Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.20.2
Borrowings (Tables)
9 Months Ended
Sep. 26, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
LONG-TERM DEBT
Sep 26, 2020 Dec 28, 2019
(In Millions)
Effective Interest Rate
Amount
Amount
Floating-rate senior notes:
Three-month LIBOR plus 0.08%, due May 2020 —  % $ —  $ 700 
Three-month LIBOR plus 0.35%, due May 2022 1.47  % 800  800 
Fixed-rate senior notes:
1.85%, due May 2020 —  % —  1,000 
2.45%, due July 2020 —  % —  1,750 
1.70%, due May 2021 1.79  % 500  500 
3.30%, due October 2021 2.98  % 2,000  2,000 
2.35%, due May 2022 1.96  % 750  750 
3.10%, due July 2022 2.70  % 1,000  1,000 
4.00%, due December 2022¹ 3.04  % 388  382 
2.70%, due December 2022 2.28  % 1,500  1,500 
4.10%, due November 2023 3.22  % 400  400 
2.88%, due May 2024 2.31  % 1,250  1,250 
2.70%, due June 2024 2.13  % 600  600 
3.40%, due March 2025 3.46  % 1,500  — 
3.70%, due July 2025 3.15  % 2,250  2,250 
2.60%, due May 2026 1.57  % 1,000  1,000 
3.75%, due March 2027 3.80  % 1,000  — 
3.15%, due May 2027 2.16  % 1,000  1,000 
2.45%, due November 2029 2.39  % 2,000  1,250 
3.90%, due March 2030 3.94  % 1,500  — 
4.00%, due December 2032 2.00  % 750  750 
4.60%, due March 2040 4.62  % 750  — 
4.80%, due October 2041 3.08  % 802  802 
4.25%, due December 2042 2.18  % 567  567 
4.90%, due July 2045 3.11  % 772  772 
4.10%, due May 2046 2.34  % 1,250  1,250 
4.10%, due May 2047 2.29  % 1,000  1,000 
4.10%, due August 2047 1.84  % 640  640 
3.73%, due December 2047 2.57  % 1,967  1,967 
3.25%, due November 2049 3.20  % 2,000  1,500 
4.75%, due March 2050 4.76  % 2,250  — 
3.10%, due February 2060 3.12  % 1,000  — 
4.95%, due March 2060 5.00  % 1,000  — 
Oregon and Arizona bonds:
2.40%-2.70%, due December 2035 - 2040
2.49  % 423  423 
5.00%, due March 2049 2.12  % 138  138 
5.00%, due June 2049 2.15  % 438  438 
Junior Subordinated Convertible Debentures:
3.25%, due August 2039 —  —  372 
Total Senior Notes and Other Borrowings
35,185  28,751 
Unamortized Premium/Discount and Issuance Costs
(374) (529)
Hedge Accounting Fair Value Adjustments
1,752  781 
Long-term debt
36,563  29,003 
Current portion of long-term debt
(504) (3,695)
Total long-term debt $ 36,059  $ 25,308 
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 $396 million, which effectively converted these notes to U.S.-dollar-denominated notes. For further discussion on our currency interest rate swaps, see "Note 12: Derivative Financial Instruments."