XML 20 R8.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES    
Net earnings $ 1,797 $ 2,875
Adjustments to reconcile net earnings to operating cash flows:    
Depreciation and amortization 1,006 971
Stock-based compensation expense 84 112
Deferred income tax (benefit)/provision (158) 167
Asset impairments and accelerated depreciation 55 210
Loss on equity method investment transactions 0 669
Equity method investment net earnings (54) (140)
Distributions from equity method investments 45 115
Unrealized loss on derivative contracts 1,161 104
Contingent consideration adjustments (26) (311)
Other non-cash items, net 109 93
Change in assets and liabilities, net of acquisitions and divestitures:    
Receivables, net (92) (270)
Inventories, net (967) (710)
Accounts payable (159) 951
Other current assets (30) (287)
Other current liabilities (903) (992)
Change in pension and postretirement assets and liabilities, net 249 (106)
Net cash provided by operating activities 2,117 3,451
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES    
Capital expenditures (881) (982)
Acquisitions, net of cash received (15) 0
Proceeds from divestitures 4 4
Proceeds from derivative settlements 54 191
Payments for derivative settlements (165) (150)
Proceeds from/(contributions to) investments 65 (249)
Proceeds from sales of property, plant and equipment and other 8 16
Net cash used in investing activities (930) (1,170)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES    
Net issuance of short-term borrowings 2,569 1,065
Long-term debt proceeds 1,594 1,671
Long-term debt repayments (1,782) (2,517)
Repurchases of Common Stock (1,893) (1,187)
Dividends paid (1,842) (1,722)
Other 8 132
Net cash used in financing activities (1,346) (2,558)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 225 (34)
Cash, cash equivalents and restricted cash:    
Increase/(decrease) 66 (311)
Balance at beginning of period 1,400 1,884
Balance at end of period $ 1,466 $ 1,573