Debt

3 Months Ended

Dec. 31, 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 December 31, 2022 and September 24, 2022, the Company had $1.7 billion and $10.0 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 31, 2022 and December 25, 2021 (in millions):

	Three Months Ended
	December 31, 2022		December 25, 2021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net	$	(5,569)	$	1,339
Maturities greater than 90 days:
Proceeds from commercial paper	—		1,191
Repayments of commercial paper	(2,645)		(3,530)
Repayments of commercial paper, net	(2,645)		(2,339)
Total repayments of commercial paper, net	$	(8,214)	$	(1,000)

Term Debt

As of December 31, 2022 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $109.4 billion and $110.1 billion, respectively (collectively the “Notes”). As of December 31, 2022 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.0 billion and $98.8 billion, respectively.