v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 27, 2026
Sep. 28, 2025
Cash flows from operating activities    
Net income $ 1,360 $ 1,140
Adjustments to reconcile net income to cash flows from operating activities    
Depreciation and amortization 431 419
Stock-based compensation 90 106
Deferred income taxes 5 (11)
Other 47 54
Net changes in assets and liabilities    
Trade receivables (147) (147)
Inventories (164) (144)
Other current and non-current assets (87) 147
Accounts payable and accrued liabilities 309 (89)
Employee-related obligations 6 17
Accrued taxes on income 32 (80)
Other liabilities (5) (69)
Net cash flows from operating activities 1,877 1,343
Cash flows used in investing activities    
Purchases of property, plant, and equipment (283) (365)
Other investing activities (41) 4
Net cash flows used in investing activities (324) (361)
Cash flows used in financing activities    
Proceeds from commercial paper program, net of repayments and issuance costs 1,134 324
Repayments of commercial paper program—original maturities more than three months (750) 0
Proceeds from issuance of Senior Notes, net of issuance costs 0 746
Repayment of Senior Notes (750) (750)
Dividends paid (1,199) (1,183)
Purchase of treasury stock 0 (197)
Other financing activities 4 92
Net cash flows used in financing activities (1,561) (968)
Effect of exchange rate changes on cash and cash equivalents (15) 55
Cash and cash equivalents, beginning of period 1,062 1,070
Net (decrease) increase in cash and cash equivalents (23) 69
Cash and cash equivalents, end of period $ 1,039 $ 1,139