Debt
 The Company’s debt consisted of the following:
December 28, 2025
Outstanding Principal
Unamortized Debt Discount
Unamortized Debt Issuance Costs
Net Carrying Amount
(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility$— $— $(2,857)$(2,857)
1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”)
500,000 (148)(1,791)498,061 
3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”)850,000 (1,169)(3,235)845,596 
2.55% Senior Unsecured Notes due in March 2031 (“March 2031 Notes”)400,000 (75)(1,952)397,973 
2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”)
500,000 (919)(2,641)496,440 
3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”)400,000 (3)(3,974)396,023 
Total Long-Term Debt2,650,000 (2,314)(16,450)2,631,236 
Current Portion of Long-Term Debt:
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”)
589,450 (343)(279)588,828 
Total Current Portion of Long-Term Debt589,450 (343)(279)588,828 
Total Debt$3,239,450 $(2,657)$(16,729)$3,220,064 
December 29, 2024
Outstanding Principal
Unamortized Debt Discount
Unamortized Debt Issuance Costs
Net Carrying Amount
(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility$— $— $(1,208)$(1,208)
2026 Notes521,700 (834)(780)520,086 
2028 Notes500,000 (200)(2,408)497,392 
2029 Notes850,000 (1,448)(4,010)844,542 
March 2031 Notes400,000 (88)(2,294)397,618 
September 2031 Notes500,000 (1,065)(3,059)495,876 
2051 Notes400,000 (4)(4,059)395,937 
Other Debt Facilities, non-current233 — — 233 
Total Long-Term Debt3,171,933 (3,639)(17,818)3,150,476 
Current Portion of Long-Term Debt:
Other Debt Facilities, current242 — — 242 
Total Current Portion of Long-Term Debt242 — — 242 
Total Debt$3,172,175 $(3,639)$(17,818)$3,150,718 
Senior Unsecured Revolving Credit Facility. The Company entered into a senior unsecured revolving credit facility in 2021 (the “2021 Senior Unsecured Revolving Credit Facility”) with a five-year term and a borrowing capacity of $1.5 billion available through August 24, 2026. On January 7, 2025, the 2021 Senior Unsecured Revolving Credit Facility was replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through January 7, 2030. Borrowings will bear interest, payable quarterly or, if earlier, at the end of any interest period, at the Company’s option at either (a) the base rate (as described in the credit agreement), or (b) the Term Secured Overnight Financing Rate (“Term SOFR”) (as described in the credit agreement), in each case plus a percentage spread based on the credit rating of the Company’s debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, and (c) Term SOFR plus 1.00%. The credit agreement for the new facility contains customary affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capitalization ratio that remains applicable for so long as the Company’s debt is rated as investment grade. In the event that the Company’s debt is not rated as investment grade, the debt-to-capitalization ratio covenant is replaced with leverage ratio and interest coverage ratio covenants.
The following table summarizes the maturities of the Company’s indebtedness as of December 28, 2025: 
(In thousands)
2026$589,450 
2027— 
2028500,000 
2029850,000 
2030— 
2031 and thereafter1,300,000 
Total debt payments$3,239,450 
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Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025
2023Mar 1, 2023
2022Mar 3, 2022
2021Mar 2, 2021
2019Feb 25, 2020
2018Feb 26, 2019
2017Feb 28, 2017
2016Mar 1, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.