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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Cash flows from operating activities:    
Net Income (Loss) $ 107 $ 82
Income from discontinued operations, net of tax   7
Net income from continuing operations 107 75
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 59 68
Amortization of debt discount and issuance costs 1  
Charges for losses on receivables and inventories 10 8
Asset impairments 10 5
Gain on disposition of assets, net (1) (3)
Compensation expense for share-based payments 18 19
Deferred income taxes and deferred tax asset valuation allowances 23 12
Changes in working capital and other operating activities (78) (268)
Net cash provided by (used in) operating activities of continuing operations 149 (84)
Net cash provided by (used in) operating activities 149 (84)
Cash flows from investing activities:    
Capital expenditures (51) (43)
Businesses acquired, net of cash acquired (10)  
Proceeds from disposition of assets 101 6
Settlement of company-owned life insurance policies 1 2
Net cash provided by (used in) investing activities of continuing operations 41 (35)
Net cash provided by investing activities of discontinued operations 5 74
Net cash provided by investing activities 46 39
Cash flows from financing activities:    
Net payments on long and short-term borrowings (9) (11)
Debt retirement (165) (43)
Debt issuance 165  
Share purchases for taxes, net of proceeds from employee share-based transactions (23) (17)
Repurchase of common stock for treasury (231)  
Other financing activities   (3)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations, Total (263) (74)
Net cash used in financing activities (263) (74)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 (1)
Net decrease in cash, cash equivalents and restricted cash (67) (120)
Cash, cash equivalents and restricted cash at beginning of period 404 537
Cash, cash equivalents and restricted cash at end of period 337 417
Supplemental information on non-cash investing and financing activities    
Right-of-use assets obtained in exchange for new operating lease liabilities 148 113
Promissory note receivable obtained from disposition of discontinued operations 59 55
Cash taxes paid, net 19  
Cash interest paid, net of amounts capitalized and non-recourse debt 10  
Earn-out receivable obtained from disposition of discontinued operations 9 9
Right-of-use assets obtained in exchange for new finance lease liabilities $ 3  
Other current receivable obtained from disposition of discontinued operations   30
Transfer from additional paid-in capital to treasury stock for final settlement of the accelerated share repurchase agreement   $ 29