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Debt | 9 Months Ended
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Jun. 28, 2020
Debt Disclosure [Abstract] |
Debt | Debt 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 28, 2020, we had $296.5 million of borrowings outstanding under the program, net of unamortized discount, of which a majority matures in the second quarter of fiscal 2021. During the second quarter of fiscal 2020, we entered into a new $500 million unsecured 364-day term-loan facility (“the 2020 term-loan facility”), which is available for general corporate purposes. The 2020 term-loan facility is currently set to mature on March 19, 2021. Borrowings under the term-loan facility are subject to terms defined within the 2020 term-loan facility and will bear interest depending on if the loan is a Eurocurrency Rate Loan or a Base Loan. Eurocurrency Rate Loans will bear interest on the outstanding principal amount equal to the Eurocurrency Rate for such Interest Period plus the applicable margin. Each Base Rate Loan will bear interest on the outstanding principal amount equal to the Base Rate plus the applicable margin. The applicable margin is based on the Company's long-term credit ratings assigned by Moody's and Standard & Poor's rating agencies. The current applicable margin is 1.000% for Eurocurrency Rate Loans and 0.000% (nil) for Base Rate Loans. As of June 28, 2020, we had $500.0 million of borrowings outstanding under this term-loan facility program. During the third quarter of fiscal 2020, we expanded our ¥1 billion unsecured credit facility to ¥5 billion, or $46.6 million. This facility is currently set to mature on December 31, 2020. 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% or 0.400%, depending on the tranche borrowed. Additionally during the third quarter, we expanded our ¥2 billion unsecured credit facility to ¥10 billion, or $93.4 million. This 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 0.300%. As of June 28, 2020, we had ¥15 billion, or $140.0 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):
| Jun 28, 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 |  | $ | 503 |  |  | $ | 500.0 |  | $ | 501 |  |  | 2.200 | % | 2.228 | %
February 2021 notes | 500.0 |  | 504 |  |  | 500.0 |  | 500 |  |  | 2.100 | % | 2.293 | %
February 2021 notes | 250.0 |  | 252 |  |  | 250.0 |  | 250 |  |  | 2.100 | % | 1.600 | %
May 2022 notes(5) | 500.0 |  | 506 |  |  | — |  | — |  |  | 1.300 | % | 1.334 | %
June 2022 notes | 500.0 |  | 520 |  |  | 500.0 |  | 509 |  |  | 2.700 | % | 2.819 | %
March 2023 notes | 1,000.0 |  | 1,064 |  |  | 1,000.0 |  | 1,033 |  |  | 3.100 | % | 3.107 | %
October 2023 notes(2) | 750.0 |  | 819 |  |  | 750.0 |  | 798 |  |  | 3.850 | % | 2.859 | %
March 2024 notes(3) | 793.0 |  | 781 |  |  | 788.3 |  | 795 |  |  | 0.372 | % | 0.462 | %
August 2025 notes | 1,250.0 |  | 1,409 |  |  | 1,250.0 |  | 1,351 |  |  | 3.800 | % | 3.721 | %
June 2026 notes | 500.0 |  | 533 |  |  | 500.0 |  | 502 |  |  | 2.450 | % | 2.511 | %
March 2027 notes(4) | 500.0 |  | 525 |  |  | — |  | — |  |  | 2.000 | % | 2.058 | %
March 2028 notes | 600.0 |  | 677 |  |  | 600.0 |  | 644 |  |  | 3.500 | % | 3.529 | %
November 2028 notes | 750.0 |  | 879 |  |  | 750.0 |  | 837 |  |  | 4.000 | % | 3.958 | %
August 2029 notes | 1,000.0 |  | 1,136 |  |  | 1,000.0 |  | 1,080 |  |  | 3.550 | % | 3.840 | %
March 2030 notes(4) | 750.0 |  | 778 |  |  | — |  | — |  |  | 2.250 | % | 3.084 | %
November 2030 notes(5) | 1,250.0 |  | 1,309 |  |  | — |  | — |  |  | 2.550 | % | 2.582 | %
June 2045 notes | 350.0 |  | 405 |  |  | 350.0 |  | 390 |  |  | 4.300 | % | 4.348 | %
December 2047 notes | 500.0 |  | 543 |  |  | 500.0 |  | 518 |  |  | 3.750 | % | 3.765 | %
November 2048 notes | 1,000.0 |  | 1,178 |  |  | 1,000.0 |  | 1,160 |  |  | 4.500 | % | 4.504 | %
August 2049 notes | 1,000.0 |  | 1,219 |  |  | 1,000.0 |  | 1,165 |  |  | 4.450 | % | 4.447 | %
March 2050 notes(4) | 500.0 |  | 511 |  |  | — |  | — |  |  | 3.350 | % | 3.362 | %
November 2050 notes(5) | 1,250.0 |  | 1,321 |  |  | — |  | — |  |  | 3.500 | % | 3.528 | %
Total | 15,993.0 |  | 17,372 |  |  | 11,238.3 |  | 12,033 |  |  |  |
Aggregate debt issuance costs and unamortized premium/(discount), net | (135.9) |  |  |  | (83.1) |  |  |  |  |
Hedge accounting fair value adjustment(2) | 38.1 |  |  |  | 11.8 |  |  |  |  |
Total | $ | 15,895.2 |  |  |  | $ | 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. (5)Issued in May 2020. The following table summarizes our long-term debt maturities as of June 28, 2020 by fiscal year (in millions):
Fiscal Year | Total
2020 | $ | — |
2021 | 1,250.0 |
2022 | 1,000.0 |
2023 | 1,000.0 |
2024 | 1,543.0 |
Thereafter | 11,200.0 |
Total | $ | 15,993.0 |

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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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