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Debt
 12 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Commercial Paper
The Company issues unsecured short-term promissory notes 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 September 30, 2023 and September 24, 2022, the Company had $6.0 billion and $10.0 billion of commercial paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s commercial paper was 5.28% and 2.31% as of September 30, 2023 and September 24, 2022, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for 2023, 2022 and 2021 (in millions):
202320222021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(1,333)$5,264 $(357)
Maturities greater than 90 days:
Proceeds from commercial paper— 5,948 7,946 
Repayments of commercial paper(2,645)(7,257)(6,567)
Proceeds from/(Repayments of) commercial paper, net(2,645)(1,309)1,379 
Total proceeds from/(repayments of) commercial paper, net$(3,978)$3,955 $1,022 
Term Debt
The Company has outstanding Notes, which are senior unsecured obligations with interest payable in arrears. The following table provides a summary of the Company’s term debt as of September 30, 2023 and September 24, 2022:
Maturities
(calendar year)
20232022
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2022 debt issuances:
Fixed-rate 0.000% – 4.650% notes
2024 – 2062
$101,322 
0.03% – 6.72%
$111,824 
0.03% – 4.78%
Third quarter 2023 debt issuance:
Fixed-rate 4.000% – 4.850% notes
2026 – 2053
5,250 
4.04% – 4.88%
— 
Total term debt principal
106,572 111,824 
Unamortized premium/(discount) and issuance costs, net
(356)(374)
Hedge accounting fair value adjustments(1,113)(1,363)
Total term debt
105,103 110,087 
Less: Current portion of term debt(9,822)(11,128)
Total non-current portion of term debt$95,281 $98,959 
To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company uses interest rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to manage foreign exchange rate risk on certain of its foreign currency–denominated notes, the Company uses cross-currency swaps to effectively convert these notes to U.S. dollar–denominated notes.
The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if applicable, adjustments related to hedging. The Company recognized $3.7 billion, $2.8 billion and $2.6 billion of interest expense on its term debt for 2023, 2022 and 2021, respectively.
The future principal payments for the Company’s Notes as of September 30, 2023, are as follows (in millions):
2024$9,943 
202510,775 
202612,265 
20279,786 
20287,800 
Thereafter56,003 
Total term debt principal$106,572 
As of September 30, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $90.8 billion and $98.8 billion, respectively.