DEBT AND CREDIT ARRANGEMENTS (Tables)

12 Months Ended

Dec. 29, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt, Net

Long-term debt, net, is summarized below:

(In millions)	December 29, 2023		December 30, 2022
Variable-rate debt:
Floating rate notes, due March 10, 2023	$	—	$	250
Term loan, due November 21, 2025	2,250		—
Fixed-rate debt:
3.85% notes, due June 15, 2023 (“3.85% 2023 Notes”)	—		800
3.95% notes, due May 28, 2024(1)	350		350
3.832% notes, due April 27, 2025(1)(2)	600		600
7.00% debentures, due January 15, 2026(3)	100		100
3.85% notes, due December 15, 2026(1)	550		550
5.40% notes, due January 15, 2027 (“5.4% 2027 Notes”)(1)(2)	1,250		—
6.35% debentures, due February 1, 2028(1)	26		26
4.40% notes, due June 15, 2028(1)(2)	1,850		1,850
2.90% notes, due December 15, 2029(1)	400		400
1.80% notes, due January 15, 2031(1)(2)	650		650
5.40% notes, due July 31, 2033 (“5.4% 2033 Notes”)(1)(2)	1,500		—
4.854% notes, due April 27, 2035(1)(2)	400		400
6.15% notes, due December 15, 2040(1)(2)	300		300
5.054% notes, due April 27, 2045(1)(2)	500		500
5.60% notes, due July 31, 2053 (“5.6% 2053 Notes”)(1)(2)	500		—
Total variable and fixed-rate debt	11,226		6,776
Financing lease obligations and other debt	300		222
Long-term debt, including the current portion of long-term debt	11,526		6,998
Plus: unamortized bond premium	51		70
Less: unamortized discounts and issuance costs	(54)		(25)
Long-term debt, including the current portion of long-term debt, net	11,523		7,043
Less: current portion of long-term debt, net	(363)		(818)
Total long-term debt, net	$	11,160	$	6,225

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(1)We may redeem these notes, in whole or in part, at our option, at a pre-determined redemption price pursuant to their terms prior to the applicable maturity date.

(2)Upon change of control combined with a below-investment-grade rating event, we may be required to make an offer to repurchase these notes at a pre-determined price pursuant to their terms.

(3)The debentures are not redeemable prior to maturity.

Schedule of Estimated Fair Values of Long-term Debt

The following table presents the carrying amounts and estimated fair values of our long-term debt:

	December 29, 2023				December 30, 2022
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan 2025(1)	$	2,250	$	2,250	$	—	$	—
All other long-term debt, net (including current portion)(2)	9,273		9,199		7,043		6,569
Long-term debt, including the current portion of long-term debt, net	$	11,523	$	11,449	$	7,043	$	6,569

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(1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate.

(2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet were measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.