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CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Operating activities    
Net income $ 308 $ 271
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 92 86
Impairment of property 0 60
Postretirement benefit plan expense (benefit) (6) (18)
Deferred income taxes 68 29
Stock compensation 22 21
Other (23) 36
Postretirement benefit plan distributions 0 175
Postretirement benefit plan contributions (12) (22)
Changes in operating assets and liabilities, net of acquisitions and divestitures:    
Trade receivables 16 (173)
Inventories (46) (4)
Accounts payable (106) (14)
All other current assets and liabilities (197) (83)
Net cash provided by (used in) operating activities 116 364
Investing activities    
Additions to properties (176) (155)
Purchase of marketable securities (72) (175)
Sales of marketable securities 84 0
Settlement of net investment hedges 0 (7)
Other 12 4
Net cash provided by (used in) investing activities (152) (333)
Financing activities    
Net issuances (reductions) of notes payable 474 115
Reductions of long-term debt (631) (2)
Net issuances of common stock 42 23
Cash dividends (197) (191)
Other (1) (3)
Net cash provided by (used in) financing activities (313) (58)
Effect of exchange rate changes on cash and cash equivalents (15) (5)
Increase (decrease) in cash and cash equivalents (364) (32)
Cash and cash equivalents at beginning of period 694 274
Cash and cash equivalents at end of period 330 242
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 116 $ 88