v3.25.3
Income Taxes (Tables)
 12 Months Ended
Sep. 28, 2025
Income Tax Disclosure [Abstract]  
Components of Earnings/(Loss) Before Income Taxes
Components of earnings before income taxes (in millions):
Fiscal Year EndedSep 28, 2025Sep 29, 2024Oct 1, 2023
United States$1,850.1 $4,087.6 $4,488.6 
Foreign657.2 882.0 913.3 
Total earnings before income taxes$2,507.3 $4,969.6 $5,401.9 
Provision/(Benefit) for Income Taxes
Provision/(benefit) for income taxes (in millions):
Fiscal Year EndedSep 28, 2025Sep 29, 2024Oct 1, 2023
Current taxes:
U.S. federal$179.4 $681.2 $678.2 
U.S. state and local120.4 210.9 235.9 
Foreign362.5 328.8 422.4 
Total current taxes662.3 1,220.9 1,336.5 
Deferred taxes:
U.S. federal30.2 10.7 117.0 
U.S. state and local(11.3)(0.7)(0.8)
Foreign(30.6)(23.6)(175.5)
Total deferred taxes(11.7)(13.6)(59.3)
Total income tax expense$650.6 $1,207.3 $1,277.2 
Reconciliation of the Statutory U.S. Federal Income Tax Rate With Our Effective Income Tax Rate
Reconciliation of the statutory U.S. federal income tax rate with our effective income tax rate:
Fiscal Year EndedSep 28, 2025Sep 29, 2024Oct 1, 2023
Statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal tax benefit3.4 3.3 3.4 
Foreign rate differential0.3 0.3 0.4 
Residual tax on foreign earnings3.6 0.4 — 
Foreign derived intangible income(1.6)(0.8)(0.8)
Tax status change of foreign entity
(1.4)— — 
Other, net0.6 0.1 (0.4)
Effective tax rate25.9 %24.3 %23.6 %
Tax Effect of Temporary Differences and Carryforwards that Comprise Significant Portions of Deferred Tax Assets and Liabilities
Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in millions):
Sep 28, 2025Sep 29, 2024
Deferred tax assets:
Operating lease liabilities$2,646.7 $2,595.1 
Stored value card liability and deferred revenue1,593.0 1,612.5 
Intangible assets and goodwill 355.5 372.6 
Other780.9 692.2 
Total5,376.1 5,272.4 
Valuation allowance(189.2)(194.5)
Total deferred tax asset, net of valuation allowance5,186.9 5,077.9 
Deferred tax liabilities:
Operating lease, right-of-use assets(2,466.8)(2,483.7)
Property, plant and equipment(641.3)(580.8)
Other(302.3)(267.8)
Total(3,410.4)(3,332.3)
Net deferred tax asset (liability)$1,776.5 $1,745.6 
Reported as:
Deferred income tax assets$1,826.9 $1,766.7 
Deferred income tax liabilities (included in Other long-term liabilities)(50.4)(21.1)
Net deferred tax asset (liability)$1,776.5 $1,745.6 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to our unrecognized tax benefits (in millions):
Sep 28, 2025Sep 29, 2024Oct 1, 2023
Beginning balance$108.0 $105.0 $89.7 
Increase related to prior year tax positions3.1 7.9 1.2 
Decrease related to prior year tax positions(0.4)(6.4)(0.4)
Increase related to current year tax positions12.9 10.3 14.5 
Decreases related to settlements with taxing authorities(0.7)(8.8)— 
Decrease related to lapsing of statute of limitations(3.0)— — 
Ending balance$119.9 $108.0 $105.0