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CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Operating activities    
Net income $ 618 $ 664
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 181 226
Impairment of property 60 0
Postretirement benefit plan expense (benefit) (26) (32)
Deferred income taxes 30 (9)
Stock compensation 41 43
Other 18 (10)
Distribution from postretirement benefit plan 175 0
Postretirement benefit plan contributions (32) (11)
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (177) (193)
Inventories 5 17
Accounts payable 63 (39)
All other current assets and liabilities (216) (12)
Net cash provided by (used in) operating activities 740 644
Investing activities    
Additions to properties (297) (339)
Issuance of notes receivable 0 (4)
Purchase of marketable securities (177) 0
Sales of marketable securities 13 0
Purchases of available for sale securities 0 (9)
Sales of available for sale securities 0 10
Settlement of net investment hedges (7) 17
Collateral paid on derivatives 0 (18)
Other 14 (1)
Net cash provided by (used in) investing activities (454) (344)
Financing activities    
Net issuances (reductions) of notes payable 85 (7)
Issuances of long-term debt 619 401
Reductions of long-term debt (652) (221)
Net issuances of common stock 45 45
Common stock repurchases 0 (60)
Cash dividends (383) (404)
Other (4) (53)
Net cash provided by (used in) financing activities (290) (299)
Effect of exchange rate changes on cash and cash equivalents 2 8
Increase (decrease) in cash and cash equivalents (2) 9
Cash and cash equivalents at beginning of period 274 299
Cash and cash equivalents at end of period 272 308
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 99 $ 98