v3.25.2
Derivative instruments (Tables)
 3 Months Ended
Mar. 29, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions
Total notional amounts of the Company’s derivative instruments as of March 29, 2025 and December 28, 2024 were as follows:
(millions)March 29,
2025		December 28,
2024
Foreign currency exchange contracts$268 $284 
Commodity contracts75 14 
Interest rate contracts350 250 
Total$693 $548 
Schedule of derivative assets at fair value
The following table presents assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheet on a recurring basis as of March 29, 2025 and December 28, 2024:
Derivatives designated as hedging instruments
March 29, 2025December 28, 2024
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Interest rate contracts:
Other current assets$— $1 $1 $— $2 $2 
Other assets— — — — 3 3 
Total assets$— $1 $1 $— $5 $5 
Derivatives not designated as hedging instruments
March 29, 2025December 28, 2024
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Foreign currency exchange contracts:
Other current assets$— $3 $3 $— $4 $4 
Other assets— — — — 1 1 
Commodity contracts:
Other current assets1 — 1 — — — 
Total assets$1 $3 $4 $— $5 $5 
Liabilities:
Foreign currency exchange contracts:
Other current liabilities$— $— $— $— $3 $3 
Commodity contracts:
Other current liabilities1 — 1 — — — 
Total liabilities$1 $— $1 $— $3 $3 
Schedule of derivative liabilities at fair value
The following table presents assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheet on a recurring basis as of March 29, 2025 and December 28, 2024:
Derivatives designated as hedging instruments
March 29, 2025December 28, 2024
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Interest rate contracts:
Other current assets$— $1 $1 $— $2 $2 
Other assets— — — — 3 3 
Total assets$— $1 $1 $— $5 $5 
Derivatives not designated as hedging instruments
March 29, 2025December 28, 2024
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Foreign currency exchange contracts:
Other current assets$— $3 $3 $— $4 $4 
Other assets— — — — 1 1 
Commodity contracts:
Other current assets1 — 1 — — — 
Total assets$1 $3 $4 $— $5 $5 
Liabilities:
Foreign currency exchange contracts:
Other current liabilities$— $— $— $— $3 $3 
Commodity contracts:
Other current liabilities1 — 1 — — — 
Total liabilities$1 $— $1 $— $3 $3 
Schedule of the effect of derivative instruments on the consolidated statements of income and comprehensive income
The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income for the quarters ended March 29, 2025 and March 30, 2024 was as follows:
Derivatives designated as hedging instruments
Gain (loss) recognized in AOCIGain (loss) reclassified from AOCI into incomeLocation of gain (loss) reclassified from AOCI into income
(millions)March 29, 2025March 30, 2024March 29, 2025March 30, 2024
Interest rate contracts$(4)$— $1 $— Interest expense
During the next 12 months, the Company expects approximately $1 million of net deferred gains reported in accumulated other comprehensive income (AOCI) at March 29, 2025, to be reclassified to interest expense.
Derivatives not designated as hedging instruments
The effect of derivative instruments on the Company's Unaudited Consolidated Statement of Income for the quarters ended March 29, 2025 and March 30, 2024 was as follows:
Gain (loss) recognized in cost of goods soldGain (loss) recognized in other income (expense), net
(millions)March 29, 2025March 30, 2024March 29, 2025March 30, 2024
Commodity contracts$1 $— $— $— 
Foreign currency derivatives$— $— $— $—