Quarterly report [Sections 13 or 15(d)]

STATEMENTS OF CONSOLIDATED CASH FLOWS

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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net Income $ 2,470 $ 2,522
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,848 1,785
Pension and postretirement benefit expense 514 518
Pension and postretirement benefit contributions (921) (150)
Self-insurance reserves 169 (39)
Deferred tax (benefit) expense (84) 72
Stock compensation expense (benefit) 16 3
Other (gains) losses 64 166
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable 540 1,526
Other assets (140) 73
Accounts payable (442) (685)
Accrued wages and withholdings (447) 137
Other liabilities (909) (619)
Other operating activities (12) 0
Net cash from operating activities 2,666 5,309
Cash Flows From Investing Activities:    
Capital expenditures (1,999) (1,968)
Proceeds from disposal of businesses, property, plant and equipment 91 28
Purchases of marketable securities (90) (52)
Sales and maturities of marketable securities 205 2,715
Acquisitions, net of cash acquired (479) (66)
Other investing activities (6) (4)
Net cash (used in) from investing activities (2,278) 653
Cash Flows From Financing Activities:    
Net change in short-term debt 0 (1,272)
Proceeds from long-term borrowings 4,153 2,785
Repayments of long-term borrowings (1,062) (1,508)
Purchases of common stock (1,000) 0
Issuances of common stock 102 131
Dividends (2,697) (2,701)
Other financing activities (15) (202)
Net cash used in financing activities (519) (2,767)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 213 (72)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 82 3,123
Less: net (increase) decrease in cash classified within current assets held for sale 0 10
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash, including cash classified within current assets held for sale 82 3,113
Cash, Cash Equivalents and Restricted Cash:    
Beginning of period 6,112 3,206
End of period $ 6,194 $ 6,319