XML 42 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Derivative Instruments (Tables)
3 Months Ended
Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities The following table presents the fair value of its derivative instruments (in millions):
Asset (Liability)
Fair Values as of
Balance Sheet ClassificationApril 3,
2021
December 31,
2020
Derivative instruments designated as hedges:
    Foreign exchange contractsPrepaid expenses and other current assets$$— 
    Foreign exchange contractsAccrued liabilities— (34)
Total derivative instruments designated as hedges$$(34)
Derivative instruments not designated as hedges:
    Foreign exchange contractsPrepaid expenses and other current assets$$— 
    Foreign exchange contractsAccrued liabilities— (3)
    Forward interest rate swapsAccrued liabilities(17)(17)
    Forward interest rate swapsOther long-term liabilities(17)(29)
Total derivative instruments not designated as hedges$(30)$(49)
Total net derivative liability$(24)$(83)
Schedule of Gains (Losses) from Changes in Fair Values of Derivatives
The following table presents the net gains (losses) from changes in fair values of derivatives that are not designated as hedges (in millions):
Gains (Losses) Recognized in Income
 Three Months Ended
Statements of Operations ClassificationApril 3,
2021
March 28,
2020
Derivative instruments not designated as hedges:
Foreign exchange contractsForeign exchange gain (loss)$$(1)
Forward interest rate swapsInterest income (expense), net(35)
Total gains (losses) recognized in income$14 $(36)
Schedule of Notional Values and Net Fair Value of Forward Contracts The notional values and the net fair value of these outstanding contracts are as follows (in millions):
 April 3,
2021
December 31,
2020
Notional balance of outstanding contracts:
British Pound/U.S. Dollar£28 £10 
Euro/U.S. Dollar157 123 
Canadian Dollar/U.S. DollarC$C$— 
Japanese Yen/U.S. Dollar¥173 ¥354 
Singapore Dollar/U.S. DollarS$17 S$12 
Mexican Peso/U.S. DollarMex$62 Mex$36 
Polish Zloty/U.S. Dollar48 — 
Net fair value of assets (liabilities) of outstanding contracts$$(3)