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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jul. 04, 2021
Jun. 28, 2020
Operating Activities    
Net income including noncontrolling interest $ 698,101 $ 536,825
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 153,929 142,524
Stock-based compensation expense 32,482 25,490
Deferred income taxes 5,789 3,309
Impairment of long-lived assets 0 9,143
Write-down of equity investments 7,771 18,550
Other 51,355 27,311
Changes in assets and liabilities, net of business acquisitions and divestitures:    
Accounts receivable—trade, net 88,945 11,794
Inventories (68,968) (194,396)
Prepaid expenses and other current assets 14,432 15,730
Accounts payable and accrued liabilities (33,238) (19,304)
Accrued income taxes 68,317 65,169
Contributions to pension and other benefit plans (9,338) (8,333)
Other assets and liabilities 8,075 (19,765)
Net cash provided by operating activities 1,017,652 614,047
Investing Activities    
Capital additions (including software) (227,607) (185,784)
Equity investments in tax credit qualifying partnerships (57,445) (26,392)
Business acquisitions, net of cash and cash equivalents acquired (418,191) 0
Other investing activities 3,123 2,374
Net cash used in investing activities (700,120) (209,802)
Financing Activities    
Net increase in short-term debt 137,027 166,017
Long-term borrowings, net of debt issuance costs 0 989,876
Repayment of long-term debt and finance leases (436,957) (352,104)
Cash dividends paid (324,304) (314,279)
Repurchase of common stock (434,346) (211,196)
Exercise of stock options 16,889 17,544
Net cash (used in) provided by financing activities (1,041,691) 295,858
Effect of exchange rate changes on cash and cash equivalents (5,061) (17,351)
(Decrease) increase in cash and cash equivalents, including cash classified as held for sale (729,220) 682,752
Less: Decrease (increase) in cash and cash equivalents classified as held for sale 11,434 (10,683)
Net (decrease) increase in cash and cash equivalents (717,786) 672,069
Cash and cash equivalents, beginning of period 1,143,987 493,262
Cash and cash equivalents, end of period 426,201 1,165,331
Supplemental Disclosure    
Interest paid 68,345 74,944
Income taxes paid $ 139,078 $ 71,633