Zebra Technologies (ZBRA) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Oct. 01, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2022
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		51,629,798
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000877212
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 81	$ 332
Accounts receivable, net of allowances for doubtful accounts of $1 million each as of October 1, 2022 and December 31, 2021	804	752
Inventories, net	814	491
Income tax receivable	11	8
Prepaid expenses and other current assets	161	106
Total Current assets	1,871	1,689
Property, plant and equipment, net	272	272
Right-of-use lease assets	172	131
Goodwill	3,891	3,265
Other intangibles, net	659	469
Deferred income taxes	304	192
Other long-term assets	279	197
Total Assets	7,448	6,215
Current liabilities:
Current portion of long-term debt	144	69
Accounts payable	835	700
Accrued liabilities	675	639
Deferred revenue	401	380
Income taxes payable	18	12
Total Current liabilities	2,073	1,800
Long-term debt	2,017	922
Long-term lease liabilities	150	121
Deferred income taxes	78	6
Long-term deferred revenue	323	315
Other long-term liabilities	150	67
Total Liabilities	4,791	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	542	462
Treasury stock at cost, 20,336,198 and 18,736,582 shares as of October 1, 2022 and December 31, 2021, respectively	(1,702)	(1,023)
Retained earnings	3,850	3,573
Accumulated other comprehensive loss	(34)	(29)
Total Stockholders’ Equity	2,657	2,984
Total Liabilities and Stockholders’ Equity	$ 7,448	$ 6,215

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
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)	20,336,198	18,736,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Net sales:
Total Net sales	$ 1,378	$ 1,436	$ 4,278	$ 4,160
Cost of sales:
Total Cost of sales	750	790	2,339	2,201
Gross profit	628	646	1,939	1,959
Operating expenses:
Selling and marketing	149	148	452	430
Research and development	143	141	428	422
General and administrative	92	85	288	259
Settlement and related costs	0	0	372	0
Amortization of intangible assets	39	29	107	81
Acquisition and integration costs	1	6	19	11
Exit and restructuring costs	2	0	4	0
Total Operating expenses	426	409	1,670	1,203
Operating income	202	237	269	756
Other income (loss), net:
Foreign exchange gain (loss)	0	(4)	5	(3)
Interest income (expense), net	21	(5)	48	(10)
Other (expense) income, net	(1)	0	(3)	(1)
Total Other income (expense), net	20	(9)	50	(14)
Income before income tax	222	228	319	742
Income tax expense	52	29	42	96
Net income	$ 170	$ 199	$ 277	$ 646
Basic (loss) earnings per share (in USD per share)	$ 3.28	$ 3.72	$ 5.29	$ 12.08
Diluted (loss) earnings per share (in USD per share)	$ 3.26	$ 3.69	$ 5.25	$ 11.98
Tangible Products
Net sales:
Total Net sales	$ 1,164	$ 1,240	$ 3,630	$ 3,585
Cost of sales:
Total Cost of sales	632	687	1,998	1,896
Services and software
Net sales:
Total Net sales	214	196	648	575
Cost of sales:
Total Cost of sales	$ 118	$ 103	$ 341	$ 305

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 170	$ 199	$ 277	$ 646
Other comprehensive income (loss), net of tax:
Changes in unrealized gains on anticipated sales hedging transactions	(1)	12	11	46
Foreign currency translation adjustment	(5)	(2)	(16)	(5)
Comprehensive income	$ 164	$ 209	$ 272	$ 687

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, 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 (loss)	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)
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]
Net income (loss)	646
Ending balance (in shares) at Oct. 02, 2021		53,454,069
Ending balance at Oct. 02, 2021	2,816	$ 1	447	(986)	3,382	(28)
Beginning balance (in shares) at Apr. 03, 2021		53,510,166
Beginning balance at Apr. 03, 2021	2,411	$ 1	405	(919)	2,964	(40)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		27,226
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(81,810)
Shares withheld to fund withholding tax obligations related to share-based compensation plans	(40)			(40)
Share-based compensation	22		22
Repurchase of common stock (in shares)		(52,289)
Repurchases of common stock	(25)			(25)
Net income (loss)	219				219
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	2					2
Ending balance (in shares) at Jul. 03, 2021		53,403,293
Ending balance at Jul. 03, 2021	2,589	$ 1	427	(984)	3,183	(38)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		52,369
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	(1)			(1)
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(1,593)
Shares withheld to fund withholding tax obligations related to share-based compensation plans	(1)			(1)
Share-based compensation	20		20
Net income (loss)	199				199
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	12					12
Foreign currency translation adjustment	(2)					(2)
Ending balance (in shares) at Oct. 02, 2021		53,454,069
Ending balance at Oct. 02, 2021	2,816	$ 1	447	(986)	3,382	(28)
Beginning balance (in shares) at Dec. 31, 2021		53,415,275
Beginning balance at Dec. 31, 2021	2,984	$ 1	462	(1,023)	3,573	(29)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		20,082
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	6		8	(2)
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(1,639)
Shares withheld to fund withholding tax obligations related to share-based compensation plans	(1)			(1)
Share-based compensation	17		17
Repurchase of common stock (in shares)		(648,875)
Repurchases of common stock	(305)			(305)
Net income (loss)	205				205
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	5					5
Foreign currency translation adjustment	(5)					(5)
Ending balance (in shares) at Apr. 02, 2022		52,784,843
Ending balance at Apr. 02, 2022	2,906	$ 1	487	(1,331)	3,778	(29)
Beginning balance (in shares) at Dec. 31, 2021		53,415,275
Beginning balance at Dec. 31, 2021	2,984	$ 1	462	(1,023)	3,573	(29)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	277
Ending balance (in shares) at Oct. 01, 2022		51,815,659
Ending balance at Oct. 01, 2022	2,657	$ 1	542	(1,702)	3,850	(34)
Beginning balance (in shares) at Apr. 02, 2022		52,784,843
Beginning balance at Apr. 02, 2022	2,906	$ 1	487	(1,331)	3,778	(29)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		70,821
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	1			1
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(56,431)
Shares withheld to fund withholding tax obligations related to share-based compensation plans	(22)			(22)
Share-based compensation	25		25
Repurchase of common stock (in shares)		(844,239)
Repurchases of common stock	(300)			(300)
Net income (loss)	(98)				(98)
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	7					7
Foreign currency translation adjustment	(6)					(6)
Ending balance (in shares) at Jul. 02, 2022		51,954,994
Ending balance at Jul. 02, 2022	2,513	$ 1	512	(1,652)	3,680	(28)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		20,587
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	2		2
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(159)
Share-based compensation	28		28
Repurchase of common stock (in shares)		(159,763)
Repurchases of common stock	(50)			(50)
Net income (loss)	170				170
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	(1)					(1)
Foreign currency translation adjustment	(5)					(5)
Ending balance (in shares) at Oct. 01, 2022		51,815,659
Ending balance at Oct. 01, 2022	$ 2,657	$ 1	$ 542	$ (1,702)	$ 3,850	$ (34)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Cash flows from operating activities:
Net income (loss)	$ 277	$ 646
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	158	136
Share-based compensation	70	58
Deferred income taxes	(115)	(6)
Unrealized gain on forward interest rate swaps	(92)	(17)
Other, net	4	1
Changes in operating assets and liabilities:
Accounts receivable, net	(58)	(107)
Inventories, net	(293)	75
Other assets	(68)	(25)
Accounts payable	127	(2)
Accrued liabilities	(101)	42
Deferred revenue	27	101
Income taxes	3	(67)
Legal Settlement Liability	270	0
Other operating activities	12	1
Net cash provided by operating activities	221	836
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(878)	(307)
Purchases of property, plant and equipment	(51)	(38)
Purchases of long-term investments	(12)	(24)
Net cash used in investing activities	(941)	(369)
Cash flows from financing activities:
Payment of debt issuance costs, extinguishment costs and discounts	(8)	0
Payments of long-term debt	(210)	(277)
Proceeds from issuance of long-term debt	1,385	21
Payments for repurchases of common stock	(655)	(25)
Net payments related to share-based compensation plans	(14)	(48)
Change in unremitted cash collections from servicing factored receivables	(28)	(22)
Net cash provided by (used in) financing activities	470	(351)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	(2)	0
Net (decrease) increase in cash and cash equivalents, including restricted cash	(252)	116
Cash and cash equivalents, including restricted cash, at beginning of period	344	192
Cash and cash equivalents, including restricted cash, at end of period	92	308
Less restricted cash, included in Prepaid expenses and other current assets	(11)	(1)
Cash and cash equivalents at end of period	81	307
Supplemental disclosures of cash flow information:
Income taxes paid	152	169
Interest paid	$ 34	$ 25

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Oct. 01, 2022
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 software subscriptions, that capture and move data. We also provide a full range of services, including maintenance, technical support, repair, 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. 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 interim 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, 2021. 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 October 1, 2022, the Consolidated Statements of Operations, Comprehensive Income and Stockholders’ Equity for the three and nine months ended October 1, 2022 and October 2, 2021, and the Consolidated Statement of Cash Flows for the nine months ended October 1, 2022 and October 2, 2021. These results, however, are not necessarily indicative of the results expected for the full fiscal year ending December 31, 2022. Effective January 1, 2022, the location solutions offering, which provides a range of real-time location systems (“RTLS”) and services that generate on-demand information about the physical location and status of assets, equipment, and people, moved 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. We have reported our results reflecting this change, including historical periods, on a comparable basis. This change does not have an impact to the Consolidated Financial Statements. See Note 18, Segment Information & Geographic Data for additional information related to each segment’s results.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies For a discussion of our significant accounting policies, see Note 2, Significant Accounting Policies within Part II, Item 8. “Financial Statements and Supplementary Data” in the Annual Report on Form 10-K for the year ended December 31, 2021. There have been no changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended December 31, 2021.

Revenues

Revenues	9 Months Ended
	Oct. 01, 2022
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 solution offerings are generally recognized over time 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 over time using a time-based method, depending upon how control is transferred to the customer. In cases where a bundle of products, services, solutions 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 and nine months ended October 1, 2022 and October 2, 2021 (in millions): Three Months Ended October 1, 2022 October 2, 2021 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 392 $ 23 $ 415 $ 354 $ 24 $ 378 EVM 772 191 963 886 172 1,058 Corporate, eliminations (1) — — — — — — Total $ 1,164 $ 214 $ 1,378 $ 1,240 $ 196 $ 1,436 Nine Months Ended October 1, 2022 October 2, 2021 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 1,184 $ 71 $ 1,255 $ 1,151 $ 70 $ 1,221 EVM 2,446 577 3,023 2,434 511 2,945 Corporate, eliminations (1) — — — — (6) (6) Total $ 3,630 $ 648 $ 4,278 $ 3,585 $ 575 $ 4,160 (1) Amounts included in Corporate, eliminations consist of purchase accounting adjustments. In addition, refer to Note 18, 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 solution offerings. The aggregated transaction price allocated to remaining performance obligations for arrangements with an original term exceeding one year was $1,056 million and $1,033 million, inclusive of deferred revenue, as of October 1, 2022 and December 31, 2021, respectively. On average, remaining performance obligations as of October 1, 2022 and December 31, 2021 are expected to be recognized over a period of approximately two years. Contract Balances Progress on satisfying performance obligations under contracts with customers related to billed revenues is reflected on the Consolidated Balance Sheets in Accounts receivable, net. 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 $14 million and $10 million as of October 1, 2022 and December 31, 2021, respectively. These contract assets result from timing differences between billing and satisfying performance obligations, 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 and nine months ended October 1, 2022 and October 2, 2021, respectively. 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 $724 million and $695 million as of October 1, 2022 and December 31, 2021, respectively. During the three and nine months ended October 1, 2022, the Company recognized $92 million and $329 million in revenue, which was previously included in the beginning balance of deferred revenue as of December 31, 2021. During the three and nine months ended October 2, 2021, the Company recognized $74 million and $259 million in revenue, which was previously included in the beginning balance of deferred revenue as of December 31, 2020.

Inventories

Inventories	9 Months Ended
	Oct. 01, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories The components of Inventories, net are as follows (in millions): October 1, December 31, Raw materials $ 292 $ 196 Work in process 3 3 Finished goods 519 292 Total Inventories, net $ 814 $ 491

Business Acquisitions

Business Acquisitions	9 Months Ended
	Oct. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions Matrox On June 3, 2022, the Company acquired Matrox Electronic Systems Ltd. (“Matrox”), a developer of advanced machine vision components and software. Through its acquisition of Matrox, the Company intends to expand its machine vision products and software offerings. The acquisition was accounted for under the acquisition method of accounting for business combinations. The Company’s total purchase consideration was $878 million comprised of $875 million in cash paid at closing, net of Matrox’s cash on-hand and an additional $3 million of cash that was paid in the third quarter of 2022. The Company utilized estimated fair values as of the acquisition date to allocate the total purchase consideration to the identifiable assets acquired and liabilities assumed. The fair value of the net assets acquired was based on several estimates and assumptions, as well as customary valuation techniques, primarily the excess earnings method for customer relationships as well as the relief from royalty method for technology and patent intangible assets. While we believe these estimates provide a reasonable basis to record the net assets acquired, the purchase price allocation is considered preliminary and subject to adjustment during the measurement period, which is up to one year from the acquisition date. During the third quarter of 2022, the Company recorded measurement period adjustments to increase customer relationship and technology intangible assets, as well as deferred tax liabilities by $36 million, $4 million and $11 million, respectively. These adjustments, relating to facts and circumstances existing as of the acquisition date, resulted in a $29 million reduction of goodwill. The primary fair value estimates still considered preliminary as of October 1, 2022 include intangible assets and income tax-related items. The preliminary purchase price allocation to assets acquired and liabilities assumed was as follows (in millions): Identifiable intangible assets $ 297 Inventory 33 Other assets acquired 13 Deferred tax liabilities (79) Other liabilities assumed (21) Net assets acquired $ 243 Goodwill on acquisition 635 Total purchase price $ 878 The $635 million of goodwill, which is non-deductible for tax purposes, has been allocated to the EVM segment and principally relates to the planned global expansion and integration of Matrox into the Company’s machine vision offerings. The preliminary purchase price allocation to identifiable intangible assets acquired was as follows: Fair Value (in millions) Useful Life (in years) Customer and other relationships $ 232 11 Technology and patents 63 7 Trade names 2 2 Total identifiable intangible assets $ 297 In connection with the acquisition of Matrox, the Company granted $13 million of cash-settled RSUs to certain employees in the second quarter, which are attributable to service to be rendered subsequent to the acquisition and will generally be expensed over a 3-year service period. The Company has not included unaudited pro forma results, as if Matrox had been acquired as of January 1, 2021, as doing so would not yield materially different results. Fetch During the third quarter of 2022, the Company finalized the purchase price allocation for its acquisition of Fetch Robotics, Inc. (“Fetch”). The measurement period adjustments recorded in the current year, all relating to facts and circumstances existing as of the acquisition date, were insignificant. Antuit.ai During the third quarter of 2022, the Company recorded measurement period adjustments relating to its acquisition of Antuit Holdings Pte. Ltd. (“Antuit”). The measurement period adjustments, all relating to facts and circumstances existing as of the acquisition date, consisted of a $7 million decrease to deferred tax liabilities, a $2 million increase to accounts payable, with an offsetting $5 million decrease to goodwill. The primary fair value estimates still considered preliminary as of October 1, 2022 relate to income tax items. Acquisition and integration costs The Company incurred approximately $19 million of acquisition-related costs during the nine months ended October 1, 2022, primarily related to third-party and advisory fees associated with the Matrox acquisition. For the three months ended October 1, 2022, acquisition-related costs were $1 million. These costs are included within Acquisition and integration costs on the Consolidated Statement of Operations.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Goodwill Changes in the net carrying value of goodwill by segment were as follows (in millions): AIT EVM Total Goodwill as of December 31, 2021 $ 169 $ 3,096 $ 3,265 Matrox acquisition — 635 635 Fetch purchase price allocation adjustments — 2 2 Antuit purchase price allocation adjustments — (5) (5) Foreign exchange impact — (6) (6) Goodwill as of October 1, 2022 $ 169 $ 3,722 $ 3,891 See Note 5, Business Acquisitions for further details related to the Company’s acquisitions and purchase price allocation adjustments. Other Intangibles, net The balances in Other Intangibles, net consisted of the following (in millions): As of October 1, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Technology and patents $ 950 $ (605) $ 345 $ 889 $ (566) $ 323 Customer and other relationships 859 (562) 297 631 (503) 128 Trade names 66 (49) 17 64 (46) 18 Total $ 1,875 $ (1,216) $ 659 $ 1,584 $ (1,115) $ 469 Amortization expense was $39 million and $29 million during the three months ended October 1, 2022 and October 2, 2021, respectively, and $107 million and $81 million during the nine months ended October 1, 2022 and October 2, 2021, respectively. As of October 1, 2022, estimated future intangible asset amortization expense is as follows (in millions): 2022 (remaining 3 months) $ 29 2023 102 2024 98 2025 96 2026 93 Thereafter 241 Total $ 659

Investments

Investments	9 Months Ended
	Oct. 01, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The carrying value of the Company’s venture investments was $113 million and $101 million as of October 1, 2022 and December 31, 2021, respectively, which are included in Other long-term assets on the Consolidated Balance Sheets. During the three and nine months ended October 1, 2022, the Company paid $6 million and $12 million for the purchases of long-term investments, respectively. Comparatively, during the three and nine months ended October 2, 2021, the Company paid $7 million and $24 million for the purchases of new long-term investments, respectively. Net gains and losses related to the Company’s investments are included within Other (expense) income, net on the Consolidated Statements of Operations. The Company did not recognize any net gains or losses during the three and nine months ended October 1, 2022. The Company recognized net gains of $1 million during the three and nine months ended October 2, 2021.

Exit and Restructuring Costs

Exit and Restructuring Costs	9 Months Ended
	Oct. 01, 2022
Restructuring and Related Activities [Abstract]
Exit and Restructuring Costs	Exit and Restructuring Costs In the third quarter of 2022, the Company committed to certain leased site rationalization and organizational changes designed to generate structural cost efficiencies (collectively referred to as the “2022 Productivity Plan”). Exit and restructuring charges associated with the 2022 Productivity Plan are expected to be at least $10 million and be completed by the end of 2023. For the three months ended October 1, 2022, the Company recorded $2 million primarily related to facility site exits and employee severance.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 01, 2022
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 October 1, 2022, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ 5 $ 37 $ — $ 42 Forward interest rate swap contracts (2) — 76 — 76 Money market investments related to deferred compensation plan 32 — — 32 Total Assets at fair value $ 37 $ 113 $ — $ 150 Liabilities: Liabilities related to the deferred compensation plan 32 — — 32 Total Liabilities at fair value $ 32 $ — $ — $ 32 The Company’s financial assets and liabilities carried at fair value as of December 31, 2021, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ — $ 23 $ — $ 23 Money market investments related to deferred compensation plan 37 — — 37 Total Assets at fair value $ 37 $ 23 $ — $ 60 Liabilities: Forward interest rate swap contracts (2) $ — $ 16 $ — $ 16 Liabilities related to the deferred compensation plan 37 — — 37 Total Liabilities at fair value $ 37 $ 16 $ — $ 53 (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	9 Months Ended
	Oct. 01, 2022
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 October 1, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 37 $ 23 Total derivative instruments designated as hedges $ 37 $ 23 Derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 5 $ — Forward interest rate swaps Prepaid expenses and other current assets 18 — Forward interest rate swaps Other long-term assets 58 — Forward interest rate swaps Accrued liabilities — (15) Forward interest rate swaps Other long-term liabilities — (1) Total derivative instruments not designated as hedges $ 81 $ (16) Total net derivative asset $ 118 $ 7 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 Nine Months Ended Statements of Operations Classification October 1, October 2, October 1, October 2, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange gain (loss) $ 9 $ 1 $ 17 $ 1 Forward interest rate swaps Interest income (expense), net 39 (1) 84 4 Total gain (loss) recognized in income $ 48 $ — $ 101 $ 5 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 would have been unchanged as of October 1, 2022 and increased by $1 million as of December 31, 2021. 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 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 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 values of these outstanding contracts were as follows (in millions): October 1, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 16 £ 13 Euro/U.S. Dollar € 219 € 142 Euro/Czech Koruna € 15 € 16 Singapore Dollar/U.S. Dollar S$ 8 S$ 16 Mexican Peso/U.S. Dollar Mex$ 293 Mex$ 64 Polish Zloty/U.S. Dollar zł 25 zł 103 Net fair value of assets of outstanding contracts $ 5 $ — 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 11, Long-Term Debt for further details about these borrowings. The Company manages its exposure to changes in interest rates by utilizing long-term forward 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. The Company has one active long-term forward interest rate swap agreement with a notional amount of $800 million to lock into a fixed LIBOR interest rate base, which is subject to monthly net cash settlements effective through December 2022. The Company also previously held fixed LIBOR interest rate swaps with an $800 million total notional amount that were subject to net cash settlements effective between December 2022 and August 2024. In the first quarter of 2022, the Company terminated those interest rate swaps and entered into new interest rate swap agreements that contain a total notional amount of $800 million to lock into a fixed SOFR interest rate base and will be subject to monthly net cash settlements effective in December 2022 and ending in October 2027. The Company’s interest rate swaps are not designated as hedges and changes in fair value are recognized immediately as Interest income (expense), net on the Consolidated Statements of Operations.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table shows the carrying value of the Company’s debt (in millions): October 1, December 31, Term Loan A $ 1,739 $ 888 Revolving Credit Facility 248 — Receivables Financing Facilities 183 108 Total debt $ 2,170 $ 996 Less: Debt issuance costs (4) (3) Less: Unamortized discounts (5) (2) Less: Current portion of debt (144) (69) Total long-term debt $ 2,017 $ 922 As of October 1, 2022, the future maturities of debt are as follows (in millions): 2022 (remaining 3 months) $ 11 2023 144 2024 127 2025 66 2026 87 Thereafter 1,735 Total future debt maturities $ 2,170 All borrowings as of October 1, 2022 were denominated in U.S. Dollars. The estimated fair value of the Company’s debt approximated $2.1 billion and $1.0 billion as of October 1, 2022 and December 31, 2021, 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 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. In May 2022, the Company refinanced its long-term credit facilities by entering into its third amendment to the Amended and Restated Credit Agreement (“Amendment No. 3”). Amendment No. 3 increased the Company’s borrowing under Term Loan A from $875 million to $1.75 billion and increased the Company’s borrowing capacity under the Revolving Credit Facility from $1 billion to $1.5 billion. Amendment No. 3 also extended the maturities of Term Loan A and the Revolving Credit Facility to May 25, 2027 and replaced LIBOR with SOFR as the benchmark reference rate. This refinancing resulted in one-time charges of $2 million, which included certain third-party fees and the accelerated amortization of previously deferred issuance costs. These items are included in Interest income (expense), net on the Consolidated Statements of Operations. Additionally, $6 million of new issuance costs and fees were deferred and will be amortized over the remaining term of Term Loan A and the Revolving Credit Facility. Term Loan A The principal on Term Loan A is due in quarterly installments, with the next quarterly installment due in December 2022 and the majority due upon the May 25, 2027 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 October 1, 2022, the Term Loan A interest rate was 3.10%. Interest payments are generally made monthly and are subject to variable rates plus an applicable margin. 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 October 1, 2022, the Company had letters of credit totaling $7 million, which reduced funds available for borrowings under the Revolving Credit Facility from $1,500 million to $1,493 million. As of October 1, 2022, the Revolving Credit Facility had an average interest rate of 4.17%. Upon borrowing, interest payments are made monthly and are subject to variable rates plus an applicable margin. The Revolving Credit Facility matures on May 25, 2027. 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 allows for borrowings of up to $180 million and matures on March 19, 2024. The Company’s second Receivable Financing Facility allows for borrowings of up to $100 million and matures on May 15, 2023. As of October 1, 2022, the Company’s Consolidated Balance Sheets included $773 million of receivables that were pledged under the two Receivables Financing Facilities. As of October 1, 2022, $183 million had been borrowed, of which $100 million was classified as current. Borrowings under the Receivables Financing Facilities bear interest at a variable rate plus an applicable margin. As of October 1, 2022, the Receivables Financing Facilities had an average interest rate of 4.04%. Interest is paid on these borrowings on a monthly basis. 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 10 , Derivative Instruments for further information. As of October 1, 2022, the Company was in compliance with all debt covenants.

Leases

Leases	9 Months Ended
	Oct. 01, 2022
Leases [Abstract]
Leases	Leases During the three months ended October 1, 2022, the Company recorded an additional $14 million of right-of-use (“ROU”) assets obtained in exchange for lease obligations primarily related to the extension of two distribution center lease agreements. Future minimum lease payments under non-cancellable leases as of October 1, 2022 were as follows (in millions): 2022 (remaining 3 months) $ 8 2023 46 2024 44 2025 32 2026 25 Thereafter 64 Total future minimum lease payments $ 219 Less: Interest (34) Present value of lease liabilities $ 185 Reported as of October 1, 2022: Current portion of lease liabilities $ 35 Long-term lease liabilities 150 Present value of lease liabilities $ 185 The current portion of lease liabilities is included within Accrued liabilities on the Consolidated Balance Sheets.

Accrued Liabilities, Commitment

Accrued Liabilities, Commitments and Contingencies	9 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Accrued Liabilities, Commitments and Contingencies	Accrued Liabilities, Commitments and Contingencies Accrued Liabilities The components of Accrued liabilities are as follows (in millions): October 1, December 31, Settlement and related costs $ 180 $ — Payroll and benefits 86 96 Incentive compensation 78 155 Warranty 27 26 Customer rebates 44 51 Leases 35 33 Unremitted cash collections due to banks on factored accounts receivable 113 141 Short-term interest rate swaps — 15 Freight and duty 40 45 Other 72 77 Accrued liabilities $ 675 $ 639 Warranties The following table is a summary of the Company’s accrued warranty obligations (in millions): Nine Months Ended October 1, October 2, Balance at the beginning of the period $ 26 $ 24 Warranty expense 23 25 Warranties fulfilled (22) (23) Balance at the end of the period $ 27 $ 26 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. The Company records a liability for contingencies when a loss is deemed to be probable and the loss can be reasonably estimated. During the second quarter of 2022, the Company entered into a License and Settlement Agreement (“Settlement”) to resolve certain patent-related litigation. Under the Settlement, the Company and the counterparty each agreed to a mutual general release from all past claims asserted by the parties; entered into a covenant not to sue for patent infringement; agreed to a payment by the Company to the counterparty for past damages of $360 million and entered into a royalty-free cross-license with respect to each party’s existing patent portfolio for the lives of the licensed patents. Based on the terms of the Settlement and a relative fair value analysis of each of the settlement provisions, the Company concluded that no significant portion of the payment resulted in a future benefit, and as such, the full $360 million was recorded as a charge in the second quarter. That charge, along with $12 million of external legal fees, is reflected within Settlement and related costs on the Consolidated Statement of Operations. The payment terms under the Settlement consist of 8 quarterly payments of $45 million that began in the second quarter. The portion payable in the next 12 months is included within Accrued liabilities, with the remaining amounts included within Other long-term liabilities on the Consolidated Balance Sheets. See Item 1, Legal Proceedings for additional information.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and nine months ended October 1, 2022 was 23.4% and 13.2%, respectively, compared to 12.7% and 12.9% for the three and nine months ended October 2, 2021, respectively. For the three months ended October 1, 2022, the variance from the 21% federal statutory rate was primarily attributable to unfavorable impacts from return to provision adjustments. For the nine months ended October 1, 2022, the variance from the 21% federal statutory rate was primarily attributable to a discrete tax benefit resulting from the Settlement and related costs recorded in the second quarter, lower tax rates on foreign earnings, and U.S. tax credits. In the prior period, the variance from the 21% federal statutory rate was primarily attributable to share-based compensation deductions, lower tax rates on foreign earnings and U.S. tax credits. In addition, the three and nine months ended October 2, 2021 include the benefit of a foreign-derived intangible income deduction in the U.S. The nine-month period ended October 2, 2021 also benefited from the remeasurement of deferred tax assets associated with the enactment of a corporate tax rate increase in the U.K. during the second quarter of 2021. The Company evaluated the provisions of the Inflation Reduction Act of 2022, signed into law on August 16, 2022; 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 U.K. and Singapore. The Company has received an incentivized tax rate from 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 Global Intangible Low-Taxed Income, while any remaining foreign earnings are eligible for a dividends received deduction. As a result, future repatriation of earnings will not be subject to additional U.S. federal 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 were no significant changes to our valuation allowances during the three and nine months ended October 1, 2022. Uncertain Tax Positions The Company is currently undergoing U.S. federal income tax audits for tax years 2016 through 2018. Additionally, fiscal years 2009 through 2022 remain open to examination by multiple foreign and U.S. state taxing jurisdictions. As of October 1, 2022, management believes that it is reasonably possible that the recorded amount of unrecognized tax benefits may decrease by approximately $2 million within the next twelve months as a result of concluding various domestic tax matters. Due to uncertainties in any tax audit or litigation outcome, the Company’s estimates of the ultimate settlements of uncertain tax positions may change and the actual tax benefits may differ significantly from estimates.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 01, 2022
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 share-based compensation awards were converted into common shares during the period. Earnings per share (in millions, except share data): Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, Basic: Net income $ 170 $ 199 $ 277 $ 646 Weighted-average shares outstanding 51,834,236 53,418,055 52,387,838 53,449,239 Basic earnings per share $ 3.28 $ 3.72 $ 5.29 $ 12.08 Diluted: Net income $ 170 $ 199 $ 277 $ 646 Weighted-average shares outstanding 51,834,236 53,418,055 52,387,838 53,449,239 Dilutive shares 323,616 448,504 368,793 462,574 Diluted weighted-average shares outstanding 52,157,852 53,866,559 52,756,631 53,911,813 Diluted earnings per share $ 3.26 $ 3.69 $ 5.25 $ 11.98 Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 195,922 and 169,810 shares that were anti-dilutive for the three and nine months ended October 1, 2022, respectively. There were 25,355 and 8,391 shares that were anti-dilutive for the three and nine months ended October 2, 2021, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Oct. 01, 2022
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 10, 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 nine months ended October 1, 2022 and October 2, 2021 are as follows (in millions): Unrealized gain (loss) on sales hedging transactions Foreign currency translation adjustments Total Balance at December 31, 2020 $ (28) $ (41) $ (69) Other comprehensive income (loss) before reclassifications 41 (5) 36 Amounts reclassified from AOCI (1) 15 — 15 Tax effect (10) — (10) Other comprehensive income (loss), net of tax 46 (5) 41 Balance at October 2, 2021 $ 18 $ (46) $ (28) Balance at December 31, 2021 $ 18 $ (47) $ (29) Other comprehensive income (loss) before reclassifications 86 (16) 70 Amounts reclassified from AOCI (1) (72) — (72) Tax effect (3) — (3) Other comprehensive income (loss), net of tax 11 (16) (5) Balance at October 1, 2022 $ 29 $ (63) $ (34) (1) See Note 10, Derivative Instruments

Accounts Receivable Factoring

Accounts Receivable Factoring	9 Months Ended
	Oct. 01, 2022
Transfers and Servicing [Abstract]
Accounts Receivable Factoring	Accounts Receivable Factoring The Company has 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. The Company currently has two active Receivables Factoring arrangements. One arrangement allows for the factoring of up to $25 million of uncollected receivables originated from the Europe, Middle East, and Africa (“EMEA”) region. The second arrangement allows for the factoring of up to €150 million of uncollected receivables originated from the EMEA and Asia-Pacific regions. With respect to the second arrangement, the Company may be 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 $11 million and $12 million as of October 1, 2022 and December 31, 2021, respectively, and is classified within Prepaid expenses and other current assets on the Consolidated Balance Sheets. During the nine months ended October 1, 2022 and October 2, 2021, the Company received cash proceeds of $1,135 million and $1,161 million, respectively, from the sales of accounts receivables under its factoring arrangements. As of October 1, 2022 and December 31, 2021, there were a total of $55 million and $24 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 $113 million and $141 million of obligations that were not yet remitted to banks as of October 1, 2022 and December 31, 2021, respectively. These obligations are included within Accrued liabilities on the Consolidated Balance Sheets, with changes in such obligations reflected within Net cash provided by (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	9 Months Ended
	Oct. 01, 2022
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, as well as certain other non-recurring costs (such as the Settlement and related costs in the current year). Segment assets are not reviewed by the Company’s CODM and therefore are not disclosed below. Effective January 1, 2022, the location solutions offering, which provides a range of RTLS and services that generate on-demand information about the physical location and status of assets, equipment, and people, moved from our AIT segment into our EVM segment contemporaneous with a change in our organizational structure and management of the business. We have reported our results reflecting this change, including historical periods, on a comparable basis. This change did not have an impact to the Consolidated Financial Statements. Financial information by segment is presented as follows (in millions): Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, Net sales: AIT $ 415 $ 378 $ 1,255 $ 1,221 EVM 963 1,058 3,023 2,945 Total segment Net sales 1,378 1,436 4,278 4,166 Corporate, eliminations (1) — — — (6) Total Net sales $ 1,378 $ 1,436 $ 4,278 $ 4,160 Operating income: AIT (2) $ 83 $ 78 $ 240 $ 289 EVM (2) 161 194 531 565 Total segment operating income 244 272 771 854 Corporate eliminations (1) (42) (35) (502) (98) Total Operating income $ 202 $ 237 $ 269 $ 756 (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, as well as certain other non-recurring costs (such as the Settlement and related costs in the current year). (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 tables. 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 Nine Months Ended October 1, October 2, October 1, October 2, North America $ 690 $ 728 $ 2,103 $ 2,108 EMEA 456 504 1,477 1,458 Asia-Pacific 158 135 459 392 Latin America 74 69 239 202 Total Net sales $ 1,378 $ 1,436 $ 4,278 $ 4,160

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 01, 2022
Accounting Policies [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 solution offerings are generally recognized over time 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 over time using a time-based method, depending upon how control is transferred to the customer. In cases where a bundle of products, services, solutions and/or software are delivered to the customer, judgment is required to select the method of progress which best reflects the transfer of control.
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)	9 Months Ended
	Oct. 01, 2022
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 and nine months ended October 1, 2022 and October 2, 2021 (in millions): Three Months Ended October 1, 2022 October 2, 2021 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 392 $ 23 $ 415 $ 354 $ 24 $ 378 EVM 772 191 963 886 172 1,058 Corporate, eliminations (1) — — — — — — Total $ 1,164 $ 214 $ 1,378 $ 1,240 $ 196 $ 1,436 Nine Months Ended October 1, 2022 October 2, 2021 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 1,184 $ 71 $ 1,255 $ 1,151 $ 70 $ 1,221 EVM 2,446 577 3,023 2,434 511 2,945 Corporate, eliminations (1) — — — — (6) (6) Total $ 3,630 $ 648 $ 4,278 $ 3,585 $ 575 $ 4,160 (1) Amounts included in Corporate, eliminations consist of purchase accounting adjustments.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 01, 2022
Inventory Disclosure [Abstract]
Schedule of Components of Inventories, Net	The components of Inventories, net are as follows (in millions): October 1, December 31, Raw materials $ 292 $ 196 Work in process 3 3 Finished goods 519 292 Total Inventories, net $ 814 $ 491

Business Acquisitions (Tables)

Business Acquisitions (Tables)	9 Months Ended
	Oct. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary and Final Purchase Price Allocation to Assets Acquired and Liabilities Assumed	The preliminary purchase price allocation to assets acquired and liabilities assumed was as follows (in millions): Identifiable intangible assets $ 297 Inventory 33 Other assets acquired 13 Deferred tax liabilities (79) Other liabilities assumed (21) Net assets acquired $ 243 Goodwill on acquisition 635 Total purchase price $ 878
Schedule of Preliminary Purchase Price Allocation to Identifiable Intangible Assets Acquired	The preliminary purchase price allocation to identifiable intangible assets acquired was as follows: Fair Value (in millions) Useful Life (in years) Customer and other relationships $ 232 11 Technology and patents 63 7 Trade names 2 2 Total identifiable intangible assets $ 297

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the net carrying value of goodwill by segment were as follows (in millions): AIT EVM Total Goodwill as of December 31, 2021 $ 169 $ 3,096 $ 3,265 Matrox acquisition — 635 635 Fetch purchase price allocation adjustments — 2 2 Antuit purchase price allocation adjustments — (5) (5) Foreign exchange impact — (6) (6) Goodwill as of October 1, 2022 $ 169 $ 3,722 $ 3,891
Schedule of Finite-Lived Intangible Assets	The balances in Other Intangibles, net consisted of the following (in millions): As of October 1, 2022 As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Technology and patents $ 950 $ (605) $ 345 $ 889 $ (566) $ 323 Customer and other relationships 859 (562) 297 631 (503) 128 Trade names 66 (49) 17 64 (46) 18 Total $ 1,875 $ (1,216) $ 659 $ 1,584 $ (1,115) $ 469
Estimated Future Intangible Asset Amortization Expense	As of October 1, 2022, estimated future intangible asset amortization expense is as follows (in millions): 2022 (remaining 3 months) $ 29 2023 102 2024 98 2025 96 2026 93 Thereafter 241 Total $ 659

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 01, 2022
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 October 1, 2022, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ 5 $ 37 $ — $ 42 Forward interest rate swap contracts (2) — 76 — 76 Money market investments related to deferred compensation plan 32 — — 32 Total Assets at fair value $ 37 $ 113 $ — $ 150 Liabilities: Liabilities related to the deferred compensation plan 32 — — 32 Total Liabilities at fair value $ 32 $ — $ — $ 32 The Company’s financial assets and liabilities carried at fair value as of December 31, 2021, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ — $ 23 $ — $ 23 Money market investments related to deferred compensation plan 37 — — 37 Total Assets at fair value $ 37 $ 23 $ — $ 60 Liabilities: Forward interest rate swap contracts (2) $ — $ 16 $ — $ 16 Liabilities related to the deferred compensation plan 37 — — 37 Total Liabilities at fair value $ 37 $ 16 $ — $ 53 (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)	9 Months Ended
	Oct. 01, 2022
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 October 1, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 37 $ 23 Total derivative instruments designated as hedges $ 37 $ 23 Derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 5 $ — Forward interest rate swaps Prepaid expenses and other current assets 18 — Forward interest rate swaps Other long-term assets 58 — Forward interest rate swaps Accrued liabilities — (15) Forward interest rate swaps Other long-term liabilities — (1) Total derivative instruments not designated as hedges $ 81 $ (16) Total net derivative asset $ 118 $ 7
Schedule of Net Gains (Losses) from Changes in Fair Values of Derivatives Not Designated as Hedges	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 Nine Months Ended Statements of Operations Classification October 1, October 2, October 1, October 2, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange gain (loss) $ 9 $ 1 $ 17 $ 1 Forward interest rate swaps Interest income (expense), net 39 (1) 84 4 Total gain (loss) recognized in income $ 48 $ — $ 101 $ 5
Schedule of Notional Value and Net Fair Value of Outstanding Contracts	The notional values and the net fair values of these outstanding contracts were as follows (in millions): October 1, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 16 £ 13 Euro/U.S. Dollar € 219 € 142 Euro/Czech Koruna € 15 € 16 Singapore Dollar/U.S. Dollar S$ 8 S$ 16 Mexican Peso/U.S. Dollar Mex$ 293 Mex$ 64 Polish Zloty/U.S. Dollar zł 25 zł 103 Net fair value of assets of outstanding contracts $ 5 $ —

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Oct. 01, 2022
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): October 1, December 31, Term Loan A $ 1,739 $ 888 Revolving Credit Facility 248 — Receivables Financing Facilities 183 108 Total debt $ 2,170 $ 996 Less: Debt issuance costs (4) (3) Less: Unamortized discounts (5) (2) Less: Current portion of debt (144) (69) Total long-term debt $ 2,017 $ 922
Schedule of Future Maturities of Long-term Debt	As of October 1, 2022, the future maturities of debt are as follows (in millions): 2022 (remaining 3 months) $ 11 2023 144 2024 127 2025 66 2026 87 Thereafter 1,735 Total future debt maturities $ 2,170

Leases (Tables)

Leases (Tables)	9 Months Ended
	Oct. 01, 2022
Leases [Abstract]
Future Minimum Lease Payments Under Non-cancellable Operating Leases	Future minimum lease payments under non-cancellable leases as of October 1, 2022 were as follows (in millions): 2022 (remaining 3 months) $ 8 2023 46 2024 44 2025 32 2026 25 Thereafter 64 Total future minimum lease payments $ 219 Less: Interest (34) Present value of lease liabilities $ 185 Reported as of October 1, 2022: Current portion of lease liabilities $ 35 Long-term lease liabilities 150 Present value of lease liabilities $ 185

Accrued Liabilities, Commitme_2

Accrued Liabilities, Commitments and Contingencies (Tables)	9 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Accrued Liabilities	The components of Accrued liabilities are as follows (in millions): October 1, December 31, Settlement and related costs $ 180 $ — Payroll and benefits 86 96 Incentive compensation 78 155 Warranty 27 26 Customer rebates 44 51 Leases 35 33 Unremitted cash collections due to banks on factored accounts receivable 113 141 Short-term interest rate swaps — 15 Freight and duty 40 45 Other 72 77 Accrued liabilities $ 675 $ 639
Schedule of Accrued Warranty Obligations	The following table is a summary of the Company’s accrued warranty obligations (in millions): Nine Months Ended October 1, October 2, Balance at the beginning of the period $ 26 $ 24 Warranty expense 23 25 Warranties fulfilled (22) (23) Balance at the end of the period $ 27 $ 26

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 01, 2022
Earnings Per Share [Abstract]
Schedule of Computation of (Loss) Earnings Per Share	Earnings per share (in millions, except share data): Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, Basic: Net income $ 170 $ 199 $ 277 $ 646 Weighted-average shares outstanding 51,834,236 53,418,055 52,387,838 53,449,239 Basic earnings per share $ 3.28 $ 3.72 $ 5.29 $ 12.08 Diluted: Net income $ 170 $ 199 $ 277 $ 646 Weighted-average shares outstanding 51,834,236 53,418,055 52,387,838 53,449,239 Dilutive shares 323,616 448,504 368,793 462,574 Diluted weighted-average shares outstanding 52,157,852 53,866,559 52,756,631 53,911,813 Diluted earnings per share $ 3.26 $ 3.69 $ 5.25 $ 11.98

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Oct. 01, 2022
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	The components of AOCI for the nine months ended October 1, 2022 and October 2, 2021 are as follows (in millions): Unrealized gain (loss) on sales hedging transactions Foreign currency translation adjustments Total Balance at December 31, 2020 $ (28) $ (41) $ (69) Other comprehensive income (loss) before reclassifications 41 (5) 36 Amounts reclassified from AOCI (1) 15 — 15 Tax effect (10) — (10) Other comprehensive income (loss), net of tax 46 (5) 41 Balance at October 2, 2021 $ 18 $ (46) $ (28) Balance at December 31, 2021 $ 18 $ (47) $ (29) Other comprehensive income (loss) before reclassifications 86 (16) 70 Amounts reclassified from AOCI (1) (72) — (72) Tax effect (3) — (3) Other comprehensive income (loss), net of tax 11 (16) (5) Balance at October 1, 2022 $ 29 $ (63) $ (34) (1) See Note 10, Derivative Instruments

Segment Information & Geograp_2

Segment Information & Geographic Data (Tables)	9 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Schedule of Financial Information by Segments	Financial information by segment is presented as follows (in millions): Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, Net sales: AIT $ 415 $ 378 $ 1,255 $ 1,221 EVM 963 1,058 3,023 2,945 Total segment Net sales 1,378 1,436 4,278 4,166 Corporate, eliminations (1) — — — (6) Total Net sales $ 1,378 $ 1,436 $ 4,278 $ 4,160 Operating income: AIT (2) $ 83 $ 78 $ 240 $ 289 EVM (2) 161 194 531 565 Total segment operating income 244 272 771 854 Corporate eliminations (1) (42) (35) (502) (98) Total Operating income $ 202 $ 237 $ 269 $ 756 (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, as well as certain other non-recurring costs (such as the Settlement and related costs in the current year). (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 Nine Months Ended October 1, October 2, October 1, October 2, North America $ 690 $ 728 $ 2,103 $ 2,108 EMEA 456 504 1,477 1,458 Asia-Pacific 158 135 459 392 Latin America 74 69 239 202 Total Net sales $ 1,378 $ 1,436 $ 4,278 $ 4,160

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue By Product Category And Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Disaggregation of Revenue [Line Items]
Total Net sales	$ 1,378	$ 1,436	$ 4,278	$ 4,160
Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	1,164	1,240	3,630	3,585
Services and software
Disaggregation of Revenue [Line Items]
Total Net sales	214	196	648	575
AIT
Disaggregation of Revenue [Line Items]
Total Net sales	415	378	1,255	1,221
AIT | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	392	354	1,184	1,151
AIT | Services and software
Disaggregation of Revenue [Line Items]
Total Net sales	23	24	71	70
EVM
Disaggregation of Revenue [Line Items]
Total Net sales	963	1,058	3,023	2,945
EVM | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	772	886	2,446	2,434
EVM | Services and software
Disaggregation of Revenue [Line Items]
Total Net sales	191	172	577	511
Corporate, eliminations
Disaggregation of Revenue [Line Items]
Total Net sales	0	0	0	(6)
Corporate, eliminations | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	0	0	0	0
Corporate, eliminations | Services and software
Disaggregation of Revenue [Line Items]
Total Net sales	$ 0	$ 0	$ 0	$ (6)

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract, impairment loss			$ 0	$ 0
Deferred revenue	$ 724,000,000		724,000,000		$ 695,000,000
Revenue recognized which was previously included in deferred revenue	92,000,000	$ 74,000,000	329,000,000	$ 259,000,000
Prepaid expenses and other current assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	14,000,000		14,000,000		10,000,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation					$ 1,033,000,000
Expected recognition period					2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,056,000,000		$ 1,056,000,000
Expected recognition period	2 years		2 years

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 292	$ 196
Work in process	3	3
Finished goods	519	292
Total Inventories, net	$ 814	$ 491

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Jun. 03, 2022	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Business Acquisition [Line Items]
Cash purchase consideration				$ 878	$ 307
Acquisition and integration costs		$ 1	$ 6	$ 19	$ 11
Matrox Imaging
Business Acquisition [Line Items]
Purchase price	$ 878
Cash purchase consideration	$ 875
Additional cash		3
Increase decrease in deferred tax liabilities		(11)
Purchase price allocation adjustments		29
Matrox Imaging | Customer Relationships
Business Acquisition [Line Items]
Measurement period adjustments		36
Matrox Imaging | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Measurement period adjustments		4
Matrox Imaging | Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Granted (in shares)	13
Future service period	3 years
Antuit Holdings Pte. Ltd. (“Antuit”)
Business Acquisition [Line Items]
Increase decrease in deferred tax liabilities		(7)
Purchase price allocation adjustments		(5)
Increase to accounts payable		$ 2

Business Acquisitions - Prelimi

Business Acquisitions - Preliminary Purchase Price Allocation To Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jun. 03, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill on acquisition	$ 3,891		$ 3,265
Matrox Imaging
Business Acquisition [Line Items]
Identifiable intangible assets		$ 297
Inventory		33
Other assets acquired		13
Deferred tax liabilities		(79)
Other liabilities assumed		(21)
Net assets acquired		243
Goodwill on acquisition		635
Total purchase price		$ 878

Business Acquisitions - Preli_2

Business Acquisitions - Preliminary Purchase Price Allocation To Identifiable Intangible Assets (Details) - Matrox Imaging $ in Millions	Jun. 03, 2022 USD ($)
Asset Acquisition [Line Items]
Fair Value	$ 297
Customer and other relationships
Asset Acquisition [Line Items]
Fair Value	$ 232
Useful Life (in years)	11 years
Technology and patents
Asset Acquisition [Line Items]
Fair Value	$ 63
Useful Life (in years)	7 years
Trade names
Asset Acquisition [Line Items]
Fair Value	$ 2
Useful Life (in years)	2 years

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Changes in Net Carrying Value of Goodwill (Detail) $ in Millions	9 Months Ended
	Oct. 01, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 3,265
Matrox acquisition	635
Foreign exchange impact	(6)
Ending balance	3,891
Fetch
Goodwill [Roll Forward]
Purchase price allocation adjustments	2
Antuit Holdings Pte. Ltd,
Goodwill [Roll Forward]
Purchase price allocation adjustments	(5)
AIT
Goodwill [Roll Forward]
Beginning balance	169
Matrox acquisition	0
Foreign exchange impact	0
Ending balance	169
AIT | Fetch
Goodwill [Roll Forward]
Purchase price allocation adjustments	0
AIT | Antuit Holdings Pte. Ltd,
Goodwill [Roll Forward]
Purchase price allocation adjustments	0
EVM
Goodwill [Roll Forward]
Beginning balance	3,096
Matrox acquisition	635
Foreign exchange impact	(6)
Ending balance	3,722
EVM | Fetch
Goodwill [Roll Forward]
Purchase price allocation adjustments	2
EVM | Antuit Holdings Pte. Ltd,
Goodwill [Roll Forward]
Purchase price allocation adjustments	$ (5)

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Amortized Intangible Assets (Detail) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,875	$ 1,584
Accumulated Amortization	(1,216)	(1,115)
Total	659	469
Technology and patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	950	889
Accumulated Amortization	(605)	(566)
Total	345	323
Customer and other relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	859	631
Accumulated Amortization	(562)	(503)
Total	297	128
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	66	64
Accumulated Amortization	(49)	(46)
Total	$ 17	$ 18

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 39	$ 29	$ 107	$ 81

Goodwill and Other Intangible_5

Goodwill and Other Intangibles - Estimated Future Intangible Asset Amortization Expense (Detail) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining 3 months)	$ 29
2023	102
2024	98
2025	96
2026	93
Thereafter	241
Total	$ 659	$ 469

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Equity securities held	$ 113		$ 113		$ 101
Purchases of long-term investments	$ 6	$ 7	$ 12	$ 24
Gain on investments		$ 1

Exit and Restructuring Costs (D

Exit and Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Restructuring Cost and Reserve [Line Items]
Exit and restructuring costs	$ 2	$ 0	$ 4	$ 0
2022 Productivity Plan
Restructuring Cost and Reserve [Line Items]
Estimated remaining costs (at least)	$ 10		$ 10
Exit and restructuring costs		$ 2

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Assets:
Total Assets at fair value	$ 150	$ 60
Liabilities:
Total Liabilities at fair value	32	53
Level 1
Assets:
Total Assets at fair value	37	37
Liabilities:
Total Liabilities at fair value	32	37
Level 2
Assets:
Total Assets at fair value	113	23
Liabilities:
Total Liabilities at fair value	0	16
Level 3
Assets:
Total Assets at fair value	0	0
Liabilities:
Total Liabilities at fair value	0	0
Foreign exchange contracts
Assets:
Derivative assets	42	23
Foreign exchange contracts | Level 1
Assets:
Derivative assets	5	0
Foreign exchange contracts | Level 2
Assets:
Derivative assets	37	23
Foreign exchange contracts | Level 3
Assets:
Derivative assets	0	0
Forward interest rate swaps
Assets:
Derivative assets	76
Liabilities:
Derivative liabilities		16
Forward interest rate swaps | Level 1
Assets:
Derivative assets	0
Liabilities:
Derivative liabilities		0
Forward interest rate swaps | Level 2
Assets:
Derivative assets	76
Liabilities:
Derivative liabilities		16
Forward interest rate swaps | Level 3
Assets:
Derivative assets	0
Liabilities:
Derivative liabilities		0
Money market investments related to deferred compensation plan
Assets:
Money market investments related to deferred compensation plan	32	37
Money market investments related to deferred compensation plan | Level 1
Assets:
Money market investments related to deferred compensation plan	32	37
Money market investments related to deferred compensation plan | Level 2
Assets:
Money market investments related to deferred compensation plan	0	0
Money market investments related to deferred compensation plan | Level 3
Assets:
Money market investments related to deferred compensation plan	0	0
Liabilities related to the deferred compensation plan
Liabilities:
Liabilities related to the deferred compensation plan	32	37
Liabilities related to the deferred compensation plan | Level 1
Liabilities:
Liabilities related to the deferred compensation plan	32	37
Liabilities related to the deferred compensation plan | Level 2
Liabilities:
Liabilities related to the deferred compensation plan	0	0
Liabilities related to the deferred compensation plan | Level 3
Liabilities:
Liabilities related to the deferred compensation plan	$ 0	$ 0

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Derivative [Line Items]
Total net derivative asset	$ 118	$ 7
Derivative instruments designated as hedges
Derivative [Line Items]
Total net derivative asset	37	23
Derivative instruments designated as hedges | Prepaid expenses and other current assets | Foreign exchange contracts
Derivative [Line Items]
Total Assets at fair value	37	23
Derivative instruments not designated as hedges
Derivative [Line Items]
Total net derivative asset	81	(16)
Derivative instruments not designated as hedges | Prepaid expenses and other current assets | Foreign exchange contracts
Derivative [Line Items]
Total Assets at fair value	5	0
Derivative instruments not designated as hedges | Prepaid expenses and other current assets | Forward interest rate swaps
Derivative [Line Items]
Total Assets at fair value	18	0
Derivative instruments not designated as hedges | Other long-term liabilities | Forward interest rate swaps
Derivative [Line Items]
Total Liabilities at fair value	0	(1)
Derivative instruments not designated as hedges | Accrued liabilities | Forward interest rate swaps
Derivative [Line Items]
Total Liabilities at fair value	0	(15)
Derivative instruments not designated as hedges | Other long-term assets | Forward interest rate swaps
Derivative [Line Items]
Total Assets at fair value	$ 58	$ 0

Derivative Instruments - Net Ga

Derivative Instruments - Net Gains (Losses) from Changes in Fair Value (Details) - Derivative instruments not designated as hedges - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) recognized in income	$ 48	$ 0	$ 101	$ 5
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) recognized in income	9	1	17	1
Forward interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) recognized in income	$ 39	$ (1)	$ 84	$ 4

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) € in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022 USD ($) derivative	Oct. 02, 2021 USD ($)	Oct. 01, 2022 USD ($) derivative	Oct. 02, 2021 USD ($)	Oct. 01, 2022 EUR (€) derivative	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)
Change in unrealized gain (loss) on anticipated sales hedging:
Increase for gross asset and liability presentation						$ 1,000,000
Derivative instruments not designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Gain (loss) on contract	$ 48,000,000	$ 0	$ 101,000,000	$ 5,000,000
Foreign currency exchange forward | Derivative instruments designated as hedges | Cash flow hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Maturity period			12 months
Statements of Operations Classification	Total Net sales	Total Net sales	Total Net sales	Total Net sales
Gain (loss) on contract	$ 29,000,000	$ 5,000,000	$ 72,000,000	$ 15,000,000
Derivative forward long-term interest rate swap | €					€ 405		€ 675
Foreign currency 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 forward long-term interest rate swap	$ 800,000,000		$ 800,000,000			$ 800,000,000
Number of agreements | derivative	1		1		1
Forward interest rate swaps | Derivative instruments not designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Gain (loss) on contract	$ 39,000,000	$ (1,000,000)	$ 84,000,000	$ 4,000,000

Derivative Instruments - Notion

Derivative Instruments - Notional Values and Net Fair Value of Outstanding Contracts (Details) - Foreign currency exchange forward € in Millions, £ in Millions, zł in Millions, $ in Millions, $ in Millions, $ in Millions

Oct. 01, 2022 GBP (£)

Oct. 01, 2022 EUR (€)

Oct. 01, 2022 SGD ($)

Oct. 01, 2022 MXN ($)

Oct. 01, 2022 PLN (zł)

Oct. 01, 2022 USD ($)

Dec. 31, 2021 GBP (£)

Dec. 31, 2021 EUR (€)

Dec. 31, 2021 SGD ($)

Dec. 31, 2021 MXN ($)

Dec. 31, 2021 PLN (zł)

Dec. 31, 2021 USD ($)

U.S. dollar

Derivative [Line Items]

Notional balance of outstanding contracts

£ 16

€ 219

$ 8

$ 293

zł 25

£ 13

€ 142

$ 16

$ 64

zł 103

Net fair value of assets of outstanding contracts | $

$ 5

$ 0

Czech Republic, Koruny

Derivative [Line Items]

Notional balance of outstanding contracts | €

€ 15

€ 16

Long-Term Debt - Carrying Value

Long-Term Debt - Carrying Value of Debt (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 2,170	$ 996
Less: Debt issuance costs	(4)	(3)
Less: Unamortized discounts	(5)	(2)
Less: Current portion of debt	(144)	(69)
Total long-term debt	2,017	922
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	248	0
Term Loan A | Loans Payable
Debt Instrument [Line Items]
Total debt	1,739	888
Receivables Financing Facilities | Secured Debt
Debt Instrument [Line Items]
Total debt	$ 183	$ 108

Long-Term Debt - Future Maturit

Long-Term Debt - Future Maturities of Long-Term Debt (Details) $ in Millions	Oct. 01, 2022 USD ($)
Debt Disclosure [Abstract]
2022 (remaining 3 months)	$ 11
2023	144
2024	127
2025	66
2026	87
Thereafter	1,735
Total future debt maturities	$ 2,170

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Oct. 01, 2022	May 31, 2022	Apr. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Estimated fair value debt	$ 2,100,000,000			$ 1,000,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Total borrowing limits (up to)	$ 1,500,000,000
Term Loan A Amendment No 3 | Loans Payable
Debt Instrument [Line Items]
Total borrowing limits (up to)		$ 1,750,000,000	$ 875,000,000
Amended and Restated Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Total borrowing limits (up to)		1,500,000,000	$ 1,000,000,000
One-time charges		2,000,000
Debt issuance costs		$ 6,000,000

Long-Term Debt - Term Loan A (D

Long-Term Debt - Term Loan A (Details)	Oct. 01, 2022
Loans Payable | Term Loan A
Debt Instrument [Line Items]
Percentage bearing variable interest, percentage rate	3.10%

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility	Oct. 01, 2022 USD ($)
Line of Credit Facility [Line Items]
Letters of credit	$ 7,000,000
Maximum borrowing capacity	1,500,000,000
Funds available for other borrowing	$ 1,493,000,000
Average interest rate	4.17%

Long-Term Debt - Receivable Fin

Long-Term Debt - Receivable Financing Facility (Details) - Secured Debt	Oct. 01, 2022 USD ($) facility
Receivables Financing Facilities
Line of Credit Facility [Line Items]
Number of receivable financing facilities | facility	2
Total borrowing limits (up to)	$ 280,000,000
Accounts receivable pledged	773,000,000
Outstanding borrowings	183,000,000
Line of credit, current	$ 100,000,000
Revolving credit facility interest rate	4.04%
First Receivables Financing Facility
Line of Credit Facility [Line Items]
Total borrowing limits (up to)	$ 180,000,000
Second Receivables Financing Facility
Line of Credit Facility [Line Items]
Total borrowing limits (up to)	$ 100,000,000

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended
	Oct. 01, 2022 USD ($) facility
Leases [Abstract]
ROU assets obtained in exchange for lease obligations | $	$ 14
Extensions | facility	2

Leases - Future Minimum lease P

Leases - Future Minimum lease Payments Under Non-cancellable Leases (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining 3 months)	$ 8
2023	46
2024	44
2025	32
2026	25
Thereafter	64
Total future minimum lease payments	219
Less: Interest	(34)
Present value of lease liabilities	185
Leases	35	$ 33
Long-term lease liabilities	150	$ 121
Present value of lease liabilities	$ 185

Accrued Liabilities, Commitme_3

Accrued Liabilities, Commitments and Contingencies - Schedule of Components of Accrued Liabilities (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 31, 2021	Oct. 02, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Settlement and related costs	$ 180	$ 0
Payroll and benefits	86	96
Incentive compensation	78	155
Warranty	27	26	$ 26	$ 24
Customer rebates	44	51
Leases	35	33
Unremitted cash collections due to banks on factored accounts receivable	113	141
Freight and duty	40	45
Other	72	77
Accrued liabilities	$ 675	$ 639
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Forward interest rate swaps
Loss Contingencies [Line Items]
Short-term interest rate swaps	$ 0	$ 15

Accrued Liabilities, Commitme_4

Accrued Liabilities, Commitments and Contingencies - Schedule of Accrued Warranty Obligations (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at the beginning of the period	$ 26	$ 24
Warranty expense	23	25
Warranties fulfilled	(22)	(23)
Balance at the end of the period	$ 27	$ 26

Accrued Liabilities, Commitme_5

Accrued Liabilities, Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended			9 Months Ended
	Oct. 01, 2022 USD ($)	Jul. 02, 2022 USD ($) payment	Oct. 02, 2021 USD ($)	Oct. 01, 2022 USD ($)	Oct. 02, 2021 USD ($)
Loss Contingencies [Line Items]
Settlement and related costs	$ 0		$ 0	$ 372	$ 0
Settlement
Loss Contingencies [Line Items]
Agreed payment		$ 360
Settlement and related costs		360
External legal fees		12
Quarterly payment		$ 45
Number of quarterly payments | payment		8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Income Tax Disclosure [Abstract]
Effective tax rates	23.40%	13.20%	12.70%	12.90%
Unrecognized tax benefits that may reverse	$ 2		$ 2

Earnings Per Share - Computatio

Earnings Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Oct. 01, 2022	Oct. 02, 2021
Basic:
Net income	$ 170	$ (98)	$ 205	$ 199	$ 219	$ 228	$ 277	$ 646
Weighted-average shares outstanding (in shares)	51,834,236			53,418,055			52,387,838	53,449,239
Basic (loss) earnings per share (in USD per share)	$ 3.28			$ 3.72			$ 5.29	$ 12.08
Diluted:
Net income	$ 170	$ (98)	$ 205	$ 199	$ 219	$ 228	$ 277	$ 646
Weighted-average shares outstanding (in shares)	51,834,236			53,418,055			52,387,838	53,449,239
Dilutive shares (in shares)	323,616			448,504			368,793	462,574
Diluted weighted-average shares outstanding (in shares)	52,157,852			53,866,559			52,756,631	53,911,813
Diluted (loss) earnings per share (in USD per share)	$ 3.26			$ 3.69			$ 5.25	$ 11.98

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	195,922	25,355	169,810	8,391

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 2,984	$ 2,144
Other comprehensive income (loss) before reclassifications	70	36
Amounts reclassified from AOCI	(72)	15
Tax effect	(3)	(10)
Other comprehensive income (loss), net of tax	(5)	41
Ending balance	2,657	2,816
Unrealized gain (loss) on sales hedging transactions
AOCI Attributable to Parent, Net of Tax
Beginning balance	18	(28)
Other comprehensive income (loss) before reclassifications	86	41
Amounts reclassified from AOCI	(72)	15
Tax effect	(3)	(10)
Other comprehensive income (loss), net of tax	11	46
Ending balance	29	18
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(47)	(41)
Other comprehensive income (loss) before reclassifications	(16)	(5)
Amounts reclassified from AOCI	0	0
Tax effect	0	0
Other comprehensive income (loss), net of tax	(16)	(5)
Ending balance	(63)	(46)
Total
AOCI Attributable to Parent, Net of Tax
Beginning balance	(29)	(69)
Ending balance	$ (34)	$ (28)

Accounts Receivable Factoring (

Accounts Receivable Factoring (Details) € in Millions, $ in Millions	9 Months Ended
	Oct. 01, 2022 USD ($)	Oct. 02, 2021 USD ($)	Oct. 01, 2022 EUR (€) agreement	Oct. 01, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)
Transfer of Financial Assets Accounted for as Sales [Line Items]
Remaining active agreements | agreement			2	2
Proceeds from sale of accounts receivables	$ 1,135	$ 1,161
Uncollected receivables sold and removed from the balance sheet				$ 55	$ 24
Unremitted cash collections due to banks on factored accounts receivable				113	141
Prepaid expenses and other current assets
Transfer of Financial Assets Accounted for as Sales [Line Items]
Deposits				$ 11	$ 12
EMEA
Transfer of Financial Assets Accounted for as Sales [Line Items]
Eligible uncollected receivables available (up to) | €			€ 25
EMEA And Asia Pacific
Transfer of Financial Assets Accounted for as Sales [Line Items]
Eligible uncollected receivables available (up to) | €			€ 150

Segment Information & Geograp_3

Segment Information & Geographic Data - Additional Information (Details)	9 Months Ended
	Oct. 01, 2022 segment
Segment Reporting [Abstract]
Reportable segments	2

Segment Information & Geograp_4

Segment Information & Geographic Data - Financial Information by Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Net sales:
Total Net sales	$ 1,378	$ 1,436	$ 4,278	$ 4,160
Operating income:
Operating income	202	237	269	756
AIT
Net sales:
Total Net sales	415	378	1,255	1,221
EVM
Net sales:
Total Net sales	963	1,058	3,023	2,945
Operating segments
Net sales:
Total Net sales	1,378	1,436	4,278	4,166
Operating income:
Operating income	244	272	771	854
Operating segments | AIT
Net sales:
Total Net sales	415	378	1,255	1,221
Operating income:
Operating income	83	78	240	289
Operating segments | EVM
Net sales:
Total Net sales	963	1,058	3,023	2,945
Operating income:
Operating income	161	194	531	565
Corporate eliminations
Net sales:
Total Net sales	0	0	0	(6)
Operating income:
Operating income	$ (42)	$ (35)	$ (502)	$ (98)

Segment Information & Geograp_5

Segment Information & Geographic Data - Net Sales to Customers by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Segment Reporting Information [Line Items]
Total Net sales	$ 1,378	$ 1,436	$ 4,278	$ 4,160
North America
Segment Reporting Information [Line Items]
Total Net sales	690	728	2,103	2,108
EMEA
Segment Reporting Information [Line Items]
Total Net sales	456	504	1,477	1,458
Asia-Pacific
Segment Reporting Information [Line Items]
Total Net sales	158	135	459	392
Latin America
Segment Reporting Information [Line Items]
Total Net sales	$ 74	$ 69	$ 239	$ 202