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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net earnings $ 1,798 $ 1,477 $ 1,838
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 898 925 869
Deferred income taxes 6 (115) 81
Stock-based compensation expense 45 36 37
Unrealized net loss (gain) on natural gas derivatives 5 (35) (39)
Impairment of equity method investment in PLNL 0 0 43
Loss on debt extinguishment 6 0 0
Asset impairment 76 0 0
Pension settlement loss 1 0 0
Gain on sale of emission credits (8) (47) (39)
Loss on disposal of property, plant and equipment 3 12 4
Loss on sale of Ince facility 23 0 0
Undistributed (earnings) loss of affiliate—net of taxes (4) (2) 3
Changes in assets and liabilities:      
Accounts receivable—net (98) 77 100
Inventories (88) (28) 152
Accrued and prepaid income taxes 38 1 (44)
Accounts payable and accrued expenses 72 44 (88)
Customer advances (41) (11) (100)
Other—net 20 (63) (60)
Net cash provided by operating activities 2,752 2,271 2,757
Investing Activities:      
Additions to property, plant and equipment (950) (518) (499)
Proceeds from sale of property, plant and equipment 6 3 1
Purchase of Waggaman ammonia production facility 0 2 (1,223)
Proceeds from sale of Ince facility 4 0 0
Purchase of emission credits (1) (3) (2)
Proceeds from sale of emission credits 8 47 39
Other—net 0 0 5
Net cash used in investing activities (933) (469) (1,679)
Financing Activities:      
Proceeds from long-term borrowings 999 0 0
Repayments of short-term borrowings (754) 0 0
Financing fees (12) 0 (2)
Dividends paid on common stock (326) (364) (311)
Contributions from noncontrolling interests 291 0 0
Distributions to noncontrolling interests (304) (308) (459)
Purchases of treasury stock (1,365) (1,509) (580)
Proceeds from issuances of common stock under employee stock plans 1 2 2
Cash paid for shares withheld for taxes (14) (26) (22)
Net cash used in financing activities (1,484) (2,205) (1,372)
Effect of exchange rate changes on cash and cash equivalents 33 (15) 3
Increase (decrease) in cash and cash equivalents 368 (418) (291)
Cash and cash equivalents at beginning of period 1,614 2,032 2,323
Cash and cash equivalents at end of period $ 1,982 $ 1,614 $ 2,032