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Debt | 12 Months Ended
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Sep. 29, 2019
Debt Disclosure [Abstract] |
Debt | Debt Revolving Credit Facility and Commercial Paper Program Our $2.0 billion unsecured 5-year revolving credit facility (the “2018 credit facility”) and a $1.0 billion unsecured 364-Day credit facility (the “364-day credit facility”) are available for working capital, capital expenditures and other corporate purposes, including acquisitions and share repurchases. The 2018 credit facility, of which $150 million may be used for issuances of letters of credit, is currently set to mature on October 25, 2022. We have the option, subject to negotiation and agreement with the related banks, to increase the maximum commitment amount by an additional $500 million. Borrowings under the credit facility will bear interest at a variable rate based on LIBOR, and, for U.S. dollar-denominated loans under certain circumstances, a Base Rate (as defined in the credit facility), in each case plus an applicable margin. The applicable margin is based on the better of (i) the Company's long-term credit ratings assigned by Moody's and Standard & Poor's rating agencies and (ii) the Company's fixed charge coverage ratio, pursuant to a pricing grid set forth in the five-year credit agreement. The current applicable margin is 0.910% for Eurocurrency Rate Loans and 0.000% (nil) for Base Rate Loans. The 364-day credit facility, of which no amount may be used for issuances of letters of credit, has been extended to mature on October 21, 2020. We have the option, subject to negotiation and agreement with the related banks, to increase the maximum commitment amount by an additional $500 million. Borrowings under the credit facility bear interest at a variable rate based on LIBOR, and, for U.S. dollar-denominated loans under certain circumstances, a Base Rate (as defined in the credit facility), in each case plus an applicable margin. The applicable margin was 0.920% for Eurocurrency Rate Loans and 0.000% (nil) for Base Rate Loans. Both credit facilities contain provisions requiring us to maintain compliance with certain covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses. As of September 29, 2019, we were in compliance with all applicable covenants. No amounts were outstanding under our credit facility as of September 29, 2019. Under our commercial paper program, we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $3.0 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 discussed above. 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 September 29, 2019, we had no borrowings outstanding under the program. Long-term Debt Components of long-term debt including the associated interest rates and related fair values by calendar maturity (in millions, except interest rates):
| Sep 29, 2019 |  | Sep 30, 2018 |  | Stated Interest Rate | Effective Interest Rate (1)
Issuance | Face Value | Estimated Fair Value |  | Face Value | Estimated Fair Value |
December 2018 notes | $ | — |  | $ | — |  |  | $ | 350.0 |  | $ | 350 |  |  | 2.000 | % | 2.012 | %
November 2020 notes | 500.0 |  | 501 |  |  | 500.0 |  | 490 |  |  | 2.200 | % | 2.228 | %
February 2021 notes | 500.0 |  | 500 |  |  | 500.0 |  | 489 |  |  | 2.100 | % | 2.293 | %
February 2021 notes | 250.0 |  | 250 |  |  | 250.0 |  | 244 |  |  | 2.100 | % | 1.600 | %
June 2022 notes | 500.0 |  | 509 |  |  | 500.0 |  | 486 |  |  | 2.700 | % | 2.819 | %
February 2023 notes | 1,000.0 |  | 1,033 |  |  | 1,000.0 |  | 986 |  |  | 3.100 | % | 3.107 | %
October 2023 notes (2) | 750.0 |  | 798 |  |  | 750.0 |  | 759 |  |  | 3.850 | % | 2.859 | %
March 2024 notes (3) | 788.3 |  | 795 |  |  | 748.4 |  | 743 |  |  | 0.372 | % | 0.462 | %
August 2025 notes | 1,250.0 |  | 1,351 |  |  | 1,250.0 |  | 1,249 |  |  | 3.800 | % | 3.721 | %
June 2026 notes | 500.0 |  | 502 |  |  | 500.0 |  | 451 |  |  | 2.450 | % | 2.511 | %
February 2028 notes | 600.0 |  | 644 |  |  | 600.0 |  | 576 |  |  | 3.500 | % | 3.529 | %
November 2028 notes | 750.0 |  | 837 |  |  | 750.0 |  | 754 |  |  | 4.000 | % | 3.958 | %
May 2029 notes (4) | 1,000.0 |  | 1,080 |  |  | — |  | — |  |  | 3.550 | % | 3.871 | %
June 2045 notes | 350.0 |  | 390 |  |  | 350.0 |  | 330 |  |  | 4.300 | % | 4.348 | %
December 2047 notes | 500.0 |  | 518 |  |  | 500.0 |  | 438 |  |  | 3.750 | % | 3.765 | %
November 2048 notes | 1,000.0 |  | 1,160 |  |  | 1,000.0 |  | 977 |  |  | 4.500 | % | 4.504 | %
May 2049 notes (4) | 1,000.0 |  | 1,165 |  |  | — |  | — |  |  | 4.450 | % | 4.433 | %
Total | 11,238.3 |  | 12,033 |  |  | 9,548.4 |  | 9,322 |  |  |  |
Aggregate debt issuance costs and unamortized premium/(discount), net | (83.1 | ) |  |  | (69.3 | ) |  |  |  |
Hedge accounting fair value adjustment (2) | 11.8 |  |  |  | (39.0 | ) |  |  |  |
Total | $ | 11,167.0 |  |  |  | $ | 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 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 May 2019.
The indentures under which the above notes were issued also require us to maintain compliance with certain covenants, including limits on future liens and sale and leaseback transactions on certain material properties. As of September 29, 2019, we were in compliance with each of these covenants. The following table summarizes our long-term debt maturities as of September 29, 2019 by fiscal year (in millions):
Fiscal Year | Total
2020 | $ | — |
2021 | 1,250.0 |
2022 | 500.0 |
2023 | 1,000.0 |
2024 | 1,538.3 |
Thereafter | 6,950.0 |
Total | $ | 11,238.3 |

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- 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
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