Borrowings (Tables)

12 Months Ended

Sep. 28, 2019

Borrowings including Impact of Interest Rate Swaps Designated as Hedges

The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows:



						September 28, 2019
	Sept. 28, 2019		Sept. 29, 2018			Stated Interest Rate ⁽¹⁾		Pay Floating Interest rate and Cross- Currency Swaps ⁽²⁾			Effective Interest Rate ⁽³⁾		Swap Maturities
Commercial paper	$	5,342	$	1,005		—			$	—	2.19	%
U.S. dollar denominated notes ⁽⁴⁾	39,424		18,045			3.97	%		9,000		3.37	%	2020-2029
Foreign currency denominated debt	1,044		955			3.18	%		940		3.23	%	2025
Other ⁽⁵⁾	62		(276		)				—
	45,872		19,729			3.49	%		9,940		3.23	%
Asia Theme Parks borrowings	1,114		1,145			1.81	%		—		5.51	%
Total borrowings	46,986		20,874			3.44	%		9,940		3.28	%
Less current portion	8,857		3,790			2.62	%		1,125		2.59	%
Total long-term borrowings	$	38,129	$	17,084					$	8,815


⁽¹⁾	The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating rate borrowings, interest rates are the rates in effect at September 28, 2019; these rates are not necessarily an indication of future interest rates.


⁽²⁾	Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 28, 2019.


⁽³⁾	The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs.


⁽⁴⁾	Includes net debt issuance discounts, costs and purchase accounting adjustments totaling a net premium of $2.5 billion and a net cost of $121 million at September 28, 2019 and September 29, 2018, respectively.

⁽⁵⁾

Includes market value adjustments for debt with qualifying hedges, which increase borrowings by $31 million and reduce borrowings by $304 million at September 28, 2019 and September 29, 2018, respectively.

Schedule of Commercial Paper

The Company has bank facilities with a syndicate of lenders to support commercial paper borrowings as follows:



	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring March 2020	$	6,000	$	—	$	6,000
Facility expiring March 2021	2,250		—		2,250
Facility expiring March 2023	4,000		—		4,000
Total	$	12,250	$	—	$	12,250

Commercial Paper Activity

Commercial paper activity is as follows:



	Commercial paper with original maturities less than three months, net ⁽¹⁾			Commercial paper with original maturities greater than three months			Total
Balance at Sept. 30, 2017	$	1,151		$	1,621		$	2,772
Additions	—			8,079			8,079
Payments	(1,099		)	(8,748		)	(9,847		)
Other Activity	(2		)	3			1
Balance at Sept. 29, 2018	$	50		$	955		$	1,005
Additions	1,881			6,889			8,770
Payments	—			(4,452		)	(4,452		)
Other Activity	3			16			19
Balance at Sept. 28, 2019	$	1,934		$	3,408		$	5,342

⁽¹⁾ Borrowings and reductions of borrowings are reported net.

Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities

Total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, have the following scheduled maturities:



	Before Asia Theme Parks Consolidation		Asia Theme Parks		Total
2020	$	8,878	$	—	$	8,878
2021	3,513		—		3,513
2022	3,858		10		3,868
2023	1,242		24		1,266
2024	2,870		28		2,898
Thereafter	23,003		1,052		24,055
	$	43,364	$	1,114	$	44,478