| Schedule of Long-term Debt Instruments |
LONG-TERM DEBT
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Mar 28,
2020 |
|
Dec 28,
2019 |
(In Millions) |
|
Effective Interest Rate |
|
Amount |
|
Amount |
Floating-rate senior notes: |
|
|
|
|
|
|
Three-month LIBOR plus 0.08%, due May 2020 |
|
1.93 |
% |
|
$ |
700 |
|
|
$ |
700 |
|
Three-month LIBOR plus 0.35%, due May 2022 |
|
2.19 |
% |
|
800 |
|
|
800 |
|
Fixed-rate senior notes: |
|
|
|
|
|
|
1.85%, due May 2020 |
|
1.88 |
% |
|
1,000 |
|
|
1,000 |
|
2.45%, due July 2020 |
|
2.47 |
% |
|
1,750 |
|
|
1,750 |
|
1.70%, due May 2021 |
|
1.77 |
% |
|
500 |
|
|
500 |
|
3.30%, due October 2021 |
|
2.96 |
% |
|
2,000 |
|
|
2,000 |
|
2.35%, due May 2022 |
|
1.95 |
% |
|
750 |
|
|
750 |
|
3.10%, due July 2022 |
|
2.68 |
% |
|
1,000 |
|
|
1,000 |
|
4.00%, due December 2022¹ |
|
3.61 |
% |
|
325 |
|
|
382 |
|
2.70%, due December 2022 |
|
2.27 |
% |
|
1,500 |
|
|
1,500 |
|
4.10%, due November 2023 |
|
3.20 |
% |
|
400 |
|
|
400 |
|
2.88%, due May 2024 |
|
2.30 |
% |
|
1,250 |
|
|
1,250 |
|
2.70%, due June 2024 |
|
2.12 |
% |
|
600 |
|
|
600 |
|
3.40%, due March 2025 |
|
3.46 |
% |
|
1,500 |
|
|
— |
|
3.70%, due July 2025 |
|
3.81 |
% |
|
2,250 |
|
|
2,250 |
|
2.60%, due May 2026 |
|
2.28 |
% |
|
1,000 |
|
|
1,000 |
|
3.75%, due March 2027 |
|
3.80 |
% |
|
1,000 |
|
|
— |
|
3.15%, due May 2027 |
|
2.84 |
% |
|
1,000 |
|
|
1,000 |
|
2.45%, due November 2029 |
|
2.45 |
% |
|
2,000 |
|
|
1,250 |
|
3.90%, due March 2030 |
|
3.94 |
% |
|
1,500 |
|
|
— |
|
4.00%, due December 2032 |
|
2.82 |
% |
|
750 |
|
|
750 |
|
4.60%, due March 2040 |
|
4.63 |
% |
|
750 |
|
|
— |
|
4.80%, due October 2041 |
|
3.75 |
% |
|
802 |
|
|
802 |
|
4.25%, due December 2042 |
|
3.00 |
% |
|
567 |
|
|
567 |
|
4.90%, due July 2045 |
|
3.78 |
% |
|
772 |
|
|
772 |
|
4.10%, due May 2046 |
|
3.04 |
% |
|
1,250 |
|
|
1,250 |
|
4.10%, due May 2047 |
|
3.00 |
% |
|
1,000 |
|
|
1,000 |
|
4.10%, due August 2047 |
|
2.58 |
% |
|
640 |
|
|
640 |
|
3.73%, due December 2047 |
|
3.30 |
% |
|
1,967 |
|
|
1,967 |
|
3.25%, due November 2049 |
|
3.22 |
% |
|
2,000 |
|
|
1,500 |
|
4.75%, due March 2050 |
|
4.77 |
% |
|
2,250 |
|
|
— |
|
3.10%, due February 2060 |
|
3.12 |
% |
|
1,000 |
|
|
— |
|
4.95%, due March 2060 |
|
5.02 |
% |
|
1,000 |
|
|
— |
|
Oregon and Arizona bonds: |
|
|
|
|
|
|
|
2.40%-2.70%, due December 2035 - 2040 |
|
2.49 |
% |
|
423 |
|
|
423 |
|
5.00%, due March 2049 |
|
2.11 |
% |
|
138 |
|
|
138 |
|
5.00%, due June 2049 |
|
2.13 |
% |
|
438 |
|
|
438 |
|
Junior Subordinated Convertible Debentures: |
|
|
|
|
|
|
3.25%, due August 2039 |
|
— |
|
|
— |
|
|
372 |
|
Total Senior Notes and Other Borrowings |
|
|
|
38,572 |
|
|
28,751 |
|
Unamortized Premium/Discount and Issuance Costs |
|
|
|
(379 |
) |
|
(529 |
) |
Hedge Accounting Fair Value Adjustments |
|
|
|
1,726 |
|
|
781 |
|
Long-term debt |
|
|
|
39,919 |
|
|
29,003 |
|
Current portion of long-term debt |
|
|
|
(3,464 |
) |
|
(3,695 |
) |
Total long-term debt |
|
|
|
$ |
36,455 |
|
|
$ |
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 11: Derivative Financial Instruments."
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