Subsequent Event Subsequent Event

3 Months Ended

Mar. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

On April 2, 2013, the Company issued $900 million principal amount of 10-year, 3.25% unsecured senior notes (2023 Senior Notes) and $700 million principal amount of 30-year, 4.75% unsecured senior notes (2043 Senior Notes) that mature on April 15, 2023 and April 15, 2043, respectively. Interest payments are required on a semi-annual basis. Both the 2023 Senior Notes and 2043 Senior Notes were issued at a discount, yielding effective interest rates of 3.31% and 4.79%, respectively. The Company may redeem both the 2023 Senior Notes and 2043 Senior Notes at any time at the applicable redemption price.

On May 2, 2013, the Company used a portion of the proceeds to redeem both its $700 million aggregate principal amount 2014 Senior Notes and its $500 million aggregate principal amount 2019 Senior Notes. The Company intends to use the remaining proceeds for general corporate purposes. In connection with the redemption of the 2014 and 2019 Senior Notes, the Company recognized a charge of approximately $160 million in the second quarter of 2013 primarily associated with make-whole redemption payments to lenders from the Notes being retired prior to their scheduled maturity.

After redemption of the 2014 Senior Notes and 2019 Senior Notes, expected future minimum principal payments under the Company’s debt obligations as of May 3, 2013 are as follows: $519 million in 2013; $900 million in 2015; $500 million in 2016; $86 million in 2017; and $1,735 million in years thereafter.