Debt

3 Months Ended

Dec. 27, 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 December 27, 2020, we had $299.7 million of borrowings outstanding under the program, net of unamortized discount, of which the majority matures in the second quarter of fiscal 2021.

Additionally, we hold the following Japanese yen-denominated credit facilities that are available for working capital needs and capital expenditures within our Japanese market:

•A ¥10 billion, or $96.5 million, facility is currently set to mature on March 26, 2021. Borrowings under the credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.300%.

•A ¥10 billion, or $96.5 million, facility is currently set to mature on October 29, 2021. Borrowings under the credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.350%.

•A ¥5 billion, or $48.2 million, facility is currently set to mature on December 30, 2021. Borrowings under the credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.400%.

As of December 27, 2020, we had ¥20 billion , or $192.9 million, of borrowings outstanding under these credit facilities.

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):


	Dec 27, 2020				Sep 27, 2020				Stated Interest Rate		Effective Interest Rate(1)
Issuance	Amount		Estimated Fair Value		Amount		Estimated Fair Value
November 2020 notes(2)	$	—	$	—	$	500.0	$	501.5	2.200	%	2.228	%
February 2021 notes	500.0		500.6		500.0		502.3		2.100	%	2.293	%
February 2021 notes	250.0		250.3		250.0		251.1		2.100	%	1.600	%
May 2022 notes	500.0		506.3		500.0		506.5		1.300	%	1.334	%
June 2022 notes	500.0		515.0		500.0		517.5		2.700	%	2.819	%
March 2023 notes	1,000.0		1,056.5		1,000.0		1,058.8		3.100	%	3.107	%
October 2023 notes(3)	750.0		814.0		750.0		817.5		3.850	%	2.859	%
March 2024 notes(4)	820.1		828.7		806.4		794.4		0.372	%	0.462	%
August 2025 notes	1,250.0		1,416.7		1,250.0		1,414.5		3.800	%	3.721	%
June 2026 notes	500.0		540.7		500.0		542.6		2.450	%	2.511	%
March 2027 notes	500.0		529.0		500.0		528.9		2.000	%	2.058	%
March 2028 notes	600.0		688.0		600.0		679.5		3.500	%	3.529	%
November 2028 notes	750.0		888.4		750.0		886.0		4.000	%	3.958	%
August 2029 notes	1,000.0		1,161.1		1,000.0		1,147.1		3.550	%	3.840	%
March 2030 notes	750.0		791.6		750.0		778.0		2.250	%	3.084	%
November 2030 notes	1,250.0		1,344.1		1,250.0		1,325.9		2.550	%	2.582	%
June 2045 notes	350.0		428.9		350.0		412.4		4.300	%	4.348	%
December 2047 notes	500.0		582.7		500.0		546.6		3.750	%	3.765	%
November 2048 notes	1,000.0		1,287.7		1,000.0		1,222.8		4.500	%	4.504	%
August 2049 notes	1,000.0		1,288.6		1,000.0		1,215.5		4.450	%	4.447	%
March 2050 notes	500.0		553.3		500.0		517.1		3.350	%	3.362	%
November 2050 notes	1,250.0		1,436.5		1,250.0		1,332.2		3.500	%	3.528	%
Total	15,520.1		17,408.7		16,006.4		17,498.7
Aggregate debt issuance costs and unamortized premium/(discount), net	(129.3)				(132.5)
Hedge accounting fair value adjustment(3)	32.7				35.6
Total	$	15,423.5			$	15,909.5

(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 interest rate risk prior to the debt issuance.

(2)November 2020 notes were repaid in the first quarter of fiscal 2021.

(3)Amount includes the change in fair value due to changes in benchmark interest rates related to our October 2023 notes. Refer to Note 2, Derivative Financial Instruments, for additional information on our interest rate swap designated as a fair value hedge.

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

The following table summarizes our long-term debt maturities as of December 27, 2020 by fiscal year (in millions):


Fiscal Year	Total

2021	$	750.0
2022	1,000.0
2023	1,000.0
2024	1,570.1
2025	1,250.0
Thereafter	9,950.0
Total	$	15,520.1