Zebra Technologies (ZBRA) 10-Q 1 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 01, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
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		51,338,364
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000877212
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 68	$ 105
Accounts receivable, net of allowances for doubtful accounts of $1 each as of July 1, 2023 and December 31, 2022	663	768
Inventories, net	864	860
Income tax receivable	20	26
Prepaid expenses and other current assets	138	124
Total Current assets	1,753	1,883
Property, plant and equipment, net	301	278
Right-of-use lease assets	173	156
Goodwill	3,895	3,899
Other intangibles, net	578	630
Deferred income taxes	441	407
Other long-term assets	315	276
Total Assets	7,456	7,529
Current liabilities:
Current portion of long-term debt	166	214
Accounts payable	562	811
Accrued liabilities	583	744
Deferred revenue	443	425
Income taxes payable	16	138
Total Current liabilities	1,770	2,332
Long-term debt	2,042	1,809
Long-term lease liabilities	157	139
Deferred income taxes	75	75
Long-term deferred revenue	331	333
Other long-term liabilities	89	108
Total Liabilities	4,464	4,796
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	580	561
Treasury stock at cost, 20,818,920 and 20,700,357 shares as of July 1, 2023 and December 31, 2022, respectively	(1,859)	(1,799)
Retained earnings	4,330	4,036
Accumulated other comprehensive loss	(60)	(66)
Total Stockholders’ Equity	2,992	2,733
Total Liabilities and Stockholders’ Equity	$ 7,456	$ 7,529

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1	$ 1
Preferred stock, par value (in 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 (in 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)	20,818,920	20,700,357

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Net sales:
Total Net sales	$ 1,214	$ 1,468	$ 2,619	$ 2,900
Cost of sales:
Total Cost of sales	633	794	1,371	1,589
Gross profit	581	674	1,248	1,311
Operating expenses:
Selling and marketing	146	151	307	303
Research and development	130	148	276	285
General and administrative	69	97	168	196
Settlement and related costs	0	372	0	372
Amortization of intangible assets	26	35	52	68
Acquisition and integration costs	2	14	2	18
Exit and restructuring costs	14	2	24	2
Total Operating expenses	387	819	829	1,244
Operating income (loss)	194	(145)	419	67
Other (loss) income, net:
Foreign exchange (loss) gain	(5)	(3)	(4)	5
Interest (expense) income, net	(16)	(3)	(53)	27
Other (expense), net	(2)	(2)	(6)	(2)
Total Other (expense) income, net	(23)	(8)	(63)	30
Income (loss) before income tax	171	(153)	356	97
Income tax expense (benefit)	27	(55)	62	(10)
Net income (loss)	$ 144	$ (98)	$ 294	$ 107
Basic earnings (loss) per share (in USD per share)	$ 2.80	$ (1.87)	$ 5.72	$ 2.04
Diluted earnings (loss) per share (in USD per share)	$ 2.78	$ (1.87)	$ 5.68	$ 2.02
Tangible Products
Net sales:
Total Net sales	$ 986	$ 1,259	$ 2,156	$ 2,466
Cost of sales:
Total Cost of sales	522	685	1,140	1,366
Services and software
Net sales:
Total Net sales	228	209	463	434
Cost of sales:
Total Cost of sales	$ 111	$ 109	$ 231	$ 223

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 144	$ (98)	$ 294	$ 107
Other comprehensive income (loss), net of tax:
Changes in unrealized gains on anticipated sales hedging transactions	4	7	1	12
Foreign currency translation adjustment	2	(6)	5	(11)
Comprehensive income (loss)	$ 150	$ (97)	$ 300	$ 108

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, 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)
Repurchase 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)	107
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)
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)
Repurchase 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)
Beginning balance (in shares) at Dec. 31, 2022		51,451,500
Beginning balance at Dec. 31, 2022	2,733	$ 1	561	(1,799)	4,036	(66)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		29,784
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	5		5
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(504)
Share-based compensation	18		18
Repurchase of common stock (in shares)		(55,811)
Repurchase of common stock	(15)			(15)
Net income (loss)	150				150
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	(3)					(3)
Foreign currency translation adjustment	3					3
Ending balance (in shares) at Apr. 01, 2023		51,424,969
Ending balance at Apr. 01, 2023	2,891	$ 1	584	(1,814)	4,186	(66)
Beginning balance (in shares) at Dec. 31, 2022		51,451,500
Beginning balance at Dec. 31, 2022	2,733	$ 1	561	(1,799)	4,036	(66)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	294
Ending balance (in shares) at Jul. 01, 2023		51,332,937
Ending balance at Jul. 01, 2023	2,992	$ 1	580	(1,859)	4,330	(60)
Beginning balance (in shares) at Apr. 01, 2023		51,424,969
Beginning balance at Apr. 01, 2023	2,891	$ 1	584	(1,814)	4,186	(66)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		75,271
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	(5)		(6)	1
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(28,795)
Shares withheld to fund withholding tax obligations related to share-based compensation plans	(9)			(9)
Share-based compensation	2		2
Repurchase of common stock (in shares)		(138,508)
Repurchase of common stock	(37)			(37)
Net income (loss)	144				144
Changes in unrealized gains and losses on anticipated sales hedging transactions (net of income taxes)	4					4
Foreign currency translation adjustment	2					2
Ending balance (in shares) at Jul. 01, 2023		51,332,937
Ending balance at Jul. 01, 2023	$ 2,992	$ 1	$ 580	$ (1,859)	$ 4,330	$ (60)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities:
Net income	$ 294	$ 107
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	88	103
Share-based compensation	20	42
Deferred income taxes	(29)	(124)
Unrealized loss (gain) on forward interest rate swaps	1	(52)
Other, net	2	3
Changes in operating assets and liabilities:
Accounts receivable, net	105	(170)
Inventories, net	(3)	(108)
Other assets	(22)	(52)
Accounts payable	(273)	121
Accrued liabilities	(107)	(77)
Deferred revenue	16	34
Income taxes	(116)	(9)
Settlement liability	(90)	320
Other operating activities	4	16
Net cash (used in) provided by operating activities	(110)	154
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	0	(875)
Purchases of property, plant and equipment	(34)	(31)
Purchases of long-term investments	(1)	(6)
Net cash used in investing activities	(35)	(912)
Cash flows from financing activities:
Payment of debt issuance costs, extinguishment costs and discounts	0	(8)
Payments of long-term debt	(183)	(119)
Proceeds from issuance of long-term debt	368	1,294
Payments for repurchases of common stock	(52)	(605)
Net proceeds related to share-based compensation plans	(9)	(16)
Change in unremitted cash collections from servicing factored receivables	(27)	(28)
Net cash provided by financing activities	97	518
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	(1)	(6)
Net decrease in cash and cash equivalents, including restricted cash	(49)	(246)
Cash and cash equivalents, including restricted cash, at beginning of period	117	344
Cash and cash equivalents, including restricted cash, at end of period	68	98
Less restricted cash, included in Prepaid expenses and other current assets	0	0
Cash and cash equivalents at end of period	68	98
Supplemental disclosures of cash flow information:
Income taxes paid	212	120
Interest paid	$ 50	$ 15

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jul. 01, 2023
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 (“AIDC”) industry. We design, manufacture, and sell a broad range of products and solutions, as well as various workflow optimization solutions, including cloud-based software subscriptions and robotic automation solutions. 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, 2022. 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 July 1, 2023, the Consolidated Statements of Operations, Comprehensive Income (Loss) and Stockholders’ Equity for the three and six months ended July 1, 2023 and July 2, 2022, and the Consolidated Statement of Cash Flows for the six months ended July 1, 2023 and July 2, 2022. These results, however, are not necessarily indicative of the results expected for the full fiscal year ending December 31, 2023.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jul. 01, 2023
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, 2022. There have been no changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended December 31, 2022.

Revenues

Revenues	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company recognizes revenue to depict the transfer of goods, solutions or services to a customer at an amount that reflects the consideration which it expects to receive for providing those goods, solutions 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 (in millions): Three Months Ended July 1, 2023 July 2, 2022 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 432 $ 27 $ 459 $ 441 $ 26 $ 467 EVM 554 201 755 818 183 1,001 Total $ 986 $ 228 $ 1,214 $ 1,259 $ 209 $ 1,468 Six Months Ended July 1, 2023 July 2, 2022 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 927 $ 54 $ 981 $ 824 $ 54 $ 878 EVM 1,229 409 1,638 1,642 380 2,022 Total $ 2,156 $ 463 $ 2,619 $ 2,466 $ 434 $ 2,900 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 relate to repair and support services, as well as software solutions. The aggregated transaction price allocated to remaining performance obligations for arrangements with an original term exceeding one year was $1,130 million and $1,105 million, inclusive of deferred revenue, as of July 1, 2023 and December 31, 2022, respectively. On average, remaining performance obligations as of July 1, 2023 and December 31, 2022 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 $16 million as of July 1, 2023 and December 31, 2022, respectively. These contract assets result from timing differences between billing and satisfying performance obligations, as well as the impact of 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 six months ended July 1, 2023 and July 2, 2022, 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 $774 million and $758 million as of July 1, 2023 and December 31, 2022, respectively. During the three and six months ended July 1, 2023, the Company recognized $114 million and $249 million in revenue, which was previously included in the beginning balance of deferred revenue as of December 31,

Inventories

Inventories	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories The components of Inventories, net are as follows (in millions): July 1, December 31, Raw materials (1) $ 345 $ 293 Work in process 5 4 Finished goods 514 563 Total Inventories, net $ 864 $ 860 (1) Raw material inventories primarily consist of product components as well as supplies used in repair operations.

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions Matrox During the second quarter of 2023, the Company finalized the purchase price allocation for its acquisition of Matrox Electronic Systems Ltd. (“Matrox”). The measurement period adjustments recorded in the current year, all relating to facts and circumstances existing as of the acquisition date, were insignificant.

Investments

Investments	6 Months Ended
	Jul. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The carrying value of the Company’s long-term investments, which are included in Other long-term assets on the Consolidated Balance Sheets, was $113 million as of both July 1, 2023 and December 31, 2022. The Company paid $1 million and $6 million for the purchase of long-term investments during the six months ended July 1, 2023 and July 2, 2022, respectively. Net gains and losses related to the Company’s long-term investments are included within Other (expense), net on the Consolidated Statements of Operations. There were no net gains or losses during the three months ended July 1, 2023. The Company recognized net losses of $1 million during the six months ended July 1, 2023. The Company did not recognize any net gains or losses during the three and six months ended July 2, 2022.

Exit and Restructuring Costs

Exit and Restructuring Costs	6 Months Ended
	Jul. 01, 2023
Restructuring and Related Activities [Abstract]
Exit and Restructuring Costs	Exit and Restructuring Costs The Company expanded the scope of the 2022 Productivity Plan, which is still expected to be substantially completed in 2023, with a total cost now estimated to be at least $60 million. Total Exit and restructuring charges associated with the 2022 Productivity Plan to date were $36 million, including $14 million and $24 million recorded for the three and six months ended July 1, 2023, respectively. The Company’s obligations under the 2022 Productivity Plan are expected to be substantially settled by the first quarter of 2024 and are primarily reflected within Accrued liabilities on the Consolidated Balance Sheets. In addition, the Company initiated a voluntary retirement plan (“VRP”) applicable to retirement-eligible U.S. employees to generate incremental cost efficiencies. Employees who participate in the VRP agree to retire in 2023 in exchange for cash severance and other benefits that will be classified within Exit and restructuring on the Consolidated Statements of Operations. The Company estimates the total cost of the VRP will be approximately $45 million and will be recorded in the third quarter aligned with the Company’s commitment to the VRP obligations. Payment obligations are expected to be substantially settled by the first quarter of 2024 and will be reflected within Accrued liabilities on the Consolidated Balance Sheets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 01, 2023
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. ASC Topic 820 established 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 July 1, 2023, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Forward interest rate swap contracts (2) $ — $ 108 $ — $ 108 Investments related to the deferred compensation plan 38 — — 38 Total Assets at fair value $ 38 $ 108 $ — $ 146 Liabilities: Foreign exchange contracts (1) $ 2 $ 13 $ — $ 15 Forward interest rate swap contracts (2) — 36 — 36 Liabilities related to the deferred compensation plan 38 — — 38 Total Liabilities at fair value $ 40 $ 49 $ — $ 89 The Company’s financial assets and liabilities carried at fair value as of December 31, 2022, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Forward interest rate swap contracts (2) $ — $ 72 $ — $ 72 Investments related to the deferred compensation plan 35 — — 35 Total Assets at fair value $ 35 $ 72 $ — $ 107 Liabilities: Foreign exchange contracts (1) $ 5 $ 14 $ — $ 19 Liabilities related to the deferred compensation plan 35 — — 35 Total Liabilities at fair value $ 40 $ 14 $ — $ 54 (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 denominated in foreign currencies 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	6 Months Ended
	Jul. 01, 2023
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 Sheets Classification July 1, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Accrued liabilities $ (13) $ (14) Total derivative instruments designated as hedges $ (13) $ (14) Derivative instruments not designated as hedges: Forward interest rate swaps Prepaid expenses and other current assets $ 40 $ 25 Forward interest rate swaps Other long-term assets 68 47 Foreign exchange contracts Accrued liabilities (2) (5) Forward interest rate swaps Accrued liabilities (14) — Forward interest rate swaps Other long-term liabilities (22) — Total derivative instruments not designated as hedges $ 70 $ 67 Total net derivative asset $ 57 $ 53 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 Six Months Ended Statements of Operations Classification July 1, July 2, July 1, July 2, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange gain (loss) $ 1 $ 9 $ (4) $ 8 Forward interest rate swaps Interest income (expense), net 18 11 11 45 Total net gain recognized in income $ 19 $ 20 $ 7 $ 53 Activities related to derivative instruments are reflected within Net cash (used in) 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 increased by $1 million and $4 million as of July 1, 2023 and December 31, 2022, respectively. 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): July 1, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 9 £ 11 Euro/U.S. Dollar € 152 € 191 Euro/Czech Koruna € 16 € 15 Japanese Yen/U.S. Dollar ¥ 579 ¥ — Singapore Dollar/U.S. Dollar S$ 11 S$ 5 Mexican Peso/U.S. Dollar Mex$ 138 Mex$ 372 Polish Zloty/U.S. Dollar zł 84 zł 47 Net fair value of liabilities of outstanding contracts $ 2 $ 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 10, Long-Term Debt for further details related to 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 variable-rate debt, based on current and projected market conditions. The Company has interest rate swap agreements with a total notional amount of $800 million to lock into a fixed SOFR interest rate base, which are subject to monthly net cash settlements effective through October 2027. In the second quarter, the Company entered into new interest rate swap agreements that contain a total notional amount of $400 million to lock into a variable interest rate base designed to offset a portion of the Company’s existing swap agreements. These agreements are subject to monthly cash settlements effective through October 2027. At the same time, the Company entered into additional new interest rate swap agreements that contain a total notional amount of $400 million to lock into a fixed SOFR interest rate base, which are subject to monthly cash settlements effective through June 2030. As a result of these transactions, the Company maintained fixed interest rates on a total notional amount of $800 million through October 2027 and a total notional amount of $400 million through June 2030. There was no cash settlement, or significant impact on the Consolidated Statement of Operations, as a result of these transactions in the second quarter of 2023.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table shows the carrying value of the Company’s debt (in millions): July 1, December 31, Term Loan A $ 1,684 $ 1,728 Revolving Credit Facility 388 50 Receivables Financing Facilities 144 254 Total debt $ 2,216 $ 2,032 Less: Debt issuance costs (4) (4) Less: Unamortized discounts (4) (5) Less: Current portion of debt (166) (214) Total long-term debt $ 2,042 $ 1,809 As of July 1, 2023, the future maturities of debt are as follows (in millions): 2023 (6 months remaining) $ — 2024 188 2025 66 2026 88 2027 1,874 Total future maturities of debt $ 2,216 All borrowings as of July 1, 2023 were denominated in U.S. Dollars. The estimated fair value of the Company’s debt approximated $2.1 billion and $2.0 billion as of July 1, 2023 and December 31, 2022, 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. Term Loan A The principal on Term Loan A is due in quarterly installments, with the next quarterly installment due in March 2024 and the majority due upon maturity in 2027. The Company may make prepayments, as it did in the first quarter of 2023, 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 July 1, 2023, the Term Loan A interest rate was 6.20%. Interest payments are 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 July 1, 2023, the Company had letters of credit totaling $9 million, which reduced funds available for borrowings under the Revolving Credit Facility from $1,500 million to $1,491 million. As of July 1, 2023, the Revolving Credit Facility had an average interest rate of 6.15%. 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. During the second quarter of 2023, the Company amended the second Receivables Financing Facility, which allows for borrowings up to $100 million, to extend the maturity to May 13, 2024, but otherwise did not substantially change the terms of the facility. As of July 1, 2023, the Company’s Consolidated Balance Sheets included $621 million of receivables that were pledged under the two Receivables Financing Facilities. As of July 1, 2023, $144 million had been borrowed and was classified as current. Borrowings under the Receivables Financing Facilities bear interest at a variable rate plus an applicable margin. As of July 1, 2023, the Receivables Financing Facilities had an average interest rate of 6.50%. Interest is paid monthly on these borrowings. Each of the Company’s borrowings 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 9 , Derivative Instruments for further information. As of July 1, 2023, the Company was in compliance with all debt covenants.

Leases

Leases	6 Months Ended
	Jul. 01, 2023
Leases [Abstract]
Leases	Leases During the six months ended July 1, 2023, the Company recorded an additional $38 million of right-of-use (“ROU”) assets obtained in exchange for lease obligations primarily related to the commencement of a new office facility lease. Future minimum lease payments under non-cancellable leases as of July 1, 2023 were as follows (in millions): 2023 (6 months remaining) $ 25 2024 48 2025 37 2026 32 2027 25 Thereafter 76 Total future minimum lease payments $ 243 Less: Interest (47) Present value of lease liabilities $ 196 Reported as of July 1, 2023: Current portion of lease liabilities $ 39 Long-term lease liabilities 157 Present value of lease liabilities $ 196 The current portion of lease liabilities is included within Accrued liabilities on the Consolidated Balance Sheets.

Accrued Liabilities, Commitment

Accrued Liabilities, Commitments and Contingencies	6 Months Ended
	Jul. 01, 2023
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): July 1, December 31, Settlement $ 135 $ 180 Unremitted cash collections due to banks on factored accounts receivable 103 130 Payroll and benefits 88 90 Customer rebates 42 55 Leases 39 37 Incentive compensation 29 100 Warranty 25 26 Foreign exchange contracts 15 19 Short-term interest rate swaps 14 — Freight and duty 12 19 Other 81 88 Accrued liabilities $ 583 $ 744 Warranties The following table is a summary of the Company’s accrued warranty obligations (in millions): Six Months Ended July 1, July 2, Balance at the beginning of the period $ 26 $ 26 Warranty expense 13 15 Warranties fulfilled (14) (15) Balance at the end of the period $ 25 $ 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 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. The payment terms under the Settlement consist of 8 quarterly payments of $45 million that began in the second quarter of 2022. The remaining 3 quarterly amounts will be paid by the first quarter of 2024 and are included within Accrued liabilities on the Consolidated Balance Sheets.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company issues share-based compensation awards under the Zebra Technologies 2018 Long-Term Incentive Plan (“2018 Plan”), approved by shareholders in 2018 which superseded and replaced all prior share-based incentive plans. Outstanding awards issued prior to the 2018 Plan are governed by the provisions of those plans until such awards have been exercised, forfeited, canceled, expired, or otherwise terminated in accordance with their terms. Awards available under the 2018 Plan include stock-settled awards, including stock-settled restricted stock units, stock-settled performance stock units, restricted stock awards, performance share awards, stock appreciation rights, incentive stock options, and non-qualified stock options. Awards available under the 2018 Plan also include cash-settled awards, including cash-settled stock appreciation rights, cash-settled restricted stock units, and cash-settled performance stock units. No awards remain available for future grants under previous plans. The Company uses treasury shares as its source for issuing shares under the share-based compensation programs. As of July 1, 2023, the Company had 2,365,581 shares of Class A Common stock remaining available to be issued under the 2018 Plan. The compensation expense from the Company’s share-based compensation plans and associated income tax benefit, excluding the effects of excess tax benefits or shortfalls, were included in the Consolidated Statements of Operations as follows (in millions): Three Months Ended Six Months Ended Compensation costs and related income tax benefit July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Cost of sales $ 2 $ 1 $ 3 $ 2 Selling and marketing 1 6 7 10 Research and development 6 10 13 16 General and administration (6) 10 3 16 Total compensation expense $ 3 $ 27 $ 26 $ 44 Income tax benefit $ 3 $ 5 $ 7 $ 8 As of July 1, 2023, total unearned compensation cost related to the Company’s share-based compensation plans was $141 million, which will be recognized over the weighted average remaining service period of approximately 1.6 years. The majority of the Company’s share-based compensation awards are generally issued as part of its employee and non-employee director incentive program during the second quarter of each fiscal year. The Company also issues awards associated with business acquisitions or other off-cycle events. The majority of the Company’s share-based compensation is comprised of stock-settled awards. Stock-settled awards Beginning in 2021, the Company began issuing stock-settled restricted stock units (“stock-settled RSUs”) and stock-settled performance share units (“stock-settled PSUs”) for the majority of its share-based compensation awards. Prior to which, the Company primarily awarded restricted stock awards (“RSAs”), performance share awards (“PSAs”), and stock appreciation rights (“SARs”). The Company’s awards are typically time-vested with stock-settled RSUs and RSAs vesting ratably in three four Vesting for each participant is subject to restrictions, such as continuous employment, except in certain cases as set forth in each stock agreement. Upon vesting, stock-settled RSUs and PSUs convert to shares of Class A Common Stock that are released to participants. RSAs and PSAs are considered participating securities, and as such, are included as part of the Company’s Class A Common Stock outstanding at the time of grant. Compensation cost for the stock-settled RSUs, stock-settled PSUs, RSAs, and PSAs is expensed over each participant’s required service period. Compensation cost is calculated as the fair market value of the Company’s Class A Common Stock on the grant date multiplied by the number of units or awards granted, net of estimated forfeitures. The expected attainment of the performance goals for the stock-settled PSUs and PSAs is reviewed at the end of each reporting period, with adjustments recorded to compensation expense in the Consolidated Statements of Operations, as necessary. As a result of this assessment, the current quarter results include a $30 million reduction in compensation costs. Fair value and compensation cost for SARs are determined using a binomial model on the grant date. The Company also issues RSAs to non-employee directors. The number of shares granted to each non-employee director is determined by dividing the value of the annual grant by the price of a share of the Company’s Class A Common Stock. New directors in any fiscal year earn a prorated amount. During the first six months of 2023, there were 6,640 shares granted to non-employee directors compared to 5,686 shares during the first six months of 2022. The shares vest immediately upon grant. A summary of the Company’s restricted and performance stock-settled awards for the six months ended July 1, 2023 is as follows: RSUs PSUs RSAs PSAs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Shares Weighted-Average Shares Weighted-Average Grant Date Fair Value Outstanding at beginning of period 242,732 $ 404.19 105,928 $ 406.89 46,971 $ 271.92 35,246 $ 245.79 Granted 279,224 265.58 104,446 258.63 6,640 271.77 — — Released (74,829) 403.10 (64) 482.42 (45,129) 252.61 (34,525) 244.97 Forfeited (11,198) 425.27 (1,096) 389.82 (1,375) 300.62 (75) 244.97 Outstanding at end of period 435,929 $ 314.40 209,214 $ 332.94 7,107 $ 384.26 646 $ 291.43 The Company did not issue any SARs during the six months ended July 1, 2023 and July 2, 2022. A summary of the Company’s SARs for the six months ended July 1, 2023 is as follows: SARs Weighted-Average Exercise Price Outstanding at beginning of period 443,476 $ 122.67 Granted — — Exercised (24,576) 98.86 Forfeited (157) 239.89 Expired — — Outstanding at end of period 418,743 $ 124.02 Exercisable at end of period 403,092 $ 118.58 The following table summarizes information about SARs outstanding as of July 1, 2023: Outstanding Exercisable Aggregate intrinsic value (in millions) $ 72 $ 72 Weighted-average remaining contractual life (in years) 2.2 2.1 The intrinsic value of SARs exercised during the six months ended July 1, 2023 and July 2, 2022 was $5 million and $6 million, respectively. The total fair value of SARs that vested during the six months ended July 1, 2023 and July 2, 2022 was $2 million and $3 million, respectively. Cash-settled awards The Company also issues cash-settled share-based compensation awards, including cash-settled stock appreciation rights, cash-settled restricted stock units and cash-settled performance stock units that are classified as liability awards. These awards are expensed over the vesting period of the related award, which is typically three years. Compensation cost is calculated as the fair value on grant date multiplied by the number of share-equivalents granted. The expected attainment of the performance goals for the cash-settled performance stock units is reviewed at the end of each reporting period, with adjustments recorded to compensation expense in the Consolidated Statements of Operations, as necessary. Cash settlement is based on the fair value of share equivalents at the time of vesting, which was $8 million and $4 million for the six months ended July 1, 2023 and July 2, 2022, respectively. Share-equivalents issued under these programs totaled 39,407 and 64,056 during the six months ended July 1, 2023 and July 2, 2022, respectively. Employee Stock Purchase Plan Eligible Zebra employees may purchase common stock at 95% of the fair market value at the date of purchase pursuant to the Zebra Technologies Corporation 2020 Employee Stock Purchase Plan (“2020 ESPP”). Employees may make purchases by cash or payroll deductions up to certain limits. The aggregate number of shares that may be purchased under the 2020 ESPP is 1,500,000 shares. As of July 1, 2023, 1,365,953 shares remained available for future purchase.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate for the three and six months ended July 1, 2023 was 15.8% and 17.4%, respectively, compared to 35.9% and (10.3)% for the three and six months ended July 2, 2022, respectively. In the current period, the variance from the 21% federal statutory rate was primarily due to U.S. tax credits and the favorable impacts of foreign earnings subject to U.S. taxation. In the prior period, 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 of 2022, lower tax rates on foreign earnings, and U.S. tax credits. The change in the effective tax rate from the prior three and six month periods was primarily due to the one-time discrete tax benefit from the Settlement in the prior period.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic net earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of diluted common shares outstanding. Diluted 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 (loss) per share (in millions, except share data): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Basic: Net income (loss) $ 144 $ (98) $ 294 $ 107 Weighted-average shares outstanding (1) 51,377,064 52,138,470 51,395,062 52,642,348 Basic earnings (loss) per share $ 2.80 $ (1.87) $ 5.72 $ 2.04 Diluted: Net income (loss) $ 144 $ (98) $ 294 $ 107 Weighted-average shares outstanding (1) 51,377,064 52,138,470 51,395,062 52,642,348 Dilutive shares (2) 330,396 — 328,964 391,381 Diluted weighted-average shares outstanding 51,707,460 52,138,470 51,724,026 53,033,729 Diluted earnings (loss) per share $ 2.78 $ (1.87) $ 5.68 $ 2.02 (1) In periods of a net loss, restricted stock and performance share awards, which are participating securities, are excluded from weighted-average shares outstanding. (2) In periods of net loss, all unvested share-based awards were anti-dilutive and therefore excluded from diluted shares. Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 247,453 and 151,872 shares that were anti-dilutive for the three and six months ended July 1, 2023, respectively. There were 630,182 and 335,476 shares that were anti-dilutive for the three and six months ended July 2, 2022, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jul. 01, 2023
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 9, 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 translates 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 changes in each component of AOCI during the six months ended July 1, 2023 and July 2, 2022 were as follows (in millions): Unrealized gain (loss) on sales hedging Foreign currency translation adjustments Total Balance at December 31, 2021 $ 18 $ (47) $ (29) Other comprehensive income (loss) before reclassifications 57 (11) 46 Amounts reclassified from AOCI (1) (43) — (43) Tax effect (2) — (2) Other comprehensive income (loss), net of tax 12 (11) 1 Balance at July 2, 2022 $ 30 $ (58) $ (28) Balance at December 31, 2022 $ (11) $ (55) $ (66) Other comprehensive (loss) income before reclassifications (9) 5 (4) Amounts reclassified from AOCI (1) 10 — 10 Other comprehensive income, net of tax 1 5 6 Balance at July 1, 2023 $ (10) $ (50) $ (60) (1) See Note 9, Derivative Instruments

Accounts Receivable Factoring

Accounts Receivable Factoring	6 Months Ended
	Jul. 01, 2023
Transfers and Servicing [Abstract]
Accounts Receivable Factoring	Accounts Receivable Factoring The Company transfers certain receivables to banks without recourse as part of its credit and cash management activities. Such transfers are accounted for as sales and the related receivables are removed from the Company’s balance sheet. 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 Cash flows from operating activities on the Consolidated Statements of Cash Flows, while sale proceeds in excess of the fair value of factored receivables are reflected in Cash flows from financing activities on the Consolidated Statements of Cash Flows. 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 $0 million and $12 million as of July 1, 2023 and December 31, 2022, respectively, and is classified within Prepaid expenses and other current assets on the Consolidated Balance Sheets. During the six months ended July 1, 2023 and July 2, 2022, the Company received cash proceeds of $751 million and $765 million, respectively, from the sales of accounts receivables under its factoring arrangements. As of July 1, 2023 and December 31, 2022, there were a total of $54 million and $61 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 $103 million and $130 million of obligations that were not yet remitted to banks as of July 1, 2023 and December 31, 2022, respectively. These obligations are included within Accrued liabilities on the Consolidated Balance Sheets, with changes in such obligations reflected within Cash flows from financing activities on the Consolidated Statements of Cash Flows.

Segment Information & Geographi

Segment Information & Geographic Data	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Segment Information & Geographic Data	Segment Information & Geographic DataThe 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 costs in the prior year). Segment assets are not reviewed by the Company’s CODM and therefore are not disclosed below. In the second quarter, our advanced location technology solutions business, which is primarily comprised of RFID devices and RTLS offerings, moved from our EVM segment into our AIT segment contemporaneous with a change in our organizational structure and management of the business. We have reported our segment results reflecting this change, including historical periods, on a comparable basis. This change does not have an impact on the Consolidated Financial Statements. Financial information by segment is presented as follows (in millions): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Net sales: AIT $ 459 $ 467 $ 981 $ 878 EVM 755 1,001 1,638 2,022 Total Net sales $ 1,214 $ 1,468 $ 2,619 $ 2,900 Operating income: AIT (2) $ 114 $ 94 $ 243 $ 150 EVM (2) 122 184 255 377 Total segment operating income 236 278 498 527 Corporate eliminations (1) (42) (423) (79) (460) Total Operating income (loss) $ 194 $ (145) $ 419 $ 67 (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 costs in the prior year). (2) AIT and EVM segment operating income includes depreciation and share-based compensation expense. The amounts of depreciation and share-based compensation expense 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. Net sales by region were as follows (in millions): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, North America $ 642 $ 714 $ 1,367 $ 1,413 EMEA 374 521 817 1,021 Asia-Pacific 122 152 276 301 Latin America 76 81 159 165 Total Net sales $ 1,214 $ 1,468 $ 2,619 $ 2,900

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 144	$ 150	$ (98)	$ 205	$ 294	$ 107

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2023
Accounting Policies [Abstract]
Revenues	Revenues The Company recognizes revenue to depict the transfer of goods, solutions or services to a customer at an amount that reflects the consideration which it expects to receive for providing those goods, solutions 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. ASC Topic 820 established 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)	6 Months Ended
	Jul. 01, 2023
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 (in millions): Three Months Ended July 1, 2023 July 2, 2022 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 432 $ 27 $ 459 $ 441 $ 26 $ 467 EVM 554 201 755 818 183 1,001 Total $ 986 $ 228 $ 1,214 $ 1,259 $ 209 $ 1,468 Six Months Ended July 1, 2023 July 2, 2022 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 927 $ 54 $ 981 $ 824 $ 54 $ 878 EVM 1,229 409 1,638 1,642 380 2,022 Total $ 2,156 $ 463 $ 2,619 $ 2,466 $ 434 $ 2,900

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventories, Net	The components of Inventories, net are as follows (in millions): July 1, December 31, Raw materials (1) $ 345 $ 293 Work in process 5 4 Finished goods 514 563 Total Inventories, net $ 864 $ 860 (1) Raw material inventories primarily consist of product components as well as supplies used in repair operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Forward interest rate swap contracts (2) $ — $ 108 $ — $ 108 Investments related to the deferred compensation plan 38 — — 38 Total Assets at fair value $ 38 $ 108 $ — $ 146 Liabilities: Foreign exchange contracts (1) $ 2 $ 13 $ — $ 15 Forward interest rate swap contracts (2) — 36 — 36 Liabilities related to the deferred compensation plan 38 — — 38 Total Liabilities at fair value $ 40 $ 49 $ — $ 89 The Company’s financial assets and liabilities carried at fair value as of December 31, 2022, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Forward interest rate swap contracts (2) $ — $ 72 $ — $ 72 Investments related to the deferred compensation plan 35 — — 35 Total Assets at fair value $ 35 $ 72 $ — $ 107 Liabilities: Foreign exchange contracts (1) $ 5 $ 14 $ — $ 19 Liabilities related to the deferred compensation plan 35 — — 35 Total Liabilities at fair value $ 40 $ 14 $ — $ 54 (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 denominated in foreign currencies 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)	6 Months Ended
	Jul. 01, 2023
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 Sheets Classification July 1, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Accrued liabilities $ (13) $ (14) Total derivative instruments designated as hedges $ (13) $ (14) Derivative instruments not designated as hedges: Forward interest rate swaps Prepaid expenses and other current assets $ 40 $ 25 Forward interest rate swaps Other long-term assets 68 47 Foreign exchange contracts Accrued liabilities (2) (5) Forward interest rate swaps Accrued liabilities (14) — Forward interest rate swaps Other long-term liabilities (22) — Total derivative instruments not designated as hedges $ 70 $ 67 Total net derivative asset $ 57 $ 53
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 Six Months Ended Statements of Operations Classification July 1, July 2, July 1, July 2, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange gain (loss) $ 1 $ 9 $ (4) $ 8 Forward interest rate swaps Interest income (expense), net 18 11 11 45 Total net gain recognized in income $ 19 $ 20 $ 7 $ 53
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): July 1, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 9 £ 11 Euro/U.S. Dollar € 152 € 191 Euro/Czech Koruna € 16 € 15 Japanese Yen/U.S. Dollar ¥ 579 ¥ — Singapore Dollar/U.S. Dollar S$ 11 S$ 5 Mexican Peso/U.S. Dollar Mex$ 138 Mex$ 372 Polish Zloty/U.S. Dollar zł 84 zł 47 Net fair value of liabilities of outstanding contracts $ 2 $ 5

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Carrying Value of Long-term Debt	The following table shows the carrying value of the Company’s debt (in millions): July 1, December 31, Term Loan A $ 1,684 $ 1,728 Revolving Credit Facility 388 50 Receivables Financing Facilities 144 254 Total debt $ 2,216 $ 2,032 Less: Debt issuance costs (4) (4) Less: Unamortized discounts (4) (5) Less: Current portion of debt (166) (214) Total long-term debt $ 2,042 $ 1,809
Schedule of Future Maturities of Long-term Debt	As of July 1, 2023, the future maturities of debt are as follows (in millions): 2023 (6 months remaining) $ — 2024 188 2025 66 2026 88 2027 1,874 Total future maturities of debt $ 2,216

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 01, 2023
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases	Future minimum lease payments under non-cancellable leases as of July 1, 2023 were as follows (in millions): 2023 (6 months remaining) $ 25 2024 48 2025 37 2026 32 2027 25 Thereafter 76 Total future minimum lease payments $ 243 Less: Interest (47) Present value of lease liabilities $ 196 Reported as of July 1, 2023: Current portion of lease liabilities $ 39 Long-term lease liabilities 157 Present value of lease liabilities $ 196

Accrued Liabilities, Commitme_2

Accrued Liabilities, Commitments and Contingencies (Tables)	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Accrued Liabilities	The components of Accrued liabilities are as follows (in millions): July 1, December 31, Settlement $ 135 $ 180 Unremitted cash collections due to banks on factored accounts receivable 103 130 Payroll and benefits 88 90 Customer rebates 42 55 Leases 39 37 Incentive compensation 29 100 Warranty 25 26 Foreign exchange contracts 15 19 Short-term interest rate swaps 14 — Freight and duty 12 19 Other 81 88 Accrued liabilities $ 583 $ 744
Schedule of Accrued Warranty Obligations	The following table is a summary of the Company’s accrued warranty obligations (in millions): Six Months Ended July 1, July 2, Balance at the beginning of the period $ 26 $ 26 Warranty expense 13 15 Warranties fulfilled (14) (15) Balance at the end of the period $ 25 $ 26

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Expense and Related Income Tax benefit	The compensation expense from the Company’s share-based compensation plans and associated income tax benefit, excluding the effects of excess tax benefits or shortfalls, were included in the Consolidated Statements of Operations as follows (in millions): Three Months Ended Six Months Ended Compensation costs and related income tax benefit July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Cost of sales $ 2 $ 1 $ 3 $ 2 Selling and marketing 1 6 7 10 Research and development 6 10 13 16 General and administration (6) 10 3 16 Total compensation expense $ 3 $ 27 $ 26 $ 44 Income tax benefit $ 3 $ 5 $ 7 $ 8
Schedule of Restricted and Performance Stock-settled Awards	A summary of the Company’s restricted and performance stock-settled awards for the six months ended July 1, 2023 is as follows: RSUs PSUs RSAs PSAs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Shares Weighted-Average Shares Weighted-Average Grant Date Fair Value Outstanding at beginning of period 242,732 $ 404.19 105,928 $ 406.89 46,971 $ 271.92 35,246 $ 245.79 Granted 279,224 265.58 104,446 258.63 6,640 271.77 — — Released (74,829) 403.10 (64) 482.42 (45,129) 252.61 (34,525) 244.97 Forfeited (11,198) 425.27 (1,096) 389.82 (1,375) 300.62 (75) 244.97 Outstanding at end of period 435,929 $ 314.40 209,214 $ 332.94 7,107 $ 384.26 646 $ 291.43
Schedule of SARs Activity	A summary of the Company’s SARs for the six months ended July 1, 2023 is as follows: SARs Weighted-Average Exercise Price Outstanding at beginning of period 443,476 $ 122.67 Granted — — Exercised (24,576) 98.86 Forfeited (157) 239.89 Expired — — Outstanding at end of period 418,743 $ 124.02 Exercisable at end of period 403,092 $ 118.58
Schedule of SARs Outstanding	The following table summarizes information about SARs outstanding as of July 1, 2023: Outstanding Exercisable Aggregate intrinsic value (in millions) $ 72 $ 72 Weighted-average remaining contractual life (in years) 2.2 2.1

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	Earnings (loss) per share (in millions, except share data): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Basic: Net income (loss) $ 144 $ (98) $ 294 $ 107 Weighted-average shares outstanding (1) 51,377,064 52,138,470 51,395,062 52,642,348 Basic earnings (loss) per share $ 2.80 $ (1.87) $ 5.72 $ 2.04 Diluted: Net income (loss) $ 144 $ (98) $ 294 $ 107 Weighted-average shares outstanding (1) 51,377,064 52,138,470 51,395,062 52,642,348 Dilutive shares (2) 330,396 — 328,964 391,381 Diluted weighted-average shares outstanding 51,707,460 52,138,470 51,724,026 53,033,729 Diluted earnings (loss) per share $ 2.78 $ (1.87) $ 5.68 $ 2.02 (1) In periods of a net loss, restricted stock and performance share awards, which are participating securities, are excluded from weighted-average shares outstanding. (2) In periods of net loss, all unvested share-based awards were anti-dilutive and therefore excluded from diluted shares.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jul. 01, 2023
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	The changes in each component of AOCI during the six months ended July 1, 2023 and July 2, 2022 were as follows (in millions): Unrealized gain (loss) on sales hedging Foreign currency translation adjustments Total Balance at December 31, 2021 $ 18 $ (47) $ (29) Other comprehensive income (loss) before reclassifications 57 (11) 46 Amounts reclassified from AOCI (1) (43) — (43) Tax effect (2) — (2) Other comprehensive income (loss), net of tax 12 (11) 1 Balance at July 2, 2022 $ 30 $ (58) $ (28) Balance at December 31, 2022 $ (11) $ (55) $ (66) Other comprehensive (loss) income before reclassifications (9) 5 (4) Amounts reclassified from AOCI (1) 10 — 10 Other comprehensive income, net of tax 1 5 6 Balance at July 1, 2023 $ (10) $ (50) $ (60) (1) See Note 9, Derivative Instruments

Segment Information & Geograp_2

Segment Information & Geographic Data (Tables)	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Schedule of Financial Information by Segments	Financial information by segment is presented as follows (in millions): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Net sales: AIT $ 459 $ 467 $ 981 $ 878 EVM 755 1,001 1,638 2,022 Total Net sales $ 1,214 $ 1,468 $ 2,619 $ 2,900 Operating income: AIT (2) $ 114 $ 94 $ 243 $ 150 EVM (2) 122 184 255 377 Total segment operating income 236 278 498 527 Corporate eliminations (1) (42) (423) (79) (460) Total Operating income (loss) $ 194 $ (145) $ 419 $ 67 (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 costs in the prior year). (2) AIT and EVM segment operating income includes depreciation and share-based compensation expense. The amounts of depreciation and share-based compensation expense are proportionate to each segment’s Net sales.
Schedule of Net Sales to Customers by Geographic Region	Net sales by region were as follows (in millions): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, North America $ 642 $ 714 $ 1,367 $ 1,413 EMEA 374 521 817 1,021 Asia-Pacific 122 152 276 301 Latin America 76 81 159 165 Total Net sales $ 1,214 $ 1,468 $ 2,619 $ 2,900

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue By Product Category And Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Total Net sales	$ 1,214	$ 1,468	$ 2,619	$ 2,900
Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	986	1,259	2,156	2,466
Services and software
Disaggregation of Revenue [Line Items]
Total Net sales	228	209	463	434
AIT
Disaggregation of Revenue [Line Items]
Total Net sales	459	467	981	878
AIT | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	432	441	927	824
AIT | Services and software
Disaggregation of Revenue [Line Items]
Total Net sales	27	26	54	54
EVM
Disaggregation of Revenue [Line Items]
Total Net sales	755	1,001	1,638	2,022
EVM | Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	554	818	1,229	1,642
EVM | Services and software
Disaggregation of Revenue [Line Items]
Total Net sales	$ 201	$ 183	$ 409	$ 380

Revenues - Performance Obligati

Revenues - Performance Obligation (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		$ 1,105
Expected recognition period		2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,130
Expected recognition period	2 years

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract, impairment loss	$ 0	$ 0	$ 0	$ 0
Deferred revenue	774,000,000		774,000,000		$ 758,000,000
Revenue recognized which was previously included in deferred revenue	114,000,000	$ 108,000,000	249,000,000	$ 237,000,000
Prepaid expenses and other current assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 14,000,000		$ 14,000,000		$ 16,000,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 345	$ 293
Work in process	5	4
Finished goods	514	563
Total Inventories, net	$ 864	$ 860

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Investments, Debt and Equity Securities [Abstract]
Equity securities held	$ 113,000,000		$ 113,000,000
Purchases of long-term investments	$ 1,000,000		1,000,000	$ 6,000,000
Realized gain (loss) on equity securities		$ 0	$ (1,000,000)	$ 0

Exit and Restructuring Costs (D

Exit and Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Oct. 01, 2022
Restructuring Cost and Reserve [Line Items]
Exit and restructuring costs	$ 14	$ 2	$ 24	$ 2
2022 Productivity Plan
Restructuring Cost and Reserve [Line Items]
Estimated remaining costs					$ 60
Exit and restructuring charges - cumulative	36		36
Exit and restructuring costs	14		24
Voluntary Retirement Plan
Restructuring Cost and Reserve [Line Items]
Estimated remaining costs	$ 45		$ 45

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Assets:
Total Assets at fair value	$ 146	$ 107
Liabilities:
Total Liabilities at fair value	89	54
Level 1
Assets:
Total Assets at fair value	38	35
Liabilities:
Total Liabilities at fair value	40	40
Level 2
Assets:
Total Assets at fair value	108	72
Liabilities:
Total Liabilities at fair value	49	14
Level 3
Assets:
Total Assets at fair value	0	0
Liabilities:
Total Liabilities at fair value	0	0
Forward interest rate swaps
Assets:
Derivative assets	108
Liabilities:
Derivative liabilities	36
Forward interest rate swaps | Level 1
Assets:
Derivative assets	0
Liabilities:
Derivative liabilities	0
Forward interest rate swaps | Level 2
Assets:
Derivative assets	108
Liabilities:
Derivative liabilities	36
Forward interest rate swaps | Level 3
Assets:
Derivative assets	0
Liabilities:
Derivative liabilities	0
Investments related to the deferred compensation plan
Assets:
Investments related to the deferred compensation plan	38	35
Investments related to the deferred compensation plan | Level 1
Assets:
Investments related to the deferred compensation plan	38	35
Investments related to the deferred compensation plan | Level 2
Assets:
Investments related to the deferred compensation plan	0	0
Investments related to the deferred compensation plan | Level 3
Assets:
Investments related to the deferred compensation plan	0	0
Foreign exchange contracts
Assets:
Derivative assets		72
Liabilities:
Derivative liabilities	15	19
Foreign exchange contracts | Level 1
Assets:
Derivative assets		0
Liabilities:
Derivative liabilities	2	5
Foreign exchange contracts | Level 2
Assets:
Derivative assets		72
Liabilities:
Derivative liabilities	13	14
Foreign exchange contracts | Level 3
Assets:
Derivative assets		0
Liabilities:
Derivative liabilities	0	0
Liabilities related to the deferred compensation plan
Liabilities:
Liabilities related to the deferred compensation plan	38	35
Liabilities related to the deferred compensation plan | Level 1
Liabilities:
Liabilities related to the deferred compensation plan	38	35
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 - Deriva

Derivative Instruments - Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Derivative [Line Items]
Total net derivative asset	$ 57	$ 53
Derivative instruments designated as hedges
Derivative [Line Items]
Total net derivative asset	(13)	(14)
Derivative instruments designated as hedges | Accrued liabilities | Foreign exchange contracts
Derivative [Line Items]
Total liabilities at fair value	(13)	(14)
Derivative instruments not designated as hedges
Derivative [Line Items]
Total net derivative asset	70	67
Derivative instruments not designated as hedges | Prepaid expenses and other current assets | Forward interest rate swaps
Derivative [Line Items]
Total assets at fair value	40	25
Derivative instruments not designated as hedges | Other long-term assets | Forward interest rate swaps
Derivative [Line Items]
Total assets at fair value	68	47
Derivative instruments not designated as hedges | Accrued liabilities | Foreign exchange contracts
Derivative [Line Items]
Total liabilities at fair value	(2)	(5)
Derivative instruments not designated as hedges | Accrued liabilities | Forward interest rate swaps
Derivative [Line Items]
Total liabilities at fair value	(14)	0
Derivative instruments not designated as hedges | Other long-term liabilities | Forward interest rate swaps
Derivative [Line Items]
Total liabilities at fair value	$ (22)	$ 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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total net gain recognized in income	$ 19	$ 20	$ 7	$ 53
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total net gain recognized in income	1	9	(4)	8
Forward interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total net gain recognized in income	$ 18	$ 11	$ 11	$ 45

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) € in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Jul. 01, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Change in unrealized gain (loss) on anticipated sales hedging:
Increase for gross asset and liability presentation	$ 1,000,000		$ 1,000,000			$ 4,000,000
Derivative instruments not designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Gain (loss) on contract	$ 19,000,000	$ 20,000,000	$ 7,000,000	$ 53,000,000
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
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Net sales	Total Net sales	Total Net sales	Total Net sales
Gain (loss) on contract	$ (7,000,000)	$ 27,000,000	$ (10,000,000)	$ 43,000,000
Derivative forward long-term interest rate swap | €					€ 754		€ 549
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
Change in unrealized gain (loss) on anticipated sales hedging:
Derivative forward long-term interest rate swap	400,000,000		$ 400,000,000
Forward interest rate swaps | Derivative instruments not designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Gain (loss) on contract	18,000,000	$ 11,000,000	11,000,000	$ 45,000,000
Interest Rate Swap Due Through October 2027 | 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
Interest Rate Swap Due Through June 2030 | Derivative instruments designated as hedges
Change in unrealized gain (loss) on anticipated sales hedging:
Derivative forward long-term interest rate swap	$ 400,000,000		$ 400,000,000

Derivative Instruments - Notion

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

Jul. 01, 2023 GBP (£)

Jul. 01, 2023 EUR (€)

Jul. 01, 2023 JPY (¥)

Jul. 01, 2023 SGD ($)

Jul. 01, 2023 MXN ($)

Jul. 01, 2023 PLN (zł)

Jul. 01, 2023 USD ($)

Dec. 31, 2022 GBP (£)

Dec. 31, 2022 EUR (€)

Dec. 31, 2022 JPY (¥)

Dec. 31, 2022 SGD ($)

Dec. 31, 2022 MXN ($)

Dec. 31, 2022 PLN (zł)

Dec. 31, 2022 USD ($)

U.S. dollar

Derivative [Line Items]

Notional balance of outstanding contracts

£ 9

€ 152

¥ 579

$ 11

$ 138

zł 84

£ 11

€ 191

¥ 0

$ 5

$ 372

zł 47

Net fair value of liabilities of outstanding contracts | $

$ 2

$ 5

Czech Republic, Koruny

Derivative [Line Items]

Notional balance of outstanding contracts | €

€ 16

€ 15

Long-Term Debt - Carrying Value

Long-Term Debt - Carrying Value of Debt (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 2,216	$ 2,032
Less: Debt issuance costs	(4)	(4)
Less: Unamortized discounts	(4)	(5)
Less: Current portion of debt	(166)	(214)
Total long-term debt	2,042	1,809
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	388	50
Term Loan A | Loans Payable
Debt Instrument [Line Items]
Total debt	1,684	1,728
Receivables Financing Facilities | Secured Debt
Debt Instrument [Line Items]
Total debt	$ 144	$ 254

Long-Term Debt - Future Maturit

Long-Term Debt - Future Maturities of Long-Term Debt (Details) $ in Millions	Jul. 01, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (6 months remaining)	$ 0
2024	188
2025	66
2026	88
2027	1,874
Total future maturities of debt	$ 2,216

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Billions	Jul. 01, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Estimated fair value debt	$ 2.1	$ 2

Long-Term Debt - Term Loan A (D

Long-Term Debt - Term Loan A (Details)	Jul. 01, 2023
Loans Payable | Term Loan A
Debt Instrument [Line Items]
Percentage bearing variable interest, percentage rate	6.20%

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility	Jul. 01, 2023 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Average interest rate	6.15%
Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit	$ 9,000,000
Funds available for other borrowing	$ 1,491,000,000

Long-Term Debt - Receivable Fin

Long-Term Debt - Receivable Financing Facility (Details)	Jul. 01, 2023 USD ($) facility
Revolving Credit Facility
Line of Credit Facility [Line Items]
Total borrowing limits (up to)	$ 1,500,000,000
Revolving credit facility interest rate	6.15%
Secured Debt | 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	621,000,000
Current line of credit	$ 144,000,000
Revolving credit facility interest rate	6.50%
Secured Debt | First Receivables Financing Facility
Line of Credit Facility [Line Items]
Total borrowing limits (up to)	$ 180,000,000
Secured Debt | 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	6 Months Ended
	Jul. 01, 2023 USD ($)
Leases [Abstract]
ROU assets obtained in exchange for lease obligations	$ 38

Leases - Future Minimum lease P

Leases - Future Minimum lease Payments Under Non-cancellable Leases (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (6 months remaining)	$ 25
2024	48
2025	37
2026	32
2027	25
Thereafter	76
Total future minimum lease payments	243
Less: Interest	(47)
Present value of lease liabilities	196
Current portion of lease liabilities	39	$ 37
Long-term lease liabilities	$ 157	$ 139

Accrued Liabilities, Commitme_3

Accrued Liabilities, Commitments and Contingencies - Components of Accrued Liabilities (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022	Jul. 02, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Settlement	$ 135	$ 180
Unremitted cash collections due to banks on factored accounts receivable	103	130
Payroll and benefits	88	90
Customer rebates	42	55
Leases	39	37
Incentive compensation	29	100
Warranty	25	26	$ 26	$ 26
Foreign exchange contracts	15	19
Short-term interest rate swaps	14	0
Freight and duty	12	19
Other	81	88
Accrued liabilities	$ 583	$ 744

Accrued Liabilities, Commitme_4

Accrued Liabilities, Commitments and Contingencies - Accrued Warranty Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at the beginning of the period	$ 26	$ 26
Warranty expense	13	15
Warranties fulfilled	(14)	(15)
Balance at the end of the period	$ 25	$ 26

Accrued Liabilities, Commitme_5

Accrued Liabilities, Commitments and Contingencies - Additional Information (Details) - Settlement $ in Millions	3 Months Ended
	Jul. 02, 2022 USD ($) payment
Loss Contingencies [Line Items]
Number of quarterly payments | payment	8
Quarterly payment | $	$ 45

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unearned compensation costs related to performance share awards	$ 141	$ 141
Total unearned compensation costs amortization period		1 year 7 months 6 days
Reduction in compensation costs	$ 30
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	0	0
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	2,365,581	2,365,581
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Granted (in shares)		279,224
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Granted (in shares)		6,640
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Granted (in shares)		104,446
PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Granted (in shares)		0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Intrinsic value of exercised options		$ 5	$ 6
Fair value of SARs vested in period		$ 2	$ 3
Common Class A | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		6,640	5,686

Share-Based Compensation - Comp

Share-Based Compensation - Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	$ 3	$ 27	$ 26	$ 44
Income tax benefit	3	5	7	8
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	2	1	3	2
Selling and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	1	6	7	10
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	6	10	13	16
General and administration
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	$ (6)	$ 10	$ 3	$ 16

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted and Performance Stock-settled Awards (Details)	6 Months Ended
	Jul. 01, 2023 $ / shares shares
RSUs
Units
Outstanding at beginning of period (in shares) | shares	242,732
Granted (in shares) | shares	279,224
Released (in shares) | shares	(74,829)
Forfeited (in shares) | shares	(11,198)
Outstanding at end of period (in shares) | shares	435,929
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in USD per share) | $ / shares	$ 404.19
Granted (in USD per share) | $ / shares	265.58
Released (in USD per share) | $ / shares	403.10
Forfeited (in USD per share) | $ / shares	425.27
Outstanding at end of year (in USD per share) | $ / shares	$ 314.40
PSUs
Units
Outstanding at beginning of period (in shares) | shares	105,928
Granted (in shares) | shares	104,446
Released (in shares) | shares	(64)
Forfeited (in shares) | shares	(1,096)
Outstanding at end of period (in shares) | shares	209,214
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in USD per share) | $ / shares	$ 406.89
Granted (in USD per share) | $ / shares	258.63
Released (in USD per share) | $ / shares	482.42
Forfeited (in USD per share) | $ / shares	389.82
Outstanding at end of year (in USD per share) | $ / shares	$ 332.94
RSAs
Units
Outstanding at beginning of period (in shares) | shares	46,971
Granted (in shares) | shares	6,640
Released (in shares) | shares	(45,129)
Forfeited (in shares) | shares	(1,375)
Outstanding at end of period (in shares) | shares	7,107
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in USD per share) | $ / shares	$ 271.92
Granted (in USD per share) | $ / shares	271.77
Released (in USD per share) | $ / shares	252.61
Forfeited (in USD per share) | $ / shares	300.62
Outstanding at end of year (in USD per share) | $ / shares	$ 384.26
PSAs
Units
Outstanding at beginning of period (in shares) | shares	35,246
Granted (in shares) | shares	0
Released (in shares) | shares	(34,525)
Forfeited (in shares) | shares	(75)
Outstanding at end of period (in shares) | shares	646
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in USD per share) | $ / shares	$ 245.79
Granted (in USD per share) | $ / shares	0
Released (in USD per share) | $ / shares	244.97
Forfeited (in USD per share) | $ / shares	244.97
Outstanding at end of year (in USD per share) | $ / shares	$ 291.43

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of SARs Activity (Details) - SARs	6 Months Ended
	Jul. 01, 2023 $ / shares shares
SARs
Outstanding at beginning of period (in shares) | shares	443,476
Granted (in shares) | shares	0
Exercised (in shares) | shares	(24,576)
Forfeited (in shares) | shares	(157)
Expired (in shares) | shares	0
Outstanding at end of period (in shares) | shares	418,743
Exercisable at end of period (in shares) | shares	403,092
Weighted-Average Exercise Price
Outstanding at beginning of period (in USD per share) | $ / shares	$ 122.67
Granted (in USD per share) | $ / shares	0
Exercised (in USD per share) | $ / shares	98.86
Forfeited (in USD per share) | $ / shares	239.89
Expired (in USD per share) | $ / shares	0
Outstanding at end of period (in USD per share) | $ / shares	124.02
Exercisable at end of period (in USD per share) | $ / shares	$ 118.58

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of SARs Outstanding (Details) - SARs $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Aggregate intrinsic value	$ 72
Outstanding, Weighted-average remaining contractual life	2 years 2 months 12 days
Exercisable, Aggregate intrinsic value	$ 72
Exercisable, Weighted-average remaining contractual life	2 years 1 month 6 days

Share-Based Compensation - Cash

Share-Based Compensation - Cash-settled Awards (Details) - Cash-settled Awards - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Settlement payments for awards	$ 8	$ 4
Number of shares authorized (in shares)	39,407	64,056

Share-Based Compensation - Empl

Share-Based Compensation - Employee Stock Purchase Plan (Details) - 2020 ESPP - Employee Stock	6 Months Ended
	Jul. 01, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price per share fair market value percentage	95%
Number of shares authorized (in shares)	1,500,000
Number of shares available for grant (in shares)	1,365,953

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Effective tax rates	15.80%	35.90%	17.40%	(10.30%)

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Basic:
Net income (loss)	$ 144	$ 150	$ (98)	$ 205	$ 294	$ 107
Weighted-average shares outstanding (in shares)	51,377,064		52,138,470		51,395,062	52,642,348
Basic earnings (loss) per share (in USD per share)	$ 2.80		$ (1.87)		$ 5.72	$ 2.04
Diluted:
Net income (loss)	$ 144	$ 150	$ (98)	$ 205	$ 294	$ 107
Weighted-average shares outstanding (in shares)	51,377,064		52,138,470		51,395,062	52,642,348
Dilutive shares (in shares)	330,396		0		328,964	391,381
Diluted weighted-average shares outstanding (in shares)	51,707,460		52,138,470		51,724,026	53,033,729
Diluted earnings (loss) per share (in USD per share)	$ 2.78		$ (1.87)		$ 5.68	$ 2.02

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	247,453	630,182	151,872	335,476

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 2,733	$ 2,984
Other comprehensive income (loss) before reclassifications	(4)	46
Amounts reclassified from AOCI	10	(43)
Tax effect		(2)
Other comprehensive income (loss), net of tax	6	1
Ending balance	2,992	2,513
Total
AOCI Attributable to Parent, Net of Tax
Beginning balance	(66)	(29)
Ending balance	(60)	(28)
Unrealized gain (loss) on sales hedging
AOCI Attributable to Parent, Net of Tax
Beginning balance	(11)	18
Other comprehensive income (loss) before reclassifications	(9)	57
Amounts reclassified from AOCI	10	(43)
Tax effect		(2)
Other comprehensive income (loss), net of tax	1	12
Ending balance	(10)	30
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(55)	(47)
Other comprehensive income (loss) before reclassifications	5	(11)
Amounts reclassified from AOCI	0	0
Tax effect		0
Other comprehensive income (loss), net of tax	5	(11)
Ending balance	$ (50)	$ (58)

Accounts Receivable Factoring (

Accounts Receivable Factoring (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Transfer of Financial Assets Accounted for as Sales [Line Items]
Proceeds from sale of accounts receivables	$ 751	$ 765
Uncollected receivables sold and removed from the balance sheet	54		$ 61
Unremitted cash collections due to banks on factored accounts receivable	103		130
Prepaid expenses and other current assets
Transfer of Financial Assets Accounted for as Sales [Line Items]
Deposits	$ 0		$ 12

Segment Information & Geograp_3

Segment Information & Geographic Data - Additional Information (Details)	6 Months Ended
	Jul. 01, 2023 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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Net sales:
Total Net sales	$ 1,214	$ 1,468	$ 2,619	$ 2,900
Operating income:
Operating income (loss)	194	(145)	419	67
AIT
Net sales:
Total Net sales	459	467	981	878
EVM
Net sales:
Total Net sales	755	1,001	1,638	2,022
Operating segments
Operating income:
Operating income (loss)	236	278	498	527
Operating segments | AIT
Net sales:
Total Net sales	459	467	981	878
Operating income:
Operating income (loss)	114	94	243	150
Operating segments | EVM
Net sales:
Total Net sales	755	1,001	1,638	2,022
Operating income:
Operating income (loss)	122	184	255	377
Corporate eliminations
Operating income:
Operating income (loss)	$ (42)	$ (423)	$ (79)	$ (460)

Segment Information & Geograp_5

Segment Information & Geographic Data - Net Sales to Customers by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Total Net sales	$ 1,214	$ 1,468	$ 2,619	$ 2,900
North America
Segment Reporting Information [Line Items]
Total Net sales	642	714	1,367	1,413
EMEA
Segment Reporting Information [Line Items]
Total Net sales	374	521	817	1,021
Asia-Pacific
Segment Reporting Information [Line Items]
Total Net sales	122	152	276	301
Latin America
Segment Reporting Information [Line Items]
Total Net sales	$ 76	$ 81	$ 159	$ 165