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Debt | 12 Months Ended
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Sep. 28, 2019
Debt Instruments [Abstract] |
Debt | DEBT The following table reflects major components of debt as of September 28, 2019, and September 29, 2018:
|  |  | in millions |
| 2019 |  |  | 2018 |
Revolving credit facility | $ | 70 |  |  | $ | — |
Commercial Paper | 1,000 |  |  | 605 |
Senior notes: |  |  |
Notes due May 2019 ("2019 Notes") | — |  |  | 300 |
Notes due August 2019 ("2019 Notes") | — |  |  | 1,000 |
Notes due June 2020 (2.68% at 09/28/2019) | 350 |  |  | 350 |
Notes due August 2020 (2.60% at 09/28/2019) | 400 |  |  | 400 |
4.10% Notes due September 2020 | 280 |  |  | 281 |
2.25% Notes due August 2021 | 500 |  |  | 500 |
4.50% Senior notes due June 2022 | 1,000 |  |  | 1,000 |
3.90% Notes due September 2023 | 400 |  |  | 400 |
3.95% Notes due August 2024 | 1,250 |  |  | 1,250 |
4.00% Notes due March 2026 ("2026 Notes") | 800 |  |  | — |
3.55% Notes due June 2027 | 1,350 |  |  | 1,350 |
7.00% Notes due January 2028 | 18 |  |  | 18 |
4.35% Notes due March 2029 ("2029 Notes") | 1,000 |  |  | — |
6.13% Notes due November 2032 | 161 |  |  | 161 |
4.88% Notes due August 2034 | 500 |  |  | 500 |
5.15% Notes due August 2044 | 500 |  |  | 500 |
4.55% Notes due June 2047 | 750 |  |  | 750 |
5.10% Notes due September 2048 ("2048 Notes") | 1,500 |  |  | 500 |
Discount on senior notes | (48 | ) |  | (15 | )
Other | 216 |  |  | 73 |
Unamortized debt issuance costs | (65 | ) |  | (50 | )
Total debt | 11,932 |  |  | 9,873 |
Less current debt | 2,102 |  |  | 1,911 |
Total long-term debt | $ | 9,830 |  |  | $ | 7,962 |
Annual maturities of debt for the five fiscal years subsequent to September 28, 2019 are: 2020 - $2,104 million; 2021 - $535 million; 2022 - $1,033 million; 2023 - $493 million; 2024 - $1,266 million. Revolving Credit Facility and Letters of Credit We have a $1.75 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. This facility will mature and the commitments thereunder will terminate in March 2023. Amounts available for borrowing under this facility totaled $1.68 billion at September 28, 2019, before deducting amounts to backstop our commercial paper program. At September 28, 2019, we had $70 million in borrowings and no outstanding letters of credit issued under this facility. At September 28, 2019 we had $99 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 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 September 28, 2019. As of September 28, 2019, we had $1 billion of commercial paper outstanding at a weighted average interest rate of 2.24% with maturities of less than 25 days. 2019 Notes During fiscal 2019, we extinguished the $300 million outstanding balance of the Senior Notes due May 2019 and the $1 billion outstanding balance of the Senior Notes due August 2019 using cash on hand and other liquidity sources. 364-Day Term Loan In November 2018, as part of the financing for the Keystone Foods acquisition, we borrowed $1.8 billion under an unsecured term loan facility, which was due November 2019. The interest rate was set based on the selected LIBOR interest period plus 1.125%. In the second quarter of fiscal 2019, we extinguished the $1.8 billion outstanding balance using funds borrowed under the 2026 and 2029 Notes and funds borrowed under the reopening of the 2048 Notes. 2026/2029/2048 Notes In February 2019, we issued senior unsecured notes with an aggregate principal amount of $1.8 billion, consisting of $800 million due March 2026 and $1 billion due March 2029. Additionally, we reopened the 2048 Notes issuing an additional $1 billion, bringing the aggregate principal amount outstanding on the 2048 Notes to $1.5 billion. The net proceeds from the issuances were used to repay amounts outstanding under the 364-Day Term Loan Agreement and commercial paper obligations and to fund the acquisition of the Thai and European operations. The 2026 Notes carry a fixed interest rate of 4.00% and the 2029 Notes carry a fixed interest rate of 4.35%. Interest payments on the 2026 and 2029 Notes are due semi-annually on March 1 and September 1. After the original issue discounts of $36 million, we received net proceeds of $2,764 million and incurred debt issuance costs of $26 million related to the issuances. Debt Covenants Our revolving credit facility contains 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 September 28, 2019.

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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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