v3.26.1
Debt
 6 Months Ended
Mar. 28, 2026
Debt Instruments [Abstract]  
Debt DEBT
The major components of debt are as follows (in millions):
March 28, 2026September 27, 2025
Revolving credit facility$— $— 
Revolving term loan credit facility— — 
Commercial paper30 — 
Senior notes:
4.00% Notes due March 2026 (“2026 Notes”)— 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)1,000 1,000 
5.40% Notes due March 2029600 600 
6.13% Notes due November 2032157 157 
5.70% Notes due March 2034900 900 
4.88% Notes due August 2034500 500 
4.95% Notes due February 2036 ("2036 Notes")500 — 
5.15% Notes due August 2044497 497 
4.55% Notes due June 2047713 733 
5.10% Notes due September 2048 (“2048 Notes”)1,485 1,490 
Discount on senior notes(34)(34)
Term loan facility due May 2028— 440 
Finance Leases173 168 
Other235 251 
Unamortized debt issuance costs(41)(40)
Total debt8,083 8,830 
Less current debt141 909 
Total long-term debt$7,942 $7,921 
Revolving Credit Facility and Letters of Credit
We have a $2.5 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in April 2030 with options for two one-year extensions. Under the terms of the revolving credit facility, we have the option to establish incremental commitment increases of up to an aggregate amount of $500 million if certain conditions are met. At March 28, 2026, amounts available for borrowing under this facility totaled $2.5 billion before deducting amounts to backstop our commercial paper program. At March 28, 2026, we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At March 28, 2026, we had $83 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs and other legal obligations. In the future, if any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.

Revolving Term Loan Credit Facility
In December 2025, we entered into a $750 million revolving term loan credit facility. The facility will mature and commitments thereunder will terminate in December 2028. We may make an election prior to the facility's maturity date to convert all or part of the outstanding borrowings into one or more term loans that will mature up to seven years after the facility's maturity date. Interest on borrowings under the facility is based either on term or daily simple secured overnight financing rates, with an applicable spread, or an alternative base rate with an applicable spread. The facility contained covenants and other terms that are generally consistent with those of our revolving credit facility. At March 28, 2026, we have not made any borrowing under the facility. Concurrent with the entry into the revolving term loan credit facility, we repaid the $440 million outstanding borrowing under a term loan facility due May 2028 using cash on hand and terminated the facility.
2036 Notes
In February 2026, we issued senior unsecured notes with a principal amount of $500 million due February 2036. The net proceeds, along with cash on hand, were used to retire the March 2026 Notes. Interest payments on the 2036 Notes are due semi-annually on February 20 and August 20, beginning August 20, 2026. After the original discounts of $2 million, we received net proceeds of $498 million and incurred debt issuance costs of $5 million related to the issuance.
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes up to an aggregate maximum principal amount of $1.75 billion. At March 28, 2026, we had $30 million of commercial paper outstanding at a weighted average interest rate of 4.00% with maturities of less than 5 days. Our ability to access commercial paper in the future may be limited or its costs increased.
Senior Note Repayments
During the first quarter of fiscal 2026, we repurchased $25 million of senior notes on the open market.
Debt Covenants
Our revolving credit facility and revolving term loan credit facility contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain a minimum interest expense coverage ratio.
Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.
We were in compliance with all debt covenants at March 28, 2026.