Leases (Tables)

9 Months Ended

Sep. 26, 2020

Leases [Abstract]

Components of Lease Expense and Other Information

The components of the Company's lease expense are as follows:

	Three months ended				Nine Months Ended
(in millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Lease expense:
Operating lease cost	$	34	$	33	$	101	$	99
Finance lease cost
Amortization of right-of-use assets	3		3		9		9
Interest on lease liabilities	—		1		1		1
Total finance lease cost	3		4		10		10
Short-term lease cost	1		1		2		4
Variable cost	10		8		27		25
Sublease income	(2)		(1)		(4)		(3)
Net lease expense	$	46	$	45	$	136	$	135

Other information related to leases is as follows:

	Nine Months Ended
(in millions)	September 26, 2020		September 28, 2019
Supplemental cash flow information:
Net cash used for operating activities related to operating leases	$	116	$	110
Net cash used for operating activities related to finance leases	1		1
Net cash used for financing activities related to finance leases	9		11
Assets obtained in exchange for lease liabilities:
Operating leases	$	64	$	69

(in millions)	September 26, 2020		December 31, 2019
Weighted average remaining lease terms (years):
Operating leases	6		7
Finance leases	2		2
Weighted average discount rate:
Operating leases	3.31	%	3.61	%
Finance leases	4.23	%	4.28	%

Lease Assets and Liabilities

Lease assets and liabilities consist of the following:

(in millions)	Statement Line Classification	September 26, 2020		December 31, 2019
Assets:
Operating lease assets	Operating lease assets	$	472	$	554
Finance lease assets	Property, plant, and equipment, net	30		41
		$	502	$	595
Current liabilities:
Operating lease liabilities	Accrued liabilities	$	123	$	122
Finance lease liabilities	Current portion of long-term debt	11		13
		$	134	$	135
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities	$	401	$	497
Finance lease liabilities	Long-term debt	7		16
		$	408	$	513

Future Lease Payments, Operating

Future lease payments as of September 26, 2020 are as follows:

(in millions)	Operating Leases		Finance Leases		Total
Remainder of 2020	$	29	$	3	$	32
2021	136		11		147
2022	120		5		125
2023	67		—		67
2024	54		—		54
Thereafter	184		—		184
Total lease payments	590		19		609
Less: interest	66		1		67
Present value of lease liabilities	$	524	$	18	$	542

Future Lease Payments, Finance

Future lease payments as of September 26, 2020 are as follows:

(in millions)	Operating Leases		Finance Leases		Total
Remainder of 2020	$	29	$	3	$	32
2021	136		11		147
2022	120		5		125
2023	67		—		67
2024	54		—		54
Thereafter	184		—		184
Total lease payments	590		19		609
Less: interest	66		1		67
Present value of lease liabilities	$	524	$	18	$	542