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Borrowings
 12 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows:
   September 30, 2023
 Sep. 30, 2023Oct. 1, 2022
Stated
Interest
Rate(1)
Pay Floating Interest rate and Cross-
Currency Swaps(2)
Effective
Interest
Rate(3)
Swap
Maturities
Commercial paper
$1,476  $1,662  —$—5.62%
U.S. dollar denominated notes(4)
43,504  45,091  4.03%11,6254.90%2024-2031
Foreign currency denominated debt1,872  1,844  2.92%1,8784.99%2025-2027
Other(5)
(1,729) (1,653) —
45,123  46,944  3.85%13,5034.92%
Asia Theme Parks borrowings1,308  1,425  1.86%—5.90%
Total borrowings46,431  48,369  3.94%13,5034.95%
Less current portion4,330  3,070  2.35%—5.12%
Total long-term borrowings
$42,101  $45,299  $13,503
(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 30, 2023; 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 30, 2023.
(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 $1.8 billion and $1.9 billion at September 30, 2023 and October 1, 2022, respectively.
(5)Includes market value adjustments for debt with qualifying hedges, which reduces borrowings by $1.8 billion and $1.7 billion at September 30, 2023 and October 1, 2022, respectively.
Commercial Paper
At September 30, 2023, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:
Committed
Capacity		Capacity
Used		Unused
Capacity
Facility expiring March 2024$5,250$—$5,250
Facility expiring March 20253,000—3,000
Facility expiring March 20274,000—4,000
Total$12,250$—$12,250
These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR), and at other variable rates for non-U.S. dollar denominated borrowings plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Investors Service and Standard & Poor’s ranging from 0.655% to 1.225%. The bank facilities contain only one financial covenant, relating to interest coverage of three times earnings before interest, taxes, depreciation and amortization, including both intangible amortization and amortization of our film and television production and programming costs. On September 30, 2023, the Company met this covenant by a significant margin. The bank facilities specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants or events of default. The Company also has the ability to issue up to $500 million of letters of credit under the facility expiring in March 2027, which if utilized, reduces available borrowings under this facility. As of September 30, 2023, the Company has $1.7 billion of outstanding letters of credit, of which none were issued under this facility.
Commercial paper activity is as follows:
Commercial paper with original maturities less than three months, net(1)
Commercial paper with original maturities greater than three monthsTotal
Balance at Oct. 2, 2021$—  $1,992  $1,992  
Additions50  2,417  2,467  
Payments—  (2,801) (2,801) 
Other Activity—  4  4  
Balance at Oct. 1, 2022$50  $1,612  $1,662  
Additions238  3,603  3,841  
Payments—  (4,032) (4,032) 
Other Activity1  4  5  
Balance at Sep. 30, 2023$289  $1,187  $1,476  
(1)Borrowings and reductions of borrowings are reported net.
U.S. Dollar Denominated Notes
At September 30, 2023, the Company had $43.5 billion of fixed rate U.S. dollar denominated notes with maturities ranging from 1 to 73 years and stated interest rates that range from 1.75% to 9.50%.
Foreign Currency Denominated Debt
At September 30, 2023, the Company had fixed rate senior notes of Canadian $1.3 billion ($0.9 billion) and Canadian $1.3 billion ($1.0 billion) with maturities of October 2024 and March 2027, respectively, and stated interest rates of 2.76% and 3.057%, respectively. The Company has entered into pay-floating interest rate and cross currency swaps that effectively convert the borrowings to a variable-rate U.S. dollar denominated borrowings indexed to SOFR.
Cruise Ship Credit Facilities
The Company has credit facilities to finance a significant portion of the contract price of two new cruise ships, which are scheduled to be delivered in fiscal 2025 and fiscal 2026. Under the facilities, $1.1 billion became available beginning in August 2023 and $1.1 billion is available beginning in August 2024. Each tranche of financing may be utilized for a period of 18 months from the initial availability date. If utilized, the interest rates will be fixed at 3.80% and 3.74%, respectively, and the loan and interest will be payable semi-annually over a 12-year period from the borrowing date. Early repayment is permitted subject to cancellation fees.
Asia Theme Parks Borrowings
HKSAR provided Hong Kong Disneyland Resort with loans totaling HK $0.9 billion ($109 million). The interest rate is three month HIBOR plus 2% and the maturity date is September 2025.
Shendi has provided Shanghai Disney Resort with loans totaling 8.7 billion yuan (approximately $1.2 billion) bearing interest at rates up to 8% and maturing in 2036, with early repayment permitted. Shendi has also provided Shanghai Disney Resort with a 2.6 billion yuan (approximately $0.4 billion) line of credit bearing interest at 8%. As of September 30, 2023 the total amount outstanding under the line of credit was 0.1 billion yuan (approximately $13 million).
Maturities
The following table provides total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, by scheduled maturity date as of September 30, 2023. The table also provides the estimated interest payments on these borrowings as of September 30, 2023 although actual future payments will differ for floating-rate borrowings:
Borrowings
Fiscal Year:
Before Asia
Theme Parks
Consolidation
Asia 
Theme Parks		Total Borrowings
Interest
Total Borrowings and Interest
2024$4,369$13$4,382$1,733$6,115
20253,6191093,7281,6265,354
20264,578—4,5781,6166,194
20272,921—2,9211,5064,427
20281,599—1,5991,5023,101
Thereafter28,0181,18629,20416,93546,139
$45,104$1,308$46,412$24,918$71,330
Interest
The Company capitalizes interest on assets constructed for its parks and resorts and on certain film and television productions. In fiscal 2023, 2022 and 2021, total interest capitalized was $365 million, $261 million and $187 million, respectively.
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 10) are reported net in the Consolidated Statements of Income and consist of the following:
202320222021
Interest expense$(1,973)$(1,549)$(1,546)
Interest and investment income424    90    307    
Net periodic pension and postretirement benefit costs (other than service costs)340 62 (167)
Interest expense, net$(1,209)$(1,397)$(1,406)