v3.23.3
SHORT AND LONG-TERM DEBT (Tables)
9 Months Ended
Oct. 01, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Debt Short-term debt consisted of the following:
October 1, 2023December 31, 2022
Short-term foreign bank borrowings against lines of credit$181,988$135,555
U.S. commercial paper637,892558,235
Total short-term debt$819,880$693,790
Weighted average interest rate on outstanding commercial paper5.4 %4.3 %
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following:
Debt Type and Rate
Maturity Date
October 1, 2023December 31, 2022
2.625% Notes (1)
May 1, 2023— 250,000 
3.375% Notes (1)
May 15, 2023— 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 
4.250% Notes (2)
May 4, 2028350,000 — 
2.450% Notes
November 15, 2029300,000 300,000 
1.700% Notes
June 1, 2030350,000 350,000 
4.500% Notes (2)
May 4, 2033400,000 — 
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)
72,69673,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(22,457)(19,563)
Total long-term debt4,093,878 4,097,555 
Less—current portion7,791753,578
Long-term portion$4,086,087 $3,343,977 
(1) In May 2023, we repaid $250,000 of 2.625% Notes and $500,000 of 3.375% Notes due upon their maturity.
(2) During the second quarter of 2023, we issued $350,000 of 4.250% Notes due in May 2028 and $400,000 of 4.500% Notes due in May 2033 (the “2023 Notes”). Proceeds from the issuance of the 2023 Notes, net of discounts and issuance costs, totaled $744,092. The 2023 Notes were issued under a shelf registration on Form S-3 filed in May 2021 that registered an indeterminate amount of debt securities.
Schedule of Net Interest Expense Net interest expense consists of the following:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
Interest expense$45,776 $38,520 $132,175 $109,526 
Capitalized interest(3,932)(2,487)(10,720)(6,155)
Interest expense
41,844 36,033 121,455 103,371 
Interest income(2,089)(655)(7,354)(1,401)
Interest expense, net
$39,755 $35,378 $114,101 $101,970