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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 from operating activities:      
Consolidated net income $ 2,709 $ 2,745 $ 2,276
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 2,863 2,267 2,071
Deferred income tax expense (benefit) 363 124 83
Interest accretion on landfill and environmental remediation liabilities 142 133 130
Provision for bad debts 93 51 56
Equity-based compensation expense 169 118 93
Net gain on disposal of assets (21) (102) (42)
(Gain) loss from divestitures, asset impairments and other, net 248 82 243
Equity in net (income) loss of unconsolidated entities, net of dividends (10) (4) 60
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:      
Receivables (511) (313) (161)
Other current assets (49) 40 (2)
Other assets 225 181 61
Accounts payable and accrued liabilities 41 281 90
Deferred revenues and other liabilities (219) (213) (239)
Net cash provided by operating activities 6,043 5,390 4,719
Cash flows from investing activities:      
Acquisitions of businesses, net of cash acquired (395) (7,488) (170)
Capital expenditures (3,227) (3,231) (2,895)
Proceeds from divestitures of businesses and other assets, net of cash divested 121 158 78
Other, net (65) (40) (104)
Net cash used in investing activities (3,566) (10,601) (3,091)
Cash flows from financing activities:      
New borrowings 20,414 24,578 21,306
Debt repayments (21,747) (17,870) (20,394)
Common stock repurchase program   (262) (1,302)
Cash dividends (1,334) (1,210) (1,136)
Exercise of common stock options 61 53 44
Tax payments associated with equity-based compensation transactions (51) (52) (31)
Other, net (16) (82) (11)
Net cash provided by (used in) financing activities (2,673) 5,155 (1,524)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 6 (9) 3
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (190) (65) 107
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 487 552 445
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 297 $ 487 $ 552