Zebra Technologies (ZBRA) 10-Q30 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 29, 2024	Jul. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
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		51,580,365
Amendment Flag	false
Document Fiscal Year Focus	2024
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	Jun. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 411	$ 137
Accounts receivable, net of allowances for doubtful accounts of $1 each as of June 29, 2024 and December 31, 2023	701	521
Inventories, net	678	804
Income tax receivable	41	63
Prepaid expenses and other current assets	122	147
Total Current assets	1,953	1,672
Property, plant and equipment, net	297	309
Right-of-use lease assets	159	169
Goodwill	3,894	3,895
Other intangibles, net	476	527
Deferred income taxes	469	438
Other long-term assets	242	296
Total Assets	7,490	7,306
Current liabilities:
Current portion of long-term debt	89	173
Accounts payable	551	456
Accrued liabilities	426	504
Deferred revenue	447	458
Income taxes payable	9	7
Total Current liabilities	1,522	1,598
Long-term debt	2,080	2,047
Long-term lease liabilities	145	152
Deferred income taxes	66	67
Long-term deferred revenue	298	312
Other long-term liabilities	92	94
Total Liabilities	4,203	4,270
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	633	615
Treasury stock at cost, 20,581,866 and 20,772,995 shares as of June 29, 2024 and December 31, 2023, respectively	(1,855)	(1,858)
Retained earnings	4,560	4,332
Accumulated other comprehensive loss	(52)	(54)
Total Stockholders’ Equity	3,287	3,036
Total Liabilities and Stockholders’ Equity	$ 7,490	$ 7,306

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
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)	20,581,866	20,772,995

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net sales:
Total Net sales	$ 1,217	$ 1,214	$ 2,392	$ 2,619
Cost of sales:
Total Cost of sales	628	633	1,240	1,371
Gross profit	589	581	1,152	1,248
Operating expenses:
Selling and marketing	150	146	298	307
Research and development	146	130	284	276
General and administrative	97	69	178	168
Amortization of intangible assets	25	26	51	52
Acquisition and integration costs	1	2	2	2
Exit and restructuring costs	3	14	13	24
Total Operating expenses	422	387	826	829
Operating income	167	194	326	419
Other income (loss), net:
Foreign exchange (loss) gain	0	(5)	3	(4)
Interest expense, net	(23)	(16)	(40)	(53)
Other expense, net	(8)	(2)	(11)	(6)
Total Other expense, net	(31)	(23)	(48)	(63)
Income before income tax	136	171	278	356
Income tax expense	23	27	50	62
Net income	$ 113	$ 144	$ 228	$ 294
Basic earnings per share (in USD per share)	$ 2.19	$ 2.80	$ 4.43	$ 5.72
Diluted earnings per share (in USD per share)	$ 2.17	$ 2.78	$ 4.40	$ 5.68
Tangible Products
Net sales:
Total Net sales	$ 983	$ 986	$ 1,912	$ 2,156
Cost of sales:
Total Cost of sales	515	522	1,013	1,140
Services and Software
Net sales:
Total Net sales	234	228	480	463
Cost of sales:
Total Cost of sales	$ 113	$ 111	$ 227	$ 231

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 113	$ 144	$ 228	$ 294
Other comprehensive income (loss), net of tax:
Changes in unrealized gains on sales hedging	1	4	10	1
Foreign currency translation adjustment	(3)	2	(8)	5
Comprehensive income	$ 111	$ 150	$ 230	$ 300

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, 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 sales hedging (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 sales hedging (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)
Beginning balance (in shares) at Dec. 31, 2023		51,378,862
Beginning balance at Dec. 31, 2023	3,036	$ 1	615	(1,858)	4,332	(54)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		21,312
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	(3)		(3)
Shares withheld to fund withholding tax obligations related to share-based compensation plans (in shares)		(206)
Share-based compensation	17		17
Net income (loss)	115				115
Changes in unrealized gains and losses on sales hedging (net of income taxes)	9					9
Foreign currency translation adjustment	(5)					(5)
Ending balance (in shares) at Mar. 30, 2024		51,399,968
Ending balance at Mar. 30, 2024	3,169	$ 1	629	(1,858)	4,447	(50)
Beginning balance (in shares) at Dec. 31, 2023		51,378,862
Beginning balance at Dec. 31, 2023	3,036	$ 1	615	(1,858)	4,332	(54)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	228
Ending balance (in shares) at Jun. 29, 2024		51,569,991
Ending balance at Jun. 29, 2024	3,287	$ 1	633	(1,855)	4,560	(52)
Beginning balance (in shares) at Mar. 30, 2024		51,399,968
Beginning balance at Mar. 30, 2024	3,169	$ 1	629	(1,858)	4,447	(50)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of treasury shares related to share based-compensation plans, net of forfeitures (in shares)		170,023
Issuances of treasury shares related to share-based compensation plans, net of forfeitures	(24)		(27)	3
Share-based compensation	31		31
Net income (loss)	113				113
Changes in unrealized gains and losses on sales hedging (net of income taxes)	1					1
Foreign currency translation adjustment	(3)					(3)
Ending balance (in shares) at Jun. 29, 2024		51,569,991
Ending balance at Jun. 29, 2024	$ 3,287	$ 1	$ 633	$ (1,855)	$ 4,560	$ (52)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income	$ 228	$ 294
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85	88
Share-based compensation	48	20
Deferred income taxes	(36)	(29)
Unrealized gain on forward interest rate swaps	(31)	(11)
Other, net	7	2
Changes in operating assets and liabilities:
Accounts receivable, net	(185)	105
Inventories, net	125	(3)
Other assets	(3)	(22)
Accounts payable	98	(273)
Accrued liabilities	23	(107)
Deferred revenue	(25)	16
Income taxes	38	(116)
Settlement liability	(45)	(90)
Cash receipts on forward interest rate swaps	86	12
Other operating activities	0	4
Net cash provided by (used in) operating activities	413	(110)
Cash flows from investing activities:
Purchases of property, plant and equipment	(24)	(34)
Proceeds from sale of short-term investments	2	0
Purchases of long-term investments	(3)	(1)
Net cash used in investing activities	(25)	(35)
Cash flows from financing activities:
Payment of debt issuance costs, extinguishment costs and discounts	(9)	0
Payments of debt	(694)	(183)
Proceeds from issuance of debt	651	368
Payments for repurchases of common stock	0	(52)
Net payments related to share-based compensation plans	(27)	(9)
Change in unremitted cash collections from servicing factored receivables	(38)	(27)
Other financing activities	2	0
Net cash (used in) provided by financing activities	(115)	97
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	0	(1)
Net increase (decrease) in cash and cash equivalents, including restricted cash	273	(49)
Cash and cash equivalents, including restricted cash, at beginning of period	138	117
Cash and cash equivalents, including restricted cash, at end of period	411	68
Less restricted cash, included in Prepaid expenses and other current assets	0	0
Cash and cash equivalents at end of period	411	68
Supplemental disclosures of cash flow information:
Income taxes paid	43	212
Interest (received) paid inclusive of forward interest rate swaps	$ (17)	$ 50

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Zebra Technologies Corporation and its subsidiaries (“Zebra” or the “Company”) is a global leader providing innovative Enterprise Asset Intelligence (“EAI”) solutions in the automatic identification and data capture solutions industry. We design, manufacture, and sell a broad range of products and solutions, including cloud-based software subscriptions, that capture and move data. We also provide a full range of services, including maintenance, technical support, repair, managed and professional services. End-users of our products, solutions and services include those in retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries. We provide our products, solutions and services globally through a direct sales force and an extensive network of channel partners. Management prepared these unaudited interim consolidated financial statements according to the rules and regulations of the Securities and Exchange Commission for interim financial information and notes. As permitted under Article 10 of Regulation S-X and the instructions of Form 10-Q, these consolidated financial statements do not include all the information and notes required by United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements, although management believes that the disclosures made are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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 June 29, 2024, the Consolidated Statements of Operations, Comprehensive Income and Stockholders’ Equity for the three and six months ended June 29, 2024 and July 1, 2023, and the Consolidated Statement of Cash Flows for the six months ended June 29, 2024 and July 1, 2023. These results, however, are not necessarily indicative of the results expected for the full fiscal year ending December 31, 2024.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 29, 2024
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, 2023. There have been no changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended December 31, 2023.

Revenues

Revenues	6 Months Ended
Revenues	Jun. 29, 2024
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 tangible 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 on 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 June 29, 2024 July 1, 2023 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 368 $ 29 $ 397 $ 432 $ 27 $ 459 EVM 615 205 820 554 201 755 Total $ 983 $ 234 $ 1,217 $ 986 $ 228 $ 1,214 Six Months Ended June 29, 2024 July 1, 2023 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 733 $ 56 $ 789 $ 927 $ 54 $ 981 EVM 1,179 424 1,603 1,229 409 1,638 Total $ 1,912 $ 480 $ 2,392 $ 2,156 $ 463 $ 2,619 In addition, refer to Note 17, 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 $1,243 million and $1,127 million, inclusive of deferred revenue, as of June 29, 2024 and December 31, 2023, respectively. On average, remaining performance obligations as of June 29, 2024 and December 31, 2023 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 $16 million as of June 29, 2024 and also as of December 31, 2023. These contract assets result from timing differences between billing and satisfying performance obligations, as well as the impact from the allocation of the transaction price among performance obligations for contracts that include multiple performance obligations. Contract assets are evaluated for impairment and no impairment losses have been recognized during the three and six months ended June 29, 2024 and July 1, 2023, 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 $745 million and $770 million as of June 29, 2024 and December 31, 2023, respectively. During the three and six months ended June 29, 2024, the Company recognized $121 million and $267 million in revenue, which was previously included in the beginning balance of deferred revenue as of December 31, 2023. 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, 2022.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 29, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The categories of Inventories, net are as follows (in millions): June 29, December 31, Raw materials (1) $ 304 $ 403 Work in process 4 4 Finished goods 370 397 Total Inventories, net $ 678 $ 804 (1) Raw material inventories primarily consist of product components as well as supplies used in repair operations.

Investments

Investments	6 Months Ended
Investments	Jun. 29, 2024
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 $110 million and $113 million as of June 29, 2024 and December 31, 2023. During the six months ended June 29, 2024 and July 1, 2023, the Company paid $3 million and $1 million, respectively, for the purchase of long-term investments. Net gains and losses related to the Company’s long-term investments are included within Other expense, net on the Consolidated Statements of Operations. The Company recognized net losses of $6 million during the three and six months ended June 29, 2024. Net gains and losses were not significant for the three and six months ended July 1, 2023.

Exit and Restructuring Costs

Exit and Restructuring Costs	6 Months Ended
Exit and Restructuring Costs	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Exit and Restructuring Costs	Exit and Restructuring Costs Total charges associated with the 2022 Productivity Plan, which was substantially completed in the current quarter, and the U.S. voluntary retirement plan, which was completed in 2023, were $123 million incurred to date, including $3 million and $13 million recorded during the three and six months ended June 29, 2024. The costs of these plans are classified within Exit and restructuring on the Consolidated Statements of Operations. The Company’s remaining payment obligations of $6 million, are reflected within Accrued liabilities on the Consolidated Balance Sheets. The Company’s liability associated with Exit and restructuring activities are: Balance as of December 31, 2023 $ 22 Exit and restructuring charges 13 Non-cash utilization (3) Cash payments (26) Balance as of June 29, 2024 $ 6

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 29, 2024
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. 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 June 29, 2024, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ 2 $ 8 $ — $ 10 Investments related to the deferred compensation plan 41 — — 41 Total Assets at fair value $ 43 $ 8 $ — $ 51 Liabilities: Liabilities related to the deferred compensation plan $ 41 $ — $ — $ 41 Total Liabilities at fair value $ 41 $ — $ — $ 41 The Company’s financial assets and liabilities carried at fair value as of December 31, 2023, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Forward interest rate swap contracts (2) $ — $ 83 $ — $ 83 Investments related to the deferred compensation plan 41 — — 41 Total Assets at fair value $ 41 $ 83 $ — $ 124 Liabilities: Foreign exchange contracts (1) $ 1 $ 6 $ — $ 7 Forward interest rate swap contracts (2) — 28 — 28 Liabilities related to the deferred compensation plan 41 — — 41 Total Liabilities at fair value $ 42 $ 34 $ — $ 76 (1) The fair value of the foreign exchange contracts is calculated as follows: • Fair value of 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 period-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). (2)

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 29, 2024
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 June 29, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 8 $ — Foreign exchange contracts Accrued liabilities — (6) Total derivative instruments designated as hedges $ 8 $ (6) Derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 2 $ — Forward interest rate swaps Prepaid expenses and other current assets — 34 Forward interest rate swaps Other long-term assets — 49 Foreign exchange contracts Accrued liabilities — (1) Forward interest rate swaps Accrued liabilities — (12) Forward interest rate swaps Other long-term liabilities — (16) Total derivative instruments not designated as hedges $ 2 $ 54 Total net derivative asset $ 10 $ 48 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 June 29, July 1, June 29, July 1, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange (loss) gain $ 1 $ 1 $ 2 $ (4) Forward interest rate swaps Interest expense, net 11 18 31 11 Total net gain recognized in income $ 12 $ 19 $ 33 $ 7 Activities related to derivative instruments are reflected within Net cash provided by (used in) operating activities on the Consolidated Statements of Cash Flows. Interest Rate Risk Management The Company is exposed to market risk associated with interest rate payments on its borrowings under a term loan (“Term Loan A”), Revolving Credit Facility, and Receivables Financing Facilities, which bear interest at variable rates plus applicable margins. The Company manages its exposure to changes in interest rates by issuing both fixed and variable rate borrowings as well as utilizing interest rate swaps to economically hedge interest rate exp osure based on current and projected market conditions. In the current quarter, the Company terminated all of its interest rate swap agreements, none of which were designated as hedges, resulting in a $77 million cash receipt that is classified within Cash flows from operating activities on the Consolidated Statements of Cash Flows. Total cash receipts for the six months ended June 29, 2024 were $86 million. See Note 9, Long-Term Debt for further details related to the Company’s borrowings and interest rate exposure. Credit and Market Risk Management Financial instruments, including derivatives, expose the Company to counterparty credit risk of nonperformance and to market risk related to currency exchange rate and interest rate fluctuations. The Company manages its exposure to counterparty credit risk by establishing minimum credit standards, diversifying its counterparties, and monitoring its concentrations of credit. The Company’s counterparties are commercial banks with expertise in derivative financial instruments. The Company evaluates the impact of market risk on the fair value and cash flows of its derivative and other financial instruments by considering reasonably possible changes in interest rates and currency exchange rates. The Company continually monitors the creditworthiness of the customers to which it grants credit terms in the normal course of business. The terms and conditions of the Company’s credit policies are designed to mitigate concentrations of credit risk. The Company’s master netting and other similar arrangements with the respective counterparties allow for net settlement under certain conditions, which are designed to reduce credit risk by permitting net settlement with the same counterparty. We present the assets and liabilities of our derivative financial instruments, for which we have net settlement agreements in place, on a net basis on the Consolidated Balance Sheets. If the derivative financial instruments had been presented gross on the Consolidated Balance Sheets, the asset and liability positions would have been unchanged as of June 29, 2024 and increased by $1 million as of December 31, 2023. 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 were $5 million of gains and $7 million of losses for the three months ended June 29, 2024 and July 1, 2023, respectively. Realized amounts reclassified to Net sales were $6 million of gains and $10 million of losses for the six months ended June 29, 2024 and July 1, 2023, respectively. As of June 29, 2024 and December 31, 2023, the notional amounts of the Company’s foreign exchange cash flow hedges were €569 million and €485 million, respectively. The Company has reviewed its cash flow hedges for effectiveness and determined that they are highly effective. The Company uses forward contracts, which are not designated as hedging instruments, to manage its exposures related to net assets denominated in foreign currencies. These forward contracts typically mature within one month after execution. Monetary gains and losses on these forward contracts are recorded in income and are generally offset by the transaction gains and losses related to their net asset positions. The notional values and the net fair values of these outstanding contracts were as follows (in millions): June 29, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 3 £ 11 Euro/U.S. Dollar € 124 € 80 Euro/Czech Koruna € 16 € 17 Japanese Yen/U.S. Dollar ¥ 366 ¥ 685 Singapore Dollar/U.S. Dollar S$ 22 S$ 14 Mexican Peso/U.S. Dollar Mex$ 164 Mex$ 144 Polish Zloty/U.S. Dollar zł 28 zł 116 Net fair value of assets (liabilities) of outstanding contracts $ 2 $ (1)

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 29, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table shows the carrying value of the Company’s debt (in millions): June 29, December 31, Term Loan A $ 1,575 $ 1,684 Senior Notes 500 — Revolving Credit Facility — 413 Receivables Financing Facilities 108 129 Total debt $ 2,183 $ 2,226 Less: Debt issuance costs (11) (2) Less: Unamortized discounts (3) (4) Less: Current portion of debt (89) (173) Total long-term debt $ 2,080 $ 2,047 As of June 29, 2024, the future maturities of debt are as follows (in millions): 2024 (6 months remaining) $ 89 2025 — 2026 88 2027 1,506 2028 — Thereafter 500 Total future maturities of debt $ 2,183 All borrowings as of June 29, 2024 were denominated in U.S. Dollars. The estimated fair value of the Company’s debt approximated $2.2 billion as of both June 29, 2024 and December 31, 2023, 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 the second quarter of 2026 and the majority due upon maturity in 2027. The Company may make prepayments in whole or in part, without premium or penalty, and would be required to prepay certain outstanding amounts in the event of certain circumstances or transactions. The Company made $109 million of principal payments during the six months ended June 29, 2024, inclusive of prepayment of amounts due in 2024 and 2025. As of June 29, 2024, the Term Loan A interest rate was 6.69%. Interest payments are made monthly and are subject to variable rates plus an applicable margin. Senior Notes On May 28, 2024, the Company completed a private offering of $500 million senior unsecured notes (the “Senior Notes”) with a 6.5% fixed interest rate. The net proceeds of the issuance, after deducting debt issuance costs which were deferred and will be amortized over the term of the Senior Notes, were approximately $492 million. The proceeds were partially used to repay the outstanding debt under its Revolving Credit Facility, the Receivables Financing Facility that matured on May 13, 2024, and Term Loan A principal repayments. The Company intends to use the remaining net proceeds for general corporate purposes. The Senior Notes mature on June 1, 2032, and interest is payable semi-annually in arrears in June and December of each year, commencing on December 1, 2024. The Company has the option or could be required to prepay certain outstanding amounts in the event of certain circumstances or transactions. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of Zebra’s existing and future subsidiaries. The Senior Notes contain covenants that, among other things, limit the ability of Zebra to: (i) grant or incur liens; (ii) have its subsidiaries guarantee debt without becoming guarantors; and (iii) merge or consolidate with another company or sell all or substantially all of its assets. 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 June 29, 2024, the Company had letters of credit totaling $10 million, which reduced funds available for borrowings under the Revolving Credit Facility from $1,500 million to $1,490 million. As of June 29, 2024, the Revolving Credit Facility had an average interest rate of 6.69%. 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 Facility As of June 29, 2024, the Company has a Receivables Financing Facility with a borrowing limit of up to $180 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 this facility as secured borrowings. During the first quarter of 2024, the Company amended this facility to extend the maturity to March 19, 2027, but otherwise did not substantially change the terms of the facility. The Company’s additional facility, which allowed for borrowings of up to $100 million, matured on May 13, 2024 and was not renewed. As of June 29, 2024, the Company’s Consolidated Balance Sheets included $537 million of gross receivables that were pledged under the facility. As of June 29, 2024, $108 million had been borrowed, of which $89 million was classified as current. Borrowings under the facility bear interest at a variable rate plus an applicable margin. As of June 29, 2024, the facility had an average interest rate of 6.39%. Interest is paid monthly on these borrowings. 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. As of June 29, 2024, the Company was in compliance with all debt covenants.

Leases

Leases	6 Months Ended
Leases	Jun. 29, 2024
Leases [Abstract]
Leases	Leases During the six months ended June 29, 2024, the Company recorded an additional $14 million of right-of-use (“ROU”) assets obtained in exchange for lease obligations primarily related to the commencement of a new office facility lease as well as contract modifications that extended existing lease terms. Future minimum lease payments under non-cancellable leases as of June 29, 2024 were as follows (in millions): 2024 (6 months remaining) $ 27 2025 43 2026 36 2027 29 2028 25 Thereafter 66 Total future minimum lease payments $ 226 Less: Interest (40) Present value of lease liabilities $ 186 Reported as of June 29, 2024: Current portion of lease liabilities $ 41 Long-term lease liabilities 145 Present value of lease liabilities $ 186 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
Accrued Liabilities, Commitments and Contingencies	Jun. 29, 2024
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): June 29, December 31, Incentive compensation $ 88 $ 47 Unremitted cash collections due to banks on factored accounts receivable 74 112 Payroll and benefits 69 83 Customer rebates 50 40 Current portion of lease liabilities 41 42 Warranty 27 27 Freight and duty 13 10 Exit and restructuring 6 22 Settlement — 45 Other 58 76 Accrued liabilities $ 426 $ 504 Warranties The following table is a summary of the Company’s accrued warranty obligations (in millions): Six Months Ended June 29, July 1, Balance at the beginning of the period $ 27 $ 26 Warranty expense 13 13 Warranties fulfilled (13) (14) Balance at the end of the period $ 27 $ 25 Contingencies The Company is subject to a variety of investigations, claims, suits, and other legal proceedings that arise from time to time in the ordinary course of business, including but not limited to, intellectual property, employment, tort, and breach of contract matters. The Company currently believes that the outcomes of such proceedings, individually and in the aggregate, will not have a material adverse impact on its business, cash flows, financial position, or results of operations. Any legal proceedings are subject to inherent uncertainties, and the Company’s view of these matters and their potential effects may change in the future. The Company records a liability for contingencies when a loss is deemed to be probable and the loss can be reasonably estimated.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 29, 2024
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, cancelled, 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 June 29, 2024, the Company had 1,850,705 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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Cost of sales $ 2 $ 2 $ 4 $ 3 Selling and marketing 8 1 13 7 Research and development 12 6 18 13 General and administration 15 (6) 23 3 Total compensation expense $ 37 $ 3 $ 58 $ 26 Income tax benefit $ 6 $ 3 $ 10 $ 7 As of June 29, 2024, total unearned compensation cost related to the Company’s share-based compensation plans was $166 million, which will be recognized over the weighted average remaining service period of approximately 1.7 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 2021, the Company primarily awarded restricted stock awards (“RSAs”) and performance share awards (“PSAs”). The Company’s awards are typically time-vested with stock-settled RSUs and RSAs vesting ratably in three 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. The Company 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 2024, there were 6,264 shares granted to non-employee directors compared to 6,640 shares during the first six months of 2023. The shares vest immediately upon grant. A summary of the Company’s restricted and performance stock-settled awards for the six months ended June 29, 2024 is as follows: RSUs PSUs RSAs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Shares Weighted-Average Outstanding at beginning of period 437,379 $ 299.19 195,932 $ 334.59 433 $ 477.74 Granted 271,704 308.89 88,029 309.05 6,264 319.95 Released (176,502) 323.37 (35,597) 482.42 (6,697) 330.15 Forfeited (7,971) 296.31 (1,428) 296.59 — — Outstanding at end of period 524,610 $ 296.14 246,936 $ 304.49 — $ — Stock Appreciation Rights (“SARs”) SARs were previously granted primarily as part of the Company’s annual share-based compensation incentive program. Beginning in 2021, the Company no longer included SARs in its annual share-based compensation award issuances. SARs Weighted-Average Exercise Price Outstanding at beginning of period 398,838 $ 124.96 Exercised (126,582) 100.02 Expired (2) 86.80 Outstanding at end of period 272,254 $ 136.48 Exercisable at end of period 270,999 $ 135.42 The following table summarizes information about SARs outstanding as of June 29, 2024: Outstanding Exercisable Aggregate intrinsic value (in millions) $ 47 $ 47 Weighted-average remaining contractual life (in years) 1.7 1.7 The intrinsic value of SARs exercised during the six months ended June 29, 2024 and July 1, 2023 was $25 million and $5 million, respectively. The total fair value of SARs that vested during the six months ended June 29, 2024 and July 1, 2023 was $1 million and $2 million, respectively. Cash-settled awards The Company also issues cash-settled share-based compensation awards, including 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 $11 million and $8 million for the six months ended June 29, 2024 and July 1, 2023, respectively. Share-equivalents issued under these programs totaled 57,779 and 39,407 during the six months ended June 29, 2024 and July 1, 2023, 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 June 29, 2024, 1,329,399 shares remained available for future purchase.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and six months ended June 29, 2024 was 16.9% and 18.0%, respectively, compared to 15.8% and 17.4% for the three and six months ended July 1, 2023. In the current and prior periods, the variance from the 21% federal statutory rate was primarily due to the generation of tax credits and the favorable impacts of foreign earnings subject to U.S. taxation, partially offset by U.S. State income taxes and foreign rate differentials.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic net earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of 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 per share (in millions, except share data): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Basic: Net income $ 113 $ 144 $ 228 $ 294 Weighted-average shares outstanding 51,489,735 51,377,064 51,444,179 51,395,062 Basic earnings per share $ 2.19 $ 2.80 $ 4.43 $ 5.72 Diluted: Net income $ 113 $ 144 $ 228 $ 294 Weighted-average shares outstanding 51,489,735 51,377,064 51,444,179 51,395,062 Dilutive shares 340,510 330,396 371,720 328,964 Diluted weighted-average shares outstanding 51,830,245 51,707,460 51,815,899 51,724,026 Diluted earnings per share $ 2.17 $ 2.78 $ 4.40 $ 5.68 Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 164,004 and 91,050 shares that were anti-dilutive for the three and six months ended June 29, 2024, respectively. There were 247,453 and 151,872 shares that were anti-dilutive for the three and six months ended July 1, 2023, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
Accumulated Other Comprehensive (Loss) Income	Jun. 29, 2024
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Stockholders’ equity includes certain items classified as AOCI, including: • Unrealized gain (loss) on sales hedging which relates to derivative instruments used to hedge the exposure related to currency exchange rates for forecasted Euro sales. These hedges are designated as cash flow hedges, and the Company defers income statement recognition of gains and losses until the hedged transaction occurs. See Note 8, Derivative Instruments for more details. • Foreign currency translation adjustments which relates 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 June 29, 2024 and July 1, 2023 were as follows (in millions): Unrealized gain (loss) on sales hedging Foreign currency translation adjustments Total 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) Balance at December 31, 2023 $ (5) $ (49) $ (54) Other comprehensive income (loss) before reclassifications 20 (8) 12 Amounts reclassified from AOCI (1) (6) — (6) Tax effect (4) — (4) Other comprehensive income (loss), net of tax 10 (8) 2 Balance at June 29, 2024 $ 5 $ (57) $ (52) (1) See Note 8, Derivative Instruments

Accounts Receivable Factoring

Accounts Receivable Factoring	6 Months Ended
Accounts Receivable Factoring	Jun. 29, 2024
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 does not maintain any beneficial interest in the receivables sold. 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 has two Receivables Factoring arrangements. The first arrangement was amended in the current quarter to limit the factoring of uncollected receivables originated from the EMEA and Asia-Pacific regions from €150 million to €75 million, which will revert to €150 million in the third quarter if not further amended. Otherwise, the amendment did not substantially change the terms of the arrangement. In the current quarter, the Company provided notice to terminate the second arrangement, which allowed for the factoring of uncollected receivables originated from the EMEA region up to $50 million. 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 $1 million as of June 29, 2024 and December 31, 2023, respectively, and is classified within Prepaid expenses and other current assets on the Consolidated Balance Sheets. During the six months ended June 29, 2024 and July 1, 2023, the Company received cash proceeds of $607 million and $751 million, respectively, from the sales of accounts receivables under its factoring arrangements. As of June 29, 2024 and December 31, 2023, there were a total of $7 million and $56 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 $74 million and $112 million of obligations that were not yet remitted to banks as of June 29, 2024 and December 31, 2023, 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
Segment Information & Geographic Data	Jun. 29, 2024
Segment Reporting [Abstract]
Segment Information & Geographic Data	Segment Information & Geographic Data The Company’s operations consist of two reportable segments: Asset Intelligence & Tracking (“AIT”) and Enterprise Visibility & Mobility (“EVM”). The reportable segments have been identified based on the financial data utilized by the Company’s Chief Executive Officer (the chief operating decision maker or “CODM”) to assess segment performance and allocate resources among the Company’s segments. The CODM reviews adjusted operating income to assess segment profitability. To the extent applicable, segment operating income excludes business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, impairment of goodwill and other intangibles, exit and restructuring costs, as well as certain other non-recurring costs. Segment assets are not reviewed by the Company’s CODM and therefore are not disclosed below. Financial information by segment is presented as follows (in millions): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Net sales: AIT $ 397 $ 459 $ 789 $ 981 EVM 820 755 1,603 1,638 Total Net sales $ 1,217 $ 1,214 $ 2,392 $ 2,619 Operating income: AIT (2) $ 73 $ 114 $ 149 $ 243 EVM (2) 123 122 243 255 Total segment operating income 196 236 392 498 Corporate (1) (29) (42) (66) (79) Total Operating income $ 167 $ 194 $ 326 $ 419 (1) To the extent applicable, amounts included in Corporate consist of business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, impairment of goodwill and other intangibles, and exit and restructuring costs. (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 June 29, July 1, June 29, July 1, North America $ 599 $ 642 $ 1,211 $ 1,367 EMEA 419 374 799 817 Asia-Pacific 118 122 230 276 Latin America 81 76 152 159 Total Net sales $ 1,217 $ 1,214 $ 2,392 $ 2,619

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net income	$ 113	$ 115	$ 144	$ 150	$ 228	$ 294

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 29, 2024
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 tangible 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 on 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. Performance Obligations Contract Balances
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. 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
Revenues (Tables)	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents our Net sales disaggregated by product category for each of our segments (in millions): Three Months Ended June 29, 2024 July 1, 2023 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 368 $ 29 $ 397 $ 432 $ 27 $ 459 EVM 615 205 820 554 201 755 Total $ 983 $ 234 $ 1,217 $ 986 $ 228 $ 1,214 Six Months Ended June 29, 2024 July 1, 2023 Segment Tangible Products Services and Software Total Tangible Products Services and Software Total AIT $ 733 $ 56 $ 789 $ 927 $ 54 $ 981 EVM 1,179 424 1,603 1,229 409 1,638 Total $ 1,912 $ 480 $ 2,392 $ 2,156 $ 463 $ 2,619

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Categories of Inventories, Net	The categories of Inventories, net are as follows (in millions): June 29, December 31, Raw materials (1) $ 304 $ 403 Work in process 4 4 Finished goods 370 397 Total Inventories, net $ 678 $ 804 (1) Raw material inventories primarily consist of product components as well as supplies used in repair operations.

Exit and Restructuring Costs (T

Exit and Restructuring Costs (Tables)	6 Months Ended
Exit and Restructuring Costs (Tables)	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Schedule of Liability Associated With Employee Severance and Other Benefits	The Company’s liability associated with Exit and restructuring activities are: Balance as of December 31, 2023 $ 22 Exit and restructuring charges 13 Non-cash utilization (3) Cash payments (26) Balance as of June 29, 2024 $ 6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 29, 2024
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 June 29, 2024, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts (1) $ 2 $ 8 $ — $ 10 Investments related to the deferred compensation plan 41 — — 41 Total Assets at fair value $ 43 $ 8 $ — $ 51 Liabilities: Liabilities related to the deferred compensation plan $ 41 $ — $ — $ 41 Total Liabilities at fair value $ 41 $ — $ — $ 41 The Company’s financial assets and liabilities carried at fair value as of December 31, 2023, are classified below (in millions): Level 1 Level 2 Level 3 Total Assets: Forward interest rate swap contracts (2) $ — $ 83 $ — $ 83 Investments related to the deferred compensation plan 41 — — 41 Total Assets at fair value $ 41 $ 83 $ — $ 124 Liabilities: Foreign exchange contracts (1) $ 1 $ 6 $ — $ 7 Forward interest rate swap contracts (2) — 28 — 28 Liabilities related to the deferred compensation plan 41 — — 41 Total Liabilities at fair value $ 42 $ 34 $ — $ 76 (1) The fair value of the foreign exchange contracts is calculated as follows: • Fair value of 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 period-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). (2)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents the fair value of its derivative instruments (in millions): Asset (Liability) Fair Values as of Balance Sheets Classification June 29, December 31, Derivative instruments designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 8 $ — Foreign exchange contracts Accrued liabilities — (6) Total derivative instruments designated as hedges $ 8 $ (6) Derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets $ 2 $ — Forward interest rate swaps Prepaid expenses and other current assets — 34 Forward interest rate swaps Other long-term assets — 49 Foreign exchange contracts Accrued liabilities — (1) Forward interest rate swaps Accrued liabilities — (12) Forward interest rate swaps Other long-term liabilities — (16) Total derivative instruments not designated as hedges $ 2 $ 54 Total net derivative asset $ 10 $ 48
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 June 29, July 1, June 29, July 1, Derivative instruments not designated as hedges: Foreign exchange contracts Foreign exchange (loss) gain $ 1 $ 1 $ 2 $ (4) Forward interest rate swaps Interest expense, net 11 18 31 11 Total net gain recognized in income $ 12 $ 19 $ 33 $ 7
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): June 29, December 31, Notional balance of outstanding contracts: British Pound/U.S. Dollar £ 3 £ 11 Euro/U.S. Dollar € 124 € 80 Euro/Czech Koruna € 16 € 17 Japanese Yen/U.S. Dollar ¥ 366 ¥ 685 Singapore Dollar/U.S. Dollar S$ 22 S$ 14 Mexican Peso/U.S. Dollar Mex$ 164 Mex$ 144 Polish Zloty/U.S. Dollar zł 28 zł 116 Net fair value of assets (liabilities) of outstanding contracts $ 2 $ (1)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 29, 2024
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): June 29, December 31, Term Loan A $ 1,575 $ 1,684 Senior Notes 500 — Revolving Credit Facility — 413 Receivables Financing Facilities 108 129 Total debt $ 2,183 $ 2,226 Less: Debt issuance costs (11) (2) Less: Unamortized discounts (3) (4) Less: Current portion of debt (89) (173) Total long-term debt $ 2,080 $ 2,047
Schedule of Future Maturities of Long-term Debt	As of June 29, 2024, the future maturities of debt are as follows (in millions): 2024 (6 months remaining) $ 89 2025 — 2026 88 2027 1,506 2028 — Thereafter 500 Total future maturities of debt $ 2,183

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 29, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases	Future minimum lease payments under non-cancellable leases as of June 29, 2024 were as follows (in millions): 2024 (6 months remaining) $ 27 2025 43 2026 36 2027 29 2028 25 Thereafter 66 Total future minimum lease payments $ 226 Less: Interest (40) Present value of lease liabilities $ 186 Reported as of June 29, 2024: Current portion of lease liabilities $ 41 Long-term lease liabilities 145 Present value of lease liabilities $ 186

Accrued Liabilities, Commitme_2

Accrued Liabilities, Commitments and Contingencies (Tables)	6 Months Ended
Accrued Liabilities, Commitments and Contingencies (Tables)	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Accrued Liabilities	The components of Accrued liabilities are as follows (in millions): June 29, December 31, Incentive compensation $ 88 $ 47 Unremitted cash collections due to banks on factored accounts receivable 74 112 Payroll and benefits 69 83 Customer rebates 50 40 Current portion of lease liabilities 41 42 Warranty 27 27 Freight and duty 13 10 Exit and restructuring 6 22 Settlement — 45 Other 58 76 Accrued liabilities $ 426 $ 504
Schedule of Accrued Warranty Obligations	The following table is a summary of the Company’s accrued warranty obligations (in millions): Six Months Ended June 29, July 1, Balance at the beginning of the period $ 27 $ 26 Warranty expense 13 13 Warranties fulfilled (13) (14) Balance at the end of the period $ 27 $ 25

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
Share-Based Compensation (Tables)	Jun. 29, 2024
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 June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Cost of sales $ 2 $ 2 $ 4 $ 3 Selling and marketing 8 1 13 7 Research and development 12 6 18 13 General and administration 15 (6) 23 3 Total compensation expense $ 37 $ 3 $ 58 $ 26 Income tax benefit $ 6 $ 3 $ 10 $ 7
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 June 29, 2024 is as follows: RSUs PSUs RSAs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Shares Weighted-Average Outstanding at beginning of period 437,379 $ 299.19 195,932 $ 334.59 433 $ 477.74 Granted 271,704 308.89 88,029 309.05 6,264 319.95 Released (176,502) 323.37 (35,597) 482.42 (6,697) 330.15 Forfeited (7,971) 296.31 (1,428) 296.59 — — Outstanding at end of period 524,610 $ 296.14 246,936 $ 304.49 — $ —
Schedule of SARs Activity	SARs Weighted-Average Exercise Price Outstanding at beginning of period 398,838 $ 124.96 Exercised (126,582) 100.02 Expired (2) 86.80 Outstanding at end of period 272,254 $ 136.48 Exercisable at end of period 270,999 $ 135.42
Schedule of SARs Outstanding	The following table summarizes information about SARs outstanding as of June 29, 2024: Outstanding Exercisable Aggregate intrinsic value (in millions) $ 47 $ 47 Weighted-average remaining contractual life (in years) 1.7 1.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 29, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Earnings per share (in millions, except share data): Three Months Ended Six Months Ended June 29, July 1, June 29, July 1, Basic: Net income $ 113 $ 144 $ 228 $ 294 Weighted-average shares outstanding 51,489,735 51,377,064 51,444,179 51,395,062 Basic earnings per share $ 2.19 $ 2.80 $ 4.43 $ 5.72 Diluted: Net income $ 113 $ 144 $ 228 $ 294 Weighted-average shares outstanding 51,489,735 51,377,064 51,444,179 51,395,062 Dilutive shares 340,510 330,396 371,720 328,964 Diluted weighted-average shares outstanding 51,830,245 51,707,460 51,815,899 51,724,026 Diluted earnings per share $ 2.17 $ 2.78 $ 4.40 $ 5.68

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
Accumulated Other Comprehensive (Loss) Income (Tables)	Jun. 29, 2024
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	The changes in each component of AOCI during the six months ended June 29, 2024 and July 1, 2023 were as follows (in millions): Unrealized gain (loss) on sales hedging Foreign currency translation adjustments Total 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) Balance at December 31, 2023 $ (5) $ (49) $ (54) Other comprehensive income (loss) before reclassifications 20 (8) 12 Amounts reclassified from AOCI (1) (6) — (6) Tax effect (4) — (4) Other comprehensive income (loss), net of tax 10 (8) 2 Balance at June 29, 2024 $ 5 $ (57) $ (52) (1) See Note 8, Derivative Instruments

Segment Information & Geograp_2

Segment Information & Geographic Data (Tables)	6 Months Ended
Segment Information & Geographic Data (Tables)	Jun. 29, 2024
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 June 29, July 1, June 29, July 1, Net sales: AIT $ 397 $ 459 $ 789 $ 981 EVM 820 755 1,603 1,638 Total Net sales $ 1,217 $ 1,214 $ 2,392 $ 2,619 Operating income: AIT (2) $ 73 $ 114 $ 149 $ 243 EVM (2) 123 122 243 255 Total segment operating income 196 236 392 498 Corporate (1) (29) (42) (66) (79) Total Operating income $ 167 $ 194 $ 326 $ 419 (1) To the extent applicable, amounts included in Corporate consist of business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, impairment of goodwill and other intangibles, and exit and restructuring costs. (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 June 29, July 1, June 29, July 1, North America $ 599 $ 642 $ 1,211 $ 1,367 EMEA 419 374 799 817 Asia-Pacific 118 122 230 276 Latin America 81 76 152 159 Total Net sales $ 1,217 $ 1,214 $ 2,392 $ 2,619

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Total Net sales	$ 1,217	$ 1,214	$ 2,392	$ 2,619
Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	983	986	1,912	2,156
Services and Software
Disaggregation of Revenue [Line Items]
Total Net sales	234	228	480	463
AIT
Disaggregation of Revenue [Line Items]
Total Net sales	397	459	789	981
AIT \| Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	368	432	733	927
AIT \| Services and Software
Disaggregation of Revenue [Line Items]
Total Net sales	29	27	56	54
EVM
Disaggregation of Revenue [Line Items]
Total Net sales	820	755	1,603	1,638
EVM \| Tangible Products
Disaggregation of Revenue [Line Items]
Total Net sales	615	554	1,179	1,229
EVM \| Services and Software
Disaggregation of Revenue [Line Items]
Total Net sales	$ 205	$ 201	$ 424	$ 409

Revenues - Performance Obligati

Revenues - Performance Obligation (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		$ 1,127
Expected recognition period		2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,243
Expected recognition period	2 years

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenues - Additional Information (Details) - USD ($)	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized contract, impairment loss	$ 0	$ 0
Deferred revenue	745,000,000		$ 745,000,000		$ 770,000,000
Revenue recognized which was previously included in deferred revenue	121,000,000	$ 114,000,000	267,000,000	$ 249,000,000
Prepaid expenses and other current assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 16,000,000		$ 16,000,000		$ 16,000,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 304	$ 403
Work in process	4	4
Finished goods	370	397
Total Inventories, net	$ 678	$ 804

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Investments (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Equity securities held	$ 110		$ 110		$ 113
Purchases of long-term investments			3	$ 1
Gain (loss) on investments	$ (6)	$ 0	$ (6)	$ 0

Exit and Restructuring Costs -

Exit and Restructuring Costs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Exit and restructuring charges - cumulative	$ 123	$ 123
Exit and restructuring charges	3	13
Restructuring obligations amount	$ 6	$ 6	$ 22

Exit and Restructuring Costs _2

Exit and Restructuring Costs - Liability Associated With Employee Severance and Other Benefits (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024
Restructuring Reserve [Roll Forward]
Beginning balance		$ 22
Exit and restructuring charges	$ 3	13
Non-cash utilization		(3)
Cash payments		(26)
Ending balance	$ 6	$ 6

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Assets:
Total Assets at fair value	$ 51	$ 124
Liabilities:
Total Liabilities at fair value	41	76
Level 1
Assets:
Total Assets at fair value	43	41
Liabilities:
Total Liabilities at fair value	41	42
Level 2
Assets:
Total Assets at fair value	8	83
Liabilities:
Total Liabilities at fair value	0	34
Level 3
Assets:
Total Assets at fair value	0	0
Liabilities:
Total Liabilities at fair value	0	0
Foreign exchange contracts
Assets:
Derivative assets	10
Liabilities:
Derivative liabilities		7
Foreign exchange contracts \| Level 1
Assets:
Derivative assets	2
Liabilities:
Derivative liabilities		1
Foreign exchange contracts \| Level 2
Assets:
Derivative assets	8
Liabilities:
Derivative liabilities		6
Foreign exchange contracts \| Level 3
Assets:
Derivative assets	0
Liabilities:
Derivative liabilities		0
Forward interest rate swap contracts
Assets:
Derivative assets		83
Liabilities:
Derivative liabilities		28
Forward interest rate swap contracts \| Level 1
Assets:
Derivative assets		0
Liabilities:
Derivative liabilities		0
Forward interest rate swap contracts \| Level 2
Assets:
Derivative assets		83
Liabilities:
Derivative liabilities		28
Forward interest rate swap contracts \| 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	41	41
Investments related to the deferred compensation plan \| Level 1
Assets:
Investments related to the deferred compensation plan	41	41
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
Liabilities related to the deferred compensation plan
Liabilities:
Liabilities related to the deferred compensation plan	41	41
Liabilities related to the deferred compensation plan \| Level 1
Liabilities:
Liabilities related to the deferred compensation plan	41	41
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 Instruments (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Derivative [Line Items]
Total net derivative asset	$ 10	$ 48
Derivative instruments designated as hedges:
Derivative [Line Items]
Total net derivative asset	8	(6)
Derivative instruments designated as hedges: \| Prepaid expenses and other current assets \| Foreign exchange contracts
Derivative [Line Items]
Total assets at fair value	8	0
Derivative instruments designated as hedges: \| Accrued liabilities \| Foreign exchange contracts
Derivative [Line Items]
Total liabilities at fair value	0	(6)
Derivative instruments not designated as hedges:
Derivative [Line Items]
Total net derivative asset	2	54
Derivative instruments not designated as hedges: \| Prepaid expenses and other current assets \| Foreign exchange contracts
Derivative [Line Items]
Total assets at fair value	2	0
Derivative instruments not designated as hedges: \| Prepaid expenses and other current assets \| Forward interest rate swaps
Derivative [Line Items]
Total assets at fair value	0	34
Derivative instruments not designated as hedges: \| Other long-term assets \| Forward interest rate swaps
Derivative [Line Items]
Total assets at fair value	0	49
Derivative instruments not designated as hedges: \| Accrued liabilities \| Foreign exchange contracts
Derivative [Line Items]
Total liabilities at fair value	0	(1)
Derivative instruments not designated as hedges: \| Accrued liabilities \| Forward interest rate swaps
Derivative [Line Items]
Total liabilities at fair value	0	(12)
Derivative instruments not designated as hedges: \| Other long-term liabilities \| Forward interest rate swaps
Derivative [Line Items]
Total liabilities at fair value	$ 0	$ (16)

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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total net gain recognized in income	$ 12	$ 19	$ 33	$ 7
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total net gain recognized in income	1	1	2	(4)
Forward interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total net gain recognized in income	$ 11	$ 18	$ 31	$ 11

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) € in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Change in unrealized gain (loss) on anticipated sales hedging:
Increase for gross asset and liability presentation	$ 0		$ 0			$ 1,000,000
Derivative instruments not designated as hedges:
Change in unrealized gain (loss) on anticipated sales hedging:
Gain (loss) on contract	12,000,000	$ 19,000,000	33,000,000	$ 7,000,000
Forward interest rate swaps \| Derivative instruments not designated as hedges:
Change in unrealized gain (loss) on anticipated sales hedging:
Cash receipts	77,000,000		86,000,000
Gain (loss) on contract	11,000,000	18,000,000	$ 31,000,000	11,000,000
Foreign currency exchange forward \| Derivative instruments not designated as hedges:
Change in unrealized gain (loss) on anticipated sales hedging:
Maturity period			1 month
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
Gain (loss) on contract	$ 5,000,000	$ (7,000,000)	$ 6,000,000	$ (10,000,000)
Derivative forward long-term interest rate swap \| €					€ 569		€ 485

Derivative Instruments - Notion

Derivative Instruments - Notional Values and Net Fair Value of Outstanding Contracts (Details) - Derivative instruments not designated as hedges: € in Millions, ¥ in Millions, £ in Millions, zł in Millions, $ in Millions, $ in Millions, $ in Millions

Jun. 29, 2024 GBP (£)

Jun. 29, 2024 EUR (€)

Jun. 29, 2024 JPY (¥)

Jun. 29, 2024 SGD ($)

Jun. 29, 2024 MXN ($)

Jun. 29, 2024 PLN (zł)

Jun. 29, 2024 USD ($)

Dec. 31, 2023 GBP (£)

Dec. 31, 2023 EUR (€)

Dec. 31, 2023 JPY (¥)

Dec. 31, 2023 SGD ($)

Dec. 31, 2023 MXN ($)

Dec. 31, 2023 PLN (zł)

Dec. 31, 2023 USD ($)

British Pound/U.S. Dollar

Derivative [Line Items]

Notional balance of outstanding contracts | £

£ 3

£ 11

Euro/U.S. Dollar

Derivative [Line Items]

Notional balance of outstanding contracts | €

€ 124

€ 80

Euro/Czech Koruna

Derivative [Line Items]

Notional balance of outstanding contracts | €

€ 16

€ 17

Japanese Yen/U.S. Dollar

Derivative [Line Items]

Notional balance of outstanding contracts | ¥

¥ 366

¥ 685

Singapore Dollar/U.S. Dollar

Derivative [Line Items]

Notional balance of outstanding contracts

$ 22

$ 14

Mexican Peso/U.S. Dollar

Derivative [Line Items]

Notional balance of outstanding contracts

$ 164

$ 144

Polish Zloty/U.S. Dollar

Derivative [Line Items]

Notional balance of outstanding contracts | zł

zł 28

zł 116

Foreign currency exchange forward

Derivative [Line Items]

Net fair value of assets (liabilities) of outstanding contracts

$ 2

$ (1)

Long-Term Debt - Carrying Value

Long-Term Debt - Carrying Value of Debt (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 2,183	$ 2,226
Less: Debt issuance costs	(11)	(2)
Less: Unamortized discounts	(3)	(4)
Less: Current portion of debt	(89)	(173)
Total long-term debt	2,080	2,047
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	0	413
Term Loan A \| Term Loan A
Debt Instrument [Line Items]
Total debt	1,575	1,684
Receivables Financing Facilities \| Receivables Financing Facilities
Debt Instrument [Line Items]
Total debt	108	129
Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	$ 500	$ 0

Long-Term Debt - Future Maturit

Long-Term Debt - Future Maturities of Long-Term Debt (Details) $ in Millions	Jun. 29, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (6 months remaining)	$ 89
2025	0
2026	88
2027	1,506
2028	0
Thereafter	500
Total future maturities of debt	$ 2,183

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Billions	Jun. 29, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Estimated fair value debt	$ 2.2	$ 2.2

Long-Term Debt - Term Loan A (D

Long-Term Debt - Term Loan A (Details) - USD ($) $ in Millions		6 Months Ended
	May 28, 2024	Jun. 29, 2024	Jul. 01, 2023
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 651	$ 368
Term Loan A \| Term Loan A
Debt Instrument [Line Items]
Debt repaid		$ 109
Term loan interest rate		6.69%
Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 492

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details) - USD ($)	6 Months Ended
Long-Term Debt - Senior Notes (Details) - USD ($)	Jun. 29, 2024	May 28, 2024
Debt Instrument [Line Items]
Total future maturities of debt	$ 2,183,000,000
Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Proceeds from debt issuance		$ 500,000,000
Fixed-rate		6.50%
Term Loan A \| Loans Payable
Debt Instrument [Line Items]
Debt repaid	$ 109,000,000

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility	Jun. 29, 2024 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Average interest rate	6.69%
Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit	$ 10,000,000
Funds available for other borrowing	$ 1,490,000,000

Long-Term Debt - Receivable Fin

Long-Term Debt - Receivable Financing Facility (Details)	Jun. 29, 2024 USD ($) facility	May 13, 2024 USD ($)
Line of Credit Facility [Line Items]
Number of receivable financing facilities \| facility	2
Receivables Financing Facilities \| Receivables Financing Facilities
Line of Credit Facility [Line Items]
Gross accounts receivable pledged	$ 537,000,000
Outstanding borrowings	108,000,000
Current line of credit	$ 89,000,000
Revolving credit facility interest rate	6.39%
Receivables Financing Facilities \| First Receivables Factoring arrangements
Line of Credit Facility [Line Items]
Total borrowing limits (up to)	$ 180,000,000
Receivables Financing Facilities \| Second Receivables Factoring arrangements
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
Leases - Additional Information (Details) $ in Millions	Jun. 29, 2024 USD ($)
Leases [Abstract]
ROU assets obtained in exchange for lease obligations	$ 14

Leases - Future Minimum lease P

Leases - Future Minimum lease Payments Under Non-cancellable Leases (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (6 months remaining)	$ 27
2025	43
2026	36
2027	29
2028	25
Thereafter	66
Total future minimum lease payments	226
Less: Interest	(40)
Present value of lease liabilities	186
Current portion of lease liabilities	41	$ 42
Long-term lease liabilities	$ 145	$ 152

Accrued Liabilities, Commitme_3

Accrued Liabilities, Commitments and Contingencies - Components of Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023	Jul. 01, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Incentive compensation	$ 88	$ 47
Unremitted cash collections due to banks on factored accounts receivable	74	112
Payroll and benefits	69	83
Customer rebates	50	40
Current portion of lease liabilities	41	42
Warranty	27	27	$ 25	$ 26
Freight and duty	13	10
Exit and restructuring	6	22
Settlement	0	45
Other	58	76
Accrued liabilities	$ 426	$ 504
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities

Accrued Liabilities, Commitme_4

Accrued Liabilities, Commitments and Contingencies - Accrued Warranty Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at the beginning of the period	$ 27	$ 26
Warranty expense	13	13
Warranties fulfilled	(13)	(14)
Balance at the end of the period	$ 27	$ 25

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unearned compensation costs related to performance share awards	$ 166
Total unearned compensation costs amortization period	1 year 8 months 12 days
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	0
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	1,850,705
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares)	271,704
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares)	6,264
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares)	88,029
PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of exercised options	$ 25	$ 5
Fair value of SARs vested in period	$ 1	$ 2
Common Class A \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6,264	6,640

Share-Based Compensation - Comp

Share-Based Compensation - Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	$ 37	$ 3	$ 58	$ 26
Income tax benefit	6	3	10	7
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	2	2	4	3
Selling and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	8	1	13	7
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	12	6	18	13
General and administration
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense	$ 15	$ (6)	$ 23	$ 3

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted and Performance Stock-settled Awards (Details)	6 Months Ended
	Jun. 29, 2024 $ / shares shares
RSUs
Units
Outstanding at beginning of period (in shares) \| shares	437,379
Granted (in shares) \| shares	271,704
Released (in shares) \| shares	(176,502)
Forfeited (in shares) \| shares	(7,971)
Outstanding at end of period (in shares) \| shares	524,610
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in USD per share) \| $ / shares	$ 299.19
Granted (in USD per share) \| $ / shares	308.89
Released (in USD per share) \| $ / shares	323.37
Forfeited (in USD per share) \| $ / shares	296.31
Outstanding at end of year (in USD per share) \| $ / shares	$ 296.14
PSUs
Units
Outstanding at beginning of period (in shares) \| shares	195,932
Granted (in shares) \| shares	88,029
Released (in shares) \| shares	(35,597)
Forfeited (in shares) \| shares	(1,428)
Outstanding at end of period (in shares) \| shares	246,936
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in USD per share) \| $ / shares	$ 334.59
Granted (in USD per share) \| $ / shares	309.05
Released (in USD per share) \| $ / shares	482.42
Forfeited (in USD per share) \| $ / shares	296.59
Outstanding at end of year (in USD per share) \| $ / shares	$ 304.49
RSAs
Units
Outstanding at beginning of period (in shares) \| shares	433
Granted (in shares) \| shares	6,264
Released (in shares) \| shares	(6,697)
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	0
Weighted-Average Grant Date Fair Value
Outstanding at beginning of year (in USD per share) \| $ / shares	$ 477.74
Granted (in USD per share) \| $ / shares	319.95
Released (in USD per share) \| $ / shares	330.15
Forfeited (in USD per share) \| $ / shares	0
Outstanding at end of year (in USD per share) \| $ / shares	$ 0

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of SARs Activity (Details) - SARs	6 Months Ended
	Jun. 29, 2024 $ / shares shares
SARs
Outstanding at beginning of period (in shares) \| shares	398,838
Exercised (in shares) \| shares	(126,582)
Expired (in shares) \| shares	(2)
Outstanding at end of period (in shares) \| shares	272,254
Exercisable at end of period (in shares) \| shares	270,999
SARs
Outstanding at beginning of period (in USD per share) \| $ / shares	$ 124.96
Exercised (in USD per share) \| $ / shares	100.02
Expired (in USD per share) \| $ / shares	86.80
Outstanding at end of period (in USD per share) \| $ / shares	136.48
Exercisable at end of period (in USD per share) \| $ / shares	$ 135.42

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of SARs Outstanding (Details) - SARs $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Aggregate intrinsic value	$ 47
Outstanding, Weighted-average remaining contractual life	1 year 8 months 12 days
Exercisable, Aggregate intrinsic value	$ 47
Exercisable, Weighted-average remaining contractual life	1 year 8 months 12 days

Share-Based Compensation - Cash

Share-Based Compensation - Cash-settled Awards (Details) - Cash-settled Awards - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Settlement payments for awards	$ 11	$ 8
Number of shares authorized (in shares)	57,779	39,407

Share-Based Compensation - Empl

Share-Based Compensation - Employee Stock Purchase Plan (Details) - 2020 ESPP - Employee Stock	6 Months Ended
	Jun. 29, 2024 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)	1,329,399

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Effective tax rates	16.90%	15.80%	18%	17.40%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Basic:
Net income	$ 113	$ 115	$ 144	$ 150	$ 228	$ 294
Weighted-average shares outstanding (in shares)	51,489,735		51,377,064		51,444,179	51,395,062
Basic earnings per share (in USD per share)	$ 2.19		$ 2.80		$ 4.43	$ 5.72
Diluted:
Net income	$ 113	$ 115	$ 144	$ 150	$ 228	$ 294
Weighted-average shares outstanding (in shares)	51,489,735		51,377,064		51,444,179	51,395,062
Dilutive shares (in shares)	340,510		330,396		371,720	328,964
Diluted weighted-average shares outstanding (in shares)	51,830,245		51,707,460		51,815,899	51,724,026
Diluted earnings per share (in USD per share)	$ 2.17		$ 2.78		$ 4.40	$ 5.68

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	164,004	247,453	91,050	151,872

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 3,036	$ 2,733
Other comprehensive (loss) income before reclassifications	12	(4)
Amounts reclassified from AOCI	(6)	10
Tax effect	(4)
Other comprehensive income, net of tax	2	6
Ending balance	3,287	2,992
Total
AOCI Attributable to Parent, Net of Tax
Beginning balance	(54)	(66)
Ending balance	(52)	(60)
Unrealized gain (loss) on sales hedging
AOCI Attributable to Parent, Net of Tax
Beginning balance	(5)	(11)
Other comprehensive (loss) income before reclassifications	20	(9)
Amounts reclassified from AOCI	(6)	10
Tax effect	(4)
Other comprehensive income, net of tax	10	1
Ending balance	5	(10)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(49)	(55)
Other comprehensive (loss) income before reclassifications	(8)	5
Amounts reclassified from AOCI	0	0
Tax effect	0
Other comprehensive income, net of tax	(8)	5
Ending balance	$ (57)	$ (50)

Accounts Receivable Factoring (

Accounts Receivable Factoring (Details) $ in Millions	6 Months Ended
Accounts Receivable Factoring (Details) $ in Millions	Jun. 29, 2024 USD ($) facility	Jul. 01, 2023 USD ($)	Sep. 28, 2024 EUR (€)	Jun. 29, 2024 EUR (€) facility	Mar. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Transfer of Financial Assets Accounted for as Sales [Line Items]
Deposits	$ 0					$ 1
Proceeds from sale of accounts receivables	607	$ 751
Uncollected receivables sold and removed from the balance sheet	7					56
Unremitted cash collections due to banks on factored accounts receivable	$ 74					$ 112
Number of receivable financing facilities \| facility	2			2
EMEA And Asia Pacific
Transfer of Financial Assets Accounted for as Sales [Line Items]
Eligible uncollected receivables available (up to) \| €				€ 75,000,000	€ 150,000,000
EMEA And Asia Pacific \| Forecast
Transfer of Financial Assets Accounted for as Sales [Line Items]
Eligible uncollected receivables available (up to) \| €			€ 150,000,000
EMEA
Transfer of Financial Assets Accounted for as Sales [Line Items]
Eligible uncollected receivables available (up to) \| €				€ 50,000,000

Segment Information & Geograp_3

Segment Information & Geographic Data - Additional Information (Details)	6 Months Ended
	Jun. 29, 2024 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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Net sales:
Total Net sales	$ 1,217	$ 1,214	$ 2,392	$ 2,619
Operating income:
Operating income	167	194	326	419
AIT
Net sales:
Total Net sales	397	459	789	981
EVM
Net sales:
Total Net sales	820	755	1,603	1,638
Operating segments
Operating income:
Operating income	196	236	392	498
Operating segments \| AIT
Net sales:
Total Net sales	397	459	789	981
Operating income:
Operating income	73	114	149	243
Operating segments \| EVM
Net sales:
Total Net sales	820	755	1,603	1,638
Operating income:
Operating income	123	122	243	255
Corporate
Operating income:
Operating income	$ (29)	$ (42)	$ (66)	$ (79)

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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Total Net sales	$ 1,217	$ 1,214	$ 2,392	$ 2,619
North America
Segment Reporting Information [Line Items]
Total Net sales	599	642	1,211	1,367
EMEA
Segment Reporting Information [Line Items]
Total Net sales	419	374	799	817
Asia-Pacific
Segment Reporting Information [Line Items]
Total Net sales	118	122	230	276
Latin America
Segment Reporting Information [Line Items]
Total Net sales	$ 81	$ 76	$ 152	$ 159