XML 52 R39.htm IDEA: XBRL DOCUMENT
v3.25.3

Fair Value of Financial Instruments and Risk Management (Tables) | 9 Months Ended
--- | ---
Oct. 03, 2025
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in our condensed consolidated balance sheets are provided in the following table.
|  |  | October 3, 2025 |  | January 3, 2025
Dollars in millions |  |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Liabilities (including current maturities): |  |  |  |  |  |  |  |  |
Term Loan A | Level 2 |  | $ | 995 |  |  | $ | 995 |  |  | $ | 1,006 |  |  | $ | 1,006 |
Term Loan B | Level 2 |  | 985 |  |  | 987 |  |  | 993 |  |  | 996 |
Senior Notes | Level 2 |  | 250 |  |  | 247 |  |  | 250 |  |  | 240 |
Revolver | Level 2 |  | 395 |  |  | 395 |  |  | 345 |  |  | 345 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table summarizes the recognized changes in fair value of our balance sheet hedges and remeasurement of balance sheet positions. These amounts are recognized in our condensed consolidated statements of operations for the periods presented. The net of our changes in fair value of hedges and the remeasurement of our assets and liabilities is included in other non-operating income (expense) on our condensed consolidated statements of operations.
| Three Months Ended |  | Nine Months Ended
| October 3, |  | September 27, |  | October 3, |  | September 27,
Dollars in millions | 2025 |  | 2024 |  | 2025 |  | 2024
Balance Sheet Hedges - Fair Value | $ | — |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | (2) |
Balance Sheet Position - Remeasurement | 1 |  |  | (2) |  |  | (2) |  |  | (3) |
Net gain (loss) | $ | 1 |  |  | $ | (3) |  |  | $ | (4) |  |  | $ | (5) |
Schedule of Interest Rate Swaps | Our portfolio of interest rate swaps consists of the following:
Dollars in millions | Notional Amount at October 3, 2025* |  | Pay Fixed Rate (Weighted Average) |  | Receive Variable Rate |  | Settlement and Termination
March 2020 Interest Rate Swaps | $ | 400 |  |  | 0.89 | % |  | Term SOFR |  | Monthly through January 2027
September 2022 Interest Rate Swaps | $ | 350 |  |  | 3.43 | % |  | Term SOFR |  | Monthly through January 2027
March 2023 Interest Rate Swaps | $ | 205 |  |  | 3.61 | % |  | Term SOFR |  | Monthly through January 2027
March 2023 Amortizing Interest Rate Swaps | £ | 105 |  |  | 3.81 | % |  | Term SONIA |  | Monthly through November 2026
September 2024 Interest Rate Swaps | $ | 200 |  |  | 3.27 | % |  | Term SOFR |  | Monthly through August 2027
April 2025 Interest Rate Swaps | $ | 270 |  |  | 3.39 | % |  | Term SOFR |  | Monthly through August 2027
April 2025 Forward Interest Rate Swaps | $ | 150 |  |  | 3.38 | % |  | Term SOFR |  | Monthly from August 2027 through December 2030
*Includes the April 2025 Forward Interest Rate Swaps that become effective August 14, 2027.
Schedule of Sale of Receivables Activity | Activity for third-party financial institutions consisted of the following:
| Nine Months Ended
Dollars in millions | October 3, 2025 |  | September 27, 2024
Beginning balance | $ | 106 |  |  | $ | 135 |
Sale of receivables | 1,937 |  |  | 2,324 |
Settlement of receivables | (1,978) |  |  | (2,318) |
Cash collected, not yet remitted | — |  |  | (39) |
Outstanding balances sold to financial institutions | $ | 65 |  |  | $ | 102 |

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derecognized financial assets from transactions which comprise an initial transfer and an agreement entered into in contemplation of the initial transfer resulting in retention of substantially all of the exposure to the economic return throughout the term of the transaction. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 4D -SubTopic 20 -Topic 860 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D + Details
Name: | us-gaap_TransferOfFinancialAssetsAccountedForAsSalesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration