Borrowings (Tables)

The components of long-term debt are as follows:


(Dollars in Millions)	2020			Effective Rate %	2019		Effective Rate %
3% Zero Coupon Convertible Subordinated Debentures due 2020	$	—		—	51		3.00
2.95% Debentures due 2020	—			—	549		3.15
1.950% Notes due 2020	—			—	500		1.99
3.55% Notes due 2021	450			3.67	449		3.67
2.45% Notes due 2021	350			2.48	349		2.48
1.65% Notes due 2021	999			1.65	999		1.65
0.250% Notes due 2022 (1B Euro 1.2281)(2)/(1B Euro 1.1096)(3)	1,227		(2)	0.26	1,108	(3)	0.26
2.25% Notes due 2022	999			2.31	998		2.31
6.73% Debentures due 2023	250			6.73	250		6.73
3.375% Notes due 2023	803			3.17	804		3.17
2.05% Notes due 2023	499			2.09	498		2.09
0.650% Notes due 2024 (750MM Euro 1.2281)(2)/(750MM Euro 1.1096)(3)	919		(2)	0.68	829	(3)	0.68
5.50% Notes due 2024 (500MM 1.3654 GBP )(2)/(500MM GBP 1.2987)(3)	679		(2)	6.75	645	(3)	6.75
2.625% Notes due 2025	748			2.63	748		2.63
0.55% Notes due 2025(5)	996			0.57	—		—
2.45% Notes due 2026	1,994			2.47	1,993		2.47
2.95% Notes due 2027	997			2.96	996		2.96
0.95% Notes due 2027(5)	1,494			0.96	—		—
1.150% Notes due 2028 (750MM Euro 1.2281)(2)/(750MM Euro 1.1096)(3)	915		(2)	1.21	825	(3)	1.21
2.90% Notes due 2028	1,495			2.91	1,494		2.91
6.95% Notes due 2029	297			7.14	297		7.14
1.30% Notes due 2030(5)	1,743			1.30	—		—
4.95% Debentures due 2033	498			4.95	498		4.95
4.375% Notes due 2033	855			4.24	855		4.24
1.650% Notes due 2035 (1.5B Euro 1.2281)(2)/(1.5B Euro 1.1096)(3)	1,827		(2)	1.68	1,649	(3)	1.68
3.55% Notes due 2036	989			3.59	989		3.59
5.95% Notes due 2037	992			5.99	992		5.99
3.625% Notes due 2037	1,488			3.64	1,487		3.64
5.85% Debentures due 2038	696			5.85	696		5.85
3.400% Notes due 2038	991			3.42	991		3.42
4.50% Debentures due 2040	539			4.63	539		4.63
2.10% Notes due 2040(5)	986			2.14	—		—
4.85% Notes due 2041	297			4.89	297		4.89
4.50% Notes due 2043	496			4.52	495		4.52
3.70% Notes due 2046	1,974			3.74	1,973		3.74
3.75% Notes due 2047	991			3.76	991		3.76
3.500% Notes due 2048	742			3.52	742		3.52
2.250% Notes due 2050(5)	984			2.29	—		—


2.450% Notes due 2060(5)	1,228			2.49			—		—
Other	7			—			18		—
Subtotal	34,434		(4)	2.85	%	(1)	27,594	(4)	3.19	(1)
Less current portion	1,799						1,100
Total long-term debt	$	32,635					26,494

(1)Weighted average effective rate.

(2)Translation rate at January 3, 2021.

(3)Translation rate at December 29, 2019.

(4)The excess of the fair value over the carrying value of debt was $5.4 billion at the end of fiscal year 2020 and $3.0 billion at the end of fiscal year 2019.

(5)In the fiscal third quarter of 2020, the Company issued senior unsecured notes for a total of $7.5 billion.

Aggregate maturities of long-term debt obligations commencing in 2021 are:


(Dollars in Millions)
2021	2022	2023	2024	2025	After 2025
$1,799	2,226	1,552	1,598	1,744	25,515

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details