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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table presents the fair value of its derivative instruments (in millions):
| Asset (Liability)
|  |  | Fair Values as of
| Balance Sheets Classification |  | March 30, 2024 |  | December 31, 2023
Derivative instruments designated as hedges: |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets |  | $ | 6 |  |  | $ | — |
Foreign exchange contracts | Accrued liabilities |  | — |  |  | (6) |
Total derivative instruments designated as hedges |  |  | $ | 6 |  |  | $ | (6) |
Derivative instruments not designated as hedges: |  |  |  |  |
Forward interest rate swaps | Prepaid expenses and other current assets |  | $ | 36 |  |  | $ | 34 |
Forward interest rate swaps | Other long-term assets |  | 64 |  |  | 49 |
Foreign exchange contracts | Accrued liabilities |  | — |  |  | (1) |
Forward interest rate swaps | Accrued liabilities |  | (13) |  |  | (12) |
Forward interest rate swaps | Other long-term liabilities |  | (20) |  |  | (16) |
Total derivative instruments not designated as hedges |  |  | $ | 67 |  |  | $ | 54 |
Total net derivative asset |  |  | $ | 73 |  |  | $ | 48 |
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 |  |
| Statements of Operations Classification |  | March 30, 2024 |  | April 1, 2023 |  |  |  |
Derivative instruments not designated as hedges: |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Foreign exchange gain |  | $ | 1 |  |  | $ | (5) |  |  |  |  |
Forward interest rate swaps | Interest expense, net |  | 20 |  |  | (7) |  |  |  |  |
Total net gain (loss) recognized in income |  |  | $ | 21 |  |  | $ | (12) |  |  |  |  |
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):
| March 30, 2024 |  | December 31, 2023
Notional balance of outstanding contracts: |  |  |
British Pound/U.S. Dollar | £ | 6 |  |  | £ | 11 |
Euro/U.S. Dollar | € | 96 |  |  | € | 80 |
Euro/Czech Koruna | € | 16 |  |  | € | 17 |
Japanese Yen/U.S. Dollar | ¥ | 120 |  |  | ¥ | 685 |
Singapore Dollar/U.S. Dollar | S$ | 19 |  |  | S$ | 14 |
Mexican Peso/U.S. Dollar | Mex$ | 174 |  |  | Mex$ | 144 |
Polish Zloty/U.S. Dollar | zł | 19 |  |  | zł | 116 |
Net fair value of assets (liabilities) of outstanding contracts | $ | — |  |  | $ | (1) |

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