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SHORT AND LONG-TERM DEBT
 9 Months Ended
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, 2025December 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, 2025December 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, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
4.550% Notes (3)
February 24, 2028500,000 — 
4.250% Notes
May 4, 2028350,000 350,000 
2.450% Notes
November 15, 2029300,000 300,000 
4.750% Notes (3)
February 24, 2030500,000 — 
1.700% Notes
June 1, 2030350,000 350,000 
4.950% Notes (3)
February 24, 2032500,000 — 
4.500% Notes
May 4, 2033400,000 400,000 
5.100% Notes (3)
February 24, 2035500,000 — 
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)
69,74373,802
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(33,962)(22,266)
Total long-term debt5,179,420 3,795,175 
Less—current portion502,334604,965
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 EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 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