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Derivative Instruments (Tables) | 6 Months Ended
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Jul. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Assets and Liabilities | The following table presents the fair value of its derivative instruments (in millions):
| Asset (Liability)
|  |  | Fair Values as of
| Balance Sheets Classification |  | July 1, 2023 |  | December 31, 2022
Derivative instruments designated as hedges: |  |  |  |  |
Foreign exchange contracts | Accrued liabilities |  | $ | (13) |  |  | $ | (14) |
Total derivative instruments designated as hedges |  |  | $ | (13) |  |  | $ | (14) |
Derivative instruments not designated as hedges: |  |  |  |  |
Forward interest rate swaps | Prepaid expenses and other current assets |  | $ | 40 |  |  | $ | 25 |
Forward interest rate swaps | Other long-term assets |  | 68 |  |  | 47 |
Foreign exchange contracts | Accrued liabilities |  | (2) |  |  | (5) |
Forward interest rate swaps | Accrued liabilities |  | (14) |  |  | — |
Forward interest rate swaps | Other long-term liabilities |  | (22) |  |  | — |
Total derivative instruments not designated as hedges |  |  | $ | 70 |  |  | $ | 67 |
Total net derivative asset |  |  | $ | 57 |  |  | $ | 53 |
Schedule of Net Gains (Losses) from Changes in Fair Values of Derivatives Not Designated as Hedges | The following table presents the net gains (losses) from changes in fair values of derivatives that are not designated as hedges (in millions):
| Gains (Losses) Recognized in Income
|  |  | Three Months Ended |  | Six Months Ended
| Statements of Operations Classification |  | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Derivative instruments not designated as hedges: |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Foreign exchange gain (loss) |  | $ | 1 |  |  | $ | 9 |  |  | $ | (4) |  |  | $ | 8 |
Forward interest rate swaps | Interest income (expense), net |  | 18 |  |  | 11 |  |  | 11 |  |  | 45 |
Total net gain recognized in income |  |  | $ | 19 |  |  | $ | 20 |  |  | $ | 7 |  |  | $ | 53 |
Schedule of Notional Value and Net Fair Value of Outstanding Contracts | The notional values and the net fair values of these outstanding contracts were as follows (in millions):
| July 1, 2023 |  | December 31, 2022
Notional balance of outstanding contracts: |  |  |
British Pound/U.S. Dollar | £ | 9 |  |  | £ | 11 |
Euro/U.S. Dollar | € | 152 |  |  | € | 191 |
Euro/Czech Koruna | € | 16 |  |  | € | 15 |
Japanese Yen/U.S. Dollar | ¥ | 579 |  |  | ¥ | — |
Singapore Dollar/U.S. Dollar | S$ | 11 |  |  | S$ | 5 |
Mexican Peso/U.S. Dollar | Mex$ | 138 |  |  | Mex$ | 372 |
Polish Zloty/U.S. Dollar | zł | 84 |  |  | zł | 47 |
Net fair value of liabilities of outstanding contracts | $ | 2 |  |  | $ | 5 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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