Annual report [Section 13 and 15(d), not S-K Item 405]

Borrowings

v3.25.4
Borrowings
 12 Months Ended
Dec. 27, 2025
Debt Disclosure [Abstract]  
Borrowings [Text Block]
Note 13 : Borrowings
Short-Term Debt
Short-term debt, which primarily includes the current portion of long-term debt, was $2.5 billion as of December 27, 2025 and $3.7 billion as of December 28, 2024. The current portion of long-term debt includes debt classified as short-term based on time remaining until maturity.
We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program. We issued and repaid commercial paper of $3.5 billion in 2025 and $7.3 billion in 2024 and repaid $3.9 billion of commercial paper in 2023. As of December 27, 2025 and December 28, 2024, we had no commercial paper outstanding.
Long-Term Debt
Dec 27, 2025 Dec 28, 2024
($ In Millions)
Effective Interest Rate
 Amount Amount
Fixed-rate senior notes:
3.40%, due March 2025 —% $ —  $ 1,500 
3.70%, due July 2025 —% —  2,250 
4.88%, due February 2026 4.93% 1,500  1,500 
2.60%, due May 2026 5.03% 1,000  1,000 
3.75%, due March 2027 3.78% 1,000  1,000 
3.15%, due May 2027 5.60% 1,000  1,000 
3.75%, due August 2027 3.81% 1,250  1,250 
4.88%, due February 2028 4.92% 1,750  1,750 
1.60%, due August 2028 1.67% 1,000  1,000 
4.00%, due August 2029 4.05% 850  850 
2.45%, due November 2029 2.38% 2,000  2,000 
5.13%, due February 2030 5.14% 1,250  1,250 
3.90%, due March 2030 3.91% 1,500  1,500 
5.00%, due February 2031 5.07% 500  500 
2.00%, due August 2031 2.02% 1,250  1,250 
4.15%, due August 2032 4.17% 1,250  1,250 
4.00%, due December 2032 5.65% 750  750 
5.20%, due February 2033 5.23% 2,250  2,250 
5.15%, due February 2034 5.18% 900  900 
4.60%, due March 2040 4.59% 750  750 
2.80%, due August 2041 2.81% 750  750 
4.80%, due October 2041 6.39% 802  802 
4.25%, due December 2042 5.89% 567  567 
5.63%, due February 2043 5.61% 1,000  1,000 
4.90%, due July 2045 6.52% 772  772 
4.10%, due May 2046 5.80% 1,250  1,250 
4.10%, due May 2047 5.76% 1,000  1,000 
4.10%, due August 2047 5.33% 640  640 
3.73%, due December 2047 6.17% 1,967  1,967 
3.25%, due November 2049 3.19% 2,000  2,000 
4.75%, due March 2050 4.73% 2,250  2,250 
3.05%, due August 2051 3.05% 1,250  1,250 
4.90%, due August 2052 4.89% 1,750  1,750 
5.70%, due February 2053 5.68% 2,000  2,000 
5.60%, due February 2054 5.59% 1,150  1,150 
3.10%, due February 2060 3.10% 1,000  1,000 
4.95%, due March 2060 4.98% 1,000  1,000 
3.20%, due August 2061 3.20% 750  750 
5.05%, due August 2062 5.03% 900  900 
5.90%, due February 2063 5.88% 1,250  1,250 
Dec 27, 2025 Dec 28, 2024
($ In Millions)
Effective Interest Rate
 Amount Amount
Oregon and Arizona bonds1:
3.80% - 4.10%, due December 2035 - 2040 3.87% 423  423 
5.00%, due September 2042 3.63% 131  131 
4.00%, due June 2049 3.98% 438  438 
5.00%, due September 2052 4.24% 445  445 
Total senior notes and other borrowings 47,235  50,985 
Unamortized premium/discount, issuance costs and other (384) (392)
Hedge accounting fair value adjustments (266) (582)
Long-term debt 46,585  50,011 
Current portion of long-term debt2
(2,499) (3,729)
Total long-term debt $ 44,086  $ 46,282 
1 These bonds may be remarketed or tendered on a periodic basis and will be classified within the current portion of long-term debt in the 12 months before remarketing or tendering.
2 As of December 27, 2025, current portion of long-term debt includes $7 million of hedge accounting fair value adjustments ($36 million as of December 28, 2024).
Senior Notes
In 2025, we settled in cash $3.7 billion of our senior notes that matured in March 2025 and July 2025.
In 2024, we issued a total of $2.6 billion aggregate principal amount of senior notes, and settled in cash $1.9 billion of our senior notes that matured in May 2024 and June 2024.
Our fixed-rate senior notes pay interest semiannually. We may redeem the fixed-rate notes prior to their maturity at our option at specified redemption prices and subject to certain restrictions. The obligations under the notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries.
Arizona Bonds
In 2024, we remarketed $438 million aggregate principal amount of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona. In accordance with loan agreements we entered into with the Industrial Development Authority of the City of Chandler, Arizona, the bonds are unsecured general obligations. The bonds mature in 2049 and have a 4.0% coupon. The bonds are subject to optional tender starting in February 2029 and mandatory tender in June 2029, at which time we may remarket the bonds for a new term period.
Revolving Credit Facilities
In 2025, we amended our 364-day $8.0 billion credit facility agreement to $5.0 billion, and the maturity date was extended by one year to January 2026. We expect to replace or amend the 364-day $5.0 billion credit facility agreement prior to its maturity at the end of January 2026.
In 2024, we expanded our 5-year $5.0 billion revolving credit facility agreement to $7.0 billion and the maturity date was extended by one year to February 2029.
Our revolving credit facilities are unsecured general obligations and had no borrowings outstanding as of December 27, 2025 and December 28, 2024.
Debt Maturities
Our aggregate debt maturities, based on outstanding principal as of December 27, 2025, by year payable, are as follows:
(In Millions) 2026 2027 2028 2029 2030 2031 and thereafter Total
Future debt maturities
 $ 2,500  $ 3,826  $ 3,173  $ 3,288  $ 2,750  $ 31,698  $ 47,235