CREDIT AGREEMENTS AND BORROWINGS (Tables)

9 Months Ended

Sep. 26, 2026

Schedule of Current Portion of Long-Term Borrowings and Other Short-Term Borrowings

The Company’s Current portion of long-term borrowings and other short-term borrowings consists of the following as of:


(in millions)	September 26, 2026		December 31, 2025
Current portion of long-term debt (1)	$	28	$	76
Other short-term debt	1		1
Total	$	29	$	77

(1) Consists of a portion of the secured Dollar Term Loans (as defined herein) bearing variable interest rate.

Schedule of Long-Term Borrowings

The long-term borrowings and the effective interest rates are summarized as follows as of:


		September 26, 2026				December 31, 2025
	Maturity dates by fiscal year	Amount (in millions)		Average effective interest rate		Amount (in millions)		Average effective interest rate
Long-term borrowings
Unsecured debt
Fixed	2029	$	2,500	5.61	%	$	2,500	5.61	%
Total unsecured debt		2,500				2,500
Secured debt
Fixed	2029 - 2033	7,500		4.81	%	6,000		4.79	%

Variable	2026 - 2033	2,743		6.07	%	4,255		7.10	%
Total secured debt		10,243				10,255
Total debt		12,743				12,755
Less: amounts due within one year		(28)				(76)
Other (1)		(164)				(195)
Total long-term borrowings		$	12,551			$	12,484

(1) Includes deferred financing costs and embedded derivative related to the Dollar Term Loans (as defined herein).

The fair value of the Company’s long-term borrowings as of September 26, 2026 and December 31, 2025 was based on recent trades as reported by a third-party bond pricing service and summarized as follows. Due to the infrequency of trades, these inputs are considered to be Level 2 inputs.


(in millions)	September 26, 2026		December 31, 2025
Dollar Term Loans	$	2,738	$	4,276
3.875% fixed rate notes	4,301		4,399
5.000% fixed rate notes	1,206		—
5.250% fixed rate notes	3,162		2,516
6.250% fixed rate notes	1,009		1,553

Schedule of Maturities of Long-Term Debt

Future aggregate principal amounts for the remainder of fiscal year 2026 and over the next four years and thereafter are as follows:


(in millions)	Debt Maturities
2026	$	14
2027	28
2028	27
2029	8,027
2030	28
Thereafter	4,619
	$	12,743

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details