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Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings [Text Block]
Note 13 : Borrowings
Short-Term Debt
As of December 30, 2023, short-term debt was $2.3 billion, composed of the current portion of long-term debt. As of December 31, 2022, short-term debt was $4.4 billion, composed of $423 million of the current portion of long-term debt and $3.9 billion of commercial paper. The current portion of long-term debt includes debt classified as short-term based on time remaining until maturity.
We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program. As of December 30, 2023 we had no commercial paper outstanding ($3.9 billion as of December 31, 2022).
Long-Term Debt
Dec 30, 2023Dec 31, 2022
(In Millions)
Effective Interest Rate
AmountAmount
Fixed-rate senior notes:
2.88%, due May 20242.32%$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 20257.29%2,250 2,250 
4.88%, due February 20264.96%1,500 — 
2.60%, due May 20265.79%1,000 1,000 
3.75%, due March 20273.79%1,000 1,000 
3.15%, due May 20276.35%1,000 1,000 
3.75%, due August 20273.82%1,250 1,250 
4.88%, due February 20284.94%1,750 — 
1.60%, due August 20281.67%1,000 1,000 
4.00%, due August 20294.06%850 850 
2.45%, due November 20292.39%2,000 2,000 
5.13%, due February 20305.17%1,250 — 
3.90%, due March 20303.93%1,500 1,500 
2.00%, due August 20312.03%1,250 1,250 
4.15%, due August 20324.18%1,250 1,250 
4.00%, due December 20327.21%750 750 
5.20%, due February 20335.25%2,250 — 
4.60%, due March 20404.61%750 750 
2.80%, due August 20412.81%750 750 
4.80%, due October 20417.16%802 802 
4.25%, due December 20427.45%567 567 
5.63%, due February 20435.64%1,000 — 
4.90%, due July 20457.29%772 772 
4.10%, due May 20466.58%1,250 1,250 
4.10%, due May 20476.53%1,000 1,000 
4.10%, due August 20476.09%640 640 
3.73%, due December 2047 6.99%1,967 1,967 
3.25%, due November 20493.20%2,000 2,000 
4.75%, due March 20504.74%2,250 2,250 
3.05%, due August 20513.06%1,250 1,250 
4.90%, due August 20524.90%1,750 1,750 
5.70%, due February 20535.71%2,000 — 
3.10%, due February 20603.11%1,000 1,000 
4.95%, due March 20604.99%1,000 1,000 
3.20%, due August 20613.21%750 750 
5.05%, due August 20625.05%900 900 
5.90%, due February 20635.91%1,250 — 
Dec 30, 2023Dec 31, 2022
(In Millions)
Effective Interest Rate
AmountAmount
Oregon and Arizona bonds1:
2.40% - 2.70%, due December 2035 - 2040—%— 423 
3.80% - 4.10%, due December 2035 - 20403.89%423 — 
5.00%, due September 20423.64%131 131 
5.00%, due June 20492.15%438 438 
5.00%, due September 20524.26%445 445 
Total senior notes and other borrowings50,285 39,285 
Unamortized premium/discount and issuance costs(445)(417)
Hedge accounting fair value adjustments(574)(761)
Long-term debt49,266 38,107 
Current portion of long-term debt(2,288)(423)
Total long-term debt$46,978 $37,684 
1 These bonds may be remarketed or tendered on a periodic basis and will be classified within the current portion of long-term debt in the twelve months before remarketing or tendering.

Senior Notes
In 2023, we issued a total of $11.0 billion aggregate principal amount of senior notes.
In 2022, we issued a total of $6.0 billion aggregate principal amount of senior notes, including our inaugural green bond issuance of $1.3 billion principal amount, and settled in cash $1.6 billion of our senior notes that matured in May 2022, $1.0 billion of our senior notes that matured in July 2022, and $1.9 billion of our senior notes that matured in December 2022. We also early cash settled $400 million of our senior notes due November 2023.
Our fixed-rate senior 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 will effectively rank junior to all liabilities of our subsidiaries.
Oregon and Arizona Bonds
In 2023, we remarketed $423 million aggregate principal amount of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona (the Arizona bonds) and the State of Oregon Business Development Commission (the Oregon bonds). The bonds are unsecured general obligations in accordance with loan agreements we entered into with each of the Industrial Development Authority of the City of Chandler, Arizona (CIDA) and the State of Oregon Business Development Commission. The bonds mature in 2035 and 2040 and have 3.8% and 4.1% coupons. Both the Arizona and Oregon bonds are subject to optional tender starting in February 2028 and mandatory tender in June 2028, at which time we may remarket the bonds for a new term period.
In 2022, we received proceeds of $600 million in the aggregate for the sale of bonds issued by CIDA. The bonds are our unsecured general obligations in accordance with the loan with the CIDA. The bonds mature in 2042 and 2052 and carry an interest rate of 5.0%. The bonds are subject to mandatory tender in September 2027, at which time we can re-market the bonds as either fixed-rate bonds for a specified period or as variable-rate bonds until another fixed-rate period is selected or until their final maturity date. We settled in cash $138 million of bonds issued by the Oregon Business Development Commission in March 2022.
Revolving Credit Facilities
In 2022, we entered into a $5.0 billion, 364-day variable-rate unsecured revolving credit facility that, if drawn, is expected to be used for general corporate purposes. In 2023, we extended the maturity date from November 2023 to March 2024. In 2022, we amended our $5.0 billion variable-rate revolving credit facility agreement that we entered into in 2021, extending the maturity date by one year to March 2027 and transitioning from LIBOR to term SOFR. In 2023, we extended the maturity date by one year to March 2028.
The revolving credit facilities had no borrowings outstanding as of December 30, 2023 and December 31, 2022.
Debt Maturities
Our aggregate debt maturities, based on outstanding principal as of December 30, 2023, by year payable, are as follows:
(In Millions)202420252026202720282029 and thereafterTotal
$2,288 $3,750 $2,500 $3,826 $3,174 $34,747 $50,285