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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 29, 2025
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 29, 2025 |  | December 31, 2024
Derivative instruments designated as hedges: |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 30 |
Foreign exchange contracts | Accrued liabilities |  | (8) |  |  | — |
Total derivative instruments designated as hedges |  |  | $ | (8) |  |  | $ | 30 |
Derivative instruments not designated as hedges: |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 1 |
Foreign exchange contracts | Accrued liabilities |  | (7) |  |  | — |
Total derivative instruments not designated as hedges |  |  | $ | (7) |  |  | $ | 1 |
Total net derivative (liability) asset |  |  | $ | (15) |  |  | $ | 31 |
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 29, 2025 |  | March 30, 2024 |  |  |  |
Derivative instruments not designated as hedges: |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Foreign exchange (loss) gain |  | $ | (8) |  |  | $ | 1 |  |  |  |  |
Forward interest rate swaps | Interest expense, net |  | — |  |  | 20 |  |  |  |  |
Total net (loss) gain recognized in income |  |  | $ | (8) |  |  | $ | 21 |  |  |  |  |
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 29, 2025 |  | December 31, 2024
Notional balance of outstanding contracts: |  |  |
British Pound/U.S. Dollar | £ | 16 |  |  | £ | 5 |
Euro/U.S. Dollar | € | 178 |  |  | € | 146 |
Euro/Czech Koruna | € | 14 |  |  | € | 16 |
Japanese Yen/U.S. Dollar | ¥ | 173 |  |  | ¥ | 360 |
Singapore Dollar/U.S. Dollar | S$ | 22 |  |  | S$ | 23 |
Mexican Peso/U.S. Dollar | Mex$ | 204 |  |  | Mex$ | 142 |
Polish Zloty/U.S. Dollar | zł | 74 |  |  | zł | 53 |
Net fair value of assets of outstanding contracts | $ | 7 |  |  | $ | 1 |

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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 -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 + Details
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