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 $3 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 July 1, 2018, we had $300.0 million of borrowings outstanding under the program.

Long-term Debt

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



	Jul 1, 2018					Oct 1, 2017					Stated Interest Rate		Effective Interest Rate ⁽¹⁾
Issuance	Amount			Estimated Fair Value		Amount			Estimated Fair Value		Stated Interest Rate		Effective Interest Rate ⁽¹⁾
2018 notes	$	350.0		$	349	$	350.0		$	352	2.000	%	2.012	%
2020 notes⁽²⁾	500.0			489		—			—		2.200	%	2.228	%
2021 notes	500.0			486		500.0			501		2.100	%	2.293	%
2021 notes	250.0			243		250.0			250		2.100	%	1.600	%
2022 notes	500.0			486		500.0			508		2.700	%	2.819	%
2023 notes⁽⁵⁾	750.0			758		750.0			806		3.850	%	2.859	%
2023 notes⁽³⁾	1,000.0			981		—			—		3.100	%	3.107	%
2024 notes⁽⁴⁾	768.0			767		755.3			760		0.372	%	0.462	%
2026 notes	500.0			448		500.0			481		2.450	%	2.511	%
2028 notes⁽³⁾	600.0			577		—			—		3.500	%	3.529	%
2045 notes	350.0			336		350.0			381		4.300	%	4.348	%
2047 notes⁽²⁾	500.0			434		—			—		3.750	%	3.765	%
Total	6,568.0			6,354		3,955.3			4,039
Aggregate debt issuance costs and unamortized premium, net	(35.4		)			(17.5		)
Hedge accounting fair value adjustment⁽⁵⁾	(33.7		)			(5.2		)
Total	$	6,498.9				$	3,932.6


⁽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⁾	Issued in November 2017.


⁽³⁾	Issued in February 2018.


⁽⁴⁾	Japanese yen-denominated long-term debt.


⁽⁵⁾	Amount represents the change in fair value due to changes in benchmark interest rates related to our 2023 notes. Refer to Note 3, Derivative Financial Instruments, for additional information on our interest rate swap designated as a fair value hedge.

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 July 1, 2018, we were in compliance with all applicable covenants.

The following table summarizes our long-term debt maturities as of July 1, 2018 by fiscal year (in millions):



Fiscal Year	Total
2019	$	350.0
2020	—
2021	1,250.0
2022	500.0
2023	1,000.0
Thereafter	3,468.0
Total	$	6,568.0