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DEBT AND CREDIT ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 29, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt, Net | Long-term debt, net, is summarized below:
(In millions) | December 29, 2023 |  | December 30, 2022
Variable-rate debt: |  |  |
Floating rate notes, due March 10, 2023 | $ | — |  |  | $ | 250 |
Term loan, due November 21, 2025 | 2,250 |  |  | — |
Fixed-rate debt: |  |  |
3.85% notes, due June 15, 2023 (“3.85% 2023 Notes”) | — |  |  | 800 |
3.95% notes, due May 28, 2024(1) | 350 |  |  | 350 |
3.832% notes, due April 27, 2025(1)(2) | 600 |  |  | 600 |
7.00% debentures, due January 15, 2026(3) | 100 |  |  | 100 |
3.85% notes, due December 15, 2026(1) | 550 |  |  | 550 |
5.40% notes, due January 15, 2027 (“5.4% 2027 Notes”)(1)(2) | 1,250 |  |  | — |
6.35% debentures, due February 1, 2028(1) | 26 |  |  | 26 |
4.40% notes, due June 15, 2028(1)(2) | 1,850 |  |  | 1,850 |
2.90% notes, due December 15, 2029(1) | 400 |  |  | 400 |
1.80% notes, due January 15, 2031(1)(2) | 650 |  |  | 650 |
5.40% notes, due July 31, 2033 (“5.4% 2033 Notes”)(1)(2) | 1,500 |  |  | — |
4.854% notes, due April 27, 2035(1)(2) | 400 |  |  | 400 |
6.15% notes, due December 15, 2040(1)(2) | 300 |  |  | 300 |
5.054% notes, due April 27, 2045(1)(2) | 500 |  |  | 500 |
5.60% notes, due July 31, 2053 (“5.6% 2053 Notes”)(1)(2) | 500 |  |  | — |
Total variable and fixed-rate debt | 11,226 |  |  | 6,776 |
Financing lease obligations and other debt | 300 |  |  | 222 |
Long-term debt, including the current portion of long-term debt | 11,526 |  |  | 6,998 |
Plus: unamortized bond premium | 51 |  |  | 70 |
Less: unamortized discounts and issuance costs | (54) |  |  | (25) |
Long-term debt, including the current portion of long-term debt, net | 11,523 |  |  | 7,043 |
Less: current portion of long-term debt, net | (363) |  |  | (818) |
Total long-term debt, net | $ | 11,160 |  |  | $ | 6,225 |
_______________ (1)We may redeem these notes, in whole or in part, at our option, at a pre-determined redemption price pursuant to their terms prior to the applicable maturity date. (2)Upon change of control combined with a below-investment-grade rating event, we may be required to make an offer to repurchase these notes at a pre-determined price pursuant to their terms. (3)The debentures are not redeemable prior to maturity.
Schedule of Estimated Fair Values of Long-term Debt | The following table presents the carrying amounts and estimated fair values of our long-term debt:
| December 29, 2023 |  | December 30, 2022
(In millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Term Loan 2025(1) | $ | 2,250 |  |  | $ | 2,250 |  |  | $ | — |  |  | $ | — |
All other long-term debt, net (including current portion)(2) | 9,273 |  |  | 9,199 |  |  | 7,043 |  |  | 6,569 |
Long-term debt, including the current portion of long-term debt, net | $ | 11,523 |  |  | $ | 11,449 |  |  | $ | 7,043 |  |  | $ | 6,569 |
_______________ (1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate. (2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet were measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.

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