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Borrowings
 9 Months Ended
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, 2025December 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)
Total7,810 7,805 
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs(750)(750)
Total long-term debt7,060 7,055 
Current portion of long-term debt—principal amount750 750 
Commercial paper1,160 800 
Discounts and debt issuance costs(3)(3)
Other6 5 
Total loans and notes payable1,913 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 EndedFiscal Nine Months Ended
(Dollars in Millions)September 28, 2025September 29, 2024September 28, 2025September 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.