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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 PROVIDED BY/(USED IN) OPERATING ACTIVITIES      
Net earnings $ 2,466 $ 4,623 $ 4,968
Adjustments to reconcile net earnings to operating cash flows:      
Depreciation and amortization 1,358 1,302 1,215
Stock-based compensation expense 114 147 146
Deferred income tax provision/(benefit) 16 257 (37)
Asset impairments and accelerated depreciation 85 267 128
Gain on divestitures and acquisition (13) (4) (108)
Loss/(gain) on equity method investment transactions 0 337 (465)
Equity method investment net earnings (65) (175) (160)
Distributions from equity method investments 45 115 137
Unrealized loss/(gain) on derivative contracts 1,379 (627) (171)
Gain on marketable securities 0 0 (593)
Contingent consideration adjustments (34) (389) 125
Other non-cash items, net 137 26 38
Changes in assets and liabilities, net of acquisitions and divestitures:      
Receivables, net 433 (519) (628)
Inventories, net (253) (458) (193)
Accounts payable (145) 1,682 264
Other current assets (225) (591) (120)
Other current liabilities (1,026) (932) 354
Change in pension and postretirement assets and liabilities, net 242 (151) (186)
Net cash provided by operating activities 4,514 4,910 4,714
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES      
Capital expenditures (1,279) (1,387) (1,112)
Acquisitions, net of cash received (15) (240) 19
Proceeds from divestitures including equity method and marketable security investments 127 2,294 4,099
Proceeds from derivative settlements 54 320 177
Payments for derivative settlements (165) (199) (81)
Proceeds from/(contributions to) investments 73 (278) (309)
Proceeds from sale of property, plant and equipment and other 9 16 19
Net cash (used in)/provided by investing activities (1,196) 526 2,812
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES      
Issuances of commercial paper, maturities greater than 90 days 0 0 67
Repayments of commercial paper, maturities greater than 90 days 0 0 (67)
Net issuances/(repayment) of short-term borrowings 2,609 (343) (1,869)
Long-term debt proceeds 1,594 1,671 277
Long-term debt repayments (2,077) (2,554) (2,432)
Repurchases of Common Stock (2,385) (2,334) (1,547)
Dividends paid (2,487) (2,349) (2,160)
Other (13) 129 173
Net cash used in financing activities (2,759) (5,780) (7,558)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 236 (140) (32)
Cash, cash equivalents and restricted cash:      
Increase 795 (484) (64)
Balance at beginning of period 1,400 1,884 1,948
Balance at end of period 2,195 1,400 1,884
Cash paid:      
Interest 570 554 568
Income taxes $ 1,074 $ 1,474 $ 1,607