Borrowings (Tables)

6 Months Ended

Jul. 02, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The components of the Company’s debt as of July 2, 2023 and January 1, 2023 were as follows:

(Dollars in Millions)	July 2, 2023		January 1, 2023
Senior Notes
5.50% Senior Notes due 2025	$	750	$	—
5.35% Senior Notes due 2026	750		—
5.05% Senior Notes due 2028	1,000		—
5.00% Senior Notes due 2030	1,000		—
4.90% Senior Notes due 2033	1,250		—
5.10% Senior Notes due 2043	750		—
5.05% Senior Notes due 2053	1,500		—
5.20% Senior Notes due 2063	750		—
Other	6		—
Discounts and debt issuance costs	(72)		—
Total long-term debt	$	7,684	$	—
Commercial paper	754		—
Discounts and debt issuance costs	(2)		—
Total loans and notes payable	752		—
Total debt	$	8,436	$	—

The amount included in Interest expense, net on the Company’s Condensed Consolidated Statements of Operations consists of the following:

	Fiscal Three Months Ended				Fiscal Six Months Ended
(Dollars in Millions)	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
Interest expense	$	118	$	—	$	129	$	—
Interest income(1)	(65)		—		(75)		—
Interest expense, net	$	53	$	—	$	54	$	—

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(1) Includes interest income of $33 million for both of the fiscal three and six months ended July 2, 2023 recognized in relation to the Facility Agreement.

Schedule of Maturities of Long-Term Debt

The schedule of principal payments required on the Company’s long-term debt for the next five years, including 2023 and thereafter, is as follows:

(Dollars in Millions)
Remainder of 2023		2024		2025		2026		2027		Thereafter
$	—	$	—	$	750	$	750	$	—	$	6,250