DEBT

The major components of debt are as follows (in millions):



	April 1, 2017			October 1, 2016
Revolving credit facility	$	3		$	300
Commercial paper	500			—
Senior notes:
7.00% Notes due May 2018	120			120
2.65% Notes due August 2019	1,000			1,000
4.10% Notes due September 2020	283			284
4.50% Senior notes due June 2022	1,000			1,000
3.95% Notes due August 2024	1,250			1,250
7.00% Notes due January 2028	18			18
6.13% Notes due November 2032	162			163
4.88% Notes due August 2034	500			500
5.15% Notes due August 2044	500			500
Discount on senior notes	(8		)	(8		)
Term loans:
Tranche B due April 2019 (2.13% at 04/01/17)	500			500
Tranche B due August 2019 (2.50% at 04/01/17)	552			552
Amortizing notes - tangible equity units (see Note 7: Equity)	35			71
Other	59			58
Unamortized debt issuance costs	(26		)	(29		)
Total debt	6,448			6,279
Less current debt	543			79
Total long-term debt	$	5,905		$	6,200

Revolving Credit Facility

We have a $1.25 billion revolving credit facility that supports short-term funding needs and letters of credit. The facility will mature and the commitments thereunder will terminate in September 2019. Amounts available for borrowing under this facility totaled $739 million at April 1, 2017, net of outstanding letters of credit and amounts outstanding under our commercial paper program. At April 1, 2017, we had outstanding letters of credit issued under this facility totaling $8 million, none of which were drawn upon. We had an additional $82 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of leasing obligations and workers’ compensation insurance programs.

If in the future any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.

Commercial Paper Program

In February 2017, our Board of Directors authorized a commercial paper program under which we may issue unsecured short-term promissory notes (commercial paper) up to a maximum aggregate principal amount of $500 million. We intend to use the net proceeds from the commercial paper program for general corporate purposes. As of April 1, 2017, we had $500 million of commercial paper outstanding at a weighted average interest rate of 1.27% with maturities of less than 45 days.

Debt Covenants

Our revolving credit and term loan facilities contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios.

Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.

We were in compliance with all debt covenants at April 1, 2017.