v3.26.1
Borrowings
 6 Months Ended
Jun. 28, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of the Company’s debt as of June 28, 2026 and December 28, 2025 were as follows:

(Dollars in Millions)June 28, 2026December 28, 2025
Senior Notes(1)
5.35% Senior Notes due 2026
$— $750 
5.05% Senior Notes due 2028
1,000 1,000 
5.00% Senior Notes due 2030
1,000 1,000 
4.85% Senior Notes due 2032
750 750 
4.90% Senior Notes due 2033
1,250 1,250 
5.10% Senior Notes due 2043
750 750 
5.05% Senior Notes due 2053
1,500 1,500 
5.20% Senior Notes due 2063
750 750 
Other(2)
134 134 
Discounts and debt issuance costs(60)(63)
Total7,074 7,821 
Less: Current portion of long-term debt—principal amount, net of discounts and debt issuance costs— (750)
Total long-term debt7,074 7,071 
Current portion of long-term debt—principal amount— 750 
Commercial paper1,405 700 
Discounts and debt issuance costs(2)(2)
Other3 5 
Total loans and notes payable1,406 1,453 
Total debt$8,480 $8,524 
(1) On May 22, 2025, the Company issued a series of senior unsecured notes maturing in 2032 in an aggregate principal amount of $750 million. These notes, collectively with the series of senior unsecured notes issued on March 22, 2023, are referred to as the “Senior Notes.”
(2) Other consists primarily of finance lease liabilities.

Interest Expense, Net

The amount included in Interest expense, net in the Condensed Consolidated Statements of Operations for the fiscal three and six months ended June 28, 2026 and June 29, 2025 consisted of the following:

Fiscal Three Months EndedFiscal Six Months Ended
(Dollars in Millions)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Interest expense$103 $107 $209 $214 
Interest income
(13)(13)(24)(26)
Total interest expense, net$90 $94 $185 $188 

Fair Value of Debt

The Company’s debt was recorded at the carrying amount. The estimated fair value of the Company’s Senior Notes was $6.8 billion and $7.6 billion as of June 28, 2026 and December 28, 2025, respectively. Fair value was estimated based upon quoted market prices in active markets, which would be considered Level 2 in the fair value hierarchy. The carrying value of the commercial paper notes approximated the fair value as of June 28, 2026 and December 28, 2025 due to the nature and short-term duration of the instrument.