Derivative Instruments (Tables)

3 Months Ended

Apr. 01, 2023

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 Sheets Classification	April 1, 2023		December 31, 2022
Derivative instruments designated as hedges:
Foreign exchange contracts	Accrued liabilities	$	(19)	$	(14)
Total derivative instruments designated as hedges		$	(19)	$	(14)
Derivative instruments not designated as hedges:
Forward interest rate swaps	Prepaid expenses and other current assets	$	24	$	25
Forward interest rate swaps	Other long-term assets	35		47
Foreign exchange contracts	Accrued liabilities	(5)		(5)
Total derivative instruments not designated as hedges		$	54	$	67
Total net derivative asset		$	35	$	53

Schedule of Net Gains (Losses) from Changes in Fair Values of Derivatives Not Designated as Hedges

The following table presents the net (losses) gains from changes in fair values of derivatives that are not designated as hedges (in millions):

	(Losses) Gains Recognized in Income
		Three Months Ended
	Statements of Operations Classification	April 1, 2023		April 2, 2022
Derivative instruments not designated as hedges:
Foreign exchange contracts	Foreign exchange gain	$	(5)	$	(1)
Forward interest rate swaps	Interest (expense) income, net	(7)		34
Total (loss) gain recognized in income		$	(12)	$	33

Schedule of Notional Value and Net Fair Value of Outstanding Contracts

The notional values and the net fair values of these outstanding contracts were as follows (in millions):

	April 1, 2023		December 31, 2022
Notional balance of outstanding contracts:
British Pound/U.S. Dollar	£	7	£	11
Euro/U.S. Dollar	€	169	€	191
Euro/Czech Koruna	€	15	€	15
Singapore Dollar/U.S. Dollar	S$	16	S$	5
Mexican Peso/U.S. Dollar	Mex$	139	Mex$	372
Polish Zloty/U.S. Dollar	zł	63	zł	47
Net fair value of liabilities of outstanding contracts	$	5	$	5