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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 2,049 $ 2,578 $ 1,764
Depreciation and amortization 805 781 753
Asset impairments 18 114 676
Stock-based compensation 140 131 169
Deferred income taxes 241 (38) (322)
Net (gains) losses on asset and business dispositions 39 (448) (75)
Equity companies' earnings (in excess of) less than dividends paid (35) (62) (59)
Operating working capital (503) 178 582
Postretirement benefits 15 3 24
Other 8 (3) 30
Cash Provided by Operations 2,777 3,234 3,542
Investing Activities      
Capital spending (1,138) (721) (766)
Proceeds from asset and business dispositions 33 651 245
Investments in time deposits (447) (605) (720)
Maturities of time deposits 552 562 815
Other 49 13 8
Cash Used for Investing (951) (100) (418)
Financing Activities      
Cash dividends paid (1,660) (1,628) (1,588)
Change in short-term debt 275 1 (371)
Debt proceeds 0 0 363
Debt repayments (550) (554) (475)
Proceeds from exercise of stock options 40 136 97
Repurchases of common stock (141) (1,000) (225)
Cash paid for redemption of common securities of Thinx 0 0 (95)
Cash dividends paid to noncontrolling interests (32) (35) (35)
Other (111) (86) (45)
Cash Used for Financing (2,179) (3,166) (2,374)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 33 (40) (84)
Change in Cash and Cash Equivalents (320) (72) 666
Cash and cash equivalents from continuing operations - beginning of period 1,010 1,075 413
Cash and cash equivalents from discontinued operations - beginning of period(a) [1] 11 18 14
Cash and Cash Equivalents - Beginning of Year 1,021 1,093 427
Cash and cash equivalents from continuing operations - end of period 688 1,010 1,075
Cash and cash equivalents from discontinued operations - end of period(a) [1] 13 11 18
Cash and Cash Equivalents - End of Year $ 701 $ 1,021 $ 1,093
[1] Included in Current assets of discontinued operations.