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v3.19.3.a.u2

Borrowings | 12 Months Ended
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Dec. 29, 2019
Debt Disclosure [Abstract] |
Borrowings | Borrowings The components of long-term debt are as follows:
(Dollars in Millions) |  | 2019 |  | Effective Rate % |  | 2018 |  | Effective Rate % |
4.75% Notes due 2019 (1B Euro 1.1096)(2)/(1B Euro 1.14)(3) |  | $ | — |  |  | — |  |  | 1,139 |  | (2) | 5.83 |
1.875% Notes due 2019 |  | — |  |  | — |  |  | 494 |  |  | 1.93 |
0.89% Notes due 2019 |  | — |  |  | — |  |  | 300 |  |  | 1.32 |
1.125% Notes due 2019 |  | — |  |  | — |  |  | 699 |  |  | 1.13 |
3% Zero Coupon Convertible Subordinated Debentures due 2020 |  | 51 |  |  | 3.00 |  |  | 51 |  |  | 3.00 |
2.95% Debentures due 2020 |  | 549 |  |  | 3.15 |  |  | 548 |  |  | 3.15 |
1.950% Notes due 2020 |  | 500 |  |  | 1.99 |  |  | 499 |  |  | 1.99 |
3.55% Notes due 2021 |  | 449 |  |  | 3.67 |  |  | 449 |  |  | 3.67 |
2.45% Notes due 2021 |  | 349 |  |  | 2.48 |  |  | 349 |  |  | 2.48 |
1.65% Notes due 2021 |  | 999 |  |  | 1.65 |  |  | 998 |  |  | 1.65 |
0.250% Notes due 2022 (1B Euro 1.1096)(2)/(1B Euro 1.14)(3) |  | 1,108 |  | (2) | 0.26 |  |  | 1,137 |  | (3) | 0.26 |
2.25% Notes due 2022 |  | 998 |  |  | 2.31 |  |  | 996 |  |  | 2.31 |
6.73% Debentures due 2023 |  | 250 |  |  | 6.73 |  |  | 250 |  |  | 6.73 |
3.375% Notes due 2023 |  | 804 |  |  | 3.17 |  |  | 805 |  |  | 3.17 |
2.05% Notes due 2023 |  | 498 |  |  | 2.09 |  |  | 498 |  |  | 2.09 |
0.650% Notes due 2024 (750MM Euro 1.1096)(2)/(750MM Euro 1.14)(3) |  | 829 |  | (2) | 0.68 |  |  | 851 |  | (3) | 0.68 |
5.50% Notes due 2024 (500MM GBP 1.2987)(2)/(500MM GBP 1.2636)(3) |  | 645 |  | (2) | 6.75 |  |  | 627 |  | (3) | 6.75 |
2.625% Notes due 2025 |  | 748 |  |  | 2.63 |  |  | 748 |  |  | 2.63 |
2.45% Notes due 2026 |  | 1,993 |  |  | 2.47 |  |  | 1,992 |  |  | 2.47 |
2.95% Notes due 2027 |  | 996 |  |  | 2.96 |  |  | 996 |  |  | 2.96 |
1.150% Notes due 2028 (750MM Euro 1.1096)(2)/(750MM Euro 1.14)(3) |  | 825 |  | (2) | 1.21 |  |  | 847 |  | (3) | 1.21 |
2.900% Notes due 2028 |  | 1,494 |  |  | 2.91 |  |  | 1,493 |  |  | 2.91 |
6.95% Notes due 2029 |  | 297 |  |  | 7.14 |  |  | 297 |  |  | 7.14 |
4.95% Debentures due 2033 |  | 498 |  |  | 4.95 |  |  | 498 |  |  | 4.95 |
4.375% Notes due 2033 |  | 855 |  |  | 4.24 |  |  | 856 |  |  | 4.24 |
1.650% Notes due 2035 (1.5B Euro 1.1096)(2)/(1.5B Euro 1.14)(3) |  | 1,649 |  | (2) | 1.68 |  |  | 1,693 |  | (3) | 1.68 |
3.55% Notes due 2036 |  | 989 |  |  | 3.59 |  |  | 988 |  |  | 3.59 |
5.95% Notes due 2037 |  | 992 |  |  | 5.99 |  |  | 991 |  |  | 5.99 |
3.625% Notes due 2037 |  | 1,487 |  |  | 3.64 |  |  | 1,486 |  |  | 3.64 |
5.85% Debentures due 2038 |  | 696 |  |  | 5.85 |  |  | 696 |  |  | 5.85 |
3.400% Notes due 2038 |  | 991 |  |  | 3.42 |  |  | 990 |  |  | 3.42 |
4.50% Debentures due 2040 |  | 539 |  |  | 4.63 |  |  | 538 |  |  | 4.63 |
4.85% Notes due 2041 |  | 297 |  |  | 4.89 |  |  | 297 |  |  | 4.89 |
4.50% Notes due 2043 |  | 495 |  |  | 4.52 |  |  | 495 |  |  | 4.52 |
3.70% Notes due 2046 |  | 1,973 |  |  | 3.74 |  |  | 1,972 |  |  | 3.74 |
3.75% Notes due 2047 |  | 991 |  |  | 3.76 |  |  | 991 |  |  | 3.76 |
3.500% Notes due 2048 |  | 742 |  |  | 3.52 |  |  | 742 |  |  | 3.52 |
Other |  | 18 |  |  | — |  |  | 24 |  |  | — |
Subtotal |  | 27,594 |  | (4) | 3.19 | % | (1) | 30,320 |  | (4) | 3.19 | (1 | )
Less current portion |  | 1,100 |  |  |  |  |  | 2,636 |  |  |  |
Total long-term debt |  | $ | 26,494 |  |  |  |  |  | 27,684 |  |  |  |
(1) | Weighted average effective rate.
(2) | Translation rate at December 29, 2019.
(3) | Translation rate at December 30, 2018.
(4) | The excess of the fair value over the carrying value of debt was $3.0 billion in 2019 and $0.3 billion in 2018.
Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs. The Company has access to substantial sources of funds at numerous banks worldwide. In September 2019, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 10, 2020. Interest charged on borrowings under the credit line agreements is based on either bids provided by banks, the prime rate, London Interbank Offered Rates (LIBOR) or other applicable market rate as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material. Throughout 2019, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $1.2 billion at the end of 2019, of which $1.1 billion is the current portion of the long-term debt, and the remainder principally represents local borrowing by international subsidiaries. Throughout 2018, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $2.8 billion at the end of 2018, of which $2.6 billion is the current portion of the long term debt, and the remainder principally represents local borrowing by international subsidiaries. Aggregate maturities of long-term debt obligations commencing in 2020 are:
(Dollars in Millions) |  |  |  |  |  |  |  |
2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | After 2024
$1,100 |  | 1,797 |  | 2,106 |  | 1,552 |  | 1,474 |  | 19,565

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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