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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Apr. 01, 2023
Apr. 02, 2022
Operating activities    
Net income $ 302 $ 424
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 116 119
Postretirement benefit plan expense (benefit) (15) (73)
Deferred income taxes (6) 42
Stock compensation 22 16
Other (10) 28
Postretirement benefit plan contributions (5) (7)
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (110) (184)
Inventories (27) (160)
Accounts payable 9 207
All other current assets and liabilities 0 (85)
Net cash provided by (used in) operating activities 276 327
Investing activities    
Additions to properties (203) (138)
Issuance of notes receivable (5) 0
Purchases of available for sale securities (5) (2)
Sales of available for sale securities 5 1
Settlement of net investment hedges 17 37
Collateral paid on derivatives (15) (13)
Other 1 3
Net cash provided by (used in) investing activities (205) (112)
Financing activities    
Net issuances (reductions) of notes payable 3 313
Issuances of long-term debt 401 0
Reductions of long-term debt (216) (25)
Net issuances of common stock 19 40
Common stock repurchases 0 (300)
Cash dividends (202) (197)
Other (38) (2)
Net cash provided by (used in) financing activities (33) (171)
Effect of exchange rate changes on cash and cash equivalents 10 (17)
Increase (decrease) in cash and cash equivalents 48 27
Cash and cash equivalents at beginning of period 299 286
Cash and cash equivalents at end of period 347 313
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 105 $ 90