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Accounts Receivable and Finance Receivables (Tables)

9 Months Ended

Sep. 28, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable is composed of the following:

(In millions)			September 28, 2024			December 30, 2023
Commercial			$	823		$	831
U.S. Government contracts			84			63
			907			894
Allowance for credit losses			(19)			(26)
Total accounts receivable, net			$	888		$	868

Finance Receivables

Finance receivables are presented in the following table:

(In millions)			September 28, 2024			December 30, 2023
Finance receivables			$	614		$	609
Allowance for credit losses			(19)			(24)
Total finance receivables, net			$	595		$	585

Finance Receivables Categorized Based On Credit Quality Indicators

Finance receivables categorized based on the credit quality indicators and by the delinquency aging category are summarized as follows:

(Dollars in millions)			September 28, 2024			December 30, 2023
Performing			$	603		$	571
Watchlist			—			23
Nonaccrual			11			15
Nonaccrual as a percentage of finance receivables			1.79%			2.46%
Current and less than 31 days past due			$	606		$	589
31-60 days past due			8			16
61-90 days past due			—			—
Over 90 days past due			—			4
60+ days contractual delinquency as a percentage of finance receivables			—%			0.66%

Finance Receivables By Delinquency Aging Category

Finance receivables categorized based on the credit quality indicators and by the delinquency aging category are summarized as follows:

(Dollars in millions)			September 28, 2024			December 30, 2023
Performing			$	603		$	571
Watchlist			—			23
Nonaccrual			11			15
Nonaccrual as a percentage of finance receivables			1.79%			2.46%
Current and less than 31 days past due			$	606		$	589
31-60 days past due			8			16
61-90 days past due			—			—
Over 90 days past due			—			4
60+ days contractual delinquency as a percentage of finance receivables			—%			0.66%

Finance Receivables and Allowance For Credit Losses Based on Impairment Evaluation

A summary of finance receivables and the allowance for credit losses, based on the results of our impairment evaluation, is provided below. The finance receivables included in this table specifically exclude leveraged leases in accordance with U.S. generally accepted accounting principles.

(In millions)			September 28, 2024			December 30, 2023
Finance receivables evaluated collectively			$	522		$	508
Finance receivables evaluated individually			11			15
Allowance for credit losses based on collective evaluation			19			21
Allowance for credit losses based on individual evaluation			—			3
Impaired finance receivables with specific allowance for credit losses			$	—		$	11
Impaired finance receivables with no specific allowance for credit losses			11			4
Unpaid principal balance of impaired finance receivables			17			25
Allowance for credit losses on impaired finance receivables			—			3
Average recorded investment of impaired finance receivables			13			27

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- Definition

Tabular disclosure of finance receivables and allowance for loan losses based on impairment evaluation excluding leveraged leases.

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Tabular disclosure of allowance for credit loss on financing receivable.

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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