Debt

9 Months Ended

Jul. 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 July 1, 2023 and September 24, 2022, the Company had $4.0 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 nine months ended July 1, 2023 and June 25, 2022 (in millions):

	Nine Months Ended
	July 1, 2023		June 25, 2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net	$	(3,326)	$	4,383
Maturities greater than 90 days:
Proceeds from commercial paper	—		5,731
Repayments of commercial paper	(2,645)		(5,144)
Proceeds from/(Repayments of) commercial paper, net	(2,645)		587
Total proceeds from/(repayments of) commercial paper, net	$	(5,971)	$	4,970

Term Debt

As of July 1, 2023 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $105.3 billion and $110.1 billion, respectively (collectively the “Notes”). As of July 1, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $95.3 billion and $98.8 billion, respectively.