Debt

3 Months Ended

Dec. 25, 2021

Debt Disclosure [Abstract]

Debt

Debt

Commercial Paper

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 December 25, 2021 and September 25, 2021, the Company had $5.0 billion and $6.0 billion of Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the three months ended December 25, 2021 and December 26, 2020 (in millions):

	Three Months Ended
	December 25, 2021		December 26, 2020
Maturities 90 days or less:
Proceeds from commercial paper, net	$	1,339	$	1,439
Maturities greater than 90 days:
Proceeds from commercial paper	1,191		780
Repayments of commercial paper	(3,530)		(2,197)
Repayments of commercial paper, net	(2,339)		(1,417)
Total proceeds from/(repayments of) commercial paper, net	$	(1,000)	$	22

Term Debt

As of December 25, 2021 and September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate carrying amount of $117.8 billion and $118.7 billion, respectively (collectively the “Notes”). As of December 25, 2021 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $123.5 billion and $125.3 billion, respectively.