Debt

6 Months Ended

Apr. 01, 2023

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 April 1, 2023 and September 24, 2022, the Company had $2.0 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 six months ended April 1, 2023 and March 26, 2022 (in millions):

	Six Months Ended
	April 1, 2023		March 26, 2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net	$	(5,315)	$	4,952
Maturities greater than 90 days:
Proceeds from commercial paper	—		1,191
Repayments of commercial paper	(2,645)		(5,144)
Repayments of commercial paper, net	(2,645)		(3,953)
Total proceeds from/(repayments of) commercial paper, net	$	(7,960)	$	999

Term Debt

As of April 1, 2023 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $107.6 billion and $110.1 billion, respectively (collectively the “Notes”). As of April 1, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.4 billion and $98.8 billion, respectively.