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SHORT AND LONG-TERM DEBT (Tables) | 6 Months Ended
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Jul. 02, 2023
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Short-term debt consisted of the following:
| July 2, 2023 |  | December 31, 2022
Short-term foreign bank borrowings against lines of credit | $ | 137,481 |  | $ | 135,555
U.S. commercial paper | 722,292 |  | 558,235
Total short-term debt | $ | 859,773 |  | $ | 693,790
Weighted average interest rate on outstanding commercial paper | 5.2 | % |  | 4.3 | %
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
Debt Type and Rate |  | Maturity Date |  | July 2, 2023 |  | December 31, 2022
2.625% Notes (1) |  | May 1, 2023 |  | — |  |  | 250,000 |
3.375% Notes (1) |  | May 15, 2023 |  | — |  |  | 500,000 |
2.050% Notes |  | November 15, 2024 |  | 300,000 |  |  | 300,000 |
0.900% Notes |  | June 1, 2025 |  | 300,000 |  |  | 300,000 |
3.200% Notes |  | August 21, 2025 |  | 300,000 |  |  | 300,000 |
2.300% Notes |  | August 15, 2026 |  | 500,000 |  |  | 500,000 |
7.200% Debentures |  | August 15, 2027 |  | 193,639 |  |  | 193,639 |
4.250% Notes (2) |  | May 4, 2028 |  | 350,000 |  |  | — |
2.450% Notes |  | November 15, 2029 |  | 300,000 |  |  | 300,000 |
1.700% Notes |  | June 1, 2030 |  | 350,000 |  |  | 350,000 |
4.500% Notes (2) |  | May 4, 2033 |  | 400,000 |  |  | — |
3.375% Notes |  | August 15, 2046 |  | 300,000 |  |  | 300,000 |
3.125% Notes |  | November 15, 2049 |  | 400,000 |  | 400,000
2.650% Notes |  | June 1, 2050 |  | 350,000 |  | 350,000
Finance lease obligations (see Note 7) |  |  |  | 73,231 |  | 73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts |  |  |  | (22,665) |  | (19,563)
Total long-term debt |  |  |  | 4,094,205 |  |  | 4,097,555 |
Less—current portion |  |  |  | 8,010 |  | 753,578
Long-term portion |  |  |  | $ | 4,086,195 |  |  | $ | 3,343,977 |
(1) In May 2023 we repaid $250,000 of 2.625% Notes and $500,000 of 3.375% Notes due upon their maturity. (2) During the second quarter of 2023, we issued $350,000 of 4.250% Notes due in May 2028 and $400,000 of 4.500% Notes due in May 2033 (the “2023 Notes”). Proceeds from the issuance of the 2023 Notes, net of discounts and issuance costs, totaled $744,092. The 2023 Notes were issued under a shelf registration on Form S-3 filed in May 2021 that registered an indeterminate amount of debt securities.
Schedule of Net Interest Expense | Net interest expense consists of the following:
|  | Three Months Ended |  | Six Months Ended
|  | July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
Interest expense |  | $ | 43,893 |  |  | $ | 35,635 |  |  | $ | 86,399 |  |  | $ | 71,006 |
Capitalized interest |  | (3,721) |  |  | (1,833) |  |  | (6,788) |  |  | (3,668) |
Interest expense |  | 40,172 |  |  | 33,802 |  |  | 79,611 |  |  | 67,338 |
Interest income |  | (3,511) |  |  | (389) |  |  | (5,265) |  |  | (746) |
Interest expense, net |  | $ | 36,661 |  |  | $ | 33,413 |  |  | $ | 74,346 |  |  | $ | 66,592 |

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