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v3.25.1

Debt | 6 Months Ended
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Mar. 29, 2025
Debt Instruments [Abstract] |
Debt | DEBT The major components of debt are as follows (in millions):
| March 29, 2025 |  | September 28, 2024
Revolving credit facility | $ | — |  |  | $ | — |
Commercial paper | — |  |  | — |
Senior notes: |  |  |
4.00% Notes due March 2026 (“2026 Notes”) | 800 |  |  | 800 |
3.55% Notes due June 2027 | 1,350 |  |  | 1,350 |
7.00% Notes due January 2028 | 18 |  |  | 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 | 500 |  |  | 500 |
4.55% Notes due June 2047 | 750 |  |  | 750 |
5.10% Notes due September 2048 (“2048 Notes”) | 1,500 |  |  | 1,500 |
Discount on senior notes | (35) |  |  | (36) |
Term loans: |  |  |
Term loan facility due May 2026 | — |  |  | 750 |
Term loan facility due May 2028 (6.18% at March 29, 2025) | 750 |  |  | 750 |
Finance Leases | 157 |  |  | 126 |
Other | 164 |  |  | 168 |
Unamortized debt issuance costs | (43) |  |  | (46) |
Total debt | 9,068 |  |  | 9,787 |
Less current debt | 896 |  |  | 74 |
Total long-term debt | $ | 8,172 |  |  | $ | 9,713 |
Revolving Credit Facility and Letters of Credit We have a $2.25 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in September 2026 with options for two one-year extensions. At March 29, 2025, amounts available for borrowing under this facility totaled $2.25 billion and we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At March 29, 2025 we had $93 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. On April 15, 2025, subsequent to the end of our second quarter of fiscal 2025, we terminated our existing revolving credit facility and entered into a new $2.5 billion revolving credit facility. 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. 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 $1.5 billion. As of March 29, 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, subsequent to the end of our second quarter of fiscal 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 In the first quarter of 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. This term loan may be prepaid under certain conditions and contain covenants that are similar to those contained in the revolving credit facility. During the second quarter of fiscal 2025, we repaid a $750 million term loan due May 2026 using cash on hand. 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 March 29, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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