Debt, Revolving Credit Facility and Commercial Paper Program

9 Months Ended

Sep. 26, 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 September 26, 2026 and December 27, 2025 consisted of the following:

	September 26, 2026		December 27, 2025
	(In millions)
4.212% Senior Notes Due 2026 (4.212% Notes)	$	—	$	875
4.319% Senior Notes Due 2028 (4.319% Notes)	625		625
4.600% Senior Notes Due 2029 (4.600% Notes)	1,250		—
2.375% Senior Notes Due 2030 (2.375% Notes)	750		750
5.000% Senior Notes Due 2031 (5.000% Notes)	1,500		—
3.924% Senior Notes Due 2032 (3.924% Notes)	500		500
5.250% Senior Notes Due 2033 (5.250% Notes)	1,000		—
5.500% Senior Notes Due 2036 (5.500% Notes)	1,000		—
4.393% Senior Notes Due 2052 (4.393% Notes)	500		500
Total debt (principal amount)	7,125		3,250
Unamortized debt discount and issuance costs	(46)		(28)
Total debt (net)	7,079		3,222
Less: current portion of long-term debt and related unamortized debt issuance costs	—		(874)
Total long-term debt (net)	$	7,079	$	2,348

Senior Notes

The Company repaid in full the $875 million aggregate principal amount of its 4.212% Senior Notes as the notes matured in September 2026.

The Company's senior notes are general unsecured senior obligations with semi-annual fixed interest payments. On August 17, 2026, the Company issued $4.75 billion aggregate principal amount of senior notes consisting of $1.25 billion of 4.600% Notes, $1.50 billion of 5.000% Notes, $1.00 billion of 5.250% Notes and $1.00 billion of 5.500% Notes (collectively, the August 2026 Notes), payable semi-annually on February 17 and August 17 of each year, commencing February 17, 2027. The 4.319% Notes pay interest on March 24 and September 24 of each year. The 2.375% Notes, 3.924% Notes and 4.393% Notes pay interest on June 1 and December 1 of each year.

Each series of the Company's senior notes is redeemable at the Company's option prior to maturity, subject to certain conditions, including payment of a make-whole premium. Holders of all series except the 2.375% Notes have the right to require the Company to repurchase their notes at 101% of the principal amount plus accrued and unpaid interest upon a change of control. An event of default may accelerate the maturity of any series. As of September 26, 2026, the Company was in compliance with the covenants associated with all of its notes.

Revolving Credit Facility

The Company entered into a five-year, $5.0 billion unsecured revolving credit facility (the Revolving Facility) in May 2026 to replace its prior $3.0 billion facility. Subject to certain conditions, the Company may borrow, repay and reborrow under the Revolving Facility, with up to $250 million available for letters of credit, which reduces the aggregate amount otherwise available for revolving loans. Borrowings bear interest at variable market rates plus an applicable margin based on the Company's credit ratings. The Company pays a commitment fee on unused commitments. As of September 26, 2026 and December 27, 2025, the Company had no outstanding balance under the Revolving Facility and was in compliance with all associated covenants.

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. 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 September 26, 2026 and December 27, 2025, the Company had no commercial paper outstanding.