Quarterly report pursuant to Section 13 or 15(d)

DEBT (Details)

v3.20.2
DEBT (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 24, 2020
USD ($)
Sep. 27, 2020
USD ($)
Rate
Sep. 29, 2019
USD ($)
Sep. 27, 2020
USD ($)
Rate
Sep. 29, 2019
USD ($)
Aug. 19, 2020
USD ($)
Dec. 31, 2019
USD ($)
Rate
Aug. 21, 2019
USD ($)
Aug. 22, 2018
USD ($)
Short-term Debt [Line Items]                  
Loans payable [1]   $ 129   $ 129     $ 100    
Commercial paper   316 [2]   316 [2]     660 [3]    
Line of Credit Facility, Maximum Borrowing Capacity   3,500   3,500         $ 2,000
Line of Credit Facility, Remaining Borrowing Capacity   3,200   3,200          
Long-term debt                  
Unsecured Debt $ 2,000                
Proceeds from Issuance of Debt $ 1,980                
Other Long-term Debt   130   130     59    
Unamortized discount and deferred issuance costs   (73)   (73)     (50)    
Fair value adjustment due to hedge on indebtedness   50   50     35    
Finance Lease, Liability   87   87     90    
Total long-term debt   3,667   3,667     1,607    
Current maturities of long-term debt   58   58     31    
Long-term debt   3,609   3,609     1,576    
Unrealized gain (loss) on derivatives   18 $ (29) (63) $ (40)        
Principal payments                  
2020   38   38          
2021   51   51          
2022   29   29          
2023   525   525          
2024   22   22          
Fair value                  
Fair value of total debt [4]   4,532   4,532     2,706    
Carrying value of total debt   4,112   4,112     $ 2,367    
Long-term Debt, Other Disclosures [Abstract]                  
Interest Rate Lock, Notional Amount   500   500          
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge   $ 24   24          
Amortization Period of Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge   3 years              
EUROPE                  
Short-term Debt [Line Items]                  
Commercial paper   $ 116   116          
UNITED STATES                  
Short-term Debt [Line Items]                  
Commercial paper   $ 200   $ 200          
Commercial Paper                  
Short-term Debt [Line Items]                  
Short-term Debt, Weighted Average Interest Rate, at Point in Time | Rate   0.03%   0.03%     1.82%    
Line of Credit Facility, Maximum Borrowing Capacity   $ 3,500   $ 3,500          
Commercial Paper | EUROPE                  
Short-term Debt [Line Items]                  
Short-term Debt, Weighted Average Interest Rate, at Point in Time | Rate   (0.27%)   (0.27%)          
Commercial Paper | UNITED STATES                  
Short-term Debt [Line Items]                  
Short-term Debt, Weighted Average Interest Rate, at Point in Time | Rate   0.20%   0.20%          
CPFF Program                  
Short-term Debt [Line Items]                  
Commercial paper   $ 0   $ 0          
Line of Credit Facility, Maximum Borrowing Capacity   1,500   $ 1,500          
Debt instrument, Basis Spread on Variable Rate (not a percentage)       110          
International and Other Lines of Credit                  
Short-term Debt [Line Items]                  
Line of Credit Facility, Remaining Borrowing Capacity   191   $ 191          
Interest Rate Lock                  
Long-term debt                  
Unrealized gain (loss) on derivatives   17   (52)          
Senior notes, due 2023(1)                  
Long-term debt                  
Unsecured Debt [5]   $ 500   $ 500     $ 500    
Debt instrument interest rate (as a percent) | Rate [5]   3.65%   3.65%          
Senior notes, due 2025                  
Long-term debt                  
Unsecured Debt   $ 500   $ 500          
Debt instrument interest rate (as a percent) | Rate   0.75%   0.75%          
Debentures, due 2027                  
Long-term debt                  
Unsecured Debt   $ 58   $ 58     58    
Debt instrument interest rate (as a percent) | Rate   6.75%   6.75%          
Debentures, due 2028                  
Long-term debt                  
Unsecured Debt   $ 250   $ 250     250    
Debt instrument interest rate (as a percent) | Rate   7.125%   7.125%          
Senior notes, due 2030                  
Long-term debt                  
Unsecured Debt   $ 850   $ 850          
Debt instrument interest rate (as a percent) | Rate   1.50%   1.50%          
Senior notes, due 2043                  
Long-term debt                  
Unsecured Debt   $ 500   $ 500     500    
Debt instrument interest rate (as a percent) | Rate   4.875%   4.875%          
Senior notes, due 2050                  
Long-term debt                  
Unsecured Debt   $ 650   $ 650          
Debt instrument interest rate (as a percent) | Rate   2.60%   2.60%          
Debentures, due 2098(2)                  
Long-term debt                  
Unsecured Debt [6]   $ 165   $ 165     $ 165    
Debt instrument interest rate (as a percent) | Rate [6]   5.65%   5.65%          
Effective interest rate (as a percent) | Rate   7.48%   7.48%          
1-year revolving credit agreement                  
Short-term Debt [Line Items]                  
Line of Credit Facility, Maximum Borrowing Capacity           $ 1,500   $ 1,500  
[1] (1) Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
[2] (2) The weighted-average interest rate, inclusive of all brokerage fees, was 0.03 percent at September 27, 2020. This includes $116 million of borrowings under the EUR program that were at a negative weighted-average interest rate of 0.27 percent and $200 million of borrowings under the U.S. program at a weighted-average rate of 0.20 percent.
[3] (3) The weighted-average interest rate, inclusive of all brokerage fees, was 1.82 percent at December 31, 2019. All borrowings were at positive interest rates.
[4] (1) The fair value of debt is derived from Level 2 inputs.
[5] (1) In June and July 2020, we settled our February 2014 interest rate swap. See "Interest Rate Risk" below for additional information.
[6] (2) The effective interest rate is 7.48%.