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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 4,579 $ 4,275 $ 3,492
Adjustments to reconcile net income to cash provided by operating activities:      
Charges and credits 541 110 (347)
Depreciation and amortization [1] 2,519 2,312 2,147
Deferred taxes (41) 28 (39)
Stock-based compensation expense 316 293 313
Earnings of equity method investments, less dividends received (18) (132) (96)
Change in assets and liabilities:      
Increase in receivables [2] (236) (659) (1,728)
Increase in inventories [2] (101) (254) (737)
Decrease (increase) in other current assets [2] 3 121 (44)
Decrease (increase) in other assets [2] 13 (10) (45)
(Decrease) increase in accounts payable and accrued liabilities [2] (994) 724 704
(Decrease) increase in estimated liability for taxes on income [2] (51) (62) 96
Increase (decrease) in other liabilities [2] 32 (76) 23
Other [2] 40 (33) (19)
NET CASH PROVIDED BY OPERATING ACTIVITIES 6,602 6,637 3,720
Cash flows from investing activities:      
Capital expenditures (1,931) (1,939) (1,618)
APS investments (483) (507) (587)
Exploration data capitalized (198) (153) (97)
Business acquisitions and investments, net of cash acquired (553) (242) (58)
(Purchase) sale of short-term investments, net (32) 117 138
Purchases of Blue Chip Swap securities (207) (185) (259)
Proceeds from sales of Blue Chip Swap securities 152 97 111
Proceeds from sale of Liberty shares   137 732
Proceeds from sale of ADC shares     223
Proceeds from sale of real estate     120
Other 107 (108) (93)
NET CASH USED IN INVESTING ACTIVITIES (3,145) (2,783) (1,388)
Cash flows from financing activities:      
Dividends paid (1,533) (1,317) (848)
Stock repurchase program (1,737) (694)  
Proceeds from employee stock purchase plan 219 191 142
Proceeds from exercise of stock options 29 90 81
Taxes paid on net-settled stock-based compensation awards (90) (169) (93)
Proceeds from issuance of long-term debt 1,475 994  
Repayment of long-term debt (955) (1,578) (1,650)
Net (decrease) increase in short-term borrowings (115) 2 37
Other (65) (31) (51)
NET CASH USED IN FINANCING ACTIVITIES (2,772) (2,512) (2,382)
Net increase (decrease) in cash before translation effect 685 1,342 (50)
Impact of changes in exchange rates on cash (41) (97) (52)
Cash, beginning of period 2,900 1,655 1,757
Cash, end of period $ 3,544 $ 2,900 $ 1,655
[1] Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs and APS investments.
[2] Net of the effect of business acquisitions and divestitures.