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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operations      
Income (loss) from continuing operations $ (957) $ (638) $ 2,663
Income (loss) from discontinued operations, net of tax (57) (312) 2,482
Income (loss) from continuing operations (900) (326) 181
Adjustments to reconcile net income (loss) to cash flows from operations:      
Depreciation and amortization 981 997 984
Net periodic pension and other postretirement costs (32) (28) (29)
Deferred income taxes 77 (262) (256)
Stock compensation 117 114 115
Goodwill impairments 485 425 0
Indefinite-lived asset impairments 290 50 0
Other long-lived asset impairments 27 44 (11)
Gain on early extinguishment of debt (16) 0 0
Other 30 41 62
Changes in balance sheet items:      
Accounts receivable, net (132) (35) (38)
Inventories (119) (201) (128)
Prepaid expenses and other current assets 72 (125) (45)
Accounts payable 3 112 92
Accrued expenses and other current liabilities 149 44 293
Other (81) (31) (13)
Cash flows from (used in) operations – continuing operations 951 819 1,207
Cash flows from (used in) operations – discontinued operations (106) 200 519
Cash flows from (used in) operations 845 1,019 1,726
Cash flows from investing activities      
Capital expenditures (513) (446) (432)
Acquisitions of developed technology and investments (9) (14) (4)
Proceeds from sale of marketable equity securities 0 34 0
Other investing activities, net 58 16 26
Cash flows from (used in) investing activities - continuing operations (464) (410) (410)
Cash flows from (used in) investing activities - discontinued operations 3,305 (216) 3,623
Cash flows from (used in) investing activities 2,841 (626) 3,213
Cash flows from financing activities      
Issuances of debt 1,998 0 0
Increase in short term debt 0 1,830 0
Repayments of debt (5,489) (2,657) (2,634)
Net (decreases) increases in debt with original maturities of three months or less (300) 296 (301)
Cash dividends on common stock (348) (590) (586)
Proceeds from stock issued under employee benefit plans 30 71 95
Payments of contingent liabilities (50) 0 0
Other financing activities, net (57) (31) (63)
Cash flows from (used in) financing activities (4,216) (1,081) (3,489)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 84 (96) 26
Increase (decrease) in cash, cash equivalents and restricted cash (446) (784) 1,476
Cash, cash equivalents and restricted cash at beginning of year [1] 2,414 3,198 1,722
Cash, cash equivalents and restricted cash at end of year [1] 1,968 2,414 3,198
Less cash and cash equivalents of discontinued operations 0 648 116
Cash, cash equivalents and restricted cash $ 1,968 $ 1,766 $ 3,082
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash amounts as shown in the consolidated statement of cash flows to the amount reported in the consolidated balance sheet as of December 31, 2025, 2024, and 2023:
As of December 31 (in millions)202520242023
Cash and cash equivalents$1,966 $1,764 $3,078 
Restricted cash included in prepaid expenses and other current assets
Cash and cash equivalents of discontinued operations— 648 116 
Cash, cash equivalents and restricted cash$1,968 $2,414 $3,198