v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jul. 04, 2026
Jun. 28, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ 135 $ (819)
Adjustments to reconcile net income (loss) to net cash in operating activities:    
Depreciation and amortization 101 96
Restructuring expenses 28 6
Stock-based compensation expense 28 30
Deferred income taxes 43 4
Other, net 0 4
Changes in assets and liabilities:    
Accounts receivable, net (149) (85)
Inventories, net (45) 4
Other current assets (2) (26)
Accounts payable (8) 8
Accrued liabilities (50) 73
Non-current obligations payable under the Tax Matters Agreement (88) 0
Non-current obligations payable under the Indemnification Agreement 0 902
Other, net 10 (62)
Net cash provided by operating activities 3 135
Cash Flows From Investing Activities:    
Capital expenditures (65) (51)
Other investing activities 10 0
Net cash used in investing activities (55) (51)
Cash Flows From Financing Activities:    
Proceeds from issuance of long-term debt 400 0
Repayments of long-term debt (9) (2)
Acquisition of treasury stock to cover stock award tax withholding (33) (16)
Preferred stock dividend payments (17) (17)
Other financing activities, net 1 2
Net cash provided by (used in) financing activities 342 (33)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (3) 10
Net increase in cash, cash equivalents and restricted cash 287 61
Cash, cash equivalents and restricted cash at beginning of year 662 693
Cash, cash equivalents and restricted cash at end of year $ 949 $ 754