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SHORT AND LONG-TERM DEBT | 9 Months Ended
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Sep. 28, 2025
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. As of September 28, 2025, we maintained a $1.35 billion unsecured revolving credit facility with the option to increase the aggregate amount of the commitments by up to $500 million with the consent of the lenders (the “prior credit facility”). On October 21, 2025, we terminated the prior credit facility, which was scheduled to expire in April 2028, and entered into a new unsecured revolving credit facility (the “new credit facility”). The new credit facility allows the Company to borrow up to $1.875 billion with the option to increase the aggregate amount of the commitments by up to $1.0 billion with the consent of the lenders. The new credit facility is scheduled to expire on October 21, 2030; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility. 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 September 28, 2025, we were in compliance with all covenants pertaining to the prior credit facility, and we had no significant compensating balance agreements that legally restricted access to these funds. For more information, refer to the Consolidated Financial Statements included in our 2024 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:
| September 28, 2025 |  | December 31, 2024
Short-term foreign bank borrowings against lines of credit | $ | 214,959 |  | $ | 161,364
U.S. commercial paper | — |  | 1,145,612
Total short-term debt | $ | 214,959 |  | $ | 1,306,976
Weighted average interest rate on outstanding commercial paper | — | % |  | 4.5 | %
Long-term Debt Long-term debt consisted of the following:
Debt Type and Rate |  | Maturity Date |  | September 28, 2025 |  | December 31, 2024
0.900% Notes (1) |  | June 1, 2025 |  | — |  |  | 300,000 |
3.200% Notes (2) |  | August 21, 2025 |  | — |  |  | 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 (3) |  | 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 (3) |  | February 24, 2030 |  | 500,000 |  |  | — |
1.700% Notes |  | June 1, 2030 |  | 350,000 |  |  | 350,000 |
4.950% Notes (3) |  | February 24, 2032 |  | 500,000 |  |  | — |
4.500% Notes |  | May 4, 2033 |  | 400,000 |  |  | 400,000 |
5.100% Notes (3) |  | 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) |  |  |  | 69,743 |  | 73,802
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts |  |  |  | (33,962) |  | (22,266)
Total long-term debt |  |  |  | 5,179,420 |  |  | 3,795,175 |
Less—current portion |  |  |  | 502,334 |  | 604,965
Long-term portion |  |  |  | $ | 4,677,086 |  |  | $ | 3,190,210 |
(1) In June 2025, we repaid $300,000 of 0.900% Notes due upon their maturity. (2) In August 2025, we repaid $300,000 of 3.200% Notes due upon their maturity. (3) 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 $1,984,545. The 2025 Notes were issued under a shelf registration statement on Form S-3 filed in May 2024 that registered an indeterminate amount of debt securities. Interest Expense Net interest expense consists of the following:
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Interest expense |  | $ | 61,456 |  |  | $ | 51,906 |  |  | $ | 176,817 |  |  | $ | 148,099 |
Capitalized interest |  | (2,257) |  |  | (5,343) |  |  | (9,732) |  |  | (15,620) |
Interest expense |  | 59,199 |  |  | 46,563 |  |  | 167,085 |  |  | 132,479 |
Interest income |  | (7,725) |  |  | (2,247) |  |  | (24,954) |  |  | (6,968) |
Interest expense, net |  | $ | 51,474 |  |  | $ | 44,316 |  |  | $ | 142,131 |  |  | $ | 125,511 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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