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 June 26, 2016, we had no borrowings outstanding under the program.

Long-term Debt

In May 2016, we issued additional long-term debt in an underwritten registered public offering, which consisted of $500 million of 10-year 2.450% Senior Notes (the "2026 notes") due June 2026. Interest on the 2026 notes is payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2016.

In February 2016, we issued 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. In May 2016, we reopened this offering with the same terms and issued an additional $250 million of Senior Notes for an aggregate amount outstanding of $750 million. 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 by calendar maturity (in millions, except interest rates):



	Jun 26, 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		358		350.0			354		2.000	%	2.012	%
2021 notes	500.0		512		—			—		2.100	%	2.293	%
2021 notes	250.0		256		—			—		2.100	%	1.600	%
2022 notes	500.0		527		500.0			503		2.700	%	2.819	%
2023 notes	750.0		845		750.0			790		3.850	%	2.860	%
2026 notes	500.0		504		—			—		2.450	%	2.511	%
2045 notes	350.0		406		350.0			355		4.300	%	4.348	%
Total	3,600.0		3,808		2,350.0			2,402
Aggregate unamortized premium/(discount)	2.2				(2.5		)
Total	$	3,602.2			$	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 June 26, 2016, we were in compliance with all applicable covenants.

The following table summarizes our long-term debt maturities as of June 26, 2016 by fiscal year (in millions):



Maturities	Total
2016	$	—
2017	400.0
2018	—
2019	350.0
2020	—
Thereafter	2,850.0
Total	$	3,600.0