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NOTES PAYABLE AND LONG-TERM DEBT (notes) | 6 Months Ended
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Jun. 28, 2025
Debt Disclosure [Abstract] |
Notes payable and long-term debt | NOTES PAYABLE AND LONG-TERM DEBT The following table presents the components of Notes payable at June 28, 2025 and December 28, 2024:
| June 28, 2025 |  | December 28, 2024
(millions) | Principal amount | Effective interest rate |  | Principal amount | Effective interest rate
U.S. commercial paper | $ | 655 |  | 4.67 | % |  | $ | — |  | — | %
Bank borrowings | 125 |  |  |  | 113 |  |
Total | $ | 780 |  |  |  | $ | 113 |  |
In March 2025, the Company repaid its €600 million ten-year 1.250% Euro Notes due 2025 with U.S. commercial paper and cash flow from operations. During the second quarter of 2024, the Company issued $300 million of thirty-year 5.75% Notes due 2054, resulting in net proceeds after discount and underwriting commissions of $296 million. In connection with the debt issuance, the Company recorded gains totaling $161 million, including approximately a $11 million gain realized in the second quarter of 2024, on forward starting swaps with a notional value of $300 million. These gains were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the Notes. The average effective interest rate over the term of the Notes, reflecting issuance discount and hedge settlement is 4.0%. Additionally, during the second quarter of 2024, the Company issued €300 million of ten-year 3.75% Notes due 2034, resulting in net proceeds after discount and underwriting commissions of €297 million. In connection with the debt issuance, the Company recorded gains totaling €51 million, including approximately a €5 million loss realized in the second quarter of 2024, on forward starting swaps with a notional value of €250 million. These gains were recorded in accumulated other comprehensive income and will be amortized to interest expense over the term of the Notes. The average effective interest rate over the term of the Notes, reflecting issuance discount and hedge settlement is 2.2%. The proceeds from these notes were used for repayment of a portion of the €600 million 1.0% Notes when they matured on May 17, 2024. including the payment of offering related fees and expenses. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions, as well as a change of control provision.

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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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