Schedule of Long-term Debt Instruments [Table Text Block] |
Long-Term Debt
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Dec 26, 2020 |
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Dec 28, 2019 |
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(In Millions) |
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Effective Interest Rate |
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Amount |
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Amount |
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Floating-rate senior notes: |
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Three-month LIBOR plus 0.08%, due May 2020 |
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—% |
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$ |
— |
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$ |
700 |
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Three-month LIBOR plus 0.35%, due May 2022 |
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1.25% |
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800 |
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800 |
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Fixed-rate senior notes: |
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1.85%, due May 2020 |
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—% |
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— |
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1,000 |
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2.45%, due July 2020 |
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—% |
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— |
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1,750 |
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1.70%, due May 2021 |
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1.79% |
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500 |
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500 |
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3.30%, due October 2021 |
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2.99% |
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2,000 |
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2,000 |
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2.35%, due May 2022 |
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1.96% |
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750 |
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750 |
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3.10%, due July 2022 |
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2.70% |
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1,000 |
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1,000 |
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4.00%, due December 20221
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2.83% |
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417 |
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382 |
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2.70%, due December 2022 |
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2.28% |
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1,500 |
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1,500 |
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4.10%, due November 2023 |
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3.22% |
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400 |
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400 |
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2.88%, due May 2024 |
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2.31% |
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1,250 |
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1,250 |
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2.70%, due June 2024 |
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2.14% |
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600 |
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600 |
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3.40%, due March 2025 |
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3.46% |
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1,500 |
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— |
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3.70%, due July 2025 |
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2.93% |
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2,250 |
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2,250 |
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2.60%, due May 2026 |
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1.36% |
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1,000 |
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1,000 |
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3.75%, due March 2027 |
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3.80% |
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1,000 |
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— |
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3.15%, due May 2027 |
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1.91% |
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1,000 |
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1,000 |
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2.45%, due November 2029 |
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2.39% |
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2,000 |
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1,250 |
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3.90%, due March 2030 |
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3.94% |
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1,500 |
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— |
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4.00%, due December 2032 |
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1.84% |
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750 |
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750 |
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4.60%, due March 2040 |
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4.62% |
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750 |
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— |
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4.80%, due October 2041 |
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2.82% |
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802 |
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802 |
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4.25%, due December 2042 |
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2.01% |
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567 |
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567 |
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4.90%, due July 2045 |
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2.90% |
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772 |
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772 |
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4.10%, due May 2046 |
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2.13% |
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1,250 |
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1,250 |
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4.10%, due May 2047 |
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2.07% |
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1,000 |
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1,000 |
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4.10%, due August 2047 |
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1.64% |
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640 |
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640 |
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3.73%, due December 2047 |
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2.39% |
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1,967 |
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1,967 |
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3.25%, due November 2049 |
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3.20% |
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2,000 |
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1,500 |
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4.75%, due March 2050 |
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4.76% |
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2,250 |
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— |
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3.10%, due February 2060 |
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3.12% |
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1,000 |
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— |
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4.95%, due March 2060 |
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5.00% |
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1,000 |
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— |
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Oregon and Arizona bonds: |
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2.40% - 2.70%, due December 2035 - 2040 |
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2.49% |
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423 |
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423 |
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5.00%, due March 2049 |
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2.13% |
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138 |
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138 |
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5.00%, due June 2049 |
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2.15% |
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438 |
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438 |
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Junior subordinated convertible debentures: |
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3.25%, due August 2039 |
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—% |
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— |
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372 |
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Total senior notes and other borrowings |
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35,214
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28,751
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Unamortized premium/discount and issuance costs |
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(378) |
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(529) |
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Hedge accounting fair value adjustments |
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1,565 |
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781 |
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Long-term debt |
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36,401
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29,003
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Current portion of long-term debt |
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(2,504) |
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(3,695) |
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Total long-term debt |
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$ |
33,897
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$ |
25,308
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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.
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