Borrowings (Tables)

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

LONG-TERM DEBT

	Sep 26, 2020				Dec 28, 2019
(In Millions)	Effective Interest Rate		Amount		Amount
Floating-rate senior notes:
Three-month LIBOR plus 0.08%, due May 2020	—	%	$	—	$	700
Three-month LIBOR plus 0.35%, due May 2022	1.47	%	800		800
Fixed-rate senior notes:
1.85%, due May 2020	—	%	—		1,000
2.45%, due July 2020	—	%	—		1,750
1.70%, due May 2021	1.79	%	500		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	3.04	%	388		382
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	2.13	%	600		600
3.40%, due March 2025	3.46	%	1,500		—
3.70%, due July 2025	3.15	%	2,250		2,250
2.60%, due May 2026	1.57	%	1,000		1,000
3.75%, due March 2027	3.80	%	1,000		—
3.15%, due May 2027	2.16	%	1,000		1,000
2.45%, due November 2029	2.39	%	2,000		1,250
3.90%, due March 2030	3.94	%	1,500		—
4.00%, due December 2032	2.00	%	750		750
4.60%, due March 2040	4.62	%	750		—
4.80%, due October 2041	3.08	%	802		802
4.25%, due December 2042	2.18	%	567		567
4.90%, due July 2045	3.11	%	772		772
4.10%, due May 2046	2.34	%	1,250		1,250
4.10%, due May 2047	2.29	%	1,000		1,000
4.10%, due August 2047	1.84	%	640		640
3.73%, due December 2047	2.57	%	1,967		1,967
3.25%, due November 2049	3.20	%	2,000		1,500
4.75%, due March 2050	4.76	%	2,250		—
3.10%, due February 2060	3.12	%	1,000		—
4.95%, due March 2060	5.00	%	1,000		—
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
Junior Subordinated Convertible Debentures:
3.25%, due August 2039	—		—		372
Total Senior Notes and Other Borrowings			35,185		28,751
Unamortized Premium/Discount and Issuance Costs			(374)		(529)
Hedge Accounting Fair Value Adjustments			1,752		781
Long-term debt			36,563		29,003
Current portion of long-term debt			(504)		(3,695)
Total long-term debt			$	36,059	$	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 12: Derivative Financial Instruments."