v3.26.3
FAIR VALUE MEASUREMENTS  (Tables)
 9 Months Ended
Sep. 27, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that were measured at fair value on a recurring basis.
September 27, 2026December 28, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(in millions)
Assets:
Money market funds (1)
$254 $— $— $254 $676 $— $— $676 
Exchange traded funds (2)
147 — — 147 135 — — 135 
Mutual funds (2) (3)
59 — — 72 71 — — 78 
Commodity derivative contracts24 24 1 49 26 2 — 28 
TPG Rise Climate, L.P. investment fund (3) (4)
— — — 23 — — — 22 
Total$485 $24 $1 $546 $908 $2 $— $938 
Liabilities:
Commodity derivative contracts$41 $4 $— $44 $3 $— $— $3 
Foreign exchange contracts— — — — — — — — 
Total$41 $4 $— $45 $3 $1 $— $3 
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(1)Money market funds are short-term investments classified in cash and cash equivalents on the condensed consolidated balance sheets.
(2)Exchange traded funds and mutual funds are held in rabbi trusts to fund nonqualified defined benefit pension and deferred compensation plans. These assets are restricted to satisfy our liabilities for these plans and are subject to the claims of our general creditors in the event of insolvency. These trusts are VIEs and are included in our condensed consolidated financial statements. These assets are classified in other assets on the condensed consolidated balance sheets except for the amount of participant distributions scheduled to occur within twelve months of the balance sheet dates, which are classified in prepaid expenses and other current assets.
(3)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.
(4)The TPG Rise Climate, L.P. investment fund (“TPG fund”) is classified in other assets on the condensed consolidated balance sheets. As of September 27, 2026 and December 28, 2025, our unfunded commitment to the TPG fund was $5 million. The TPG fund returns capital through periodic distributions, which are made at the discretion of the fund. The TPG fund has a termination date of December 31, 2034 with no redemption rights prior to termination, and any remaining capital is returned at the end of the term through asset sales or final distributions.
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following table provides the significant unobservable level 3 inputs used in the valuation.
Unobservable InputsSeptember 27, 2026December 28, 2025
Weighted-average cost of capital10.5 %10.0 %
Growth rate3 %3 %
EBITDA multiple9.25 x8.75 x
Control premium25 %25 %
Schedule of Debt The following table presents the fair value and carrying value of total debt.
September 27, 2026December 28, 2025
Fair ValueCarrying ValueFair ValueCarrying Value
(in millions)
Total debt$1,866 $1,989 $1,909 $1,986