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STATEMENT OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows – operating activities      
Net earnings (loss) $ 6,566 $ 9,445 $ 403
(Earnings) loss from discontinued operations activities 91 3 949
Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities:      
Depreciation and amortization of property, plant and equipment 834 797 846
Amortization of intangible assets (Note 7) 350 382 338
Goodwill impairments (Note 7) 251 0 0
(Gains) losses on equity securities (Note 19) (719) (5,846) 56
Debt extinguishment costs 0 0 465
Principal pension plans (benefit) cost (Note 13) (653) (755) 305
Principal pension plans employer contributions (210) (184) (173)
Other postretirement benefit plans (net) (299) (348) (332)
Provision (benefit) for income taxes (Note 15) 962 994 169
Cash recovered (paid) during the year for income taxes (334) (1,041) (547)
Changes in operating working capital:      
Decrease (increase) in current receivables (1,076) (210) (1,875)
Decrease (increase) in inventories, including deferred inventory costs (1,528) (1,321) (980)
Decrease (increase) in current contract assets (112) (27) 36
Increase (decrease) in contract liabilities and current deferred income 1,066 1,226 1,075
Increase (decrease) in progress collections 531 242 1,187
Increase (decrease) in accounts payable 688 713 1,639
Increase (decrease) in sales discounts and allowances (266) (203) 47
All other operating activities (326) 743 418
Cash from (used for) operating activities – continuing operations 5,817 4,609 4,027
Cash from (used for) operating activities – discontinued operations (1,107) 580 1,889
Cash from (used for) operating activities 4,710 5,189 5,917
Cash flows – investing activities      
Additions to property, plant and equipment and internal-use software (1,032) (862) (662)
Dispositions of property, plant and equipment 114 60 153
Proceeds from principal business dispositions 499 0 15
Net cash from (payments for) principal businesses purchased (135) (41) (30)
Sales of retained ownership interests 5,250 9,004 4,717
Net (purchases) dispositions of insurance investment securities (963) (986) (876)
All other investing activities (4,289) 519 7,053
Cash from (used for) investing activities – continuing operations (556) 7,693 10,369
Cash from (used for) investing activities – discontinued operations (1,110) (3,726) (8,099)
Cash from (used for) investing activities (1,666) 3,967 2,270
Cash flows – financing activities      
Net increase (decrease) in borrowings (maturities of 90 days or less) 2 (71) 42
Newly issued debt (maturities longer than 90 days) 0 0 0
Repayments and other debt reductions (maturities longer than 90 days) (788) (3,282) (11,088)
Dividends paid to shareholders (1,008) (589) (639)
Cash received (paid) for debt extinguishment costs 0 0 338
Redemption of preferred stock 0 (5,795) (144)
Purchases of common stock for treasury (5,827) (1,233) (1,048)
All other financing activities 992 459 (1,000)
Cash from (used for) financing activities – continuing operations (6,628) (10,511) (13,540)
Cash from (used for) financing activities – discontinued operations (98) 1,899 7,955
Cash from (used for) financing activities (6,726) (8,613) (5,585)
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash (193) 120 (369)
Increase (decrease) in cash, cash equivalents and restricted cash (3,875) 664 2,232
Cash, cash equivalents and restricted cash at beginning of year 19,755 19,092 16,859
Cash, cash equivalents and restricted cash at December 31 15,880 19,755 19,092
Less cash, cash equivalents and restricted cash of discontinued operations at December 31 (1,327) (3,762) (4,868)
Cash, cash equivalents and restricted cash of continuing operations at December 31 14,553 15,993 14,223
Supplemental disclosure of cash flows information      
Cash paid during the year for interest $ (969) $ (1,067) $ (1,561)