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Borrowings | 9 Months Ended
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Jun. 28, 2024
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS: Long-term borrowings, net, are summarized in the following table (in thousands):
|  | June 28, 2024 |  | September 29, 2023
Senior secured revolving credit facility, due April 2026 |  | $ | 422,785 |  |  | $ | 170,759 |
Senior secured term loan facility, due April 2026 |  | 223,833 |  |  | 258,060 |
Senior secured term loan facility, due January 2027 |  | 836,415 |  |  | 835,631 |
Senior secured term loan facility, due April 2028 |  | 725,174 |  |  | 724,393 |
Senior secured term loan facility, due June 2030 |  | 1,072,495 |  |  | 1,078,588 |
5.000% senior notes, due April 2025 |  | 550,421 |  |  | 549,348 |
3.125% senior notes, due April 2025(1) |  | 347,729 |  |  | 342,718 |
6.375% senior notes, due May 2025 |  | — |  |  | 1,492,153 |
5.000% senior notes, due February 2028 |  | 1,144,023 |  |  | 1,142,910 |
Receivables Facility, due July 2026 |  | 599,000 |  |  | — |
Finance leases |  | 37,632 |  |  | 31,933 |
Other |  | 18,099 |  |  | 15,201 |
|  | 5,977,606 |  |  | 6,641,694 |
Less—current portion |  | (943,279) |  |  | (1,543,032) |
|  | $ | 5,034,327 |  |  | $ | 5,098,662 |
(1) | This is a Euro denominated borrowing.
As of June 28, 2024, the Company had approximately $739.4 million of outstanding foreign currency borrowings. As of June 28, 2024, the Company had approximately $702.2 million of availability under the senior secured revolving credit facility. As of June 28, 2024, the 5.000% Senior Notes due April 1, 2025 and 3.125% Senior Notes due April 1, 2025 mature within one year. The Company intends to repay, redeem or otherwise refinance the outstanding obligations related to these securities. Senior Secured Credit Agreement On March 27, 2024, the Company amended its existing Credit Agreement (“Amendment No. 14”), to provide for, among other things, the repricing of all the United States dollar denominated Term B-5 Loans previously outstanding under the Credit Agreement (“U.S. Term B-5 Loans due 2028”) and the repricing of all the United States dollar denominated Term B-6 Loans previously outstanding under the Credit Agreement (“U.S. Term B-6 Loans due 2030”). As a result of the Amendment No. 14, (i) U.S. Term B-5 Loans due 2028 previously outstanding under the Credit Agreement were replaced with new United States dollar denominated Term B-7 Loans (“U.S. Term B-7 Loans due 2028”) in an amount equal to $730.5 million due in April 2028 and (ii) U.S. Term B-6 Loans due 2030 previously outstanding under the Credit Agreement were replaced with the new United States dollar denominated Term B-8 Loans (“U.S. Term B-8 Loans due 2030”) in an amount equal to $1,094.5 million due in June 2030, each with an interest rate equal to the sum of (a) the Term SOFR Rate (as defined in the Credit Agreement) plus (b) an applicable margin of 2.00% plus (c) a credit spread adjustment of 0.0% (as compared to the interest rate for the U.S. Term B-5 Loans due 2028 and the U.S. Term B-6 Loans due 2030 equal to the sum of (a) the Term SOFR Rate plus (b) an applicable margin of 2.50% plus (c) a credit spread adjustment between 0.11448% and 0.42826% (depending on the selected interest period)). The U.S. Term B-7 Loans due 2028 do not require any quarterly repayments of the principal amount and require the payment of $730.5 million at maturity. The U.S. Term B-8 Loans due 2030 require repayment of principal in quarterly installments of $2.8 million from March 31, 2024 through March 31, 2030 and $1,025.8 million at maturity. The Company capitalized $0.9 million of transaction costs directly attributable to the repricings in Amendment No. 14, which are included in “Long-Term Borrowings” on the Condensed Consolidated Balance Sheet as of June 28, 2024. Amounts paid for capitalized transaction costs are included within “Other financing activities” on the Condensed Consolidated Statement of Cash Flows for the nine months ended June 28, 2024. Additionally, the Company recorded $1.6 million of charges to "Interest Expense, net" on the Condensed Consolidated Statements of Income for the nine months ended June 28, 2024, consisting of a $1.2 million non-cash loss for the write-off of unamortized deferred financing costs and discount on the U.S. Term B-5 Loans due 2028 and U.S. Term B-6 Loans due 2030 and the payment of $0.4 million of transaction costs related to the repricings. 6.375% Senior Notes due 2025 Repayment On October 2, 2023, the Company repaid the $1,500.0 million 6.375% 2025 Notes in conjunction with the separation and distribution of the Uniform segment (see Note 2). The Company recorded $31.8 million of charges to "Interest Expense, net" in the Condensed Consolidated Statements of Income for the nine months ended June 28, 2024, consisting of the payment of a $23.9 million call premium and a $7.9 million non-cash loss for the write-off of unamortized deferred financing costs on the 6.375% 2025 Notes. The amount paid for the call premium is included within "Other financing activities" on the Condensed Consolidated Statements of Cash Flows for the nine months ended June 28, 2024.

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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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