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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 28, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following fair value hierarchy table presents the components and classification of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 28, 2025 and December 29, 2024:
|  |  |  |  |  | September 28, 2025 |  | December 29, 2024
(Dollars in Millions) |  |  |  |  |  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts |  |  |  |  |  | $ | 92 |  |  | $ | — |  |  | $ | 92 |  |  | $ | — |  |  | $ | 81 |  |  | $ | — |  |  | $ | 81 |  |  | $ | — |
Cross currency swap contracts |  |  |  |  |  | 15 |  |  | — |  |  | 15 |  |  | — |  |  | 71 |  |  | — |  |  | 71 |  |  | — |
Total assets |  |  |  |  |  | $ | 107 |  |  | $ | — |  |  | $ | 107 |  |  | $ | — |  |  | $ | 152 |  |  | $ | — |  |  | $ | 152 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts |  |  |  |  |  | $ | (66) |  |  | $ | — |  |  | $ | (66) |  |  | $ | — |  |  | $ | (76) |  |  | $ | — |  |  | $ | (76) |  |  | $ | — |
Cross currency swap contracts |  |  |  |  |  | (106) |  |  | — |  |  | (106) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | — |
Total liabilities |  |  |  |  |  | $ | (172) |  |  | $ | — |  |  | $ | (172) |  |  | $ | — |  |  | $ | (77) |  |  | $ | — |  |  | $ | (77) |  |  | $ | — |
Net amount presented in Prepaid expenses and other receivables: |  |  |  |  |  | $ | 24 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |  |  | $ | 52 |  |  | $ | — |  |  | $ | 52 |  |  | $ | — |
Net amount presented in Accounts payable: |  |  |  |  |  | $ | (42) |  |  | $ | — |  |  | $ | (42) |  |  | $ | — |  |  | $ | (13) |  |  | $ | — |  |  | $ | (13) |  |  | $ | — |
Net amount presented in Other assets: |  |  |  |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |
Net amount presented in Other liabilities: |  |  |  |  |  | $ | (48) |  |  | $ | — |  |  | $ | (48) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Notional Amounts of Outstanding Derivative Instruments | The following table sets forth the notional amounts of the Company’s outstanding derivative instruments as of September 28, 2025 and December 29, 2024:
|  |  |  |  |  | September 28, 2025 |  | December 29, 2024
(Dollars in Millions) |  |  |  |  |  | Forward Foreign Exchange Contracts |  |  |  | Cross Currency Swap Contracts |  | Total Notional Amount |  | Forward Foreign Exchange Contracts |  |  |  | Cross Currency Swap Contracts |  | Total Notional Amount
Cash flow hedges |  |  |  |  |  | $ | 4,536 |  |  |  |  | $ | — |  |  | $ | 4,536 |  |  | $ | 3,570 |  |  |  |  | $ | — |  |  | $ | 3,570 |
Fair value hedges |  |  |  |  |  | $ | 297 |  |  |  |  | $ | 61 |  |  | $ | 358 |  |  | $ | 30 |  |  |  |  | $ | — |  |  | $ | 30 |
Net investment hedges |  |  |  |  |  | $ | — |  |  |  |  | $ | 2,000 |  |  | $ | 2,000 |  |  | $ | — |  |  |  |  | $ | 1,900 |  |  | $ | 1,900 |
Undesignated hedging instruments |  |  |  |  |  | $ | 565 |  |  |  |  | $ | — |  |  | $ | 565 |  |  | $ | 574 |  |  |  |  | $ | — |  |  | $ | 574 |
Summary of Derivative Activity | The following table summarizes the gains and losses recognized on forward foreign exchange contracts designated as cash flow hedges within Other comprehensive (loss) income and the gains and losses reclassified into earnings for the fiscal three and nine months ended September 28, 2025 and September 29, 2024:
|  | Fiscal Three Months Ended |  | Fiscal Nine Months Ended |
(Dollars in Millions) |  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024 |
Gain (loss) recognized in Other comprehensive (loss) income |  | $ | 11 |  |  | $ | 14 |  |  | $ | 42 |  |  | $ | (1) |  |
Gain reclassified from Other comprehensive (loss) income into earnings |  | $ | 10 |  |  | $ | — |  |  | $ | 23 |  |  | $ | 7 |  |
The following tables summarize the gains and losses reclassified from Other comprehensive (loss) income into earnings related to the forward foreign exchange contracts designated as cash flows hedges for the fiscal three and nine months ended September 28, 2025 and September 29, 2024:
|  | Fiscal Three Months Ended
|  | September 28, 2025 |  | September 29, 2024
(Dollars in Millions) |  | Net Sales |  | Cost of Sales |  | Other Expense (Income), Net |  | Net Sales |  | Cost of Sales |  | Other Expense (Income), Net
Gain (loss) reclassified from Other comprehensive (loss) income into earnings |  | $ | 1 |  |  | $ | 13 |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |
|  | Fiscal Nine Months Ended |
|  | September 28, 2025 |  | September 29, 2024 |
(Dollars in Millions) |  | Net Sales |  | Cost of Sales |  | Other Expense (Income), Net |  | Net Sales |  | Cost of Sales |  | Other Expense (Income), Net |
Gain (loss) reclassified from Other comprehensive (loss) income into earnings |  | $ | 1 |  |  | $ | 15 |  |  | $ | 7 |  |  | $ | (1) |  |  | $ | 12 |  |  | $ | (4) |  |
The following table summarizes the gains and losses recognized within Other comprehensive (loss) income related to the cross currency swap contracts designated as net investment hedges for the fiscal three and nine months ended September 28, 2025 and September 29, 2024:
|  | Fiscal Three Months Ended |  | Fiscal Nine Months Ended |
(Dollars in Millions) |  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024 |  |  |
Gain (loss) recognized in CTA within Other comprehensive (loss) income |  | $ | 12 |  |  | $ | (76) |  |  | $ | (167) |  |  | $ | 4 |  |  |  |
The following table summarizes the gains and losses recognized within Other expense (income), net related to the undesignated forward foreign exchange contracts for the fiscal three and nine months ended September 28, 2025 and September 29, 2024:
|  | Fiscal Three Months Ended |  | Fiscal Nine Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Dollars in Millions) |  | September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024 |  |  |  |  |  |  |  |  |  |
Gain (loss) recognized in Other expense (income), net |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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