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Debt | 6 Months Ended
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Apr. 03, 2026
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following:
| As of
(Amounts in millions) | April 3, 2026 |  | October 3, 2025
Term Loan | $ | 2,981 |  |  | $ | 3,000 |
Senior notes | 1,000 |  |  | 1,000 |
Other | 7 |  |  | 8 |
Total debt | 3,988 |  |  | 4,008 |
Unamortized original issue discount and unamortized deferred financing costs | (61) |  |  | (65) |
Total debt, net of original issue discount and deferred financing costs | 3,927 |  |  | 3,943 |
Less current portion of long-term debt | (40) |  |  | (42) |
Total long-term debt, net of current portion | $ | 3,887 |  |  | $ | 3,901 |
As amended, the Company’s senior secured credit facility (the “Credit Facility”) consisted of our term facility (“Term Loan”) maturing on September 27, 2031 and a $850 million revolving facility (“Revolver”) maturing on September 27, 2029, which included a $200 million letter of credit subfacility and a $100 million swingline subfacility. The interest rates applicable to the Term Loan were floating interest rates equal to an Alternate Base Rate (“ABR”) or Adjusted Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin based upon net leverage ratio. The Term Loan required quarterly principal amortization payments of $9 million, which commenced on March 31, 2025, with the remainder of the principal thereunder being due at maturity. As of April 3, 2026 and October 3, 2025, the available borrowing capacity under the Credit Facility was $769 million and $766 million, respectively, and included $81 million and $84 million, respectively, in issued letters of credit. As of April 3, 2026 and October 3, 2025, there were no amounts borrowed under the Revolver. In August 2024, the Company completed an offering of $1,000 million in aggregate principal amount of 7.250% senior notes due August 1, 2032 (the “Senior Notes”). Interest is payable on February 1 and August 1 of each year, which commenced on February 1, 2025. The Credit Facility and the Senior Notes are guaranteed by substantially all of our wholly owned material domestic restricted subsidiaries, subject to customary exceptions set forth in the credit agreement and indenture, respectively. Each of the credit agreement and indenture requires us to comply with certain representations and warranties, customary affirmative and negative covenants and, in the case of the Revolver, under certain circumstances, a financial covenant. We were in compliance with all covenants as of April 3, 2026. Cash Flow Hedges The Company utilizes derivative financial instruments to manage interest rate risk related to its variable rate debt. The Company’s objective is to manage its exposure to interest rate movements and reduce volatility of interest expense. The Company entered into several interest rate swaps with an aggregate notional value of $1.5 billion that were designated as cash flow hedges, in which the Company will pay at the fixed rate and receive payment at a floating rate indexed to the three-month term SOFR through maturity. The swaps mature at various dates through January 31, 2027. The change in fair value of the interest rate swaps is presented within accumulated other comprehensive income on our consolidated balance sheet and subsequently reclassified into interest expense and other, net on our consolidated statements of operations and comprehensive income in the period when the hedged transaction affects earnings.

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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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