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Debt
 12 Months Ended
Sep. 27, 2025
Debt Instruments [Abstract]  
Debt DEBT
The following table reflects major components of debt as of September 27, 2025 and September 28, 2024 (in millions):
20252024
Revolving credit facility$— $— 
Commercial paper— — 
Senior notes:
4.00% Notes due March 2026 (“2026 Notes”)
800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)
1,000 1,000 
5.40% Notes due March 2029 ("5.40% 2029 Notes")600 600 
6.13% Notes due November 2032 157 157 
5.70% Notes due March 2034 ("5.70% 2034 Notes")900 900 
4.88% Notes due August 2034 500 500 
5.15% Notes due August 2044 497 500 
4.55% Notes due June 2047733 750 
5.10% Notes due September 2048 (“2048 Notes”)
1,490 1,500 
Discount on senior notes(34)(36)
Term loans:
Term loan facility due May 2026— 750 
Term loan facility due May 2028 (5.99% at September 27, 2025)440 750 
Finance leases168 126 
Other251 168 
Unamortized debt issuance costs(40)(46)
Total debt8,830 9,787 
Less current debt909 74 
Total long-term debt$7,921 $9,713 
Annual maturities of debt for the five fiscal years subsequent to September 27, 2025 are: 2026 - $909 million; 2027 - $1,400 million; 2028 - $499 million; 2029 - $1,626 million; 2030 - $22 million.
Revolving Credit Facility and Letters of Credit
In April 2025, we terminated our previously existing revolving credit facility and entered into a new $2.5 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The new revolving credit facility will mature, and the commitments thereunder will terminate, in April 2030 with options for two one-year extensions. Under the terms of the revolving credit facility, we have the option to establish incremental commitment increases of up to an aggregate amount of $500 million if certain conditions are met. The covenants and other terms of the new facility are generally consistent with those of the terminated facility.
At September 27, 2025, amounts available for borrowing under this facility totaled $2.5 billion and we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At September 27, 2025, we had $83 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs and other legal obligations. In the future, if any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes up to an aggregate maximum principal amount of $1.75 billion. As of September 27, 2025, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
In April 2025, we increased the aggregate maximum principal amount to $1.75 billion in conjunction with the execution of the new revolving credit facility.
5.40% 2029 Notes/5.70% 2034 Notes
In March 2024, we issued senior unsecured notes with an aggregate principal amount of $1.5 billion, consisting of $600 million due March 2029 ("5.40% 2029 Notes") and $900 million due March 2034 ("5.70% 2034 Notes"). A portion of the net proceeds from the issuances were used to repay $250 million of the amount outstanding under our term loan facility due May 2026, and we used the remainder of the proceeds to retire the August 2024 notes. Interest payments on the 5.40% 2029 Notes and 5.70% 2034 Notes are due semi-annually on March 15 and September 15, beginning September 15, 2024. After the original issue discounts of $3 million, we received net proceeds of $1,497 million and incurred debt issuance costs of $14 million related to the issuances.
Term Loan Facilities
The term loan facilities may be prepaid under certain conditions and contain covenants that are similar to those contained in the revolving credit facility. In fiscal 2024, we borrowed the full $750 million available under a term loan facility that matures in May 2028 and used it to repay $592 million of outstanding commercial paper obligations, and during fiscal 2025, we repaid $310 million of this term loan using cash on hand. Additionally, during fiscal 2025, we fully repaid the $750 million term loan due May 2026 using cash on hand.
Senior Note Repayments
During fiscal 2025, we repurchased $30 million of senior notes on the open market.
Debt Covenants
Our revolving credit and term loan facilities contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain a minimum interest expense coverage ratio.
Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.
We were in compliance with all debt covenants at September 27, 2025.