Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.10.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 29, 2018
Debt Disclosure [Abstract]  
Schedule of Short-term Debt [Table Text Block]
SHORT-TERM DEBT

(In Millions)
 
Dec 29,
2018
 
Dec 30,
2017
Commercial paper and drafts payable
 
$
500

 
$
37

Current portion of long-term debt
 
761

 
1,739

Total short-term debt
 
$
1,261

 
$
1,776

Schedule of Long-term Debt Instruments [Table Text Block]
LONG-TERM DEBT
 
 
December 29, 2018
 
December 30, 2017
(In Millions)
 
Effective Interest Rate
 
Amount
 
Amount
Floating-rate senior notes:
 
 
 
 
 
 
   Three-month LIBOR plus 0.08%, due May 2020
 
2.29%
 
$
700

 
$
700

   Three-month LIBOR plus 0.35%, due May 2022
 
2.56%
 
800

 
800

Fixed-rate senior notes:
 
 
 
 
 
 
   2.50%, due November 2018
 
—%
 
—

 
600

   3.25%, due December 20191
 
2.11%
 
177

 
194

   1.85%, due May 2020
 
1.89%
 
1,000

 
1,000

   2.45%, due July 2020
 
2.49%
 
1,750

 
1,750

   1.70%, due May 2021
 
1.79%
 
500

 
500

   3.30%, due October 2021
 
3.67%
 
2,000

 
2,000

   2.35%, due May 2022
 
2.67%
 
750

 
750

   3.10%, due July 2022
 
3.47%
 
1,000

 
1,000

   4.00%, due December 20221
 
2.89%
 
389

 
428

   2.70%, due December 2022
 
3.06%
 
1,500

 
1,500

   4.10%, due November 2023
 
3.22%
 
400

 
400

   2.88%, due May 2024
 
3.03%
 
1,250

 
1,250

   2.70%, due June 2024
 
2.79%
 
600

 
600

   3.70%, due July 2025
 
4.16%
 
2,250

 
2,250

   2.60%, due May 2026
 
2.62%
 
1,000

 
1,000

   3.15%, due May 2027
 
3.21%
 
1,000

 
1,000

   4.00%, due December 2032
 
3.70%
 
750

 
750

   4.80%, due October 2041
 
4.49%
 
802

 
802

   4.25%, due December 2042
 
3.87%
 
567

 
567

   4.90%, due July 2045
 
4.56%
 
772

 
772

   4.70%, due December 2045
 
3.45%
 
915

 
915

   4.10%, due May 2046
 
3.72%
 
1,250

 
1,250

   4.10%, due May 2047
 
3.59%
 
1,000

 
1,000

   4.10%, due August 2047
 
2.91%
 
640

 
640

   3.73%, due December 2047
 
3.90%
 
1,967

 
1,967

Oregon and Arizona bonds:
 
 
 
 
 
 
   2.40% - 2.70%, due December 2035 - 2040
 
2.49%
 
423

 
—

Junior subordinated convertible debentures:
 
 
 
 
 
 
   3.25%, due August 20392
 
3.42%
 
988

 
2,000

Total senior notes and other borrowings
 
 
 
27,140

 
28,385

   Unamortized premium/discount and issuance costs
 
 
 
(891
)
 
(1,357
)
   Hedge accounting fair value adjustments
 
 
 
(390
)
 
(252
)
Long-term debt
 
 
 
25,859

 
26,776

   Current portion of long-term debt
 
 
 
(761
)
 
(1,739
)
Total long-term debt
 
 
 
$
25,098

 
$
25,037


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 18: 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 29, 2018 and December 30, 2017.
2 
Effective interest rate for the year ended December 30, 2017 was 4.03%.

Convertible Debt [Table Text Block]
 
 
2009 Debentures
(In Millions, Except Per Share Amounts)
 
Dec 29,
2018
 
Dec 30,
2017
Outstanding principal
 
$
988

 
$
2,000

Unamortized discount1
 
$
419

 
$
866

Net debt carrying amount
 
$
569

 
$
1,134

Conversion rate (shares of common stock per $1,000 principal amount of debentures)
 
49.01

 
48.37

Effective conversion price (per share of common stock)
 
$
20.40

 
$
20.68

Schedule of Maturities of Long-term Debt [Table Text Block]
Our aggregate debt maturities, excluding commercial paper and drafts payable, based on outstanding principal as of December 29, 2018, by year payable, were as follows:
(In Millions)
 
2019
 
2020
 
2021
 
2022
 
2023
 
2024 and thereafter
 
Total
 
 
$
177

 
$
3,450

 
$
2,500

 
$
4,439

 
$
400

 
$
16,174

 
$
27,140