XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.21.2

Debt | 9 Months Ended
--- | ---
Jun. 26, 2021
Debt Disclosure [Abstract] |
Debt | Debt Commercial Paper and Repurchase Agreements The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of June 26, 2021 and September 26, 2020, the Company had $8.0 billion and $5.0 billion of Commercial Paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s Commercial Paper was 0.04% and 0.62% as of June 26, 2021 and September 26, 2020, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the nine months ended June 26, 2021 and June 27, 2020 (in millions):
| Nine Months Ended
| June 26, 2021 |  | June 27, 2020
Maturities 90 days or less: |  |  |
Proceeds from commercial paper, net | $ | 2,745 |  |  | $ | 401 |
Maturities greater than 90 days: |  |  |
Proceeds from commercial paper | 3,993 |  |  | 5,373 |
Repayments of commercial paper | (3,716) |  |  | (5,743) |
Proceeds from/(Repayments of) commercial paper, net | 277 |  |  | (370) |
Total proceeds from commercial paper, net | $ | 3,022 |  |  | $ | 31 |
In 2020, the Company entered into agreements to sell certain of its marketable securities with a promise to repurchase the securities at a specified time and amount (“Repos”). Due to the Company’s continuing involvement with the marketable securities, the Company accounted for its Repos as collateralized borrowings. As of September 26, 2020, the Repos had been settled. Term Debt As of June 26, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of $113.2 billion (collectively the “Notes”). The Notes are senior unsecured obligations and interest is payable in arrears. The following table provides a summary of the Company’s term debt as of June 26, 2021 and September 26, 2020:
| Maturities (calendar year) |  | June 26, 2021 |  | September 26, 2020
| Amount (in millions) |  | Effective Interest Rate |  | Amount (in millions) |  | Effective Interest Rate
2013 – 2020 debt issuances: |  |  |  |  |  |  |  |  |
Floating-rate notes | 2022 |  | $ | 1,750 |  |  | 0.51% – 0.66% |  | $ | 2,250 |  |  | 0.60% – 1.39%
Fixed-rate 0.000% – 4.650% notes | 2021 – 2060 |  | 97,443 |  |  | 0.03% – 4.78% |  | 103,828 |  |  | 0.03% – 4.78%
2021 debt issuance: |  |  |  |  |  |  |  |  |
Fixed-rate 0.700% – 2.800% notes | 2026 – 2061 |  | 14,000 |  |  | 0.75% – 2.81% |  | — |  |  | — | %
Total term debt |  |  | 113,193 |  |  |  |  | 106,078 |  |  |
Unamortized premium/(discount) and issuance costs, net |  |  | (360) |  |  |  |  | (314) |  |  |
Hedge accounting fair value adjustments |  |  | 958 |  |  |  |  | 1,676 |  |  |
Less: Current portion of term debt |  |  | (8,039) |  |  |  |  | (8,773) |  |  |
Total non-current portion of term debt |  |  | $ | 105,752 |  |  |  |  | $ | 98,667 |  |  |
To manage interest rate risk on certain of its U.S. dollar–denominated fixed- or floating-rate notes, the Company has entered into interest rate swaps to effectively convert the fixed interest rates to floating interest rates or the floating interest rates to fixed interest rates on a portion of these notes. Additionally, to manage foreign currency risk on certain of its foreign currency–denominated notes, the Company has entered into foreign currency swaps to effectively convert these notes to U.S. dollar–denominated notes. The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if applicable, adjustments related to hedging. The Company recognized $657 million and $1.9 billion of interest cost on its term debt for the three- and nine-month periods ended June 26, 2021, respectively. The Company recognized $664 million and $2.1 billion of interest cost on its term debt for the three- and nine-month periods ended June 27, 2020, respectively. As of June 26, 2021 and September 26, 2020, the fair value of the Company’s Notes, based on Level 2 inputs, was $120.3 billion and $117.1 billion, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration