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Debt
 12 Months Ended
Sep. 30, 2023
Debt Instruments [Abstract]  
Debt DEBT
The following table reflects major components of debt as of September 30, 2023 and October 1, 2022 (in millions):
20232022
Revolving credit facility$— $— 
Commercial Paper592 — 
Senior notes:
3.90% Notes due September 2023— 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 158 160 
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(36)(39)
Term loans:
Term loan facility due May 2026 (6.55% at September 30, 2023)1,000 — 
Term loan facility due May 2028— — 
Other164 175 
Unamortized debt issuance costs(40)(43)
Total debt9,506 8,321 
Less current debt1,895 459 
Total long-term debt$7,611 $7,862 
Annual maturities of debt for the five fiscal years subsequent to September 30, 2023 are: 2024 - $1,899 million; 2025 - $26 million; 2026 - $1,818 million; 2027 - $1,364 million; 2028 - $23 million.
Revolving Credit Facility and Letters of Credit
We have a $2.25 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 September 2026 with options for two one-year extensions. At September 30, 2023, amounts available for borrowing under this facility totaled $2.25 billion before deducting amounts to backstop our commercial paper program. At September 30, 2023 we had no borrowings and no outstanding letters of credit issued under this facility. At September 30, 2023 we had $96 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. In November 2022, we entered into an amendment to change the reference rate from the London interbank offered rate (commonly referred to as LIBOR) to a rate based on the secured overnight financing rate (commonly referred to as SOFR).
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes up to an aggregate maximum principal amount of $1.5 billion. As of September 30, 2023, we had $592 million of commercial paper outstanding at a weighted average interest rate of 5.48% with maturities of less than 20 days. Our ability to access commercial paper in the future may be limited or its costs increased.
Term Loan Facilities
In the third quarter of fiscal 2023, we executed two new term loan facilities totaling $1.75 billion to refinance our short-term promissory notes ("commercial paper program") and for general corporate purposes. The first term loan facility totaling $1.0 billion matures on May 3, 2026 and we borrowed the full $1.0 billion available under this loan facility. The second term loan facility totaling $750 million matures on May 3, 2028 and at September 30, 2023, we had no outstanding borrowings under this facility. In November 2023, we borrowed the full $750 million available under the second term loan facility to refinance the outstanding commercial paper and for general corporate purposes. Both term loans may be prepaid under certain conditions. The interest rate on both term loan facilities will be equal to SOFR plus a predetermined borrowing spread determined by our credit rating. Additionally, the term loan facilities contain covenants that are similar to those contained in the revolving credit facility.
Debt Covenants
Our revolving credit facility 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 a minimum interest expense coverage ratio.
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 30, 2023.