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Debt
12 Months Ended
Oct. 02, 2021
Debt Instruments [Abstract]  
Debt DEBT
The following table reflects major components of debt as of October 2, 2021, and October 3, 2020 (in millions):
20212020
Revolving credit facility$— $— 
Commercial Paper— — 
Senior notes:
2.25% Notes due August 2021— 500 
4.50% Senior notes due June 2022 1,000 1,000 
3.90% Notes due September 2023400 400 
3.95% Notes due August 2024 1,250 1,250 
4.00% Notes due March 2026 (“2026 Notes”)
800 800 
3.55% Notes due June 20271,350 1,350 
7.00% Notes due January 202818 18 
4.35% Notes due March 2029 (“2029 Notes”)
1,000 1,000 
6.13% Notes due November 2032 160 160 
4.88% Notes due August 2034 500 500 
5.15% Notes due August 2044 500 500 
4.55% Notes due June 2047750 750 
5.10% Notes due September 2048 (“2048 Notes”)
1,500 1,500 
Discount on senior notes(42)(45)
Term Loan facilities— 1,500 
Other212 216 
Unamortized debt issuance costs(50)(60)
Total debt9,348 11,339 
Less current debt1,067 548 
Total long-term debt$8,281 $10,791 
Annual maturities of debt for the five fiscal years subsequent to October 2, 2021 are: 2022 - $1,069 million; 2023 - $440 million; 2024 - $1,279 million; 2025 - $15 million; 2026 - $813 million.
Revolving Credit Facility and Letters of Credit
In September 2021, we amended our existing credit facility which, among other things, increased our line of credit from $1.75 billion to $2.25 billion with the option to establish incremental commitment increases of up to $500 million if certain conditions are met. This revolving credit facility supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in September 2026 with options for two one-year extensions. Amounts available for borrowing under this facility totaled $2.25 billion at October 2, 2021. At October 2, 2021, we had no borrowings and no outstanding letters of credit issued under this facility. At October 2, 2021 we had $94 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 workers’ compensation insurance programs and other legal obligations. In the future, if 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
We have a commercial paper program under which we may issue unsecured short-term promissory notes up to an aggregate maximum principal amount of $1 billion. As of October 2, 2021, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
Term Loan Facilities
On March 27, 2020, we executed a $1.5 billion term loan facility to refinance our commercial paper, repay outstanding balances under our revolving credit facility and for general liquidity purposes. In February 2021, we repaid $750 million of the $1.5 billion outstanding. On March 22, 2021, we executed a new $500 million term loan facility due March 2023. The Company used the proceeds of the new term loan, together with $250 million in cash on hand, to repay in full the remaining $750 million outstanding under the Company's existing $1.5 billion term loan facility due March 2022. On September 30, 2021, the Company used cash on hand to repay in full the $500 million term loan facility due March 2023.
August 2021 Notes
On July 23, 2021, we redeemed the $500 million outstanding balance of the Senior Notes due August 2021 using cash on hand.
Debt Covenants
Our revolving credit facility contains 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 a minimum interest expense coverage ratio.
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 October 2, 2021.