Borrowings (Tables)

12 Months Ended

Sep. 28, 2024

Borrowings including Impact of Interest Rate Swaps Designated as Hedges

The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows:


					September 28, 2024
	Sep. 28, 2024		Sep. 30, 2023		Stated Interest Rate(1)	Pay Floating Interest rate and Cross- Currency Swaps(2)			Effective Interest Rate(3)	Swap Maturities
Commercial paper	$	3,040	$	1,476	—		$	—		5.47%
U.S. dollar denominated notes(4)	40,496		43,504		4.06%		10,125			4.71%	2025-2031
Foreign currency denominated debt	1,886		1,872		2.91%		1,887			4.80%	2025-2027



Other(5)	(899)		(1,729)				—
	44,523		45,123				12,012
Asia Theme Parks borrowings	1,292		1,308		7.93%		—			5.75%
Total borrowings	45,815		46,431				12,012
Less current portion	6,845		4,330				—
Total long-term borrowings	$	38,970	$	42,101			$	12,012

(1)The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating-rate borrowings, interest rates are the rates in effect at September 28, 2024; these rates are not necessarily an indication of future interest rates.

(2)Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 28, 2024.

(3)The effective interest rate includes the impact of existing and terminated interest rate and cross-currency swaps, purchase accounting adjustments and debt issuance premiums, discounts and costs.

(4)Includes net debt issuance discounts, costs and purchase accounting adjustments totaling a net premium of $1.6 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.

(5)Includes market value adjustments for debt with qualifying hedges, which reduces borrowings by $0.9 billion and $1.8 billion at September 28, 2024 and September 30, 2023, respectively.

Schedule of Commercial Paper

At September 28, 2024, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:


	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring February 2025	$	5,250	$	—	$	5,250
Facility expiring March 2027	4,000		—		4,000
Facility expiring March 2029	3,000		—		3,000
Total	$	12,250	$	—	$	12,250

Commercial Paper Activity

Commercial paper activity is as follows:


	Commercial paper with original maturities less than three months, net(1)		Commercial paper with original maturities greater than three months		Total
Balance at Oct. 1, 2022	$	50	$	1,612	$	1,662
Additions	238		3,603		3,841
Payments	—		(4,032)		(4,032)
Other Activity	1		4		5
Balance at Sep. 30, 2023	$	289	$	1,187	$	1,476
Additions	431		4,305		4,736
Payments	—		(3,204)		(3,204)
Other Activity	7		25		32
Balance at Sep. 28, 2024	$	727	$	2,313	$	3,040

(1)Borrowings and reductions of borrowings are reported net.

Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities

The following table provides total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, by scheduled maturity date as of September 28, 2024. The table also provides the estimated interest payments on these borrowings as of September 28, 2024 although actual future payments will differ for floating-rate borrowings:


	Borrowings
Fiscal Year:	Before Asia Theme Parks Consolidation		Asia Theme Parks		Total Borrowings		Interest		Total Borrowings and Interest
2025	$	6,688	$	128	$	6,816	$	1,586	$	8,402
2026	4,578		—		4,578		1,502		6,080
2027	2,926		—		2,926		1,344		4,270
2028	1,599		—		1,599		1,253		2,852
2029	2,195		—		2,195		1,210		3,405
Thereafter	25,823		1,164		26,987		15,944		42,931
	$	43,809	$	1,292	$	45,101	$	22,839	$	67,940

Interest Income and Interest Expense Disclosure

Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 10) are reported net in the Consolidated Statements of Income and consist of the following:


	2024		2023		2022
Interest expense	$	(2,070)	$	(1,973)	$	(1,549)
Interest and investment income	406		424		90
Net periodic pension and postretirement benefit costs (other than service costs)	404		340		62
Interest expense, net	$	(1,260)	$	(1,209)	$	(1,397)