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Borrowings
 6 Months Ended
Jun. 27, 2020
Debt Disclosure [Abstract]  
Borrowings
NOTE 9 : BORROWINGS
As of June 27, 2020, our short-term debt was $2.3 billion, primarily comprised of the current portion of our long-term debt ($3.7 billion as of December 28, 2019).
We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program.
LONG-TERM DEBT
Jun 27, 2020Dec 28, 2019
(In Millions)
Effective Interest Rate
Amount
Amount
Floating-rate senior notes:
Three-month LIBOR plus 0.08%, due May 2020— %$—  $700  
Three-month LIBOR plus 0.35%, due May 20221.82 %800  800  
Fixed-rate senior notes:
1.85%, due May 2020— %—  1,000  
2.45%, due July 20202.48 %1,750  1,750  
1.70%, due May 20211.78 %500  500  
3.30%, due October 20212.98 %2,000  2,000  
2.35%, due May 20221.95 %750  750  
3.10%, due July 20222.69 %1,000  1,000  
4.00%, due December 2022¹3.11 %379  382  
2.70%, due December 20222.28 %1,500  1,500  
4.10%, due November 20233.21 %400  400  
2.88%, due May 20242.31 %1,250  1,250  
2.70%, due June 20242.13 %600  600  
3.40%, due March 20253.46 %1,500  —  
3.70%, due July 20253.48 %2,250  2,250  
2.60%, due May 20261.94 %1,000  1,000  
3.75%, due March 20273.80 %1,000  —  
3.15%, due May 20272.48 %1,000  1,000  
2.45%, due November 20292.39 %2,000  1,250  
3.90%, due March 20303.94 %1,500  —  
4.00%, due December 20322.30 %750  750  
4.60%, due March 20404.62 %750  —  
4.80%, due October 20413.53 %802  802  
4.25%, due December 20422.48 %567  567  
4.90%, due July 20453.45 %772  772  
4.10%, due May 20462.76 %1,250  1,250  
4.10%, due May 20472.63 %1,000  1,000  
4.10%, due August 20472.20 %640  640  
3.73%, due December 20472.89 %1,967  1,967  
3.25%, due November 20493.19 %2,000  1,500  
4.75%, due March 20504.76 %2,250  —  
3.10%, due February 20603.12 %1,000  —  
4.95%, due March 20605.00 %1,000  —  
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  
Junior Subordinated Convertible Debentures:
3.25%, due August 2039—  —  372  
Total Senior Notes and Other Borrowings
36,926  28,751  
Unamortized Premium/Discount and Issuance Costs
(375) (529) 
Hedge Accounting Fair Value Adjustments
1,796  781  
Long-term debt
38,347  29,003  
Current portion of long-term debt
(2,254) (3,695) 
Total long-term debt$36,093  $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."
In the first six months of 2020, we settled $2.1 billion in short-term debt. In the first quarter of 2020, the remaining $372 million of our 2009 Debentures were converted or redeemed, and in the second quarter of 2020, we settled $1.7 billion of our notes due May 2020.
In the first six months of 2020, we issued a total of $10.3 billion aggregate principal amount of senior notes. We intend to use the net proceeds from the offering for general corporate purposes, which may include refinancing outstanding debt, funding for working capital and capital expenditures, and repurchasing shares of our common stock. 
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 the 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.