Borrowings (Tables)

9 Months Ended

Sep. 25, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term Debt

	Sep 25, 2021				Dec 26, 2020
(In Millions)	Effective Interest Rate		Amount		Amount
Floating-rate senior notes:
Three-month LIBOR plus 0.35%, due May 2022	0.56	%	$	800	$	800
Fixed-rate senior notes:
1.70%, due May 2021	—	%	—		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	2.95	%	400		417
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	2.14	%	600		600
3.40%, due March 2025	3.45	%	1,500		1,500
3.70%, due July 2025	2.16	%	2,250		2,250
2.60%, due May 2026	0.64	%	1,000		1,000
3.75%, due March 2027	3.79	%	1,000		1,000
3.15%, due May 2027	1.22	%	1,000		1,000
1.60%, due August 2028	1.68	%	1,000		—
2.45%, due November 2029	2.39	%	2,000		2,000
3.90%, due March 2030	3.92	%	1,500		1,500
2.00%, due August 2031	2.04	%	1,250		—
4.00%, due December 2032	1.25	%	750		750
4.60%, due March 2040	4.60	%	750		750
2.80%, due August 2041	2.82	%	750		—
4.80%, due October 2041	2.02	%	802		802
4.25%, due December 2042	1.42	%	567		567
4.90%, due July 2045	2.12	%	772		772
4.10%, due May 2046	1.41	%	1,250		1,250
4.10%, due May 2047	1.37	%	1,000		1,000
4.10%, due August 2047	0.92	%	640		640
3.73%, due December 2047	1.77	%	1,967		1,967
3.25%, due November 2049	3.19	%	2,000		2,000
4.75%, due March 2050	4.74	%	2,250		2,250
3.05%, due August 2051	3.07	%	1,250		—
3.10%, due February 2060	3.11	%	1,000		1,000
4.95%, due March 2060	4.99	%	1,000		1,000
3.20%, due August 2061	3.22	%	750		—
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
Total Senior Notes and Other Borrowings			39,697		35,214
Unamortized premium/discount and issuance costs			(402)		(378)
Hedge accounting fair value adjustments			1,009		1,565
Long-term debt			40,304		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."