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Risk Management (Tables)

9 Months Ended

Sep. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Largest Net Notional Amounts of the Positions to Buy or Sell Foreign Currency

The following table shows the five largest net notional amounts of the positions to buy or sell foreign currency as of September 28, 2024, and the corresponding positions as of December 31, 2023: 

			Notional Amount
Net Buy (Sell) by Currency			September 28, 2024						December 31, 2023
Euro			$	307					$	322
Australian dollar			(240)						(140)
British pound			206						252
Canadian dollar			74						76
Chinese renminbi			(68)						(66)

Summary of Fair Values and Location In Condensed Consolidated Balance Sheet, Derivative Financial Instruments

The following tables summarize the fair values and locations in the Condensed Consolidated Balance Sheets of all derivative financial instruments held by the Company as of September 28, 2024 and December 31, 2023:

			Fair Values of Derivative Instruments
September 28, 2024			Other Current Assets						Accrued Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts			$	—					$	5
Derivatives not designated as hedging instruments:
Foreign exchange contracts			9						3
Total derivatives			$	9					$	8

			Fair Values of Derivative Instruments
December 31, 2023			Other Current Assets						Accrued Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts			$	1					$	3
Treasury rate lock			—						12
Derivatives not designated as hedging instruments:
Foreign exchange contracts			12						1
Equity swap contracts			1						—
Total derivatives			$	14					$	16

Summary of Derivative Instruments and the Effect on the Condensed Consolidated Statements of Operations

The following table summarizes the effect of derivatives on the Company's condensed consolidated financial statements for the three and nine months ended September 28, 2024 and September 30, 2023:

			Financial Statement Location			Three Months Ended												Nine Months Ended
Foreign Exchange Contracts						September 28, 2024						September 30, 2023						September 28, 2024						September 30, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts			Accumulated other comprehensive income (loss)			$	(9)					$	9					$	3					$	5
Forward points recognized			Other income (expense)			—						1						1						2
Treasury rate lock			Accumulated other comprehensive income (loss)			—						—						4						—
Derivatives not designated as hedging instruments:
Foreign exchange contracts			Other income (expense)			$	22					$	(26)					$	7					$	(9)
Equity swap contracts			Selling, general and administrative expenses			1						(1)						3						(1)

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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.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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