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Borrowings | 9 Months Ended
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Sep. 28, 2025
Debt Disclosure [Abstract] |
Borrowings | Borrowings The components of the Company’s debt as of September 28, 2025 and December 29, 2024 were as follows:
(Dollars in Millions) |  |  |  |  |  |  |  | September 28, 2025 |  | December 29, 2024
Senior Notes |  |  |  |  |  |  |  |  |  |
5.50% Senior Notes due 2025 |  |  |  |  |  |  |  | $ | — |  |  | $ | 750 |
5.35% Senior Notes due 2026 |  |  |  |  |  |  |  | 750 |  |  | 750 |
5.05% Senior Notes due 2028 |  |  |  |  |  |  |  | 1,000 |  |  | 1,000 |
5.00% Senior Notes due 2030 |  |  |  |  |  |  |  | 1,000 |  |  | 1,000 |
4.85% Senior Notes due 2032 |  |  |  |  |  |  |  | 750 |  |  | — |
4.90% Senior Notes due 2033 |  |  |  |  |  |  |  | 1,250 |  |  | 1,250 |
5.10% Senior Notes due 2043 |  |  |  |  |  |  |  | 750 |  |  | 750 |
5.05% Senior Notes due 2053 |  |  |  |  |  |  |  | 1,500 |  |  | 1,500 |
5.20% Senior Notes due 2063 |  |  |  |  |  |  |  | 750 |  |  | 750 |
Other(1) |  |  |  |  |  |  |  | 125 |  |  | 119 |
Discounts and debt issuance costs |  |  |  |  |  |  |  | (65) |  |  | (64) |
Total |  |  |  |  |  |  |  | 7,810 |  |  | 7,805 |
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs |  |  |  |  |  |  |  | (750) |  |  | (750) |
Total long-term debt |  |  |  |  |  |  |  | 7,060 |  |  | 7,055 |
Current portion of long-term debt—principal amount |  |  |  |  |  |  |  | 750 |  |  | 750 |
Commercial paper |  |  |  |  |  |  |  | 1,160 |  |  | 800 |
Discounts and debt issuance costs |  |  |  |  |  |  |  | (3) |  |  | (3) |
Other |  |  |  |  |  |  |  | 6 |  |  | 5 |
Total loans and notes payable |  |  |  |  |  |  |  | 1,913 |  |  | 1,552 |
Total debt |  |  |  |  |  |  |  | $ | 8,973 |  |  | $ | 8,607 |
(1) Other consists primarily of finance lease liabilities. Senior Notes On May 22, 2025, the Company issued a series of senior unsecured notes maturing in 2032 in an aggregate principal amount of $750 million, which bear an interest rate of 4.850% per annum. The interest payments are due on May 22 and November 22 of each year, and commence on November 22, 2025. These notes, collectively with the series of senior unsecured notes issued on March 22, 2023, are referred to as the “Senior Notes.” Interest Expense, Net The amount included in Interest expense, net in the Condensed Consolidated Statements of Operations for the fiscal three and nine months ended September 28, 2025 and September 29, 2024 consisted of the following:
|  | Fiscal Three Months Ended |  | Fiscal Nine Months Ended
(Dollars in Millions) |  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
Interest expense |  | $ | 107 |  |  | $ | 108 |  |  | $ | 321 |  |  | $ | 323 |
Interest income |  | (14) |  |  | (12) |  |  | (40) |  |  | (40) |
Interest expense, net |  | $ | 93 |  |  | $ | 96 |  |  | $ | 281 |  |  | $ | 283 |
Fair Value of Debt The Company’s debt was recorded at the carrying amount. The estimated fair value of the Company’s Senior Notes was $7.6 billion and $7.5 billion as of September 28, 2025 and December 29, 2024, respectively. Fair value was estimated based upon quoted market prices in active markets which would be considered Level 2 in the fair value hierarchy. The carrying value of the commercial paper notes approximated the fair value as of September 28, 2025 and December 29, 2024 due to the nature and short-term duration of the instrument.

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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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