v3.25.4
Borrowings
 12 Months Ended
Dec. 28, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of long-term debt are as follows:
(Dollars in Millions)2025 2024
2.625% Notes due 2025
$—750
0.55% Notes due 2025
—999
2.45% Notes due 2026
2,0001,999
2.95% Notes due 2027
968927
0.95% Notes due 2027
1,4991,458
4.50% Notes due 2027(4)
749—
1.150% Notes due 2028 (750MM Euro 1.1785)(1)/(750MM Euro 1.0401)(2)
882777
2.90% Notes due 2028
1,4981,498
4.55% Notes due 2028(4)
748—
6.95% Notes due 2029
299 298
4.80% Notes due 2029
1,1471,146
2.70% Notes due 2029 (4) (600MM Euro 1.1785)(1)
707—
1.30% Notes due 2030
1,6931,646
4.70% Notes due 2030(4)
996—
4.90% Notes due 2031
1,1461,145
3.20% Notes due 2032 (700MM Euro 1.1785)(1)/($700MM Euro 1.0401)(2)
822725
4.85% Notes due 2032(4)
1,243—
4.95% Notes due 2033
499499
4.375% Notes due 2033
853854
3.05% Notes due 2033(4) ( 700MM Euro 1.1785)(1)
823—
4.95% Notes due 2034
847846

1.650% Notes due 2035 (1.5B Euro 1.1785)(1)/(1.5B Euro 1.0401)(2)
1,7581,550
5.00% Notes due 2035(4)
1,244—
3.35% Notes due 2036 (800MM Euro 1.1785)(1)(800MM Euro 1.0401)(2)
938827
3.587% Notes due 2036
919869
5.95% Notes due 2037
995 994
3.625% Notes due 2037
1,4091,358
3.35% Notes due 2037(4) (1B Euro 1.1785)(1)
1,176—
5.85% Notes due 2038
697 697
3.40% Notes due 2038
994993
4.50% Notes due 2040
542 541
2.10% Notes due 2040
898845
4.85% Notes due 2041
298297
4.50% Notes due 2043
497496
3.55% Notes due 2044 (1B Euro 1.1785)(1)(1B Euro 1.0401)(2)
1,1681,030
3.60% Notes due 2045(4) (700MM Euro 1.1785)(1)
819—
3.73% Notes due 2046
1,9791,978
3.75% Notes due 2047
876822
3.50% Notes due 2048
744744
2.25% Notes due 2050
861808
5.25% Notes due 2054
843843
3.70% Notes due 2055(4) (1B Euro 1.1785)(1)
1,173—
2.45% Notes due 2060
1,1121,058
Other79 83
Subtotal41,438
(3)
32,400
(3)
Less current portion2,000 1,749
Total long-term debt$39,438 $30,651
(1)Translation rate at December 28, 2025.
(2)Translation rate at December 29, 2024.
(3)The excess of the carrying value over the fair value of debt was $1.7 billion and $2.0 billion at the end of the fiscal year 2025 and the fiscal year 2024, respectively.
(4)In the fiscal first quarter of 2025, the Company issued senior unsecured notes for approximately $9.2 billion. The net proceeds from this offering were used to fund the Intra-Cellular Therapies, Inc. acquisition which closed on April 2, 2025, and for general corporate purposes.
Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.
The Company has access to substantial sources of funds at numerous banks worldwide. In June 2025, the Company secured a new 364-day Credit Facility of $10 billion, which expires on June 24, 2026. Interest charged on borrowings under the credit line agreement is based on either the Term SOFR Reference Rate or other applicable market rates as allowed under the terms of the agreement, plus applicable margins. Commitment fees under the agreements are not material.
Throughout fiscal years 2025 and 2024, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $8.5 billion and $6.0 billion at the end of fiscal years 2025 and 2024, respectively. The current portion of the long-term debt was $2.0 billion and $1.7 billion in 2025 and 2024, respectively, and the remainder is commercial paper and local borrowing by international subsidiaries.
The current debt balance as of December 28, 2025 includes $6.5 billion of commercial paper which has a weighted average interest rate of 3.81% and a weighted average maturity of approximately two months. The current debt balance as of December 29, 2024 includes $4.1 billion of commercial paper which has a weighted average interest rate of 4.46% and a weighted average maturity of approximately two months.
Aggregate maturities of long-term debt obligations commencing in 2026 are:
(Dollars in Millions)
20262027202820292030After 2030
$2,0003,2163,1282,1532,68928,252