Debt

9 Months Ended

Jun. 25, 2022

Debt Disclosure [Abstract]

Debt

Debt

Commercial Paper

The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of June 25, 2022 and September 25, 2021, the Company had $11.0 billion and $6.0 billion of Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the nine months ended June 25, 2022 and June 26, 2021 (in millions):

	Nine Months Ended
	June 25, 2022		June 26, 2021
Maturities 90 days or less:
Proceeds from commercial paper, net	$	4,383	$	2,745
Maturities greater than 90 days:
Proceeds from commercial paper	5,731		3,993
Repayments of commercial paper	(5,144)		(3,716)
Proceeds from commercial paper, net	587		277
Total proceeds from commercial paper, net	$	4,970	$	3,022

Term Debt

As of June 25, 2022 and September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate carrying amount of $108.7 billion and $118.7 billion, respectively (collectively the “Notes”). As of June 25, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $101.0 billion and $125.3 billion, respectively.