v3.25.4

Debt | 3 Months Ended
--- | ---
Dec. 27, 2025
Debt Instruments [Abstract] |
Debt | DEBT The major components of debt are as follows (in millions):
| December 27, 2025 |  | September 27, 2025
Revolving credit facility | $ | — |  |  | $ | — |
Revolving term loan 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 | 600 |  |  | 600 |
6.13% Notes due November 2032 | 157 |  |  | 157 |
5.70% Notes due March 2034 | 900 |  |  | 900 |
4.88% Notes due August 2034 | 500 |  |  | 500 |
5.15% Notes due August 2044 | 497 |  |  | 497 |
4.55% Notes due June 2047 | 713 |  |  | 733 |
5.10% Notes due September 2048 (“2048 Notes”) | 1,485 |  |  | 1,490 |
Discount on senior notes | (33) |  |  | (34) |
Term loan facility due May 2028 | — |  |  | 440 |
Finance Leases | 168 |  |  | 168 |
Other | 246 |  |  | 251 |
Unamortized debt issuance costs | (39) |  |  | (40) |
Total debt | 8,362 |  |  | 8,830 |
Less current debt | 909 |  |  | 909 |
Total long-term debt | $ | 7,453 |  |  | $ | 7,921 |
Revolving Credit Facility and Letters of Credit We have a $2.5 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 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. At December 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 December 27, 2025, we had $82 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. Revolving Term Loan Credit Facility In December 2025, we entered into a $750 million revolving term loan credit facility. The facility will mature and commitments thereunder will terminate in December 2028. We may make an election prior to the facility's maturity date to convert all or part of the outstanding borrowings into one or more term loans that will mature up to seven years after the facility's maturity date. Interest on borrowings under the facility is based either on term or daily simple secured overnight financing rates, with an applicable spread, or an alternative base rate with an applicable spread. The facility contained covenants and other terms that are generally consistent with those of our revolving credit facility. At December 27, 2025, we have not made any borrowing under the facility. Concurrent with the entry into the revolving term loan credit facility, we repaid the $440 million outstanding borrowing under a term loan facility due May 2028 using cash on hand and terminated the 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 December 27, 2025, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased. Senior Note Repayments During the first quarter of fiscal 2026, we repurchased $25 million of senior notes on the open market. Debt Covenants Our revolving credit facility and revolving term loan credit facility 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 December 27, 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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