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LEASES | 12 Months Ended
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Dec. 29, 2023
Leases [Abstract] |
LEASES | NOTE 11: LEASES Our operating and finance leases at December 29, 2023 and December 30, 2022 primarily consisted of real estate leases for office space, warehouses, manufacturing, research and development facilities, telecommunication tower space and land and equipment leases. The components of lease costs are as follows:
| Fiscal Year Ended
(In millions) | December 29, 2023 |  | December 30, 2022 |  | December 31, 2021
Operating lease cost | $ | 163 |  |  | $ | 151 |  |  | $ | 172 |
Short-term and equipment lease cost | 23 |  |  | 21 |  |  | 20 |
Variable lease cost | 26 |  |  | 25 |  |  | 20 |
Other, net(1) | 11 |  |  | 6 |  |  | 3 |
Total lease cost | $ | 223 |  |  | $ | 203 |  |  | $ | 215 |
______________ (1) Consists of finance lease amortization and interest costs as well as sublease income. See “Leases” section in Note 1: Significant Accounting Policies in these Notes for the line items in our Consolidated Statement of Operations where our lease costs are presented. Lease Impairment — Fiscal 2021 As discussed in more detail in Note 6: Goodwill and Intangible Assets in these Notes, during the quarter ended July 2, 2021, we tested the CTS reporting unit for potential impairment of the long-lived assets, including identifiable assets and property, plant and equipment, and recorded a $145 million non-cash charge for the impairment of CTS long-lived assets, including $19 million for impairment of ROU assets, which is included in the “Impairment of goodwill and other assets” line item in our Consolidated Statement of Operations for fiscal 2022. Balance Sheet Information Supplemental operating and finance lease balance sheet information at December 29, 2023 and December 30, 2022 is as follows:
(In millions) | December 29, 2023 |  | December 30, 2022
Operating Leases |  |  |
Other non-current assets | $ | 743 |  |  | $ | 756 |
Other accrued items | 120 |  |  | 121 |
Other long-term liabilities | 705 |  |  | 741 |
Total operating lease liabilities | $ | 825 |  |  | $ | 862 |
Finance Leases |  |  |
Property, plant and equipment | $ | 243 |  |  | $ | 170 |
Accumulated amortization | (25) |  |  | (15) |
Property, plant and equipment, net | $ | 218 |  |  | $ | 155 |
Current portion of long-term debt, net | $ | 8 |  |  | $ | 5 |
Long-term debt, net | 243 |  |  | 165 |
Total finance lease liabilities | $ | 251 |  |  | $ | 170 |
Supplemental Lease Information Other supplemental lease information for fiscal 2023 and 2022 is as follows:
| Fiscal Year Ended
(In millions, except lease term and discount rate) | December 29, 2023 |  | December 30, 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Net cash provided by operating activities - operating lease payments | $ | 159 |  | $ | 148
Net cash provided by operating activities - finance lease interest payments | 7 |  | 5
Net cash provided by financing activities - finance lease obligation payments | 6 |  | 4
Assets obtained in exchange for new lease obligations |  |  |
ROU assets obtained with operating leases | $ | 144 |  | $ | 123
Property, plant and equipment obtained with finance leases | 68 |  | 20
Weighted average remaining lease term (in years) |  |  |
Operating leases | 8.3 |  | 9.3
Finance leases | 17.7 |  | 21.3
Weighted average discount rate |  |  |
Operating leases | 3.9 | % |  | 3.5 | %
Finance leases | 4.3 | % |  | 3.4 | %
Payments under non-cancelable operating and finance leases at December 29, 2023 were as follows:
(In millions) | Operating Leases |  | Finance Leases
2024 | $ | 163 |  |  | $ | 19 |
2025 | 142 |  |  | 41 |
2026 | 110 |  |  | 18 |
2027 | 103 |  |  | 17 |
2028 | 97 |  |  | 18 |
Thereafter | 345 |  |  | 233 |
Total future lease payments required(1) | 960 |  |  | 346 |
Less: imputed interest | 135 |  |  | 95 |
Total | $ | 825 |  |  | $ | 251 |
_______________ (1)On December 29, 2023, we had additional future payments on leases of $307 million that had not yet commenced. These leases will commence between 2024 and 2025, and have lease terms of 4 years to 15 years. These commitments do not contain any material rent escalations, rent holidays, contingent rent, rent concessions, leasehold improvement incentives or unusual provisions or conditions. We do not consider any individual lease material to our operations.
LEASES | NOTE 11: LEASES Our operating and finance leases at December 29, 2023 and December 30, 2022 primarily consisted of real estate leases for office space, warehouses, manufacturing, research and development facilities, telecommunication tower space and land and equipment leases. The components of lease costs are as follows:
| Fiscal Year Ended
(In millions) | December 29, 2023 |  | December 30, 2022 |  | December 31, 2021
Operating lease cost | $ | 163 |  |  | $ | 151 |  |  | $ | 172 |
Short-term and equipment lease cost | 23 |  |  | 21 |  |  | 20 |
Variable lease cost | 26 |  |  | 25 |  |  | 20 |
Other, net(1) | 11 |  |  | 6 |  |  | 3 |
Total lease cost | $ | 223 |  |  | $ | 203 |  |  | $ | 215 |
______________ (1) Consists of finance lease amortization and interest costs as well as sublease income. See “Leases” section in Note 1: Significant Accounting Policies in these Notes for the line items in our Consolidated Statement of Operations where our lease costs are presented. Lease Impairment — Fiscal 2021 As discussed in more detail in Note 6: Goodwill and Intangible Assets in these Notes, during the quarter ended July 2, 2021, we tested the CTS reporting unit for potential impairment of the long-lived assets, including identifiable assets and property, plant and equipment, and recorded a $145 million non-cash charge for the impairment of CTS long-lived assets, including $19 million for impairment of ROU assets, which is included in the “Impairment of goodwill and other assets” line item in our Consolidated Statement of Operations for fiscal 2022. Balance Sheet Information Supplemental operating and finance lease balance sheet information at December 29, 2023 and December 30, 2022 is as follows:
(In millions) | December 29, 2023 |  | December 30, 2022
Operating Leases |  |  |
Other non-current assets | $ | 743 |  |  | $ | 756 |
Other accrued items | 120 |  |  | 121 |
Other long-term liabilities | 705 |  |  | 741 |
Total operating lease liabilities | $ | 825 |  |  | $ | 862 |
Finance Leases |  |  |
Property, plant and equipment | $ | 243 |  |  | $ | 170 |
Accumulated amortization | (25) |  |  | (15) |
Property, plant and equipment, net | $ | 218 |  |  | $ | 155 |
Current portion of long-term debt, net | $ | 8 |  |  | $ | 5 |
Long-term debt, net | 243 |  |  | 165 |
Total finance lease liabilities | $ | 251 |  |  | $ | 170 |
Supplemental Lease Information Other supplemental lease information for fiscal 2023 and 2022 is as follows:
| Fiscal Year Ended
(In millions, except lease term and discount rate) | December 29, 2023 |  | December 30, 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Net cash provided by operating activities - operating lease payments | $ | 159 |  | $ | 148
Net cash provided by operating activities - finance lease interest payments | 7 |  | 5
Net cash provided by financing activities - finance lease obligation payments | 6 |  | 4
Assets obtained in exchange for new lease obligations |  |  |
ROU assets obtained with operating leases | $ | 144 |  | $ | 123
Property, plant and equipment obtained with finance leases | 68 |  | 20
Weighted average remaining lease term (in years) |  |  |
Operating leases | 8.3 |  | 9.3
Finance leases | 17.7 |  | 21.3
Weighted average discount rate |  |  |
Operating leases | 3.9 | % |  | 3.5 | %
Finance leases | 4.3 | % |  | 3.4 | %
Payments under non-cancelable operating and finance leases at December 29, 2023 were as follows:
(In millions) | Operating Leases |  | Finance Leases
2024 | $ | 163 |  |  | $ | 19 |
2025 | 142 |  |  | 41 |
2026 | 110 |  |  | 18 |
2027 | 103 |  |  | 17 |
2028 | 97 |  |  | 18 |
Thereafter | 345 |  |  | 233 |
Total future lease payments required(1) | 960 |  |  | 346 |
Less: imputed interest | 135 |  |  | 95 |
Total | $ | 825 |  |  | $ | 251 |
_______________ (1)On December 29, 2023, we had additional future payments on leases of $307 million that had not yet commenced. These leases will commence between 2024 and 2025, and have lease terms of 4 years to 15 years. These commitments do not contain any material rent escalations, rent holidays, contingent rent, rent concessions, leasehold improvement incentives or unusual provisions or conditions. We do not consider any individual lease material to our operations.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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