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. The proceeds from borrowings under our commercial paper program may be used for working capital needs, capital expenditures and other corporate purposes, including, but not limited to, business expansion, payment of cash dividends on our common stock and share repurchases. As of April 2, 2017, we had $25 million of borrowings outstanding under the program. The estimated fair value of the commercial paper approximates its carrying value.

Long-term Debt

In March 2017, we issued Japanese yen-denominated long-term debt in an underwritten registered public offering. The 7-year 0.372% Senior Notes (the "2024 notes") due March 2024 were issued with a face value of ¥85 billion, of which ¥76.0 billion has been designated to hedge the foreign currency exposure of our net investment in Japan. Interest on the 2024 notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017.

In December 2016, we repaid the $400 million of 0.875% Senior Notes (the "2016 notes") at maturity.

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



	Apr 2, 2017					Oct 2, 2016					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	0.875	%	0.941	%
2018 notes	350.0			354		350.0			357		2.000	%	2.012	%
2021 notes	500.0			502		500.0			511		2.100	%	2.293	%
2021 notes	250.0			251		250.0			255		2.100	%	1.600	%
2022 notes	500.0			509		500.0			526		2.700	%	2.819	%
2023 notes	750.0			806		750.0			839		3.850	%	2.860	%
2024 notes⁽²⁾	761.1			762		—			—		0.372	%	0.462	%
2026 notes	500.0			480		500.0			509		2.450	%	2.511	%
2045 notes	350.0			370		350.0			417		4.300	%	4.348	%
Total	3,961.1			4,034		3,600.0			3,814
Aggregate debt issuance costs and unamortized premium, net	(18.6		)			(14.8		)
Total	$	3,942.5				$	3,585.2


⁽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.


⁽²⁾	Japanese yen-denominated long-term debt.

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 April 2, 2017, we were in compliance with all applicable covenants.

The following table summarizes our long-term debt maturities as of April 2, 2017 by fiscal year (in millions):



Fiscal Year	Total
2018	$	—
2019	350.0
2020	—
2021	750.0
2022	500.0
Thereafter	2,361.1
Total	$	3,961.1