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Debt | 12 Months Ended
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Oct. 03, 2015
Debt Instruments [Abstract] |
Debt | DEBT The following table reflects major components of debt as of October 3, 2015, and September 27, 2014:
|  |  | in millions |
| 2015 |  |  | 2014 |
Revolving credit facility | $ | — |  |  | $ | — |
Senior notes: |  |  |
2.75% Senior notes due September 2015 (2015 Notes) | — |  |  | 407 |
6.60% Senior notes due April 2016 | 638 |  |  | 638 |
7.00% Notes due May 2018 | 120 |  |  | 120 |
2.65% Notes due August 2019 | 1,000 |  |  | 1,000 |
4.10% Notes due September 2020 | 285 |  |  | 287 |
4.50% Senior notes due June 2022 | 1,000 |  |  | 1,000 |
3.95% Notes due August 2024 | 1,250 |  |  | 1,250 |
7.00% Notes due January 2028 | 18 |  |  | 18 |
6.13% Notes due November 2032 | 163 |  |  | 164 |
4.88% Notes due August 2034 | 500 |  |  | 500 |
5.15% Notes due August 2044 | 500 |  |  | 500 |
Discount on senior notes | (10 | ) |  | (12 | )
Term loans: |  |  |
3-year tranche A | — |  |  | 1,172 |
3-year tranche B (1.31% at 10/3/2015) | 500 |  |  | — |
5-year tranche A | — |  |  | 353 |
5-year tranche B (1.69% at 10/3/2015) | 552 |  |  | 552 |
Amortizing Notes - Tangible Equity Units (see Note 8: Equity) | 140 |  |  | 205 |
Other | 69 |  |  | 24 |
Total debt | 6,725 |  |  | 8,178 |
Less current debt | 715 |  |  | 643 |
Total long-term debt | $ | 6,010 |  |  | $ | 7,535 |
Annual maturities of debt for the five fiscal years subsequent to October 3, 2015, are: 2016 - $715 million; 2017 - $79 million; 2018 - $627 million; 2019 - $1,559 million; 2020 - $285 million. Revolving Credit Facility We have a $1.25 billion revolving credit facility that supports short-term funding needs and letters of credit. The facility will mature and the commitments thereunder will terminate in September 2019. After reducing for the amount borrowed and outstanding letters of credit issued under this facility, the amount available for borrowing at October 3, 2015, was $1,244 million. At October 3, 2015, we had outstanding letters of credit issued under this facility totaling $6 million, none of which were drawn upon. We had an additional $93 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of leasing obligations and workers’ compensation insurance programs. The revolving credit facility is unsecured and is fully guaranteed by Tyson Fresh Meats, Inc. (TFM Parent), our wholly owned subsidiary, until such date TFM Parent is released from all of its guarantees of other material indebtedness. If in the future any of our other subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall also be required to guarantee the indebtedness, obligations and liabilities under this facility. 2013 Notes In September 2008, we issued $458 million principal amount 3.25% convertible senior unsecured notes due October 15, 2013. In connection with the issuance of the 2013 Notes, we entered into separate call option and warrant transactions with respect to our Class A stock to minimize the potential economic dilution upon conversion of the 2013 Notes. The call options contractually expired upon the maturity of the 2013 Notes. The 2013 Notes matured on October 15, 2013 at which time we paid the $458 million principal value with cash on hand and settled the conversion premium by issuing 11.7 million shares of our Class A stock from available treasury shares. Simultaneously with the settlement of the conversion premium, we received 11.7 million shares of our Class A stock from the call options. The warrants were settled on various dates in fiscal 2014 resulting in the issuance of 11.7 million shares of Class A stock. 2015 Notes In July 2015, we exercised an early redemption option to retire the outstanding $401 million balance of the 2015 Notes using cash proceeds from the sale of the Mexico operation as further described in Note 3: Acquisitions and Dispositions. Term Loans In April 2015, we entered into a term loan agreement, which provided total borrowings in an aggregate principal amount of $500 million, the full balance of which was used to prepay outstanding borrowings under the existing 3-year tranche A term loan facility. The $500 million 3-year tranche B term loan facility is due April 7, 2018. Interest is reset based on the selected LIBOR interest period plus 1.125%. Debt Covenants Our revolving credit and term loan facilities contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios. Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets. We were in compliance with all debt covenants at October 3, 2015.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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