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Income Taxes (Tables) | 12 Months Ended
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Sep. 29, 2024
Income Tax Disclosure [Abstract] |
Components of Earnings/(Loss) Before Income Taxes | Components of earnings before income taxes (in millions):
Fiscal Year Ended | Sep 29, 2024 |  | Oct 1, 2023 |  | Oct 2, 2022
United States | $ | 4,087.6 |  |  | $ | 4,488.6 |  |  | $ | 3,484.9 |
Foreign | 882.0 |  |  | 913.3 |  |  | 747.0 |
Total earnings before income taxes | $ | 4,969.6 |  |  | $ | 5,401.9 |  |  | $ | 4,231.9 |
Provision/(Benefit) for Income Taxes | Provision/(benefit) for income taxes (in millions):
Fiscal Year Ended | Sep 29, 2024 |  | Oct 1, 2023 |  | Oct 2, 2022
Current taxes: |  |  |  |  |
U.S. federal | $ | 681.2 |  |  | $ | 678.2 |  |  | $ | 477.6 |
U.S. state and local | 210.9 |  |  | 235.9 |  |  | 164.0 |
Foreign | 328.8 |  |  | 422.4 |  |  | 283.8 |
Total current taxes | 1,220.9 |  |  | 1,336.5 |  |  | 925.4 |
Deferred taxes: |  |  |  |  |
U.S. federal | 10.7 |  |  | 117.0 |  |  | 92.6 |
U.S. state and local | (0.7) |  |  | (0.8) |  |  | 10.5 |
Foreign | (23.6) |  |  | (175.5) |  |  | (80.0) |
Total deferred taxes | (13.6) |  |  | (59.3) |  |  | 23.1 |
Total income tax expense | $ | 1,207.3 |  |  | $ | 1,277.2 |  |  | $ | 948.5 |
Reconciliation of the Statutory U.S. Federal Income Tax Rate With Our Effective Income Tax Rate | Reconciliation of the statutory U.S. federal income tax rate with our effective income tax rate:
Fiscal Year Ended | Sep 29, 2024 |  | Oct 1, 2023 |  | Oct 2, 2022
Statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 3.3 |  |  | 3.4 |  |  | 3.3 |
Foreign rate differential | 0.3 |  |  | 0.4 |  |  | 0.3 |
Other, net | (0.3) |  |  | (1.2) |  |  | (2.2) |
Effective tax rate | 24.3 | % |  | 23.6 | % |  | 22.4 | %
Tax Effect of Temporary Differences and Carryforwards that Comprise Significant Portions of Deferred Tax Assets and Liabilities | Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in millions):
| Sep 29, 2024 |  | Oct 1, 2023
Deferred tax assets: |  |  |
Operating lease liabilities | $ | 2,595.1 |  |  | $ | 2,395.3 |
Stored value card liability and deferred revenue | 1,612.5 |  |  | 1,638.1 |
Intangible assets and goodwill | 372.6 |  |  | 313.4 |
Other | 692.2 |  |  | 642.3 |
Total | 5,272.4 |  |  | 4,989.1 |
Valuation allowance | (194.5) |  |  | (148.6) |
Total deferred tax asset, net of valuation allowance | 5,077.9 |  |  | 4,840.5 |
Deferred tax liabilities: |  |  |
Operating lease, right-of-use assets | (2,483.7) |  |  | (2,291.8) |
Property, plant and equipment | (580.8) |  |  | (525.4) |
Other | (267.8) |  |  | (268.1) |
Total | (3,332.3) |  |  | (3,085.3) |
Net deferred tax asset (liability) | $ | 1,745.6 |  |  | $ | 1,755.2 |
Reported as: |  |  |
Deferred income tax assets | $ | 1,766.7 |  |  | $ | 1,769.8 |
Deferred income tax liabilities (included in Other long-term liabilities) | (21.1) |  |  | (14.6) |
Net deferred tax asset (liability) | $ | 1,745.6 |  |  | $ | 1,755.2 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to our unrecognized tax benefits (in millions):
| Sep 29, 2024 |  | Oct 1, 2023 |  | Oct 2, 2022
Beginning balance | $ | 105.0 |  |  | $ | 89.7 |  |  | $ | 82.6 |
Increase related to prior year tax positions | 7.9 |  |  | 1.2 |  |  | 0.2 |
Decrease related to prior year tax positions | (6.4) |  |  | (0.4) |  |  | (0.7) |
Increase related to current year tax positions | 10.3 |  |  | 14.5 |  |  | 9.0 |
Decreases related to settlements with taxing authorities | (8.8) |  |  | — |  |  | — |
Decrease related to lapsing of statute of limitations | — |  |  | — |  |  | (1.4) |
Ending balance | $ | 108.0 |  |  | $ | 105.0 |  |  | $ | 89.7 |

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