Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.20.2
Borrowings (Tables)
 6 Months Ended
Jun. 27, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
LONG-TERM DEBT
Jun 27, 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 1.82  % 800    800   
Fixed-rate senior notes:
1.85%, due May 2020 —  % —    1,000   
2.45%, due July 2020 2.48  % 1,750    1,750   
1.70%, due May 2021 1.78  % 500    500   
3.30%, due October 2021 2.98  % 2,000    2,000   
2.35%, due May 2022 1.95  % 750    750   
3.10%, due July 2022 2.69  % 1,000    1,000   
4.00%, due December 2022¹ 3.11  % 379    382   
2.70%, due December 2022 2.28  % 1,500    1,500   
4.10%, due November 2023 3.21  % 400    400   
2.88%, due May 2024 2.31  % 1,250    1,250   
2.70%, due June 2024 2.13  % 600    600   
3.40%, due March 2025 3.46  % 1,500    —   
3.70%, due July 2025 3.48  % 2,250    2,250   
2.60%, due May 2026 1.94  % 1,000    1,000   
3.75%, due March 2027 3.80  % 1,000    —   
3.15%, due May 2027 2.48  % 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 2.30  % 750    750   
4.60%, due March 2040 4.62  % 750    —   
4.80%, due October 2041 3.53  % 802    802   
4.25%, due December 2042 2.48  % 567    567   
4.90%, due July 2045 3.45  % 772    772   
4.10%, due May 2046 2.76  % 1,250    1,250   
4.10%, due May 2047 2.63  % 1,000    1,000   
4.10%, due August 2047 2.20  % 640    640   
3.73%, due December 2047 2.89  % 1,967    1,967   
3.25%, due November 2049 3.19  % 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 2.12  % 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
 36,926    28,751   
Unamortized Premium/Discount and Issuance Costs
 (375)   (529)  
Hedge Accounting Fair Value Adjustments
 1,796    781   
Long-term debt
 38,347    29,003   
Current portion of long-term debt
 (2,254)   (3,695)  
Total long-term debt $ 36,093    $ 25,308   
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 $396 million, which effectively converted these notes to U.S.-dollar-denominated notes. For further discussion on our currency interest rate swaps, see "Note 12: Derivative Financial Instruments."