Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.21.4
Borrowings (Tables)
12 Months Ended
Dec. 25, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Long-Term Debt
Dec 25, 2021 Dec 26, 2020
(In Millions)
Effective Interest Rate
Amount Amount
Floating-rate senior note:
Three-month LIBOR plus 0.35%, due May 2022 0.55% $ 800  $ 800 
Fixed-rate senior notes:
1.70%, due May 2021 —% —  500 
3.30%, due October 2021 —% —  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
2.96% 398  417 
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 3.45% 1,500  1,500 
3.70%, due July 2025 2.16% 2,250  2,250 
2.60%, due May 2026 0.63% 1,000  1,000 
3.75%, due March 2027 3.79% 1,000  1,000 
3.15%, due May 2027 1.21% 1,000  1,000 
1.60%, due August 2028 1.68% 1,000  — 
2.45%, due November 2029 2.39% 2,000  2,000 
3.90%, due March 2030 3.93% 1,500  1,500 
2.00%, due August 2031 2.04% 1,250  — 
4.00%, due December 2032 1.24% 750  750 
4.60%, due March 2040 4.61% 750  750 
2.80%, due August 2041 2.82% 750  — 
4.80%, due October 2041 2.01% 802  802 
4.25%, due December 2042 1.42% 567  567 
4.90%, due July 2045 2.13% 772  772 
4.10%, due May 2046 1.40% 1,250  1,250 
4.10%, due May 2047 1.37% 1,000  1,000 
4.10%, due August 2047 0.92% 640  640 
3.73%, due December 2047 1.77% 1,967  1,967 
3.25%, due November 2049 3.20% 2,000  2,000 
4.75%, due March 2050 4.74% 2,250  2,250 
3.05%, due August 2051 3.07% 1,250  — 
3.10%, due February 2060 3.11% 1,000  1,000 
4.95%, due March 2060 4.99% 1,000  1,000 
3.20%, due August 2061 3.22% 750  — 
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 
Total senior notes and other borrowings 37,695  35,214 
Unamortized premium/discount and issuance costs (405) (378)
Hedge accounting fair value adjustments 811  1,565 
Long-term debt 38,101  36,401 
Current portion of long-term debt (4,591) (2,504)
Total long-term debt $ 33,510  $ 33,897 
1To 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 $396 million at December 25, 2021, which effectively converted these notes to US-dollar-denominated notes. For further discussion on derivatives in cash flow hedging relationships, 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 25, 2021 and December 26, 2020.
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 25, 2021, by year payable, are as follows:
(In Millions) 2022 2023 2024 2025 2026 2027 and thereafter Total
$ 4,586  $ 400  $ 1,850  $ 3,750  $ 1,000  $ 26,109  $ 37,695