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Debt | 9 Months Ended
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Sep. 27, 2025
Debt |
Debt | Note G – Debt Short-term borrowings, including current portion of long-term debt, consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 27, | ​ | December 31,
(thousands) |  | 2025 |  | 2024
4.00% notes, due April 2025 | ​ | $ | — | ​ | $ | 349,808
Other short-term borrowings | ​ |  | 10,818 | ​ |  | 170
​ | ​ | $ | 10,818 | ​ | $ | 349,978
​ The company has $500.0 million in uncommitted lines of credit. There were no outstanding borrowings under the uncommitted lines of credit at September 27, 2025 and December 31, 2024. The maturity for borrowings is generally short term and is agreed upon with lenders at the time of each borrowing. The uncommitted lines of credit had a weighted-average effective interest rate of 4.79% and 5.18% at September 27, 2025 and December 31, 2024, respectively. ​ The company has a commercial paper program, and the maximum aggregate balance of commercial paper outstanding may not exceed the borrowing capacity of $1.2 billion. Amounts outstanding under the commercial paper program are backstopped by available commitments under the company’s revolving credit facility. The company had no outstanding borrowings under this program at September 27, 2025 and December 31, 2024. The commercial paper program had a weighted-average effective interest rate of 4.74% and 5.21% at September 27, 2025 and December 31, 2024, respectively. ​ Long-term debt consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 27, | ​ | December 31,
(thousands) |  | 2025 |  | 2024
Revolving credit facility | ​ | $ | — | ​ | $ | 30,000
North American asset securitization program | ​ |  | 1,005,000 | ​ |  | 633,000
7.50% senior debentures, due 2027 | ​ |  | 110,327 | ​ |  | 110,266
3.875% notes, due 2028 | ​ |  | 498,301 | ​ |  | 497,775
5.15% notes, due 2029 | ​ |  | 495,904 | ​ |  | 495,209
2.95% notes, due 2032 | ​ |  | 495,991 | ​ |  | 495,576
5.875% notes, due 2034 | ​ |  | 495,317 | ​ |  | 494,986
Other obligations with various interest rates and due dates | ​ |  | 17,828 | ​ |  | 16,971
​ | ​ | $ | 3,118,668 | ​ | $ | 2,773,783
​ The 7.50% senior debentures are not redeemable prior to their maturity. All other notes may be called at the option of the company subject to “make whole” clauses. The estimated fair market value of long-term debt, using quoted market prices, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 27, | ​ | December 31,
(thousands) |  | 2025 |  | 2024
7.50% senior debentures, due 2027 | ​ | $ | 114,500 | ​ | $ | 115,000
3.875% notes, due 2028 | ​ | ​ | 494,000 | ​ | ​ | 481,500
5.15% notes, due 2029 | ​ |  | 511,000 | ​ |  | 498,000
2.95% notes, due 2032 | ​ |  | 446,000 | ​ |  | 426,000
5.875% notes, due 2034 | ​ |  | 522,500 | ​ |  | 502,500
​ The carrying amount of the company’s other short-term borrowings, North American asset securitization program and other obligations approximate their fair value. The company has a $2.0 billion revolving credit facility that may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness, acquisitions, and as support for the company’s commercial paper program, as applicable. In June 2025, the company amended its revolving credit facility and, among other things, extended its term to mature in June 2030. Interest on borrowings under the revolving credit facility is calculated using a base rate or SOFR, plus a spread (1.08% at September 27, 2025), which is based on the company’s credit ratings, or a weighted-average effective interest rate of 5.34% at September 27, 2025. The effective interest rate was 5.48% at December 31, 2024. The facility fee, which is based on the company’s credit ratings, was 0.175% of the total borrowing capacity at September 27, 2025. The company had no outstanding borrowings and $30.0 million in outstanding borrowings under the revolving credit facility at September 27, 2025 and December 31, 2024, respectively. The company has a North American asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $1.5 billion under the program which matures in September 2027. The program is conducted through AFC, a wholly-owned, bankruptcy-remote subsidiary. The North American asset securitization program does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company’s consolidated balance sheets. Interest on borrowings is calculated using a base rate plus a spread (0.40% at September 27, 2025) and a credit spread adjustment of 0.10% or an effective interest rate of 4.66% at September 27, 2025. The effective interest rate was 4.83% at December 31, 2024. The facility fee is 0.40% of the total borrowing capacity. ​ The company had $1.0 billion and $633.0 million in outstanding borrowings under the North American asset securitization program at September 27, 2025 and December 31, 2024, respectively, which was included in “Long-term debt” on the company’s consolidated balance sheets. Total collateralized accounts receivable of approximately $2.7 billion and $3.0 billion were held by AFC and were included in “Accounts receivable, net” on the company’s consolidated balance sheets at September 27, 2025 and December 31, 2024, respectively. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings of the company before repayment of any outstanding borrowings under the North American asset securitization program. Both the revolving credit facility and North American asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. As of September 27, 2025, the company was in compliance with all such financial covenants. In the second quarter of 2025, the company repaid in full the $350.0 million principal amount of its 4.00% notes due April 2025. Interest and dividend income of $9.9 million and $28.4 million for the third quarter and first nine months of 2025, respectively, and $10.3 million and $44.6 million for the third quarter and first nine months of 2024, respectively, were recorded in “Interest and other financing expense, net” within the company’s consolidated statements of operations.

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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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