| Schedule of Long-term Debt Instruments [Table Text Block] |
LONG-TERM DEBT
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Dec 28,
2019 |
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Dec 29,
2018 |
(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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2.56% |
|
$ |
700 |
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$ |
700 |
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Three-month LIBOR plus 0.35%, due May 2022 |
|
2.82% |
|
800 |
|
|
800 |
|
Fixed-rate senior notes: |
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3.25%, due December 20191
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—% |
|
— |
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|
177 |
|
1.85%, due May 2020 |
|
1.89% |
|
1,000 |
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|
1,000 |
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2.45%, due July 2020 |
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2.49% |
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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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1.79% |
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500 |
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500 |
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3.30%, due October 2021 |
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3.71% |
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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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2.74% |
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750 |
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750 |
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3.10%, due July 2022 |
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3.50% |
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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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2.97% |
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382 |
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389 |
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2.70%, due December 2022 |
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3.09% |
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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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3.07% |
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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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2.84% |
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600 |
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600 |
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3.70%, due July 2025 |
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4.44% |
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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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2.91% |
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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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3.48% |
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1,000 |
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1,000 |
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2.45%, due November 2029 |
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2.48% |
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1,250 |
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— |
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4.00%, due December 2032 |
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3.56% |
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750 |
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750 |
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4.80%, due October 2041 |
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4.31% |
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802 |
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802 |
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4.25%, due December 2042 |
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3.74% |
|
567 |
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567 |
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4.90%, due July 2045 |
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4.41% |
|
772 |
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772 |
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4.70%, due December 2045 |
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—% |
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— |
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915 |
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4.10%, due May 2046 |
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3.68% |
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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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3.64% |
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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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3.20% |
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640 |
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640 |
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3.73%, due December 2047 |
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4.07% |
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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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3.26% |
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1,500 |
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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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2.48% |
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423 |
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423 |
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5.00%, due March 2049 |
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2.88% |
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138 |
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— |
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5.00%, due June 2049 |
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2.48% |
|
438 |
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— |
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Junior subordinated convertible debentures: |
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3.25%, due August 20392
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3.37% |
|
372 |
|
|
988 |
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Total senior notes and other borrowings |
|
|
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28,751 |
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27,140 |
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Unamortized premium/discount and issuance costs |
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(529 |
) |
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(891 |
) |
Hedge accounting fair value adjustments |
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781 |
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(390 |
) |
Long-term debt |
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29,003 |
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25,859 |
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Current portion of long-term debt |
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(3,695 |
) |
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(761 |
) |
Total long-term debt |
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$ |
25,308 |
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$ |
25,098 |
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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 28, 2019 and December 29, 2018.
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2 |
Effective interest rate for the year ended December 29, 2018 was 3.42%.
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