Debt (Tables)

6 Months Ended

Jun. 29, 2024

Debt

Schedule of short-term borrowings, including current portion of long-term debt

	June 29,		December 31,
(thousands)	2024		2023
3.25% notes, due September 2024	$	499,686	$	499,224
4.00% notes, due April 2025		349,534		—
Commercial paper		—		1,121,882
Other short-term borrowings		11,318		32,848
	$	860,538	$	1,653,954

Schedule of long-term debt

	June 29,		December 31,
(thousands)	2024		2023
North American asset securitization program	$	860,000	$	198,000
4.00% notes, due 2025		—		349,061
6.125% notes, due 2026 (a)		—		497,661
7.50% senior debentures, due 2027		110,225		110,184
3.875% notes, due 2028		497,433		497,098
2.95% notes, due 2032		495,305		495,039
5.875% notes, due 2034		494,772		—
Other obligations with various interest rates and due dates		21,578		6,510
	$	2,479,313	$	2,153,553

(a) Upon issuance of the 6.125% notes due March 2026, the company entered into an interest rate swap, which effectively converted the 6.125% notes to floating rate notes based on the SOFR + 0.508%, or an effective interest rate of 5.83% as of March 30, 2024. In March 2024, the company received a notice from the swap counterparty to terminate the swap without penalty. The effective date of cancellation was April 1, 2024. Refer to Note H.

Schedule of estimated fair market value of long-term debt, using quoted market prices

	June 29,		December 31,
(thousands)	2024		2023
4.00% notes, due 2025	$	—	$	343,500
6.125% notes, due 2026		—		502,000
7.50% senior debentures, due 2027		115,500		117,000
3.875% notes, due 2028		473,500		475,000
2.95% notes, due 2032		418,000		425,000
5.875% notes, due 2034		495,500		—