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Debt, Revolving Credit Facility and Commercial Paper Program | 3 Months Ended
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Mar. 29, 2025
Debt Disclosure [Abstract] |
Debt and Revolving Facility | Debt, Revolving Credit Facility and Commercial Paper Program Debt The Company’s debt as of March 29, 2025 and December 28, 2024 consisted of the following:
| March 29, 2025 |  | December 28, 2024
| (In millions)
4.212% Senior Notes Due 2026 (4.212% Notes) | $ | 875 |  |  | $ | — |
4.319% Senior Notes Due 2028 (4.319% Notes) | 625 |  |  | — |
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) | 3,250 |  |  | 1,750 |
Unamortized debt discount and issuance costs | (33) |  |  | (29) |
Total long-term debt (net) | $ | 3,217 |  |  | $ | 1,721 |
4.212% Senior Notes Due 2026 and 4.319% Senior Notes Due 2028 On March 24, 2025, the Company issued 4.212% Notes and 4.319% Notes in aggregate principal amount of $1.5 billion. The 4.212% Notes and the 4.319% Notes are general unsecured senior obligations of the Company. The interest is payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2025. The Company may redeem some or all of the 4.212% Notes prior to September 24, 2026 at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the 4.212% Notes or 100% of the principal amount plus accrued and unpaid interest. The Company may redeem some or all of the 4.319% Notes prior to February 24, 2028, one month prior to the maturity date of the 4.319% Notes (4.319% Notes Par Call Date), at a price equal to the greater of the present value of the principal amount and future interest through the 4.319% Notes Par Call Date or 100% of the principal amount plus accrued and unpaid interest. On or after February 24, 2028, the Company may also redeem some or all of the 4.319% Notes at 100% of the principal amount plus accrued and unpaid interest. Holders of the 4.212% Notes and the 4.319% Notes have the right to require the Company to repurchase all or a portion of the 4.212% Notes or 4.319% Notes in the event that the Company undergoes a change of control, 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 4.212% Notes and 4.319% Notes. 2.375% Senior Notes Due 2030, 3.924% Senior Notes Due 2032 and 4.393% Senior Notes Due 2052 The 2.375% Notes, 3.924% Notes and 4.393% Notes are general unsecured senior obligations of the Company with semi-annual fixed interest payments due on June 1 and December 1. As of March 29, 2025, the Company was in compliance with the covenants associated with its debt. Revolving Credit Facility The Company has $3.0 billion available under an unsecured revolving credit facility that expires on April 29, 2027. During the three months ended March 29, 2025, the Company did not borrow under the revolving credit facility and as of March 29, 2025 and December 28, 2024, the Company had no outstanding borrowings under the revolving credit facility. As of March 29, 2025, the Company was in compliance with the covenants under the revolving credit facility. Commercial Paper Program The Company has a commercial paper program under which it can issue unsecured commercial paper notes up to a principal amount of $3.0 billion at any time with maturities 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 the issuance. During the three months ended March 29, 2025, the Company issued $950 million in aggregate principal amount of commercial paper, which was outstanding as of March 29, 2025. The outstanding commercial paper have a weighted-average interest rate of 4.35% with maturities of up to 60 days. As of December 28, 2024, the Company had no commercial paper outstanding. Outstanding commercial paper is reported within Short-term borrowings in the Condensed Consolidated Balance Sheets.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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