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SHORT AND LONG-TERM DEBT
 9 Months Ended
Sep. 27, 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 September 27, 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 September 27, 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:
September 27, 2026
December 31, 2025
Short-term foreign bank borrowings against lines of credit$166,896$218,546
U.S. commercial paper269,116—
Total short-term debt$436,012$218,546
Weighted average interest rate on outstanding commercial paper4.0 %— %
Long-term Debt
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
September 27, 2026December 31, 2025
2.300% Notes (1)
August 15, 2026— 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)
75,64673,510
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(28,808)(32,628)
Total long-term debt4,690,477 5,184,521 
Less—current portion197,843503,327
Long-term portion$4,492,634 $4,681,194 
(1) In August 2026, we repaid $500,000 of 2.300% Notes due upon their maturity.
Interest Expense
Net interest expense consists of the following:
Three Months EndedNine Months Ended
September 27, 2026September 28, 2025September 27, 2026September 28, 2025
Interest expense$56,060 $61,456 $170,749 $176,817 
Capitalized interest(2,870)(2,257)(7,055)(9,732)
Interest expense
53,190 59,199 163,694 167,085 
Interest income(4,515)(7,725)(15,238)(24,954)
Interest expense, net
$48,675 $51,474 $148,456 $142,131