v3.26.1
Debt, Revolving Credit Facility and Commercial Paper Program
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Debt, Revolving Credit Facility and Commercial Paper Program Debt, Revolving Credit Facility and Commercial Paper Program
Debt
The Company’s debt as of March 28, 2026 and December 27, 2025 consisted of the following:
March 28,
2026		December 27,
2025
(In millions)
4.212% Senior Notes Due 2026 (4.212% Notes)
$875 $875 
4.319% Senior Notes Due 2028 (4.319% Notes)
625 625 
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)
3,250 3,250 
Unamortized debt discount and issuance costs(26)(28)
Total debt (net)
3,224 3,222 
Less: current portion of long-term debt and related unamortized debt issuance costs
(874)(874)
Total long-term debt (net)
$2,350 $2,348 
4.212% Senior Notes Due 2026 and 4.319% Senior Notes Due 2028
On March 24, 2025, the Company issued 4.212% Notes and 4.319% Notes in aggregate principal amount of $1.5 billion, which are general unsecured senior obligations of the Company. The interest is payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2025.
The Company may redeem some or all of the 4.212% Notes prior to September 24, 2026 and the 4.319% Notes prior to February 24, 2028 at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the debt or 100% of the principal amount plus accrued and unpaid interest. On or after February 24, 2028, the Company may also redeem some or all of the 4.319% Notes at 100% of the principal amount plus accrued and unpaid interest.
Holders of the 4.212% Notes and the 4.319% Notes have the right to require the Company to repurchase all or a portion of their notes at 101% of the principal amount plus accrued and unpaid interest if the Company undergoes a change of control. An event of default may also accelerate the maturity of the 4.212% Notes and 4.319% Notes.
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.
The Company may redeem some or all of the 3.924% Notes and 4.393% Notes prior to March 1, 2032 and December 1, 2051, respectively, at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the 3.924% Notes or 4.393% Notes or 100% of the principal amount plus accrued and unpaid interest. Holders have the right to require the Company to repurchase all or a portion of the 3.924% Notes or 4.393% Notes in the event that the Company undergoes a change of control as defined in the indenture, at a repurchase price of 101% of the principal amount plus accrued and unpaid interest. Additionally, an event of default may result in the acceleration of the maturity of the 3.924% Notes and 4.393% Notes.
As of March 28, 2026, the Company was in compliance with the covenants associated with its notes.
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 months ended March 28, 2026, the Company did not draw funds from the revolving credit facility. As of March 28, 2026, the Company was in compliance with the covenants under the revolving credit facility.
Commercial Paper
The Company has a commercial paper program under which it can issue unsecured commercial paper notes up to a principal amount of $3.0 billion at any time with maturities of up to 397 days from the date of issue. The commercial paper will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of the issuance. As of March 28, 2026 and December 27, 2025, the Company had no commercial paper outstanding.