Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.22.4
Debt
 3 Months Ended
Dec. 25, 2022
Debt Disclosure [Abstract]  
Debt Disclosure Debt
Long-term Debt. In November 2022, we issued unsecured fixed-rate notes, consisting of $700 million of fixed-rate 5.40% notes and $1.2 billion of fixed-rate 6.00% notes (collectively, November 2022 Notes) that mature on May 20, 2033 and May 20, 2053, respectively. The net proceeds from the November 2022 Notes were used to repay $946 million of fixed-rate notes and $500 million of floating-rate notes that matured in January 2023 and the excess will be used for general corporate purposes.
The following table provides a summary of our long-term debt:
December 25, 2022 September 25, 2022
Maturities Amount
(in millions)		 Effective Rate Maturities Amount
(in millions)		 Effective Rate
May 2015 Notes
2025 - 2045
 $ 3,865 
3.46% - 4.73%
2025 - 2045
 $ 3,865 
3.46% - 4.73%
May 2017 Notes
2023 - 2047
 5,860 
2.66% - 5.17%
2023 - 2047
 5,860 
2.68% - 4.46%
May 2020 Notes
2030 - 2050
 2,000 
2.95% - 3.30%
2030 - 2050
 2,000 
2.97% - 3.30%
August 2020 Notes
2028 - 2032
 2,207 
2.48% - 3.53%
2028 - 2032
 2,207 
2.50% - 3.52%
May 2022 Notes
2032 - 2052
 1,500 
3.14% - 4.26%
2032 - 2052
 1,500 
3.13% - 4.26%
November 2022 Notes
2033 - 2053
 1,900 
3.44% - 4.99%
 — 
Total principal 17,332  15,432 
Unamortized discount, including debt issuance costs (258) (241)
Hedge accounting fair value adjustments (197) (208)
Total long-term debt $ 16,877  $ 14,983 
Reported as:
Short-term debt $ 1,446  $ 1,446 
Long-term debt 15,431  13,537 
   Total $ 16,877  $ 14,983 
At December 25, 2022, the aggregate fair value of our outstanding floating- and fixed-rate notes, based on Level 2 inputs, was approximately $16.1 billion.
Interest Rate Swaps. At September 25, 2022, we had outstanding forward-starting interest rate swaps with an aggregate notional amount, denominated in U.S. dollars, of $1.6 billion. During the first quarter of fiscal 2023, in connection with the issuance of the November 2022 Notes, we terminated these swaps, and the related gains of $334 million are being reclassified from accumulated comprehensive income to being recorded as a reduction to interest expense over the hedged portions of the related debt.
Commercial Paper Program. We have an unsecured commercial paper program, which provides for the issuance of up to $4.5 billion of commercial paper. At December 25, 2022 and September 25, 2022, we had no amounts and $499 million, respectively, of outstanding commercial paper recorded as short-term debt.