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Debt
 12 Months Ended
Sep. 28, 2025
Debt Disclosure [Abstract]  
Debt Debt
Long-term Debt. During the third quarter of fiscal 2025, we repaid $1.4 billion of unsecured fixed-rate notes that matured in May 2025. In May 2025, we also issued $1.5 billion of unsecured fixed-rate notes, consisting of $500 million of 4.50% notes, $400 million of 4.75% notes and $600 million of 5.00% notes (collectively, May 2025 Notes) that mature on May 20, 2030, May 20, 2032 and May 20, 2035, respectively. The net proceeds from the May 2025 Notes will be used for general corporate purposes.
The following table provides a summary of our long-term debt:
September 28, 2025September 29, 2024
MaturitiesAmount
(in millions)		Effective RateMaturitiesAmount
(in millions)		Effective Rate
Fixed-rate notes
2027 - 2053
$15,107 
2.39% - 5.12%
2025 - 2053
$14,972 
2.37% - 5.07%
Total principal15,107 14,972 
Unamortized discount, including debt issuance costs(201)(212)
Hedge accounting adjustments(95)(126)
Total long-term debt$14,811 $14,634 
Reported as:
Short-term debt$— $1,364 
Long-term debt14,811 13,270 
 Total
$14,811 $14,634 
At September 28, 2025, future principal payments of our long-term debt were as follows (in millions):
2026$— 
2027
2,000 
2028
962 
2029
— 
2030
1,700 
Thereafter10,445 
Total
$15,107 
At September 28, 2025, the aggregate fair value of the notes, based on Level 2 inputs, was approximately $14.2 billion.
At September 28, 2025, all of our outstanding long-term debt is comprised of unsecured fixed-rate notes. We may redeem the outstanding fixed-rate notes at any time in whole, or from time to time in part, at specified make-whole premiums as defined in the applicable form of note. The obligations under the notes rank equally in right of payment with all of our other senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries.
The effective interest rates for the notes include the interest on the notes, amortization of the discount, which includes debt issuance costs, and if applicable, adjustments related to hedging. Interest is payable in arrears semi-annually for the notes. Cash interest paid related to our commercial paper program and long-term debt was $614 million, $656 million and $614 million during fiscal 2025, 2024 and 2023, respectively.
Interest Rate Swaps. At September 28, 2025 and September 29, 2024, we had outstanding interest rate swaps with an aggregate notional amount of $3.6 billion and $2.1 billion, respectively, that are designated as fair value hedges and allow us to effectively convert fixed-rate payments into floating-rate payments on a portion of our outstanding long-term debt.
Commercial Paper Program. We have an unsecured commercial paper program, which provides for the issuance of up to $4.5 billion. Net proceeds from this program are for general corporate purposes. Maturities of commercial paper can range from 1 to up to 397 days. At September 28, 2025 and September 29, 2024, we had no amounts of commercial paper outstanding.
Revolving Credit Facility. We have a Revolving Credit Facility that provides for unsecured revolving facility loans, swing line loans and letters of credit in an aggregate amount of up to $4.0 billion, which expires on August 8, 2029. At September 28, 2025 and September 29, 2024, no amounts were outstanding under the Revolving Credit Facility.
Debt Covenants. The Revolving Credit Facility requires that we comply with certain covenants, including that we maintain an interest coverage ratio as defined in the agreement. We are not subject to any financial covenants under the notes nor any covenants that would prohibit us from incurring additional indebtedness ranking equal to the notes, paying dividends
or issuing securities or repurchasing securities issued by us or our subsidiaries. At September 28, 2025, we were in compliance with the applicable covenants under the Revolving Credit Facility.