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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 29, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | The following tables set forth, by level within the fair value hierarchy, our financial assets and liabilities, including assets held in a rabbi trust used to fund our non-qualified defined benefit plan, that were measured at fair value on a recurring basis:
| December 29, 2024 |  | December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 9 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 34 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 50 |
Foreign exchange contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Mutual funds (1) |  | 74 |  |  | — |  |  | — |  |  | 84 |  |  | 33 |  |  | — |  |  | — |  |  | 44 |
Insurance contracts |  | — |  |  | 104 |  |  | — |  |  | 104 |  |  | — |  |  | 129 |  |  | — |  |  | 129 |
Total |  | $ | 83 |  |  | $ | 110 |  |  | $ | — |  |  | $ | 202 |  |  | $ | 67 |  |  | $ | 146 |  |  | $ | — |  |  | $ | 224 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | 32 |  |  | 12 |  |  | — |  |  | 44 |  |  | 17 |  |  | 26 |  |  | — |  |  | 42 |
Total |  | $ | 32 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 44 |  |  | $ | 17 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 42 |
__________________ (1)Institutional funds that are not publicly traded are estimated at fair value using the net asset value (“NAV”) per share of the investment as a practical expedient and are not categorized in the fair value hierarchy. Therefore, the sum of the values categorized in the fair value hierarchy above do not agree to the total.
Fair Value Measurement Inputs and Valuation Techniques | The following table provides the significant unobservable level 3 inputs used in the valuation:
Unobservable Inputs | December 29, 2024 |  | December 31, 2023
Weighted average cost of capital | 9 | % |  | 11 | %
Growth rate | 3 | % |  | 3 | %
EBITDA multiple | 10x |  | 12x
Control premium | 25 | % |  | 25 | %
Fair Value, Assets Measured on Recurring Basis | The following table summarizes our qualified pension plan assets measured at fair value on a recurring basis (at least annually):
| December 29, 2024 |  | December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 | Level 3 |  | Total
| (in millions)
Cash and cash equivalents | $ | 153 |  |  | $ | — |  |  | $ | — |  |  | $ | 153 |  |  | $ | 176 |  |  | $ | — |  |  | $ | — |  |  | $ | 176 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health care | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Financial services | 2 |  |  | (1) |  |  | — |  |  | 1 |  |  | 9 |  |  | 1 |  |  | — |  |  | 10 |
Retail and consumer products | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 6 |  |  | — |  |  | — |  |  | 6 |
Energy | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Information technology | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 16 |  |  | — |  |  | — |  |  | 16 |
Manufacturing and industrials | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Telecommunications | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
International common stock | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 14 |  |  | — |  |  | — |  |  | 14 |
Commingled funds: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global equity | — |  |  | — |  |  | — |  |  | 504 |  |  | — |  |  | — |  |  | — |  |  | 449 |
Corporate debt securities | — |  |  | — |  |  | — |  |  | 166 |  |  | — |  |  | — |  |  | — |  |  | 157 |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 248 |  |  | 1 |  |  | — |  |  | 250 |  |  | 252 |  |  | 2 |  |  | — |  |  | 253 |
Government debt securities | 105 |  |  | (27) |  |  | — |  |  | 77 |  |  | 125 |  |  | 46 |  |  | — |  |  | 171 |
Alternative investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified investment funds (1) | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Limited partnerships (1) | — |  |  | — |  |  | — |  |  | 293 |  |  | — |  |  | — |  |  | — |  |  | 298 |
Total fair value | $ | 513 |  |  | $ | (27) |  |  | $ | — |  |  | 1,452 |  |  | $ | 611 |  |  | $ | 49 |  |  | $ | — |  |  | 1,568 |
Unsettled transactions, net |  |  |  |  |  |  | 46 |  |  |  |  |  |  |  |  | (17) |
Total plan assets |  |  |  |  |  |  | $ | 1,498 |  |  |  |  |  |  |  |  | $ | 1,551 |
__________________ (1)Assets that are measured at fair value using NAV per share as a practical expedient have not been categorized in the fair value hierarchy.
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 |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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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