Debt

6 Months Ended

Jul. 02, 2023

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:

		July 2, 2023		December 31, 2022
Fixed-rate notes due:	Interest rate:
May 2023	3.375%	$	—	$	750
August 2023	1.875%	500		500
November 2024	2.375%	500		500
April 2025	3.250%	750		750
May 2025	3.500%	750		750
June 2026	1.150%	500		500
August 2026	2.125%	500		500
April 2027	3.500%	750		750
November 2027	2.625%	500		500
May 2028	3.750%	1,000		1,000
April 2030	3.625%	1,000		1,000
June 2031	2.250%	500		500
April 2040	4.250%	750		750
June 2041	2.850%	500		500
November 2042	3.600%	500		500
April 2050	4.250%	750		750
Other	Various	90		90
Total debt principal		9,840		10,590
Less unamortized debt issuance costs and discounts		85		94
Total debt		9,755		10,496
Less current portion		508		1,253
Long-term debt		$	9,247	$	9,243

In May 2023, we repaid fixed-rate notes of $750 at the scheduled maturity using cash on hand. On July 2, 2023, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. Separately, we have a $4 billion committed bank credit facility for general corporate purposes and working capital needs and to support our commercial paper issuances. This credit facility expires in March 2027. We may renew or replace this credit facility in whole or in part at or prior to its expiration date. We also have an effective shelf registration on file with the SEC that allows us to access the debt markets.

Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants and restrictions on July 2, 2023.