Debt Obligations and Commitments (Tables)

12 Months Ended

Dec. 25, 2021

Debt Disclosure [Abstract]

Schedule of Long and Short-Term Debt Contractural Commitments

The following table summarizes our debt obligations:

	2021(a)		2020(a)
Short-term debt obligations (b)
Current maturities of long-term debt	$	3,872	$	3,358
Commercial paper (0.1% and 0.2%)	400		396
Other borrowings (2.2% and 1.7%)	36		26
	$	4,308	$	3,780
Long-term debt obligations (b)
Notes due 2021 (2.2%)	$	—	$	3,356
Notes due 2022 (2.4% and 2.5%)	3,868		3,867
Notes due 2023 (1.5% and 1.5%)	3,019		3,017
Notes due 2024 (2.1% and 2.1%)	2,986		3,067
Notes due 2025 (2.7% and 2.7%)	3,230		3,227
Notes due 2026 (3.2% and 3.2%)	2,450		2,492
Notes due 2027-2060 (2.6% and 2.8%)	24,313		24,673
Other, due 2021-2027 (1.3% and 1.3%)	32		29
	39,898		43,728
Less: current maturities of long-term debt obligations	3,872		3,358
Total	$	36,026	$	40,370

(a)Amounts are shown net of unamortized net discounts of $233 million and $260 million for 2021 and 2020, respectively.

(b)The interest rates presented reflect weighted-average effective interest rates at year-end. Certain of our fixed rate indebtedness have been swapped to floating rates through the use of interest rate derivative instruments. See Note 9 for further information regarding our interest rate derivative instruments.

Schedule of Debt Issuances

In 2021, we issued the following senior notes:

Interest Rate		Maturity Date	Amount(a)
0.750	%	October 2033	€	1,000
1.950	%	October 2031	$	1,250
2.625	%	October 2041	$	750
2.750	%	October 2051	$	1,000

(a)Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums.

In 2021, we paid $4.8 billion in cash in connection with the tender of certain notes redeemed in the following amounts:

Interest Rate		Maturity Date	Principal Amount Tendered
5.500	%	May 2035	$	8
5.500	%	May 2035	$	1	(a)
5.500	%	January 2040	$	26
3.500	%	March 2040	$	443
4.875	%	November 2040	$	30
4.000	%	March 2042	$	261
3.600	%	August 2042	$	210
4.250	%	October 2044	$	190
4.600	%	July 2045	$	203
4.450	%	April 2046	$	532
3.450	%	October 2046	$	622
4.000	%	May 2047	$	212
3.375	%	July 2049	$	508
3.625	%	March 2050	$	611
3.875	%	March 2060	$	240

(a)Series A.