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Borrowings
 12 Months Ended
Jan. 02, 2022
Debt Disclosure [Abstract]  
Borrowings BorrowingsThe components of long-term debt are as follows:
(Dollars in Millions)2021
 
Effective Rate %
 
2020
 
Effective Rate %
3.55% Notes due 2021
$— — %$450 3.67 %
2.45% Notes due 2021
— — 350 2.48 
1.65% Notes due 2021
— — 999 1.65 
0.250% Notes due 2022 (1B Euro 1.1311)(2)/(1B Euro 1.2281)(3)

1,131 
(2)
0.26 1,227 
(3)
0.26 
2.25% Notes due 2022
1,000 2.31 999 2.31 
6.73% Debentures due 2023
250 
 
6.73 
 
250 
 
6.73 
3.375% Notes due 2023
802 3.18 803 3.17 
2.05% Notes due 2023
499 2.09 499 2.09 
0.650% Notes due 2024
(750MM Euro 1.1311)(2)/(750MM Euro 1.2281)(3)
847 
(2)
0.68 919 
(3)
0.68 
5.50% Notes due 2024
(500MM 1.3485 GBP )(2)/(500MM GBP 1.3654)(3)
672 
(2)
6.75 
 
679 
(3)
6.75 
2.625% Notes due 2025
749 2.63 748 2.63 
0.55% Notes due 2025
983 0.57 996 0.57 
2.45% Notes due 2026
1,995 2.47 1,994 2.47 
2.95% Notes due 2027
978 2.96 997 2.96 
0.95% Notes due 2027
1,478 0.96 1,494 0.96 
1.150% Notes due 2028 (750MM Euro 1.1311)(2)/(750MM Euro 1.2281)(3)
843 
(2)
1.21 915 
(3)
1.21 
2.90% Notes due 2028
1,495 2.91 1,495 2.91 
6.95% Notes due 2029
298 
 
7.14 
 
297 
 
7.14 
1.30% Notes due 2030
1,723 1.30 1,743 1.30 
4.95% Debentures due 2033
498 
 
4.95 
 
498 
 
4.95 
4.375% Notes due 2033
854 4.24 855 4.24 
1.650% Notes due 2035 (1.5B Euro 1.1311)(2)/(1.5B Euro 1.2281)(3)
1,683 
(2)
1.68 1,827 
(3)
1.68 
3.55% Notes due 2036
974 3.59 989 3.59 
5.95% Notes due 2037
993 
 
5.99 
 
992 
 
5.99 
3.625% Notes due 2037
1,475 3.64 1,488 3.64 
5.85% Debentures due 2038
696 
 
5.85 
 
696 
 
5.85 
3.400% Notes due 2038
992 3.42 991 3.42 
4.50% Debentures due 2040
540 
 
4.63 
 
539 
 
4.63 
2.10% Notes due 2040
974 2.14 986 2.14 
4.85% Notes due 2041
297 4.89 297 4.89 
4.50% Notes due 2043
496 4.52 496 4.52 
3.70% Notes due 2046
1,975 3.74 1,974 3.74 
3.75% Notes due 2047
971 3.76 991 3.76 
3.500% Notes due 2048
743 3.52 742 3.52 
2.250% Notes due 2050
983 2.29 984 2.29 
2.450% Notes due 2060
1,222 2.49 1,228 2.49 
Other7 
 
— 
 
7 
 
— 
Subtotal32,116 
(4)
2.89 %
(1)
34,434 
(4)
2.85 %
(1)
Less current portion2,131 
 
 
 
1,799 
 
 
Total long-term debt$29,985 
 
 
 
$32,635 
 
 
(1)Weighted average effective rate.
(2)Translation rate at January 2, 2022.
(3)Translation rate at January 3, 2021.
(4)The excess of the fair value over the carrying value of debt was $3.2 billion at the end of fiscal year 2021 and $5.4 billion at the end of fiscal year 2020.

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 2021, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 8, 2022. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.
Throughout fiscal years 2021 and 2020, 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 $3.8 billion and $2.6 billion at the end of fiscal years 2021 and 2020, respectively. The current portion of the long term debt was $2.1 billion and $1.8 billion in 2021 and 2020, respectively, and the remainder is commercial paper and local borrowing by international subsidiaries.
The current debt balance as of January 2, 2022 includes $1.6 billion of commercial paper which has a weighted average interest rate of 0.11% and a weighted average maturity of approximately three months.

Aggregate maturities of long-term debt obligations commencing in 2022 are:
(Dollars in Millions)
20222023202420252026After 2026
$2,1311,5511,5181,7321,99523,189