v3.25.3
Debt
 12 Months Ended
Sep. 27, 2025
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 27, 2025 and September 28, 2024, the Company had $8.0 billion and $10.0 billion of commercial paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s commercial paper was 4.19% and 5.00% as of September 27, 2025 and September 28, 2024, respectively. The following table provides a summary of cash flows associated with commercial paper for 2025, 2024 and 2023 (in millions):
202520242023
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(5,820)$3,960 $(1,333)
Maturities greater than 90 days:
Proceeds from commercial paper5,836 — — 
Repayments of commercial paper(2,048)— (2,645)
Proceeds from/(Repayments of) commercial paper, net3,788 — (2,645)
Total proceeds from/(repayments of) commercial paper, net$(2,032)$3,960 $(3,978)
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 27, 2025 and September 28, 2024:
Maturities
(calendar year)
20252024
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2023 debt issuances:
Fixed-rate 0.000% – 4.850% notes
2025 – 2062
$86,781 
0.03% – 5.75%
$97,341 
0.03% – 6.65%
2025 debt issuance:
Fixed-rate 4.000% – 4.750% notes
2028 – 2035
4,500 
4.07% – 4.83%
— 
Total term debt principal
91,281 97,341 
Unamortized premium/(discount) and issuance costs, net(309)(321)
Hedge accounting fair value adjustments(294)(358)
Total term debt
90,678 96,662 
Less: Current portion of term debt(12,350)(10,912)
Total non-current portion of term debt$78,328 $85,750 
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 27, 2025, are as follows (in millions):
2026$12,393 
202710,078 
20289,300 
20295,235 
20304,972 
Thereafter49,303 
Total term debt principal$91,281 
As of September 27, 2025 and September 28, 2024, the fair value of the Company’s Notes, based on Level 2 inputs, was $80.4 billion and $88.4 billion, respectively.