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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Dec. 28, 2019
Cash flows from operating activities:      
Net income (loss) $ (208) $ (319) $ 99
Loss from discontinued operations, net of tax (395) (256) (28)
Net income (loss) from continuing operations 187 (63) 127
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 146 157 165
Amortization of debt discount and issuance costs 2 3 8
Charges for losses on receivables and inventories 22 33 25
Asset impairments 20 182 56
(Gain) loss on disposition of assets, net (5) 4 (24)
Loss on extinguishment and modification of debt   12  
Compensation expense for share-based payments 38 41 33
Deferred income taxes and deferred tax asset valuation allowances (6) 11 100
Changes in assets and liabilities:      
Decrease (increase) in receivables (61) 185 26
Decrease in inventories 35 76 14
Net decrease in prepaid expenses, operating lease right-of-use assets, and other assets 281 304 329
Net decrease in trade accounts payable, accrued expenses, operating lease liabilities, and other current and other long-term liabilities (312) (519) (481)
Other operating activities (3) (1) 2
Total adjustments 157 488 253
Net cash provided by operating activities of continuing operations 344 425 380
Net cash provided by (used in) operating activities of discontinued operations 2 60 (14)
Net cash provided by operating activities 346 485 366
Cash flows from investing activities:      
Capital expenditures (73) (58) (140)
Businesses acquired, net of cash acquired (29) (30) (22)
Proceeds from collection of notes receivable   818  
Proceeds from disposition of assets 5 3 50
Settlement of company-owned life insurance policies 22 13 5
Other investing activities     (2)
Net cash provided by (used in) investing activities of continuing operations (75) 746 (109)
Net cash used in investing activities of discontinued operations (4) (10) (10)
Net cash provided by (used in) investing activities (79) 736 (119)
Cash flows from financing activities:      
Net payments on long and short-term borrowings (25) (341) (98)
Debt retirement (100) (1,196) (735)
Debt issuance   400 736
Cash dividends on common stock   (13) (55)
Share purchases for taxes, net of proceeds from employee share-based transactions (26) (5) (9)
Repurchase of common stock for treasury and advance payment for accelerated share repurchase (307) (30) (40)
Other financing activities (1) (8) 1
Net cash used in financing activities of continuing operations (459) (1,193) (200)
Net cash used in financing activities of discontinued operations     (12)
Net cash used in financing activities (459) (1,193) (212)
Effect of exchange rate changes on cash and cash equivalents   1 5
Net increase (decrease) in cash, cash equivalents and restricted cash (192) 29 40
Cash, cash equivalents and restricted cash at beginning of period 729 700 660
Cash, cash equivalents and restricted cash at end of period 537 729 700
Less: cash and cash equivalents of discontinued operations (23)    
Cash, cash equivalents and restricted cash at end of period — continuing operations 514 729 700
Supplemental information on operating, investing, and financing activities      
Cash interest paid, net of amounts capitalized and Timber notes/Non-recourse debt 25 40 61
Cash taxes paid (refunded), net 43 (14) (43)
Right-of-use assets obtained in exchange for new finance lease liabilities 3 29 27
Right-of-use assets obtained in exchange for new operating lease liabilities 127 $ 117 $ 327
Business acquired in exchange for common stock issuance $ 35