Debt

6 Months Ended

Mar. 29, 2020

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 March 29, 2020, we had $1.1 billion of borrowings outstanding under the program, of which a majority matures in the third quarter of fiscal 2020.

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):


	Mar 29, 2020						Sep 29, 2019						Stated Interest Rate	Effective Interest Rate⁽¹⁾
Issuance	Amount		Estimated Fair Value		Amount		Estimated Fair Value
November 2020 notes	$	500.0	$	501	$	500.0	$	501	2.200	%	2.228	%
February 2021 notes	500.0		501		500.0		500		2.100	%	2.293	%
February 2021 notes	250.0		250		250.0		250		2.100	%	1.600	%
June 2022 notes	500.0		510		500.0		509		2.700	%	2.819	%
March 2023 notes	1,000.0		1,025		1,000.0		1,033		3.100	%	3.107	%
October 2023 notes⁽²⁾	750.0		801		750.0		798		3.850	%	2.859	%
March 2024 notes⁽³⁾	775.7		785		788.3		795		0.372	%	0.462	%
August 2025 notes	1,250.0		1,368		1,250.0		1,351		3.800	%	3.721	%
June 2026 notes	500.0		501		500.0		502		2.450	%	2.511	%
March 2027 notes⁽⁴⁾	500.0		486		—		—		2.000	%	2.058	%
March 2028 notes	600.0		627		600.0		644		3.500	%	3.529	%
November 2028 notes	750.0		832		750.0		837		4.000	%	3.958	%
August 2029 notes	1,000.0		1,052		1,000.0		1,080		3.550	%	3.871	%
March 2030 notes⁽⁴⁾	750.0		706		—		—		2.250	%	3.102	%
June 2045 notes	350.0		387		350.0		390		4.300	%	4.348	%
December 2047 notes	500.0		500		500.0		518		3.750	%	3.765	%
November 2048 notes	1,000.0		1,199		1,000.0		1,160		4.500	%	4.504	%
August 2049 notes	1,000.0		1,157		1,000.0		1,165		4.450	%	4.433	%
March 2050 notes⁽⁴⁾	500.0		508		—		—		3.350	%	3.381	%
Total	12,975.7		13,696		11,238.3		12,033
Aggregate debt issuance costs and unamortized premium/(discount), net	(102.7)				(83.1)
Hedge accounting fair value adjustment⁽²⁾	35.1				11.8
Total	$	12,908.1			$	11,167.0

⁽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 includes the change in fair value due to changes in benchmark interest rates related to our October 2023 notes. Refer to Note 3, Derivative Financial 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 March 2020.

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 29, 2020, we were in compliance with all applicable covenants.

The following table summarizes our long-term debt maturities as of March 29, 2020 by fiscal year (in millions):


Fiscal Year	Total

2020	$	—
2021	1,250.0
2022	500.0
2023	1,000.0
2024	1,525.7
Thereafter	8,700.0
Total	$	12,975.7