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, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net Income $ 1,468 $ 2,470
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,965 1,848
Pension and postretirement benefit expense 429 514
Pension and postretirement benefit contributions (581) (921)
Self-insurance reserves 105 169
Deferred tax (benefit) expense 144 (84)
Stock compensation expense 58 16
Other (gains) losses 90 64
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable 330 540
Other assets (272) (140)
Accounts payable (302) (442)
Accrued wages and withholdings (306) (447)
Other liabilities (44) (909)
Other operating activities (1) (12)
Net cash from operating activities 3,083 2,666
Cash Flows From Investing Activities:    
Capital expenditures (1,724) (1,999)
Proceeds from disposal of businesses, property, plant and equipment 198 91
Purchases of marketable securities 0 (90)
Sales and maturities of marketable securities 0 205
Acquisitions, net of cash acquired 0 (479)
Other investing activities 16 (6)
Net cash used in investing activities (1,510) (2,278)
Cash Flows From Financing Activities:    
Proceeds from long-term borrowings 0 4,153
Repayments of long-term borrowings (85) (1,062)
Purchases of common stock 0 (1,000)
Issuances of common stock 60 102
Dividends (2,708) (2,697)
Other financing activities (24) (15)
Net cash used in financing activities (2,757) (519)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (50) 213
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (1,234) 82
Cash, Cash Equivalents and Restricted Cash:    
Beginning of period 5,887 6,112
End of period $ 4,653 $ 6,194