Accounts Receivable Factoring |
6 Months Ended |
|---|---|
Jun. 28, 2025 | |
| Transfers and Servicing [Abstract] | |
| Accounts Receivable Factoring | Accounts Receivable Factoring The Company has a Receivables Factoring arrangement, pursuant to which certain receivables originated from the EMEA and Asia-Pacific regions up to a maximum of €75 million are sold to a bank without recourse in exchange for cash. Such transfers are accounted for as sales and the related receivables are removed from the Company’s balance sheet. The Company does not maintain any beneficial interest in the receivables sold. The Company services the receivables on behalf of the bank, but otherwise maintains no significant continuing involvement with respect to the receivables. Sale proceeds that are representative of the fair value of factored receivables, less a factoring fee, are reflected in Cash flows from operating activities on the Consolidated Statements of Cash Flows, while sale proceeds in excess of the fair value of factored receivables are reflected in Cash flows from financing activities on the Consolidated Statements of Cash Flows. During the six months ended June 28, 2025 and June 29, 2024, the Company received cash proceeds of $246 million and $607 million, respectively, from the sales of accounts receivables under its factoring arrangement. As of June 28, 2025 and December 31, 2024, there were a total of $30 million and $28 million, respectively, of uncollected receivables that had been sold and removed from the Company’s Consolidated Balance Sheets. As servicer of sold receivables, the Company had $58 million and $51 million of obligations that were not yet remitted to the bank as of June 28, 2025 and December 31, 2024, respectively. These obligations are included within Accrued liabilities on the Consolidated Balance Sheets, with changes in such obligations reflected within Cash flows from financing activities on the Consolidated Statements of Cash Flows.
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