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LEASES AND OTHER COMMITMENTS
12 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Leases and other commitments
LEASES AND OTHER COMMITMENTS

The Company recorded operating lease costs of $137 million, $132 million and $136 million for the years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Lease related costs associated with variable rent, short-term leases, and sale-leaseback arrangements, as well as sublease income, are each immaterial.
(millions)Year ended December 30, 2023Year ended December 31, 2022Year ended January 1, 2022
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$138 $121 $135 
Right-of-use assets obtained in exchange for operating lease liabilities
New leases$89 $84 $55 
Modified leases$74 $27 $53 
Weighted-average remaining lease term - operating leases7 years7 years
Weighted-average discount rate - operating leases3.6%2.9%

At December 30, 2023 future maturities of operating leases were as follows:
(millions)Operating
leases
2024$139 
2025136 
2026109 
202787 
202862 
2029 and beyond208 
Total minimum payments$741 
Less interest(88)
Present value of lease liabilities$653 

Operating lease payments presented in the table above exclude $40 million of minimum lease payments for real-estate leases signed but not yet commenced as of December 30, 2023. The leases are expected to commence in 2024.

At December 30, 2023, future minimum annual lease commitments under non-cancelable finance leases were immaterial.
The Company has provided various standard indemnifications in agreements to sell and purchase business assets and lease facilities over the past several years, related primarily to pre-existing tax, environmental, and employee benefit obligations. Certain of these indemnifications are limited by agreement in either amount and/or term and others are unlimited. The Company has also provided various “hold harmless” provisions within certain service type agreements. Because the Company is not currently aware of any actual exposures associated with these indemnifications, management is unable to estimate the maximum potential future payments to be made. At December 30, 2023, the Company had not recorded any liability related to these indemnifications.