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Derivative instruments (Tables)
9 Months Ended
Sep. 28, 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 September 28, 2024 and December 30, 2023 were as follows:
(millions)September 28,
2024
December 30,
2023
Foreign currency exchange contracts$300 $— 
Commodity contracts60 — 
Interest rate contracts250 — 
Total$610 $— 
Schedule of Derivative Assets at Fair Value
The following table presents assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheet on a recurring basis as of September 28, 2024 and December 30, 2023:
Derivatives designated as hedging instruments
September 28, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Liabilities:
Interest rate contracts:
Other liabilities 2 2 — — — 
Total liabilities$ $2 $2 $— $— $— 
Derivatives not designated as hedging instruments
September 28, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Liabilities:
Foreign currency exchange contracts:
Other current liabilities$ $4 $4 $— $— $— 
Commodity contracts:
Other current liabilities2  2 — — — 
Total liabilities$2 $4 $6 $— $— $— 
Schedule of Derivative Liabilities at Fair Value
The following table presents assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheet on a recurring basis as of September 28, 2024 and December 30, 2023:
Derivatives designated as hedging instruments
September 28, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Liabilities:
Interest rate contracts:
Other liabilities 2 2 — — — 
Total liabilities$ $2 $2 $— $— $— 
Derivatives not designated as hedging instruments
September 28, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Liabilities:
Foreign currency exchange contracts:
Other current liabilities$ $4 $4 $— $— $— 
Commodity contracts:
Other current liabilities2  2 — — — 
Total liabilities$2 $4 $6 $— $— $— 
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income
The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income for the quarters and year-to-date periods ended September 28, 2024 and September 30, 2023 was as follows:
Derivatives designated as hedging instruments
Gain (loss) recognized in AOCIGain (loss) excluded from assessment of hedge effectivenessLocation of gain (loss) in income of excluded component
(millions)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Interest rate contracts$(2)$— $— $— Interest expense
Quarter endedYear-to-date period ended
September 28,
2024
September 30,
2023
September 28,
2024
September 30,
2023
(millions)Interest ExpenseInterest ExpenseInterest ExpenseInterest Expense
Interest rate contracts:$ $— $ $— 
     Amount of gain (loss) reclassified from AOCI into income$ $— $ $— 
Derivatives not designated as hedging instruments
The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the quarters ended September 28, 2024 and September 30, 2023 was as follows:
Gain (loss) recognized in cost of goods soldGain (loss) recognized in other income (expense), net
(millions)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Commodity contracts$(1)$$ $— 
Foreign currency derivatives$(4)$(3)$ $— 
The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the year-to-date periods ended September 28, 2024 and September 30, 2023 was as follows:
Gain (loss) recognized in cost of goods soldGain (loss) recognized in other income (expense), net
(millions)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Commodity contracts$(2)$(12)$ $— 
Foreign currency derivatives$(6)$(2)$ $—