Quarterly report [Sections 13 or 15(d)]

STATEMENTS OF CONSOLIDATED CASH FLOWS

v3.26.3
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows From Operating Activities:    
Net Income $ 2,631 $ 3,781
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 2,930 2,774
Pension and postretirement benefit expense 644 763
Pension and postretirement benefit contributions (897) (1,338)
Self-insurance reserves 222 76
Deferred tax (benefit) expense 180 (34)
Stock compensation expense 95 41
Other (gains) losses 146 (155)
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable 435 854
Other assets (128) (80)
Accounts payable (121) (801)
Accrued wages and withholdings (59) (202)
Other liabilities (104) (528)
Other operating activities 12 (3)
Net cash from operating activities 5,986 5,148
Cash Flows From Investing Activities:    
Capital expenditures (2,221) (2,969)
Proceeds from disposal of businesses, property, plant and equipment 473 585
Purchases of marketable securities 0 (90)
Sales and maturities of marketable securities 0 229
Acquisitions, net of cash acquired (11) (479)
Other investing activities (18) (10)
Net cash used in investing activities (1,777) (2,734)
Cash Flows From Financing Activities:    
Proceeds from borrowings 870 4,153
Repayments of borrowings (133) (1,145)
Purchases of common stock 0 (1,000)
Issuances of common stock 86 133
Dividends (4,064) (4,045)
Other financing activities 35 (43)
Net cash used in financing activities (3,206) (1,947)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (53) 185
Net Increase in Cash, Cash Equivalents and Restricted Cash 950 652
Cash, Cash Equivalents and Restricted Cash:    
Beginning of period 5,887 6,112
End of period $ 6,837 $ 6,764