Quarterly report [Sections 13 or 15(d)]

STATEMENTS OF CONSOLIDATED CASH FLOWS

v3.25.3
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities:    
Net Income $ 3,781 $ 4,061
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 2,774 2,690
Pension and postretirement benefit expense 763 774
Pension and postretirement benefit contributions (1,338) (1,434)
Self-insurance reserves 76 14
Deferred tax (benefit) expense (34) 24
Stock compensation expense (benefit) 41 (21)
Other (gains) losses (155) 61
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable 854 1,395
Other assets (80) 116
Accounts payable (801) (829)
Accrued wages and withholdings (202) 348
Other liabilities (528) (335)
Other operating activities (3) (57)
Net cash from operating activities 5,148 6,807
Cash Flows From Investing Activities:    
Capital expenditures (2,969) (2,811)
Proceeds from disposal of businesses, property, plant and equipment 585 1,070
Purchases of marketable securities (90) (52)
Sales and maturities of marketable securities 229 2,725
Acquisitions, net of cash acquired (479) (66)
Other investing activities (10) (26)
Net cash (used in) from investing activities (2,734) 840
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 (1,145) (1,944)
Purchases of common stock (1,000) (500)
Issuances of common stock 133 184
Dividends (4,045) (4,049)
Other financing activities (43) (207)
Net cash used in financing activities (1,947) (5,003)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 185 5
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 652 2,649
Cash, Cash Equivalents and Restricted Cash:    
Beginning of period 6,112 3,206
End of period $ 6,764 $ 5,855