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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Operating activities    
Net income $ 33 $ 24
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 19 17
Postretirement plan benefit (9) (7)
Deferred income taxes 1 0
Stock compensation 1 1
Other 3 0
Pension plan contributions (3) 0
Changes in operating assets and liabilities:    
Trade receivables 2 7
Inventories 16 57
Accounts payable (5) (23)
Income taxes payable 4 0
Accrued advertising and promotion (11) (2)
Accrued salaries and wages (21) (8)
All other current assets and liabilities (20) (4)
Net cash provided by (used in) operating activities 10 62
Investing activities    
Additions to properties (9) (31)
Net cash provided by (used in) investing activities (9) (31)
Financing activities    
Repayment of borrowings under the Credit Agreement (3) 0
Issuance (repayment) of notes payables, with maturities less than 90 days (3) 0
Net issuances of common stock 1 0
Dividends paid (14) 0
Net transfers (to) from Kellanova 0 (30)
Net cash provided by (used in) financing activities (19) (30)
Effect of exchange rate changes on cash and cash equivalents   0
Increase (decrease) in cash and cash equivalents (18) 1
Cash and cash equivalents at beginning of period 88 0
Cash and cash equivalents at end of period 70 1
Supplemental cash flow disclosures of non-cash investing activities:    
Additions to properties included in accounts payable $ 20 $ 27