Leases (Tables)

6 Months Ended

Jul. 04, 2026

The Company’s

right-of-use

lease assets and lease liabilities included in the consolidated balance sheets are classified as follows (in millions):


	Financial Statement Classification	July 4,		December 31,
	Financial Statement Classification	2026		2025
Assets:
Property operating lease assets	Operating lease assets	$	321	$	44
Automobile operating lease assets	Operating lease assets		45		36

Total lease assets	Operating lease assets	$	366	$	81

Liabilities:
Current operating lease liabilities	Current operating lease liabilities	$	51	$	31
Long-term operating lease liabilities	Long-term operating lease liabilities		317		53

Total lease liabilities	Long-term operating lease liabilities	$	368	$	84

Undiscounted future minimum rents payable as of July 4, 2026 under

non-cancelable

leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in millions):


2026	$	40
2027		59
2028		50
2029		44
2030		37
2031 and thereafter		225

Total future minimum lease payments		454
Less: amount of lease payments representing interest		(86	)

Present value of future minimum lease payments		368
Less: current operating lease liabilities		(51	)

Long-term operating lease liabilities	$	317