v3.25.4
Borrowings
 12 Months Ended
Dec. 27, 2025
Debt Disclosure [Abstract]  
Borrowings [Text Block]
Note 13 : Borrowings
Short-Term Debt
Short-term debt, which primarily includes the current portion of long-term debt, was $2.5 billion as of December 27, 2025 and $3.7 billion as of December 28, 2024. 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. We issued and repaid commercial paper of $3.5 billion in 2025 and $7.3 billion in 2024 and repaid $3.9 billion of commercial paper in 2023. As of December 27, 2025 and December 28, 2024, we had no commercial paper outstanding.
Long-Term Debt
Dec 27, 2025Dec 28, 2024
($ In Millions)
Effective Interest Rate
AmountAmount
Fixed-rate senior notes:
3.40%, due March 2025—%$— $1,500 
3.70%, due July 2025—%— 2,250 
4.88%, due February 20264.93%1,500 1,500 
2.60%, due May 20265.03%1,000 1,000 
3.75%, due March 20273.78%1,000 1,000 
3.15%, due May 20275.60%1,000 1,000 
3.75%, due August 20273.81%1,250 1,250 
4.88%, due February 20284.92%1,750 1,750 
1.60%, due August 20281.67%1,000 1,000 
4.00%, due August 20294.05%850 850 
2.45%, due November 20292.38%2,000 2,000 
5.13%, due February 20305.14%1,250 1,250 
3.90%, due March 20303.91%1,500 1,500 
5.00%, due February 20315.07%500 500 
2.00%, due August 20312.02%1,250 1,250 
4.15%, due August 20324.17%1,250 1,250 
4.00%, due December 20325.65%750 750 
5.20%, due February 20335.23%2,250 2,250 
5.15%, due February 20345.18%900 900 
4.60%, due March 20404.59%750 750 
2.80%, due August 20412.81%750 750 
4.80%, due October 20416.39%802 802 
4.25%, due December 20425.89%567 567 
5.63%, due February 20435.61%1,000 1,000 
4.90%, due July 20456.52%772 772 
4.10%, due May 20465.80%1,250 1,250 
4.10%, due May 20475.76%1,000 1,000 
4.10%, due August 20475.33%640 640 
3.73%, due December 2047 6.17%1,967 1,967 
3.25%, due November 20493.19%2,000 2,000 
4.75%, due March 20504.73%2,250 2,250 
3.05%, due August 20513.05%1,250 1,250 
4.90%, due August 20524.89%1,750 1,750 
5.70%, due February 20535.68%2,000 2,000 
5.60%, due February 2054 5.59%1,150 1,150 
3.10%, due February 20603.10%1,000 1,000 
4.95%, due March 20604.98%1,000 1,000 
3.20%, due August 20613.20%750 750 
5.05%, due August 20625.03%900 900 
5.90%, due February 20635.88%1,250 1,250 
Dec 27, 2025Dec 28, 2024
($ In Millions)
Effective Interest Rate
AmountAmount
Oregon and Arizona bonds1:
3.80% - 4.10%, due December 2035 - 20403.87%423 423 
5.00%, due September 20423.63%131 131 
4.00%, due June 20493.98%438 438 
5.00%, due September 20524.24%445 445 
Total senior notes and other borrowings47,235 50,985 
Unamortized premium/discount, issuance costs and other(384)(392)
Hedge accounting fair value adjustments(266)(582)
Long-term debt46,585 50,011 
Current portion of long-term debt2
(2,499)(3,729)
Total long-term debt$44,086 $46,282 
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 12 months before remarketing or tendering.
2 As of December 27, 2025, current portion of long-term debt includes $7 million of hedge accounting fair value adjustments ($36 million as of December 28, 2024).
Senior Notes
In 2025, we settled in cash $3.7 billion of our senior notes that matured in March 2025 and July 2025.
In 2024, we issued a total of $2.6 billion aggregate principal amount of senior notes, and settled in cash $1.9 billion of our senior notes that matured in May 2024 and June 2024.
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.
Arizona Bonds
In 2024, we remarketed $438 million aggregate principal amount of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona. In accordance with loan agreements we entered into with the Industrial Development Authority of the City of Chandler, Arizona, the bonds are unsecured general obligations. The bonds mature in 2049 and have a 4.0% coupon. The bonds are subject to optional tender starting in February 2029 and mandatory tender in June 2029, at which time we may remarket the bonds for a new term period.
Revolving Credit Facilities
In 2025, we amended our 364-day $8.0 billion credit facility agreement to $5.0 billion, and the maturity date was extended by one year to January 2026. We expect to replace or amend the 364-day $5.0 billion credit facility agreement prior to its maturity at the end of January 2026.
In 2024, we expanded our 5-year $5.0 billion revolving credit facility agreement to $7.0 billion and the maturity date was extended by one year to February 2029.
Our revolving credit facilities are unsecured general obligations and had no borrowings outstanding as of December 27, 2025 and December 28, 2024.
Debt Maturities
Our aggregate debt maturities, based on outstanding principal as of December 27, 2025, by year payable, are as follows:
(In Millions)202620272028202920302031 and thereafterTotal
Future debt maturities
$2,500 $3,826 $3,173 $3,288 $2,750 $31,698 $47,235