Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.8.0.1
Borrowings (Tables)
12 Months Ended
Dec. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Short-term Debt [Table Text Block]
SHORT-TERM DEBT

(In Millions)
 
Dec 30,
2017
 
Dec 31,
2016
Drafts payable
 
$
37

 
$
25

Current portion of long-term debt
 
1,739

 
4,609

Total short-term debt
 
$
1,776

 
$
4,634

Schedule of Long-term Debt Instruments [Table Text Block]
LONG-TERM DEBT
 
 
December 30, 2017
 
December 31, 2016
(In Millions)
 
Effective Interest Rate
 
Amount
 
Amount
Floating-rate senior notes:
 
 
 
 
 
 
   Three-month LIBOR plus 0.08%, due May 2020
 
1.40%
 
$
700

 
$

   Three-month LIBOR plus 0.35%, due May 2022
 
1.66%
 
800

 

Fixed-rate senior notes:
 
 
 
 
 
 
   1.75%, due May 2017
 
n/a
 

 
500

   1.35%, due December 2017
 
n/a
 

 
3,000

   2.50%, due November 2018
 
2.14%
 
600

 
600

   3.25%, due December 20191
 
2.19%
 
194

 
180

   1.85%, due May 2020
 
1.90%
 
1,000

 

   2.45%, due July 2020
 
2.50%
 
1,750

 
1,750

   1.70%, due May 2021
 
1.78%
 
500

 
500

   3.30%, due October 2021
 
2.69%
 
2,000

 
2,000

   2.35%, due May 2022
 
1.86%
 
750

 

   3.10%, due July 2022
 
2.50%
 
1,000

 
1,000

   4.00%, due December 20221
 
2.98%
 
428

 
396

   2.70%, due December 2022
 
2.08%
 
1,500

 
1,500

   4.10%, due November 2023
 
3.23%
 
400

 
400

   2.88%, due May 2024
 
2.36%
 
1,250

 

   2.70%, due June 2024
 
2.12%
 
600

 

   3.70%, due July 2025
 
3.20%
 
2,250

 
2,250

   2.60%, due May 2026
 
1.66%
 
1,000

 
1,000

   3.15%, due May 2027
 
2.82%
 
1,000

 

   4.00%, due December 2032
 
4.10%
 
750

 
750

   4.80%, due October 2041
 
4.86%
 
802

 
1,500

   4.25%, due December 2042
 
4.39%
 
567

 
925

   4.90%, due July 2045
 
4.92%
 
772

 
2,000

   4.90%, due August 2045
 
n/a
 

 
1,007

   4.70%, due December 2045
 
2.49%
 
915

 
915

   4.10%, due May 2046
 
4.12%
 
1,250

 
1,250

   4.10%, due May 2047
 
4.13%
 
1,000

 

   4.10%, due August 2047
 
2.15%
 
640

 

   3.73%, due December 2047
 
3.74%
 
1,967

 

Junior subordinated convertible debentures:
 
 
 
 
 
 
   2.95%, due December 2035
 
n/a
 

 
1,600

   3.25%, due August 20392
 
4.03%
 
2,000

 
2,000

Total senior notes and other borrowings
 
 
 
28,385

 
27,023

   Unamortized premium/discount and issuance costs
 
 
 
(1,357
)
 
(1,581
)
   Hedge accounting fair value adjustments
 
 
 
(252
)
 
(184
)
Long-term debt
 
 
 
26,776

 
25,258

   Current portion of long-term debt
 
 
 
(1,739
)
 
(4,609
)
Total long-term debt
 
 
 
$
25,037

 
$
20,649


1 
To 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 $577 million, which effectively converted these notes to U.S.-dollar-denominated notes. For further discussion on our currency interest rate swaps, see "Note 17: 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 30, 2017 and December 31, 2016.
2 
Effective interest rate for the year ended December 31, 2016 was 4.01%.
Convertible Debt [Table Text Block]
 
 
2009 Debentures
(In Millions, Except Per Share Amounts)
 
Dec 30,
2017
 
Dec 31,
2016
Outstanding principal
 
$
2,000

 
$
2,000

Equity component (including temporary equity) carrying amount
 
$
613

 
$
613

Unamortized discount1
 
$
866

 
$
882

Net debt carrying amount
 
$
1,134

 
$
1,118

Conversion rate (shares of common stock per $1,000 principal amount of debentures)
 
48.37

 
47.72

Effective conversion price (per share of common stock)
 
$
20.68

 
$
20.95

Schedule of Maturities of Long-term Debt [Table Text Block]
Our aggregate debt maturities based on outstanding principal as of December 30, 2017, by year payable, were as follows:
(In Millions)
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023 and thereafter
 
Total
 
 
$
600

 
$
194

 
$
3,450

 
$
2,500

 
$
4,478

 
$
17,163

 
$
28,385