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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Apr. 03, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 6–Accumulated Other Comprehensive Income (Loss)
Changes in the components of Accumulated Other Comprehensive Income (Loss) ("AOCI") were as follows:
(in millions)Foreign currency translation adjustmentsUnrecognized gain (loss) on derivative instrumentsPension adjustmentsTotal AOCI
Balance at January 3, 2025$(98)$1 $(13)$(110)
Other comprehensive income (loss)74 1 (3)72 
Taxes(8)(1)1 (8)
Reclassification from AOCI— (4)— (4)
Balance at January 2, 2026(32)(3)(15)(50)
Other comprehensive income (loss)9 — 23 32 
Taxes(1)— (6)(7)
Balance at April 3, 2026$(24)$(3)$2 $(25)
Reclassifications from unrecognized gain (loss) on derivative instruments are recorded in "Interest expense, net" in the condensed consolidated statements of operations.
On May 20, 2022, the trustee of our UK defined benefit pension plan (the “Plan”) invested the assets of the Plan in a bulk purchase annuity policy to fully insure the benefits payable to the members of the Plan. The transaction was structured to enable a full buy-out, at which time the insurer would assume direct responsibility for all future pension obligations.
On February 11, 2026, the Plan completed a full buy-out, thus relieving the Company of future pension obligations. As a result we recognized a $23 million settlement loss primarily related to the unamortized loss previously recorded within AOCI. The settlement loss was recorded in "Other expense, net" in the condensed consolidated statements of operations.