Quarterly report [Sections 13 or 15(d)]

STATEMENTS OF CONSOLIDATED CASH FLOWS

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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities:    
Net Income $ 1,187 $ 1,113
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 912 898
Pension and postretirement benefit expense 257 259
Pension and postretirement benefit contributions (67) (50)
Self-insurance reserves 1 27
Deferred tax (benefit) expense (40) 22
Stock compensation expense (benefit) 21 (27)
Other (gains) losses 22 129
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable 960 1,492
Other assets 7 55
Accounts payable (906) (799)
Accrued wages and withholdings (370) 12
Other liabilities 301 185
Other operating activities 33 0
Net cash from operating activities 2,318 3,316
Cash Flows From Investing Activities:    
Capital expenditures (876) (1,035)
Proceeds from disposal of businesses, property, plant and equipment 65 13
Purchases of marketable securities (90) (50)
Sales and maturities of marketable securities 34 2,696
Acquisitions, net of cash acquired (478) (44)
Other investing activities (10) (14)
Net cash (used in) from investing activities (1,355) 1,566
Cash Flows From Financing Activities:    
Net change in short-term debt 0 (1,272)
Proceeds from long-term borrowings 25 0
Repayments of long-term borrowings (32) (926)
Purchases of common stock (1,000) 0
Issuances of common stock 55 54
Dividends (1,348) (1,348)
Other financing activities (13) (174)
Net cash used in financing activities (2,313) (3,666)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 40 (48)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (1,310) 1,168
Cash, Cash Equivalents and Restricted Cash:    
Beginning of period 6,112 3,206
End of period $ 4,802 $ 4,374