XML 48 R31.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Derivative Instruments (Tables)
3 Months Ended
Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table presents the fair value of its derivative instruments (in millions):
Asset (Liability)
Fair Values as of
Balance Sheets ClassificationMarch 30,
2024
December 31,
2023
Derivative instruments designated as hedges:
    Foreign exchange contractsPrepaid expenses and other current assets$$— 
    Foreign exchange contractsAccrued liabilities— (6)
Total derivative instruments designated as hedges$$(6)
Derivative instruments not designated as hedges:
    Forward interest rate swapsPrepaid expenses and other current assets$36 $34 
    Forward interest rate swapsOther long-term assets64 49 
    Foreign exchange contractsAccrued liabilities— (1)
    Forward interest rate swapsAccrued liabilities(13)(12)
    Forward interest rate swapsOther long-term liabilities(20)(16)
Total derivative instruments not designated as hedges$67 $54 
Total net derivative asset$73 $48 
Schedule of Net Gains (Losses) from Changes in Fair Values of Derivatives Not Designated as Hedges
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 ClassificationMarch 30,
2024
April 1,
2023
Derivative instruments not designated as hedges:
Foreign exchange contractsForeign exchange gain$$(5)
Forward interest rate swapsInterest expense, net20 (7)
Total net gain (loss) recognized in income$21 $(12)
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):
 March 30,
2024
December 31,
2023
Notional balance of outstanding contracts:
British Pound/U.S. Dollar££11 
Euro/U.S. Dollar96 80 
Euro/Czech Koruna16 17 
Japanese Yen/U.S. Dollar¥120 ¥685 
Singapore Dollar/U.S. DollarS$19 S$14 
Mexican Peso/U.S. DollarMex$174 Mex$144 
Polish Zloty/U.S. Dollar19 116 
Net fair value of assets (liabilities) of outstanding contracts$— $(1)