Quarterly report pursuant to Section 13 or 15(d)

Debt and Borrowing Arrangements

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Debt and Borrowing Arrangements
 9 Months Ended
Sep. 27, 2013
Debt and borrowing arrangements  
Debt and Borrowing Arrangements
DEBT AND BORROWING ARRANGEMENTS
During the second quarter of 2013, the Company extinguished $1,254 million of long-term debt prior to maturity and recorded a charge of $23 million in the line item interest expense in our condensed consolidated statement of income. The general terms of the notes that were extinguished are as follows:
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$225 million total principal amount of notes due August 15, 2013, at a fixed interest rate of 5.0 percent;
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$675 million total principal amount of notes due March 3, 2014, at a fixed interest rate of 7.375 percent; and
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$354 million total principal amount of notes due March 1, 2015, at a fixed interest rate of 4.25 percent.
During the first quarter of 2013, the Company issued $2,500 million of long-term debt. The general terms of the notes issued are as follows:
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$500 million total principal amount of notes due March 5, 2015, at a variable interest rate equal to the three-month London Interbank Offered Rate minus 0.02 percent;
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$1,250 million total principal amount of notes due April 1, 2018, at a fixed interest rate of 1.15 percent; and
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$750 million total principal amount of notes due April 1, 2023, at a fixed interest rate of 2.5 percent.