| Schedule of Long-term Debt Instruments |
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."
|