The carrying value of our borrowings as of August 29, 2025 and November 29, 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | Issuance Date | | Due Date | | Effective Interest Rate | | 2025 | | | | 2024 | | | 1.90% 2025 Notes | February 2020 | | February 2025 | | 2.07% | | $ | — | | | | | $ | 500 | | | | 3.25% 2025 Notes | January 2015 | | February 2025 | | 3.67% | | — | | | | | 1,000 | | | | 2.15% 2027 Notes | February 2020 | | February 2027 | | 2.26% | | 850 | | | | | 850 | | | | 4.85% 2027 Notes | April 2024 | | April 2027 | | 5.03% | | 500 | | | | | 500 | | | | 4.75% 2028 Notes | January 2025 | | January 2028 | | 4.93% | | 800 | | | | | — | | | | 4.80% 2029 Notes | April 2024 | | April 2029 | | 4.93% | | 750 | | | | | 750 | | | | 4.95% 2030 Notes | January 2025 | | January 2030 | | 5.09% | | 700 | | | | | — | | | | 2.30% 2030 Notes | February 2020 | | February 2030 | | 2.69% | | 1,300 | | | | | 1,300 | | | | 4.95% 2034 Notes | April 2024 | | April 2034 | | 5.03% | | 750 | | | | | 750 | | | | 5.30% 2035 Notes | January 2025 | | January 2035 | | 5.40% | | 500 | | | | | — | | | | | Total debt outstanding, at par | | $ | 6,150 | | | | | $ | 5,650 | | | | Less: Current portion of debt, at par | | — | | | | | (1,500) | | | | Fair value of interest rate swaps | | 78 | | | | | — | | | | | Unamortized discount and debt issuance costs | | (28) | | | | | (21) | | | | | Carrying value of long-term debt | | $ | 6,200 | | | | | $ | 4,129 | | | | | | | | | | | | | | | | | | Current portion of debt, at par | | $ | — | | | | | $ | 1,500 | | | | | Unamortized discount and debt issuance costs | | — | | | | | (1) | | | | | Carrying value of current debt | | $ | — | | | | | $ | 1,499 | | | |
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