v3.26.1
Fair Value Measurements
 6 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
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 28, 2026
 Level 1Level 2Level 3Total
Assets
Investments$24 $46 $— $70 
Derivatives
Foreign exchange
— 753 — 753 
Other—    24    —    24    
Liabilities
Derivatives
Interest rate— (736)— (736)
Foreign exchange— (630)— (630)
Other— (15)— (15)
Other— (650)— (650)
Total recorded at fair value$24 $(1,208)$— $(1,184)
Fair value of borrowings$— $40,246 $3,335 $43,581 
Fair Value Measurement at September 27, 2025
 Level 1Level 2Level 3Total
Assets
Investments$— $89 $— $89 
Derivatives
Foreign exchange—    816    —    816    
Other— 5 — 5 
Liabilities
Derivatives
Interest rate— (762)— (762)
Foreign exchange— (926)— (926)
Other— (1)— (1)
Other— (668)— (668)
Total recorded at fair value$— $(1,447)$— $(1,447)
Fair value of borrowings$— $36,976 $2,111 $39,087 
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. The Company’s derivative financial instruments are discussed in Note 14.
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.