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Debt | 12 Months Ended
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Oct. 03, 2020
Debt Instruments [Abstract] |
Debt | DEBT The following table reflects major components of debt as of October 3, 2020, and September 28, 2019 (in millions):
| 2020 |  |  | 2019 |
Revolving credit facility | $ | — |  |  | $ | 70 |
Commercial Paper | — |  |  | 1,000 |
Senior notes: |  |  |
Notes due June 2020 ("2020 Notes") | — |  |  | 350 |
Notes due August 2020 ("2020 Notes") | — |  |  | 400 |
4.10% Notes due September 2020 ("2020 Notes") | — |  |  | 280 |
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 |  |  | 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 |  |  | 1,000 |
6.13% Notes due November 2032 | 160 |  |  | 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 |  |  | 1,500 |
Discount on senior notes | (45 | ) |  | (48 | )
Term loan: |  |  |
Term loan facility due March 2022 (1.69% at October 3, 2020) | 1,500 |  |  | — |
Other | 216 |  |  | 216 |
Unamortized debt issuance costs | (60 | ) |  | (65 | )
Total debt | 11,339 |  |  | 11,932 |
Less current debt | 548 |  |  | 2,102 |
Total long-term debt | $ | 10,791 |  |  | $ | 9,830 |
Annual maturities of debt for the five fiscal years subsequent to October 3, 2020 are: 2021 - $550 million; 2022 - $2,543 million; 2023 - $431 million; 2024 - $1,269 million; 2025 - $12 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. The facility will mature and the commitments thereunder will terminate in March 2023. Amounts available for borrowing under this facility totaled $1.75 billion at October 3, 2020. At October 3, 2020, we had no borrowings and no outstanding letters of credit issued under this facility. At October 3, 2020 we had $101 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 workers’ compensation insurance programs and other legal obligations. In the future, if 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 October 3, 2020, we had no commercial paper outstanding. On April 1, 2020, we repaid the outstanding balance of the commercial paper using proceeds from the Term Loan Facility due March 2022. Our ability to access commercial paper in the future may be limited or its costs increased, due to market conditions which have been impacted in part by COVID-19. 2020 Notes During fiscal 2020, we extinguished the $350 million outstanding balance of the senior notes due June 2020, the $400 million outstanding balance of the senior notes due August 2020 and the $278 million outstanding balance of the senior notes due September 2020 using cash on hand and other liquidity sources. Term Loan Facility due March 2022 On March 27, 2020, we executed a new $1.5 billion term loan facility to refinance our commercial paper program, repay outstanding balances under our revolving credit facility and for general liquidity purposes. The term loan facility expires on March 27, 2022 and is subject to prepayment under certain conditions. Additionally, the term loan facility contains covenants that are similar to those contained in the revolving credit facility. 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, 2020.

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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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