FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis (at least annually) at June 30, 2023 and December 30, 2022:

	June 30, 2023				December 30, 2022
(In millions)	Total		Level 1		Total		Level 1
Assets
Deferred compensation plan assets:(1)
Equity and fixed income securities	$	71	$	71	$	64	$	64
Investments measured at NAV:
Corporate-owned life insurance	35				33
Total fair value of deferred compensation plan assets	$	106			$	97
Liabilities
Deferred compensation plan liabilities:(2)
Equity securities and mutual funds	$	8	$	8	$	8	$	8
Investments measured at NAV:
Common/collective trusts and guaranteed investment contracts	217				192
Total fair value of deferred compensation plan liabilities	$	225			$	200

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(1)Represents diversified assets held in a “rabbi trust” associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet, and which are measured at fair value.

(2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet. Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.

Schedule of Fair Value, Long-term Debt

The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet:

	June 30, 2023				December 30, 2022
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan 2025(1)	$	2,250	$	2,250	$	—	$	—
All other long-term debt, net (including current portion)(2)	5,978		5,598		7,043		6,569
Total debt, net	$	8,228	$	7,848	$	7,043	$	6,569

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(1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate.

(2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.