v3.25.1
Fair Value Measurements
 6 Months Ended
Mar. 29, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is generally classified in one of the following categories:
Level 1 - Quoted prices for identical instruments in active markets
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations, in which all significant inputs and significant value drivers are observable in active markets
Level 3 - Valuations derived from valuation techniques, in which one or more significant inputs or significant value drivers are unobservable
The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement level:
 
Fair Value Measurement at March 29, 2025
 Level 1Level 2Level 3Total
Assets
Investments$— $82 $— $82 
Derivatives - Foreign exchange
— 676 — 676 
Liabilities
Derivatives
Interest rate— (953)— (953)
Foreign exchange— (430)— (430)
Other— (3)— (3)
Other— (581)— (581)
Total recorded at fair value$— $(1,209)$— $(1,209)
Fair value of borrowings$— $37,182 $2,219 $39,401 
 
Fair Value Measurement at September 28, 2024
 Level 1Level 2Level 3Total
Assets
Investments$— $94 $— $94 
Derivatives
Foreign exchange—    569    —    569    
Other— 18 — 18 
Liabilities
Derivatives
Interest rate— (983)— (983)
Foreign exchange— (588)— (588)
Other— (8)— (8)
Other— (591)— (591)
Total recorded at fair value$— $(1,489)$— $(1,489)
Fair value of borrowings$— $42,392 $1,317 $43,709 
The fair values of Level 2 investments are primarily determined based on an internal valuation model that uses observable inputs such as stock trading price, volatility and risk free rate.
The fair values of Level 2 derivatives are primarily determined by internal discounted cash flow models that use observable inputs such as interest rates, yield curves and foreign currency exchange rates. Counterparty credit risk, which is mitigated by master netting agreements and collateral posting arrangements with certain counterparties, had an impact on derivative fair value estimates that was not material. The Company’s derivative financial instruments are discussed in Note 15.
Level 2 other liabilities are primarily arrangements that are valued based on the fair value of underlying investments, which are generally measured using Level 1 and Level 2 fair value techniques.
Level 2 borrowings, which include commercial paper, U.S. dollar denominated notes and certain foreign currency denominated borrowings, are valued based on quoted prices for similar instruments in active markets or identical instruments in markets that are not active.
Level 3 borrowings include the Asia Theme Parks and cruise ship borrowings, which are valued based on the current estimated borrowing costs, prevailing market interest rates and applicable credit risk.
The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values.