Equity-Based Compensation (Tables)

12 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Weighted Average Assumptions used in Option-Valuation Model

The weighted average assumptions used in the option-valuation model were as follows:

	2024	2023	2022
Risk-free interest rate	4.0%	3.6%	1.6%
Expected volatility	27%	31%	28%
Dividend yield	0.66%	—%	—%
Termination rate	6.1%	5.9%	5.8%
Exercise multiple	2.12	1.98	1.98

Impact of Stock Options and Restricted Stock Units on Income

Compensation expense related to stock options and RSUs is as follows:

	2024		2023		2022
Stock options	$	71	$	76	$	88
RSUs	1,295		1,067		889
Total equity-based compensation expense(1)	1,366		1,143		977
Tax impact	(285)		(260)		(221)
Reduction in net income	$	1,081	$	883	$	756
Equity-based compensation expense capitalized during the period	$	201	$	145	$	148

(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.

Information about Stock Option Transactions

The following table summarizes information about stock option transactions in fiscal 2024 (shares in millions):

	Shares	Weighted Average Exercise Price
Outstanding at beginning of year	18	$	120.20
Awards granted	3	93.69
Awards exercised	(1)	84.81
Awards expired/canceled	(1)	118.68
Outstanding at end of year	19	$	118.37
Exercisable at end of year	15	$	124.19

Information about Stock Options Vested and Expected to Vest

The following tables summarize information about stock options vested and expected to vest at September 28, 2024 (shares in millions):

					Vested
Range of Exercise Prices					Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Years of  Contractual Life
$	80	—	$	110	4	$	97.36	3.7
$	111	—	$	140	6	111.98		3.3
$	141	—	$	170	4	148.62		5.8
$	171	—	$	200	1	177.59		6.4
					15

					Expected to Vest
Range of Exercise Prices					Number of Options(1)	Weighted Average Exercise Price		Weighted Average Remaining Years of  Contractual Life
$	0	—	$	92	1	$	89.33	8.5
$	93	—	$	184	3	99.76		8.9
					4

(1)Number of options expected to vest is total unvested options less estimated forfeitures.

Information about Restricted Stock Unit Transactions

The following table summarizes information about RSU transactions in fiscal 2024 (shares in millions):

	Units	Weighted Average Grant-Date Fair Value
Unvested at beginning of year	24	$	109.04
Granted(1)	18	93.90
Vested	(14)	115.28
Forfeited	(2)	98.61
Unvested at end of year(2)	26	$	109.25

(1)Includes 0.4 million Performance RSUs.

(2)Includes 1.1 million Performance RSUs.