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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operations    
Net income (loss) $ 217 $ (272)
Less: Income (loss) from discontinued operations, net of tax 31 (373)
Income (loss) from continuing operations 186 101
Adjustments to reconcile net income (loss) to cash flows from operations:    
Depreciation and amortization 504 498
Deferred income taxes (165) (92)
Stock compensation 45 37
Net periodic pension and other postretirement costs (16) (16)
Other long-lived asset impairments 24 0
Other 20 25
Changes in balance sheet items:    
Accounts receivable, net (40) 4
Inventories (279) (172)
Prepaid expenses and other current assets 10 (24)
Accounts payable 21 (5)
Accrued expenses and other current liabilities (151) (299)
Other (41) (27)
Cash flows from (used in) operations - continuing operations 118 30
Cash flows from (used in) operations - discontinued operations (94) 248
Cash flows from (used in) operations 24 278
Cash flows from investing activities    
Capital expenditures (262) (180)
Acquisitions of developed technology and investments (9) (4)
Proceeds from sale of marketable equity securities 0 34
Other investing activities, net 32 8
Cash flows from (used in) investing activities - continuing operations (239) (142)
Cash flows from (used in) investing activities - discontinued operations 3,389 (115)
Cash flows from (used in) investing activities 3,150 (257)
Cash flows from financing activities    
Repayments of debt (3,505) (824)
Repayments of debt with original maturities of three months or less (300) 0
Cash dividends on common stock (174) (295)
Proceeds from stock issued under employee benefit plans 16 52
Other financing activities, net (25) (9)
Cash flows from (used in) financing activities (3,988) (1,076)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - continuing operations 88 (47)
Increase (decrease) in cash, cash equivalents and restricted cash (726) (1,102)
Cash, cash equivalents and restricted cash at start of period [1] 2,414 3,198
Cash, cash equivalents and restricted cash at end of period [1] 1,688 2,096
Less cash and cash equivalents of discontinued operations 0 521
Cash, cash equivalents and restricted cash $ 1,688 $ 1,575
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the condensed consolidated balance sheet as of June 30, 2025, December 31, 2024, and June 30, 2024 (in millions):
June 30, 2025December 31, 2024June 30, 2024
Cash and cash equivalents$1,686 $1,764 $1,574 
Restricted cash included in other non-current assets
Cash and cash equivalents of discontinued operations— 648 521 
Cash, cash equivalents and restricted cash$1,688 $2,414 $2,096