Derivative Financial Instruments (Tables)

9 Months Ended

Jun. 27, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Forward Contracts

As of June 27, 2020 and September 30, 2019, we had outstanding forward contracts with notional amounts equivalent to the following:

Currency Hedged (in thousands)	June 27, 2020		September 30, 2019
Canadian / U.S. Dollar	$	6,393	$	9,408
Euro / U.S. Dollar		311,797		308,282
British Pound / U.S. Dollar		860		3,756
Israeli Sheqel / U.S. Dollar		9,603		10,272
Japanese Yen / U.S. Dollar		—		37,462
Swiss Franc / U.S. Dollar		2,128		12,001
Danish Kroner/ U.S. Dollar		4,637		2,423
Swedish Kronor / U.S. Dollar		7,215		20,636
Singapore Dollar / U.S. Dollar		3,250		34,585
Chinese Renminbi / U.S. Dollar		3,960		52,466
Russian Ruble / U.S. Dollar		8,521		—
All other		5,346		7,064
Total	$	363,710	$	498,355

As of June 27, 2020 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)	June 27, 2020		September 30, 2019
Euro / U.S. Dollar	$	186,397	$	183,396
Total	$	186,397	$	183,396

Schedule of 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 and nine months ended June 27, 2020 and June 29, 2019:

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					Nine months ended
		June 27, 2020			June 29, 2019		June 27, 2020		June 29, 2019
Forward Contracts	Other income (expense), net	$	(370	)	$	1,735	$	2,474	$	(1,004	)

The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and nine months ended June 27, 2020 and June 29, 2019 (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
	June 27, 2020			June 29, 2019				June 27, 2020			June 29, 2019				June 27, 2020		June 29, 2019
Forward Contracts	$	2,406		$	(7,258	)	Accumulated other comprehensive loss	$	(2,735	)	$	(4,132	)	Other income (expense), net	$	888	$	1,562
	Nine months ended							Nine months ended							Nine months ended
	June 27, 2020			June 29, 2019				June 27, 2020			June 29, 2019				June 27, 2020		June 29, 2019
Forward Contracts	$	(3,300	)	$	(6,490	)	Accumulated other comprehensive loss	$	(9,513	)	$	(5,172	)	Other income (expense), net	$	3,079	$	3,155

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
	June 27, 2020		September 30, 2019		June 27, 2020		September 30, 2019
Derivative assets(1):
Forward Contracts	$	1,453	$	1,674	$	919	$	1,390
Derivative liabilities(2):
Forward Contracts	$	—	$	—	$	1,684	$	2,771

(1) As of June 27, 2020 and September 30, 2019, current derivative assets of $2.4 million and $3.1 million, respectively, are recorded in other current assets in the Consolidated Balance Sheets.

(2) As of June 27, 2020 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.

Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of June 27, 2020:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of June 27, 2020	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	$	2,372	$	—	$	2,372	$	(1,684	)	$	—	$	688

Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of June 27, 2020:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of June 27, 2020	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	$	1,684	$	—	$	1,684	$	(1,684	)	$	—	$	—