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Debt (Tables) | 6 Months Ended
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Jun. 29, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The Company’s debt consisted of the following:
| June 29, 2025
| Outstanding Principal |  | Unamortized Debt Discount |  | Unamortized Debt Issuance Costs |  | Net Carrying Amount
| (In thousands)
Long-Term Debt: |  |  |  |  |  |  |
Senior Unsecured Revolving Credit Facility | $ | — |  |  | $ | — |  |  | $ | (3,213) |  |  | $ | (3,213) |
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) | 585,750 |  |  | (644) |  |  | (529) |  |  | 584,577 |
1.900% Senior Unsecured Notes due in 2028 | 500,000 |  |  | (174) |  |  | (2,095) |  |  | 497,731 |
3.3% Senior Unsecured Notes due in 2029 | 850,000 |  |  | (1,305) |  |  | (3,612) |  |  | 845,083 |
2.55% Senior Unsecured Notes due in March 2031 | 400,000 |  |  | (81) |  |  | (2,118) |  |  | 397,801 |
2.250% Senior Unsecured Notes due in September 2031 | 500,000 |  |  | (990) |  |  | (2,846) |  |  | 496,164 |
3.625% Senior Unsecured Notes due in 2051 | 400,000 |  |  | (3) |  |  | (4,007) |  |  | 395,990 |
Other Debt Facilities, non-current | 191 |  |  | — |  |  | — |  |  | 191 |
Total Long-Term Debt | $ | 3,235,941 |  |  | $ | (3,197) |  |  | $ | (18,420) |  |  | $ | 3,214,324 |
Current Portion of Long-term Debt: |  |  |  |  |  |  |
Other Debt Facilities, current | 230 |  |  | — |  |  | — |  |  | 230 |
Total | $ | 3,236,171 |  |  | $ | (3,197) |  |  | $ | (18,420) |  |  | $ | 3,214,554 |
The Company entered into a senior unsecured revolving credit facility in 2021 (the “2021 Senior Unsecured Revolving Credit Facility”) with a five-year term and a borrowing capacity of $1.5 billion available through August 24, 2026. On January 7, 2025, the 2021 Senior Unsecured Revolving Credit Facility was replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through January 7, 2030. Borrowings will bear interest, payable quarterly or, if earlier, at the end of any interest period, at the Company’s option at either (a) the base rate (as described in the credit agreement), or (b) the Term Secured Overnight Financing Rate (“Term SOFR”) (as described in the credit agreement), in each case plus a percentage spread based on the credit rating of the Company’s debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, and (c) Term SOFR plus 1.00%. The credit agreement for the new facility contains customary affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capitalization ratio that remains applicable for so long as the Company’s debt is rated as investment grade. In the event that the Company’s debt is not rated as investment grade, the debt-to-capitalization ratio covenant is replaced with leverage ratio and interest coverage ratio covenants.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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