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Statement of Consolidated Cash Flows (unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 841 $ 529
Adjustments to reconcile net income to cash provided from operations:    
Depreciation and amortization 204 204
Deferred income taxes 39 92
Restructuring and other charges 21 8
Net realized and unrealized losses 18 17
Net periodic pension cost (E) 31 28
Stock-based compensation 54 39
Loss on debt redemption (N) 6 1
Other 4 2
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:    
Increase in receivables (J) (97) (211)
Increase in inventories (139) (148)
Decrease (increase) in prepaid expenses and other current assets 9 (12)
Decrease in accounts payable, trade (67) (57)
Decrease in accrued expenses (42) (18)
(Decrease) increase in taxes, including income taxes (5) 17
Pension contributions (33) (19)
Increase in noncurrent assets (6) (2)
Decrease in noncurrent liabilities (20) (27)
Cash provided from operations 818 443
Financing Activities    
Additions to debt (N) 500 0
Repurchases and payments on debt (N) (805) (376)
Debt issuance costs (N) (5) 0
Premiums paid on early redemption of debt (N) (5) (1)
Repurchases of common stock (310) (150)
Proceeds from exercise of employee stock options 7 10
Dividends paid to shareholders (76) (52)
Taxes paid for net share settlement of equity awards (48) (77)
Cash used for financing activities (742) (646)
Investing Activities    
Capital expenditures (C) (219) (164)
Proceeds from the sale of assets and businesses (D)(P) 9 1
Other 1 0
Cash used for investing activities (209) (163)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2) (1)
Net change in cash, cash equivalents and restricted cash (135) (367)
Cash, cash equivalents and restricted cash at beginning of period 610 792
Cash, cash equivalents and restricted cash at end of period $ 475 $ 425