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Debt
 12 Months Ended
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):
20202019
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 2021500 500 
4.50% Senior notes due June 2022 1,000 1,000 
3.90% Notes due September 2023400 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 20271,350 1,350 
7.00% Notes due January 202818 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 2047750 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 — 
Other216 216 
Unamortized debt issuance costs(60)(65)
Total debt11,339 11,932 
Less current debt548 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.