v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Cash flows from operating activities:    
Net income $ 214 $ 207
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 165 149
Impairment of intangible assets 0 1
Non-cash restructuring and related charges 4 3
Stock-based compensation expense 16 16
Provision for losses on trade and other accounts receivable 8 5
Benefit from deferred income taxes (8) (7)
Equity in (earnings) losses of affiliates 1 (7)
Distributions from equity affiliates 4 8
Changes in unrecognized tax benefits (4) (1)
Other (21) (31)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (116) (100)
Inventories (49) (29)
Other current assets 10 37
Accounts payable and accrued expenses (79) (94)
Net cash provided by operating activities 145 157
Cash flows from investing activities:    
Purchases of property and equipment (55) (63)
Payments related to equity investments and business acquisitions, net of cash acquired (30) (101)
Proceeds from loan to affiliate 2 2
Capitalized software costs (30) (26)
Other (15) (9)
Net cash used in investing activities (128) (197)
Cash flows from financing activities:    
Net change in bank credit lines 261 248
Proceeds from issuance of long-term debt 144 244
Principal payments for long-term debt (50) (21)
Debt issuance costs 0 (2)
Issuance of common stock 0 250
Proceeds from issuance of stock upon exercise of stock options 2 1
Payments for repurchases and retirement of common stock (325) (447)
Payments for taxes related to shares withheld for employee taxes (12) (14)
Distributions to noncontrolling shareholders (22) (18)
Payments for contingent consideration (4) (19)
Acquisitions of noncontrolling interests in subsidiaries (42) (77)
Net cash provided by (used in) financing activities (48) 145
Effect of exchange rate changes on cash and cash equivalents 32 (82)
Net change in cash and cash equivalents 1 23
Cash and cash equivalents, beginning of period 156 122
Cash and cash equivalents, end of period $ 157 $ 145