v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Operating Activities    
Net income $ 892,770 $ 286,922
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 269,097 243,397
Stock-based compensation expense 34,847 31,003
Deferred income taxes 35,462 (16,036)
Unrealized (gains) losses on derivative contracts (10,185) 464,739
Other 60,799 42,761
Changes in assets and liabilities, net of business acquisition:    
Accounts receivable—trade, net (177,661) (10,407)
Inventories (318,668) (576,571)
Prepaid expenses and other current assets (33,744) (447,678)
Accounts payable and accrued liabilities 134,469 382,684
Accrued income taxes 30,110 162,774
Contributions to pension and other benefit plans (6,170) (6,543)
Other assets and liabilities (23,004) (48,147)
Net cash provided by operating activities 888,122 508,898
Investing Activities    
Capital additions (including software) (204,427) (230,615)
Receipts related to equity investments in tax credit qualifying partnerships 8,498 9,026
Purchase of intangible assets 0 (73,597)
Other investing activities (3,634) (6,595)
Net cash used in investing activities (199,563) (301,781)
Financing Activities    
Net increase (decrease) in short-term debt 206,068 (1,151,638)
Long-term borrowings, net of debt issuance costs 0 1,984,545
Repayment of long-term debt and finance leases (3,114) (303,317)
Cash dividends paid (574,392) (542,825)
Repurchase of common stock (439,354) 0
Proceeds from exercised stock options 16,050 6,940
Taxes withheld and paid on employee stock awards (16,705) (16,197)
Contingent consideration paid (16,632) 0
Net cash used in financing activities (828,079) (22,492)
Effect of exchange rate changes on cash and cash equivalents 4,874 (3,026)
Net (decrease) increase in cash and cash equivalents (134,646) 181,599
Cash and cash equivalents, beginning of period 925,859 730,746
Cash and cash equivalents, end of period 791,213 912,345
Supplemental Disclosure    
Interest paid 108,611 92,348
Income taxes paid $ 206,979 $ 65,489