Debt

6 Months Ended

Mar. 26, 2022

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 March 26, 2022 and September 25, 2021, the Company had $7.0 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 six months ended March 26, 2022 and March 27, 2021 (in millions):

	Six Months Ended
	March 26, 2022		March 27, 2021
Maturities 90 days or less:
Proceeds from commercial paper, net	$	4,952	$	2,008
Maturities greater than 90 days:
Proceeds from commercial paper	1,191		1,368
Repayments of commercial paper	(5,144)		(3,354)
Repayments of commercial paper, net	(3,953)		(1,986)
Total proceeds from commercial paper, net	$	999	$	22

Term Debt

As of March 26, 2022 and September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate carrying amount of $113.0 billion and $118.7 billion, respectively (collectively the “Notes”). As of March 26, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $110.5 billion and $125.3 billion, respectively.