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v3.25.3

Income Taxes (Tables) | 12 Months Ended
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Sep. 28, 2025
Income Tax Disclosure [Abstract] |
Components of Earnings/(Loss) Before Income Taxes | Components of earnings before income taxes (in millions):
Fiscal Year Ended | Sep 28, 2025 |  | Sep 29, 2024 |  | Oct 1, 2023
United States | $ | 1,850.1 |  |  | $ | 4,087.6 |  |  | $ | 4,488.6 |
Foreign | 657.2 |  |  | 882.0 |  |  | 913.3 |
Total earnings before income taxes | $ | 2,507.3 |  |  | $ | 4,969.6 |  |  | $ | 5,401.9 |
Provision/(Benefit) for Income Taxes | Provision/(benefit) for income taxes (in millions):
Fiscal Year Ended | Sep 28, 2025 |  | Sep 29, 2024 |  | Oct 1, 2023
Current taxes: |  |  |  |  |
U.S. federal | $ | 179.4 |  |  | $ | 681.2 |  |  | $ | 678.2 |
U.S. state and local | 120.4 |  |  | 210.9 |  |  | 235.9 |
Foreign | 362.5 |  |  | 328.8 |  |  | 422.4 |
Total current taxes | 662.3 |  |  | 1,220.9 |  |  | 1,336.5 |
Deferred taxes: |  |  |  |  |
U.S. federal | 30.2 |  |  | 10.7 |  |  | 117.0 |
U.S. state and local | (11.3) |  |  | (0.7) |  |  | (0.8) |
Foreign | (30.6) |  |  | (23.6) |  |  | (175.5) |
Total deferred taxes | (11.7) |  |  | (13.6) |  |  | (59.3) |
Total income tax expense | $ | 650.6 |  |  | $ | 1,207.3 |  |  | $ | 1,277.2 |
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 28, 2025 |  | Sep 29, 2024 |  | Oct 1, 2023
Statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 3.4 |  |  | 3.3 |  |  | 3.4 |
Foreign rate differential | 0.3 |  |  | 0.3 |  |  | 0.4 |
Residual tax on foreign earnings | 3.6 |  |  | 0.4 |  |  | — |
Foreign derived intangible income | (1.6) |  |  | (0.8) |  |  | (0.8) |
Tax status change of foreign entity | (1.4) |  |  | — |  |  | — |
Other, net | 0.6 |  |  | 0.1 |  |  | (0.4) |
Effective tax rate | 25.9 | % |  | 24.3 | % |  | 23.6 | %
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 28, 2025 |  | Sep 29, 2024
Deferred tax assets: |  |  |
Operating lease liabilities | $ | 2,646.7 |  |  | $ | 2,595.1 |
Stored value card liability and deferred revenue | 1,593.0 |  |  | 1,612.5 |
Intangible assets and goodwill | 355.5 |  |  | 372.6 |
Other | 780.9 |  |  | 692.2 |
Total | 5,376.1 |  |  | 5,272.4 |
Valuation allowance | (189.2) |  |  | (194.5) |
Total deferred tax asset, net of valuation allowance | 5,186.9 |  |  | 5,077.9 |
Deferred tax liabilities: |  |  |
Operating lease, right-of-use assets | (2,466.8) |  |  | (2,483.7) |
Property, plant and equipment | (641.3) |  |  | (580.8) |
Other | (302.3) |  |  | (267.8) |
Total | (3,410.4) |  |  | (3,332.3) |
Net deferred tax asset (liability) | $ | 1,776.5 |  |  | $ | 1,745.6 |
Reported as: |  |  |
Deferred income tax assets | $ | 1,826.9 |  |  | $ | 1,766.7 |
Deferred income tax liabilities (included in Other long-term liabilities) | (50.4) |  |  | (21.1) |
Net deferred tax asset (liability) | $ | 1,776.5 |  |  | $ | 1,745.6 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to our unrecognized tax benefits (in millions):
| Sep 28, 2025 |  | Sep 29, 2024 |  | Oct 1, 2023
Beginning balance | $ | 108.0 |  |  | $ | 105.0 |  |  | $ | 89.7 |
Increase related to prior year tax positions | 3.1 |  |  | 7.9 |  |  | 1.2 |
Decrease related to prior year tax positions | (0.4) |  |  | (6.4) |  |  | (0.4) |
Increase related to current year tax positions | 12.9 |  |  | 10.3 |  |  | 14.5 |
Decreases related to settlements with taxing authorities | (0.7) |  |  | (8.8) |  |  | — |
Decrease related to lapsing of statute of limitations | (3.0) |  |  | — |  |  | — |
Ending balance | $ | 119.9 |  |  | $ | 108.0 |  |  | $ | 105.0 |

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