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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 28, 2025
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 June 28, 2025, are classified below (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investments related to the deferred compensation plan | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 45 |
Total Assets at fair value | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 45 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange contracts (1) | $ | 6 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 57 |
Liabilities related to the deferred compensation plan | 45 |  |  | — |  |  | — |  |  | 45 |
Total Liabilities at fair value | $ | 51 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 102 |
The Company’s financial assets and liabilities carried at fair value as of December 31, 2024, are classified below (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange contracts (1) | $ | 1 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 31 |
Investments related to the deferred compensation plan | 41 |  |  | — |  |  | — |  |  | 41 |
Total Assets at fair value | $ | 42 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 72 |
Liabilities: |  |  |  |  |  |  |
Liabilities related to the deferred compensation plan | $ | 41 |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |
Total Liabilities at fair value | $ | 41 |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |
(1)The fair value of the foreign exchange contracts is calculated as follows: •Fair value of forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points (Level 2). •Fair value of hedges against net assets denominated in foreign currencies is calculated at the period-end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at period-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).

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- 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://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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