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Sales of Receivables
 12 Months Ended
Sep. 27, 2024
Transfers and Servicing of Financial Assets [Abstract]  
Sales of Receivables Sales of Receivables
On March 26, 2024, the Company entered into a Master Accounts Receivable Purchase Agreement (“MARPA”) with MUFG Bank, Ltd., (the “Purchaser”) for the sale of certain designated eligible U.S. Government receivables. Under the MARPA, the Company can sell certain eligible receivables up to a maximum amount of $250 million. The Company’s receivables are sold under the MARPA without recourse for any U.S. Government credit risk.
The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore no servicing asset or liability related to these receivables was recognized as of September 27, 2024. Proceeds from the sold receivables are reflected in operating cash flows on the statement of cash flows.
The Company's MARPA activity consisted of the following (in millions):
As of and for the
Year Ended September 27, 2024
Beginning balance:$— 
Sales of receivables1,574 
Cash collections(1,397)
Outstanding balance sold to Purchaser (1)
177 
Cash collected, not remitted to Purchaser (2)
(39)
Remaining sold receivables$138 
(1)    For the year ended September 27, 2024, the Company recorded a net cash inflow of $177 million in its cash flows from operating activities, respectively, from sold receivables. MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.
(2)    Includes the cash collected on behalf of but not yet remitted to the Purchaser as of September 27, 2024. This balance is included in Other accrued liabilities as of the balance sheet date.