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Risk Management
 9 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management Risk Management
Foreign Currency Risk
The Company had outstanding foreign exchange contracts with notional amounts totaling $1.3 billion and $1.0 billion for the periods ended September 27, 2025 and December 31, 2024, respectively. The Company does not believe these financial instruments should subject it to undue risk due to foreign exchange movements because gains and losses on these contracts should generally offset gains and losses on the underlying assets, liabilities and transactions.
The following table shows the five largest net notional amounts of the positions to buy or sell foreign currency as of September 27, 2025, and the corresponding positions as of December 31, 2024: 
 Notional Amount
Net Buy (Sell) by CurrencySeptember 27, 2025December 31, 2024
Euro$190 $150 
British Pound179 124 
Australian dollar(147)(136)
Canadian dollar68 70 
Brazilian Real(50)(23)
Counterparty Risk
The use of derivative financial instruments exposes the Company to counterparty credit risk in the event of non-performance by counterparties. However, the Company’s risk is limited to the fair value of the instruments when the derivative is in an asset position. The Company actively monitors its exposure to credit risk. As of September 27, 2025, all of the counterparties had investment grade credit ratings. As of September 27, 2025, the Company had $1 million of exposure to aggregate credit risk with all counterparties.
Derivative Financial Instruments
The following tables summarize the fair values and locations in the Condensed Consolidated Balance Sheets of all derivative financial instruments held by the Company as of September 27, 2025 and December 31, 2024:
 Fair Values of Derivative Instruments
September 27, 2025Other Current AssetsAccrued Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts$— $20 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$— $3 
Equity swap contracts1 — 
Total derivatives$1 $23 
 Fair Values of Derivative Instruments
December 31, 2024Other Current AssetsAccrued Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts$7 $— 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$3 $9 
Equity swap contracts— 1 
Total derivatives$10 $10 
The following table summarizes the effect of derivatives on the Company's condensed consolidated financial statements for the three and nine months ended September 27, 2025 and September 28, 2024:
 Financial Statement LocationThree Months EndedNine Months Ended
DerivativesSeptember 27, 2025September 28, 2024September 27, 2025September 28, 2024
Derivatives designated as hedging instruments:
Foreign exchange contractsAccumulated other
comprehensive income (loss)		$(1)$(9)$(24)$3 
Amortized hedge incomeOther income (expense)2 — 4 1 
Treasury rate lockAccumulated other comprehensive income (loss)— — — 4 
Derivatives not designated as hedging instruments:
Foreign exchange contractsOther income (expense)$(6)$22 $41 $7 
Equity swap contractsSelling, general and administrative expenses2 1 1 3 
Net Investment Hedges
The Company uses foreign exchange forward and option contracts to hedge against the effect of the British pound and the Euro exchange rate fluctuations against the U.S. dollar on a portion of its net investments in certain European operations. The Company recognizes changes in the fair value of the net investment hedges as a component of Foreign currency translation adjustments within Other comprehensive income to offset a portion of the change in translated value of the net investments being hedged, until the investments are sold or liquidated. As of September 27, 2025, the Company had €160 million of net investment hedges in certain Euro functional subsidiaries and £50 million of net investment hedges in a British pound functional subsidiary.
The Company excludes the difference between the spot rate and the forward rate of the forward contracts and initial time value of the options from its assessment of hedge effectiveness. The effect of the forward points recognized in forward contracts and the initial time value of the option contracts are amortized on a straight-line basis and recognized through interest expense within Other income (expense) in the Condensed Consolidated Statement of Operations.
Equity Swap Contracts
The Company uses equity swap contracts which serve as economic hedges against volatility within the equity markets, impacting the Company's deferred compensation plan obligations. These contracts are not designated as hedges for accounting purposes. Unrealized gains and losses on these contracts are included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The notional amount of these contracts as of September 27, 2025 was $21 million.
Treasury Rate Lock
In 2023, the Company entered into treasury rate agreements which locked in the interest rate for $200 million in future debt issuances. The treasury rate lock agreements were designated and qualified as cash flow hedges. During the nine months ended September 28, 2024, the Company issued $900 million of 5.4% senior notes due 2034 (the "2034 notes"). The treasury rate lock agreements were terminated upon the issuance of the 2034 notes for a net settlement loss of $8 million. The accumulated loss recorded in Accumulated other comprehensive income (loss) will be reclassified to interest expense on a straight-line basis over the ten year term of the 2034 notes.