v3.25.0.1
Leases (Tables)
 12 Months Ended
Jan. 03, 2025
Leases [Abstract]  
Schedule of ROU Assets and Lease Liabilities
ROU assets and lease liabilities consisted of the following:
(in millions)
Balance sheet line itemJanuary 3,
2025		December 29,
2023
ROU assets:
Finance leasesProperty, plant and equipment, net$69 $89 
Operating leasesOperating lease right-of-use assets, net560 512 
$629 $601 
Current lease liabilities:
Finance leasesShort-term debt and current portion of long-term debt$19 $18 
Operating leasesAccounts payable and accrued liabilities123 136 
$142 $154 
Non-current lease liabilities:
Finance leasesLong-term debt, net of current portion$54 $73 
Operating leasesOperating lease liabilities621 516 
$675 $589 
Schedule of Lease Cost
Total lease cost for the periods presented consisted of the following:
Year Ended
(in millions)
January 3,
2025		December 29,
2023		December 30,
2022
Finance lease cost:
Amortization of ROU assets$20 $18 $9 
Interest on lease liabilities4 4 1 
24 22 10 
Operating lease cost(1)
143 148 161 
Variable lease cost35 35 42 
Short-term lease cost4 2 3 
Less: Sublease income— — (6)
Total lease cost$206 $207 $210 
(1)Includes ROU lease expense of $119 million, $124 million and $134 million for fiscal 2024, 2023 and 2022, respectively.
Lease terms and discount rates related to leases were as follows:
Year Ended
January 3,
2025		December 29,
2023		December 30,
2022
Weighted-average remaining lease term (in years):
Finance leases4.45.28.2
Operating leases9.97.37.5
Weighted-average discount rate:
Finance leases4.7 %4.8 %2.6 %
Operating leases4.5 %3.7 %3.3 %
Other information related to leases was as follows:
Year Ended
(in millions)
January 3,
2025		December 29,
2023		December 30,
2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash related to finance leases$4 $4 $1 
Operating cash related to operating leases163 167 168 
Financing cash flows related to finance leases18 17 9 
ROU assets obtained in exchange for lease liabilities:
Finance lease liabilities$— $63 $1 
Operating lease liabilities236 97 122 
Schedule of Future Minimum Lease Commitments of Operating Leases
Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at January 3, 2025, were as follows:
Fiscal Year Ending (in millions)
Finance lease commitmentsOperating lease commitments
2025$22 $153 
202622 117 
202714 88 
20285 88 
20295 76 
2030 and thereafter12 433 
Total undiscounted cash flows80 955 
Less: imputed interest(7)(211)
Lease liability as of January 3, 2025$73 $744 
Schedule of Future Minimum Lease Commitments of Finance Leases
Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at January 3, 2025, were as follows:
Fiscal Year Ending (in millions)
Finance lease commitmentsOperating lease commitments
2025$22 $153 
202622 117 
202714 88 
20285 88 
20295 76 
2030 and thereafter12 433 
Total undiscounted cash flows80 955 
Less: imputed interest(7)(211)
Lease liability as of January 3, 2025$73 $744 
Schedule of Components of Lease Income, Sale-Type Lease
The components of lease income were as follows:
Year Ended
(in millions)
Statement of operations line itemJanuary 3,
2025		December 29,
2023		December 30,
2022
Sales-type leases:
Selling price at lease commencementRevenues$55 $51 $65 
Cost of underlying assetCost of revenues(40)(41)(52)
Operating income 15 10 13 
Interest income on lease receivablesRevenues5 9 9 
20 19 22 
Operating lease incomeRevenues26 39 35 
Total lease income$46 $58 $57 
Schedule of Components of Lease Income, Operating Lease
The components of lease income were as follows:
Year Ended
(in millions)
Statement of operations line itemJanuary 3,
2025		December 29,
2023		December 30,
2022
Sales-type leases:
Selling price at lease commencementRevenues$55 $51 $65 
Cost of underlying assetCost of revenues(40)(41)(52)
Operating income 15 10 13 
Interest income on lease receivablesRevenues5 9 9 
20 19 22 
Operating lease incomeRevenues26 39 35 
Total lease income$46 $58 $57 
Schedule of Undiscounted Cash Flows for Operating Leases
As of January 3, 2025, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:
Fiscal Year Ending (in millions)
Sales-type leasesOperating leases
2025$43 $5 
202632 — 
202718 — 
20284 — 
20291 — 
Total undiscounted cash flows$98 $5 
Present value of lease payments as lease receivables94 
Difference between undiscounted cash flows and discounted cash flows$4 
Schedule of Undiscounted Cash Flows for Sales-Type and Direct Finance Leases
As of January 3, 2025, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:
Fiscal Year Ending (in millions)
Sales-type leasesOperating leases
2025$43 $5 
202632 — 
202718 — 
20284 — 
20291 — 
Total undiscounted cash flows$98 $5 
Present value of lease payments as lease receivables94 
Difference between undiscounted cash flows and discounted cash flows$4