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Guarantor Financial Statements (Notes)
9 Months Ended 12 Months Ended
Jul. 03, 2016
Sep. 27, 2015
Guarantor Financial Statements [Abstract]    
Guarantor Financial Statements [Text Block]
Guarantor Financial Statements
The Notes issued on December 3, 2015 are fully and unconditionally guaranteed, jointly and severally, on a unsecured, unsubordinated basis by certain 100% owned domestic subsidiaries of the Company (the “Guarantors”). Supplemental condensed consolidating financial information of the Company, including such information for the Guarantors, is presented below. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the non-Guarantor subsidiaries operated as independent entities. Investments in subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups.

Consolidated Balance Sheets (unaudited)
(In millions)

 
July 3, 2016
Assets
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
—

$
375

$
97

$
—

$
472

Short-term investments - available-for-sale securities
—

153

—

—

153

Restricted cash
—

115

8

—

123

Accounts receivable
—

293

26

—

319

Intercompany receivable
—

592

—

(592
)
—

Merchandise inventories
—

452

71

—

523

Prepaid expenses and other current assets
—

131

16

—

147

Deferred income taxes
—

188

—

—

188

Total current assets
—

2,299

218

(592
)
1,925

Property and equipment, net of accumulated depreciation and amortization
—

3,003

373

—

3,376

Long-term investments - available-for-sale securities
—

—

—

—

—

Investments in consolidated subsidiaries
4,498

101

468

(5,067
)
—

Goodwill
—

703

7

—

710

Intangible assets, net of accumulated amortization
1

65

10

—

76

Deferred income taxes
—

139

4

—

143

Other assets
7

18

20

—

45

Total assets
$
4,506

$
6,328

$
1,100

$
(5,659
)
$
6,275

 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Current installments of long-term debt and capital lease obligations
$
—

$
3

$
—

$
—

$
3

Accounts payable
—

209

83

—

292

Intercompany payable
280

—

312

(592
)
—

Accrued payroll, bonus and other benefits due team members
—

382

27

—

409

Dividends payable
43

—

—

—

43

Other current liabilities
5

547

25

—

577

Total current liabilities
328

1,141

447

(592
)
1,324

Long-term debt and capital lease obligations, less current installments
993

48

8

—

1,049

Deferred lease liabilities
—

579

47

—

626

Other long-term liabilities
—

89

2

—

91

Total liabilities
1,321

1,857

504

(592
)
3,090

 
 
 
 
 
 
Commitments and contingencies










 
 
 
 
 
 
Total shareholders’ equity
3,185

4,471

596

(5,067
)
3,185

Total liabilities and shareholders’ equity
$
4,506

$
6,328

$
1,100

$
(5,659
)
$
6,275



Consolidated Balance Sheets (unaudited)
(In millions)

 
September 27, 2015
Assets
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
—

$
147

$
90

$
—

$
237

Short-term investments - available-for-sale securities
—

155

—

—

155

Restricted cash
—

115

12

—

127

Accounts receivable
—

194

24

—

218

Intercompany receivable
—

533

—

(533
)
—

Merchandise inventories
—

430

70

—

500

Prepaid expenses and other current assets
—

96

12

—

108

Deferred income taxes
—

199

—

—

199

Total current assets
—

1,869

208

(533
)
1,544

Property and equipment, net of accumulated depreciation and amortization
—

2,832

331

—

3,163

Long-term investments - available-for-sale securities
—

63

—

—

63

Investments in consolidated subsidiaries
4,060

93

445

(4,598
)
—

Goodwill
—

703

7

—

710

Intangible assets, net of accumulated amortization
—

69

10

—

79

Deferred income taxes
—

141

3

—

144

Other assets
10

18

10

—

38

Total assets
$
4,070

$
5,788

$
1,014

$
(5,131
)
$
5,741

 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Current installments of long-term debt and capital lease obligations
$
—

$
3

$
—

$
—

$
3

Accounts payable
—

216

79

—

295

Intercompany payable
256

—

277

(533
)
—

Accrued payroll, bonus and other benefits due team members
—

411

25

—

436

Dividends payable
45

—

—

—

45

Other current liabilities
—

452

21

—

473

Total current liabilities
301

1,082

402

(533
)
1,252

Long-term debt and capital lease obligations, less current installments
—

55

7

—

62

Deferred lease liabilities
—

544

43

—

587

Other long-term liabilities
—

69

2

—

71

Total liabilities
301

1,750

454

(533
)
1,972

 
 
 
 
 
 
Commitments and contingencies










 
 
 
 
 
 
Total shareholders’ equity
3,769

4,038

560

(4,598
)
3,769

Total liabilities and shareholders’ equity
$
4,070

$
5,788

$
1,014

$
(5,131
)
$
5,741















Consolidated Statements of Operations (unaudited)
(In millions)

 
Twelve weeks ended July 3, 2016
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Sales
$
—

$
3,511

$
229

$
(37
)
$
3,703

Cost of goods sold and occupancy costs
—

2,293

160

(36
)
2,417

Gross profit
—

1,218

69

(1
)
1,286

Selling, general and administrative expenses
—

996

61

—

1,057

Pre-opening expenses
—

17

1

—

18

Relocation, store closure and lease termination costs
—

2

—

—

2

Operating income
—

203

7

(1
)
209

Interest expense
(12
)
—

—

—

(12
)
Investment and other income (expense)
—

(1
)
(1
)
1

(1
)
Equity in net income of subsidiaries
127

3

8

(138
)
—

Income before income taxes
115

205

14

(138
)
196

Provision for income taxes
(5
)
79

2

—

76

Net income
$
120

$
126

$
12

$
(138
)
$
120



 
Twelve weeks ended July 5, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Sales
$
—

$
3,439

$
229

$
(36
)
$
3,632

Cost of goods sold and occupancy costs
—

2,214

160

(35
)
2,339

Gross profit
—

1,225

69

(1
)
1,293

Selling, general and administrative expenses
—

971

61

—

1,032

Pre-opening expenses
—

12

—

—

12

Relocation, store closure and lease termination costs
—

2

—

—

2

Operating income
—

240

8

(1
)
247

Investment and other income (expense)
—

5

(1
)
1

5

Equity in net income of subsidiaries
154

2

13

(169
)
—

Income before income taxes
154

247

20

(169
)
252

Provision for income taxes
—

95

3

—

98

Net income
$
154

$
152

$
17

$
(169
)
$
154






















Consolidated Statements of Operations (unaudited)
(In millions)

 
Forty weeks ended July 3, 2016
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Sales
$
—

$
11,606

$
741

$
(120
)
$
12,227

Cost of goods sold and occupancy costs
—

7,611

516

(117
)
8,010

Gross profit
—

3,995

225

(3
)
4,217

Selling, general and administrative expenses
—

3,262

196

—

3,458

Pre-opening expenses
—

44

5

—

49

Relocation, store closure and lease termination costs
—

8

—

—

8

Operating income
—

681

24

(3
)
702

Interest expense
(30
)
—

—

—

(30
)
Investment and other income (expense)
—

8

(4
)
4

8

Equity in net income of subsidiaries
437

8

23

(468
)
—

Income before income taxes
407

697

43

(467
)
680

Provision for income taxes
(12
)
265

8

—

261

Net income
$
419

$
432

$
35

$
(467
)
$
419



 
Forty weeks ended July 5, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Sales
$
—

$
11,305

$
770

$
(124
)
$
11,951

Cost of goods sold and occupancy costs
—

7,299

542

(120
)
7,721

Gross profit
—

4,006

228

(4
)
4,230

Selling, general and administrative expenses
—

3,185

207

—

3,392

Pre-opening expenses
—

51

2

—

53

Relocation, store closure and lease termination costs
—

11

1

—

12

Operating income
—

759

18

(4
)
773

Investment and other income (expense)
—

11

(2
)
3

12

Equity in net income of subsidiaries
479

8

31

(518
)
—

Income before income taxes
479

778

47

(519
)
785

Provision for income taxes
—

300

6

—

306

Net income
$
479

$
478

$
41

$
(519
)
$
479























Consolidated Statements of Comprehensive Income (unaudited)
(In millions)

 
Twelve weeks ended July 3, 2016
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net income
$
120

$
126

$
12

$
(138
)
$
120

Other comprehensive income (loss), net of tax:
 
 
 
 
 
Foreign currency translation adjustments
—

(4
)
3

—

(1
)
Other comprehensive income (loss), net of tax
—

(4
)
3

—

(1
)
Comprehensive income
$
120

$
122

$
15

$
(138
)
$
119


 
Twelve weeks ended July 5, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net income
$
154

$
152

$
17

$
(169
)
$
154

Other comprehensive income (loss), net of tax:
 
 
 
 
 
Foreign currency translation adjustments
—

5

(2
)
—

3

Other comprehensive income (loss), net of tax
—

5

(2
)
—

3

Comprehensive income
$
154

$
157

$
15

$
(169
)
$
157


 
Forty weeks ended July 3, 2016
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net income
$
419

$
432

$
35

$
(467
)
$
419

Other comprehensive income (loss), net of tax:
 
 
 
 
 
Foreign currency translation adjustments
—

(10
)
9

—

(1
)
Other comprehensive income (loss), net of tax
—

(10
)
9

—

(1
)
Comprehensive income
$
419

$
422

$
44

$
(467
)
$
418


 
Forty weeks ended July 5, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net income
$
479

$
478

$
41

$
(519
)
$
479

Other comprehensive income (loss), net of tax:
 
 
 
 
 
Foreign currency translation adjustments
—

(5
)
(10
)
—

(15
)
Other comprehensive income (loss), net of tax
—

(5
)
(10
)
—

(15
)
Comprehensive income
$
479

$
473

$
31

$
(519
)
$
464




















Condensed Consolidated Statements of Cash Flows (unaudited)
(In millions)

 
Forty weeks ended July 3,2016
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
    Net cash provided by (used in) operating activities
$
(27
)
$
749

$
42

$
—

$
764

Cash flows from investing activities
 
 
 
 
 
Purchase of property plant and equipment
—

(457
)
(64
)
—

(521
)
Purchases of available-for-sale securities
—

(311
)
—

—

(311
)
Sales and maturities of available-for-sale securities
—

375

—

—

375

Decrease in restricted cash
—

3

—

—

3

Payment for purchase of acquired entities, net of cash acquired
—

—

(11
)
—

(11
)
Intercompany activity
84

—

—

(84
)
—

Other investing activities
—

(12
)
—

—

(12
)
Net cash provided by (used in) investing activities
84

(402
)
(75
)
(84
)
(477
)
Cash flows from financing activities
 
 
 
 
 
Purchases of treasury stock
(929
)
—

—

—

(929
)
Common stock dividends paid
(133
)
—

—

—

(133
)
Issuance of common stock
17

—

—

—

17

Excess tax benefit related to exercise of team member stock options
4

—

—

—

4

Proceeds from long-term borrowings
999

—

—

—

999

Proceeds from revolving line of credit
300

—

—

—

300

Payments on long-term debt and capital lease obligations
(306
)
—

—

—

(306
)
Intercompany activity
—

(119
)
35

84

—

Other financing activities
(9
)
—

—

—

(9
)
Net cash provided by (used in) financing activities
(57
)
(119
)
35

84

(57
)
Effect of exchange rate changes on cash and cash equivalents
—

—

5

—

5

Net change in cash and cash equivalents
—

228

7

—

235

Cash and cash equivalents at beginning of period
—

147

90

—

237

Cash and cash equivalents at end of period
$
—

$
375

$
97

$
—

$
472



























Condensed Consolidated Statements of Cash Flows (unaudited)
(In millions)


 
Forty weeks ended July 5, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
    Net cash provided by operating activities
$
—

$
951

$
46

$
—

$
997

Cash flows from investing activities
 
 
 
 
 
Purchase of property plant and equipment
—

(643
)
(36
)
—

(679
)
Purchases of available-for-sale securities
—

(458
)
—

—

(458
)
Sales and maturities of available-for-sale securities
—

497

—

—

497

Increase in restricted cash
—

(19
)
—

—

(19
)
Payment for purchase of acquired entities, net of cash acquired
—

—

(4
)
—

(4
)
Intercompany activity
255

—

—

(255
)
—

Other investing activities
—

(8
)
—

—

(8
)
Net cash provided by (used in) investing activities
255

(631
)
(40
)
(255
)
(671
)
Cash flows from financing activities
 
 
 
 
 
Purchases of treasury stock
(188
)
—

—

—

(188
)
Common stock dividends paid
(137
)
—

—

—

(137
)
Issuance of common stock
61

—

—

—

61

Excess tax benefit related to exercise of team member stock options
10

—

—

—

10

Intercompany activity
—

(259
)
4

255

—

Other financing activities
(1
)
—

—

—

(1
)
Net cash provided by (used in) financing activities
(255
)
(259
)
4

255

(255
)
Effect of exchange rate changes on cash and cash equivalents
—

—

(4
)
—

(4
)
Net change in cash and cash equivalents
—

61

6

—

67

Cash and cash equivalents at beginning of period
—

96

94

—

190

Cash and cash equivalents at end of period
$
—

$
157

$
100

$
—

$
257

Guarantor Financial Statement Information

On December 3, 2015, the Company completed the offering of $1.0 billion aggregate principal amount of 5.2% senior notes due 2025 (the “Notes”). The Notes were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.

The Notes bear interest at a fixed rate equal to 5.2% per year, payable semiannually, and mature on December 3, 2025. The interest rate payable on the Notes is subject to adjustment upon the occurrence of certain credit rating events described in the indenture. The Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured, unsubordinated basis by certain wholly owned domestic subsidiaries of the Company (the “Guarantors”).

The Notes are subject to customary covenants restricting the Company’s and its subsidiaries’ ability, subject to certain exceptions, to incur debt secured by liens or to enter into sale and leaseback transactions and restricting the Company’s ability to merge or consolidate with another entity or sell substantially all of its assets to another person. Prior to September 3, 2025, the Company may redeem the Notes at the Company’s option at any time either in whole or in part for a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus the applicable make-whole premium, plus accrued and unpaid interest thereon. On or after September 3, 2025, the Company may redeem the Notes at the Company’s option at any time either in whole or in part for a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon.

Supplemental condensed consolidating financial information of the Company, including such information for the Guarantors, is presented below. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the non-Guarantor subsidiaries operated as independent entities. Investments in subsidiaries are presented using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups.
Consolidated Balance Sheets
(In millions)

 
September 27, 2015
Assets
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
—

$
147

$
90

$
—

$
237

Short-term investments - available-for-sale securities
—

155

—

—

155

Restricted cash
—

115

12

—

127

Accounts receivable
—

194

24

—

218

Intercompany receivable
—

533

—

(533
)
—

Merchandise inventories
—

430

70

—

500

Prepaid expenses and other current assets
—

96

12

—

108

Deferred income taxes
—

199

—

—

199

Total current assets
—

1,869

208

(533
)
1,544

Property and equipment, net of accumulated depreciation and amortization
—

2,832

331

—

3,163

Long-term investments - available-for-sale securities
—

63

—

—

63

Investments in consolidated subsidiaries
4,060

93

445

(4,598
)
—

Goodwill
—

703

7

—

710

Intangible assets, net of accumulated amortization
—

69

10

—

79

Deferred income taxes
—

141

3

—

144

Other assets
10

18

10

—

38

Total assets
$
4,070

$
5,788

$
1,014

$
(5,131
)
$
5,741

 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Current installments of capital lease obligations
$
—

$
3

$
—

$
—

$
3

Accounts payable
—

216

79

—

295

Intercompany payable
256

—

277

(533
)
—

Accrued payroll, bonus and other benefits due team members
—

411

25

—

436

Dividends payable
45

—

—

—

45

Other current liabilities
—

452

21

—

473

Total current liabilities
301

1,082

402

(533
)
1,252

Long-term capital lease obligations, less current installments
—

55

7

—

62

Deferred lease liabilities
—

544

43

—

587

Other long-term liabilities
—

69

2

—

71

Total liabilities
301

1,750

454

(533
)
1,972

 
 
 
 
 
 
Commitments and contingencies










 
 
 
 
 
 
Total shareholders’ equity
3,769

4,038

560

(4,598
)
3,769

Total liabilities and shareholders’ equity
$
4,070

$
5,788

$
1,014

$
(5,131
)
$
5,741

Consolidated Balance Sheets
(In millions)

 
September 28, 2014
Assets
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
—

$
96

$
94

$
—

$
190

Short-term investments - available-for-sale securities
—

553

—

—

553

Restricted cash
—

100

9

—

109

Accounts receivable
—

179

19

—

198

Intercompany receivable
322

—

—

(322
)
—

Merchandise inventories
—

387

54

—

441

Prepaid expenses and other current assets
—

86

11

—

97

Deferred income taxes
—

168

—

—

168

Total current assets
322

1,569

187

(322
)
1,756

Property and equipment, net of accumulated depreciation and amortization
—

2,574

349

—

2,923

Long-term investments - available-for-sale securities
—

120

—

—

120

Investments in consolidated subsidiaries
3,524

83

407

(4,014
)
—

Goodwill
—

703

5

—

708

Intangible assets, net of accumulated amortization
—

72

9

—

81

Deferred income taxes
—

129

3

—

132

Other assets
10

9

5

—

24

Total assets
$
3,856

$
5,259

$
965

$
(4,336
)
$
5,744

 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Current installments of capital lease obligations
$
—

$
2

$
—

$
—

$
2

Accounts payable
—

202

74

—

$
276

Intercompany payable
—

64

258

(322
)
$
—

Accrued payroll, bonus and other benefits due team members
—

352

27

—

$
379

Dividends payable
43

—

—

—

$
43

Other current liabilities
—

527

30

—

$
557

Total current liabilities
43

1,147

389

(322
)
1,257

Long-term capital lease obligations, less current installments
—

53

7

—

60

Deferred lease liabilities
—

507

41

—

548

Other long-term liabilities
—

63

3

—

66

Total liabilities
43

1,770

440

(322
)
1,931

 
 
 
 
 
 
Commitments and contingencies










 
 
 
 
 
 
Total shareholders’ equity
3,813

3,489

525

(4,014
)
3,813

Total liabilities and shareholders’ equity
$
3,856

$
5,259

$
965

$
(4,336
)
$
5,744


Statements of Operations
(In millions)

 
September 27, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Sales
$
—

$
14,565

$
968

$
(144
)
$
15,389

Cost of goods sold and occupancy costs
—

9,433

679

(139
)
9,973

Gross profit
—

5,132

289

(5
)
5,416

Selling, general and administrative expenses
—

4,182

290

—

4,472

Pre-opening expenses
—

65

2

—

67

Relocation, store closure and lease termination costs
—

15

1

—

16

Operating income (loss)
—

870

(4
)
(5
)
861

Investment and other income, net of interest expense
—

16

(3
)
4

17

Equity in net income of subsidiaries
536

9

38

(583
)
—

Income before income taxes
536

895

31

(584
)
878

Provision for income taxes
—

345

(3
)
—

342

Net income
$
536

$
550

$
34

$
(584
)
$
536

 
September 28, 2014
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Sales
$
—

$
13,408

$
920

$
(134
)
$
14,194

Cost of goods sold and occupancy costs
—

8,648

632

(130
)
9,150

Gross profit
—

4,760

288

(4
)
5,044

Selling, general and administrative expenses
—

3,780

252

—

4,032

Pre-opening expenses
—

60

7

—

67

Relocation, store closure and lease termination costs
—

10

1

—

11

Operating income
—

910

28

(4
)
934

Investment and other income (loss), net of interest expense
—

10

(2
)
4

12

Equity in net income of subsidiaries
579

11

48

(638
)
—

Income before income taxes
579

931

74

(638
)
946

Provision for income taxes
—

357

10

—

367

Net income
$
579

$
574

$
64

$
(638
)
$
579

 
September 29, 2013
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Sales
$
—

$
12,167

$
897

$
(147
)
$
12,917

Cost of goods sold and occupancy costs
—

7,809

624

(145
)
8,288

Gross profit
—

4,358

273

(2
)
4,629

Selling, general and administrative expenses
—

3,450

232

—

3,682

Pre-opening expenses
—

46

6

—

52

Relocation, store closure and lease termination costs
—

12

—

—

12

Operating income
—

850

35

(2
)
883

Investment and other income (loss), net of interest expense
—

10

(1
)
2

11

Equity in net income of subsidiaries
551

11

52

(614
)
—

Income before income taxes
551

871

86

(614
)
894

Provision for income taxes
—

330

13

—

343

Net income
$
551

$
541

$
73

$
(614
)
$
551


Consolidated Statements of Comprehensive Income
(In millions)

 
September 27, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net income
$
536

$
550

$
34

$
(584
)
$
536

Other comprehensive loss, net of tax:
 
 
 
 
 
Foreign currency translation adjustments
—

(7
)
(14
)
—

(21
)
Other comprehensive loss, net of tax
—

(7
)
(14
)
—

(21
)
Comprehensive income
$
536

$
543

$
20

$
(584
)
$
515

 
September 28, 2014
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net income
$
579

$
574

$
64

$
(638
)
$
579

Other comprehensive loss, net of tax:
 
 
 
 
 
Foreign currency translation adjustments
—

—

(8
)
—

(8
)
Other comprehensive loss, net of tax
—

—

(8
)
—

(8
)
Comprehensive income
$
579

$
574

$
56

$
(638
)
$
571

 
September 29, 2013
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net income
$
551

$
541

$
73

$
(614
)
$
551

Other comprehensive loss, net of tax:
 
 
 
 
 
Foreign currency translation adjustments
—

—

(4
)
—

(4
)
Other comprehensive loss, net of tax
—

—

(4
)
—

(4
)
Comprehensive income
$
551

$
541

$
69

$
(614
)
$
547





Condensed Consolidated Statements of Cash Flows
(In millions)

 
September 27, 2015
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net cash provided by operating activities
$
—

$
1,095

$
34

$
—

$
1,129

Cash flows from investing activities
 
 
 
 
 
Purchases of property, plant and equipment
—

(803
)
(48
)
—

(851
)
Purchases of available-for-sale securities
—

(494
)
—

—

(494
)
Sales and maturities of available-for-sale securities
—

928

—

—

928

Purchases of intangible assets
—

(3
)
—

—

(3
)
Increase in restricted cash
—

(19
)
—

—

(19
)
Payment for purchase of acquired entities, net of cash acquired
—

—

(4
)
—

(4
)
Intercompany activity
622

—

—

(622
)
—

Other investing activities
—

(12
)
—

—

(12
)
Net cash provided by (used in) investing activities
622

(403
)
(52
)
(622
)
(455
)
Cash flows from financing activities
 
 
 
 
 
Purchases of treasury stock
(513
)
—

—

—

(513
)
Common stock dividends paid
(184
)
—

—

—

(184
)
Issuance of common stock
66

—

—

—

66

Excess tax benefit related to exercise of team member stock options
11

—

—

—

11

Proceeds from long-term borrowings
—

—

—

—

—

Payments on long-term debt and capital lease obligations
—

—

—

—

—

Intercompany activity
—

(641
)
19

622

—

Other financing activities
(2
)
—

—

—

(2
)
Net cash provided by (used in) financing activities
(622
)
(641
)
19

622

(622
)
Effect of exchange rate changes on cash and cash equivalents
—

—

(5
)
—

(5
)
Net change in cash and cash equivalents
—

51

(4
)
—

47

Cash and cash equivalents at beginning of period
—

96

94

—

190

Cash and cash equivalents at end of period
$
—

$
147

$
90

$
—

$
237

Condensed Consolidated Statements of Cash Flows
(In millions)
 
September 28, 2014
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net cash provided by operating activities
$
—

$
977

$
111

$
—

$
1,088

Cash flows from investing activities
 
 
 
 
 
Purchases of property, plant and equipment
—

(623
)
(87
)
—

(710
)
Purchases of available-for-sale securities
—

(720
)
—

—

(720
)
Sales and maturities of available-for-sale securities
—

1,054

—

—

1,054

Purchases of intangible assets
—

(20
)
—

—

(20
)
Decrease in restricted cash
—

2

—

—

2

Payment for purchase of acquired entities, net of cash acquired
—

(32
)
(41
)
—

(73
)
Intercompany activity
698

—

—

(698
)
—

Other investing activities
—

(17
)
—

—

(17
)
Net cash provided by (used in) investing activities
698

(356
)
(128
)
(698
)
(484
)
Cash flows from financing activities
 
 
 
 
 
Purchases of treasury stock
(578
)
—

—

—

(578
)
Common stock dividends paid
(170
)
—

—

—

(170
)
Issuance of common stock
42

—

—

—

42

Excess tax benefit related to exercise of team member stock options
9

—

—

—

9

Proceeds from long-term borrowings
—

—

—

—

—

Payments on long-term debt and capital lease obligations
—

—

—

—

—

Intercompany activity
—

(730
)
32

698

—

Other financing activities
(1
)
—

—

—

(1
)
Net cash provided by (used in) financing activities
(698
)
(730
)
32

698

(698
)
Effect of exchange rate changes on cash and cash equivalents
—

—

(6
)
—

(6
)
Net change in cash and cash equivalents
—

(109
)
9

—

(100
)
Cash and cash equivalents at beginning of period
—

205

85

—

290

Cash and cash equivalents at end of period
$
—

$
96

$
94

$
—

$
190


Condensed Consolidated Statements of Cash Flows
(In millions)

 
September 29, 2013
 
Parent/Issuer
Guarantor Subsidiaries
Non-guarantor Subsidiaries
Eliminations
Consolidated Total
Net cash provided by operating activities
$
—

$
918

$
91

$
—

$
1,009

Cash flows from investing activities
 
 
 
 
 
Purchases of property, plant and equipment
—

(480
)
(57
)
—

(537
)
Purchases of available-for-sale securities
—

(1,252
)
—

—

(1,252
)
Sales and maturities of available-for-sale securities
—

1,534

—

—

1,534

Purchases of intangible assets
—

(1
)
—

—

(1
)
Increase in restricted cash
—

(8
)
—

—

(8
)
Payment for purchase of acquired entities, net of cash acquired
—

(22
)
—

—

(22
)
Intercompany activity
517

—

—

(517
)
—

Other investing activities
—

(3
)
—

—

(3
)
Net cash provided by (used in) investing activities
517

(232
)
(57
)
(517
)
(289
)
Cash flows from financing activities
 
 
 
 
 
Purchases of treasury stock
(125
)
—

—

—

(125
)
Common stock dividends paid
(508
)
—

—

—

(508
)
Issuance of common stock
81

—

—

—

81

Excess tax benefit related to exercise of team member stock options
37

—

—

—

37

Proceeds from long-term borrowings
—

—

—

—

—

Payments on long-term debt and capital lease obligations
—

—

—

—

—

Intercompany activity
—

(529
)
12

517

—

Other financing activities
(2
)
—

—

—

(2
)
Net cash provided by (used in) financing activities
(517
)
(529
)
12

517

(517
)
Effect of exchange rate changes on cash and cash equivalents
—

—

(2
)
—

(2
)
Net change in cash and cash equivalents
—

157

44

—

201

Cash and cash equivalents at beginning of period
—

48

41

—

89

Cash and cash equivalents at end of period
$
—

$
205

$
85

$
—

$
290