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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net earnings $ 744 $ 1,256
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 475 427
Deferred income taxes (70) (53)
Stock-based compensation expense 19 19
Unrealized net gain on natural gas derivatives (34) (72)
Gain on sale of emission credits (47) (36)
Loss on disposal of property, plant and equipment 6 1
Undistributed losses of affiliate—net of taxes 1 0
Changes in assets and liabilities:    
Accounts receivable—net (45) 198
Inventories (6) 140
Accrued and prepaid income taxes 63 166
Accounts payable and accrued expenses (26) (138)
Customer advances (122) (220)
Other—net (38) (29)
Net cash provided by operating activities 920 1,659
Investing Activities:    
Additions to property, plant and equipment (182) (164)
Purchase of Waggaman ammonia production facility 2 0
Proceeds from sale of property, plant and equipment 0 1
Proceeds from sale of investments held in nonqualified employee benefit trust 1 0
Purchase of emission credits (2) 0
Proceeds from sale of emission credits 47 36
Net cash used in investing activities (134) (127)
Financing Activities:    
Dividends paid on common stock (188) (158)
Distributions to noncontrolling interest (144) (255)
Purchases of treasury stock (644) (205)
Proceeds from issuances of common stock under employee stock plans 1 1
Shares withheld for taxes (23) (22)
Net cash provided by (used in) financing activities (998) (639)
Effect of exchange rate changes on cash and cash equivalents (1) 3
(Decrease) increase in cash and cash equivalents (213) 896
Cash and cash equivalents at beginning of period 2,032 2,323
Cash and cash equivalents at end of period $ 1,819 $ 3,219