Resideo (REZI) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 28, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	001-38635
Entity Registrant Name	Resideo Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-5318796
Entity Address, Address Line One	16100 N. 71st Street
Entity Address, Address Line Two	Suite 550
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85254
City Area Code	480
Local Phone Number	573-5340
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	REZI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		146,971,549
Amendment Flag	false
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	2024
Entity Central Index Key	0001740332

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 531	$ 636
Accounts receivable, net	1,103	973
Inventories, net	1,197	941
Other current assets	206	193
Total current assets	3,037	2,743
Property, plant and equipment, net	423	390
Goodwill	3,119	2,705
Intangible assets, net	1,197	461
Other assets	359	346
Total assets	8,135	6,645
Current liabilities:
Accounts payable	1,021	905
Current portion of long-term debt	6	12
Accrued liabilities	645	608
Total current liabilities	1,672	1,525
Long-term debt	1,983	1,396
Obligations payable under Indemnification Agreements	635	609
Other liabilities	491	366
Total liabilities	4,781	3,896
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity
Preferred stock, $0.001 par value: 100 shares authorized, 0.5 shares issued and outstanding at September 28, 2024 and no shares issued and outstanding at December 31, 2023, respectively	482	0
Common stock, $0.001 par value: 700 shares authorized, 153 and 147 shares issued and outstanding at September 28, 2024, respectively, and 151 and 145 shares issued and outstanding at December 31, 2023, respectively	0	0
Additional paid-in capital	2,294	2,226
Retained earnings	893	810
Accumulated other comprehensive loss, net	(207)	(194)
Treasury stock at cost	(108)	(93)
Total stockholders’ equity	3,354	2,749
Total liabilities and stockholders’ equity	$ 8,135	$ 6,645

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 28, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	500,000	0
Preferred stock, shares outstanding (in shares)	500,000	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	153,000,000	151,000,000
Common stock, shares outstanding (in shares)	147,000,000	145,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenue	$ 1,828	$ 1,554	$ 4,903	$ 4,705
Cost of goods sold	1,304	1,137	3,532	3,432
Gross profit	524	417	1,371	1,273
Operating expenses:
Research and development expenses	23	28	69	84
Selling, general and administrative expenses	317	233	828	719
Intangible asset amortization	29	9	51	28
Restructuring, impairment and extinguishment costs, net	29	38	47	42
Total operating expenses	398	308	995	873
Income from operations	126	109	376	400
Other expenses, net	55	56	145	138
Interest expense, net	27	16	55	50
Income before taxes	44	37	176	212
Provision for income taxes	24	16	83	84
Net income	20	21	93	128
Less: preferred stock dividends	8	0	10	0
Less: undistributed income allocated to preferred stockholders	1	0	4	0
Net income available to common stockholders, basic	11	21	79	128
Net income available to common stockholders, diluted	$ 11	$ 21	$ 79	$ 128
Earnings per common share:
Basic (in dollars per share)	$ 0.07	$ 0.14	$ 0.54	$ 0.87
Diluted (in dollars per share)	$ 0.07	$ 0.14	$ 0.53	$ 0.86
Weighted average common shares outstanding:
Basic (in share)	147	147	146	147
Diluted (in share)	149	148	149	149

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 20	$ 21	$ 93	$ 128
Other comprehensive gain (loss), net of tax:
Foreign exchange translation gain (loss)	47	(37)	4	(11)
Pension liability adjustments	0	2	0	6
Changes in fair value of effective cash flow hedges	(12)	(2)	(17)	(4)
Total other comprehensive gain (loss), net of tax	35	(37)	(13)	(9)
Comprehensive income (loss)	$ 55	$ (16)	$ 80	$ 119

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 93	$ 128
Adjustments to reconcile net income to net cash in operating activities:
Depreciation and amortization	98	71
Restructuring, impairment and extinguishment costs, net	47	42
Stock-based compensation expense	44	36
Other, net	5	2
Changes in assets and liabilities, net of acquired companies:
Accounts receivable, net	(79)	(9)
Inventories, net	(13)	(4)
Other current assets	15	(5)
Accounts payable	62	(14)
Accrued liabilities	(65)	(114)
Other, net	34	44
Net cash provided by operating activities	241	177
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired	(1,334)	(16)
Capital expenditures	(58)	(74)
Other investing activities, net	6	0
Net cash used in investing activities	(1,386)	(90)
Cash Flows From Financing Activities:
Proceeds from issuance of long-term debt, net	1,176	0
Proceeds from issuance of preferred stock, net of issuance costs	482	0
Repayments of long-term debt	(602)	(9)
Common stock repurchases	(1)	(28)
Other financing activities, net	(12)	(10)
Net cash provided by (used in) financing activities	1,043	(47)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(3)	1
Net (decrease) increase in cash, cash equivalents and restricted cash	(105)	41
Cash, cash equivalents and restricted cash at beginning of year	637	329
Cash, cash equivalents and restricted cash at end of year	532	370
Supplemental Cash Flow Information:
Interest paid, net of swaps	57	81
Taxes paid, net of refunds	116	104
Capital expenditures in accounts payable	$ 16	$ 19

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Millions	Total	Snap One Holdings Corp	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Preferred stock, shares, beginning balance (in shares) at Dec. 31, 2022			0
Beginning of period at Dec. 31, 2022	$ 2,529		$ 0	$ 0	$ 2,176	$ 600	$ (212)	$ (35)
Common stock, shares, beginning balance (in shares) at Dec. 31, 2022				146,222,000
Treasury stock, beginning (in shares) at Dec. 31, 2022								2,050,000
Increase (Decrease) in Stockholders' Equity
Net income	128					128
Other comprehensive (loss) income, net of tax	(9)						(9)
Common stock issuance, net of shares withheld for taxes (in shares)				1,711,000				923,000
Common stock issuance, net of shares withheld for taxes	(9)				7			$ (16)
Stock-based compensation	36				36
Common stock repurchases (in shares)				(1,840,000)				(1,840,000)
Common stock repurchases	(30)							$ (30)
Preferred stock, shares, ending balance (in shares) at Sep. 30, 2023			0
End of period at Sep. 30, 2023	2,645		$ 0	$ 0	2,219	728	(221)	$ (81)
Common stock, shares, ending balance (in shares) at Sep. 30, 2023				146,093,000
Treasury stock, ending (in shares) at Sep. 30, 2023								4,813,000
Preferred stock, shares, beginning balance (in shares) at Jul. 01, 2023			0
Beginning of period at Jul. 01, 2023	2,677		$ 0	$ 0	2,204	707	(184)	$ (50)
Common stock, shares, beginning balance (in shares) at Jul. 01, 2023				147,649,000
Treasury stock, beginning (in shares) at Jul. 01, 2023								2,902,000
Increase (Decrease) in Stockholders' Equity
Net income	21					21
Other comprehensive (loss) income, net of tax	(37)						(37)
Common stock issuance, net of shares withheld for taxes (in shares)				284,000				71,000
Common stock issuance, net of shares withheld for taxes	3				4			$ (1)
Stock-based compensation	11				11
Common stock repurchases (in shares)				(1,840,000)				(1,840,000)
Common stock repurchases	(30)							$ (30)
Preferred stock, shares, ending balance (in shares) at Sep. 30, 2023			0
End of period at Sep. 30, 2023	$ 2,645		$ 0	$ 0	2,219	728	(221)	$ (81)
Common stock, shares, ending balance (in shares) at Sep. 30, 2023				146,093,000
Treasury stock, ending (in shares) at Sep. 30, 2023								4,813,000
Preferred stock, shares, beginning balance (in shares) at Dec. 31, 2023	0		0
Beginning of period at Dec. 31, 2023	$ 2,749		$ 0	$ 0	2,226	810	(194)	$ (93)
Common stock, shares, beginning balance (in shares) at Dec. 31, 2023	145,000,000			145,389,000
Treasury stock, beginning (in shares) at Dec. 31, 2023								5,536,000
Increase (Decrease) in Stockholders' Equity
Net income	$ 93					93
Other comprehensive (loss) income, net of tax	(13)						(13)
Preferred stock issuance (in shares)			500,000
Preferred stock issuance	482		$ 482
Common stock issuance, net of shares withheld for taxes (in shares)				1,605,000				704,000
Common stock issuance, net of shares withheld for taxes	(9)				5			$ (14)
Stock-based compensation awards issued for acquisition of Snap One		$ 17			17
Stock-based compensation	46				46
Preferred stock dividend	(10)					(10)
Common stock repurchases (in shares)				(75,000)				(75,000)
Common stock repurchases	$ (1)				0			$ (1)
Preferred stock, shares, ending balance (in shares) at Sep. 28, 2024	500,000		500,000
End of period at Sep. 28, 2024	$ 3,354		$ 482	$ 0	2,294	893	(207)	$ (108)
Common stock, shares, ending balance (in shares) at Sep. 28, 2024	147,000,000			146,919,000
Treasury stock, ending (in shares) at Sep. 28, 2024								6,315,000
Preferred stock, shares, beginning balance (in shares) at Jun. 29, 2024			500,000
Beginning of period at Jun. 29, 2024	$ 3,294		$ 482	$ 0	2,276	881	(242)	$ (103)
Common stock, shares, beginning balance (in shares) at Jun. 29, 2024				146,269,000
Treasury stock, beginning (in shares) at Jun. 29, 2024								6,033,000
Increase (Decrease) in Stockholders' Equity
Net income	20					20
Other comprehensive (loss) income, net of tax	35						35
Common stock issuance, net of shares withheld for taxes (in shares)				650,000				282,000
Common stock issuance, net of shares withheld for taxes	(4)				1			$ (5)
Stock-based compensation	17				17
Preferred stock dividend	$ (8)					(8)
Preferred stock, shares, ending balance (in shares) at Sep. 28, 2024	500,000		500,000
End of period at Sep. 28, 2024	$ 3,354		$ 482	$ 0	$ 2,294	$ 893	$ (207)	$ (108)
Common stock, shares, ending balance (in shares) at Sep. 28, 2024	147,000,000			146,919,000
Treasury stock, ending (in shares) at Sep. 28, 2024								6,315,000

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Nature of Operations Resideo Technologies, Inc. (“Resideo”, the “Company”, “we”, “us”, or “our”) is a leading manufacturer and developer of technology-driven sensing and controls products that provide critical comfort, energy, smoke and carbon monoxide detection home safety products and security solutions to homes globally. We are also a leading wholesale distributor of low-voltage security products including access control, fire detection, fire suppression, security, and video products, and participate significantly in the broader related markets of, communications, data communications, networking, power, residential and professional audio-visual solutions, smart home, and wire and cable. Our global footprint serves both commercial and residential end markets. Basis of Consolidation and Reporting The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the Unaudited Consolidated Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the Unaudited Consolidated Financial Statements included herein contain all adjustments, which consist of normal recurring adjustments, necessary to fairly present our financial position, results of operations and cash flows for the periods indicated. Operating results for the period from January 1, 2024 through September 28, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. For additional information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report on Form 10-K”), filed with the United States Securities and Exchange Commission (the “SEC”) on February 14, 2024 as reclassified in our Current Report on Form 8-K filed on June 4, 2024 to reflect the impacts of certain corporate functions being decentralized to align with the business strategy. Refer to Note 4. Segment Financial Data for additional information. Reporting Period We report financial information on a fiscal quarter basis using a modified four-four-five week calendar. Our fiscal calendar begins on January 1 and ends on December 31. We have elected the first, second and third quarters to end on a Saturday in order to not disrupt business processes. The effects of this election are generally not significant to reported results for any quarter and only exist within a reporting year. Reclassification For the purpose of comparability, certain prior period amounts have been reclassified to conform to current period classification. Refer to Note 4. Segment Financial Data

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 28, 2024
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 Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies that have had a material impact on the Unaudited Consolidated Financial Statements and the accompanying disclosure notes for the nine months ended September 28, 2024. We consider the applicability and impact of all recent accounting standards updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”) and U.S. Securities and Exchange Commission (“SEC”) rules and disclose only those that may have a material impact. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosure (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 on our Consolidated Financial Statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This ASU requires entities to disclose, on an annual and interim basis, significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The ASU also requires disclosure of the name and title of the CODM. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not expect adoption of the standard to have a material impact.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions On June 14, 2024, we acquired 100% of the issued and outstanding equity of Snap One Holdings Corp. (“Snap One”) for an aggregate purchase price of $1.4 billion. This acquisition aligns with our strategic objective to expand our distribution network, market presence, and product portfolio within the smart home and audio-visual sectors, enhancing our competitive positioning in the industry. The business is included within the ADI Global Distribution segment. The following table presents the preliminary purchase price allocation at estimated fair values as of the date of acquisition: (in millions) Assets acquired: Cash and cash equivalents $ 47 Accounts receivable 49 Inventories 240 Other current assets 27 Property, plant and equipment 63 Goodwill (1) 405 Intangible assets 770 Other assets 69 Total assets acquired 1,670 Liabilities assumed: Accounts payable 48 Accrued liabilities 70 Other liabilities 147 Total liabilities assumed 265 Net assets acquired $ 1,405 (1) Goodwill from this acquisition is partially deductible for tax purposes. The purchase price allocations are preliminary and are subject to future adjustments during the maximum one-year measurement period as we finalize our estimates. The Company expensed approximately $35 million of costs related to the acquisition of Snap One during the nine months ended September 28, 2024. These costs are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and consist primarily of advisory, insurance and legal fees. The Company assumed $21 million of seller success fees, which were paid upon the closing of the acquisition. Snap One’s contribution in the period post-acquisition to net revenue of $297 million and operating income was not material. On a pro forma basis assuming the acquisition occurred at the beginning of the respective reported periods, Resideo’s net revenue for the three and nine months ended September 28, 2024 would have been $1,828 million and $5,364 million, respectively. The pro forma operating income is not materially different than the amounts reported for both periods.

Segment Financial Data

Segment Financial Data	9 Months Ended
	Sep. 28, 2024
Segment Reporting [Abstract]
Segment Financial Data	Segment Financial Data The Company’s segment information is evaluated by our Chief Executive Officer, who is also the CODM, and is consistent with how management reviews and assesses the performance of the business as well as makes investing and resource allocation decisions. We monitor our operations through our two reportable segments: Products and Solutions and ADI Global Distribution, and report Corporate separately. These operating segments follow the same accounting policies used for the financial statements. We evaluate a segment’s performance on a U.S. GAAP basis, primarily operating income before corporate expenses. Products and Solutions —The Products and Solutions business is a leading global manufacturer and developer of technology-driven sensing and controls products and components that provide critical comfort, energy management, and safety and security services and solutions to over 150 million homes globally. Our offerings include temperature and humidity control, thermal water and air solutions, as well as security panels, sensors, peripherals, communications devices, video cameras, other home-related lifestyle convenience solutions, cloud infrastructure, installation and maintenance tools, and related software. ADI Global Distribution —The ADI Global Distribution business is a leading wholesale distributor of low-voltage security products including security and life safety, access control, video products, and participates significantly in the broader related markets of smart-living products, power, audio, residential and professional audio-visual solutions, networking, communications, wire and cable, data communications, services, and software. Corporate —On January 1, 2024, certain corporate functions were decentralized into the operating segments aligning with the business strategy. Functional expenses related to information technology, finance, tax, business development, and research and development are now recorded within the Products and Solutions and ADI Global Distribution segments. For the three and nine months ended September 30, 2023, $13 million and $38 million of corporate expenses have been reclassified into the Products and Solutions segment while $8 million and $24 million of corporate expenses have been reclassified into the ADI Global Distribution segment, respectively, decreasing reported Income from Operations to conform to the current year presentation. Corporate expenses include costs related to the corporate office such as the executive function, legal, accounting, tax, treasury, corporate development, human resources, and information technology. Additionally, unallocated amounts for non-operating items such as Reimbursement Agreement expense, interest income (expense), other income (expense) and provision for income taxes are reported within Corporate. The following table represents summary financial data attributable to the segments: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net revenue Products and Solutions $ 645 $ 654 $ 1,895 $ 1,989 ADI Global Distribution 1,183 900 3,008 2,716 Total net revenue $ 1,828 $ 1,554 $ 4,903 $ 4,705 Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Income from operations Products and Solutions $ 128 $ 94 $ 370 $ 314 ADI Global Distribution 36 52 147 187 Corporate (38) (37) (141) (101) Total income from operations $ 126 $ 109 $ 376 $ 400 The Company’s CODM does not use segment assets information to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We have two operating segments, Products and Solutions and ADI Global Distribution. Disaggregated revenue information for Products and Solutions is presented by product grouping, while ADI Global Distribution is presented by region. Effective in the second quarter of 2024, the disaggregated regional revenue within ADI Global Distribution were consolidated into two regions, Americas and International. The following table presents revenue by business line and geographic location, as we believe this presentation best depicts how the nature, amount, timing, and uncertainty of net revenue and cash flows are affected by economic factors: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Products and Solutions Safety and Security $ 219 $ 245 $ 659 $ 721 Air 229 211 634 640 Energy 122 123 374 391 Water 75 75 228 237 Total Products and Solutions 645 654 1,895 1,989 ADI Global Distribution Americas (1) 1,046 780 2,632 2,354 International (2) 137 120 376 362 Total ADI Global Distribution 1,183 900 3,008 2,716 Total net revenue $ 1,828 $ 1,554 $ 4,903 $ 4,705 (1) Americas represents North, Central, and South America. (2) International represents all geographies that are not included in Americas.

Restructuring

Restructuring	9 Months Ended
	Sep. 28, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The following table details restructuring expense by segment. Restructuring expenses are presented in the Restructuring, impairment and extinguishment costs, net line within the Consolidated Statement of Operations. Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Products and Solutions $ 8 $ 25 $ 13 $ 27 ADI Global Distribution 17 10 19 12 Corporate 3 3 3 3 Restructuring expenses (1) $ 28 $ 38 $ 35 $ 42 (1) Includes impairment expenses associated with restructuring activities. We took restructuring actions, including capturing synergies from our recent Snap One acquisition, to align our cost structure based on our strategic objectives and our outlook of market conditions. The intent of these actions is to lower costs, increase margins, and position us for long-term growth. We expect to fully execute on our restructuring programs over the next 12 to 36 months, and we may incur future additional restructuring expenses associated with these or from new plans. We are unable at this time to make a good faith determination of cost estimates, or ranges of cost estimates, associated with future phases of the programs or the total costs we may incur in connection with these programs. Refer to Note 6. Restructuring Expenses in our 2023 Annual Report on Form 10-K for further discussion of our restructuring programs. The following table summarizes the status of our restructuring expenses included within accrued liabilities on the Unaudited Consolidated Balance Sheets. Nine Months Ended Twelve Months Ended (in millions) September 28, 2024 December 31, 2023 Beginning of period $ 30 $ 27 Charges 35 34 Usage (1) (25) (31) End of period $ 40 $ 30 (1) Usage primarily relates to cash payments associated with employee termination costs.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 28, 2024
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	Stockholders’ Equity Preferred Stock On June 14, 2024, in connection with our acquisition of Snap One, we issued 500,000 shares of Series A Cumulative Convertible Participating Preferred Stock (“Preferred Stock”) to Clayton, Dubilier & Rice (“CD&R”) for an aggregate purchase price of $500 million pursuant to an investment agreement dated April 15, 2024. In connection with the issuance of the Preferred Stock, we incurred direct and incremental expenses of $18 million. These direct and incremental expenses reduced the Preferred Stock carrying value. The Preferred Stock is convertible perpetual participating preferred stock of the Company, with an initial conversion price equal to $26.92, and accrues dividends at a rate of 7% per annum, payable in cash or in kind. The Preferred Stock votes on an as-converted basis together with common stockholders. The Preferred Stock had a liquidation preference of $500 million as of September 28, 2024. Preferred Stock dividends accumulated during the three and nine months ended September 28, 2024 were $8 million and $10 million, respectively. The Company paid $3 million of dividends to preferred stockholders in cash during the three and nine months ended September 28, 2024, and Preferred Stock dividends payable totaling $7 million were included in accrued liabilities as of September 28, 2024. The Preferred Stock can be converted into our common stock at the holder’s option at any time. We can also force conversion if at any time our common stock trading price exceeds 200% of the then-effective conversion price for at least 20 out of 30 trailing trading days. Following the third anniversary of the closing date, we have the option to redeem the Preferred Stock for an aggregate redemption price equal to two times the sum of the Accumulated Amount (as defined in the Certificate of Designations) plus any interim accrued and unpaid dividends (calculated at 1X instead of 2X) on such share of Preferred Stock in effect at the time of redemption. In the event of a change of control, we will have the option to purchase all of the outstanding shares of Preferred Stock at a price per share equal to 150% of the sum of the Accumulated Amount plus any interim accrued and unpaid dividends (calculated at 100% instead of 150%) on such share of Preferred Stock in effect at the time of such purchase.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans A summary of awards granted follows: Nine Months Ended September 28, 2024 Nine Months Ended September 30, 2023 Number of Stock Units Granted (1) Weighted average grant date fair value per share Number of Stock Units Granted Weighted average grant date fair value per share Performance Stock Units (“PSUs”) (2) 585,819 $ 27.94 553,071 $ 29.89 Restricted Stock Units (“RSUs”) 4,555,856 $ 19.59 2,232,465 $ 18.85 (1) Includes 2 million RSUs granted as part of the Snap One acquisition for a fair value of $43 million of which $17 million was included in purchase consideration. (2) Includes PSUs at target payout. Final common shares issued may be different based upon the actual achievement versus the performance measure target. Stock-based compensation expense, net of tax was $15 million and $44 million for the three and nine months ended September 28, 2024, respectively. For the three and nine months ended September 30, 2023, stock-based compensation expense, net of tax was $11 million and $36 million, respectively.

Inventories, net

Inventories, net	9 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net The following table summarizes the details of our inventories, net. (in millions) September 28, 2024 December 31, 2023 Raw materials $ 176 $ 221 Work in process 13 18 Finished products 1,008 702 Total inventories, net $ 1,197 $ 941

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	9 Months Ended
	Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Our goodwill balance and changes in carrying value by segment are as follows: (in millions) Products and Solutions ADI Global Distribution Total Balance at January 1, 2024 $ 2,045 $ 660 $ 2,705 Acquisitions (1) — 405 405 Impact of foreign currency translation 7 2 9 Balance at September 28, 2024 $ 2,052 $ 1,067 $ 3,119 (1) Please refer to Note 3. Acquisitions for additional information. The following table summarizes the net carrying amount of intangible assets: (in millions) September 28, 2024 December 31, 2023 Intangible assets subject to amortization $ 1,017 $ 281 Indefinite-lived intangible assets 180 180 Total intangible assets $ 1,197 $ 461 Intangible assets subject to amortization consisted of the following: September 28, 2024 December 31, 2023 (in millions) Gross Accumulated Net Gross Accumulated Net Patents and technology $ 172 $ (37) $ 135 $ 64 $ (26) $ 38 Customer relationships 910 (167) 743 319 (138) 181 Trademarks 79 (10) 69 9 (8) 1 Software 212 (142) 70 193 (132) 61 Intangible assets subject to amortization $ 1,373 $ (356) $ 1,017 $ 585 $ (304) $ 281 Intangible assets amortization expense was $29 million and $51 million for the three and nine months ended September 28, 2024, respectively, and $9 million and $28 million for the three and nine months ended September 30, 2023, respectively.

Leases

Leases	9 Months Ended
	Sep. 28, 2024
Leases [Abstract]
Leases	Leases Total operating lease costs are as follows: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Operating lease costs: Cost of goods sold $ 4 $ 5 $ 12 $ 15 Selling, general and administrative expenses 20 14 49 43 Total operating lease costs $ 24 $ 19 $ 61 $ 58 Total operating lease costs include variable lease costs of $5 million and $12 million for the three and nine months ended September 28, 2024, respectively. For the three and nine months ended September 30, 2023, total operating lease costs include variable lease costs of $6 million and $18 million, respectively. The following table summarizes the carrying amounts of our operating lease assets and liabilities: (in millions) Financial Statement Line Item September 28, 2024 December 31, 2023 Operating lease assets Other assets $ 225 $ 192 Operating lease liabilities - current Accrued liabilities $ 50 $ 39 Operating lease liabilities - non-current Other liabilities $ 188 $ 166 Supplemental cash flow information related to operating leases follows: Nine Months Ended (in millions) September 28, 2024 September 30, 2023 Cash paid for operating lease liabilities $ 29 $ 27 Non-cash activities: operating lease assets obtained in exchange for new operating lease liabilities $ 11 $ 37

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 28, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt is comprised of the following: (in millions) September 28, 2024 December 31, 2023 4.000% Senior Notes due 2029 $ 300 $ 300 6.500% Senior Notes due 2032 600 — Variable rate A&R Term B Facility 1,118 1,119 Gross debt 2,018 1,419 Less: current portion of long-term debt (6) (12) Less: unamortized deferred financing costs (29) (11) Total long-term debt $ 1,983 $ 1,396 A&R Senior Credit Facilities On February 12, 2021, we entered into an Amendment and Restatement Agreement with JP Morgan Chase Bank N.A. as administrative agent (the “A&R Credit Agreement”). The A&R Credit Agreement provides for an initial seven - year senior secured term B loan facility in an aggregate principal amount of $950 million. In March 2022, we amended the agreement adding $200 million in additional term loans with a maturity date of February 1, 2028. Additionally, in June 2024 we further amended the agreement adding $600 million of term loans with a maturity date of May 14, 2031 to partially finance our acquisition of Snap One (the “A&R Term B Facility”). Included in the A&R Term B Facility is a five - year senior secured revolving credit facility in an aggregate principal amount of $500 million (the “A&R Revolving Credit Facility” and, together with the A&R Term B Facility, the “A&R Senior Credit Facilities”). In June 2024, we also extended the term of our A&R Revolving Credit Facility for a new five-year term. In May 2024, the A&R Term B Facility was repriced by (i) reducing the interest rate margin from 2.25% to 2.00%, (ii) eliminating the SOFR credit spread adjustment, and (iii) reducing the SOFR floor from 0.50% to 0%. The repricing and incremental $600 million issuance of term loans resulted in a loss on extinguishment of $6 million in the second quarter of 2024. At September 28, 2024 and December 31, 2023, the weighted average interest rate for the A&R Term B Facility, excluding the effect of the interest rate swaps, was 7.32% and 7.72%, respectively. There were no letters of credit issued under the A&R Revolving Credit Facility with no outstanding borrowings. As of September 28, 2024, we were in compliance with all covenants related to the A&R Senior Credit Facilities. We entered into certain interest rate swap agreements in March 2021, which were amended in June 2023 to transition from a hedge of LIBOR-based cash flows to a hedge of SOFR-based cash flows. These interest rate swap agreements effectively convert a portion of our variable-rate debt to fixed rate debt. Additionally, we acquired an interest rate cap as part of the Snap One acquisition, which caps the interest on a portion of our variable rate debt. Refer to Note 13. Derivative Financial Instruments for further discussion. Senior Notes due 2029 On August 26, 2021, we issued $300 million in principal amount of 4.00% Senior Notes due 2029 (the “Senior Notes due 2029”). The Senior Notes due 2029 are senior unsecured obligations guaranteed by the Company’s existing and future domestic subsidiaries and rank equally with all senior unsecured debt and senior to all subordinated debt. Senior Notes due 2032 On July 17, 2024, we issued $600 million in aggregate principal of 6.500% Senior Notes due 2032 (the “Senior Notes due 2032”). The Senior Notes due 2032 are due July 15, 2032 and are senior unsecured obligations guaranteed by the Company’s existing and future domestic subsidiaries. The issue price of the Senior Notes due 2032 was equal to 100% of the principal amount. The net proceeds from the Senior Notes due 2032 were used to repay $596 million principal amount of outstanding indebtedness under the Company’s A&R Term B Facility, which resulted in a loss on extinguishment of $1 million. We may, at our option, redeem the Senior Notes due 2032 in whole (at any time) or in part (from time to time), at varying prices based on the timing of the redemption. The Senior Notes due 2032 limit the Company and its restricted subsidiaries’ ability to, among other things, incur additional non-Guarantor indebtedness and issue non-Guarantor preferred stock; enter into certain sale and leaseback transactions; incur liens; and consolidate, merge or sell all or substantially all of their assets. Additionally, upon certain events constituting a change of control together with a ratings downgrade, the holders of the Senior Notes due 2032 have the right to require the Issuer to offer to repurchase the Senior Notes due 2032 at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, to (but not including) the date of purchase. Refer to Note 11. Long-Term Debt in our 2023 Annual Report on Form 10-K for further discussion.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments In March 2021, we entered into eight interest rate swap agreements (“Swap Agreements”) with several financial institutions for a combined notional value of $560 million. The Swap Agreements were entered into to reduce the consolidated interest rate risk associated with variable rate, long-term debt. During 2023, we modified the Swap Agreements blending the asset positions of the original interest rate swap agreements into new interest swap agreements and extending the term of our hedged positions. The new pay-fixed interest rate swap agreements qualify as hybrid instruments in accordance with Accounting Standards Codification 815, Derivatives and Hedging , consisting of financing components and embedded at-market derivatives that were designated as cash flow hedges. We also amended the Swap Agreements to transition from a hedge of LIBOR-based cash flows to a hedge of SOFR-based cash flows. Refer to Note 12. Derivative Financial Instruments in our 2023 Annual Report on Form 10-K for further discussion. As part of our acquisition of Snap One, we acquired an interest rate cap with a notional value of $345 million and a strike rate of 4.79%, which effectively caps SOFR on the notional amount at that rate (the “Interest Rate Cap”). We are required to pay a premium of $7 million at the maturity date of December 31, 2025. The Interest Rate Cap qualifies as a hybrid instrument consisting of a financing component and an embedded at-market derivative that was designated as a cash flow hedge on our A&R Term B Facility as of the Snap One acquisition date. The Swap Agreements and Interest Rate Cap (referred to collectively as “interest rate derivatives”) are adjusted to fair value on a quarterly basis. The following tables summarizes the fair value and presentation of derivative instruments in the Unaudited Consolidated Balance Sheets as well as the changes in fair value recorded in accumulated other comprehensive loss: Fair Value of Derivative Assets (in millions) Financial Statement Line Item September 28, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate derivatives Other current assets $ 13 $ 20 Interest rate derivatives Other assets 2 10 Total derivative assets designated as hedging instruments $ 15 $ 30 Fair Value of Derivative Liabilities (in millions) Financial Statement Line Item September 28, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate derivatives Other liabilities $ 6 $ — Total derivative liabilities designated as hedging instruments $ 6 $ — Unrealized gain Accumulated other comprehensive loss $ 8 $ 25 The following table summarizes the effect of derivative instruments designated as cash flow hedges in other comprehensive income and the Unaudited Consolidated Statements of Operations: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Gains recorded in accumulated other comprehensive loss, beginning of period $ 20 $ 40 $ 25 $ 42 Current period gain (loss) recognized in/reclassified from other comprehensive income (12) — (15) 7 Gains reclassified from accumulated other comprehensive loss to net income — (2) (2) (11) Gains recorded in accumulated other comprehensive loss, end of period $ 8 $ 38 $ 8 $ 38 Unrealized gains expected to be reclassified from accumulated other comprehensive loss in the next 12 months are estimated to be $8 million as of September 28, 2024.

Fair Value

Fair Value	9 Months Ended
	Sep. 28, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The estimated fair value of our financial instruments held, and when applicable, issued to finance our operations, is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that we would realize upon disposition, nor do they indicate our intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories: Level 1—quoted market prices in active markets for identical assets and liabilities Level 2—observable market-based inputs or unobservable inputs that are corroborated by market data Level 3—unobservable inputs that are not corroborated by market data Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There were no changes in the methodologies used in our valuation practices as of September 28, 2024. The fair values of long-term debt instruments were determined using quoted market prices in inactive markets or discounted cash flows based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. The following table provides a summary of the carrying amount and fair value of outstanding debt: September 28, 2024 December 31, 2023 (in millions) Carrying Value Fair Value Carrying Value Fair Value Debt 4.000% Senior Notes due 2029 $ 300 $ 282 $ 300 $ 266 6.500% Senior Notes due 2032 600 616 — — Variable rate A&R Term B Facility 1,118 1,122 1,119 1,122 Total debt $ 2,018 $ 2,020 $ 1,419 $ 1,388 Refer to Note 12. Long-Term Debt to the Unaudited Consolidated Financial Statements for further discussion. Interest Rate Risk— We have exposure to movements in interest rates associated with cash and borrowings. We have entered, and in the future may enter, into various interest rate protection agreements in order to limit the impact of movements in interest rates. The fair values of interest rate swaps have been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment and therefore, were classified as Level 2 measurements in the fair value hierarchy. The following table provides a summary of the carrying amount and fair value of our interest rate derivatives: September 28, 2024 December 31, 2023 (in millions) Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate derivatives $ 15 $ 15 $ 30 $ 30 Liabilities: Interest rate derivatives 6 6 — — Total, net $ 9 $ 9 $ 30 $ 30 Refer to Note 13. Derivative Financial Instruments to the Unaudited Consolidated Financial Statements for further discussion. There are no material Level 1 or Level 3 assets or liabilities for the periods presented. The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued liabilities approximate fair value because of the short-term maturity of these amounts.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 28, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following: (in millions) September 28, 2024 December 31, 2023 Obligations payable under Indemnification Agreements $ 140 $ 140 Compensation, benefit and other employee-related 114 110 Customer rebate reserve 99 104 Current operating lease liability 50 39 Restructuring 40 30 Deferred revenue 29 4 Product warranties 27 24 Freight payable 26 25 Other (1) 120 132 Total accrued liabilities $ 645 $ 608 (1) Other includes accruals for advertising, legal and professional reserves, taxes, interest, royalties and other miscellaneous items.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental Matters We are subject to various federal, state, local, and foreign government requirements relating to the protection of the environment and accrue costs related to environmental matters when it is probable that we have incurred a liability related to a contaminated site and the amount can be reasonably estimated. We believe that, as a general matter, our policies, practices and procedures are properly designed to prevent unreasonable risk of environmental damage and personal injury and that our handling, manufacture, use and disposal of hazardous substances are in accordance with environmental and safety laws and regulations. We have incurred remedial response and voluntary cleanup costs for site contamination and are a party to claims associated with environmental and safety matters, including products containing hazardous substances. Additional claims and costs involving environmental matters are likely to continue to arise in the future. Environment-related expenses for sites owned and operated by us are presented within cost of goods sold Obligations Payable Under Indemnification Agreements The Reimbursement Agreement and the Tax Matters Agreement (collectively, the “Indemnification Agreements”) are further described below. Reimbursement Agreement We separated from Honeywell International Inc. (“Honeywell”) on October 29, 2018, becoming an independent publicly traded company as a result of a pro rata distribution of our common stock to shareholders of Honeywell (the “Spin-off”). In connection with the Spin-Off, we entered into a reimbursement agreement, pursuant to which we have an obligation to make cash payments to Honeywell in amounts equal to 90% of payments for certain Honeywell environmental-liability payments (the “Reimbursement Agreement”), which include amounts billed (payments), less 90% of Honeywell’s net insurance receipts relating to such liabilities, and less 90% of the net proceeds received by Honeywell in connection with (i) affirmative claims relating to such liabilities, (ii) contributions by other parties relating to such liabilities and (iii) certain property sales (the recoveries). The Reimbursement Agreement extends until the earlier of (1) December 31, 2043; or (2) December 31 of the third consecutive anniversary where the annual reimbursement obligation (including accrued amounts) has been less than $25 million. While the amount payable by us in respect of such liabilities arising in any given year is subject to a cap of $140 million under the Reimbursement Agreement, the estimated liability for resolution of pending and future environmental-related liabilities recorded on our balance sheets are calculated as if we were responsible for 100% of the environmental-liability payments associated with certain sites. Refer to Note 15. Commitments and Contingencies in our 2023 Annual Report on Form 10-K for further discussion. Tax Matters Agreement In connection with the Spin-Off, we entered into the Tax Matters Agreement with Honeywell, pursuant to which we are responsible and will indemnify Honeywell for certain taxes, including certain income taxes, sales taxes, VAT and payroll taxes, relating to the business for all periods, including periods prior to the consummation of the Spin-Off. In addition, the Tax Matters Agreement addresses the allocation of liability for taxes that are incurred as a result of restructuring activities undertaken to effectuate the Spin-Off. We are required to indemnify Honeywell for any taxes resulting from the failure of the Spin-Off and related internal transactions to qualify for their intended tax treatment under U.S. federal, state and local income tax law, as well as foreign tax law, where such taxes result from our action or omission not permitted by the Separation and Distribution Agreement between Honeywell and Resideo dated as of October 19, 2018 or the Tax Matters Agreement. The following table summarizes information concerning the Reimbursement and Tax Matter Agreements’ liabilities: (in millions) Reimbursement Agreement Tax Matters Agreement Total Balance as of January 1, 2024 $ 652 $ 97 $ 749 Accruals for liabilities deemed probable and reasonably estimable 135 — 135 Payments to Honeywell (105) (4) (109) Balance as of September 28, 2024 $ 682 $ 93 $ 775 The liabilities related to the Reimbursement and Tax Matters Agreements are included in the following balance sheet accounts: (in millions) September 28, 2024 December 31, 2023 Accrued liabilities $ 140 $ 140 Obligations payable under Indemnification Agreements 635 609 Total indemnification liabilities $ 775 $ 749 For the three and nine months ended September 28, 2024, net expenses related to the Reimbursement Agreement were $45 million and $135 million, respectively. For the three and nine months ended September 30, 2023, net expenses related to the Reimbursement Agreement were $43 million and $128 million, respectively. We do not currently possess sufficient information to reasonably estimate the amounts of indemnification liabilities to be recorded upon future completion of studies, litigation or settlements, and neither the timing nor the amount of the ultimate costs associated with such indemnification liability payments can be determined although they could be material to our consolidated results of operations and operating cash flows in the periods recognized or paid. Independent of our payments under the Reimbursement Agreement, we will have ongoing liability for certain environmental claims, which are part of our ongoing business. Other Matters We are subject to lawsuits, investigations and disputes arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability, acquisitions and divestitures, employee matters, intellectual property, and environmental, health, and safety matters. We recognize a liability for any contingency that is probable of occurrence and reasonably estimable. We continually assess the likelihood of adverse judgments or outcomes in these matters, as well as potential ranges of possible losses, based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. No such matters are material to our financial statements as of September 28, 2024. Refer to Note 15. Commitments and Contingencies in our 2023 Annual Report on Form 10-K for further discussion of these matters. Warranties and Guarantees In the normal course of business, we issue product warranties and product performance guarantees. We accrue for the estimated cost of product warranties and product performance guarantees based on contract terms and historical experience at the time of sale. Adjustments to initial obligations for warranties and guarantees are made as changes to the obligations become reasonably estimable. Product warranties and product performance guarantees are included in accrued and other liabilities. The following table summarizes information concerning recorded obligations for product warranties and product performance guarantees: Nine Months Ended Twelve Months Ended (in millions) September 28, 2024 December 31, 2023 Beginning balance $ 34 $ 48 Accruals for warranties/guarantees issued/acquired during the period 25 24 Settlement/adjustment of warranty/guarantee claims (22) (38) Ending balance $ 37 $ 34

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, income tax is equal to the total of (1) year-to-date pretax income multiplied by the forecasted effective tax rate plus (2) tax expense items specific to the period. In situations where we expect to report losses and where we do not expect to receive tax benefits, we apply separate forecast effective tax rates to those jurisdictions rather than including them in the consolidated forecast effective tax rate. For the three and nine months ended September 28, 2024, the net tax expense was $24 million and $83 million, respectively, and for the three and nine months ended September 30, 2023, net tax expense was $16 million and $84 million, respectively, and consists primarily of interim period tax expense based on year-to-date pretax income multiplied by our forecasted effective tax rate. In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, non-deductible expenses, and U.S. taxation of foreign earnings.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 28, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The reconciliation of the numerator and denominator used for the computation of basic and diluted earnings per common share follows: Three Months Ended Nine Months Ended (in millions, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Numerator for basic and diluted earnings per common share: Net income $ 20 $ 21 $ 93 $ 128 Less: preferred stock dividends 8 — 10 — Less: undistributed income allocated to preferred stockholders $ 1 $ — $ 4 $ — Net income available to common stockholders $ 11 $ 21 $ 79 $ 128 Denominator for basic and diluted earnings per common share: Weighted average basic number of common shares outstanding 147 147 146 147 Plus: dilutive effect of common stock equivalents 2 1 3 2 Weighted average diluted number of common shares outstanding 149 148 149 149 Earnings per common share: Basic $ 0.07 $ 0.14 $ 0.54 $ 0.87 Diluted $ 0.07 $ 0.14 $ 0.53 $ 0.86 Diluted earnings per common share is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the if-converted and treasury stock method with the average market price of our common stock for the period. The following potentially dilutive instruments, presented as a weighted average of the instruments outstanding, were excluded from the calculation of diluted net income per common share because their effect would have been antidilutive, and in the case of certain PSUs, the contingency has not been satisfied. Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 RSUs and other rights 0.8 1.0 0.8 1.5 PSUs 1.1 1.6 1.0 1.1 Preferred stock 0.5 — 0.2 —

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 20	$ 21	$ 93	$ 128

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 28, 2024
Accounting Policies [Abstract]
Basis of Consolidation and Reporting	Basis of Consolidation and Reporting The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the Unaudited Consolidated Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the Unaudited Consolidated Financial Statements included herein contain all adjustments, which consist of normal recurring adjustments, necessary to fairly present our financial position, results of operations and cash flows for the periods indicated. Operating results for the period from January 1, 2024 through September 28, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. For additional information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report on Form 10-K”), filed with the United States Securities and Exchange Commission (the “SEC”) on February 14, 2024 as reclassified in our Current Report on Form 8-K filed on June 4, 2024 to reflect the impacts of certain corporate functions being decentralized to align with the business strategy. Refer to Note 4. Segment Financial Data for additional information. Reporting Period We report financial information on a fiscal quarter basis using a modified four-four-five week calendar. Our fiscal calendar begins on January 1 and ends on December 31. We have elected the first, second and third quarters to end on a Saturday in order to not disrupt business processes. The effects of this election are generally not significant to reported results for any quarter and only exist within a reporting year.
Reclassification	Reclassification
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosure (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 on our Consolidated Financial Statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This ASU requires entities to disclose, on an annual and interim basis, significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The ASU also requires disclosure of the name and title of the CODM. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not expect adoption of the standard to have a material impact.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Preliminary Allocation of Purchase Price	The following table presents the preliminary purchase price allocation at estimated fair values as of the date of acquisition: (in millions) Assets acquired: Cash and cash equivalents $ 47 Accounts receivable 49 Inventories 240 Other current assets 27 Property, plant and equipment 63 Goodwill (1) 405 Intangible assets 770 Other assets 69 Total assets acquired 1,670 Liabilities assumed: Accounts payable 48 Accrued liabilities 70 Other liabilities 147 Total liabilities assumed 265 Net assets acquired $ 1,405 (1) Goodwill from this acquisition is partially deductible for tax purposes.

Segment Financial Data (Tables)

Segment Financial Data (Tables)	9 Months Ended
	Sep. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	The following table represents summary financial data attributable to the segments: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net revenue Products and Solutions $ 645 $ 654 $ 1,895 $ 1,989 ADI Global Distribution 1,183 900 3,008 2,716 Total net revenue $ 1,828 $ 1,554 $ 4,903 $ 4,705 Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Income from operations Products and Solutions $ 128 $ 94 $ 370 $ 314 ADI Global Distribution 36 52 147 187 Corporate (38) (37) (141) (101) Total income from operations $ 126 $ 109 $ 376 $ 400

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue By Business Line and Geographic Location	The following table presents revenue by business line and geographic location, as we believe this presentation best depicts how the nature, amount, timing, and uncertainty of net revenue and cash flows are affected by economic factors: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Products and Solutions Safety and Security $ 219 $ 245 $ 659 $ 721 Air 229 211 634 640 Energy 122 123 374 391 Water 75 75 228 237 Total Products and Solutions 645 654 1,895 1,989 ADI Global Distribution Americas (1) 1,046 780 2,632 2,354 International (2) 137 120 376 362 Total ADI Global Distribution 1,183 900 3,008 2,716 Total net revenue $ 1,828 $ 1,554 $ 4,903 $ 4,705 (1) Americas represents North, Central, and South America. (2) International represents all geographies that are not included in Americas.

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 28, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Expenses	The following table details restructuring expense by segment. Restructuring expenses are presented in the Restructuring, impairment and extinguishment costs, net line within the Consolidated Statement of Operations. Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Products and Solutions $ 8 $ 25 $ 13 $ 27 ADI Global Distribution 17 10 19 12 Corporate 3 3 3 3 Restructuring expenses (1) $ 28 $ 38 $ 35 $ 42 (1) Includes impairment expenses associated with restructuring activities. The following table summarizes the status of our restructuring expenses included within accrued liabilities on the Unaudited Consolidated Balance Sheets. Nine Months Ended Twelve Months Ended (in millions) September 28, 2024 December 31, 2023 Beginning of period $ 30 $ 27 Charges 35 34 Usage (1) (25) (31) End of period $ 40 $ 30 (1) Usage primarily relates to cash payments associated with employee termination costs.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Incentive Plan for Employees and Non-Employee Directors	A summary of awards granted follows: Nine Months Ended September 28, 2024 Nine Months Ended September 30, 2023 Number of Stock Units Granted (1) Weighted average grant date fair value per share Number of Stock Units Granted Weighted average grant date fair value per share Performance Stock Units (“PSUs”) (2) 585,819 $ 27.94 553,071 $ 29.89 Restricted Stock Units (“RSUs”) 4,555,856 $ 19.59 2,232,465 $ 18.85 (1) Includes 2 million RSUs granted as part of the Snap One acquisition for a fair value of $43 million of which $17 million was included in purchase consideration. (2) Includes PSUs at target payout. Final common shares issued may be different based upon the actual achievement versus the performance measure target.

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	The following table summarizes the details of our inventories, net. (in millions) September 28, 2024 December 31, 2023 Raw materials $ 176 $ 221 Work in process 13 18 Finished products 1,008 702 Total inventories, net $ 1,197 $ 941

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	9 Months Ended
	Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Our goodwill balance and changes in carrying value by segment are as follows: (in millions) Products and Solutions ADI Global Distribution Total Balance at January 1, 2024 $ 2,045 $ 660 $ 2,705 Acquisitions (1) — 405 405 Impact of foreign currency translation 7 2 9 Balance at September 28, 2024 $ 2,052 $ 1,067 $ 3,119 (1) Please refer to Note 3. Acquisitions for additional information.
Schedule of Indefinite-Lived Intangible Assets	The following table summarizes the net carrying amount of intangible assets: (in millions) September 28, 2024 December 31, 2023 Intangible assets subject to amortization $ 1,017 $ 281 Indefinite-lived intangible assets 180 180 Total intangible assets $ 1,197 $ 461
Schedule of Finite-Lived Intangible Assets	The following table summarizes the net carrying amount of intangible assets: (in millions) September 28, 2024 December 31, 2023 Intangible assets subject to amortization $ 1,017 $ 281 Indefinite-lived intangible assets 180 180 Total intangible assets $ 1,197 $ 461 Intangible assets subject to amortization consisted of the following: September 28, 2024 December 31, 2023 (in millions) Gross Accumulated Net Gross Accumulated Net Patents and technology $ 172 $ (37) $ 135 $ 64 $ (26) $ 38 Customer relationships 910 (167) 743 319 (138) 181 Trademarks 79 (10) 69 9 (8) 1 Software 212 (142) 70 193 (132) 61 Intangible assets subject to amortization $ 1,373 $ (356) $ 1,017 $ 585 $ (304) $ 281

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 28, 2024
Leases [Abstract]
Schedule of Operating Lease Expense	Total operating lease costs are as follows: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Operating lease costs: Cost of goods sold $ 4 $ 5 $ 12 $ 15 Selling, general and administrative expenses 20 14 49 43 Total operating lease costs $ 24 $ 19 $ 61 $ 58
Schedule of Carrying Amounts of Operating Leased Assets and Liabilities	The following table summarizes the carrying amounts of our operating lease assets and liabilities: (in millions) Financial Statement Line Item September 28, 2024 December 31, 2023 Operating lease assets Other assets $ 225 $ 192 Operating lease liabilities - current Accrued liabilities $ 50 $ 39 Operating lease liabilities - non-current Other liabilities $ 188 $ 166
Schedule of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases follows: Nine Months Ended (in millions) September 28, 2024 September 30, 2023 Cash paid for operating lease liabilities $ 29 $ 27 Non-cash activities: operating lease assets obtained in exchange for new operating lease liabilities $ 11 $ 37

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 28, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt is comprised of the following: (in millions) September 28, 2024 December 31, 2023 4.000% Senior Notes due 2029 $ 300 $ 300 6.500% Senior Notes due 2032 600 — Variable rate A&R Term B Facility 1,118 1,119 Gross debt 2,018 1,419 Less: current portion of long-term debt (6) (12) Less: unamortized deferred financing costs (29) (11) Total long-term debt $ 1,983 $ 1,396

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Consolidated Balance Sheets and Pre-Tax Gain (Loss) in Accumulated Other Comprehensive Loss	The following tables summarizes the fair value and presentation of derivative instruments in the Unaudited Consolidated Balance Sheets as well as the changes in fair value recorded in accumulated other comprehensive loss: Fair Value of Derivative Assets (in millions) Financial Statement Line Item September 28, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate derivatives Other current assets $ 13 $ 20 Interest rate derivatives Other assets 2 10 Total derivative assets designated as hedging instruments $ 15 $ 30 Fair Value of Derivative Liabilities (in millions) Financial Statement Line Item September 28, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate derivatives Other liabilities $ 6 $ — Total derivative liabilities designated as hedging instruments $ 6 $ — Unrealized gain Accumulated other comprehensive loss $ 8 $ 25
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges	The following table summarizes the effect of derivative instruments designated as cash flow hedges in other comprehensive income and the Unaudited Consolidated Statements of Operations: Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Gains recorded in accumulated other comprehensive loss, beginning of period $ 20 $ 40 $ 25 $ 42 Current period gain (loss) recognized in/reclassified from other comprehensive income (12) — (15) 7 Gains reclassified from accumulated other comprehensive loss to net income — (2) (2) (11) Gains recorded in accumulated other comprehensive loss, end of period $ 8 $ 38 $ 8 $ 38

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 28, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table provides a summary of the carrying amount and fair value of outstanding debt: September 28, 2024 December 31, 2023 (in millions) Carrying Value Fair Value Carrying Value Fair Value Debt 4.000% Senior Notes due 2029 $ 300 $ 282 $ 300 $ 266 6.500% Senior Notes due 2032 600 616 — — Variable rate A&R Term B Facility 1,118 1,122 1,119 1,122 Total debt $ 2,018 $ 2,020 $ 1,419 $ 1,388
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table provides a summary of the carrying amount and fair value of our interest rate derivatives: September 28, 2024 December 31, 2023 (in millions) Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate derivatives $ 15 $ 15 $ 30 $ 30 Liabilities: Interest rate derivatives 6 6 — — Total, net $ 9 $ 9 $ 30 $ 30

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 28, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: (in millions) September 28, 2024 December 31, 2023 Obligations payable under Indemnification Agreements $ 140 $ 140 Compensation, benefit and other employee-related 114 110 Customer rebate reserve 99 104 Current operating lease liability 50 39 Restructuring 40 30 Deferred revenue 29 4 Product warranties 27 24 Freight payable 26 25 Other (1) 120 132 Total accrued liabilities $ 645 $ 608 (1) Other includes accruals for advertising, legal and professional reserves, taxes, interest, royalties and other miscellaneous items.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Reimbursement Agreement Liabilities	The following table summarizes information concerning the Reimbursement and Tax Matter Agreements’ liabilities: (in millions) Reimbursement Agreement Tax Matters Agreement Total Balance as of January 1, 2024 $ 652 $ 97 $ 749 Accruals for liabilities deemed probable and reasonably estimable 135 — 135 Payments to Honeywell (105) (4) (109) Balance as of September 28, 2024 $ 682 $ 93 $ 775
Schedule of Reimbursement Agreement Liabilities Included in Balance Sheet Accounts	The liabilities related to the Reimbursement and Tax Matters Agreements are included in the following balance sheet accounts: (in millions) September 28, 2024 December 31, 2023 Accrued liabilities $ 140 $ 140 Obligations payable under Indemnification Agreements 635 609 Total indemnification liabilities $ 775 $ 749
Schedule of Recorded Obligations for Product Warranties and Product Performance Guarantee	The following table summarizes information concerning recorded obligations for product warranties and product performance guarantees: Nine Months Ended Twelve Months Ended (in millions) September 28, 2024 December 31, 2023 Beginning balance $ 34 $ 48 Accruals for warranties/guarantees issued/acquired during the period 25 24 Settlement/adjustment of warranty/guarantee claims (22) (38) Ending balance $ 37 $ 34

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 28, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The reconciliation of the numerator and denominator used for the computation of basic and diluted earnings per common share follows: Three Months Ended Nine Months Ended (in millions, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Numerator for basic and diluted earnings per common share: Net income $ 20 $ 21 $ 93 $ 128 Less: preferred stock dividends 8 — 10 — Less: undistributed income allocated to preferred stockholders $ 1 $ — $ 4 $ — Net income available to common stockholders $ 11 $ 21 $ 79 $ 128 Denominator for basic and diluted earnings per common share: Weighted average basic number of common shares outstanding 147 147 146 147 Plus: dilutive effect of common stock equivalents 2 1 3 2 Weighted average diluted number of common shares outstanding 149 148 149 149 Earnings per common share: Basic $ 0.07 $ 0.14 $ 0.54 $ 0.87 Diluted $ 0.07 $ 0.14 $ 0.53 $ 0.86 The following potentially dilutive instruments, presented as a weighted average of the instruments outstanding, were excluded from the calculation of diluted net income per common share because their effect would have been antidilutive, and in the case of certain PSUs, the contingency has not been satisfied. Three Months Ended Nine Months Ended (in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 RSUs and other rights 0.8 1.0 0.8 1.5 PSUs 1.1 1.6 1.0 1.1 Preferred stock 0.5 — 0.2 —

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Millions		2 Months Ended	3 Months Ended	9 Months Ended
	Jun. 14, 2024	Sep. 28, 2024	Sep. 28, 2024	Sep. 28, 2024	Sep. 30, 2023
Business Acquisition
Cash purchase price				$ 1,334	$ 16
Snap One Holdings Corp
Business Acquisition
Percentage of equity acquired	100%
Cash purchase price	$ 1,400
Acquisition costs				35
Paid for seller success fees				21
Net revenue		$ 297
Revenue			$ 1,828	5,364
Pro forma income			$ 0	$ 0

Acquisitions - Schedule of Prel

Acquisitions - Schedule of Preliminary Allocation of Purchase Price (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 14, 2024	Dec. 31, 2023
Assets acquired:
Goodwill	$ 3,119		$ 2,705
Snap One Holdings Corp
Assets acquired:
Cash and cash equivalents		$ 47
Accounts receivable		49
Inventories		240
Other current assets		27
Property, plant and equipment		63
Goodwill		405
Intangible assets		770
Other assets		69
Total assets acquired		1,670
Liabilities assumed:
Accounts payable		48
Accrued liabilities		70
Other liabilities		147
Total liabilities assumed		265
Net assets acquired		$ 1,405

Segment Financial Data - Additi

Segment Financial Data - Additional Information (Details) home in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 28, 2024 segment home	Sep. 30, 2023 USD ($)
Segment Reporting Information
Number of operating segments (segment) | segment		2
Products and Solutions
Segment Reporting Information
Number of homes (in home) | home		150
Other non operating expenses	$ 13		$ 38
ADI Global Distribution
Segment Reporting Information
Other non operating expenses	$ 8		$ 24

Segment Financial Data - Schedu

Segment Financial Data - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net revenue
Total net revenue	$ 1,828	$ 1,554	$ 4,903	$ 4,705
Income from operations
Total income from operations	126	109	376	400
Corporate
Income from operations
Total income from operations	(38)	(37)	(141)	(101)
Products and Solutions
Net revenue
Total net revenue	645	654	1,895	1,989
Products and Solutions | Operating Segments
Income from operations
Total income from operations	128	94	370	314
ADI Global Distribution
Net revenue
Total net revenue	1,183	900	3,008	2,716
ADI Global Distribution | Operating Segments
Income from operations
Total income from operations	$ 36	$ 52	$ 147	$ 187

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details)	9 Months Ended
	Sep. 28, 2024 segment
Revenue from Contract with Customer [Abstract]
Number of operating segments (segment)	2

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Business Line and Geographic Location (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue
Net revenue	$ 1,828	$ 1,554	$ 4,903	$ 4,705
Products and Solutions
Disaggregation of Revenue
Net revenue	645	654	1,895	1,989
Products and Solutions | Safety and Security
Disaggregation of Revenue
Net revenue	219	245	659	721
Products and Solutions | Air
Disaggregation of Revenue
Net revenue	229	211	634	640
Products and Solutions | Energy
Disaggregation of Revenue
Net revenue	122	123	374	391
Products and Solutions | Water
Disaggregation of Revenue
Net revenue	75	75	228	237
ADI Global Distribution
Disaggregation of Revenue
Net revenue	1,183	900	3,008	2,716
ADI Global Distribution | Americas
Disaggregation of Revenue
Net revenue	1,046	780	2,632	2,354
ADI Global Distribution | International
Disaggregation of Revenue
Net revenue	$ 137	$ 120	$ 376	$ 362

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring and Impairment Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restructuring Cost and Reserve
Restructuring expenses (1)	$ 28	$ 38	$ 35	$ 42
Corporate
Restructuring Cost and Reserve
Restructuring expenses (1)	3	3	3	3
Products and Solutions | Operating Segments
Restructuring Cost and Reserve
Restructuring expenses (1)	8	25	13	27
ADI Global Distribution | Operating Segments
Restructuring Cost and Reserve
Restructuring expenses (1)	$ 17	$ 10	$ 19	$ 12

Restructuring - Additional Info

Restructuring - Additional Information (Details)	9 Months Ended
	Sep. 28, 2024
Minimum
Restructuring Cost and Reserve
Restructuring initiatives execution (in months)	12 months
Maximum
Restructuring Cost and Reserve
Restructuring initiatives execution (in months)	36 months

Restructuring - Schedule of R_2

Restructuring - Schedule of Restructuring Expenses (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 28, 2024	Dec. 31, 2023
Restructuring Reserve
Beginning of period	$ 30	$ 27
Charges	35	34
Usage	(25)	(31)
End of period	$ 40	$ 30

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Jun. 14, 2024	Sep. 28, 2024	Sep. 28, 2024	Dec. 31, 2023
Class of Stock
Preferred stock, shares issued (in shares)	500,000	500,000	500,000	0
Preferred stock, purchase price	$ 500	$ 482	$ 482	$ 0
Direct and incremental expenses	$ 18
Preferred stock, per share conversion price (in dollar per share)	$ 26.92
Preferred stock, coupon rate (percent)	7%
Liquidation preference stock		500	500
Accumulated preferred stock dividends		8	10
Dividends paid in cash		3	3
Dividends payable		$ 7	$ 7
Stock trading price exceeds (percent)	200%
Preferred stock redemption rate upon change of control (percent)	150%
Preferred stock redemption rate (percent)	100%
Minimum
Class of Stock
Number of trailing days, trigger	20 days
Maximum
Class of Stock
Number of trailing days, trigger	30 days

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Summarized RSU and PSU Activity Related to Stock Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Performance Stock Units (“PSUs”)
Number of Stock Units Granted
Number of stock units granted (in shares)	585,819	553,071
Weighted average grant date fair value per share
Granted (in dollars per share)	$ 27.94	$ 29.89
Restricted Stock Units (“RSUs”)
Number of Stock Units Granted
Number of stock units granted (in shares)	4,555,856	2,232,465
Weighted average grant date fair value per share
Granted (in dollars per share)	$ 19.59	$ 18.85
Restricted Stock Units (“RSUs”) | Snap One Holdings Corp
Number of Stock Units Granted
Number of stock units granted (in shares)	2,000,000
Weighted average grant date fair value per share
Fair value of shares issued	$ 43
Fair value of RSU's included in purchase consideration	$ 17

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense, net of tax	$ 15	$ 11	$ 44	$ 36

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 176	$ 221
Work in process	13	18
Finished products	1,008	702
Total inventories, net	$ 1,197	$ 941

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 28, 2024 USD ($)
Goodwill
Balance at January 1, 2024	$ 2,705
Acquisitions	405
Impact of foreign currency translation	9
Balance at September 28, 2024	3,119
Products and Solutions
Goodwill
Balance at January 1, 2024	2,045
Acquisitions	0
Impact of foreign currency translation	7
Balance at September 28, 2024	2,052
ADI Global Distribution
Goodwill
Balance at January 1, 2024	660
Acquisitions	405
Impact of foreign currency translation	2
Balance at September 28, 2024	$ 1,067

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Summary of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets subject to amortization	$ 1,017	$ 281
Indefinite-lived intangible assets	180	180
Total intangible assets	$ 1,197	$ 461

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Schedule of Other Intangible Assets With Finite Lives (Detail) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Finite Lived Intangible Assets
Gross Carrying Amount	$ 1,373	$ 585
Accumulated Amortization	(356)	(304)
Net Carrying Amount	1,017	281
Patents and technology
Finite Lived Intangible Assets
Gross Carrying Amount	172	64
Accumulated Amortization	(37)	(26)
Net Carrying Amount	135	38
Customer relationships
Finite Lived Intangible Assets
Gross Carrying Amount	910	319
Accumulated Amortization	(167)	(138)
Net Carrying Amount	743	181
Trademarks
Finite Lived Intangible Assets
Gross Carrying Amount	79	9
Accumulated Amortization	(10)	(8)
Net Carrying Amount	69	1
Software
Finite Lived Intangible Assets
Gross Carrying Amount	212	193
Accumulated Amortization	(142)	(132)
Net Carrying Amount	$ 70	$ 61

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization	$ 29	$ 9	$ 51	$ 28

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Lessee Lease Description
Total operating lease costs	$ 24	$ 19	$ 61	$ 58
Cost of goods sold
Lessee Lease Description
Total operating lease costs	4	5	12	15
Selling, general and administrative expenses
Lessee Lease Description
Total operating lease costs	$ 20	$ 14	$ 49	$ 43

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Leases [Abstract]
Variable lease costs	$ 5	$ 6	$ 12	$ 18

Leases - Summary of Lease Recog

Leases - Summary of Lease Recognized Related to Operating Leases (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease assets	$ 225	$ 192
Operating lease liabilities - current	50	39
Operating lease liabilities - non-current	$ 188	$ 166
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 29	$ 27
Non-cash activities: operating lease assets obtained in exchange for new operating lease liabilities	$ 11	$ 37

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023	Aug. 26, 2021
Debt Instrument
Gross debt	$ 2,018	$ 1,419
Less: current portion of long-term debt	(6)	(12)
Less: unamortized deferred financing costs	(29)	(11)
Long-term debt	$ 1,983	1,396
4.000% Senior Notes due 2029
Debt Instrument
Interest rate (as a percent)	4%
4.000% Senior Notes due 2029 | Senior Notes
Debt Instrument
Interest rate (as a percent)	4%		4%
Gross debt	$ 300	300
6.500% 2032 Notes
Debt Instrument
Interest rate (as a percent)	6.50%
6.500% 2032 Notes | Senior Notes
Debt Instrument
Interest rate (as a percent)	6.50%
Gross debt	$ 600	0
Variable rate A&R Term B Facility | Senior Notes
Debt Instrument
Gross debt	$ 1,118	$ 1,119

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)					1 Months Ended		9 Months Ended
	Jul. 17, 2024	Apr. 30, 2024	Mar. 28, 2022	Feb. 12, 2021	Jun. 29, 2024	May 31, 2024	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 26, 2021
Debt Instrument
Gross debt							$ 2,018,000,000		$ 1,419,000,000
Repayment of principal amount							$ 602,000,000	$ 9,000,000
Senior Notes due 2032
Debt Instrument
Redemption price percentage							101%
Senior Notes due 2032 | Senior Notes
Debt Instrument
Principal amount issued	$ 600,000,000
Loss on extinguishment of debt	$ 1,000,000
Interest rate (as a percent)	6.50%
Issuance rate (as a percent)	100%
Senior Secured Term B Loans | Senior Notes
Debt Instrument
Repayment of principal amount	$ 596,000,000
4.000% Senior Notes due 2029
Debt Instrument
Interest rate (as a percent)							4%
4.000% Senior Notes due 2029 | Senior Notes
Debt Instrument
Principal amount issued										$ 300,000,000
Gross debt							$ 300,000,000		$ 300,000,000
Interest rate (as a percent)							4%			4%
A&R Term B Facility
Debt Instrument
Weighted average interest rate (percent)							7.32%		7.72%
A&R Term B Facility | A&R Credit Agreement
Debt Instrument
Credit facilities term (in years)			5 years	7 years
Principal amount issued			$ 200,000,000	$ 950,000,000
Debt instrument, basis spread on variable rate		2.25%				2%
A&R Term B Facility | A&R Credit Agreement | Minimum
Debt Instrument
Debt instrument, basis spread on variable rate		0.50%				0%
Variable rate A&R Revolving Credit Facility | A&R Credit Agreement
Debt Instrument
Principal amount issued					$ 600,000,000
Loss on extinguishment of debt							$ 6,000,000
A&R Revolving Credit Facility | Senior Credit Facilities
Debt Instrument
Gross debt							0		$ 0
A&R Revolving Credit Facility | A&R Revolving Credit Facility
Debt Instrument
Principal amount issued			$ 500,000,000
A&R Revolving Credit Facility | A&R Senior Credit Facilities
Debt Instrument
Credit facilities term (in years)					5 years
Letter of Credit | Senior Credit Facilities
Debt Instrument
Borrowings from credit facility							$ 0		$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 28, 2024 USD ($)	Jun. 14, 2024 USD ($)	Mar. 31, 2021 USD ($) derivative
Derivative
Unrealized gains expected to be reclassified from AOCI in next 12 months	$ 8
Swap Agreements
Derivative
Number of interest rate derivatives held | derivative			8
Notional value			$ 560
Interest Rate Cap
Derivative
Notional value		$ 345
Strike rate		4.79%
Premium value		$ 7

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 28, 2024	Dec. 31, 2023
Derivative
Total derivative assets designated as hedging instruments	$ 15	$ 30
Total derivative liabilities designated as hedging instruments	$ 6	0
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Accumulated other comprehensive loss
Derivative
Unrealized gain	$ 8	25
Designated as Hedging Instrument | Interest rate derivatives
Derivative
Total derivative liabilities designated as hedging instruments	6	0
Other current assets | Designated as Hedging Instrument | Interest rate derivatives
Derivative
Total derivative assets designated as hedging instruments	13	20
Other assets | Designated as Hedging Instrument | Interest rate derivatives
Derivative
Total derivative assets designated as hedging instruments	$ 2	$ 10

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Effect of Derivative Instruments Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Derivatives used in Net Investment Hedge, Net of Tax
Beginning of period	$ 3,294	$ 2,677	$ 2,749	$ 2,529
End of period	3,354	2,645	3,354	2,645
Accumulated other comprehensive loss
Derivatives used in Net Investment Hedge, Net of Tax
Beginning of period	20	40	25	42
Current period gain (loss) recognized in/reclassified from other comprehensive income	(12)	0	(15)	7
Gains reclassified from accumulated other comprehensive loss to net income	0	(2)	(2)	(11)
End of period	$ 8	$ 38	$ 8	$ 38

Fair Value - Schedule of Carryi

Fair Value - Schedule of Carrying Values and Estimated Fair Value of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023	Aug. 26, 2021
Debt Instrument
Carrying Value	$ 2,018	$ 1,419
Fair Value	$ 2,020	1,388
4.000% Senior Notes due 2029
Debt Instrument
Interest rate (as a percent)	4%
4.000% Senior Notes due 2029 | Senior Notes
Debt Instrument
Carrying Value	$ 300	300
Fair Value	$ 282	266
Interest rate (as a percent)	4%		4%
6.500% Senior Notes due 2032
Debt Instrument
Interest rate (as a percent)	6.50%
6.500% Senior Notes due 2032 | Senior Notes
Debt Instrument
Carrying Value	$ 600	0
Fair Value	$ 616	0
Interest rate (as a percent)	6.50%
Variable rate A&R Revolving Credit Facility | Senior Notes
Debt Instrument
Carrying Value	$ 1,118	1,119
Fair Value	$ 1,122	$ 1,122

Fair Value - Summary of the Car

Fair Value - Summary of the Carrying Amount and Fair Value of Interest Rate Swap (Details) - Level 2 - Fair Value, Recurring - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Liabilities:
Total, net Carrying Value	$ 9	$ 30
Total, net Fair Value	9	30
Interest rate derivatives
Assets:
Assets, Carrying Value	15	30
Assets, Fair Value	15	30
Liabilities:
Liabilities, Carrying Value	6	0
Liabilities, Fair Value	$ 6	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities
Obligations payable under Indemnification Agreements	$ 140	$ 140
Compensation, benefit and other employee-related	114	110
Customer rebate reserve	99	104
Current operating lease liability	50	39
Restructuring	40	30	$ 27
Deferred revenue	29	4
Product warranties	27	24
Freight payable	26	25
Other	120	132
Total accrued liabilities	$ 645	$ 608

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Oct. 29, 2018	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss Contingencies
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]		Cost of goods sold		Cost of goods sold
Environmental liabilities		$ 22		$ 22		$ 22
Other Expense
Loss Contingencies
Reimbursement Agreement expense		45	$ 43	135	$ 128
Indemnification Agreement
Loss Contingencies
Maximum annual reimbursement obligation amount		$ 25		$ 25
Honeywell | Indemnification Agreement
Loss Contingencies
Indemnification payable percentage of payments	90%
Honeywell | Indemnification Agreement | Maximum
Loss Contingencies
Indemnity liability annual cap	$ 140

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Reimbursement Agreement Liabilities (Details) - Honeywell $ in Millions	9 Months Ended
	Sep. 28, 2024 USD ($)
Accrual for Reimbursement Agreement
Beginning balance	$ 749
Accruals for liabilities deemed probable and reasonably estimable	135
Payments to Honeywell	(109)
Ending balance	775
Reimbursement Agreement
Accrual for Reimbursement Agreement
Beginning balance	652
Accruals for liabilities deemed probable and reasonably estimable	135
Payments to Honeywell	(105)
Ending balance	682
Tax Matters Agreement
Accrual for Reimbursement Agreement
Beginning balance	97
Accruals for liabilities deemed probable and reasonably estimable	0
Payments to Honeywell	(4)
Ending balance	$ 93

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Reimbursement Agreement Liabilities Included in Balance Sheet Accounts (Details) - Honeywell - USD ($) $ in Millions	Sep. 28, 2024	Dec. 31, 2023
Loss Contingency, Classification of Accrual [Abstract]
Total indemnification liabilities	$ 775	$ 749
Accrued liabilities
Loss Contingency, Classification of Accrual [Abstract]
Accrued liabilities	140	140
Obligations payable under Indemnification Agreements
Loss Contingency, Classification of Accrual [Abstract]
Obligations payable under Indemnification Agreements	$ 635	$ 609

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Recorded Obligations for Product Warranties and Product Performance Guarantee (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 28, 2024	Dec. 31, 2023
Product Warranties and Guarantees
Beginning balance	$ 34	$ 48
Accruals for warranties/guarantees issued/acquired during the period	25	24
Settlement/adjustment of warranty/guarantee claims	(22)	(38)
Ending balance	$ 37	$ 34

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 24	$ 16	$ 83	$ 84

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Numerator for basic and diluted earnings per common share:
Net income	$ 20	$ 21	$ 93	$ 128
Less: preferred stock dividends	8	0	10	0
Less: undistributed income allocated to preferred stockholders	1	0	4	0
Net income available to common stockholders, basic	11	21	79	128
Net income available to common stockholders, diluted	$ 11	$ 21	$ 79	$ 128
Denominator for basic and diluted earnings per common share:
Weighted average basic number of common shares outstanding (in shares)	147	147	146	147
Plus: dilutive effect of common stock equivalents (in shares)	2	1	3	2
Diluted (in share)	149	148	149	149
Earnings per common share:
Basic (in dollars per share)	$ 0.07	$ 0.14	$ 0.54	$ 0.87
Diluted (in dollars per share)	$ 0.07	$ 0.14	$ 0.53	$ 0.86

Earnings Per Common Share - Pot

Earnings Per Common Share - Potentially Dilutive Instruments (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
RSUs and other rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Purchase of outstanding common stock were anti-dilutive (in shares)	0.8	1	0.8	1.5
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Purchase of outstanding common stock were anti-dilutive (in shares)	1.1	1.6	1	1.1
Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Purchase of outstanding common stock were anti-dilutive (in shares)	0.5	0	0.2	0