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SHORT AND LONG-TERM DEBT (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Short-term debt consisted of the following:
| June 30, 2024 |  | December 31, 2023
Short-term foreign bank borrowings against lines of credit | $ | 175,812 |  | $ | 192,278
U.S. commercial paper | 1,145,462 |  | 527,561
Total short-term debt | $ | 1,321,274 |  | $ | 719,839
Weighted average interest rate on outstanding commercial paper | 5.4 | % |  | 5.4 | %
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
Debt Type and Rate |  | Maturity Date |  | June 30, 2024 |  | December 31, 2023
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 |  | May 4, 2028 |  | 350,000 |  |  | 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 |  | May 4, 2033 |  | 400,000 |  |  | 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) |  |  |  | 74,956 |  | 76,385
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts |  |  |  | (24,026) |  | (25,834)
Total long-term debt |  |  |  | 4,094,569 |  |  | 4,094,190 |
Less—current portion |  |  |  | 605,176 |  | 305,058
Long-term portion |  |  |  | $ | 3,489,393 |  |  | $ | 3,789,132 |
Schedule of Net Interest Expense | Net interest expense consists of the following:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | July 2, 2023 |  | June 30, 2024 |  | July 2, 2023
Interest expense |  | $ | 50,149 |  |  | $ | 43,893 |  |  | $ | 96,193 |  |  | $ | 86,399 |
Capitalized interest |  | (5,841) |  |  | (3,721) |  |  | (10,277) |  |  | (6,788) |
Interest expense |  | 44,308 |  |  | 40,172 |  |  | 85,916 |  |  | 79,611 |
Interest income |  | (2,935) |  |  | (3,511) |  |  | (4,721) |  |  | (5,265) |
Interest expense, net |  | $ | 41,373 |  |  | $ | 36,661 |  |  | $ | 81,195 |  |  | $ | 74,346 |

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