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Debt Obligations and Commitments
 12 Months Ended
Dec. 25, 2021
Debt Disclosure [Abstract]  
Debt Disclosure Debt Obligations
The following table summarizes our debt obligations:
2021(a)
2020(a)
Short-term debt obligations (b)
Current maturities of long-term debt$3,872 $3,358 
Commercial paper (0.1% and 0.2%)
400 396 
Other borrowings (2.2% and 1.7%)
36 26 
$4,308 $3,780 
Long-term debt obligations (b)
Notes due 2021 (2.2%)
$— $3,356 
Notes due 2022 (2.4% and 2.5%)
3,868 3,867 
Notes due 2023 (1.5% and 1.5%)
3,019 3,017 
Notes due 2024 (2.1% and 2.1%)
2,986 3,067 
Notes due 2025 (2.7% and 2.7%)
3,230 3,227 
Notes due 2026 (3.2% and 3.2%)
2,450 2,492 
Notes due 2027-2060 (2.6% and 2.8%)
24,313 24,673 
Other, due 2021-2027 (1.3% and 1.3%)
32 29 
39,898 43,728 
Less: current maturities of long-term debt obligations3,872 3,358 
Total$36,026 $40,370 
(a)Amounts are shown net of unamortized net discounts of $233 million and $260 million for 2021 and 2020, respectively.
(b)The interest rates presented reflect weighted-average effective interest rates at year-end. Certain of our fixed rate indebtedness have been swapped to floating rates through the use of interest rate derivative instruments. See Note 9 for further information regarding our interest rate derivative instruments.
As of December 25, 2021 and December 26, 2020, our international debt of $38 million and $29 million, respectively, was related to borrowings from external parties, including various lines of credit. These lines
of credit are subject to normal banking terms and conditions and are fully committed at least to the extent of our borrowings.
In 2021, we issued the following senior notes:
Interest RateMaturity Date
Amount(a)
0.750 %October 2033€1,000 
1.950 %October 2031$1,250 
2.625 %October 2041$750 
2.750 %October 2051$1,000 
(a)Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums.
The net proceeds from the issuances of the above notes will be used for general corporate purposes, including the repurchase of outstanding indebtedness and the repayment of commercial paper.
In 2021, we paid $4.8 billion in cash in connection with the tender of certain notes redeemed in the following amounts:
Interest RateMaturity DatePrincipal Amount Tendered
5.500 %May 2035$8 
5.500 %May 2035$1 
(a)
5.500 %January 2040$26 
3.500 %March 2040$443 
4.875 %November 2040$30 
4.000 %March 2042$261 
3.600 %August 2042$210 
4.250 %October 2044$190 
4.600 %July 2045$203 
4.450 %April 2046$532 
3.450 %October 2046$622 
4.000 %May 2047$212 
3.375 %July 2049$508 
3.625 %March 2050$611 
3.875 %March 2060$240 
(a)Series A.
As a result of the cash tender offers, we recorded a pre-tax charge of $842 million ($677 million after-tax or $0.49 per share) to net interest expense and other, primarily representing the tender price paid over the carrying value of the tendered notes and loss on treasury rate locks used to mitigate the interest rate risk on the cash tender offers. See Note 9 to our consolidated financial statements for the mark-to-market impact of treasury rate locks associated with the cash tender offers.
In 2021, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement), which expires on May 28, 2026. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion in U.S. dollars and/or euros, including a $0.75 billion swing line subfacility for euro-denominated borrowings permitted to be borrowed on a same-day basis, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion (or the equivalent amount in euros). Additionally, we may, once a year,
request renewal of the agreement for an additional one-year period. The Five-Year Credit Agreement replaced our $3.75 billion five year credit agreement, dated as of June 3, 2019.
Also in 2021, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement), which expires on May 27, 2022. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion in U.S. dollars and/or euros, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion (or the equivalent amount in euros). We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. The 364-Day Credit Agreement replaced our $3.75 billion 364-day credit agreement, dated as of June 1, 2020.
Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of December 25, 2021, there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement.
In 2020, one of our international consolidated subsidiaries borrowed 21.7 billion South African rand, or approximately $1.3 billion, from our two unsecured bridge loan facilities (Bridge Loan Facilities) to fund our acquisition of Pioneer Foods. These borrowings were fully repaid in April 2020 and no further borrowings under these Bridge Loan Facilities are permitted.
In 2021, we paid $750 million to redeem all $750 million outstanding principal amount of our 1.70% senior notes due 2021 and terminated the associated interest rate swap with a notional amount of $250 million.
In 2020, we paid $1.1 billion to redeem all $1.1 billion outstanding principal amount of our 2.15% senior notes due 2020 and terminated associated interest rate swaps with a notional amount of $0.8 billion.
In 2019, we paid $1.0 billion to redeem all $1.0 billion outstanding principal amount of our 4.50% senior notes due 2020.