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Debt | 9 Months Ended
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Sep. 28, 2025
Debt Disclosure [Abstract] |
Debt | Debt The Company’s debt consisted of the following:
| September 28, 2025
| Outstanding Principal |  | Unamortized Debt Discount |  | Unamortized Debt Issuance Costs |  | Net Carrying Amount
| (In thousands)
Long-Term Debt: |  |  |  |  |  |  |
Senior Unsecured Revolving Credit Facility | $ | — |  |  | $ | — |  |  | $ | (3,035) |  |  | $ | (3,035) |
1.900% Senior Unsecured Notes due in 2028 | 500,000 |  |  | (160) |  |  | (1,929) |  |  | 497,911 |
3.3% Senior Unsecured Notes due in 2029 | 850,000 |  |  | (1,224) |  |  | (3,390) |  |  | 845,386 |
2.55% Senior Unsecured Notes due in March 2031 | 400,000 |  |  | (77) |  |  | (2,018) |  |  | 397,905 |
2.250% Senior Unsecured Notes due in September 2031 | 500,000 |  |  | (950) |  |  | (2,730) |  |  | 496,320 |
3.625% Senior Unsecured Notes due in 2051 | 400,000 |  |  | (3) |  |  | (3,966) |  |  | 396,031 |
Other Debt Facilities, non-current | 175 |  |  | — |  |  | — |  |  | 175 |
Total Long-Term Debt | $ | 2,650,175 |  |  | $ | (2,414) |  |  | $ | (17,068) |  |  | $ | 2,630,693 |
Current Portion of Long-term Debt: |  |  |  |  |  |  |
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) | 584,550 |  |  | (492) |  |  | (404) |  |  | 583,654 |
Other Debt Facilities, current | 190 |  |  | — |  |  | — |  |  | 190 |
Total Current Portion of Long-Term Debt | 584,740 |  |  | (492) |  |  | (404) |  |  | 583,844 |
Total | $ | 3,234,915 |  |  | $ | (2,906) |  |  | $ | (17,472) |  |  | $ | 3,214,537 |
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 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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