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SHORT AND LONG-TERM DEBT
 6 Months Ended
Jul. 02, 2023
Debt Disclosure [Abstract]  
Short and Long-Term Debt SHORT AND LONG-TERM DEBT
Short-term Debt
As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. On April 26, 2023, we terminated the $1.5 billion unsecured revolving credit facility, which was set to expire in July and entered into a new unsecured revolving credit facility (the “new credit facility”). As of July 2, 2023, the new credit facility allows the Company to borrow up to $1.35 billion with the option to increase borrowings by an additional $500 million with the consent of the lenders. The new credit facility is scheduled to expire on April 26, 2028; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent.
The credit agreements governing the prior credit facility and the new credit facility contain certain financial and other covenants, customary representations, warranties and events of default. As of July 2, 2023, we were in compliance with all covenants pertaining to the prior credit facility, and we had no significant compensating balance agreements that legally restricted these funds. For more information, refer to the Consolidated Financial Statements included in our 2022 Annual Report on Form 10-K.

In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:
July 2, 2023December 31, 2022
Short-term foreign bank borrowings against lines of credit$137,481$135,555
U.S. commercial paper722,292558,235
Total short-term debt$859,773$693,790
Weighted average interest rate on outstanding commercial paper5.2 %4.3 %
Long-term Debt
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
July 2, 2023December 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, 2024300,000 300,000 
0.900% Notes
June 1, 2025300,000 300,000 
3.200% Notes
August 21, 2025300,000 300,000 
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
4.250% Notes (2)
May 4, 2028350,000 — 
2.450% Notes
November 15, 2029300,000 300,000 
1.700% Notes
June 1, 2030350,000 350,000 
4.500% Notes (2)
May 4, 2033400,000 — 
3.375% Notes
August 15, 2046300,000 300,000 
3.125% Notes
November 15, 2049400,000400,000
2.650% Notes
June 1, 2050350,000350,000
Finance lease obligations (see Note 7)
73,23173,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(22,665)(19,563)
Total long-term debt4,094,205 4,097,555 
Less—current portion8,010753,578
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.
Interest Expense
Net interest expense consists of the following:
Three Months EndedSix Months Ended
July 2, 2023July 3, 2022July 2, 2023July 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