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LEASES AND OTHER COMMITMENTS | 12 Months Ended
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Dec. 30, 2023
Leases [Abstract] |
Leases and other commitments | LEASES AND OTHER COMMITMENTS The Company recorded operating lease costs of $137 million, $132 million and $136 million for the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Lease related costs associated with variable rent, short-term leases, and sale-leaseback arrangements, as well as sublease income, are each immaterial.
(millions) |  | Year ended December 30, 2023 |  | Year ended December 31, 2022 |  | Year ended January 1, 2022
Other information |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 138 |  |  | $ | 121 |  |  | $ | 135 |
Right-of-use assets obtained in exchange for operating lease liabilities |  |  |  |  |  |
New leases |  | $ | 89 |  |  | $ | 84 |  |  | $ | 55 |
Modified leases |  | $ | 74 |  |  | $ | 27 |  |  | $ | 53 |
Weighted-average remaining lease term - operating leases |  | 7 years |  | 7 years |  |
Weighted-average discount rate - operating leases |  | 3.6% |  | 2.9% |  |
At December 30, 2023 future maturities of operating leases were as follows:
(millions) |  | Operating leases |  |
2024 |  | $ | 139 |  |  |
2025 |  | 136 |  |  |
2026 |  | 109 |  |  |
2027 |  | 87 |  |  |
2028 |  | 62 |  |  |
2029 and beyond |  | 208 |  |  |
Total minimum payments |  | $ | 741 |  |  |
Less interest |  | (88) |  |  |
Present value of lease liabilities |  | $ | 653 |  |  |
Operating lease payments presented in the table above exclude $40 million of minimum lease payments for real-estate leases signed but not yet commenced as of December 30, 2023. The leases are expected to commence in 2024. At December 30, 2023, future minimum annual lease commitments under non-cancelable finance leases were immaterial. The Company has provided various standard indemnifications in agreements to sell and purchase business assets and lease facilities over the past several years, related primarily to pre-existing tax, environmental, and employee benefit obligations. Certain of these indemnifications are limited by agreement in either amount and/or term and others are unlimited. The Company has also provided various “hold harmless” provisions within certain service type agreements. Because the Company is not currently aware of any actual exposures associated with these indemnifications, management is unable to estimate the maximum potential future payments to be made. At December 30, 2023, the Company had not recorded any liability related to these indemnifications.

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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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