Quarterly report pursuant to Section 13 or 15(d)

Debt (Notes)

v3.20.2
Debt (Notes)
 9 Months Ended
Jun. 28, 2020
Debt Disclosure [Abstract]  
Debt Disclosure Debt
Long-term Debt. In May 2020, we issued unsecured fixed-rate notes, consisting of $1.2 billion fixed-rate 2.15% notes and $800 million fixed-rate 3.25% notes (May 2020 Notes) that mature on May 20, 2030 and May 20, 2050, respectively. The proceeds from the May 2020 Notes, net of underwriting discounts and offering expenses, were used to repay the $250 million floating-rate and $1.75 billion fixed-rate notes that matured on May 20, 2020, which were classified as short-term debt at September 29, 2019. We are not subject to any financial covenants under the May 2020 Notes nor any covenants that would prohibit us from incurring additional indebtedness ranking equal to the notes, paying dividends, issuing securities or repurchasing securities issued by us or our subsidiaries. The May 2020 Notes are senior unsecured obligations and rank equally with our other senior debt from time to time outstanding. 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 note.
The following table provides a summary of our long-term debt:
June 28, 2020 September 29, 2019
Maturities Amount
(in millions)		 Effective Rate Maturities Amount
(in millions)		 Effective Rate
May 2015 Notes
2022 - 2045
 $ 6,500   
2.62% - 4.73%
2020 - 2045
 $ 8,500   
2.64% - 4.73%
May 2017 Notes
2023 - 2047
 7,000   
1.55% - 4.46%
2023 - 2047
 7,000   
2.70% - 4.47%
May 2020 Notes
2030 - 2050
 2,000   
2.31% - 3.30%
 —   
Total principal 15,500    15,500   
Unamortized discount, including debt issuance costs (91)   (75)  
Hedge accounting fair value adjustments 16    9   
Total long-term debt $ 15,425    $ 15,434   
Reported as:
Short-term debt $ —    $ 1,997   
Long-term debt 15,425    13,437   
   Total $ 15,425    $ 15,434   
At September 29, 2019, we had outstanding interest rate swaps with an aggregate notional amount of $1.8 billion related to certain of our May 2015 Notes. During the second quarter of fiscal 2020, we terminated interest rate swaps related to our fixed-rate 3.00% notes due May 20, 2022 resulting in a deferred gain of $19 million, which is being amortized to interest expense over the remaining term of such notes. During the third quarter of fiscal 2020, the remaining interest rate swaps on our fixed-rate 2.25% notes due May 20, 2020 terminated upon maturity of the notes.
At June 28, 2020 and September 29, 2019, the aggregate fair value of our remaining outstanding principal floating- and fixed-rate notes, including the current portion of long-term debt, based on Level 2 inputs, was approximately $17.6 billion and $16.5 billion, respectively.
Commercial Paper Program. In the third quarter of fiscal 2020, we reduced the total amount available for issuance under our unsecured commercial paper program from $5.0 billion to $4.5 billion. At June 28, 2020 and September 29, 2019, we had $500 million and $499 million, respectively, of outstanding commercial paper recorded as short-term debt.
Revolving Credit Facility. We have an Amended and Restated Revolving Credit Facility (Revolving Credit Facility) that provides for unsecured revolving facility loans, swing line loans and letters of credit in an aggregate amount of up to $4.5 billion which expires on November 8, 2021. At June 28, 2020, no amounts were outstanding under the Revolving Credit Facility.