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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net income $ 3,072 $ 3,889 $ 2,686
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,633 1,577 1,551
Loss on impairments 357 0 0
Share-based compensation 123 101 110
Gains on disposals from discontinued operations, businesses and long-lived assets, net (66) (1,422) (119)
Deferred tax (benefit) expense (64) (63) 99
Loss (income) from equity method investments 17 0 (55)
Pension and other postretirement benefits net periodic benefit cost 31 30 61
Non-cash operating lease costs 293 273 318
Other items, net 68 45 11
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:      
Accounts receivable, net (164) (226) (404)
Inventories (60) (655) (439)
Accounts payable 144 403 539
Operating lease liabilities (276) (269) (299)
Other assets 25 (45) (124)
Other liabilities (72) 205 95
Pension and other postretirement benefits contributions (44) (43) (51)
Net cash provided by operating activities 5,017 3,800 3,979
Cash Flows from Investing Activities:      
Purchases of property, plant and equipment (1,817) (1,523) (1,554)
Acquisitions, net of cash acquired (640) (3,253) (1,494)
Proceeds from divestitures and disposals of long-lived assets 104 3,827 387
Dividends received from equity method investments 44 36 32
Settlements of derivatives (1) (11) 0
Deferred divestiture consideration received 6 52 120
Other investing activities, net (87) (45) (4)
Net cash used in investing activities (2,391) (917) (2,513)
Cash Flows from Financing Activities:      
Proceeds from debt issuances 3,163 38 0
Payments on debt (1,462) (364) (1,183)
Settlements of derivatives 7 (11) (37)
Payments of finance lease obligations (26) (28) (29)
Deferred and contingent acquisition consideration paid (22) (24) (29)
Dividends paid (940) (917) (906)
Distributions to noncontrolling and redeemable noncontrolling interests (35) (23) (40)
Transactions involving noncontrolling interests (2) (3) 0
Repurchases of common stock (3,067) (1,178) (896)
Proceeds from exercise of stock options 4 11 13
Net cash used in financing activities (2,380) (2,499) (3,107)
Effect of exchange rate changes on cash and cash equivalents 208 (231) (297)
Increase/(decrease) in cash and cash equivalents 454 153 (1,938)
Cash and cash equivalents at the beginning of year 5,936 5,783 7,721
Cash and cash equivalents at the end of year 6,390 5,936 5,783
Supplemental cash flow information:      
Cash paid for interest (including finance leases) 418 329 340
Cash paid for income taxes 959 1,043 642
Reconciliation of cash and cash equivalents      
Cash and cash equivalents presented in the Consolidated Balance Sheets 6,341 5,936 5,783
Cash and cash equivalents included in assets held for sale 49 0 0
Total cash and cash equivalents presented on the Consolidated Statements of Cash Flows $ 6,390 $ 5,936 $ 5,783