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CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Operating activities    
Net income $ 271 $ 302
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 86 116
Impairment of property plant and equipment 60 0
Postretirement benefit plan expense (benefit) (18) (15)
Deferred income taxes 29 (6)
Stock compensation 21 22
Other 36 (10)
Distribution from postretirement benefit plan 175 0
Postretirement benefit plan contributions (22) (5)
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (173) (110)
Inventories (4) (27)
Accounts payable (14) 9
All other current assets and liabilities (83) 0
Net cash provided by (used in) operating activities 364 276
Investing activities    
Additions to properties (155) (203)
Issuance of notes receivable 0 (5)
Purchase of marketable securities (175) 0
Purchases of available for sale securities 0 (5)
Sales of available for sale securities 0 5
Settlement of net investment hedges (7) 17
Collateral paid on derivatives 0 (15)
Other 4 1
Net cash provided by (used in) investing activities (333) (205)
Financing activities    
Net issuances (reductions) of notes payable 115 3
Issuances of long-term debt 0 401
Reductions of long-term debt (2) (216)
Net issuances of common stock 23 19
Cash dividends (191) (202)
Other (3) (38)
Net cash provided by (used in) financing activities (58) (33)
Effect of exchange rate changes on cash and cash equivalents (5) 10
Increase (decrease) in cash and cash equivalents (32) 48
Cash and cash equivalents at beginning of period 274 299
Cash and cash equivalents at end of period 242 347
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 88 $ 105