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SHORT AND LONG-TERM DEBT (Tables) | 9 Months Ended
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Oct. 01, 2023
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Short-term debt consisted of the following:
| October 1, 2023 |  | December 31, 2022
Short-term foreign bank borrowings against lines of credit | $ | 181,988 |  | $ | 135,555
U.S. commercial paper | 637,892 |  | 558,235
Total short-term debt | $ | 819,880 |  | $ | 693,790
Weighted average interest rate on outstanding commercial paper | 5.4 | % |  | 4.3 | %
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
Debt Type and Rate |  | Maturity Date |  | October 1, 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) |  |  |  | 72,696 |  | 73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts |  |  |  | (22,457) |  | (19,563)
Total long-term debt |  |  |  | 4,093,878 |  |  | 4,097,555 |
Less—current portion |  |  |  | 7,791 |  | 753,578
Long-term portion |  |  |  | $ | 4,086,087 |  |  | $ | 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 |  | Nine Months Ended
|  | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
Interest expense |  | $ | 45,776 |  |  | $ | 38,520 |  |  | $ | 132,175 |  |  | $ | 109,526 |
Capitalized interest |  | (3,932) |  |  | (2,487) |  |  | (10,720) |  |  | (6,155) |
Interest expense |  | 41,844 |  |  | 36,033 |  |  | 121,455 |  |  | 103,371 |
Interest income |  | (2,089) |  |  | (655) |  |  | (7,354) |  |  | (1,401) |
Interest expense, net |  | $ | 39,755 |  |  | $ | 35,378 |  |  | $ | 114,101 |  |  | $ | 101,970 |

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