DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Dec. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Interest rate swap agreements:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Conversion of Related Variable Rate Debt subject to Term SOFR to Fixed Rate of:

$500

3/31/2023

3/31/2025

6.25% (3.00% plus the 3.25% margin percentage)

$1,500

3/31/2023

3/31/2025

6.35% (3.10% plus the 3.25% margin percentage)

$700

3/31/2023

9/30/2025

4.55% (1.30% plus the 3.25% margin percentage)

Interest rate cap agreement:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Offsets Variable Rate Debt Attributable to Fluctuations Above:

$700

3/31/2023

9/30/2025

Three-month Term SOFR rate of 1.25%

Interest rate collar agreements:

Aggregate Notional Amount (in millions)

Effective Date

Maturity Date

Offsets Variable Rate Debt Attributable to Fluctuations Below and Above:

$1,100

3/31/2025

9/30/2026

Three-month Term SOFR rate of 2.00% (floor) and 3.50% (cap)

$500

9/30/2025

9/30/2026

Three-month Term SOFR rate of 2.00% (floor) and 3.50% (cap)

$1,338

9/30/2025

9/30/2027

Three-month Term SOFR rate of 2.50% (floor) and 4.50% (cap)

$1,550

9/30/2026

9/30/2027

Three-month Term SOFR rate of 2.50% (floor) and 4.50% (cap)

Schedule of Interest Rate Derivatives


	December 28, 2024				September 30, 2024
	Asset		Liability		Asset		Liability
Interest rate cap agreement	$	20	$	1	$	20	$	1
Interest rate collar agreements	26		—		3		8
Interest rate swap agreements	39		2		34		1
Net derivatives as classified in the condensed consolidated balance sheets (1)	$	85	$	3	$	57	$	10

(1)Refer to Note 10, “Fair Value Measurements,” for the condensed consolidated balance sheets classification of the Company's interest rate swap, cap and collar agreements.