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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Operating Activities      
Net income before allocation to noncontrolling interests $ 631 $ 599  
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:      
Depreciation and amortization expense [1],[2] 119 126  
Share-based compensation expense 17 18  
Asset write-offs and asset impairments 2 2  
Provision for losses on inventory 18 17  
Deferred taxes 19 (43)  
Other non-cash adjustments (2) (3)  
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable (53) (12)  
Inventories (85) (98)  
Other assets (50) (9)  
Accounts payable (12) (3)  
Other liabilities (140) (125)  
Other tax accounts, net 123 126  
Net cash provided by operating activities 587 595  
Investing Activities      
Capital expenditures (149) (140)  
Purchase of investments (3) (1)  
(Payments of)/proceeds from derivative instrument activity, net (24) 10  
Net proceeds from sale of assets 0 1  
Other investing activities 1 (1)  
Net cash used in investing activities (175) (131)  
Financing Activities      
Increase in short-term borrowings, net 0 21  
Share-based compensation-related proceeds, net of taxes paid on withholding shares (9) (8)  
Purchases of treasury stock, including excise taxes paid (443) (339)  
Cash dividends paid (224) (198)  
Other financing activities (1) 0  
Net cash used in financing activities (677) (524)  
Effect of exchange-rate changes on cash and cash equivalents (1) (6)  
Net decrease in cash and cash equivalents (266) (66)  
Cash and cash equivalents at beginning of period 1,987 2,041  
Cash and cash equivalents at end of period 1,721 1,975  
Cash paid during the period for:      
Income taxes 47 59  
Interest, net of capitalized interest 68 68  
Amounts included in the measurement of lease liabilities:      
Operating cash flows - operating leases 16 15  
Financing cash flows - finance leases 2 0  
Non-cash transactions:      
Capital expenditures 3 3  
Excise tax accrued on net share repurchases, not paid 4 3  
Lease obligations obtained in exchange for right-of-use assets - operating 7 8  
Lease obligations obtained in exchange for right-of-use assets - finance 1 $ 0  
Dividends declared, not paid $ 224   $ 198
[1] Certain production facilities are shared. Depreciation and amortization is allocated to the reportable operating segments based on estimates of where the benefits of the related assets are realized.
[2] Defined as income before provision for taxes on income.