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Debt and Revolving Facility | 3 Months Ended
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Mar. 30, 2024
Debt Disclosure [Abstract] |
Debt and Revolving Facility | Debt and Revolving Credit Facility Debt The Company’s total debt as of March 30, 2024 and December 30, 2023 consisted of the following:
| March 30, 2024 |  | December 30, 2023
| (In millions)
2.95% Senior Notes Due 2024 (2.95% Notes) | $ | 750 |  |  | $ | 750 |
2.375% Senior Notes Due 2030 (2.375% Notes) | 750 |  |  | 750 |
3.924% Senior Notes Due 2032 (3.924% Notes) | 500 |  |  | 500 |
4.393% Senior Notes Due 2052 (4.393% Notes) | 500 |  |  | 500 |
Total debt (principal amount) | 2,500 |  |  | 2,500 |
Unamortized debt premium, discount and issuance costs, net | (32) |  |  | (32) |
Total debt (net) | 2,468 |  |  | 2,468 |
Less: current portion of long-term debt and related unamortized debt premium and issuance costs | (750) |  |  | (751) |
Total long-term debt | $ | 1,718 |  |  | $ | 1,717 |
2.95% Senior Notes Due 2024 and 2.375% Senior Notes Due 2030 The 2.95% Notes and 2.375% Notes are general unsecured senior obligations of the Company with semi-annual fixed interest payments due on June 1 and December 1. 3.924% Senior Notes Due 2032 and 4.393% Senior Notes Due 2052 The 3.924% Notes and 4.393% Notes are general unsecured senior obligations of the Company, semi-annual fixed interest payments due on June 1 and December 1. The 3.924% and 4.393% Notes are governed by the terms of an indenture dated June 9, 2022 between the Company and US Bank Trust Company, National Association as trustee. The Company may redeem some or all of the 3.924% Notes and 4.393% Notes prior to March 1, 2032 and December 1, 2051, respectively, at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the 3.924% Notes or 4.393% Notes or 100% of the principal amount plus accrued and unpaid interest. Holders have the right to require the Company to repurchase all or a portion of the 3.924% Notes or 4.393% Notes in the event that the Company undergoes a change of control as defined in the indenture, at a repurchase price of 101% of the principal amount plus accrued and unpaid interest. Additionally, an event of default may result in the acceleration of the maturity of the 3.924% Notes and 4.393% Notes. Future Debt Payment Obligations As of March 30, 2024, the Company’s future principal debt payment obligations were as follows:
Fiscal Year | (In millions)
Remainder of 2024 | $ | 750 |
2025-2028 | — |
2029 and thereafter | 1,750 |
Total | $ | 2,500 |
Revolving Credit Facility The Company has $3.0 billion available under a revolving credit agreement that expires on April 29, 2027 (Revolving Credit Agreement). As of March 30, 2024 and December 30, 2023, the Company had no outstanding borrowings under the Revolving Credit Agreement. Revolving loans under the Revolving Credit Agreement can be either Secure Overnight Financing Rate (SOFR) Loans or Base Rate Loans (each as defined in the Revolving Credit Agreement) at the Company's option. Each SOFR Loan will bear interest at a rate per annum equal to the applicable SOFR plus a margin between 0.625% and 1.250%. Each Base Rate Loan will bear interest equal to the Base Rate plus a margin between 0.000% and 0.250%. The Revolving Credit Agreement also contains a sustainability-linked pricing component which provides for interest rate and facility fee reductions or increases based on the Company meeting or missing targets related to environmental sustainability, specifically greenhouse gas emissions. The Revolving Credit Agreement contains customary representations and warranties, affirmative and negative covenants, and events of default applicable to the Company and its subsidiaries. As of March 30, 2024, the Company was in compliance with these covenants. Commercial Paper On November 3, 2022, the Company established a commercial paper program, under which the Company may issue unsecured commercial paper notes up to a maximum principal amount outstanding at any time of $3.0 billion with a maturity of up to 397 days from the date of issue. The commercial paper will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of issuance. During the three months ended March 30, 2024 and April 1, 2023, the Company did not issue any commercial paper under the program and as of March 30, 2024 and December 30, 2023, the Company had no commercial paper outstanding.

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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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