Debt (Tables)

9 Months Ended

Sep. 28, 2025

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.