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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Jul. 02, 2022
Jun. 26, 2021
Cash flows from operating activities    
Net income $ 203 $ 219
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45 50
Share based compensation expense 28 36
Deferred income taxes 1 22
Changes to lease related balances, net (33) (36)
Foreign currency loss (gain) 1 (12)
Other non-cash adjustments 1 (3)
Change in assets and liabilities:    
Receivables, net 26 (7)
Inventories, net (209) (17)
Prepaid expenses and other current assets (13) (9)
Accounts payable 6 (40)
Accrued expenses and other current liabilities 87 (6)
Other long-term assets and liabilities (6) 7
Net cash provided by operating activities 137 204
Cash flows from investing activities    
Capital expenditures (36) (23)
Settlement of net investment hedges 66 0
Net cash provided by (used in) investing activities 30 (23)
Cash flows from financing activities    
Debt borrowings 1,350 59
Debt repayments (1,090) (70)
Debt issuance costs (4) 0
Repurchase of ordinary shares (312) (59)
Exercise of employee share options 6 7
Other financing activities 0 8
Net cash used in financing activities (50) (55)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (65) (2)
Net increase in cash, cash equivalents and restricted cash 52 124
Beginning of period 172 234
End of period 224 358
Supplemental disclosures of cash flow information    
Cash paid for interest 18 17
Net cash (received) paid for income taxes (72) 28
Supplemental disclosure of non-cash investing and financing activities    
Accrued capital expenditures $ 43 $ 14