Debt

Short-term Debt

Under our commercial paper program, we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1 billion, with individual maturities that may vary but not exceed 397 days from the date of issue. Amounts outstanding under the commercial paper program are required to be backstopped by available commitments under our credit facility. We issue commercial paper from time to time, and the proceeds from borrowings are used for working capital needs, capital expenditures and other corporate purposes, including business expansion, payment of cash dividends on our common stock and share repurchases. As of March 27, 2016, we had $149.1 million of borrowings outstanding under the program with a weighted average interest rate of 0.60%. The estimated fair value of the commercial paper approximates its carrying value.

Long-term Debt

In February 2016, we issued additional long-term debt in an underwritten registered public offering, which consisted of $500 million of 5-year 2.100% Senior Notes (the "2021 notes") due February 2021. Interest on the 2021 notes is payable semi-annually on February 4 and August 4 of each year, commencing on August 4, 2016.

Components of long-term debt including the associated interest rates and related estimated fair values (in millions, except interest rates):



	Mar 27, 2016				Sep 27, 2015				Stated Interest Rate		Effective Interest Rate ⁽¹⁾
Issuance	Face Value		Estimated Fair Value		Face Value		Estimated Fair Value		Stated Interest Rate		Effective Interest Rate ⁽¹⁾
2016 notes	$	400.0	$	400	$	400.0	$	400	0.875	%	0.941	%
2018 notes	350.0		356		350.0		354		2.000	%	2.012	%
2021 notes	500.0		506		—		—		2.100	%	2.293	%
2022 notes	500.0		510		500.0		503		2.700	%	2.819	%
2023 notes	750.0		814		750.0		790		3.850	%	2.860	%
2045 notes	350.0		384		350.0		355		4.300	%	4.348	%
Total	2,850.0		2,970		2,350.0		2,402
Aggregate unamortized discount	2.6				2.5
Total	$	2,847.4			$	2,347.5


⁽¹⁾	Includes the effects of the amortization of any premium or discount and any gain or loss upon settlement of related treasury locks or forward-starting interest rate swaps utilized to hedge the interest rate risk prior to the debt issuance.

The indentures under which the above notes were issued require us to maintain compliance with certain covenants, including limits on future liens and sale and leaseback transactions on certain material properties. As of March 27, 2016, we were in compliance with all applicable covenants.

The following table summarizes our long-term debt maturities as of March 27, 2016 (in millions):



Fiscal Year	Total
2016	$	—
2017	400.0
2018	—
2019	350.0
2020	—
Thereafter	2,100.0
Total	$	2,850.0