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v3.25.1

Derivative instruments (Tables) | 3 Months Ended
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Mar. 29, 2025
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 March 29, 2025 and December 28, 2024 were as follows:
(millions) | March 29, 2025 | December 28, 2024
Foreign currency exchange contracts | $ | 268 |  | $ | 284 |
Commodity contracts | 75 |  | 14 |
Interest rate contracts | 350 |  | 250 |
Total | $ | 693 |  | $ | 548 |
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 March 29, 2025 and December 28, 2024: Derivatives designated as hedging instruments
| March 29, 2025 |  | December 28, 2024
(millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
Assets: |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Other current assets | $ | — |  | $ | 1 |  | $ | 1 |  |  | $ | — |  | $ | 2 |  | $ | 2 |
Other assets | — |  | — |  | — |  |  | — |  | 3 |  | 3 |
Total assets | $ | — |  | $ | 1 |  | $ | 1 |  |  | $ | — |  | $ | 5 |  | $ | 5 |
Derivatives not designated as hedging instruments
| March 29, 2025 |  | December 28, 2024
(millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
Assets: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Other current assets | $ | — |  | $ | 3 |  | $ | 3 |  |  | $ | — |  | $ | 4 |  | $ | 4 |
Other assets | — |  | — |  | — |  |  | — |  | 1 |  | 1 |
Commodity contracts: |  |  |  |  |  |  |
Other current assets | 1 |  | — |  | 1 |  |  | — |  | — |  | — |
Total assets | $ | 1 |  | $ | 3 |  | $ | 4 |  |  | $ | — |  | $ | 5 |  | $ | 5 |
Liabilities: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Other current liabilities | $ | — |  | $ | — |  | $ | — |  |  | $ | — |  | $ | 3 |  | $ | 3 |
Commodity contracts: |  |  |  |  |  |  |
Other current liabilities | 1 |  | — |  | 1 |  |  | — |  | — |  | — |
Total liabilities | $ | 1 |  | $ | — |  | $ | 1 |  |  | $ | — |  | $ | 3 |  | $ | 3 |
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 March 29, 2025 and December 28, 2024: Derivatives designated as hedging instruments
| March 29, 2025 |  | December 28, 2024
(millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
Assets: |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Other current assets | $ | — |  | $ | 1 |  | $ | 1 |  |  | $ | — |  | $ | 2 |  | $ | 2 |
Other assets | — |  | — |  | — |  |  | — |  | 3 |  | 3 |
Total assets | $ | — |  | $ | 1 |  | $ | 1 |  |  | $ | — |  | $ | 5 |  | $ | 5 |
Derivatives not designated as hedging instruments
| March 29, 2025 |  | December 28, 2024
(millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
Assets: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Other current assets | $ | — |  | $ | 3 |  | $ | 3 |  |  | $ | — |  | $ | 4 |  | $ | 4 |
Other assets | — |  | — |  | — |  |  | — |  | 1 |  | 1 |
Commodity contracts: |  |  |  |  |  |  |
Other current assets | 1 |  | — |  | 1 |  |  | — |  | — |  | — |
Total assets | $ | 1 |  | $ | 3 |  | $ | 4 |  |  | $ | — |  | $ | 5 |  | $ | 5 |
Liabilities: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Other current liabilities | $ | — |  | $ | — |  | $ | — |  |  | $ | — |  | $ | 3 |  | $ | 3 |
Commodity contracts: |  |  |  |  |  |  |
Other current liabilities | 1 |  | — |  | 1 |  |  | — |  | — |  | — |
Total liabilities | $ | 1 |  | $ | — |  | $ | 1 |  |  | $ | — |  | $ | 3 |  | $ | 3 |
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 and Unaudited Consolidated Statement of Comprehensive Income for the quarters ended March 29, 2025 and March 30, 2024 was as follows: Derivatives designated as hedging instruments
| Gain (loss) recognized in AOCI | Gain (loss) reclassified from AOCI into income | Location of gain (loss) reclassified from AOCI into income
(millions) | March 29, 2025 | March 30, 2024 | March 29, 2025 | March 30, 2024 |
Interest rate contracts | $ | (4) |  | $ | — |  | $ | 1 |  | $ | — |  | Interest expense
During the next 12 months, the Company expects approximately $1 million of net deferred gains reported in accumulated other comprehensive income (AOCI) at March 29, 2025, to be reclassified to interest expense. Derivatives not designated as hedging instruments The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the quarters ended March 29, 2025 and March 30, 2024 was as follows:
| Gain (loss) recognized in cost of goods sold | Gain (loss) recognized in other income (expense), net
(millions) | March 29, 2025 | March 30, 2024 | March 29, 2025 | March 30, 2024
Commodity contracts | $ | 1 |  | $ | — |  | $ | — |  | $ | — |
Foreign currency derivatives | $ | — |  | $ | — |  | $ | — |  | $ | — |

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