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Derivative Instruments (Tables)

3 Months Ended

Mar. 29, 2025

The following table presents the fair value of its derivative instruments (in millions):


	Asset (Liability)
		Fair Values as of
	Balance Sheets Classification	March 29, 2025		December 31, 2024
Derivative instruments designated as hedges:
Foreign exchange contracts	Prepaid expenses and other current assets	$	—	$	30
Foreign exchange contracts	Accrued liabilities	(8)		—


Total derivative instruments designated as hedges		$	(8)	$	30

Derivative instruments not designated as hedges:
Foreign exchange contracts	Prepaid expenses and other current assets	$	—	$	1


Foreign exchange contracts	Accrued liabilities	(7)		—


Total derivative instruments not designated as hedges		$	(7)	$	1
Total net derivative (liability) asset		$	(15)	$	31

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 Classification	March 29, 2025		March 30, 2024
Derivative instruments not designated as hedges:
Foreign exchange contracts	Foreign exchange (loss) gain	$	(8)	$	1
Forward interest rate swaps	Interest expense, net	—		20
Total net (loss) gain recognized in income		$	(8)	$	21

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


	March 29, 2025		December 31, 2024
Notional balance of outstanding contracts:
British Pound/U.S. Dollar	£	16	£	5
Euro/U.S. Dollar	€	178	€	146


Euro/Czech Koruna	€	14	€	16



Japanese Yen/U.S. Dollar	¥	173	¥	360
Singapore Dollar/U.S. Dollar	S$	22	S$	23
Mexican Peso/U.S. Dollar	Mex$	204	Mex$	142


Polish Zloty/U.S. Dollar	zł	74	zł	53
Net fair value of assets of outstanding contracts	$	7	$	1