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Derivative Instruments (Tables)

6 Months Ended

Jun. 29, 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						June 29, 2024						December 31, 2023
Derivative instruments designated as hedges:
Foreign exchange contracts			Prepaid expenses and other current assets						$	8					$	—
Foreign exchange contracts			Accrued liabilities						—						(6)
Total derivative instruments designated as hedges									$	8					$	(6)
Derivative instruments not designated as hedges:
Foreign exchange contracts			Prepaid expenses and other current assets						$	2					$	—
Forward interest rate swaps			Prepaid expenses and other current assets						—						34
Forward interest rate swaps			Other long-term assets						—						49
Foreign exchange contracts			Accrued liabilities						—						(1)
Forward interest rate swaps			Accrued liabilities						—						(12)
Forward interest rate swaps			Other long-term liabilities						—						(16)
Total derivative instruments not designated as hedges									$	2					$	54
Total net derivative asset									$	10					$	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												Six Months Ended
			Statements of Operations Classification						June 29, 2024						July 1, 2023						June 29, 2024						July 1, 2023
Derivative instruments not designated as hedges:
Foreign exchange contracts			Foreign exchange (loss) gain						$	1					$	1					$	2					$	(4)
Forward interest rate swaps			Interest expense, net						11						18						31						11
Total net gain recognized in income									$	12					$	19					$	33					$	7

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):

			June 29, 2024						December 31, 2023
Notional balance of outstanding contracts:
British Pound/U.S. Dollar			£	3					£	11
Euro/U.S. Dollar			€	124					€	80
Euro/Czech Koruna			€	16					€	17
Japanese Yen/U.S. Dollar			¥	366					¥	685
Singapore Dollar/U.S. Dollar			S$	22					S$	14
Mexican Peso/U.S. Dollar			Mex$	164					Mex$	144
Polish Zloty/U.S. Dollar			zł	28					zł	116
Net fair value of assets (liabilities) of outstanding contracts			$	2					$	(1)

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- References

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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

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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

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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