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Debt | 9 Months Ended
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Jun. 30, 2018
Debt Instruments [Abstract] |
Debt | DEBT The major components of debt are as follows (in millions):
| June 30, 2018 |  | September 30, 2017
Revolving credit facility | $ | 30 |  |  | $ | — |
Commercial paper | 1,000 |  |  | 778 |
Senior notes: |  |  |
7.00% Notes due May 2018 | — |  |  | 120 |
Notes due May 2019 (2.77% at 6/30/2018) | 300 |  |  | 300 |
2.65% Notes due August 2019 | 1,000 |  |  | 1,000 |
Notes due June 2020 (2.87% at 6/30/2018) | 350 |  |  | 350 |
Notes due August 2020 (2.78% at 6/30/2018) | 400 |  |  | 400 |
4.10% Notes due September 2020 | 281 |  |  | 282 |
2.25% Notes due August 2021 | 500 |  |  | 500 |
4.50% Senior notes due June 2022 | 1,000 |  |  | 1,000 |
3.95% Notes due August 2024 | 1,250 |  |  | 1,250 |
3.55% Notes due June 2027 | 1,350 |  |  | 1,350 |
7.00% Notes due January 2028 | 18 |  |  | 18 |
6.13% Notes due November 2032 | 161 |  |  | 162 |
4.88% Notes due August 2034 | 500 |  |  | 500 |
5.15% Notes due August 2044 | 500 |  |  | 500 |
4.55% Notes due June 2047 | 750 |  |  | 750 |
Discount on senior notes | (13 | ) |  | (15 | )
Term loans: |  |  |
Tranche B due August 2019 | — |  |  | 427 |
Tranche B due August 2020 (2.93% at 6/30/2018) | 750 |  |  | 500 |
Other | 76 |  |  | 81 |
Unamortized debt issuance costs | (43 | ) |  | (50 | )
Total debt | 10,160 |  |  | 10,203 |
Less current debt | 1,308 |  |  | 906 |
Total long-term debt | $ | 8,852 |  |  | $ | 9,297 |
Revolving Credit Facility In March 2018, we amended our existing credit facility which, among other things, increased our line of credit from $1.5 billion to $1.75 billion. This facility supports short-term funding needs and serves as a backstop to our commercial paper program and will mature and the commitments thereunder will terminate in March 2023. Amounts available for borrowing under this facility totaled $1.72 billion at June 30, 2018, before deducting amounts to backstop our commercial paper program. At June 30, 2018, we had no outstanding letters of credit issued under this facility. At June 30, 2018, we had $105 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 and workers’ compensation insurance programs and other legal obligations. If in the future any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility. Commercial Paper Program We have a commercial paper program under which we may issue unsecured short-term promissory notes ("commercial paper") up to an aggregate maximum principal amount of $1 billion as of June 30, 2018. As of June 30, 2018, we had $1 billion of commercial paper outstanding at a weighted average interest rate of 2.31% with maturities of less than 50 days. Term Loan Tranche B due August 2020 On June 8, 2018, we amended our existing term loan agreement which increased the principal amount borrowed from $500 million to $750 million. Proceeds from the borrowings were primarily used to fund an acquisition. 7.00% Notes due May 2018 During the third quarter of fiscal 2018, we extinguished the $120 million outstanding balance of the Senior Notes due May 2018 using cash on hand. Term Loan Tranche B due August 2019 During the first quarter of fiscal 2018, we extinguished the $427 million outstanding balance of the Term Loan Tranche B due in August 2019 using cash on hand and proceeds received from the sale of a non-protein business. 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 June 30, 2018.

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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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- References No definition available. + Details
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