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v3.25.0.1

Borrowings | 12 Months Ended
--- | ---
Dec. 29, 2024
Debt Disclosure [Abstract] |
Borrowings | Borrowings The components of long-term debt are as follows:
(Dollars in Millions) |  | 2024 |  | Effective Rate % |  | 2023 |  | Effective Rate % |
0.650% Notes due 2024 (750MM Euro 1.1090)(3) |  | $— |  | — | % |  | $831 | (3) | 0.68 | % |
5.50% Notes due 2024 (500MM GBP 1.2756)(3) |  | — |  | — |  |  | 637 | (3) | 6.75 |  |
2.625% Notes due 2025 |  | 750 |  | 2.63 |  |  | 750 |  | 2.63 |  |
0.55% Notes due 2025 |  | 999 |  | 0.57 |  |  | 950 |  | 0.57 |  |
2.46% Notes due 2026 |  | 1,999 |  | 2.47 |  |  | 1,997 |  | 2.47 |  |
2.95% Notes due 2027 |  | 927 |  | 2.96 |  |  | 900 |  | 2.96 |  |
0.95% Notes due 2027 |  | 1,458 |  | 0.96 |  |  | 1,419 |  | 0.96 |  |
1.150% Notes due 2028 (750MM Euro 1.0401)(2)/(750MM Euro 1.1090)(3) |  | 777 | (2) | 1.21 |  |  | 828 | (3) | 1.21 |  |
2.90% Notes due 2028 |  | 1,498 |  | 2.91 |  |  | 1,497 |  | 2.91 |  |
6.95% Notes due 2029 |  | 298 |  | 7.14 |  |  | 298 |  | 7.14 |  |
4.80% Debentures due 2029 |  | 1,146 |  | 4.83 |  |  | — |  | — |  |
1.30% Notes due 2030 |  | 1,646 |  | 1.30 |  |  | 1,630 |  | 1.30 |  |
4.90% Debentures due 2031 |  | 1,145 |  | 4.92 |  |  | — |  | — |  |
3.20% Debenture due 2032 (700M EUR 1.0401)(2) |  | 725 | (2) | 3.21 |  |  | — |  | — |  |
4.95% Debentures due 2033 |  | 499 |  | 4.95 |  |  | 499 |  | 4.95 |  |
4.375% Notes due 2033 |  | 854 |  | 4.24 |  |  | 854 |  | 4.24 |  |
4.95% Debentures due 2034 |  | 846 |  | 4.96 |  |  | — |  | — |  |
1.650% Notes due 2035 (1.5B Euro 1.0401)(2)/(1.5B Euro 1.1090)(3) |  | 1,550 | (2) | 1.68 |  |  | 1,652 | (3) | 1.68 |  |
3.35% Debentures due 2036 (800MM EUR 1.0401)(2) |  | 827 | (2) | 3.37 |  |  | — |  | — |  |
3.587% Notes due 2036 |  | 869 |  | 3.59 |  |  | 864 |  | 3.59 |  |
5.95% Notes due 2037 |  | 994 |  | 5.99 |  |  | 994 |  | 5.99 |  |
3.625% Notes due 2037 |  | 1,358 |  | 3.64 |  |  | 1,357 |  | 3.64 |  |
5.85% Debentures due 2038 |  | 697 |  | 5.85 |  |  | 697 |  | 5.85 |  |
3.40% Notes due 2038 |  | 993 |  | 3.42 |  |  | 993 |  | 3.42 |  |
4.50% Debentures due 2040 |  | 541 |  | 4.63 |  |  | 541 |  | 4.63 |  |
2.10% Notes due 2040 |  | 845 |  | 2.14 |  |  | 849 |  | 2.14 |  |
4.85% Notes due 2041 |  | 297 |  | 4.89 |  |  | 297 |  | 4.89 |  |
4.50% Notes due 2043 |  | 496 |  | 4.52 |  |  | 496 |  | 4.52 |  |
3.55% Debentures due 2044 (1B EUR 1.0401)(2) |  | 1,030 | (2) | 3.58 |  |  | — |  | — |  |
3.73% Notes due 2046 |  | 1,978 |  | 3.74 |  |  | 1,977 |  | 3.74 |  |
3.75% Notes due 2047 |  | 822 |  | 3.76 |  |  | 832 |  | 3.76 |  |
3.500% Notes due 2048 |  | 744 |  | 3.52 |  |  | 743 |  | 3.52 |  |
2.250% Notes due 2050 |  | 808 |  | 2.29 |  |  | 826 |  | 2.29 |  |
5.25% Debentures due 2054 |  | 843 |  | 5.26 |  |  | — |  | — |  |
2.450% Notes due 2060 |  | 1,058 |  | 2.49 |  |  | 1,073 |  | 2.49 |  |
Other |  | 83 |  | — |  |  | 69 |  | — |  |
Subtotal |  | 32,400 | (4) | 3.36 | % | (1) | 27,350 | (4) | 2.98 | % | (1)
Less current portion |  | 1,749 |  |  |  | 1,469 |  |  |
Total long-term debt |  | $30,651 |  |  |  | $25,881 |  |  |
(1)Weighted average effective rate. (2)Translation rate at December 29, 2024. (3)Translation rate at December 31, 2023. (4)The excess of the carrying value over the fair value of debt was $2.0 billion and $1.0 billion at the end of fiscal year 2024 and fiscal year 2023, respectively. 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 June 2024, the Company secured a new 364-day Credit Facility of $10 billion, which expires on June 25, 2025. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material. Throughout fiscal years 2024 and 2023, 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 $6.0 billion and $3.5 billion at the end of fiscal years 2024 and 2023, respectively. The current portion of the long-term debt was $1.7 billion and $1.5 billion in 2024 and 2023, respectively, and the remainder is commercial paper and local borrowing by international subsidiaries. The current debt balance as of December 29, 2024 includes $4.1 billion of commercial paper which has a weighted average interest rate of 4.46% and a weighted average maturity of approximately two months. The current debt balance as of December 31, 2023 includes $2.0 billion of commercial paper which has a weighted average interest rate of 5.37% and a weighted average maturity of approximately two months. Aggregate maturities of long-term debt obligations commencing in 2025 are:
(Dollars in Millions) |  |  |  |  |  |  |  |
2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | After 2029
$1,749 |  | 1,999 |  | 2,385 |  | 2,275 |  | 1,444 |  | 22,548

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