Borrowings (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Short-term Debt [Table Text Block] |
Our short-term debt at the end of each period was as follows:
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
Drafts payable |
|
$ |
41 |
|
|
$ |
16 |
|
Commercial paper |
|
— |
|
|
500 |
|
Current portion of long-term debt |
|
2,602 |
|
|
1,088 |
|
Less: debt issuance costs associated with the current portion of long-term debt |
|
(9 |
) |
|
(8 |
) |
Total short-term debt |
|
$ |
2,634 |
|
|
$ |
1,596 |
|
|
| Schedule of Long-term Debt Instruments [Table Text Block] |
Our long-term debt at the end of each period was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Maturity Date |
|
Stated Interest Rate |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
Fourth quarter 2015 debt issuance of $915 million |
|
|
|
|
|
|
|
|
Senior notes |
|
December 2045 |
|
4.70 |
% |
|
$ |
908 |
|
|
$ |
— |
|
Fourth quarter 2015 Australian dollar-denominated debt issuance of A$800 million |
|
|
|
|
|
|
|
|
Senior notes1
|
|
December 2019 |
|
3.25 |
% |
|
181 |
|
|
— |
|
Senior notes1
|
|
December 2022 |
|
4.00 |
% |
|
397 |
|
|
— |
|
Third quarter 2015 debt issuance of $1.0 billion |
|
|
|
|
|
|
|
|
Senior notes |
|
August 2045 |
|
4.90 |
% |
|
1,009 |
|
|
— |
|
Third quarter 2015 debt issuance of $7.0 billion |
|
|
|
|
|
|
|
|
Senior notes |
|
July 2020 |
|
2.45 |
% |
|
1,748 |
|
|
— |
|
Senior notes |
|
July 2022 |
|
3.10 |
% |
|
996 |
|
|
— |
|
Senior notes |
|
July 2025 |
|
3.70 |
% |
|
2,247 |
|
|
— |
|
Senior notes |
|
July 2045 |
|
4.90 |
% |
|
1,998 |
|
|
— |
|
2012 debt issuance of $6.2 billion |
|
|
|
|
|
|
|
|
Senior notes |
|
December 2017 |
|
1.35 |
% |
|
2,999 |
|
|
2,998 |
|
Senior notes |
|
December 2022 |
|
2.70 |
% |
|
1,492 |
|
|
1,495 |
|
Senior notes |
|
December 2032 |
|
4.00 |
% |
|
744 |
|
|
744 |
|
Senior notes |
|
December 2042 |
|
4.25 |
% |
|
924 |
|
|
924 |
|
2011 debt issuance of $5.0 billion |
|
|
|
|
|
|
|
|
Senior notes |
|
October 2016 |
|
1.95 |
% |
|
1,499 |
|
|
1,499 |
|
Senior notes |
|
October 2021 |
|
3.30 |
% |
|
1,997 |
|
|
1,997 |
|
Senior notes |
|
October 2041 |
|
4.80 |
% |
|
1,490 |
|
|
1,490 |
|
2009 debt issuance of $2.0 billion |
|
|
|
|
|
|
|
|
Junior subordinated convertible debentures |
|
August 2039 |
|
3.25 |
% |
|
1,103 |
|
|
1,088 |
|
2005 debt issuance of $1.6 billion |
|
|
|
|
|
|
|
|
Junior subordinated convertible debentures |
|
December 2035 |
|
2.95 |
% |
|
975 |
|
|
960 |
|
Long-term debt |
|
|
|
|
|
22,707 |
|
|
13,195 |
|
Less: current portion of long-term debt |
|
|
|
|
|
(2,602 |
) |
|
(1,088 |
) |
Less: debt issuance costs |
|
|
|
|
|
(69 |
) |
|
(48 |
) |
Total long-term debt |
|
|
|
|
|
$ |
20,036 |
|
|
$ |
12,059 |
|
|
|
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 6: Derivative Financial Instruments."
|
|
| Convertible Debentures Interest Rates [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
2009
Debentures
|
|
2005
Debentures
|
Annual stated coupon interest rate |
|
3.25 |
% |
|
2.95 |
% |
Annual effective interest rate |
|
7.20 |
% |
|
6.45 |
% |
|
| Convertible Debentures Other Details [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 Debentures |
|
2005 Debentures |
(In Millions, Except Per Share Amounts) |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
Outstanding principal |
|
$ |
2,000 |
|
|
$ |
2,000 |
|
|
$ |
1,600 |
|
|
$ |
1,600 |
|
Equity component (including temporary equity) carrying amount |
|
$ |
613 |
|
|
$ |
613 |
|
|
$ |
466 |
|
|
$ |
466 |
|
Unamortized discount |
|
$ |
897 |
|
|
$ |
912 |
|
|
$ |
625 |
|
|
$ |
640 |
|
Net debt carrying amount |
|
$ |
1,103 |
|
|
$ |
1,088 |
|
|
$ |
975 |
|
|
$ |
960 |
|
Conversion rate (shares of common stock per $1,000 principal amount of debentures) |
|
46.58 |
|
|
46.06 |
|
|
35.82 |
|
|
34.95 |
|
Effective conversion price (per share of common stock) |
|
$ |
21.47 |
|
|
$ |
21.71 |
|
|
$ |
27.92 |
|
|
$ |
28.61 |
|
|
| Schedule of Maturities of Long-term Debt [Table Text Block] |
Our aggregate debt maturities based on outstanding principal as of December 26, 2015, by year payable, were as follows:
|
|
|
|
|
|
(In Millions) |
|
|
2016 |
|
$ |
1,500 |
|
2017 |
|
3,000 |
|
2018 |
|
— |
|
2019 |
|
181 |
|
2020 |
|
1,750 |
|
2021 and thereafter |
|
17,845 |
|
Total |
|
$ |
24,276 |
|
|