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Debt
 12 Months Ended
Sep. 25, 2021
Debt Disclosure [Abstract]  
Debt Debt
Commercial Paper and Repurchase Agreements
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of September 25, 2021 and September 26, 2020, the Company had $6.0 billion and $5.0 billion of Commercial Paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s Commercial Paper was 0.06% and 0.62% as of September 25, 2021 and September 26, 2020, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for 2021, 2020 and 2019 (in millions):
202120202019
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(357)$100 $(3,248)
Maturities greater than 90 days:
Proceeds from commercial paper
7,946 6,185 13,874 
Repayments of commercial paper
(6,567)(7,248)(16,603)
Proceeds from/(Repayments of) commercial paper, net1,379 (1,063)(2,729)
Total proceeds from/(repayments of) commercial paper, net$1,022 $(963)$(5,977)
In 2020, the Company entered into agreements to sell certain of its marketable securities with a promise to repurchase the securities at a specified time and amount (“Repos”). Due to the Company’s continuing involvement with the marketable securities, the Company accounted for its Repos as collateralized borrowings. The Company entered into $5.2 billion of Repos during 2020, all of which had been settled as of September 26, 2020.
Term Debt
As of September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of $118.1 billion (collectively the “Notes”). The Notes are senior unsecured obligations and interest is payable in arrears. The following table provides a summary of the Company’s term debt as of September 25, 2021 and September 26, 2020:
Maturities
(calendar year)
20212020
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2020 debt issuances:
Floating-rate notes
 2022
$1,750 
0.48% – 0.63%
$2,250 
0.60% – 1.39%
Fixed-rate 0.000% – 4.650% notes
2022 – 2060
95,813 
0.03% – 4.78%
103,828 
0.03% – 4.78%
Second quarter 2021 debt issuance:
Fixed-rate 0.700% – 2.800% notes
2026 – 2061
14,000 
0.75% – 2.81%
— — %
Fourth quarter 2021 debt issuance:
Fixed-rate 1.400% – 2.850% notes
2028 – 2061
6,500 
1.43% – 2.86%
— — %
Total term debt118,063 106,078 
Unamortized premium/(discount) and issuance costs, net
(380)(314)
Hedge accounting fair value adjustments1,036 1,676 
Less: Current portion of term debt(9,613)(8,773)
Total non-current portion of term debt$109,106 $98,667 
To manage interest rate risk on certain of its U.S. dollar–denominated fixed- or floating-rate notes, the Company has entered into interest rate swaps to effectively convert the fixed interest rates to floating interest rates or the floating interest rates to fixed interest rates on a portion of these notes. Additionally, to manage foreign currency risk on certain of its foreign currency–denominated notes, the Company has entered into foreign currency swaps to effectively convert these notes to U.S. dollar–denominated notes.
The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if applicable, adjustments related to hedging. The Company recognized $2.6 billion, $2.8 billion and $3.2 billion of interest expense on its term debt for 2021, 2020 and 2019, respectively.
The future principal payments for the Company’s Notes as of September 25, 2021, are as follows (in millions):
2022$9,583 
202311,391 
202410,202 
202510,914 
202611,408 
Thereafter64,565 
Total term debt$118,063 
As of September 25, 2021 and September 26, 2020, the fair value of the Company’s Notes, based on Level 2 inputs, was $125.3 billion and $117.1 billion, respectively.