Schedule of Long-term Debt Instruments [Table Text Block] |
Long-Term Debt
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Dec 25, 2021 |
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Dec 26, 2020 |
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(In Millions) |
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Effective Interest Rate |
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Amount |
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Amount |
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Floating-rate senior note: |
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Three-month LIBOR plus 0.35%, due May 2022 |
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0.55% |
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$ |
800 |
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$ |
800 |
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Fixed-rate senior notes: |
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1.70%, due May 2021 |
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—% |
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— |
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500 |
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3.30%, due October 2021 |
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—% |
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— |
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2,000 |
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2.35%, due May 2022 |
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1.96% |
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750 |
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750 |
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3.10%, due July 2022 |
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2.70% |
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1,000 |
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1,000 |
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4.00%, due December 20221
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2.96% |
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398 |
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417 |
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2.70%, due December 2022 |
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2.28% |
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1,500 |
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1,500 |
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4.10%, due November 2023 |
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3.22% |
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400 |
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400 |
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2.88%, due May 2024 |
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2.31% |
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1,250 |
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1,250 |
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2.70%, due June 2024 |
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2.14% |
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600 |
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600 |
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3.40%, due March 2025 |
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3.45% |
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1,500 |
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1,500 |
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3.70%, due July 2025 |
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2.16% |
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2,250 |
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2,250 |
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2.60%, due May 2026 |
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0.63% |
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1,000 |
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1,000 |
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3.75%, due March 2027 |
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3.79% |
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1,000 |
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1,000 |
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3.15%, due May 2027 |
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1.21% |
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1,000 |
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1,000 |
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1.60%, due August 2028 |
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1.68% |
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1,000 |
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— |
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2.45%, due November 2029 |
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2.39% |
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2,000 |
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2,000 |
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3.90%, due March 2030 |
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3.93% |
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1,500 |
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1,500 |
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2.00%, due August 2031 |
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2.04% |
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1,250 |
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— |
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4.00%, due December 2032 |
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1.24% |
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750 |
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750 |
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4.60%, due March 2040 |
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4.61% |
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750 |
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750 |
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2.80%, due August 2041 |
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2.82% |
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750 |
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— |
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4.80%, due October 2041 |
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2.01% |
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802 |
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802 |
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4.25%, due December 2042 |
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1.42% |
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567 |
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567 |
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4.90%, due July 2045 |
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2.13% |
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772 |
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772 |
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4.10%, due May 2046 |
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1.40% |
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1,250 |
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1,250 |
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4.10%, due May 2047 |
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1.37% |
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1,000 |
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1,000 |
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4.10%, due August 2047 |
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0.92% |
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640 |
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640 |
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3.73%, due December 2047 |
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1.77% |
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1,967 |
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1,967 |
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3.25%, due November 2049 |
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3.20% |
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2,000 |
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2,000 |
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4.75%, due March 2050 |
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4.74% |
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2,250 |
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2,250 |
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3.05%, due August 2051 |
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3.07% |
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1,250 |
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— |
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3.10%, due February 2060 |
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3.11% |
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1,000 |
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1,000 |
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4.95%, due March 2060 |
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4.99% |
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1,000 |
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1,000 |
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3.20%, due August 2061 |
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3.22% |
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750 |
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— |
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Oregon and Arizona bonds: |
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2.40% - 2.70%, due December 2035 - 2040 |
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2.49% |
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423 |
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423 |
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5.00%, due March 2049 |
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2.13% |
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138 |
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138 |
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5.00%, due June 2049 |
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2.15% |
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438 |
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438 |
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Total senior notes and other borrowings |
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37,695
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35,214
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Unamortized premium/discount and issuance costs |
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(405) |
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(378) |
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Hedge accounting fair value adjustments |
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811 |
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1,565 |
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Long-term debt |
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38,101
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36,401
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Current portion of long-term debt |
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(4,591) |
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(2,504) |
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Total long-term debt |
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$ |
33,510
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$ |
33,897
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1To manage foreign currency risk associated with the Australian-dollar-denominated notes issued in 2015, we entered into currency interest rate swaps with an aggregate notional amount of $396 million at December 25, 2021, which effectively converted these notes to US-dollar-denominated notes. For further discussion on derivatives in cash flow hedging relationships, see "Note 16: Derivative Financial Instruments." Principal and unamortized discount/issuance costs for the Australian-dollar-denominated notes in the table above were calculated using foreign currency exchange rates as of December 25, 2021 and December 26, 2020.
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