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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 2,229 $ 1,889
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 1,040 1,011
Deferred income taxes 315 141
Gains and losses on properties (142) (425)
Changes in assets and liabilities affecting operations:    
Accounts receivable (53) (156)
Materials and supplies (20) (24)
Other current assets 68 80
Current liabilities other than debt 25 774
Other – net (164) (189)
Net cash provided by operating activities 3,298 3,101
Cash flows from investing activities    
Property additions (1,475) (1,706)
Acquisition of assets of CSR 0 (1,643)
Property sales and other transactions 120 527
Investment purchases (615) (318)
Investment sales and other transactions 52 349
Net cash used in investing activities (1,918) (2,791)
Cash flows from financing activities    
Dividends (912) (915)
Common stock transactions 1 15
Purchase and retirement of common stock (534) 0
Proceeds from borrowings 396 1,051
Debt repayments (554) (1,054)
Net cash used in financing activities (1,603) (903)
Net decrease in cash and cash equivalents (223) (593)
Cash and cash equivalents    
At beginning of year 1,641 1,568
At end of period 1,418 975
Supplemental disclosures of cash flow information    
Interest (net of amounts capitalized) 570 571
Income taxes (net of refunds) $ 433 $ 284