Schedule of Long-term Debt Instruments [Table Text Block] |
LONG-TERM DEBT
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December 30, 2017 |
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December 31, 2016 |
(In Millions) |
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Effective Interest Rate |
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Amount |
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Amount |
Floating-rate senior notes: |
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Three-month LIBOR plus 0.08%, due May 2020 |
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1.40% |
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$ |
700 |
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$ |
— |
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Three-month LIBOR plus 0.35%, due May 2022 |
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1.66% |
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800 |
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— |
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Fixed-rate senior notes: |
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1.75%, due May 2017 |
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n/a |
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— |
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500 |
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1.35%, due December 2017 |
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n/a |
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— |
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3,000 |
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2.50%, due November 2018 |
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2.14% |
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600 |
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600 |
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3.25%, due December 20191
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2.19% |
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194 |
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180 |
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1.85%, due May 2020 |
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1.90% |
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1,000 |
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— |
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2.45%, due July 2020 |
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2.50% |
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1,750 |
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1,750 |
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1.70%, due May 2021 |
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1.78% |
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500 |
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500 |
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3.30%, due October 2021 |
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2.69% |
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2,000 |
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2,000 |
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2.35%, due May 2022 |
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1.86% |
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750 |
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— |
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3.10%, due July 2022 |
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2.50% |
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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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2.98% |
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428 |
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396 |
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2.70%, due December 2022 |
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2.08% |
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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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3.23% |
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400 |
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400 |
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2.88%, due May 2024 |
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2.36% |
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1,250 |
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— |
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2.70%, due June 2024 |
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2.12% |
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600 |
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— |
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3.70%, due July 2025 |
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3.20% |
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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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1.66% |
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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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2.82% |
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1,000 |
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— |
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4.00%, due December 2032 |
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4.10% |
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750 |
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750 |
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4.80%, due October 2041 |
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4.86% |
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802 |
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1,500 |
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4.25%, due December 2042 |
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4.39% |
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567 |
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925 |
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4.90%, due July 2045 |
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4.92% |
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772 |
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2,000 |
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4.90%, due August 2045 |
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n/a |
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— |
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1,007 |
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4.70%, due December 2045 |
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2.49% |
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915 |
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915 |
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4.10%, due May 2046 |
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4.12% |
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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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4.13% |
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1,000 |
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— |
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4.10%, due August 2047 |
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2.15% |
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640 |
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— |
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3.73%, due December 2047 |
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3.74% |
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1,967 |
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— |
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Junior subordinated convertible debentures: |
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2.95%, due December 2035 |
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n/a |
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— |
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1,600 |
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3.25%, due August 20392
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4.03% |
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2,000 |
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2,000 |
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Total senior notes and other borrowings |
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28,385 |
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27,023 |
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Unamortized premium/discount and issuance costs |
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(1,357 |
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(1,581 |
) |
Hedge accounting fair value adjustments |
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(252 |
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(184 |
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Long-term debt |
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26,776 |
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25,258 |
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Current portion of long-term debt |
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(1,739 |
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(4,609 |
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Total long-term debt |
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$ |
25,037 |
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$ |
20,649 |
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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.
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2 |
Effective interest rate for the year ended December 31, 2016 was 4.01%.
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