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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Consolidated net income $ 2,745 $ 2,276 $ 2,240
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 2,267 2,071 2,038
Deferred income tax expense (benefit) 124 83 49
Interest accretion on landfill and environmental remediation liabilities 133 130 112
Provision for bad debts 51 56 50
Equity-based compensation expense 118 93 84
Net gain on disposal of assets (102) (42) (21)
Goodwill impairment 0 168  
(Gain) loss from divestitures, asset impairments and other, net 82 75 62
Equity in net (income) losses of unconsolidated entities, net of dividends (4) 60 67
Loss on early extinguishment of debt, net 7    
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:      
Receivables (313) (161) (329)
Other current assets 33 (2) (35)
Other assets 181 61 42
Accounts payable and accrued liabilities 281 90 393
Deferred revenues and other liabilities (213) (239) (216)
Net cash provided by operating activities 5,390 4,719 4,536
Cash flows from investing activities:      
Acquisitions of businesses, net of cash acquired (7,488) (170) (377)
Capital expenditures (3,231) (2,895) (2,587)
Proceeds from divestitures of businesses and other assets, net of cash divested 158 78 27
Other, net (40) (104) (126)
Net cash used in investing activities (10,601) (3,091) (3,063)
Cash flows from financing activities:      
New borrowings 24,578 21,306 8,688
Debt repayments (17,870) (20,394) (7,328)
Common stock repurchase program (262) (1,302) (1,500)
Cash dividends (1,210) (1,136) (1,077)
Exercise of common stock options 53 44 44
Tax payments associated with equity-based compensation transactions (52) (31) (39)
Other, net (82) (11) (4)
Net cash provided by (used in) financing activities 5,155 (1,524) (1,216)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (9) 3 (6)
(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents (65) 107 251
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 552 445 194
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 487 $ 552 $ 445