Debt, Revolving Credit Facility and Commercial Paper Program

6 Months Ended

Jun. 27, 2026

Debt Disclosure [Abstract]

Debt, Revolving Credit Facility and Commercial Paper Program

Debt, Revolving Credit Facility and Commercial Paper Program

Debt

The Company’s debt as of June 27, 2026 and December 27, 2025 consisted of the following:

	June 27, 2026		December 27, 2025
	(In millions)
4.212% Senior Notes Due 2026 (4.212% Notes)	$	875	$	875
4.319% Senior Notes Due 2028 (4.319% Notes)	625		625
2.375% Senior Notes Due 2030 (2.375% Notes)	750		750
3.924% Senior Notes Due 2032 (3.924% Notes)	500		500
4.393% Senior Notes Due 2052 (4.393% Notes)	500		500
Total debt (principal amount)	3,250		3,250
Unamortized debt discount and issuance costs	(24)		(28)
Total debt (net)	3,226		3,222
Less: current portion of long-term debt and related unamortized debt issuance costs	(875)		(874)
Total long-term debt (net)	$	2,351	$	2,348

4.212% Senior Notes Due 2026 and 4.319% Senior Notes Due 2028

On March 24, 2025, the Company issued 4.212% Notes and 4.319% Notes in aggregate principal amount of $1.5 billion, which are general unsecured senior obligations of the Company. The interest is payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2025.

The Company may redeem some or all of the 4.212% Notes prior to September 24, 2026 and the 4.319% Notes prior to February 24, 2028 at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the debt or 100% of the principal amount plus accrued and unpaid interest. On or after February 24, 2028, the Company may also redeem some or all of the 4.319% Notes at 100% of the principal amount plus accrued and unpaid interest. Holders of the 4.212% Notes and the 4.319% Notes have the right to require the Company to repurchase all or a portion of their notes at 101% of the principal amount plus accrued and unpaid interest if the Company undergoes a change of control. An event of default may also accelerate the maturity of the 4.212% Notes and 4.319% Notes.

2.375% Senior Notes Due 2030, 3.924% Senior Notes Due 2032 and 4.393% Senior Notes Due 2052

The 2.375% Notes, 3.924% Notes and 4.393% Notes are general unsecured senior obligations of the Company with semi-annual fixed interest payments due on June 1 and December 1.

The Company may redeem some or all of the 2.375% Notes, 3.924% Notes and 4.393% Notes prior to March 1, 2030, March 1, 2032 and December 1, 2051, respectively, at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the 2.375% Notes, 3.924% Notes or 4.393% Notes or 100% of the principal amount plus accrued and unpaid interest. Holders have the right to require the Company to repurchase all or a portion of the 3.924% Notes or 4.393% Notes in the event that the Company undergoes a change of control as defined in the indenture, at a repurchase price of 101% of the principal amount plus accrued and unpaid interest. Additionally, an event of default may result in the acceleration of the maturity of the 2.375% Notes, 3.924% Notes and 4.393% Notes.

As of June 27, 2026, the Company was in compliance with the covenants associated with its notes.

Revolving Credit Facility

In May 2026, the Company entered into a five-year, $5.0 billion unsecured revolving credit facility (the Revolving Facility), replacing its prior $3.0 billion revolving credit facility entered into in April 2022. Under the Revolving Facility, the Company can borrow, repay, and reborrow at any time prior to the earlier of the fifth anniversary of the Revolving Facility and termination of commitments. Up to $250 million of the Revolving Facility may be used for the issuance of letters of credit, which reduces the aggregate amount otherwise available for revolving loans. Borrowings under the Revolving Facility bear interest at variable market rates based on prevailing short‑term market benchmarks, plus an applicable margin based on the Company's credit ratings. The Revolving Facility also requires payment of customary fees, including a commitment fee on unused commitments. As of June 27, 2026, the Company was in compliance with the covenants under the Revolving Facility. As of June 27, 2026 and December 27, 2025, the Company had no outstanding balance under its Revolving Facility.

Commercial Paper

The Company has a commercial paper program under which it can issue unsecured commercial paper notes. In May 2026, the Company increased to $5.5 billion, from $3.0 billion, the maximum aggregate amount outstanding at any time of unsecured commercial paper notes which the Company may issue on a private placement basis under the commercial paper program. The Company can issue unsecured commercial paper notes at any time with maturities of up to 397 days from the date of issue. The commercial paper will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of the issuance. As of June 27, 2026 and December 27, 2025, the Company had no commercial paper outstanding.