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Fair Value Measurements (Tables)

12 Months Ended

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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
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-Publisher FASB
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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
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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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

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