v3.25.2
Debt
 6 Months Ended
Jun. 29, 2025
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
June 29, 2025December 31, 2024
Fixed-rate notes due:Interest rate:
April 20253.250%$— $750 
May 20253.500%— 750 
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
August 20354.950%750 — 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
Commercial paper4.396%700 — 
OtherVarious80 76 
Total debt principal8,780 8,826 
Less unamortized debt issuance costs and discounts68 64 
Total debt8,712 8,762 
Less current portion1,204 1,502 
Long-term debt$7,508 $7,260 
In May 2025, we issued $750 of fixed-rate notes maturing in August 2035. The proceeds were used to repay fixed-rate notes of $750 that matured in May 2025. In late March 2025, we repaid fixed-rate notes of $750 prior to their scheduled maturity on April 1, 2025 with cash on hand and commercial paper issuances.
On June 29, 2025, we had $700 of commercial paper outstanding, with a dollar-weighted average interest rate of 4.396%. Separately, we have $5 billion in committed bank credit facilities for general corporate purposes and working capital needs and to support our commercial paper issuances. These credit facilities include a $4 billion facility expiring March 2027 and a $1 billion 364-day facility that we established in early April 2025. We may renew or replace these credit facilities in whole or in part at or prior to their expiration date. We also have an effective shelf registration on file with the SEC that allows us to access the debt markets.
Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants and restrictions on June 29, 2025.