FAIR VALUE MEASUREMENTS

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following summarizes the carrying amounts and fair values of financial instruments (in millions):


		March 28, 2026				September 30, 2025
	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	3,884	$	3,884	$	2,808	$	2,808
Interest rate swap agreements (1)	2	4		4		3		3

Interest rate collar agreements (1)	2	3		3		4		4

Interest rate swap agreements (2)	2	19		19		5		5

Interest rate collar agreements (2)	2	10		10		3		3
Liabilities:


Foreign currency forward exchange contracts (3)	2	2		2		2		2


Interest rate collar agreements (4)	2	—		—		3		3
Short-term borrowings - trade receivable securitization facility (5)	2	724		724		724		724
Long-term debt, including current portion:
Term loans (5)	2	11,816		11,909		11,048		11,120
2028 Secured Notes (5)	1	2,086		2,126		2,083		2,139
4.625% 2029 Notes (5)	1	1,196		1,176		1,195		1,175
2029 Secured Notes (5)	1	2,734		2,784		2,732		2,812
4.875% 2029 Notes (5)	1	747		735		747		739
2030 Secured Notes (5)	1	1,441		1,484		1,440		1,501
2031 Secured Notes (5)	1	988		1,030		986		1,041
2032 Secured Notes (5)	1	2,184		2,244		2,183		2,263
2033 Secured Notes (5)	1	1,489		1,496		1,488		1,517
6.375% 2033 Notes (5)	1	2,619		2,640		2,616		2,686
2034 Secured Notes (5)	1	496		504		495		514
6.750% 2034 Notes (5)	1	1,983		2,028		1,982		2,068
Initial 6.125% 2034 Notes (5)	1	1,189		1,158		—		—
Government refundable advances	2	8		8		12		12
Finance lease obligations	2	303		303		284		284

(1)Included in prepaid expenses and other on the condensed consolidated balance sheets.

(2)Included in other non-current assets on the condensed consolidated balance sheets.

(3)Included in accrued and other current liabilities on the condensed consolidated balance sheets.

(4)Included in other non-current liabilities on the condensed consolidated balance sheets.

(5)The carrying amount of the debt instrument is presented net of debt issuance costs and original issue discount.

The Company values its financial instruments using an industry standard market approach, in which prices and other relevant information are generated by market transactions involving identical or comparable assets or liabilities. No financial instruments were recognized or disclosed using unobservable inputs (i.e., Level 3).

The Company’s derivatives consist of interest rate swap and collar agreements and foreign currency exchange contracts. The fair values of the interest rate swap and collar agreements were derived by taking the net present value of the expected cash flows using observable market inputs (Level 2) such as SOFR rate curves, futures, volatilities and basis spreads (when applicable). The fair values of the foreign currency exchange contracts were derived by using Level 2 inputs based on observable spot and forward exchange rates in active markets. There has not been any impact to the fair value of derivative liabilities due to the Company's own credit risk. Similarly, there has not been any material impact to the fair value of derivative assets based on the Company's evaluation of counterparties' credit risks.

The estimated fair value of the Company’s term loans was based on information provided by the agent under the Company’s Credit Agreement. The estimated fair values of the Company’s notes were based upon quoted market prices.

The fair value of cash and cash equivalents, trade accounts receivable-net and accounts payable approximated carrying value due to the short-term nature of these instruments at March 28, 2026 and September 30, 2025.