DEBT AND CREDIT ARRANGEMENTS (Tables)

12 Months Ended

Jan. 03, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt, Net

Long-term debt, net, is summarized below:

(In millions)	January 3, 2025	December 29, 2023
Variable-rate debt:
Term Loan 2025	$—	$2,250
Fixed-rate debt:(1)
3.95% 2024 Notes	—	350
3.832% notes, due April 2025(2)(3)	600	600
7.00% debentures, due January 2026(4)	100	100
3.85% notes, due December 2026(2)	550	550
5.40% notes, due January 2027 (“5.40% 2027 Notes”)(2)(3)(5)	1,250	1,250
6.35% debentures, due February 2028(2)	26	26
4.40% notes, due June 2028(2)(3)	1,850	1,850
5.05% notes, due June 2029 (“5.05% 2029 Notes”)(2)(3)	750	—
2.90% notes, due December 2029(2)	400	400
1.80% notes, due January 2031(2)(3)	650	650
5.25% notes, due June 2031 (“5.25% 2031 Notes”)(2)(3)	750	—
5.40% notes, due July 2033 (“5.40% 2033 Notes”)(2)(3)(5)	1,500	1,500
5.35% notes, due June 2034 (“5.35% 2034 Notes”)(2)(3)	750	—
4.854% notes, due April 2035(2)(3)	400	400
6.15% notes, due December 2040(2)(3)	300	300
5.054% notes, due April 2045(2)(3)	500	500
5.60% notes, due July 2053 (“5.60% 2053 Notes”)(2)(3)(5)	500	500
5.50% notes, due August 2054 (“5.50% 2054 Notes”)(2)(3)	600	—
Total variable and fixed-rate debt	11,476	11,226
Financing lease obligations and other debt	288	300
Long-term debt, including the current portion of long-term debt	11,764	11,526
Plus: unamortized bond premium	38	51
Less: unamortized discounts and issuance costs	(81)	(54)
Long-term debt, including the current portion of long-term debt, net	11,721	11,523
Less: current portion of long-term debt, net	(640)	(363)
Total long-term debt, net	$11,081	$11,160

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(1)All fixed-rate notes and debentures rank equally in right of payment.

(2)We may redeem these notes, in whole or in part, at our option, at a pre-determined redemption price pursuant to their terms prior to the

applicable maturity date.

(3)Upon change of control combined with a below-investment-grade rating event, we may be required to make an offer to repurchase these

notes at a pre-determined price pursuant to their terms.

(4)The debentures are not redeemable prior to maturity.

(5)Collectively, the “AJRD Notes.”

Schedule of Estimated Fair Values of Long-term Debt

The following table presents the carrying amounts and estimated fair values of our long-term debt:

	January 3, 2025		December 29, 2023
(In millions)	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Term Loan 2025(1)	$—	$—	$2,250	$2,250
All other long-term debt, net (including current portion)(2)	11,721	11,467	9,273	9,199
Long-term debt, including the current portion of long-term debt, net	$11,721	$11,467	$11,523	$11,449

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(1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate.

(2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If long-

term debt were measured at fair value in our consolidated balance sheet, it would be categorized as Level 2 within the fair value hierarchy.