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Debt
 12 Months Ended
Sep. 28, 2024
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 28, 2024 and September 30, 2023, the Company had $10.0 billion and $6.0 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 5.00% and 5.28% as of September 28, 2024 and September 30, 2023, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for 2024, 2023 and 2022 (in millions):
202420232022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$3,960 $(1,333)$5,264 
Maturities greater than 90 days:
Proceeds from commercial paper— — 5,948 
Repayments of commercial paper— (2,645)(7,257)
Proceeds from/(Repayments of) commercial paper, net— (2,645)(1,309)
Total proceeds from/(repayments of) commercial paper, net$3,960 $(3,978)$3,955 
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 28, 2024 and September 30, 2023:
Maturities
(calendar year)
20242023
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2023 debt issuances:
Fixed-rate 0.000% – 4.850% notes
2024 – 2062
$97,341 
0.03% – 6.65%
$106,572 
0.03% – 6.72%
Total term debt principal
97,341 106,572 
Unamortized premium/(discount) and issuance costs, net
(321)(356)
Hedge accounting fair value adjustments(358)(1,113)
Total term debt
96,662 105,103 
Less: Current portion of term debt(10,912)(9,822)
Total non-current portion of term debt$85,750 $95,281 
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 future principal payments for the Company’s Notes as of September 28, 2024, are as follows (in millions):
2025$10,930 
202612,342 
20279,936 
20287,800 
20295,153 
Thereafter51,180 
Total term debt principal$97,341 
As of September 28, 2024 and September 30, 2023, the fair value of the Company’s Notes, based on Level 2 inputs, was $88.4 billion and $90.8 billion, respectively.