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SHORT AND LONG-TERM DEBT
 3 Months Ended
Mar. 29, 2026
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. As of March 29, 2026, we maintained a $1.875 billion unsecured revolving credit facility with the option to increase the aggregate amount of the commitments by up to $1 billion with the consent of the lenders. The credit facility is scheduled to expire on October 21, 2030; 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 agreements governing the credit facility contain certain financial and other covenants, customary representations, warranties and events of default. As of March 29, 2026, 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 2025 Annual Report on Form 10-K.
In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. We had short-term foreign bank loans against these lines of credit for $169,455 at March 29, 2026 and $218,546 at December 31, 2025. Commitment fees relating to our revolving credit facility and lines of credit are not material.
As of March 29, 2026 and December 31, 2025, we had no outstanding commercial paper.
Long-term Debt
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
March 29, 2026December 31, 2025
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
4.550% Notes
February 24, 2028500,000 500,000 
4.250% Notes
May 4, 2028350,000 350,000 
2.450% Notes
November 15, 2029300,000 300,000 
4.750% Notes
February 24, 2030500,000 500,000 
1.700% Notes
June 1, 2030350,000 350,000 
4.950% Notes
February 24, 2032500,000 500,000 
4.500% Notes
May 4, 2033400,000 400,000 
5.100% Notes
February 24, 2035500,000 500,000 
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)
76,14173,510
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(31,336)(32,628)
Total long-term debt5,188,444 5,184,521 
Less—current portion504,081503,327
Long-term portion$4,684,363 $4,681,194 
Interest Expense
Net interest expense consists of the following:
Three Months Ended
March 29, 2026March 30, 2025
Interest expense$56,876 $54,916 
Capitalized interest(2,126)(4,309)
Interest expense
54,750 50,607 
Interest income(4,932)(5,985)
Interest expense, net
$49,818 $44,622