v3.25.2
FAIR VALUE MEASUREMENTS  (Tables)
 6 Months Ended
Jun. 29, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The following tables set forth, by level within the fair value hierarchy, our financial assets and liabilities, including assets held in a rabbi trust used to fund our non-qualified defined benefit plan, that were measured at fair value on a recurring basis.
June 29, 2025December 29, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(in millions)
Assets:
Commodity derivative contracts$5 $8 $— $13 $9 $6 $— $15 
Mutual funds (1)
67 — — 77 74 — — 84 
Insurance contracts— 110 — 110 — 104 — 104 
Total$72 $118 $— $200 $83 $110 $— $202 
Liabilities:
Commodity derivative contracts$64 $26 $— $90 $32 $12 $— $44 
Total$64 $26 $— $91 $32 $12 $— $44 
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(1)Institutional funds that are not publicly traded are estimated at fair value using the net asset value (“NAV”) per share of the investment as a practical expedient and are not categorized in the fair value hierarchy. Therefore, the sum of the values categorized in the fair value hierarchy above do not agree to the total.
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following table provides the significant unobservable level 3 inputs used in the valuation.
Unobservable InputsJune 29, 2025December 29, 2024
Weighted-average cost of capital10 %9 %
Growth rate3 %3 %
EBITDA multiple9.25x10x
Control premium25 %25 %
Schedule of Debt The following table presents the fair value and carrying value of total debt.
June 29, 2025December 29, 2024
Fair ValueCarrying ValueFair ValueCarrying Value
(in millions)
Debt$1,882 $1,984 $1,821 $1,983