Debt and Borrowing Arrangements |
9 Months Ended |
|---|---|
Sep. 25, 2020 | |
| Debt and Borrowing Arrangements Disclosure [Abstract] | |
| Debt Disclosure [Text Block] | DEBT AND BORROWING ARRANGEMENTS During the nine months ended September 25, 2020, the Company issued U.S. dollar- and euro-denominated debt of $15,600 million and €2,600 million, respectively. The carrying value of this debt as of September 25, 2020 was $17,461 million. The general terms of the notes issued are as follows:
•$1,000 million total principal amount of notes due March 25, 2025, at a fixed interest rate of 2.950 percent;
•$1,000 million total principal amount of notes due March 25, 2027, at a fixed interest rate of 3.375 percent;
•$1,500 million total principal amount of notes due June 1, 2027, at a fixed interest rate of 1.450 percent;
•$1,300 million total principal amount of notes due March 15, 2028, at a fixed interest rate of 1.000 percent;
•€1,000 million total principal amount of notes due March 15, 2029, at a fixed interest rate of 0.125 percent;
•$1,250 million total principal amount of notes due March 25, 2030, at a fixed interest rate of 3.450 percent;
•$1,500 million total principal amount of notes due June 1, 2030, at a fixed interest rate of 1.650 percent;
•$1,300 million total principal amount of notes due March 15, 2031, at a fixed interest rate of 1.375 percent;
•€750 million total principal amount of notes due March 15, 2033, at a fixed interest rate of 0.375 percent;
•€850 million total principal amount of notes due March 15, 2040, at a fixed interest rate of 0.800 percent;
•$500 million total principal amount of notes due March 25, 2040, at a fixed interest rate of 4.125 percent;
•$1,000 million total principal amount of notes due June 1, 2040, at a fixed interest rate of 2.500 percent;
•$1,250 million total principal amount of notes due March 25, 2050, at a fixed interest rate of 4.200 percent;
•$1,500 million total principal amount of notes due June 1, 2050, at a fixed interest rate of 2.600 percent;
•$1,500 million total principal amount of notes due March 15, 2051, at a fixed interest rate of 2.500 percent; and
•$1,000 million total principal amount of notes due June 1, 2060, at a fixed interest rate of 2.750 percent.
During the nine months ended September 25, 2020, the Company retired upon maturity Australian dollar- and U.S. dollar-denominated notes. The general terms of the notes retired are as follows:
•AUD450 million total principal amount of notes due June 9, 2020, at a fixed interest rate of 2.600 percent; and
•$171 million total principal amount of zero coupon notes due June 20, 2020.
During the nine months ended September 25, 2020, the Company also extinguished prior to maturity U.S. dollar- and euro-denominated debt of $1,954 million and €1,448 million, respectively, resulting in associated charges of $397 million recorded in the line item interest expense in our condensed consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying amount of the debt extinguished, including the impact of the related fair value hedging relationships. We also incurred charges of $8 million as a result of the reclassification of related cash flow hedging balances from AOCI into income. The general terms of the notes that were extinguished are as follows:
•€379 million total principal amount of notes due March 8, 2021, at a variable interest rate equal to the three-month Euro Interbank Offered Rate ("EURIBOR") plus 0.200 percent;
•€152 million total principal amount of notes due March 9, 2021, at a fixed interest rate of 0.000 percent;
•$444 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 3.300 percent;
•$335 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 1.550 percent;
•$184 million total principal amount of notes due May 25, 2022, at a fixed interest rate of 2.200 percent;
•€598 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 0.125 percent;
•€319 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 1.125 percent;
•$282 million total principal amount of notes due March 25, 2040, at a fixed interest rate of 4.125 percent; and
•$709 million total principal amount of notes due March 25, 2050, at a fixed interest rate of 4.200 percent.
|