Quarterly report pursuant to Section 13 or 15(d)

Debt and Revolving Facility

v3.24.3
Debt and Revolving Facility
 9 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Debt and Revolving Facility Debt, Revolving Credit Facility and Commercial Paper Program
Debt
The Company’s total debt as of September 28, 2024 and December 30, 2023 consisted of the following:
September 28,
2024		 December 30,
2023
(In millions)
2.95% Senior Notes Due 2024 (2.95% Notes) $ —  $ 750 
2.375% Senior Notes Due 2030 (2.375% Notes) 750  750 
3.924% Senior Notes Due 2032 (3.924% Notes)
 500  500 
4.393% Senior Notes Due 2052 (4.393% Notes)
 500  500 
Total debt (principal amount) 1,750  2,500 
Unamortized debt discount and issuance costs (30) (32)
Total debt (net) 1,720  2,468 
Less: current portion of long-term debt and related unamortized debt premium and issuance costs
 —  (751)
Total long-term debt $ 1,720  $ 1,717 
2.95% Senior Notes Due 2024
The 2.95% Notes with a principal amount of $750 million were repaid in June 2024.
2.375% Senior Notes Due 2030, 3.924% Senior Notes Due 2032 and 4.393% Senior Notes Due 2052
The 2.375% Notes, 3.924% Notes and 4.393% Notes are general unsecured senior obligations of the Company with semi-annual fixed interest payments due on June 1 and December 1.
As of September 28, 2024, the Company was in compliance with the covenants associated with its debt.
Revolving Credit Facility
The Company has $3.0 billion available under an unsecured revolving credit facility that expires on April 29, 2027. During the three and nine months ended September 28, 2024, the Company did not borrow under the revolving credit facility and as of September 28, 2024 and December 30, 2023, the Company had no outstanding borrowings under the revolving credit facility. As of September 28, 2024, the Company was in compliance with the covenants under the revolving credit facility.
Commercial Paper Program
The Company has a commercial paper program under which it can issue unsecured commercial paper notes up to $3.0 billion. During the three and nine months ended September 28, 2024, the Company did not issue any commercial paper under the program and as of September 28, 2024 and December 30, 2023, the Company had no commercial paper outstanding.