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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operations    
Net income (loss) $ 171 $ (128)
Less: Income (loss) from discontinued operations, net of tax 36 (290)
Income (loss) from continuing operations 135 162
Adjustments to reconcile net income (loss) to cash flows from operations:    
Depreciation and amortization 741 752
Deferred income taxes (115) (136)
Stock compensation 80 75
Net periodic pension and other postretirement costs (24) (21)
Other long-lived asset impairments 24 42
Other 22 20
Changes in balance sheet items:    
Accounts receivable, net (44) (17)
Inventories (360) (180)
Prepaid expenses and other current assets (32) (61)
Accounts payable (36) 3
Accrued expenses and other current liabilities 31 (192)
Other (67) (71)
Cash flows from (used in) operations - continuing operations 355 376
Cash flows from (used in) operations - discontinued operations (94) 155
Cash flows from (used in) operations 261 531
Cash flows from investing activities    
Capital expenditures (373) (314)
Acquisitions of developed technology and investments (9) (9)
Proceeds from sale of marketable equity securities 0 34
Other investing activities, net 32 8
Cash flows from (used in) investing activities - continuing operations (350) (281)
Cash flows from (used in) investing activities - discontinued operations 3,389 (140)
Cash flows from (used in) investing activities 3,039 (421)
Cash flows from financing activities    
Repayments of debt (3,505) (827)
Repayments of debt with original maturities of three months or less (300) 0
Cash dividends on common stock (261) (443)
Proceeds from stock issued under employee benefit plans 25 63
Payments of contingent liabilities (10) 0
Other financing activities, net (18) (15)
Cash flows from (used in) financing activities (4,069) (1,222)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - continuing operations 83 (45)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - discontinued operations 0 39
Increase (decrease) in cash, cash equivalents and restricted cash (686) (1,118)
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] 1,728 2,080
Less cash and cash equivalents of discontinued operations 0 658
Cash, cash equivalents and restricted cash $ 1,728 $ 1,422
[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 September 30, 2025, December 31, 2024, and September 30, 2024 (in millions):
September 30, 2025December 31, 2024September 30, 2024
Cash and cash equivalents$1,726 $1,764 $1,420 
Restricted cash included in other non-current assets
Cash and cash equivalents of discontinued operations— 648 658 
Cash, cash equivalents and restricted cash$1,728 $2,414 $2,080