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SHORT AND LONG-TERM DEBT (Tables)

6 Months Ended

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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