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Borrowings and Credit Arrangements | 6 Months Ended
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Mar. 29, 2025
Debt Disclosure [Abstract] |
Borrowings and Credit Arrangements | Borrowings and Credit Arrangements The Company’s borrowings consisted of the following:
| March 29, 2025 |  | September 28, 2024
Current debt obligations, net of debt discount and deferred issuance costs: |  |  |
Term Loan | $ | 56.2 |  |  | $ | 37.5 |
Total current debt obligations | $ | 56.2 |  |  | $ | 37.5 |
Long-term debt obligations, net of debt discount and issuance costs: |  |  |
Term Loan | $ | 1,121.5 |  |  | $ | 1,158.7 |
2028 Senior Notes | 397.9 |  |  | 397.6 |
2029 Senior Notes | 941.9 |  |  | 940.8 |
Total long-term debt obligations | $ | 2,461.3 |  |  | $ | 2,497.1 |
Total debt obligations | $ | 2,517.5 |  |  | $ | 2,534.6 |
2021 Credit Agreement On September 27, 2021, the Company and certain of its subsidiaries refinanced its then existing term loan and revolving credit facility with Bank of America, N.A. in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, and certain other lenders (the “2018 Credit Agreement”) by entering into a Refinancing Amendment (the “2021 Credit Agreement”). On August 22, 2022, the Company further amended the 2021 Credit Agreement to address the planned phase out of LIBOR by the UK Financial Conduct Authority. Under this amendment, the interest rates applicable to the loans under the 2021 Credit Agreement denominated in U.S. dollars were converted to a variant of the secured overnight financing rate (“SOFR”), as established from time to time by the Federal Reserve Bank of New York, plus a corresponding spread. The 2021 Credit Agreement provided a $1.5 billion secured term loan facility (the “2021 Term Loan”) and a $2.0 billion revolving credit facility (the “2021 Revolver”). As of March 29, 2025, the principal amount outstanding under the 2021 Term Loan was $1.18 billion, and the interest rate was 5.43% per annum. No amounts were outstanding under the 2021 Revolver, and the full amount was available to be borrowed by the Company. Interest expense, weighted average interest rates, and the interest rate at the end of period under the 2021 Credit Agreement were as follows:
| Three Months Ended |  | Six Months Ended
| March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
Interest expense | $ | 17.6 |  |  | $ | 21.2 |  |  | $ | 36.5 |  |  | $ | 43.8 |
Weighted average interest rate | 5.42 | % |  | 6.43 | % |  | 5.54 | % |  | 6.43 | %
Interest rate at end of period | 5.43 | % |  | 6.43 | % |  | 5.43 | % |  | 6.43 | %
The Company has entered into interest rate swap agreements, which fixed the SOFR component of the variable interest rate on a portion of the aggregate principal under the 2021 Term Loan. Under these interest rate swap agreements, the Company received $1.7 million and $3.3 million during the three and six months ended March 29, 2025, respectively, and $2.4 million and $12.0 million during the three and six months ended March 30, 2024, respectively. These amounts were recorded as a reduction to interest expense in the Statements of Income. See Note 11 for additional information. The 2021 Credit Agreement contains two financial covenants; a total leverage ratio and an interest coverage ratio, both of which are measured as of the last day of each fiscal quarter. These terms, and calculations thereof, are defined in further detail in the 2021 Credit Agreement. As of March 29, 2025, the Company was in compliance with these covenants. 2028 Senior Notes As of March 29, 2025, the Company had 4.625% Senior Notes due 2028 (the “2028 Senior Notes”) outstanding in the aggregate principal balance of $400 million. The 2028 Senior Notes are general senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by certain of the Company’s domestic subsidiaries and mature on February 1, 2028. 2029 Senior Notes As of March 29, 2025, the Company had 3.250% Senior Notes due 2029 (the “2029 Senior Notes”) outstanding in the aggregate principal balance of $950 million. The 2029 Senior Notes are general senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by certain of the Company’s domestic subsidiaries and mature on February 15, 2029. Interest expense for the 2029 Senior Notes and 2028 Senior Notes was as follows:
|  |  | Three Months Ended |  | Six Months Ended
| Interest Rate |  | March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
2028 Senior Notes | 4.625 | % |  | $ | 4.8 |  |  | $ | 4.8 |  |  | $ | 9.6 |  |  | $ | 9.6 |
2029 Senior Notes | 3.250 | % |  | 8.2 |  |  | 8.2 |  |  | 16.4 |  |  | 16.4 |
Total |  |  | $ | 13.0 |  |  | $ | 13.0 |  |  | $ | 26.0 |  |  | $ | 26.0 |

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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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