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Leases (Tables) | 12 Months Ended
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Jan. 03, 2025
Leases [Abstract] |
Schedule of ROU Assets and Lease Liabilities | ROU assets and lease liabilities consisted of the following:
(in millions) |  | Balance sheet line item |  | January 3, 2025 |  | December 29, 2023
ROU assets: |  |  |  |  |  |
Finance leases |  | Property, plant and equipment, net |  | $ | 69 |  |  | $ | 89 |
Operating leases |  | Operating lease right-of-use assets, net |  | 560 |  |  | 512 |
|  |  |  | $ | 629 |  |  | $ | 601 |
Current lease liabilities: |  |  |  |  |  |
Finance leases |  | Short-term debt and current portion of long-term debt |  | $ | 19 |  |  | $ | 18 |
Operating leases |  | Accounts payable and accrued liabilities |  | 123 |  |  | 136 |
|  |  |  | $ | 142 |  |  | $ | 154 |
Non-current lease liabilities: |  |  |  |  |  |
Finance leases |  | Long-term debt, net of current portion |  | $ | 54 |  |  | $ | 73 |
Operating leases |  | Operating lease liabilities |  | 621 |  |  | 516 |
|  |  |  | $ | 675 |  |  | $ | 589 |
Schedule of Lease Cost | Total lease cost for the periods presented consisted of the following:
|  | Year Ended
(in millions) |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | $ | 20 |  |  | $ | 18 |  |  | $ | 9 |
Interest on lease liabilities |  | 4 |  |  | 4 |  |  | 1 |
|  | 24 |  |  | 22 |  |  | 10 |
Operating lease cost(1) |  | 143 |  |  | 148 |  |  | 161 |
Variable lease cost |  | 35 |  |  | 35 |  |  | 42 |
Short-term lease cost |  | 4 |  |  | 2 |  |  | 3 |
Less: Sublease income |  | — |  |  | — |  |  | (6) |
Total lease cost |  | $ | 206 |  |  | $ | 207 |  |  | $ | 210 |
(1)Includes ROU lease expense of $119 million, $124 million and $134 million for fiscal 2024, 2023 and 2022, respectively. Lease terms and discount rates related to leases were as follows:
|  | Year Ended
|  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Weighted-average remaining lease term (in years): |  |  |  |  |  |
Finance leases |  | 4.4 |  | 5.2 |  | 8.2
Operating leases |  | 9.9 |  | 7.3 |  | 7.5
Weighted-average discount rate: |  |  |  |  |  |
Finance leases |  | 4.7 | % |  | 4.8 | % |  | 2.6 | %
Operating leases |  | 4.5 | % |  | 3.7 | % |  | 3.3 | %
Other information related to leases was as follows:
|  | Year Ended
(in millions) |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |  |
Operating cash related to finance leases |  | $ | 4 |  |  | $ | 4 |  |  | $ | 1 |
Operating cash related to operating leases |  | 163 |  |  | 167 |  |  | 168 |
Financing cash flows related to finance leases |  | 18 |  |  | 17 |  |  | 9 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |
Finance lease liabilities |  | $ | — |  |  | $ | 63 |  |  | $ | 1 |
Operating lease liabilities |  | 236 |  |  | 97 |  |  | 122 |
Schedule of Future Minimum Lease Commitments of Operating Leases | Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at January 3, 2025, were as follows:
Fiscal Year Ending (in millions) |  | Finance lease commitments |  | Operating lease commitments
2025 |  | $ | 22 |  |  | $ | 153 |
2026 |  | 22 |  |  | 117 |
2027 |  | 14 |  |  | 88 |
2028 |  | 5 |  |  | 88 |
2029 |  | 5 |  |  | 76 |
2030 and thereafter |  | 12 |  |  | 433 |
Total undiscounted cash flows |  | 80 |  |  | 955 |
Less: imputed interest |  | (7) |  |  | (211) |
Lease liability as of January 3, 2025 |  | $ | 73 |  |  | $ | 744 |
Schedule of Future Minimum Lease Commitments of Finance Leases | Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at January 3, 2025, were as follows:
Fiscal Year Ending (in millions) |  | Finance lease commitments |  | Operating lease commitments
2025 |  | $ | 22 |  |  | $ | 153 |
2026 |  | 22 |  |  | 117 |
2027 |  | 14 |  |  | 88 |
2028 |  | 5 |  |  | 88 |
2029 |  | 5 |  |  | 76 |
2030 and thereafter |  | 12 |  |  | 433 |
Total undiscounted cash flows |  | 80 |  |  | 955 |
Less: imputed interest |  | (7) |  |  | (211) |
Lease liability as of January 3, 2025 |  | $ | 73 |  |  | $ | 744 |
Schedule of Components of Lease Income, Sale-Type Lease | The components of lease income were as follows:
|  |  |  | Year Ended
(in millions) |  | Statement of operations line item |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Sales-type leases: |  |  |  |  |  |  |  |
Selling price at lease commencement |  | Revenues |  | $ | 55 |  |  | $ | 51 |  |  | $ | 65 |
Cost of underlying asset |  | Cost of revenues |  | (40) |  |  | (41) |  |  | (52) |
Operating income |  |  |  | 15 |  |  | 10 |  |  | 13 |
Interest income on lease receivables |  | Revenues |  | 5 |  |  | 9 |  |  | 9 |
|  |  |  | 20 |  |  | 19 |  |  | 22 |
Operating lease income |  | Revenues |  | 26 |  |  | 39 |  |  | 35 |
Total lease income |  |  |  | $ | 46 |  |  | $ | 58 |  |  | $ | 57 |
Schedule of Components of Lease Income, Operating Lease | The components of lease income were as follows:
|  |  |  | Year Ended
(in millions) |  | Statement of operations line item |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Sales-type leases: |  |  |  |  |  |  |  |
Selling price at lease commencement |  | Revenues |  | $ | 55 |  |  | $ | 51 |  |  | $ | 65 |
Cost of underlying asset |  | Cost of revenues |  | (40) |  |  | (41) |  |  | (52) |
Operating income |  |  |  | 15 |  |  | 10 |  |  | 13 |
Interest income on lease receivables |  | Revenues |  | 5 |  |  | 9 |  |  | 9 |
|  |  |  | 20 |  |  | 19 |  |  | 22 |
Operating lease income |  | Revenues |  | 26 |  |  | 39 |  |  | 35 |
Total lease income |  |  |  | $ | 46 |  |  | $ | 58 |  |  | $ | 57 |
Schedule of Undiscounted Cash Flows for Operating Leases | As of January 3, 2025, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:
Fiscal Year Ending (in millions) | Sales-type leases |  | Operating leases
2025 | $ | 43 |  |  | $ | 5 |
2026 | 32 |  |  | — |
2027 | 18 |  |  | — |
2028 | 4 |  |  | — |
2029 | 1 |  |  | — |
Total undiscounted cash flows | $ | 98 |  |  | $ | 5 |
Present value of lease payments as lease receivables | 94 |  |  |
Difference between undiscounted cash flows and discounted cash flows | $ | 4 |  |  |
Schedule of Undiscounted Cash Flows for Sales-Type and Direct Finance Leases | As of January 3, 2025, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:
Fiscal Year Ending (in millions) | Sales-type leases |  | Operating leases
2025 | $ | 43 |  |  | $ | 5 |
2026 | 32 |  |  | — |
2027 | 18 |  |  | — |
2028 | 4 |  |  | — |
2029 | 1 |  |  | — |
Total undiscounted cash flows | $ | 98 |  |  | $ | 5 |
Present value of lease payments as lease receivables | 94 |  |  |
Difference between undiscounted cash flows and discounted cash flows | $ | 4 |  |  |

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