v3.26.3
Debt
 12 Months Ended
Sep. 26, 2026
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 26, 2026 and September 27, 2025, the Company had $2.0 billion and $8.0 billion of commercial paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s commercial paper was 3.80% and 4.19% as of September 26, 2026 and September 27, 2025, respectively. The following table provides a summary of cash flows associated with commercial paper for 2026, 2025 and 2024 (in millions):
202620252024
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(2,123)$(5,820)$3,960 
Maturities greater than 90 days:
Proceeds from commercial paper— 5,836 — 
Repayments of commercial paper(3,788)(2,048)— 
Proceeds from/(Repayments of) commercial paper, net(3,788)3,788 — 
Total proceeds from/(repayments of) commercial paper, net$(5,911)$(2,032)$3,960 
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 26, 2026 and September 27, 2025:
Maturities
(calendar year)
20262025
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2025 debt issuances:
Fixed-rate 0.500% – 4.850% notes
2026 – 2062
$78,678 
0.56% – 5.13%
$91,281 
0.03% – 5.75%
Total term debt principal
78,678 91,281 
Unamortized premium/(discount) and issuance costs, net(277)(309)
Hedge accounting fair value adjustments(287)(294)
Total term debt
78,114 90,678 
Less: Current portion of term debt(9,906)(12,350)
Non-current portion of term debt$68,208 $78,328 
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 26, 2026, are as follows (in millions):
2027$9,991 
20289,300 
20295,175 
20304,956 
20313,750 
Thereafter45,506 
Total term debt principal$78,678 
As of September 26, 2026 and September 27, 2025, the fair value of the Company’s Notes, based on Level 2 inputs, was $64.0 billion and $80.4 billion, respectively.