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Derivative instruments (Tables)

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Total notional amounts of the Company’s derivative instruments as of June 29, 2024 and December 30, 2023 were as follows:

(millions)			June 29, 2024			December 30, 2023
Foreign currency exchange contracts			$	251		$	—
Commodity contracts			77			—
Total			$	328		$	—

Schedule of Derivative Assets at Fair Value

The following table presents assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheet on a recurring basis as of June 29, 2024 and December 30, 2023:

			June 29, 2024												December 30, 2023
(millions)			Level 1			Level 2			Total						Level 1			Level 2			Total
Liabilities:
Foreign currency exchange contracts:
Other current liabilities			$	—		$	1		$	1					$	—		$	—		$	—
Commodity contracts:
Other current liabilities			1			—			1						—			—			—
Total liabilities			$	1		$	1		$	2					$	—		$	—		$	—

Schedule of Derivative Liabilities at Fair Value

The following table presents assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheet on a recurring basis as of June 29, 2024 and December 30, 2023:

			June 29, 2024												December 30, 2023
(millions)			Level 1			Level 2			Total						Level 1			Level 2			Total
Liabilities:
Foreign currency exchange contracts:
Other current liabilities			$	—		$	1		$	1					$	—		$	—		$	—
Commodity contracts:
Other current liabilities			1			—			1						—			—			—
Total liabilities			$	1		$	1		$	2					$	—		$	—		$	—

Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income

The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the quarters ended June 29, 2024 and July 1, 2023 was as follows:

			Gain (loss) recognized in cost of goods sold						Gain (loss) recognized in other income (expense), net
(millions)			June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Commodity contracts			$	(1)		$	(7)		$	—		$	—
Foreign currency derivatives			$	(2)		$	(1)		$	—		$	—

The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the year-to-date periods ended June 29, 2024 and July 1, 2023 was as follows:

			Gain (loss) recognized in cost of goods sold						Gain (loss) recognized in other income (expense), net
(millions)			June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Commodity contracts			$	(1)		$	(13)		$	—		$	—
Foreign currency derivatives			$	(2)		$	1		$	—		$	—

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

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