Summary of Significant Accounting Policies	6 Months Ended
Jul. 04, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies are detailed in Note 2. Summary of Significant Accounting Policies of the 2025 Annual Report on Form 10-K. There have been no significant changes to these policies that have had a material impact on the Unaudited Condensed Consolidated Financial Statements and the accompanying disclosure notes for the three and six months ended July 4, 2026. We consider the following policies in the preparation of our Unaudited Condensed Consolidated Financial Statements and the uncertainties that could impact our financial condition, results of operations and cash flows. Restricted Cash Restricted cash consists of cash that is held for a specific purpose and therefore not available to us for immediate or general business use. We present restricted cash separately on the Unaudited Condensed Consolidated Balance Sheets and classify balances as current based on the nature of the restriction and the expected timing of release. At July 4, 2026, restricted cash consists of $400 million cash proceeds from the ADIG notes offering that were deposited into a segregated escrow account. The proceeds were released to ADIG upon consummation of the ADI Spin-Off and satisfaction of the escrow release conditions. Refer to Note 11. Long-Term Debt of the Notes to the Unaudited Condensed Consolidated Financial Statements for further discussion. Pension Curtailment During the second quarter of 2026, we approved amendments to freeze all future benefit accruals under our U.S. qualified defined benefit pension plan (the “Pension Plan”) and our related non-qualified supplemental pension plan (the “SERP” and, together, the “Plans”). In connection with the plan freeze, participants were credited with remaining pay credits through the end of 2026. The effect of these amendments resulted in a curtailment because active participants will no longer accrue additional benefits for future service and compensation after the amendment date. The remeasurement resulted in a net actuarial loss of $3 million reflected in Other comprehensive (loss) income, and an immaterial net gain reflected in earnings. Recent Accounting Pronouncements We consider the applicability and impact of all recent accounting standards updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our Unaudited Condensed Consolidated Financial Statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. This ASU requires entities to disaggregate operating expenses into specific categories, such as purchases of inventory, employee compensation, depreciation, and amortization to provide enhanced transparency into the nature and function of expenses. The guidance is effective for annual reporting years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. We are currently assessing the impact of adoption to our Condensed Consolidated Financial Statements and related disclosures.

Our significant accounting policies are detailed in Note 2. Summary of Significant Accounting Policies of the 2025 Annual Report on Form 10-K. There have been no significant changes to these policies that have had a material impact on the Unaudited Condensed Consolidated Financial Statements and the accompanying disclosure notes for the three and six months ended July 4, 2026. We consider the following policies in the preparation of our Unaudited Condensed Consolidated Financial Statements and the uncertainties that could impact our financial condition, results of operations and cash flows.

Restricted cash consists of cash that is held for a specific purpose and therefore not available to us for immediate or general business use. We present restricted cash separately on the Unaudited Condensed Consolidated Balance Sheets and classify balances as current based on the nature of the restriction and the expected timing of release. At July 4, 2026, restricted cash consists of $400 million cash proceeds from the ADIG notes offering that were deposited into a segregated escrow account. The proceeds were released to ADIG upon consummation of the ADI Spin-Off and satisfaction of the escrow release conditions. Refer to Note 11. Long-Term Debt of the Notes to the Unaudited Condensed Consolidated Financial Statements for further discussion.

During the second quarter of 2026, we approved amendments to freeze all future benefit accruals under our U.S. qualified defined benefit pension plan (the “Pension Plan”) and our related non-qualified supplemental pension plan (the “SERP” and, together, the “Plans”). In connection with the plan freeze, participants were credited with remaining pay credits through the end of 2026. The effect of these amendments resulted in a curtailment because active participants will no longer accrue additional benefits for future service and compensation after the amendment date. The remeasurement resulted in a net actuarial loss of $3 million reflected in Other comprehensive (loss) income, and an immaterial net gain reflected in earnings.

We consider the applicability and impact of all recent accounting standards updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our Unaudited Condensed Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. This ASU requires entities to disaggregate operating expenses into specific categories, such as purchases of inventory, employee compensation, depreciation, and amortization to provide enhanced transparency into the nature and function of expenses. The guidance is effective for annual reporting years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. We are currently assessing the impact of adoption to our Condensed Consolidated Financial Statements and related disclosures.