Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The changes in each component of AOCI during the six months ended June 29, 2024 and July 1, 2023 were as follows (in millions):

	Unrealized gain (loss) on sales hedging		Foreign currency translation adjustments		Total
Balance at December 31, 2022	$	(11)	$	(55)	$	(66)
Other comprehensive (loss) income before reclassifications	(9)		5		(4)
Amounts reclassified from AOCI(1)	10		—		10
Other comprehensive income, net of tax	1		5		6
Balance at July 1, 2023	$	(10)	$	(50)	$	(60)
Balance at December 31, 2023	$	(5)	$	(49)	$	(54)
Other comprehensive income (loss) before reclassifications	20		(8)		12
Amounts reclassified from AOCI(1)	(6)		—		(6)
Tax effect	(4)		—		(4)
Other comprehensive income (loss), net of tax	10		(8)		2
Balance at June 29, 2024	$	5	$	(57)	$	(52)

(1) See Note 8, Derivative Instruments regarding the timing of reclassifications to operating results.