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Operating leases | 3 Months Ended
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Mar. 29, 2025
Leases [Abstract] |
Operating leases | Operating leases The Company leases certain warehouses, equipment, vehicles, and office space primarily through operating lease agreements. The Company recorded operating lease costs of $7 million and $3 million for the quarters ended March 29, 2025 and March 30, 2024, respectively.
| Quarter ended |
(millions) | March 29, 2025 | March 30, 2024 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases | $ | 7 |  | $ | 2 |  |  |
Right-of-use assets obtained in exchange for operating lease liabilities |  |  |  |
New leases | $ | 18 |  | $ | 36 |  |  |
Modified leases | $ | — |  | $ | — |  |  |
At March 29, 2025 future maturities of operating leases were as follows:
(millions) | Operating leases |  |
2025 (remaining) | $ | 20 |  |  |
2026 | 29 |  |  |
2027 | 28 |  |  |
2028 | 22 |  |  |
2029 | 19 |  |  |
2030 and beyond | 21 |  |  |
Total minimum payments | $ | 139 |  |  |
Less interest | (18) |  |  |
Present value of lease liabilities | $ | 121 |  |  |
Weighted-average remaining lease term - operating leases | 5.1 years |  |
Weighted-average discount rate - operating leases | 5.8% |  |
During the first quarter of 2025, the Company entered into a lease agreement with an unrelated third party for a distribution center previously leased by Kellanova. The lease was subleased directly from Kellanova as outlined in the Separation and Distribution Agreement. Payments for this lease are made on a monthly basis. Prior to the execution of this lease, use of the distribution center was managed under the a transition services agreement that the Company entered into with Kellanova in connection with the Spin-Off (the "Transition Services Agreement"). The new sublease agreement executed in the first quarter of 2025 resulted in an increase to operating lease assets of $13 million, which is recorded within Operating lease assets on the Unaudited Consolidated Balance Sheet. This also resulted in an increase to operating lease liabilities of $13 million, of which $5 million is classified as short-term and included in Other current liabilities and $8 million is classified as Long-term operating lease obligations on the Unaudited Consolidated Balance Sheet.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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