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SHORT AND LONG-TERM DEBT
 9 Months Ended
Oct. 03, 2021
Debt Disclosure [Abstract]  
Short and Long-Term Debt SHORT AND LONG-TERM DEBT
Short-term Debt
As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.5 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. This facility is scheduled to expire on July 2, 2024; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility.
The credit agreement contains certain financial and other covenants, customary representations, warranties and events of default. As of October 3, 2021, we were in compliance with all covenants pertaining to the credit agreement, and we had no significant compensating balance agreements that legally restricted these funds. For more information, refer to the Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K.
In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:
October 3, 2021December 31, 2020
Short-term foreign bank borrowings against lines of credit$65,398$74,041
U.S. commercial paper344,976—
Total short-term debt$410,374$74,041
Weighted average interest rate on outstanding commercial paper0.1 %N/A

Long-term Debt
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
October 3, 2021December 31, 2020
8.800% Debentures (1)
February 15, 2021$— $84,715 
3.100% Notes (2)
May 15, 2021— 350,000 
2.625% Notes
May 1, 2023250,000 250,000 
3.375% Notes
May 15, 2023500,000 500,000 
2.050% Notes
November 15, 2024300,000 300,000 
0.900% Notes
June 1, 2025300,000 300,000 
3.200% Notes
August 21, 2025300,000 300,000 
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
2.450% Notes
November 15, 2029300,000 300,000 
1.700% Notes
June 1, 2030350,000 350,000 
3.375% Notes
August 15, 2046300,000 300,000 
3.125% Notes
November 15, 2049400,000400,000
2.650% Notes
June 1, 2050350,000350,000
Finance lease obligations (see Note 7)
78,24680,755
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(23,914)(30,525)
Total long-term debt4,097,971 4,528,584 
Less—current portion2,812438,829
Long-term portion$4,095,159 $4,089,755 
(1)In February 2021, we repaid $84,715 of 8.800% Debentures due upon their maturity.
(2)In May 2021, we repaid $350,000 of 3.100% Notes due upon their maturity.
Interest Expense
Net interest expense consists of the following:
Three Months EndedNine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Interest expense$33,066 $39,720 $106,597 $119,496 
Capitalized interest
(2,380)(1,664)(7,181)(4,745)
Interest expense
30,686 38,056 99,416 114,751 
Interest income(532)(798)(1,761)(3,159)
Interest expense, net
$30,154 $37,258 $97,655 $111,592