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SHORT AND LONG-TERM DEBT
 6 Months Ended
Jun. 29, 2025
Debt Disclosure [Abstract]  
SHORT AND LONG-TERM DEBT SHORT AND LONG-TERM DEBT
Short-term Debt
As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.35 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. The credit facility is scheduled to expire on April 26, 2028; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent.
The credit agreements governing the credit facility contain certain financial and other covenants, customary representations, warranties and events of default. As of June 29, 2025, we were in compliance with all covenants pertaining to the credit facility, and we had no significant compensating balance agreements that legally restricted access to these funds. For more information, refer to the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K.
In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:
June 29, 2025December 31, 2024
Short-term foreign bank borrowings against lines of credit$164,968$161,364
U.S. commercial paper—1,145,612
Total short-term debt$164,968$1,306,976
Weighted average interest rate on outstanding commercial paper— %4.5 %
Long-term Debt
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
June 29, 2025December 31, 2024
0.900% Notes (1)
June 1, 2025— 300,000 
3.200% Notes
August 21, 2025300,000 300,000 
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
4.550% Notes (2)
February 24, 2028500,000 — 
4.250% Notes
May 4, 2028350,000 350,000 
2.450% Notes
November 15, 2029300,000 300,000 
4.750% Notes (2)
February 24, 2030500,000 — 
1.700% Notes
June 1, 2030350,000 350,000 
4.950% Notes (2)
February 24, 2032500,000 — 
4.500% Notes
May 4, 2033400,000 400,000 
5.100% Notes (2)
February 24, 2035500,000 — 
3.375% Notes
August 15, 2046300,000 300,000 
3.125% Notes
November 15, 2049400,000400,000
2.650% Notes
June 1, 2050350,000350,000
Finance lease obligations (see Note 7)
71,01773,802
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(35,199)(22,266)
Total long-term debt5,479,457 3,795,175 
Less—current portion303,021604,965
Long-term portion$5,176,436 $3,190,210 
(1) In June 2025, we repaid $300,000 of 0.900% Notes due upon their maturity.
(2) During the first quarter of 2025, we issued $500,000 of 4.550% Notes due in February 2028, $500,000 of 4.750% Notes due in February 2030, $500,000 of 4.950% Notes due in February 2032 and $500,000 of 5.100% Notes due in February 2035 (together, the “2025 Notes”). Proceeds from the issuance of the 2025 Notes, net of discounts and issuance costs, totaled $1,986,026. The 2025 Notes were issued under a shelf registration on Form S-3 filed in May 2024 that registered an indeterminate amount of debt securities.
Interest Expense
Net interest expense consists of the following:
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Interest expense$60,445 $50,149 $115,361 $96,193 
Capitalized interest(3,166)(5,841)(7,475)(10,277)
Interest expense
57,279 44,308 107,886 85,916 
Interest income(11,244)(2,935)(17,229)(4,721)
Interest expense, net
$46,035 $41,373 $90,657 $81,195