XML 54 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings
 9 Months Ended
Sep. 25, 2021
Debt Disclosure [Abstract]  
Borrowings
Note 9 : Borrowings
As of September 25, 2021, our short-term debt was $4.7 billion, primarily comprised of the current portion of our long-term debt ($2.5 billion as of December 26, 2020).
In the second quarter of 2021, we settled $500 million of our senior notes due May 2021.
In the third quarter of 2021, we issued a total of $5.0 billion aggregate principal senior notes. We intend to use the proceeds from the offering of the notes for general corporate purposes, including, but not limited to, refinancing of outstanding debt, funding for working capital, and capital expenditures. In the first quarter of 2021, we entered into a $5.0 billion variable-rate revolving credit facility which, if drawn, is expected to be used for general corporate purposes. The revolving credit facility matures in March 2026 and had no borrowings outstanding as of September 25, 2021.
We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program.
Our senior floating rate notes pay interest quarterly and our senior fixed rate notes pay interest semiannually. We may redeem the fixed rate notes prior to their maturity at our option at specified redemption prices and subject to certain restrictions. The obligations under our notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and effectively rank junior to all liabilities of our subsidiaries.
Long-term Debt
Sep 25, 2021Dec 26, 2020
(In Millions)
Effective Interest RateAmountAmount
Floating-rate senior notes:
Three-month LIBOR plus 0.35%, due May 20220.56 %$800 $800 
Fixed-rate senior notes:
1.70%, due May 2021— %— 500 
3.30%, due October 20212.98 %2,000 2,000 
2.35%, due May 20221.96 %750 750
3.10%, due July 20222.70 %1,000 1,000 
4.00%, due December 2022¹2.95 %400 417 
2.70%, due December 20222.28 %1,500 1,500 
4.10%, due November 20233.22 %400 400 
2.88%, due May 20242.31 %1,250 1,250 
2.70%, due June 20242.14 %600 600 
3.40%, due March 20253.45 %1,500 1,500 
3.70%, due July 20252.16 %2,250 2,250 
2.60%, due May 20260.64 %1,000 1,000 
3.75%, due March 20273.79 %1,000 1,000 
3.15%, due May 20271.22 %1,000 1,000 
1.60%, due August 20281.68 %1,000 — 
2.45%, due November 20292.39 %2,000 2,000 
3.90%, due March 20303.92 %1,500 1,500 
2.00%, due August 20312.04 %1,250 — 
4.00%, due December 20321.25 %750 750 
4.60%, due March 20404.60 %750 750 
2.80%, due August 20412.82 %750 — 
4.80%, due October 20412.02 %802 802 
4.25%, due December 20421.42 %567 567 
4.90%, due July 20452.12 %772 772 
4.10%, due May 20461.41 %1,250 1,250 
4.10%, due May 20471.37 %1,000 1,000 
4.10%, due August 20470.92 %640 640 
3.73%, due December 20471.77 %1,967 1,967 
3.25%, due November 20493.19 %2,000 2,000 
4.75%, due March 20504.74 %2,250 2,250 
3.05%, due August 20513.07 %1,250 — 
3.10%, due February 20603.11 %1,000 1,000 
4.95%, due March 20604.99 %1,000 1,000 
3.20%, due August 20613.22 %750 — 
Oregon and Arizona bonds:
2.40%-2.70%, due December 2035 - 2040
2.49 %423 423 
5.00%, due March 20492.12 %138 138 
5.00%, due June 20492.15 %438 438 
Total Senior Notes and Other Borrowings39,697 35,214 
Unamortized premium/discount and issuance costs(402)(378)
 Hedge accounting fair value adjustments1,009 1,565 
Long-term debt40,304 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."