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SHORT AND LONG-TERM DEBT
 9 Months Ended
Sep. 29, 2024
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 $1.35 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. The credit facility is scheduled to expire on April 26, 2028; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent.
The credit agreements governing the credit facility contain certain financial and other covenants, customary representations, warranties and events of default. As of September 29, 2024, we were in compliance with all covenants pertaining to the credit facility, and we had no significant compensating balance agreements that legally restricted access to these funds. For more information, refer to the Consolidated Financial Statements included in our 2023 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:
September 29, 2024December 31, 2023
Short-term foreign bank borrowings against lines of credit$200,276$192,278
U.S. commercial paper996,127527,561
Total short-term debt$1,196,403$719,839
Weighted average interest rate on outstanding commercial paper5.1 %5.4 %
Long-term Debt
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
September 29, 2024December 31, 2023
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 
4.250% Notes
May 4, 2028350,000 350,000 
2.450% Notes
November 15, 2029300,000 300,000 
1.700% Notes
June 1, 2030350,000 350,000 
4.500% Notes
May 4, 2033400,000 400,000 
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)
73,39076,385
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(23,131)(25,834)
Total long-term debt4,093,898 4,094,190 
Less—current portion904,819305,058
Long-term portion$3,189,079 $3,789,132 
Interest Expense
Net interest expense consists of the following:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Interest expense$51,906 $45,776 $148,099 $132,175 
Capitalized interest(5,343)(3,932)(15,620)(10,720)
Interest expense
46,563 41,844 132,479 121,455 
Interest income(2,247)(2,089)(6,968)(7,354)
Interest expense, net
$44,316 $39,755 $125,511 $114,101