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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Apr. 01, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents assets and liabilities measured at fair value on a recurring basis (at least annually) at April 1, 2022 and December 31, 2021:
| April 1, 2022 |  | December 31, 2021 |  |
(In millions) | Total |  | Level 1 |  | Total |  | Level 1 |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets(1) |  |  |  |  |  |  |  |  |  |  |
Equity and fixed income securities | $ | 72 |  |  | $ | 72 |  |  | $ | 77 |  |  | $ | 77 |  |  |  |  |
Investments measured at NAV: |  |  |  |  |  |  |  |  |  |  |
Corporate-owned life insurance | 35 |  |  |  |  | 35 |  |  |  |  |  |  |
Total fair value of deferred compensation plan assets | $ | 107 |  |  |  |  | $ | 112 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities(2) |  |  |  |  |  |  |  |  |  |  |
Equity securities and mutual funds | $ | 7 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 6 |  |  |  |  |
Investments measured at NAV: |  |  |  |  |  |  |  |  |  |  |
Common/collective trusts and guaranteed investment contracts | 170 |  |  |  |  | 177 |  |  |  |  |  |  |
Total fair value of deferred compensation plan liabilities | $ | 177 |  |  |  |  | $ | 183 |  |  |  |  |  |  |
_______________ (1)Represents diversified assets held in a rabbi trust associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet (Unaudited), and which are measured at fair value. (2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet (Unaudited). Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and estimated fair values of our significant financial instruments that were not measured at fair value (carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of those items):
|  | April 1, 2022 |  | December 31, 2021 |  |
(In millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  |  |  |
Long-term debt (including current portion)(1) | $ | 7,057 |  |  | $ | 7,174 |  |  | $ | 7,059 |  |  | $ | 7,701 |  |  |  |  |
_______________ (1)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet was measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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