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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 – operating activities:      
Net earnings/(loss) $ 2,238 $ (11,829) $ (2,242)
Non-cash items –      
Share-based plans expense 426 407 690
Treasury shares issued for 401(k) contribution 1,530 1,601 1,515
Depreciation and amortization 1,953 1,836 1,861
Investment/asset impairment charges, net 45 112 46
Gain on dispositions, net (9,672) (46) (2)
777X and 767 reach-forward losses 5,283 4,079
Other charges and credits, net 264 528 3
Changes in assets and liabilities –      
Accounts receivable (95) (37) (128)
Unbilled receivables (677) (60) 321
Advances and progress billings (723) 4,069 3,365
Inventories (1,501) (12,353) (1,681)
Other current assets 155 (16) 389
Accounts payable 724 (793) 1,672
Accrued liabilities 1,341 1,563 779
Income taxes receivable, payable and deferred 115 (567) 44
Other long-term liabilities (346) (329) (313)
Pension and other postretirement plans (593) (959) (1,049)
Financing receivables and operating lease equipment, net 274 512 571
Other 324 202 119
Net cash provided/(used) by operating activities 1,065 (12,080) 5,960
Cash flows – investing activities:      
Payments to acquire property, plant and equipment (2,942) (2,230) (1,527)
Proceeds from disposals of property, plant and equipment 82 49 27
Acquisitions, net of cash acquired (1,248) (50) (70)
Proceeds from dispositions 10,585 124
Contributions to investments (51,938) (13,856) (16,448)
Proceeds from investments 46,628 4,743 15,739
Supplier notes receivable (662) (694) (162)
Repayments on supplier notes receivable 2 40
Purchase of distribution rights (9) (88)
Other 1 (11) 4
Net cash provided/(used) by investing activities 499 (11,973) (2,437)
Cash flows – financing activities:      
New borrowings 165 10,161 75
Debt repayments (3,621) (8,673) (5,216)
Common stock issuance, net of issuance costs 18,200
Mandatory convertible preferred stock issuance, net of issuance costs 5,657
Stock options exercised 45
Employee taxes on certain share-based payment arrangements (34) (83) (408)
Dividends paid on Mandatory convertible preferred stock (331)
Other 58 (53) 17
Net cash (used)/provided by financing activities (3,763) 25,209 (5,487)
Effect of exchange rate changes on cash and cash equivalents 40 (47) 30
Net (decrease)/increase in cash & cash equivalents, including restricted (2,159) 1,109 (1,934)
Cash & cash equivalents, including restricted, at beginning of year 13,822 12,713 14,647
Cash & cash equivalents, including restricted, at end of year 11,663 13,822 12,713
Less restricted cash & cash equivalents, included in Investments 742 21 22
Cash and cash equivalents at end of year $ 10,921 $ 13,801 $ 12,691