XML 52 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

Borrowings and Credit Arrangements (Tables) | 12 Months Ended
--- | ---
Sep. 25, 2021
Debt Disclosure [Abstract] |
Company's Borrowings and Interest Expense | The Company’s borrowings consisted of the following:
| September 25, 2021 |  | September 26, 2020
Current debt obligations, net of debt discount and deferred issuance costs: |  |  |
Term Loan | $ | — |  |  | $ | 74.9 |
Revolver | — |  |  | 250.0 |
Securitization Program | 248.5 |  |  | — |
Other | 64.5 |  |  | — |
Total current debt obligations | $ | 313.0 |  |  | $ | 324.9 |
Long-term debt obligations, net of debt discount and issuance costs: |  |  |
Term Loan | 1,382.3 |  |  | 1,379.9 |
2025 Senior Notes | — |  |  | 939.4 |
2028 Senior Notes | 395.4 |  |  | 394.6 |
2029 Senior Notes | 934.5 |  |  | — |
Total long-term debt obligations | 2,712.2 |  |  | 2,713.9 |
Total debt obligations | $ | 3,025.2 |  |  | $ | 3,038.8 |
Interest expense for the 2029 Senior Notes, 2028 Senior Notes and 2025 Senior Notes was as follows:
|  |  | Years Ended
|  |  | September 25, 2021 |  | September 26, 2020 |  | September 28, 2019
| Interest Rate |  | Interest Expense (1) | Non-Cash Interest Expense |  | Interest Expense (1) | Non-Cash Interest Expense |  | Interest Expense (1) | Non-Cash Interest Expense
2029 Senior Notes | 3.250 | % |  | $ | 32.7 |  | $ | 2.1 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
2028 Senior Notes | 4.625 | % |  | 19.2 |  | 0.7 |  |  | 19.2 |  | 0.7 |  |  | 19.2 |  | 0.7 |
2025 Senior Notes | 4.375 | % |  | 2.3 |  | 0.1 |  |  | 43.5 |  | 2.1 |  |  | 43.5 |  | 2.1 |
Total |  |  | $ | 54.2 |  | $ | 2.9 |  |  | $ | 62.7 |  | $ | 2.8 |  |  | $ | 62.7 |  | $ | 2.8 |
(1) Interest expense includes non-cash interest expense related to the amortization of the deferred issuance costs and accretion of the debt discount.
Schedule Of Long Term Debt By Maturity Table | The debt maturity schedule for the Company’s obligations as of September 25, 2021 was as follows:
|  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 and Thereafter |  | Total
Term Loan* |  | $ | 75.0 |  |  | $ | 112.5 |  |  | $ | 1,200.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,387.5 |
Securitization Program |  | 248.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 248.5 |
2028 Senior Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400.0 |  |  | 400.0 |
2029 Senior Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 950.0 |  |  | 950.0 |
Other |  | 64.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 64.5 |
|  | $ | 388.0 |  |  | $ | 112.5 |  |  | $ | 1,200.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,350.0 |  |  | $ | 3,050.5 |
*The Term Loan debt maturity schedule herein represents the 2018 Credit Agreement as of September 25, 2021. The Company amended the credit agreement on September 27, 2021, which resulted in a change in the principal maturity schedule.
Schedule of Credit Agreements | Interest expense, non-cash interest expense, the weighted average interest rate, and the interest rate at the end of period under the 2018 Credit Agreement and the 2017 Credit Agreement was as follows:
| Years Ended
| September 25, 2021 | September 26, 2020 | September 28, 2019
Interest expense (1) | $ | 22.0 |  | $ | 46.6 |  | $ | 67.0 |
Non-cash interest expense | $ | 2.5 |  | $ | 2.5 |  | $ | 2.6 |
Weighted average interest rate | 1.13 | % | 2.25 | % | 3.79 | %
Interest rate at end of period | 1.08 | % | 1.40 | % | 3.43 | %
(1) Interest expense includes non-cash interest expense related to the amortization of the deferred issuance costs and accretion of the debt discount.

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

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration