Debt

9 Months Ended

Jun. 30, 2019

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 June 30, 2019, we had no 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):



	Jun 30, 2019					Sep 30, 2018					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		$	350	2.000	%	2.012	%
2020 notes	500.0			499		500.0			490		2.200	%	2.228	%
2021 notes	500.0			499		500.0			489		2.100	%	2.293	%
2021 notes	250.0			249		250.0			244		2.100	%	1.600	%
2022 notes	500.0			506		500.0			486		2.700	%	2.819	%
2023 notes ⁽²⁾	750.0			789		750.0			759		3.850	%	2.859	%
2023 notes	1,000.0			1,024		1,000.0			986		3.100	%	3.107	%
2024 notes ⁽³⁾	788.5			791		748.4			743		0.372	%	0.462	%
2025 notes	1,250.0			1,334		1,250.0			1,249		3.800	%	3.721	%
2026 notes	500.0			494		500.0			451		2.450	%	2.511	%
2028 notes	600.0			630		600.0			576		3.500	%	3.529	%
2028 notes	750.0			815		750.0			754		4.000	%	3.958	%
2029 notes ⁽⁴⁾	1,000.0			1,048		—			—		3.550	%	3.871	%
2045 notes	350.0			368		350.0			330		4.300	%	4.348	%
2047 notes	500.0			489		500.0			438		3.750	%	3.765	%
2048 notes	1,000.0			1,089		1,000.0			977		4.500	%	4.504	%
2049 notes ⁽⁴⁾	1,000.0			1,101		—			—		4.450	%	4.433	%
Total	11,238.5			11,725		9,548.4			9,322
Aggregate debt issuance costs and unamortized premium/(discount), net	(85.2		)			(69.3		)
Hedge accounting fair value adjustment ⁽²⁾	5.8					(39.0		)
Total	$	11,159.1				$	9,440.1


⁽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⁾	Amount represents the change in fair value due to changes in benchmark interest rates related to our 2023 notes. Refer to Note 4, Derivative Instruments, for additional information on our interest rate swap designated as a fair value hedge.


⁽³⁾	Japanese yen-denominated long-term debt.


⁽⁴⁾	Issued in May 2019.

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 30, 2019, we were in compliance with all applicable covenants.

The following table summarizes our long-term debt maturities as of June 30, 2019 by fiscal year (in millions):



Fiscal Year	Total
2020	$	—
2021	1,250.0
2022	500.0
2023	1,000.0
2024	1,538.5
Thereafter	6,950.0
Total	$	11,238.5