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SHORT AND LONG-TERM DEBT
 6 Months Ended
Jun. 28, 2026
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. As of June 28, 2026, we maintained a $1.875 billion unsecured revolving credit facility with the option to increase the aggregate amount of the commitments by up to $1 billion with the consent of the lenders. The credit facility is scheduled to expire on October 21, 2030; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility.
The credit agreements governing the credit facility contain certain financial and other covenants, customary representations, warranties and events of default. As of June 28, 2026, 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 2025 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 28, 2026
December 31, 2025
Short-term foreign bank borrowings against lines of credit$157,274$218,546
U.S. commercial paper264,271—
Total short-term debt$421,545$218,546
Weighted average interest rate on outstanding commercial paper3.7 %— %
Long-term Debt
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
June 28, 2026December 31, 2025
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
4.550% Notes
February 24, 2028500,000 500,000 
4.250% Notes
May 4, 2028350,000 350,000 
2.450% Notes
November 15, 2029300,000 300,000 
4.750% Notes
February 24, 2030500,000 500,000 
1.700% Notes
June 1, 2030350,000 350,000 
4.950% Notes
February 24, 2032500,000 500,000 
4.500% Notes
May 4, 2033400,000 400,000 
5.100% Notes
February 24, 2035500,000 500,000 
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)
75,54173,510
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(30,045)(32,628)
Total long-term debt5,189,135 5,184,521 
Less—current portion504,167503,327
Long-term portion$4,684,968 $4,681,194 
Interest Expense
Net interest expense consists of the following:
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Interest expense$57,813 $60,445 $114,689 $115,361 
Capitalized interest(2,059)(3,166)(4,185)(7,475)
Interest expense
55,754 57,279 110,504 107,886 
Interest income(5,791)(11,244)(10,723)(17,229)
Interest expense, net
$49,963 $46,035 $99,781 $90,657