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SHORT AND LONG-TERM DEBT (Tables) | 3 Months Ended
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Mar. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Short-term debt consisted of the following:
| March 30, 2025 |  | December 31, 2024
Short-term foreign bank borrowings against lines of credit | $ | 144,626 |  | $ | 161,364
U.S. commercial paper | — |  | 1,145,612
Total short-term debt | $ | 144,626 |  | $ | 1,306,976
Weighted average interest rate on outstanding commercial paper | — | % |  | 4.5 | %
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
Debt Type and Rate |  | Maturity Date |  | March 30, 2025 |  | December 31, 2024
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 |
4.550% Notes (1) |  | February 24, 2028 |  | 500,000 |  |  | — |
4.250% Notes |  | May 4, 2028 |  | 350,000 |  |  | 350,000 |
2.450% Notes |  | November 15, 2029 |  | 300,000 |  |  | 300,000 |
4.750% Notes (1) |  | February 24, 2030 |  | 500,000 |  |  | — |
1.700% Notes |  | June 1, 2030 |  | 350,000 |  |  | 350,000 |
4.950% Notes (1) |  | February 24, 2032 |  | 500,000 |  |  | — |
4.500% Notes |  | May 4, 2033 |  | 400,000 |  |  | 400,000 |
5.100% Notes (1) |  | February 24, 2035 |  | 500,000 |  |  | — |
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) |  |  |  | 72,381 |  | 73,802
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts |  |  |  | (35,152) |  | (22,266)
Total long-term debt |  |  |  | 5,780,868 |  |  | 3,795,175 |
Less—current portion |  |  |  | 603,617 |  | 604,965
Long-term portion |  |  |  | $ | 5,177,251 |  |  | $ | 3,190,210 |
(1) During the first quarter of 2025, we issued $500,000 of 4.550% Notes due in February 2028, $500,000 of 4.750% Notes due in February 2030, $500,000 of 4.950% Notes due in February 2032 and $500,000 of 5.100% Notes due in February 2035 (together, the “2025 Notes”). Proceeds from the issuance of the 2025 Notes, net of discounts and issuance costs, totaled $1,986,026. The 2025 Notes were issued under a shelf registration on Form S-3 filed in May 2024 that registered an indeterminate amount of debt securities.
Schedule of Net Interest Expense | Net interest expense consists of the following:
|  |  |  | Three Months Ended
|  |  |  |  |  | March 30, 2025 |  | March 31, 2024
Interest expense |  |  |  |  |  | $ | 54,916 |  |  | $ | 46,044 |
Capitalized interest |  |  |  |  |  | (4,309) |  |  | (4,436) |
Interest expense |  |  |  |  |  | 50,607 |  |  | 41,608 |
Interest income |  |  |  |  |  | (5,985) |  |  | (1,786) |
Interest expense, net |  |  |  |  |  | $ | 44,622 |  |  | $ | 39,822 |

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