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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Cash flows from operating activities:    
Net income $ 55 $ 53
Loss from discontinued operations, net of tax   (10)
Net income from continuing operations 55 63
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34 38
Charges for losses on receivables and inventories 6 7
Asset impairments 2 12
Gain on disposition of assets, net (3)  
Compensation expense for share-based payments 9 10
Deferred income taxes and deferred tax asset valuation allowances 10 6
Changes in working capital and other operating activities (83) (33)
Net cash provided by operating activities of continuing operations 30 103
Net cash used in operating activities of discontinued operations   (17)
Net cash provided by operating activities 30 86
Cash flows from investing activities:    
Capital expenditures (21) (12)
Businesses acquired, net of cash acquired   (28)
Proceeds from disposition of assets 6 1
Settlement of company-owned life insurance policies 1 7
Net cash used in investing activities of continuing operations (14) (32)
Net cash provided by (used in) investing activities of discontinued operations 67 (1)
Net cash provided by (used in) investing activities 53 (33)
Cash flows from financing activities:    
Net payments on long and short-term borrowings (6) (6)
Debt retirement (43)  
Share purchases for taxes, net of proceeds from employee share-based transactions (14) (23)
Other financing activities (1) (1)
Net cash used in financing activities of continuing operations (64) (30)
Effect of exchange rate changes on cash and cash equivalents 1 1
Net increase in cash and cash equivalents 20 24
Cash and cash equivalents at beginning of period 537 729
Cash and cash equivalents at end of period – continuing operations 557 753
Supplemental information on non-cash investing and financing activities    
Right-of-use assets obtained in exchange for new operating lease liabilities 35 10
Business acquired in exchange for common stock issuance   $ 35
Other current receivable obtained from disposition of discontinued operations 30  
Promissory note receivable obtained from disposition of discontinued operations 55  
Earn-out receivable obtained from disposition of discontinued operations $ 9