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Debt (Tables) | 12 Months Ended
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Dec. 29, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Long-term debt consists of the following:
| December 29, 2024 |  | December 31, 2023
| (in millions)
4.25% senior unsecured notes, due February 2027, net of unamortized debt issuance costs and discounts totaling $1 million and $2 million as of December 29, 2024 and December 31, 2023, respectively | $ | 599 |  |  | $ | 598 |
5.20% senior unsecured notes, due April 2029, net of unamortized debt issuance costs and discounts totaling $3 million and $3 million as of December 29, 2024 and December 31, 2023, respectively | 397 |  |  | 397 |
3.00% senior unsecured notes, due October 2030, net of unamortized debt issuance costs and discounts totaling $7 million and $8 million as of December 29, 2024 and December 31, 2023, respectively | 493 |  |  | 492 |
2.625% senior unsecured notes, due September 2031, net of unamortized debt issuance costs and discounts totaling $7 million and $8 million as of December 29, 2024 and December 31, 2023, respectively | 493 |  |  | 492 |
Bank borrowings | — |  |  | 12 |
Total debt | 1,983 |  |  | 1,991 |
Current portion | — |  |  | (5) |
Total long-term debt | $ | 1,983 |  |  | $ | 1,986 |
Credit Facilities
|  | December 29, 2024
Facility |  | Capacity |  | Borrowing Base Adjustment |  | Outstanding Borrowings |  | Commercial Paper Borrowings |  | Outstanding Letters of Credit |  | Amount Available
|  | (in millions)
Senior unsecured revolving credit facility |  | $ | 2,100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,100 |
Accounts receivable securitization facility |  | 225 |  |  | — |  |  | — |  |  | — |  |  | (22) |  |  | 203 |
Total credit facilities |  | $ | 2,325 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (22) |  |  | $ | 2,303 |
The following table presents the fair value and carrying value of total debt as of December 29, 2024 and December 31, 2023:
| December 29, 2024 |  | December 31, 2023
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
| (in millions)
Debt | $ | 1,821 |  |  | $ | 1,983 |  |  | $ | 1,770 |  |  | $ | 1,991 |
Schedule of Maturities of Long-Term Debt | Scheduled principal payments on debt for the next five years are as follows:
Year |  | (in millions)
2025 |  | $ | — |
2026 |  | — |
2027 |  | 600 |
2028 |  | — |
2029 |  | 400 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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