XML 188 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 26, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are measured using inputs from three levels of the fair value hierarchy in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into the following three broad levels: •Level 1: Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs (e.g. U.S. Treasuries and money market funds). •Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data. •Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs to the extent possible. In addition, the Company considers counterparty credit risk in the assessment of fair value. The Company’s financial assets and liabilities carried at fair value as of September 26, 2020, are classified below (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market investments related to the deferred compensation plan | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |
Total Assets at fair value | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange contracts (1) | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | 14 |
Forward interest rate swap contracts (2) | — |  |  | 50 |  |  | — |  |  | 50 |
Liabilities related to the deferred compensation plan | 26 |  |  | — |  |  | — |  |  | 26 |
Total Liabilities at fair value | $ | 26 |  |  | $ | 64 |  |  | $ | — |  |  | $ | 90 |
The Company’s financial assets and liabilities carried at fair value as of December 31, 2019, are classified below (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange contracts (1) | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Money market investments related to the deferred compensation plan | 24 |  |  | — |  |  | — |  |  | 24 |
Total Assets at fair value | $ | 24 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 27 |
Liabilities: |  |  |  |  |  |  |
Forward interest rate swap contracts (2) | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | 13 |
Liabilities related to the deferred compensation plan | 24 |  |  | — |  |  | — |  |  | 24 |
Total Liabilities at fair value | $ | 24 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 37 |
(1)The fair value of the foreign exchange contracts is calculated as follows: a.Fair value of regular forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points. b.Fair value of hedges against net assets is calculated at the period-end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at period end (Level 2). If this is the case, the fair value is calculated at the rate at which the hedge is being settled (Level 1). (2)The fair value of forward interest rate swaps is based upon a valuation model that uses relevant observable market inputs at the quoted intervals, such as forward yield curves, and is adjusted for the Company’s credit risk and the interest rate swap terms.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration