Zebra Technologies (ZBRA) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 03, 2021	Apr. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 3, 2021
Document Transition Report	false
Entity File Number	000-19406
Entity Registrant Name	Zebra Technologies Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2675536
Entity Address, Address Line One	3 Overlook Point
Entity Address, City or Town	Lincolnshire
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60069
City Area Code	847
Local Phone Number	634-6700
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Trading Symbol	ZBRA
Security Exchange Name	NASDAQ
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		53,511,255
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000877212
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 03, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 177	$ 168
Accounts receivable, net of allowances for doubtful accounts of $1 million as of April 3, 2021 and December 31, 2020	521	508
Inventories, net	528	511
Income tax receivable	7	16
Prepaid expenses and other current assets	110	70
Total Current assets	1,343	1,273
Property, plant and equipment, net	269	274
Right-of-use lease assets	129	135
Goodwill	2,989	2,988
Other intangibles, net	376	402
Deferred income taxes	133	139
Other long-term assets	172	164
Total Assets	5,411	5,375
Current liabilities:
Current portion of long-term debt	134	364
Accounts payable	573	601
Accrued liabilities	457	559
Deferred revenue	344	308
Income taxes payable	38	19
Total Current liabilities	1,546	1,851
Long-term debt	956	881
Long-term lease liabilities	122	129
Long-term deferred revenue	287	273
Other long-term liabilities	89	97
Total Liabilities	3,000	3,231
Stockholders’ Equity:
Preferred stock, $.01 par value; authorized 10,000,000 shares; none issued	0	0
Class A common stock, $.01 par value; authorized 150,000,000 shares; issued 72,151,857 shares	1	1
Additional paid-in capital	405	395
Treasury stock at cost, 18,641,691 and 18,689,775 shares as of April 3, 2021 and December 31, 2020, respectively	(919)	(919)
Retained earnings	2,964	2,736
Accumulated other comprehensive loss	(40)	(69)
Total Stockholders’ Equity	2,411	2,144
Total Liabilities and Stockholders’ Equity	$ 5,411	$ 5,375

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Apr. 03, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1	$ 1
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	72,151,857	72,151,857
Treasury stock, shares (in shares)	18,641,691	18,689,775

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Net sales:
Total Net sales	$ 1,347	$ 1,052
Cost of sales:
Total Cost of sales	692	579
Gross profit	655	473
Operating expenses:
Selling and marketing	134	122
Research and development	140	105
General and administrative	82	74
Amortization of intangible assets	26	16
Acquisition and integration costs	1	1
Exit and restructuring costs	0	4
Total Operating expenses	383	322
Operating income	272	151
Other income (expense):
Foreign exchange gain (loss)	2	(3)
Interest income (expense), net	2	(45)
Total Other income (expense), net	4	(48)
Income before income tax	276	103
Income tax expense	48	14
Net income	$ 228	$ 89
Basic earnings per share (USD per share)	$ 4.26	$ 1.66
Diluted earnings per share (USD per share)	$ 4.22	$ 1.65
Tangible products
Net sales:
Total Net sales	$ 1,153	$ 901
Cost of sales:
Total Cost of sales	591	486
Services and software
Net sales:
Total Net sales	194	151
Cost of sales:
Total Cost of sales	$ 101	$ 93

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 228	$ 89
Other comprehensive income (loss), net of tax:
Changes in unrealized gains and losses on anticipated sales hedging transactions	32	2
Foreign currency translation adjustment	(3)	(9)
Comprehensive income	$ 257	$ 82

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Class A Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2019		54,002,932
Beginning balance at Dec. 31, 2019	$ 1,839	$ 1	$ 339	$ (689)	$ 2,232	$ (44)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		15,792
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(4,361)
Shares withheld to fund withholding tax obligations related to share-based compensation plans	(1)			(1)
Share-based compensation	7		7
Repurchase of common stock (in shares)		(948,740)
Repurchases of common stock	(200)			(200)
Net income	89				89
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	2					2
Foreign currency translation adjustment	(9)					(9)
Ending balance (in shares) at Mar. 28, 2020		53,065,623
Ending balance at Mar. 28, 2020	1,727	$ 1	346	(890)	2,321	(51)
Beginning balance (in shares) at Dec. 31, 2020		53,462,082
Beginning balance at Dec. 31, 2020	2,144	$ 1	395	(919)	2,736	(69)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		48,584
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	(6)		(6)
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(400)
Share-based compensation	16		16
Repurchase of common stock (in shares)		(100)
Net income	228				228
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	32					32
Foreign currency translation adjustment	(3)					(3)
Ending balance (in shares) at Apr. 03, 2021		53,510,166
Ending balance at Apr. 03, 2021	$ 2,411	$ 1	$ 405	$ (919)	$ 2,964	$ (40)

CONSOLDATED STATEMENTS OF CASH

CONSOLDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Cash flows from operating activities:
Net income	$ 228	$ 89
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44	34
Share-based compensation	16	7
Deferred income taxes	(2)	(2)
Unrealized (gain) loss on forward interest rate swaps	(12)	34
Other, net	(1)	0
Changes in operating assets and liabilities:
Accounts receivable, net	(15)	108
Inventories, net	(17)	33
Other assets	(18)	(4)
Accounts payable	(30)	(109)
Accrued liabilities	(47)	(87)
Deferred revenue	50	19
Income taxes	28	(16)
Other operating activities	0	2
Net cash provided by operating activities	224	108
Cash flows from investing activities:
Purchases of property, plant and equipment	(10)	(13)
Purchases of long-term investments	(13)	(2)
Net cash used in investing activities	(23)	(15)
Cash flows from financing activities:
Payments of long-term debt	(156)	(36)
Proceeds from issuance of long-term debt	0	157
Payments for repurchases of common stock	0	(200)
Net payments related to share-based compensation plans	(6)	(1)
Change in unremitted cash collections from servicing factored receivables	(19)	(22)
Other financing activities	0	4
Net cash used in financing activities	(181)	(98)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	(2)	(1)
Net increase (decrease) in cash and cash equivalents, including restricted cash	18	(6)
Cash and cash equivalents, including restricted cash, at beginning of period	192	30
Cash and cash equivalents, including restricted cash, at end of period	210	24
Less restricted cash, included in Prepaid expenses and other current assets	(33)	0
Cash and cash equivalents	177	24
Supplemental disclosures of cash flow information:
Income taxes paid	22	30
Interest paid	$ 9	$ 9

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Apr. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Zebra Technologies Corporation and its subsidiaries (“Zebra” or the “Company”) is a global leader providing innovative Enterprise Asset Intelligence (“EAI”) solutions in the automatic identification and data capture solutions industry. We design, manufacture, and sell a broad range of products and solutions, including cloud-based subscriptions, that capture and move data. We also provide a full range of services, including maintenance, technical support, repair, and managed and professional services. End-users of our products, solutions and services include those in retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries around the world. We provide our products, solutions and services globally through a direct sales force and an extensive network of channel partners. Management prepared these unaudited interim consolidated financial statements according to the rules and regulations of the Securities and Exchange Commission for interim financial information and notes. As permitted under Article 10 of Regulation S-X and the instructions of Form 10-Q, these consolidated financial statements do not include all the information and notes required by United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements, although management believes that the disclosures made are adequate to make the information not misleading. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020. In the opinion of the Company, these interim financial statements include all adjustments (of a normal, recurring nature) necessary to fairly present its Consolidated Balance Sheet as of April 3, 2021, and the Consolidated Statements of Operations, Comprehensive Income, Stockholders’ Equity, and Cash Flows for the three months ended April 3, 2021 and March 28, 2020. These results, however, are not necessarily indicative of the results expected for the full fiscal year ending December 31, 2021. Effective January 1, 2021, we moved our retail solutions offering from our Asset Intelligence & Tracking (“AIT”) segment into our Enterprise Visibility & Mobility (“EVM”) segment contemporaneous with a change in our organizational structure and management of the business. Prior period results have been reclassified to conform to the current period’s presentation. This change does not have an impact to the Consolidated Financial Statements. See Note 15, Segment Information & Geographic Data for additional information related to each segment’s results.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Apr. 03, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). Subject to meeting certain criteria, ASU 2020-04 provides optional expedients and exceptions to applying contract modification accounting under existing generally accepted accounting principles for contracts that are modified to address the expected phase out of the London Inter-bank Offered Rate (“LIBOR”). Some of the Company’s contracts with respect to its borrowings and interest rate swap contracts already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR, while for others, the Company anticipates negotiating comparable replacement rates with its counterparties. At this stage of its contract assessment, the Company does not expect ASU 2020-04 to have a material impact on its financial results.

Revenues

Revenues	3 Months Ended
	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company recognizes revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration which it expects to receive for providing those goods or services. Revenues for products are generally recognized upon shipment, whereas revenues for services and solutions offerings are generally recognized by using an output or time-based method, assuming all other criteria for revenue recognition have been met. Revenues for software are recognized either upon delivery or using a time-based method, depending upon how control is transferred to the customer. In cases where a bundle of products, services, and/or software are delivered to the customer, judgment is required to select the method of progress which best reflects the transfer of control. Disaggregation of Revenue The following table presents our Net sales disaggregated by product category for each of our segments, AIT and EVM, for the three months ended April 3, 2021 and March 28, 2020 (in millions): Three Months Ended April 3, 2021 March 28, 2020 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 410 $ 26 $ 436 $ 333 $ 22 $ 355 EVM 743 171 914 568 129 697 Corporate, eliminations (1) — (3) (3) — — — Total $ 1,153 $ 194 $ 1,347 $ 901 $ 151 $ 1,052 (1) Amounts included in Corporate, eliminations consist of purchase accounting adjustments. In addition, refer to Note 15, Segment Information & Geographic Data for Net sales to customers by geographic region. Performance Obligations The Company’s remaining performance obligations primarily relate to repair and support services, as well as solutions offerings. The aggregated transaction price allocated to remaining performance obligations for arrangements with an original term exceeding one year was $1,019 million and $974 million, inclusive of deferred revenue, as of April 3, 2021 and December 31, 2020, respectively. On average, remaining performance obligations as of April 3, 2021 and December 31, 2020 are expected to be recognized over a period of approximately two years. Contract Balances Progress on satisfying performance obligations under contracts with customers is reflected on the Consolidated Balance Sheets in Accounts receivable, net for billed revenues. Progress on satisfying performance obligations under contracts with customers related to unbilled revenues (“contract assets”) is reflected on the Consolidated Balance Sheets as Prepaid expenses and other current assets for revenues expected to be billed within the next twelve months, and Other long-term assets for revenues expected to be billed thereafter. The total contract asset balances were $10 million each as of April 3, 2021 and December 31, 2020. These contract assets result from timing differences between the billing and delivery schedules of products, services and software, as well as the impact from the allocation of the transaction price among performance obligations for contracts that include multiple performance obligations. Contract assets are evaluated for impairment and no impairment losses have been recognized during the three months ended April 3, 2021 and March 28, 2020. Deferred revenue on the Consolidated Balance Sheets consists of payments and billings in advance of our performance. The combined short-term and long-term deferred revenue balances were $631 million and $581 million as of April 3, 2021 and December 31, 2020, respectively. During the three months ended April 3, 2021, the Company recognized $110 million in revenue, which was previously included in the beginning balance of deferred revenue as of December 31, 2020. During the three months ended March 28, 2020, the Company recognized $73 million in revenue, which was previously included in the beginning balance of deferred revenue as of December 31, 2019.

Inventories

Inventories	3 Months Ended
	Apr. 03, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The components of Inventories, net are as follows (in millions): April 3, December 31, Raw materials $ 117 $ 117 Work in process 3 4 Finished goods 408 390 Total Inventories, net $ 528 $ 511

Investments

Investments	3 Months Ended
	Apr. 03, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The carrying value of the Company’s investments was $91 million and $77 million as of April 3, 2021 and December 31, 2020, respectively, which are included in Other long-term assets on the Consolidated Balance Sheets. During the first quarter of 2021, the Company paid $13 million for the purchases of two new long-term investments.During the first quarter of 2021, the Company recognized a net gain of approximately $1 million related to one of its investments.

Exit and Restructuring Costs

Exit and Restructuring Costs	3 Months Ended
	Apr. 03, 2021
Restructuring and Related Activities [Abstract]
Exit and Restructuring Costs	Exit and Restructuring Costs In the fourth quarter of 2019, the Company committed to certain organizational changes designed to generate operational efficiencies (collectively referred to as the “2019 Productivity Plan”). The organizational design changes under the 2019 Productivity Plan principally occurred within the North America and Europe, Middle East, and Africa (“EMEA”) regions. The 2019 Productivity Plan was completed in the fourth quarter of 2020.  Exit and restructuring charges, primarily related to employee severance and benefits, for the 2019 Productivity Plan were $4 million during the three months ended March 28, 2020.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 03, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are measured using inputs from three levels of the fair value hierarchy in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements . Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into the following three broad levels: • Level 1: Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs (e.g. U.S. Treasuries and money market funds). • Level 2: Observable prices that are based on inputs not quoted in active markets but corroborated by market data. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs to the extent possible. In addition, the Company considers counterparty credit risk in the assessment of fair value. The Company’s financial assets and liabilities carried at fair value as of April 3, 2021, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ 4 $ 6 $ — $ 10 Money market investments related to deferred compensation plan 33 — — 33 Total Assets at fair value $ 37 $ 6 $ — $ 43 Liabilities: Forward interest rate swap contracts (2) $ — $ 34 $ — $ 34 Liabilities related to the deferred compensation plan 33 — — 33 Total Liabilities at fair value $ 33 $ 34 $ — $ 67 The Company’s financial assets and liabilities carried at fair value as of December 31, 2020, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Money market investments related to deferred compensation plan $ 30 $ — $ — $ 30 Total Assets at fair value $ 30 $ — $ — $ 30 Liabilities: Foreign exchange contracts (1) $ 3 $ 34 $ — $ 37 Forward interest rate swap contracts (2) — 46 — 46 Liabilities related to the deferred compensation plan 30 — — 30 Total Liabilities at fair value $ 33 $ 80 $ — $ 113 (1) The fair value of the foreign exchange contracts is calculated as follows: • Fair value of regular forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points. • Fair value of hedges against net assets is calculated at the period-end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at year end (Level 2). If this is the case, the fair value is calculated at the rate at which the hedge is being settled (Level 1).

Derivative Instruments

Derivative Instruments	3 Months Ended
	Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to global market risks, including the effects of changes in foreign currency exchange rates and interest rates. The Company uses derivative instruments to manage its exposure to such risks and may elect to designate certain derivatives as hedging instruments under ASC Topic 815, Derivatives and Hedging (“ASC 815”). The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. The Company does not hold or issue derivatives for trading or speculative purposes. In accordance with ASC 815, the Company recognizes derivative instruments as either assets or liabilities on the Consolidated Balance Sheets and measures them at fair value. The following table presents the fair value of its derivative instruments (in millions): Asset (Liability) Fair Values as of Balance Sheet Classification April 3, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 6 $ — Foreign exchange contracts Accrued liabilities — (34) Total derivative instruments designated as hedges $ 6 $ (34) Derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 4 $ — Foreign exchange contracts Accrued liabilities — (3) Forward interest rate swaps Accrued liabilities (17) (17) Forward interest rate swaps Other long-term liabilities (17) (29) Total derivative instruments not designated as hedges $ (30) $ (49) Total net derivative liability $ (24) $ (83) The following table presents the net gains (losses) from changes in fair values of derivatives that are not designated as hedges (in millions): Gains (Losses) Recognized in Income Three Months Ended Statements of Operations Classification April 3, March 28, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange gain (loss) $ 6 $ (1) Forward interest rate swaps Interest income (expense), net 8 (35) Total gains (losses) recognized in income $ 14 $ (36) Activities related to derivative instruments are reflected within Net cash provided by operating activities on the Consolidated Statements of Cash Flows. Credit and Market Risk Management Financial instruments, including derivatives, expose the Company to counterparty credit risk of nonperformance and to market risk related to currency exchange rate and interest rate fluctuations. The Company manages its exposure to counterparty credit risk by establishing minimum credit standards, diversifying its counterparties, and monitoring its concentrations of credit. The Company’s counterparties are commercial banks with expertise in derivative financial instruments. The Company evaluates the impact of market risk on the fair value and cash flows of its derivative and other financial instruments by considering reasonably possible changes in interest rates and currency exchange rates. The Company continually monitors the creditworthiness of the customers to which it grants credit terms in the normal course of business. The terms and conditions of the Company’s credit policies are designed to mitigate concentrations of credit risk. The Company’s master netting and other similar arrangements with the respective counterparties allow for net settlement under certain conditions, which are designed to reduce credit risk by permitting net settlement with the same counterparty. We present the assets and liabilities of our derivative financial instruments, for which we have net settlement agreements in place, on a net basis on the Consolidated Balance Sheets. If the derivative financial instruments had been presented gross on the Consolidated Balance Sheets, the asset and liability positions each would have been increased by $5 million as of April 3, 2021 and would have been unchanged as of December 31, 2020. Foreign Currency Exchange Risk Management The Company conducts business on a multinational basis in a variety of foreign currencies. Exposure to market risk for changes in foreign currency exchange rates arises primarily from Euro-denominated external revenues, cross-border financing activities between subsidiaries, and foreign currency denominated monetary assets and liabilities. The Company manages its objective of preserving the economic value of non-functional currency denominated cash flows by initially hedging transaction exposures with natural offsets to the fullest extent possible and, once these opportunities have been exhausted, through foreign exchange forward and option contracts, as deemed appropriate. The Company manages the exchange rate risk of anticipated Euro-denominated sales using forward contracts, which typically mature within twelve months of execution. The Company designates these derivative contracts as cash flow hedges. Unrealized gains and losses on these contracts are deferred in Accumulated other comprehensive income (loss) (“AOCI”) on the Consolidated Balance Sheets until the contract is settled and the hedged sale is realized. The realized gain or loss is then recorded as an adjustment to Net sales on the Consolidated Statements of Operations. Realized amounts reclassified to Net sales were $12 million of losses and $8 million of gains for the three months ended April 3, 2021 and March 28, 2020, respectively. As of April 3, 2021 and December 31, 2020, the notional amounts of the Company’s foreign exchange cash flow hedges were €565 million and €585 million, respectively. The Company has reviewed its cash flow hedges for effectiveness and determined that they are highly effective. The Company uses forward contracts, which are not designated as hedging instruments, to manage its exposures related to net assets denominated in foreign currencies. These forward contracts typically mature within one month after execution. Monetary gains and losses on these forward contracts are recorded in income and are generally offset by the transaction gains and losses related to their net asset positions. The notional values and the net fair value of these outstanding contracts are as follows (in millions): April 3, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 28 £ 10 Euro/U.S. Dollar € 157 € 123 Canadian Dollar/U.S. Dollar C$ 4 C$ — Japanese Yen/U.S. Dollar ¥ 173 ¥ 354 Singapore Dollar/U.S. Dollar S$ 17 S$ 12 Mexican Peso/U.S. Dollar Mex$ 62 Mex$ 36 Polish Zloty/U.S. Dollar zł 48 zł — Net fair value of assets (liabilities) of outstanding contracts $ 4 $ (3) Interest Rate Risk Management The Company’s debt consists of borrowings under a term loan (“Term Loan A”), Revolving Credit Facility, and Receivables Financing Facilities, which bear interest at variable rates plus applicable margins. As a result, the Company is exposed to market risk associated with the variable interest rate payments on these borrowings. See Note 9, Long-Term Debt for further details about these borrowings. The Company manages its exposure to changes in interest rates by utilizing interest rate swaps to hedge this exposure and to achieve a desired proportion of fixed versus floating-rate debt, based on current and projected market conditions. In December 2017, the Company entered into a long-term forward interest rate swap agreement with a notional amount of $800 million to lock into a fixed LIBOR interest rate base for its debt facilities subject to monthly interest payments. Under the terms of the agreement, $800 million in variable-rate debt will be swapped for a fixed interest rate with net settlement terms starting in December 2018 and ending in December 2022. During the third quarter of 2019, the Company entered into additional long-term forward interest rate swap agreements with a total notional amount of $800 million, containing net settlement terms, which start in December 2022 and end in August 2024. The additional interest rate swap agreements effectively extend the risk management initiative of the Company to coincide with the maturities of Term Loan A and the Revolving Credit Facility. These interest rate swaps are not designated as hedges and changes in fair value are recognized immediately as Interest expense, net on the Consolidated Statements of Operations.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Apr. 03, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table shows the carrying value of the Company’s debt (in millions): April 3, December 31, Term Loan A $ 888 $ 917 2020 Term Loan — 100 Receivables Financing Facilities 208 235 Total debt $ 1,096 $ 1,252 Less: Debt issuance costs (4) (5) Less: Unamortized discounts (2) (2) Less: Current portion of debt (134) (364) Total long-term debt $ 956 $ 881 As of April 3, 2021, the future maturities of debt, excluding debt discounts and issuance costs, are as follows (in millions): 2021 $ 122 2022 56 2023 81 2024 837 Total future debt maturities $ 1,096 All borrowings as of April 3, 2021 were denominated in U.S. Dollars. The estimated fair value of the Company’s debt approximated $1.1 billion and $1.3 billion as of April 3, 2021 and December 31, 2020, respectively. These fair value amounts, developed based on inputs classified as Level 2 within the fair value hierarchy, represent the estimated value at which the Company’s lenders could trade its debt within the financial markets and do not represent the settlement value of these liabilities to the Company. The fair value of the debt will continue to vary each period based on a number of factors, including fluctuations in market interest rates as well as changes to the Company’s credit ratings. Term Loan A The principal on Term Loan A is due in quarterly installments, with the next quarterly installment due in March 2022 and the majority due upon the August 9, 2024 maturity date. The Company may make prepayments, in whole or in part, without premium or penalty, and would be required to prepay certain outstanding amounts in the event of certain circumstances or transactions. As of April 3, 2021, the Term Loan A interest rate was 1.37%. Interest payments are made monthly and are subject to variable rates plus an applicable margin. 2020 Term Loan In September 2020, the Company entered into a new $200 million term loan (“2020 Term Loan”), with the proceeds used to partly fund the acquisition of Reflexis Systems, Inc. The Company repaid $100 million of principal in the fourth quarter of 2020 and repaid the remaining $100 million of principal in the first quarter of 2021. Receivables Financing Facilities The Company has two Receivables Financing Facilities with financial institutions that have a combined total borrowing limit of up to $280 million. As collateral, the Company pledges perfected first-priority security interests in its U.S. domestically originated accounts receivable. The Company has accounted for transactions under its Receivables Financing Facilities as secured borrowings. The Company’s first Receivables Financing Facility, which was originally entered into in December 2017 and most recently amended in March 2021, allows for borrowings of up to $180 million and will mature on March 19, 2024. The most recent amendment to the first Receivables Financing Facility extended the maturity through March 19, 2024 but otherwise did not significantly change the facility. The Company’s second Receivable Financing Facility, which was originally entered into in May 2019 and amended in May 2020, allows for borrowings of up to $100 million and will mature on May 17, 2021. As of April 3, 2021, the Company’s Consolidated Balance Sheets included $498 million of receivables that were pledged under the two Receivables Financing Facilities. As of April 3, 2021, $208 million had been borrowed, of which $122 million was classified as current. Borrowings under the Receivables Financing Facilities bear interest at a variable rate plus an applicable margin. As of April 3, 2021, the Receivables Financing Facilities had an average interest rate of 1.04%. Interest is paid on these borrowings on a monthly basis. Revolving Credit Facility The Company has a Revolving Credit Facility that is available for working capital and other general business purposes, including letters of credit. As of April 3, 2021, the Company had letters of credit totaling $5 million, which reduced funds available for borrowings under the Revolving Credit Facility from $1 billion to $995 million. No borrowings were outstanding under the Revolving Credit Facility as of April 3, 2021. Upon borrowing, interest payments are made monthly and are subject to variable rates plus an applicable margin. The Revolving Credit Facility matures on August 9, 2024. Uncommitted Short-Term Credit Facility The Company also entered into an uncommitted short-term credit facility (“Uncommitted Facility”) in August 2020. The Uncommitted Facility matures on August 26, 2021 and allows for borrowings of up to $20 million. Each borrowing must be repaid within 90 days, or earlier if the facility matures beforehand, and bears interest at a variable rate plus an applicable margin. Along with the Company’s Revolving Credit Facility, the Uncommitted Facility is available for working capital and other general business purposes. As of April 3, 2021, the Company had no outstanding borrowings under the Uncommitted Facility. Each of the Company’s borrowing arrangements described above include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The Company uses interest rate swaps to manage the interest rate risk associated with its debt. See Note 8 , Derivative Instruments for further information. As of April 3, 2021, the Company was in compliance with all debt covenants.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Warranties The following table is a summary of the Company’s accrued warranty obligations, which are included in Accrued liabilities on the Consolidated Balance Sheets (in millions): Three Months Ended April 3, March 28, Balance at the beginning of the period $ 24 $ 21 Warranty expense 8 8 Warranties fulfilled (8) (7) Balance at the end of the period $ 24 $ 22 Contingencies The Company is subject to a variety of investigations, claims, suits, and other legal proceedings that arise from time to time in the ordinary course of business, including but not limited to, intellectual property, employment, tort, and breach of contract matters. The Company currently believes that the outcomes of such proceedings, individually and in the aggregate, will not have a material adverse impact on its business, cash flows, financial position, or results of operations. Any legal proceedings are subject to inherent uncertainties, and the Company’s view of these matters and their potential effects may change in the future. In 2020, the Company received approval of its exclusion request of customs duties that had been paid on certain products under Section 301 of the U.S. Trade Act of 1974 from September 1, 2019 through September 1, 2020 and commenced a process to request recovery of previously assessed amounts. Recoveries are recognized when the Company has completed all regulatory filing requirements and determined that receipt of amounts is virtually certain. Recoveries totaling $12 million were recorded in the fourth quarter of 2020, of which $4 million related to our AIT segment and $8 million related to our EVM segment. In the first quarter of 2021, the Company recorded additional recoveries of $3 million. The recoveries in the first quarter of 2021 attributable to the AIT and EVM segments were $1 million and $2 million, respectively. Both the initially incurred costs and related recoveries were included within Cost of sales for Tangible products on the Consolidated Statements of Operations. The Company believes that additional import duties that were previously paid are potentially recoverable; however, the final amounts and the timings of any such additional recoveries remain uncertain and, therefore, the Company has not recorded any amounts related to potential future recoveries in its financial statements as of April 3, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended April 3, 2021 and March 28, 2020 was 17.4% and 13.6%, respectively. The variance from the 21% federal statutory rate in each period was attributable to the benefits of share-based compensation deductions, lower tax rates on foreign earnings and U.S. tax credits. The Company is continually monitoring the provisions of the American Rescue Plan Act, signed into law on March 11, 2021; the Consolidated Appropriations Act of 2021, signed into law on December 27, 2020; and the Coronavirus Aid, Relief and Economic Security Act, signed into law on March 27, 2020. The provisions of these laws did not have a significant impact to our effective tax rate in either the current or prior year. Management continues to monitor guidance regarding these laws and developments related to other coronavirus tax relief throughout the world for potential impacts. The Company earns a significant amount of its operating income outside of the U.S. that is taxed at rates different than the U.S. federal statutory rate. The Company’s principal foreign jurisdictions that provide sources of operating income are the United Kingdom and Singapore. The Company has received an incentivized tax rate by the Singapore Economic Development Board, which reduces the income tax rate in that jurisdiction effective for calendar years 2019 to 2023. The Company has committed to making additional investments in Singapore over the period 2019 to 2022. However, should the Company not make these investments in accordance with the agreement, any incentive benefit would have to be repaid to the Singapore tax authorities. The Company is not permanently reinvested with respect to its U.S. directly-owned foreign subsidiaries. The Company is subject to U.S. income tax on substantially all foreign earnings under the Global Intangible Low-Taxed Income provisions of the Tax Cuts and Jobs Act (the “Act”), while any remaining foreign earnings are eligible for a dividends received deduction under the Act. As a result, future repatriation of earnings will no longer be subject to U.S. income tax but may be subject to currency translation gains or losses. Where required, the Company has recorded a deferred tax liability for foreign withholding taxes on current earnings. Additionally, gains and losses on any future taxable dispositions of U.S.-owned foreign affiliates continue to be subject to U.S. income tax. Management evaluates all jurisdictions based on historical pre-tax earnings and taxable income to determine the need for valuation allowances on a quarterly basis. Based on this analysis, a valuation allowance has been recorded for any jurisdictions where, in the Company’s judgment, tax benefits are not expected to be realized. There was no change to our valuation allowance for the three months ended April 3, 2021. Uncertain Tax Positions The Company is currently undergoing U.S. federal income tax audits for tax years 2017 and 2018.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 03, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic net earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock method and, in periods of income, reflects the additional shares that would be outstanding if dilutive stock options were exercised for common shares during the period. Earnings per share (in millions, except share data): Three Months Ended April 3, March 28, Basic: Net income $ 228 $ 89 Weighted-average shares outstanding 53,484,265 53,760,873 Basic earnings per share $ 4.26 $ 1.66 Diluted: Net income $ 228 $ 89 Weighted-average shares outstanding 53,484,265 53,760,873 Dilutive shares 480,065 557,171 Diluted weighted-average shares outstanding 53,964,330 54,318,044 Diluted earnings per share $ 4.22 $ 1.65 Anti-dilutive options to purchase common shares are excluded from diluted earnings per share calculations. There were 570 and 68,554 shares that were anti-dilutive for the three months ended April 3, 2021 and March 28, 2020, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Apr. 03, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Stockholders’ equity includes certain items classified as AOCI, including: • Unrealized gain (loss) on anticipated sales hedging transactions relates to derivative instruments used to hedge the exposure related to currency exchange rates for forecasted Euro sales. These hedges are designated as cash flow hedges, and the Company defers income statement recognition of gains and losses until the hedged transaction occurs. See Note 8, Derivative Instruments for more details. • Foreign currency translation adjustments relate to the Company’s non-U.S. subsidiary companies that have designated a functional currency other than the U.S. Dollar. The Company is required to translate the subsidiary functional currency financial statements to U.S. Dollars using a combination of historical, period end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of AOCI. The components of AOCI for the three months ended April 3, 2021 and March 28, 2020 are as follows (in millions): Unrealized gain (loss) on sales hedging Foreign currency translation adjustments Total Balance at December 31, 2019 $ 2 $ (46) $ (44) Other comprehensive income (loss) before reclassifications 11 (9) 2 Amounts reclassified from AOCI (1) (8) — (8) Tax effect (1) — (1) Other comprehensive income (loss), net of tax 2 (9) (7) Balance at March 28, 2020 $ 4 $ (55) $ (51) Balance at December 31, 2020 $ (28) $ (41) $ (69) Other comprehensive income (loss) before reclassifications 27 (3) 24 Amounts reclassified from AOCI (1) 12 — 12 Tax effect (7) — (7) Other comprehensive income (loss), net of tax 32 (3) 29 Balance at April 3, 2021 $ 4 $ (44) $ (40) (1) See Note 8, Derivative Instruments

Accounts Receivable Factoring

Accounts Receivable Factoring	3 Months Ended
	Apr. 03, 2021
Transfers and Servicing [Abstract]
Accounts Receivable Factoring	Accounts Receivable Factoring The Company has multiple Receivables Factoring arrangements, pursuant to which certain receivables are sold to banks without recourse in exchange for cash. Transactions under the Receivables Factoring arrangements are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets , with the sold receivables removed from the Company’s balance sheet. Under these Receivables Factoring arrangements, the Company does not maintain any beneficial interest in the receivables sold. The banks’ purchase of eligible receivables is subject to a maximum amount of uncollected receivables. The Company services the receivables on behalf of the banks, but otherwise maintains no significant continuing involvement with respect to the receivables. Sale proceeds that are representative of the fair value of factored receivables, less a factoring fee, are reflected in Net cash provided by operating activities on the Consolidated Statements of Cash Flows, while sale proceeds in excess of the fair value of factored receivables are reflected in Net cash used in financing activities on the Consolidated Statements of Cash Flows. In May 2020, the Company entered into a new Receivables Factoring arrangement with a bank, which allows for the factoring of up to €150 million of uncollected receivables originated from the EMEA and Asia-Pacific regions. The Company is required to maintain a portion of sales proceeds as deposits in a restricted cash account that is released to the Company as it satisfies its obligations as servicer of sold receivables, which totaled $33 million and $24 million as of April 3, 2021 and December 31, 2020, respectively, and is classified within Prepaid expenses and other current assets on the Consolidated Balance Sheets. The Company’s other active Receivable Factoring arrangements, which were entered into prior to 2020, also allow for the factoring of up to $125 million of uncollected receivables originated from the EMEA region. During the three months ended April 3, 2021 and March 28, 2020, the Company received cash proceeds of $413 million and $162 million, respectively, from the sales of accounts receivables under its factoring arrangements. As of April 3, 2021 and December 31, 2020, there were a total of $77 million and $70 million, respectively, of uncollected receivables that had been sold and removed from the Company’s Consolidated Balance Sheets. As servicer of sold receivables, the Company had $123 million and $142 million of obligations that were not yet remitted to banks as of April 3, 2021 and December 31, 2020, respectively. These obligations are included within Accrued liabilities on the Consolidated Balance Sheets, with changes in such obligations reflected within Net cash used in financing activities on the Consolidated Statements of Cash Flows. Fees incurred in connection with these arrangements were not significant.

Segment Information & Geographi

Segment Information & Geographic Data	3 Months Ended
	Apr. 03, 2021
Segment Reporting [Abstract]
Segment Information & Geographic Data	Segment Information & Geographic Data The Company’s operations consist of two reportable segments: Asset Intelligence & Tracking (“AIT”) and Enterprise Visibility & Mobility (“EVM”). The reportable segments have been identified based on the financial data utilized by the Company’s Chief Executive Officer (the chief operating decision maker or “CODM”) to assess segment performance and allocate resources among the Company’s segments. The CODM reviews adjusted operating income to assess segment profitability. To the extent applicable, segment operating income excludes business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, impairment of goodwill and other intangibles, exit and restructuring costs, and product sourcing diversification costs. Segment assets are not reviewed by the Company’s CODM and therefore are not disclosed below. Effective January 1, 2021, we moved our retail solutions offering from our AIT segment into our EVM segment contemporaneous with a change in our organizational structure and management of the business. Prior period results have been revised to conform to the current segment presentation. This change does not have an impact to the Consolidated Financial Statements. Financial information by segment is presented as follows (in millions): Three Months Ended April 3, March 28, Net sales: AIT $ 436 $ 355 EVM 914 697 Total segment Net sales 1,350 1,052 Corporate, eliminations (1) (3) — Total Net sales $ 1,347 $ 1,052 Operating income: AIT (2) $ 109 $ 82 EVM (2) 193 95 Total segment operating income 302 177 Corporate, eliminations (1) (30) (26) Total Operating income $ 272 $ 151 (1) To the extent applicable, amounts included in Corporate, eliminations consist of business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, impairment of goodwill and other intangibles, exit and restructuring costs, and product sourcing diversification costs. (2) AIT and EVM segment operating income includes depreciation and share-based compensation expense. The amounts of depreciation and share-based compensation expense attributable to AIT and EVM are proportionate to each segment’s Net sales. Information regarding the Company’s operations by geographic area is contained in the following table. Net sales amounts are attributed to geographic area based on customer location. We manage our business based on regions rather than by individual countries. Geographic data for Net sales is as follows (in millions): Three Months Ended April 3, March 28, North America $ 673 $ 519 EMEA 490 388 Asia-Pacific 120 97 Latin America 64 48 Total Net sales $ 1,347 $ 1,052

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 03, 2021
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). Subject to meeting certain criteria, ASU 2020-04 provides optional expedients and exceptions to applying contract modification accounting under existing generally accepted accounting principles for contracts that are modified to address the expected phase out of the London Inter-bank Offered Rate (“LIBOR”). Some of the Company’s contracts with respect to its borrowings and interest rate swap contracts already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR, while for others, the Company anticipates negotiating comparable replacement rates with its counterparties. At this stage of its contract assessment, the Company does not expect ASU 2020-04 to have a material impact on its financial results.
Revenues	Revenues The Company recognizes revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration which it expects to receive for providing those goods or services. Revenues for products are generally recognized upon shipment, whereas revenues for services and solutions offerings are generally recognized by using an output or time-based method, assuming all other criteria for revenue recognition have been met. Revenues for software are recognized either upon delivery or using a time-based method, depending upon how control is transferred to the customer. In cases where a bundle of products, services, and/or software are delivered to the customer, judgment is required to select the method of progress which best reflects the transfer of control. Contract Balances Progress on satisfying performance obligations under contracts with customers is reflected on the Consolidated Balance Sheets in Accounts receivable, net for billed revenues. Progress on satisfying performance obligations under contracts with customers related to unbilled revenues (“contract assets”) is reflected on the Consolidated Balance Sheets as Prepaid expenses and other current assets for revenues expected to be billed within the next twelve months, and Other long-term assets for revenues expected to be billed thereafter. The total contract asset balances were $10 million each as of April 3, 2021 and December 31, 2020. These contract assets result from timing differences between the billing and delivery schedules of products, services and software, as well as the impact from the allocation of the transaction price among performance obligations for contracts that include multiple performance obligations. Contract assets are evaluated for impairment and no impairment losses have been recognized during the three months ended April 3, 2021 and March 28, 2020.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are measured using inputs from three levels of the fair value hierarchy in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements . Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into the following three broad levels: • Level 1: Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs (e.g. U.S. Treasuries and money market funds). • Level 2: Observable prices that are based on inputs not quoted in active markets but corroborated by market data. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs to the extent possible. In addition, the Company considers counterparty credit risk in the assessment of fair value.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to global market risks, including the effects of changes in foreign currency exchange rates and interest rates. The Company uses derivative instruments to manage its exposure to such risks and may elect to designate certain derivatives as hedging instruments under ASC Topic 815, Derivatives and Hedging (“ASC 815”). The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. The Company does not hold or issue derivatives for trading or speculative purposes.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue By Product Category And Segment	The following table presents our Net sales disaggregated by product category for each of our segments, AIT and EVM, for the three months ended April 3, 2021 and March 28, 2020 (in millions): Three Months Ended April 3, 2021 March 28, 2020 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 410 $ 26 $ 436 $ 333 $ 22 $ 355 EVM 743 171 914 568 129 697 Corporate, eliminations (1) — (3) (3) — — — Total $ 1,153 $ 194 $ 1,347 $ 901 $ 151 $ 1,052 (1) Amounts included in Corporate, eliminations consist of purchase accounting adjustments.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 03, 2021
Inventory Disclosure [Abstract]
Schedule of Components of Inventories, Net	The components of Inventories, net are as follows (in millions): April 3, December 31, Raw materials $ 117 $ 117 Work in process 3 4 Finished goods 408 390 Total Inventories, net $ 528 $ 511

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 03, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Carried at Fair Value	The Company’s financial assets and liabilities carried at fair value as of April 3, 2021, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ 4 $ 6 $ — $ 10 Money market investments related to deferred compensation plan 33 — — 33 Total Assets at fair value $ 37 $ 6 $ — $ 43 Liabilities: Forward interest rate swap contracts (2) $ — $ 34 $ — $ 34 Liabilities related to the deferred compensation plan 33 — — 33 Total Liabilities at fair value $ 33 $ 34 $ — $ 67 The Company’s financial assets and liabilities carried at fair value as of December 31, 2020, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Money market investments related to deferred compensation plan $ 30 $ — $ — $ 30 Total Assets at fair value $ 30 $ — $ — $ 30 Liabilities: Foreign exchange contracts (1) $ 3 $ 34 $ — $ 37 Forward interest rate swap contracts (2) — 46 — 46 Liabilities related to the deferred compensation plan 30 — — 30 Total Liabilities at fair value $ 33 $ 80 $ — $ 113 (1) The fair value of the foreign exchange contracts is calculated as follows: • Fair value of regular forward contracts associated with forecasted sales hedges is calculated using the period-end exchange rate adjusted for current forward points. • Fair value of hedges against net assets is calculated at the period-end exchange rate adjusted for current forward points unless the hedge has been traded but not settled at year end (Level 2). If this is the case, the fair value is calculated at the rate at which the hedge is being settled (Level 1).

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Apr. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities	The following table presents the fair value of its derivative instruments (in millions): Asset (Liability) Fair Values as of Balance Sheet Classification April 3, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 6 $ — Foreign exchange contracts Accrued liabilities — (34) Total derivative instruments designated as hedges $ 6 $ (34) Derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 4 $ — Foreign exchange contracts Accrued liabilities — (3) Forward interest rate swaps Accrued liabilities (17) (17) Forward interest rate swaps Other long-term liabilities (17) (29) Total derivative instruments not designated as hedges $ (30) $ (49) Total net derivative liability $ (24) $ (83)
Schedule of Gains (Losses) from Changes in Fair Values of Derivatives	The following table presents the net gains (losses) from changes in fair values of derivatives that are not designated as hedges (in millions): Gains (Losses) Recognized in Income Three Months Ended Statements of Operations Classification April 3, March 28, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange gain (loss) $ 6 $ (1) Forward interest rate swaps Interest income (expense), net 8 (35) Total gains (losses) recognized in income $ 14 $ (36)
Schedule of Notional Values and Net Fair Value of Forward Contracts	The notional values and the net fair value of these outstanding contracts are as follows (in millions): April 3, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 28 £ 10 Euro/U.S. Dollar € 157 € 123 Canadian Dollar/U.S. Dollar C$ 4 C$ — Japanese Yen/U.S. Dollar ¥ 173 ¥ 354 Singapore Dollar/U.S. Dollar S$ 17 S$ 12 Mexican Peso/U.S. Dollar Mex$ 62 Mex$ 36 Polish Zloty/U.S. Dollar zł 48 zł — Net fair value of assets (liabilities) of outstanding contracts $ 4 $ (3)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Apr. 03, 2021
Debt Disclosure [Abstract]
Summary of Carrying Value of Long-term Debt	The following table shows the carrying value of the Company’s debt (in millions): April 3, December 31, Term Loan A $ 888 $ 917 2020 Term Loan — 100 Receivables Financing Facilities 208 235 Total debt $ 1,096 $ 1,252 Less: Debt issuance costs (4) (5) Less: Unamortized discounts (2) (2) Less: Current portion of debt (134) (364) Total long-term debt $ 956 $ 881
Schedule of Future Maturities of Long-term Debt	As of April 3, 2021, the future maturities of debt, excluding debt discounts and issuance costs, are as follows (in millions): 2021 $ 122 2022 56 2023 81 2024 837 Total future debt maturities $ 1,096

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Apr. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Accrued Warranty Obligation	The following table is a summary of the Company’s accrued warranty obligations, which are included in Accrued liabilities on the Consolidated Balance Sheets (in millions): Three Months Ended April 3, March 28, Balance at the beginning of the period $ 24 $ 21 Warranty expense 8 8 Warranties fulfilled (8) (7) Balance at the end of the period $ 24 $ 22

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 03, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Earnings per Share	Earnings per share (in millions, except share data): Three Months Ended April 3, March 28, Basic: Net income $ 228 $ 89 Weighted-average shares outstanding 53,484,265 53,760,873 Basic earnings per share $ 4.26 $ 1.66 Diluted: Net income $ 228 $ 89 Weighted-average shares outstanding 53,484,265 53,760,873 Dilutive shares 480,065 557,171 Diluted weighted-average shares outstanding 53,964,330 54,318,044 Diluted earnings per share $ 4.22 $ 1.65

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Apr. 03, 2021
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss (AOCI)	The components of AOCI for the three months ended April 3, 2021 and March 28, 2020 are as follows (in millions): Unrealized gain (loss) on sales hedging Foreign currency translation adjustments Total Balance at December 31, 2019 $ 2 $ (46) $ (44) Other comprehensive income (loss) before reclassifications 11 (9) 2 Amounts reclassified from AOCI (1) (8) — (8) Tax effect (1) — (1) Other comprehensive income (loss), net of tax 2 (9) (7) Balance at March 28, 2020 $ 4 $ (55) $ (51) Balance at December 31, 2020 $ (28) $ (41) $ (69) Other comprehensive income (loss) before reclassifications 27 (3) 24 Amounts reclassified from AOCI (1) 12 — 12 Tax effect (7) — (7) Other comprehensive income (loss), net of tax 32 (3) 29 Balance at April 3, 2021 $ 4 $ (44) $ (40) (1) See Note 8, Derivative Instruments

Segment Information & Geograp_2

Segment Information & Geographic Data (Tables)	3 Months Ended
	Apr. 03, 2021
Segment Reporting [Abstract]
Schedule of Financial Information by Segments	Financial information by segment is presented as follows (in millions): Three Months Ended April 3, March 28, Net sales: AIT $ 436 $ 355 EVM 914 697 Total segment Net sales 1,350 1,052 Corporate, eliminations (1) (3) — Total Net sales $ 1,347 $ 1,052 Operating income: AIT (2) $ 109 $ 82 EVM (2) 193 95 Total segment operating income 302 177 Corporate, eliminations (1) (30) (26) Total Operating income $ 272 $ 151 (1) To the extent applicable, amounts included in Corporate, eliminations consist of business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, impairment of goodwill and other intangibles, exit and restructuring costs, and product sourcing diversification costs. (2) AIT and EVM segment operating income includes depreciation and share-based compensation expense. The amounts of depreciation and share-based compensation expense attributable to AIT and EVM are proportionate to each segment’s Net sales.
Schedule of Net Sales to Customers by Geographic Region	Geographic data for Net sales is as follows (in millions): Three Months Ended April 3, March 28, North America $ 673 $ 519 EMEA 490 388 Asia-Pacific 120 97 Latin America 64 48 Total Net sales $ 1,347 $ 1,052

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue By Product Category And Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Total Net sales	$ 1,347	$ 1,052
Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	1,153	901
Services and Software
Disaggregation of Revenue [Line Items]
Total Net sales	194	151
Operating segments
Disaggregation of Revenue [Line Items]
Total Net sales	1,350	1,052
Operating segments | AIT
Disaggregation of Revenue [Line Items]
Total Net sales	436	355
Operating segments | AIT | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	410	333
Operating segments | AIT | Services and Software
Disaggregation of Revenue [Line Items]
Total Net sales	26	22
Operating segments | EVM
Disaggregation of Revenue [Line Items]
Total Net sales	914	697
Operating segments | EVM | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	743	568
Operating segments | EVM | Services and Software
Disaggregation of Revenue [Line Items]
Total Net sales	171	129
Corporate, eliminations
Disaggregation of Revenue [Line Items]
Total Net sales	(3)	0
Corporate, eliminations | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	0	0
Corporate, eliminations | Services and Software
Disaggregation of Revenue [Line Items]
Total Net sales	$ (3)	$ 0

Revenues - Remaining Performanc

Revenues - Remaining Performance Obligation (Details) - USD ($) $ in Millions	Apr. 03, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation		$ 974
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected recognition period		2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-04
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 1,019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected recognition period	2 years

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Dec. 31, 2020
Revenue From Contract With Customer, Assets And Liabilities [Line Items]
Capitalized contract, impairment loss	$ 0	$ 0
Deferred revenue balances	631,000,000		$ 581,000,000
Revenue recognized that was included in contract liability	110,000,000	$ 73,000,000
Prepaid expenses and other current assets
Revenue From Contract With Customer, Assets And Liabilities [Line Items]
Contract assets recorded in prepaids and other current assets	$ 10,000,000		$ 10,000,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Apr. 03, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 117	$ 117
Work in process	3	4
Finished goods	408	390
Total Inventories, net	$ 528	$ 511

Investments (Details)

Investments (Details) $ in Millions	3 Months Ended
	Apr. 03, 2021USD ($)facility	Mar. 28, 2020USD ($)	Dec. 31, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Equity securities held	$ 91		$ 77
Purchases of long-term investments	$ 13	$ 2
Number of long term investments purchased | facility	2
Investment gain	$ 1

Exit and Restructuring Costs (D

Exit and Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]
Exit and restructuring costs	$ 0	$ 4
2019 Productivity Plan
Restructuring Cost and Reserve [Line Items]
Exit and restructuring costs		$ 4

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Apr. 03, 2021	Dec. 31, 2020
Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	$ 10
Level 1 | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	4
Level 2 | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	6
Level 3 | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	43	$ 30
Liabilities related to the deferred compensation plan	33	30
Total Liabilities at fair value	67	113
Recurring | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value		37
Recurring | Forward interest rate swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value	34	46
Recurring | Money market investments related to deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments related to deferred compensation plan	33	30
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	37	30
Liabilities related to the deferred compensation plan	33	30
Total Liabilities at fair value	33	33
Recurring | Level 1 | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value		3
Recurring | Level 1 | Forward interest rate swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value	0	0
Recurring | Level 1 | Money market investments related to deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments related to deferred compensation plan	33	30
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	6	0
Liabilities related to the deferred compensation plan	0	0
Total Liabilities at fair value	34	80
Recurring | Level 2 | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value		34
Recurring | Level 2 | Forward interest rate swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value	34	46
Recurring | Level 2 | Money market investments related to deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments related to deferred compensation plan	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets at fair value	0	0
Liabilities related to the deferred compensation plan	0	0
Total Liabilities at fair value	0	0
Recurring | Level 3 | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value		0
Recurring | Level 3 | Forward interest rate swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities at fair value	0	0
Recurring | Level 3 | Money market investments related to deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments related to deferred compensation plan	$ 0	$ 0

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Apr. 03, 2021	Dec. 31, 2020
Derivative [Line Items]
Total net derivative liability	$ (24)	$ (83)
Derivative instruments designated as hedges
Derivative [Line Items]
Total net derivative liability	6	(34)
Derivative instruments designated as hedges | Foreign exchange contracts | Prepaid expenses and other current assets
Derivative [Line Items]
Total Assets at fair value	6	0
Derivative instruments designated as hedges | Foreign exchange contracts | Accrued liabilities
Derivative [Line Items]
Total Liabilities at fair value	0	(34)
Derivative instruments not designated as hedges
Derivative [Line Items]
Total net derivative liability	(30)	(49)
Derivative instruments not designated as hedges | Foreign exchange contracts | Prepaid expenses and other current assets
Derivative [Line Items]
Total Assets at fair value	4	0
Derivative instruments not designated as hedges | Foreign exchange contracts | Accrued liabilities
Derivative [Line Items]
Total Liabilities at fair value	0	(3)
Derivative instruments not designated as hedges | Forward interest rate swaps | Accrued liabilities
Derivative [Line Items]
Total Liabilities at fair value	(17)	(17)
Derivative instruments not designated as hedges | Forward interest rate swaps | Other long-term liabilities
Derivative [Line Items]
Total Liabilities at fair value	$ (17)	$ (29)

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) Recognized in Income (Details) - Derivative instruments not designated as hedges - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized in income	$ 14	$ (36)
Foreign exchange contracts | Foreign exchange gain (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized in income	6	(1)
Forward interest rate swaps | Interest income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) recognized in income	$ 8	$ (35)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) € in Millions	3 Months Ended
	Apr. 03, 2021USD ($)	Mar. 28, 2020USD ($)	Apr. 03, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Sep. 28, 2019USD ($)	Dec. 31, 2017USD ($)
Net sales
Change in unrealized gain (loss) on anticipated sales hedging:
Net sales of losses	$ 12,000,000
Net sales of gain		$ 8,000,000
Foreign exchange contracts
Change in unrealized gain (loss) on anticipated sales hedging:
Derivative, increase in asset (liability) positions	$ 5,000,000			$ 5,000,000
Foreign exchange forward | Derivative instruments designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Maturity period	12 months
Derivative, notional amount | €			€ 565		€ 585
Foreign exchange forward | Derivative instruments not designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Maturity period	1 month
Forward interest rate swaps | Derivative instruments designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Derivative, notional amount						$ 800,000,000	$ 800,000,000

Derivative Instruments - Notion

Derivative Instruments - Notional Values and Net Fair Value of Outstanding Contracts (Details) - Foreign Exchange Forward € in Millions, ¥ in Millions, £ in Millions, zł in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions

Apr. 03, 2021GBP (£)

Apr. 03, 2021EUR (€)

Apr. 03, 2021CAD ($)

Apr. 03, 2021JPY (¥)

Apr. 03, 2021SGD ($)

Apr. 03, 2021MXN ($)

Apr. 03, 2021PLN (zł)

Apr. 03, 2021USD ($)

Dec. 31, 2020GBP (£)

Dec. 31, 2020EUR (€)

Dec. 31, 2020CAD ($)

Dec. 31, 2020JPY (¥)

Dec. 31, 2020SGD ($)

Dec. 31, 2020MXN ($)

Dec. 31, 2020PLN (zł)

Dec. 31, 2020USD ($)

Derivative [Line Items]

Notional balance of outstanding contracts

£ 28

€ 157

$ 4

¥ 173

$ 17

$ 62

zł 48

£ 10

€ 123

$ 0

¥ 354

$ 12

$ 36

zł 0

Net fair value of assets (liabilities) of outstanding contracts

$ 4

$ (3)

Long-Term Debt - Summary of Car

Long-Term Debt - Summary of Carrying Value of Debt (Details) - USD ($) $ in Millions	Apr. 03, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total future debt maturities	$ 1,096	$ 1,252
Less: Debt issuance costs	(4)	(5)
Less: Unamortized discounts	(2)	(2)
Less: Current portion of debt	(134)	(364)
Total long-term debt	956	881
Term Loan | Term Loan A
Debt Instrument [Line Items]
Total future debt maturities	888	917
Term Loan | 2020 Term Loan
Debt Instrument [Line Items]
Total future debt maturities	0	100
Secured Debt | Receivables Financing Facilities
Debt Instrument [Line Items]
Total future debt maturities	$ 208	$ 235

Long-Term Debt - Future Maturit

Long-Term Debt - Future Maturities of Long-Term Debt (Details) $ in Millions	Apr. 03, 2021USD ($)
Debt Disclosure [Abstract]
2021	$ 122
2022	56
2023	81
2024	837
Total future debt maturities	$ 1,096

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Billions	Apr. 03, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-term debt, fair value	$ 1.1	$ 1.3

Long-Term Debt - Term Loan (Det

Long-Term Debt - Term Loan (Details) - Loans Payable - USD ($)	3 Months Ended
	Apr. 03, 2021	Dec. 31, 2020	Sep. 30, 2020
Term Loan A
Debt Instrument [Line Items]
Percentage bearing variable interest, percentage rate	1.37%
2020 Term Loan | Reflexis
Debt Instrument [Line Items]
Proceeds from debt issuance			$ 200,000,000
Debt repaid	$ 100,000,000	$ 100,000,000

Long-Term Debt - Receivable Fin

Long-Term Debt - Receivable Financing Facility (Details) - Secured Debt	Apr. 03, 2021USD ($)facility	Mar. 31, 2021USD ($)	May 31, 2020USD ($)
Receivables Financing Facilities
Line of Credit Facility [Line Items]
Number of receivable financing facilities | facility	2
Total borrowing limits	$ 280,000,000
Accounts receivable pledged	498,000,000
Outstanding borrowings	208,000,000
Line of credit, current	$ 122,000,000
Average interest rate	1.04%
Receivables Financing Facility, due 2021
Line of Credit Facility [Line Items]
Total borrowing limits		$ 180,000,000	$ 100,000,000

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility	Apr. 03, 2021USD ($)
Line of Credit Facility [Line Items]
Letters of credit	$ 5,000,000
Outstanding borrowings	0
Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility maximum borrowing capacity	1,000,000,000
Funds available for other borrowing	$ 995,000,000

Long-Term Debt - Uncommitted Sh

Long-Term Debt - Uncommitted Short-Term Credit Facility (Details) - Uncommitted Short Term Credit Facility - USD ($)	1 Months Ended
	Aug. 31, 2020	Apr. 03, 2021
Line of Credit Facility [Line Items]
Revolving credit facility maximum borrowing capacity	$ 20,000,000
Borrowing repaid	90 days
Outstanding borrowings		$ 0

Commitments and Contingencies -

Commitments and Contingencies -Summary of Accrued Warranty Obligation (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at the beginning of the period	$ 24	$ 21
Warranty expense	8	8
Warranties fulfilled	(8)	(7)
Balance at the end of the period	$ 24	$ 22

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Recovered, import duties paid previously	$ 3	$ 12
AIT
Loss Contingencies [Line Items]
Recovered, import duties paid previously	1	4
EVM
Loss Contingencies [Line Items]
Recovered, import duties paid previously	$ 2	$ 8

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Effective tax rates	17.40%	13.60%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Basic:
Net income	$ 228	$ 89
Weighted-average shares outstanding (in shares)	53,484,265	53,760,873
Basic earnings per share (USD per share)	$ 4.26	$ 1.66
Diluted:
Net income	$ 228	$ 89
Weighted-average shares outstanding (in shares)	53,484,265	53,760,873
Dilutive shares (in shares)	480,065	557,171
Diluted weighted-average shares outstanding (in shares)	53,964,330	54,318,044
Diluted earnings per share (USD per share)	$ 4.22	$ 1.65
Anti-dilutive options to purchase common shares excluded from diluted earnings per share calculations (in shares)	570	68,554

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 2,144	$ 1,839
Other comprehensive income (loss) before reclassifications	24	2
Amounts reclassified from AOCI	12	(8)
Tax effect	(7)	(1)
Other comprehensive income (loss), net of tax	29	(7)
Ending balance	2,411	1,727
Unrealized gain (loss) on sales hedging
AOCI Attributable to Parent, Net of Tax
Beginning balance	(28)	2
Other comprehensive income (loss) before reclassifications	27	11
Amounts reclassified from AOCI	12	(8)
Tax effect	(7)	(1)
Other comprehensive income (loss), net of tax	32	2
Ending balance	4	4
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(41)	(46)
Other comprehensive income (loss) before reclassifications	(3)	(9)
Amounts reclassified from AOCI	0	0
Tax effect	0	0
Other comprehensive income (loss), net of tax	(3)	(9)
Ending balance	(44)	(55)
Total
AOCI Attributable to Parent, Net of Tax
Beginning balance	(69)	(44)
Ending balance	$ (40)	$ (51)

Accounts Receivable Factoring (

Accounts Receivable Factoring (Details) € in Millions, $ in Millions	3 Months Ended
	Apr. 03, 2021USD ($)	Mar. 28, 2020USD ($)	Dec. 31, 2020USD ($)	May 31, 2020EUR (€)	Dec. 31, 2019USD ($)
Transfer of Financial Assets Accounted for as Sales [Line Items]
Maximum uncollected receivables available				€ 150	$ 125
Sale of account receivables	$ 413	$ 162
Accounts receivables sold	77		$ 70
Cash collections not yet remitted to banks	123		142
Prepaid expenses and other current assets
Transfer of Financial Assets Accounted for as Sales [Line Items]
Deposits	$ 33		$ 24

Segment Information & Geograp_3

Segment Information & Geographic Data - Additional Information (Details)	3 Months Ended
	Apr. 03, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information & Geograp_4

Segment Information & Geographic Data - Financial Information by Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Total Net sales	$ 1,347	$ 1,052
Total Operating income	272	151
Operating segments
Segment Reporting Information [Line Items]
Total Net sales	1,350	1,052
Total Operating income	302	177
Corporate, eliminations
Segment Reporting Information [Line Items]
Total Net sales	(3)	0
Total Operating income	(30)	(26)
AIT | Operating segments
Segment Reporting Information [Line Items]
Total Net sales	436	355
Total Operating income	109	82
EVM | Operating segments
Segment Reporting Information [Line Items]
Total Net sales	914	697
Total Operating income	$ 193	$ 95

Segment Information & Geograp_5

Segment Information & Geographic Data - Geographic Data for Net Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Total Net sales	$ 1,347	$ 1,052
North America
Segment Reporting Information [Line Items]
Total Net sales	673	519
EMEA
Segment Reporting Information [Line Items]
Total Net sales	490	388
Asia-Pacific
Segment Reporting Information [Line Items]
Total Net sales	120	97
Latin America
Segment Reporting Information [Line Items]
Total Net sales	$ 64	$ 48