FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Apr. 01, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis (at least annually) at April 1, 2022 and December 31, 2021:

	April 1, 2022				December 31, 2021
(In millions)	Total		Level 1		Total		Level 1
Assets
Deferred compensation plan assets(1)
Equity and fixed income securities	$	72	$	72	$	77	$	77
Investments measured at NAV:
Corporate-owned life insurance	35				35
Total fair value of deferred compensation plan assets	$	107			$	112
Liabilities
Deferred compensation plan liabilities(2)
Equity securities and mutual funds	$	7	$	7	$	6	$	6
Investments measured at NAV:
Common/collective trusts and guaranteed investment contracts	170				177
Total fair value of deferred compensation plan liabilities	$	177			$	183

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(1)Represents diversified assets held in a rabbi trust associated with our non-qualified deferred compensation plans, which we include in the “Other current

assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet (Unaudited), and which are measured at fair value.

(2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and

benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet (Unaudited). Under these plans, participants designate

investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.

Fair Value, by Balance Sheet Grouping

The following table presents the carrying amounts and estimated fair values of our significant financial instruments that were not measured at fair value (carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of those items):

	April 1, 2022				December 31, 2021
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt (including current portion)(1)	$	7,057	$	7,174	$	7,059	$	7,701

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(1)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet was measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.