v3.25.3
Pension and Other Benefit Programs
 12 Months Ended
Sep. 27, 2025
Retirement Benefits [Abstract]  
Pension and Other Benefit Programs Pension and Other Benefit Programs
The Company maintains pension and postretirement medical benefit plans covering certain of its employees not covered by union or industry-wide plans. The Company has defined benefit pension plans that cover employees hired prior to January 1, 2012. For employees hired after this date, the Company has a defined contribution plan. Benefits under these pension plans are generally based on years of service and/or compensation and generally require 3 years of vesting service. Employees generally hired after January 1, 1987 for certain of our media businesses and other employees generally hired after January 1, 1994 are not eligible for postretirement medical benefits.
Defined Benefit Plans
The Company measures the actuarial value of its benefit obligations and plan assets for its defined benefit pension and postretirement medical benefit plans at September 30 and adjusts for any plan contributions or significant events between September 30 and our fiscal year end.
The following chart summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with the defined benefit pension and postretirement medical benefit plans:
 Pension PlansPostretirement Medical Plans
 September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Projected benefit obligations
Beginning obligations$(16,734) $(14,690) $(968) $(961) 
Service cost(264) (248) (1) (1) 
Interest cost(783) (834) (45) (55) 
Actuarial gain (loss)(1)
716  (1,667) 30  6  
Benefits paid716  661  56  56  
Other
19  44  (9) (13) 
Ending obligations$(16,330) $(16,734) $(937) $(968) 
Fair value of plans’ assets
Beginning fair value$17,557  $15,442  $892  $781  
Actual return on plan assets699  2,789  36  143  
Contributions71  69  27  26  
Benefits paid(716) (661) (56) (56) 
Expenses and other(67) (82) (2) (2) 
Ending fair value$17,544  $17,557  $897  $892  
Overfunded (Underfunded) status of the plans$1,214  $823  $(40) $(76) 
Amounts recognized in the balance sheet
Non-current assets$2,565  $2,192  $324  $303  
Current liabilities(79) (77) (1) (1) 
Non-current liabilities(1,272) (1,292) (363) (378) 
$1,214  $823  $(40) $(76) 
(1)Primarily reflects updates to the discount rate used to determine the fiscal year-end benefit obligation from the rate that was used in the preceding fiscal year.
The components of net periodic benefit cost (benefit) are as follows:
 Pension PlansPostretirement Medical Plans
 202520242023202520242023
Service cost$264  $248  $282  $1  $1  $5  
Other costs (benefits):
Interest cost783  834  784  45  55  81  
Expected return on plan assets(1,161) (1,138) (1,149) (59) (58) (61) 
Amortization of prior-year service costs (credits)(1)
3  8  8  (90) (90) —  
Recognized net actuarial loss/(gain)
247  21  19  (29) (36) (22) 
Total other costs (benefit)
(128) (275) (338) (133) (129) (2) 
Net periodic benefit cost (benefit)
$136  $(27) $(56) $(132) $(128) $3  
(1)The amortization of prior-year service credits is related to a change in postretirement medical benefit options.
Key assumptions are as follows:
 Pension PlansPostretirement Medical Plans
 202520242023202520242023
Discount rate used to determine the fiscal year‑end benefit obligation5.46%5.06%5.94%5.36%5.00%5.94%
Discount rate used to determine the interest cost component of net periodic benefit cost4.81%5.86%5.37%4.73%5.84%5.38%
Rate used to determine the expected return on plan assets component of net period benefit cost
7.25%7.00%7.00%7.25%7.00%7.00%
Weighted average rate of compensation increase to determine the fiscal year‑end benefit obligation2.70%2.70%3.10%n/an/an/a
Year 1 increase in cost of benefitsn/an/an/a7.50%7.00%7.00%
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate)n/an/an/a4.00%4.00%4.00%
Year that the rate reaches the ultimate trend raten/an/an/a2044 2043 2042
AOCI, before tax, as of September 27, 2025 consists of the following amounts that have not yet been recognized in net periodic benefit cost:
Pension PlansPostretirement
Medical Plans		Total
Prior service costs (benefits)
$14  $(376) $(362) 
Net actuarial loss (gain)
2,494  (167) 2,327  
Total amounts included in AOCI$2,508  $(543) $1,965  
Plan Funded Status
As of September 27, 2025, the projected benefit obligation and accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets were each $1.3 billion, and the aggregate fair value of plan assets was not material. As of September 28, 2024, the projected benefit obligation and accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets were $1.4 billion and $1.3 billion, respectively, and the aggregate fair value of plan assets was not material.
As of both September 27, 2025 and September 28, 2024, the projected benefit obligation for pension plans with projected benefit obligations in excess of plan assets was $1.4 billion and the aggregate fair value of plan assets was not material.
The Company’s total accumulated pension benefit obligations at September 27, 2025 and September 28, 2024 were $15.5 billion and $15.7 billion, respectively. Approximately 99% and 98% were vested as of September 27, 2025 and September 28, 2024, respectively.
The accumulated postretirement medical benefit obligations and fair value of plan assets for postretirement medical plans with accumulated postretirement medical benefit obligations in excess of plan assets were each $0.9 billion at September 27, 2025. The accumulated postretirement medical benefit obligations and fair value of plan assets for postretirement medical plans with accumulated postretirement medical benefit obligations in excess of plan assets were $1.0 billion and $0.9 billion, respectively, at September 28, 2024.
Plan Assets
A significant portion of the assets of the Company’s defined benefit plans are managed in a third-party master trust. The investment policy and allocation of the assets in the master trust were approved by the Company’s Investment and Administrative Committee, which has oversight responsibility for the Company’s retirement plans. The investment policy ranges for the major asset classes are as follows:
Asset ClassMinimumMaximum
Equity investments10%40%
Fixed income investments40%60%
Alternative investments10%30%
Cash & money market funds—%10%
The primary investment objective for the assets within the master trust is the prudent and cost effective management of assets to satisfy benefit obligations to plan participants. Financial risks are managed through diversification of plan assets, selection of investment managers and through the investment guidelines incorporated in investment management agreements. Investments are monitored to assess whether returns are commensurate with risks taken.
The long-term asset allocation policy for the master trust was established taking into consideration a variety of factors that include, but are not limited to, the average age of participants, the number of retirees, the duration of liabilities, the funded status of the plan and the expected payout ratio. Liquidity needs of the master trust are generally managed using cash generated by investments or by liquidating securities.
Assets are generally managed by external investment managers pursuant to investment management agreements that establish permitted securities and risk controls commensurate with the account’s investment strategy. Some agreements permit the use of derivative securities (futures, options, interest rate swaps, credit default swaps) that enable investment managers to enhance returns and manage exposures within their accounts.
Fair Value Measurements of Plan Assets
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is generally classified in one of the following categories of the fair value hierarchy:
Level 1 – Quoted prices for identical instruments in active markets
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets
Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable
Investments that are valued using the net asset value (NAV) (or its equivalent) practical expedient are excluded from the fair value hierarchy disclosure. NAV per share is determined based on the fair value using the underlying assets divided by the number of units outstanding.
The following is a description of the valuation methodologies used for assets reported at fair value. The methodologies used at September 27, 2025 and September 28, 2024 are the same.
Level 1 investments are valued based on reported market prices on the last trading day of the fiscal year. Investments in common and preferred stocks and mutual funds are valued based on the securities’ exchange-listed price or a broker’s quote in an active market. Investments in U.S. Treasury securities are valued based on a broker’s quote in an active market.
Level 2 investments in government and federal agency bonds and notes (excluding U.S. Treasury securities), corporate bonds, mortgage-backed securities (MBS) and asset-backed securities are valued using a broker’s quote in a non-active market or an evaluated price based on a compilation of reported market information, such as benchmark yield curves, credit spreads and estimated default rates. Derivative financial instruments are valued based on models that incorporate observable inputs for the underlying securities, such as interest rates or foreign currency exchange rates.
The Company’s defined benefit plan assets are summarized by level in the following tables:
As of September 27, 2025
DescriptionLevel 1Level 2Total
Investment Mix
Cash$34  $—  $34  —  %
Common and preferred stocks(1)
2,737  —  2,737  15  %
Mutual funds979  —  979  5  %
Government and federal agency bonds, notes and MBS
3,767  2,576  6,343  33  %
Corporate bonds
—  2,705  2,705  14  %
Other mortgage- and asset-backed securities—  139  139  1  %
Derivatives and other, net
15  2  17  —  %
Total investments in the fair value hierarchy $7,532  $5,422  12,954  
Assets valued at NAV as a practical expedient:
Common collective funds
1,202  6  %
Alternative investments4,431  23  %
Money market funds
545  3  %
Investments at fair value
19,132  100  %
Other(2)
(691) 
Total plan assets at fair value
$18,441  
As of September 28, 2024
DescriptionLevel 1Level 2Total
Investment Mix
Cash$19  $—  $19  —  %
Common and preferred stocks(1)
3,377  —  3,377  18  %
Mutual funds701  —  701  4  %
Government and federal agency bonds, notes and MBS
2,744  1,845  4,589  24  %
Corporate bonds
—  2,111  2,111  11  %
Other mortgage- and asset-backed securities—  166  166  1  %
Derivatives and other, net
10  1  11  —  %
Total investments in the fair value hierarchy $6,851  $4,123  10,974  
Assets valued at NAV as a practical expedient:
Common collective funds
2,380  13  %
Alternative investments4,350  23  %
Money market funds
1,037  6  %
Investments at fair value
18,741  100  %
Other(2)
(292) 
Total plan assets at fair value
$18,449  
(1)Includes 2.9 million shares of Company common stock valued at $327 million and 2.9 million shares valued at $278 million at September 27, 2025 and September 28, 2024, respectively.
(2)Represents net unsettled transactions, relating primarily to purchases and sales of plan assets.
Uncalled Capital Commitments
Alternative investments held by the master trust include interests in funds that have rights to make capital calls to the investors. In such cases, the master trust would be contractually obligated to make a cash contribution at the time of the capital call. At September 27, 2025, the total committed capital still uncalled and unpaid was $1.3 billion.
Plan Contributions
During fiscal 2025, the Company made $98 million of contributions to its pension and postretirement medical plans. The Company currently does not expect to make material pension and postretirement medical plan contributions in fiscal 2026. Final minimum funding requirements for fiscal 2026 will be determined based on a January 1, 2026 funding actuarial valuation, which is expected to be received during the fourth quarter of fiscal 2026.
Estimated Future Benefit Payments
The following table presents estimated future benefit payments for the next ten fiscal years:
Pension
Plans
Postretirement
Medical Plans(1)
2026$829$54
202783857
202888459
202992962
203097564
2031 – 20355,445343
(1)Estimated future benefit payments are net of expected Medicare subsidy receipts of $34 million.
Assumptions
Assumptions, such as discount rates, long-term rate of return on plan assets and the healthcare cost trend rate, have a significant effect on the amounts reported for net periodic benefit cost as well as the related benefit obligations.
Discount Rate — The assumed discount rate for pension and postretirement medical plans reflects the market rates for high-quality corporate bonds currently available. The Company’s discount rate was determined by considering yield curves constructed of a large population of high-quality corporate bonds and reflects the matching of the plans’ liability cash flows to the yield curves. The Company measures service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows.
Long-term rate of return on plan assets — The long-term rate of return on plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income and alternative investments. When determining the long-term rate of return on plan assets, the Company considers long-term rates of return on the asset classes (both historical and forecasted) in which the Company expects the pension funds to be invested. The following long-term rates of return by asset class were considered in setting the long-term rate of return on plan assets assumption:
Equity Securities6%to10%
Debt Securities3%to7%
Alternative Investments6%to11%
Healthcare cost trend rate — The Company reviews external data and its own historical trends for healthcare costs to determine the healthcare cost trend rates for the postretirement medical benefit plans. The 2025 actuarial valuation assumed a 7.50% annual rate of increase in the per capita cost of covered healthcare claims with the rate decreasing in even increments over nineteen years until reaching 4.00%.
Sensitivity — A one percentage point change in the discount rate and expected long-term rate of return on plan assets would have the following effects as of September 27, 2025 and for fiscal 2026:
 Discount RateExpected Long-Term
Rate of Return On Assets
Increase (decrease)Benefit
Expense		Projected Benefit ObligationsBenefit
Expense
1 percentage point decrease$115  $2,140  $177  
1 percentage point increase(48) (1,898) (177) 
Multiemployer Benefit Plans
The Company participates in a number of multiemployer pension plans under union and industry-wide collective bargaining agreements that cover our union-represented employees and expenses its contributions to these plans as incurred. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable
collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans. For example:
•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may become the obligation of the remaining participating employers.
•If a participating employer chooses to stop participating in these multiemployer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan.
The Company also participates in several multiemployer health and welfare plans that cover both active and retired employees. Health care benefits are provided to participants who meet certain eligibility requirements under the applicable collective bargaining unit.
The following table sets forth our contributions to multiemployer pension and health and welfare benefit plans:
202520242023
Pension plans$314$291$316
Health & welfare plans276300299
Total contributions$590$591$615
Defined Contribution Plans
The Company has defined contribution retirement plans for domestic employees who began service after December 31, 2011 and are not eligible to participate in the defined benefit pension plans. In general, the Company contributes from 3% to 9% of an employee’s compensation depending on the employee’s age and years of service with the Company up to plan limits. The Company also has savings and investment plans for which the Company generally matches 50% of employee contributions up to plan limits. In fiscal 2025, 2024 and 2023, the costs of our domestic and international defined contribution plans were $448 million, $408 million and $378 million, respectively.