Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.20.4
Borrowings (Tables)
12 Months Ended
Dec. 26, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Long-Term Debt
Dec 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 1.25% 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 2.99% 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
2.83% 417  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 2.14% 600  600 
3.40%, due March 2025 3.46% 1,500  — 
3.70%, due July 2025 2.93% 2,250  2,250 
2.60%, due May 2026 1.36% 1,000  1,000 
3.75%, due March 2027 3.80% 1,000  — 
3.15%, due May 2027 1.91% 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 1.84% 750  750 
4.60%, due March 2040 4.62% 750  — 
4.80%, due October 2041 2.82% 802  802 
4.25%, due December 2042 2.01% 567  567 
4.90%, due July 2045 2.90% 772  772 
4.10%, due May 2046 2.13% 1,250  1,250 
4.10%, due May 2047 2.07% 1,000  1,000 
4.10%, due August 2047 1.64% 640  640 
3.73%, due December 2047 2.39% 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 2.13% 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 35,214  28,751 
Unamortized premium/discount and issuance costs (378) (529)
Hedge accounting fair value adjustments 1,565  781 
Long-term debt 36,401  29,003 
Current portion of long-term debt (2,504) (3,695)
Total long-term debt $ 33,897  $ 25,308 
1To manage foreign currency risk associated with the Australian-dollar-denominated notes issued in 2015, we entered into currency interest rate swaps which had an aggregate outstanding notional amount of $396 million at December 26, 2020, which effectively converted these notes to U.S.-dollar-denominated notes. For further discussion on our currency interest rate swaps, see "Note 16: Derivative Financial Instruments." Principal and unamortized discount/issuance costs for the Australian-dollar-denominated notes in the table above were calculated using foreign currency exchange rates as of December 26, 2020 and December 28, 2019.
Schedule of Maturities of Long-term Debt [Table Text Block]
Our aggregate debt maturities, excluding commercial paper and drafts payable, based on outstanding principal as of December 26, 2020, by year payable, are as follows:
(In Millions) 2021 2022 2023 2024 2025 2026 and thereafter Total
$ 2,500  $ 4,467  $ 400  $ 1,850  $ 3,750  $ 22,247  $ 35,214