Quarterly report pursuant to Section 13 or 15(d)

Borrowings

v3.21.2
Borrowings
 9 Months Ended
Sep. 25, 2021
Debt Disclosure [Abstract]  
Borrowings
Note 9 : Borrowings
As of September 25, 2021, our short-term debt was $4.7 billion, primarily comprised of the current portion of our long-term debt ($2.5 billion as of December 26, 2020).
In the second quarter of 2021, we settled $500 million of our senior notes due May 2021.
In the third quarter of 2021, we issued a total of $5.0 billion aggregate principal senior notes. We intend to use the proceeds from the offering of the notes for general corporate purposes, including, but not limited to, refinancing of outstanding debt, funding for working capital, and capital expenditures. In the first quarter of 2021, we entered into a $5.0 billion variable-rate revolving credit facility which, if drawn, is expected to be used for general corporate purposes. The revolving credit facility matures in March 2026 and had no borrowings outstanding as of September 25, 2021.
We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program.
Our senior floating rate notes pay interest quarterly and our senior fixed rate notes pay interest semiannually. We may redeem the fixed rate notes prior to their maturity at our option at specified redemption prices and subject to certain restrictions. The obligations under our notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and effectively rank junior to all liabilities of our subsidiaries.
Long-term Debt
Sep 25, 2021 Dec 26, 2020
(In Millions)
 Effective Interest Rate Amount Amount
Floating-rate senior notes:
Three-month LIBOR plus 0.35%, due May 2022 0.56  % $ 800  $ 800 
Fixed-rate senior notes:
1.70%, due May 2021 —  % —  500 
3.30%, due October 2021 2.98  % 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 2.95  % 400  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 0.64  % 1,000  1,000 
3.75%, due March 2027 3.79  % 1,000  1,000 
3.15%, due May 2027 1.22  % 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 3.92  % 1,500  1,500 
2.00%, due August 2031 2.04  % 1,250  — 
4.00%, due December 2032 1.25  % 750  750 
4.60%, due March 2040 4.60  % 750  750 
2.80%, due August 2041 2.82  % 750  — 
4.80%, due October 2041 2.02  % 802  802 
4.25%, due December 2042 1.42  % 567  567 
4.90%, due July 2045 2.12  % 772  772 
4.10%, due May 2046 1.41  % 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 3.19  % 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 2.12  % 138  138 
5.00%, due June 2049 2.15  % 438  438 
Total Senior Notes and Other Borrowings 39,697  35,214 
Unamortized premium/discount and issuance costs (402) (378)
 Hedge accounting fair value adjustments 1,009  1,565 
Long-term debt 40,304  36,401 
Current portion of long-term debt (4,694) (2,504)
Total long-term debt $ 35,610  $ 33,897 
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 derivatives in cash flow hedging relationships, see "Note 12: Derivative Financial Instruments."