Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.21.2
Borrowings (Tables)
9 Months Ended
Sep. 25, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term Debt
Sep 25, 2021 Dec 26, 2020
(In Millions)
Effective Interest Rate Amount Amount
Floating-rate senior notes:
Three-month LIBOR plus 0.35%, due May 2022 0.56  % $ 800  $ 800 
Fixed-rate senior notes:
1.70%, due May 2021 —  % —  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 2.95  % 400  417 
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 2.14  % 600  600 
3.40%, due March 2025 3.45  % 1,500  1,500 
3.70%, due July 2025 2.16  % 2,250  2,250 
2.60%, due May 2026 0.64  % 1,000  1,000 
3.75%, due March 2027 3.79  % 1,000  1,000 
3.15%, due May 2027 1.22  % 1,000  1,000 
1.60%, due August 2028 1.68  % 1,000  — 
2.45%, due November 2029 2.39  % 2,000  2,000 
3.90%, due March 2030 3.92  % 1,500  1,500 
2.00%, due August 2031 2.04  % 1,250  — 
4.00%, due December 2032 1.25  % 750  750 
4.60%, due March 2040 4.60  % 750  750 
2.80%, due August 2041 2.82  % 750  — 
4.80%, due October 2041 2.02  % 802  802 
4.25%, due December 2042 1.42  % 567  567 
4.90%, due July 2045 2.12  % 772  772 
4.10%, due May 2046 1.41  % 1,250  1,250 
4.10%, due May 2047 1.37  % 1,000  1,000 
4.10%, due August 2047 0.92  % 640  640 
3.73%, due December 2047 1.77  % 1,967  1,967 
3.25%, due November 2049 3.19  % 2,000  2,000 
4.75%, due March 2050 4.74  % 2,250  2,250 
3.05%, due August 2051 3.07  % 1,250  — 
3.10%, due February 2060 3.11  % 1,000  1,000 
4.95%, due March 2060 4.99  % 1,000  1,000 
3.20%, due August 2061 3.22  % 750  — 
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 
Total Senior Notes and Other Borrowings 39,697  35,214 
Unamortized premium/discount and issuance costs (402) (378)
 Hedge accounting fair value adjustments 1,009  1,565 
Long-term debt 40,304  36,401 
Current portion of long-term debt (4,694) (2,504)
Total long-term debt $ 35,610  $ 33,897 
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 derivatives in cash flow hedging relationships, see "Note 12: Derivative Financial Instruments."