XML 46 R16.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

FAIR VALUE MEASUREMENTS | 6 Months Ended
--- | ---
Mar. 30, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following summarizes the carrying amounts and fair values of financial instruments (in millions):
|  |  | March 30, 2024 |  | September 30, 2023
| Level |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 4,288 |  |  | $ | 4,288 |  |  | $ | 3,472 |  |  | $ | 3,472 |
Restricted cash | 1 |  | 550 |  |  | 550 |  |  | — |  |  | — |
Interest rate swap agreements (1) | 2 |  | 76 |  |  | 76 |  |  | 103 |  |  | 103 |
Interest rate swap agreements (2) | 2 |  | 12 |  |  | 12 |  |  | 41 |  |  | 41 |
Interest rate cap agreements (2) | 2 |  | 38 |  |  | 38 |  |  | 53 |  |  | 53 |
Interest rate collar agreements (2) | 2 |  | 14 |  |  | 14 |  |  | 17 |  |  | 17 |
Liabilities: |  |  |  |  |  |  |  |  |
Foreign currency forward exchange contracts (3) | 2 |  | 2 |  |  | 2 |  |  | 5 |  |  | 5 |
Interest rate swap agreements (4) | 2 |  | 3 |  |  | 3 |  |  | 3 |  |  | 3 |
Interest rate cap agreements (4) | 2 |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Short-term borrowings - trade receivable securitization facility (5) | 2 |  | 450 |  |  | 450 |  |  | 349 |  |  | 349 |
Long-term debt, including current portion: |  |  |  |  |  |  |  |  |
Term loans (5) | 2 |  | 7,157 |  |  | 7,196 |  |  | 6,179 |  |  | 6,212 |
2026 Secured Notes (5) | 1 |  | — |  |  | — |  |  | 4,377 |  |  | 4,329 |
7.50% 2027 Notes (5) | 1 |  | 548 |  |  | 550 |  |  | 548 |  |  | 549 |
5.50% 2027 Notes (5) | 1 |  | 2,639 |  |  | 2,584 |  |  | 2,638 |  |  | 2,484 |
2028 Secured Notes (5) | 1 |  | 2,074 |  |  | 2,129 |  |  | 2,071 |  |  | 2,069 |
4.625% 2029 Notes (5) | 1 |  | 1,193 |  |  | 1,115 |  |  | 1,193 |  |  | 1,047 |
4.875% 2029 Notes (5) | 1 |  | 745 |  |  | 698 |  |  | 745 |  |  | 654 |
2029 Secured Notes (5) | 1 |  | 2,724 |  |  | 2,760 |  |  | — |  |  | — |
2030 Secured Notes (5) | 1 |  | 1,437 |  |  | 1,477 |  |  | 1,436 |  |  | 1,423 |
2031 Secured Notes (5) | 1 |  | 983 |  |  | 1,030 |  |  | — |  |  | — |
2032 Secured Notes (5) | 1 |  | 2,180 |  |  | 2,222 |  |  | — |  |  | — |
Government refundable advances | 2 |  | 17 |  |  | 17 |  |  | 21 |  |  | 21 |
Finance lease obligations | 2 |  | 259 |  |  | 259 |  |  | 193 |  |  | 193 |
(1)Included in prepaid expenses and other on the condensed consolidated balance sheets. (2)Included in other non-current assets on the condensed consolidated balance sheets. (3)Included in accrued and other current liabilities on the condensed consolidated balance sheets. (4)Included in other non-current liabilities on the condensed consolidated balance sheets. (5)The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 7, “Debt,” for gross carrying amounts. The Company values its financial instruments using an industry standard market approach, in which prices and other relevant information are generated by market transactions involving identical or comparable assets or liabilities. No financial instruments were recognized or disclosed using unobservable inputs (i.e., Level 3). The Company’s derivatives consist of interest rate swap, cap and collar agreements and foreign currency exchange contracts. The fair values of the interest rate swap, cap and collar agreements were derived by taking the net present value of the expected cash flows using observable market inputs (Level 2) such as SOFR rate curves, futures, volatilities and basis spreads (when applicable). The fair values of the foreign currency exchange contracts were derived by using Level 2 inputs based on observable spot and forward exchange rates in active markets. There has not been any impact to the fair value of derivative liabilities due to the Company's own credit risk. Similarly, there has not been any material impact to the fair value of derivative assets based on the Company's evaluation of counterparties' credit risks. The estimated fair value of the Company’s term loans was based on information provided by the agent under the Company’s Credit Agreement. The estimated fair values of the Company’s notes were based upon quoted market prices. The fair value of cash and cash equivalents, restricted cash, trade accounts receivable-net and accounts payable approximated carrying value due to the short-term nature of these instruments at March 30, 2024 and September 30, 2023.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration