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

Borrowings (Tables)

v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
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).
Schedule of Maturities of Long-term Debt
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