757	)	$	—	$	—

Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of December 28, 2019:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of December 28, 2019	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Pledged		Net Amount
Forward Contracts	$	1,694	$	—	$	1,694	$	(757	)	$	—	$	937