XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Oct. 01, 2022
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Carried at Fair Value | The Company’s financial assets and liabilities carried at fair value as of October 1, 2022, are classified below (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange contracts (1) | $ | 5 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 42 |
Forward interest rate swap contracts (2) | — |  |  | 76 |  |  | — |  |  | 76 |
Money market investments related to deferred compensation plan | 32 |  |  | — |  |  | — |  |  | 32 |
Total Assets at fair value | $ | 37 |  |  | $ | 113 |  |  | $ | — |  |  | $ | 150 |
Liabilities: |  |  |  |  |  |  |
Liabilities related to the deferred compensation plan | 32 |  |  | — |  |  | — |  |  | 32 |
Total Liabilities at fair value | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | 32 |
The Company’s financial assets and liabilities carried at fair value as of December 31, 2021, are classified below (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange contracts (1) | $ | — |  |  | $ | 23 |  |  | $ | — |  |  | $ | 23 |
Money market investments related to deferred compensation plan | 37 |  |  | — |  |  | — |  |  | 37 |
Total Assets at fair value | $ | 37 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 60 |
Liabilities: |  |  |  |  |  |  |
Forward interest rate swap contracts (2) | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | 16 |
Liabilities related to the deferred compensation plan | 37 |  |  | — |  |  | — |  |  | 37 |
Total Liabilities at fair value | $ | 37 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 53 |
(1)The fair value of the foreign exchange contracts is calculated as follows: •Fair value of regular forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points. •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 year 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
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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