XML 41 R16.htm IDEA: XBRL DOCUMENT
v3.20.4

Borrowings | 12 Months Ended
--- | ---
Jan. 03, 2021
Debt Disclosure [Abstract] |
Borrowings | Borrowings 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. 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 2020, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 9, 2021. Interest charged on borrowings under the credit line agreement is based on either bids provided by banks, London Interbank Offered Rates (LIBOR), Secured Overnight Financing Rate (SOFR) Swap Curve or other applicable market rate as allowed plus applicable margins. Commitment fees under the agreements are not material. Throughout fiscal year 2020, 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 $2.6 billion at the end of fiscal year 2020, of which $1.8 billion is the current portion of the long-term debt, and the remainder is commercial paper and local borrowings by international subsidiaries. Throughout fiscal year 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 fiscal year 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. 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

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration