Borrowings

12 Months Ended

Dec. 29, 2019

The components of long-term debt are as follows:



(Dollars in Millions)	2019			Effective Rate %	2018		Effective Rate %
4.75% Notes due 2019 (1B Euro 1.1096)⁽²⁾/(1B Euro 1.14)⁽³⁾	$	—		—	1,139	⁽²⁾	5.83
1.875% Notes due 2019	—			—	494		1.93
0.89% Notes due 2019	—			—	300		1.32
1.125% Notes due 2019	—			—	699		1.13
3% Zero Coupon Convertible Subordinated Debentures due 2020	51			3.00	51		3.00
2.95% Debentures due 2020	549			3.15	548		3.15
1.950% Notes due 2020	500			1.99	499		1.99
3.55% Notes due 2021	449			3.67	449		3.67
2.45% Notes due 2021	349			2.48	349		2.48
1.65% Notes due 2021	999			1.65	998		1.65
0.250% Notes due 2022 (1B Euro 1.1096)⁽²⁾/(1B Euro 1.14)⁽³⁾	1,108		⁽²⁾	0.26	1,137	⁽³⁾	0.26
2.25% Notes due 2022	998			2.31	996		2.31
6.73% Debentures due 2023	250			6.73	250		6.73
3.375% Notes due 2023	804			3.17	805		3.17
2.05% Notes due 2023	498			2.09	498		2.09
0.650% Notes due 2024 (750MM Euro 1.1096)⁽²⁾/(750MM Euro 1.14)⁽³⁾	829		⁽²⁾	0.68	851	⁽³⁾	0.68
5.50% Notes due 2024 (500MM GBP 1.2987)⁽²⁾/(500MM GBP 1.2636)⁽³⁾	645		⁽²⁾	6.75	627	⁽³⁾	6.75
2.625% Notes due 2025	748			2.63	748		2.63
2.45% Notes due 2026	1,993			2.47	1,992		2.47
2.95% Notes due 2027	996			2.96	996		2.96
1.150% Notes due 2028 (750MM Euro 1.1096)⁽²⁾/(750MM Euro 1.14)⁽³⁾	825		⁽²⁾	1.21	847	⁽³⁾	1.21
2.900% Notes due 2028	1,494			2.91	1,493		2.91
6.95% Notes due 2029	297			7.14	297		7.14
4.95% Debentures due 2033	498			4.95	498		4.95
4.375% Notes due 2033	855			4.24	856		4.24
1.650% Notes due 2035 (1.5B Euro 1.1096)⁽²⁾/(1.5B Euro 1.14)⁽³⁾	1,649		⁽²⁾	1.68	1,693	⁽³⁾	1.68
3.55% Notes due 2036	989			3.59	988		3.59
5.95% Notes due 2037	992			5.99	991		5.99
3.625% Notes due 2037	1,487			3.64	1,486		3.64
5.85% Debentures due 2038	696			5.85	696		5.85
3.400% Notes due 2038	991			3.42	990		3.42
4.50% Debentures due 2040	539			4.63	538		4.63
4.85% Notes due 2041	297			4.89	297		4.89
4.50% Notes due 2043	495			4.52	495		4.52
3.70% Notes due 2046	1,973			3.74	1,972		3.74
3.75% Notes due 2047	991			3.76	991		3.76
3.500% Notes due 2048	742			3.52	742		3.52
Other	18			—	24		—



Subtotal	27,594		⁽⁴⁾	3.19	%	⁽¹⁾	30,320	⁽⁴⁾	3.19	⁽¹	⁾
Less current portion	1,100						2,636
Total long-term debt	$	26,494					27,684


⁽¹⁾	Weighted average effective rate.


⁽²⁾	Translation rate at December 29, 2019.


⁽³⁾	Translation rate at December 30, 2018.


⁽⁴⁾	The excess of the fair value over the carrying value of debt was $3.0 billion in 2019 and $0.3 billion in 2018.

Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.

The Company has access to substantial sources of funds at numerous banks worldwide. In September 2019, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 10, 2020. Interest charged on borrowings under the credit line agreements is based on either bids provided by banks, the prime rate, London Interbank Offered Rates (LIBOR) or other applicable market rate as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.

Throughout 2019, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $1.2 billion at the end of 2019, of which $1.1 billion is the current portion of the long-term debt, and the remainder principally represents local borrowing by international subsidiaries.

Throughout 2018, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $2.8 billion at the end of 2018, of which $2.6 billion is the current portion of the long term debt, and the remainder principally represents local borrowing by international subsidiaries.

Aggregate maturities of long-term debt obligations commencing in 2020 are:



(Dollars in Millions)
2020	2021	2022	2023	2024	After 2024
$1,100	1,797	2,106	1,552	1,474	19,565