v3.24.2.u1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Consolidated Balance Sheets and Pre-Tax Gain (Loss) in Accumulated Other Comprehensive Loss The following tables summarizes the fair value and presentation of derivative instruments in the Unaudited Consolidated Balance Sheets as well as the changes in fair value recorded in accumulated other comprehensive loss:
Fair Value of Derivative Assets
(in millions)Financial Statement Line ItemJune 29, 2024December 31, 2023
Derivatives designated as hedging instruments
Interest rate derivativesOther current assets$19 $20 
Interest rate derivativesOther assets8 10 
Total derivative assets designated as hedging instruments$27 $30 
Fair Value of Derivative Liabilities
(in millions)Financial Statement Line ItemJune 29, 2024December 31, 2023
Derivatives designated as hedging instruments:
Interest rate derivativesOther liabilities$6 $— 
Total derivative liabilities designated as hedging instruments$6 $— 
Unrealized gainAccumulated other comprehensive loss$20 $25 
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges
The following table summarizes the effect of derivative instruments designated as cash flow hedges in other comprehensive income and the Unaudited Consolidated Statements of Operations:

Three Months EndedSix Months Ended
(in millions)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Gains recorded in accumulated other comprehensive loss, beginning of period$24 $35 $25 $42 
Current period gain (loss) recognized in/reclassified from other comprehensive income(4)13 (3)7 
Gains reclassified from accumulated other comprehensive loss to net income— (8)(2)(9)
Gains recorded in accumulated other comprehensive loss, end of period$20 $40 $20 $40