Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CONSOLIDATED CASH FLOWS

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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:      
Net Income $ 5,782 $ 6,708 $ 11,548
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 3,609 3,366 3,188
Pension and postretirement benefit (income) expense 1,698 1,330 (129)
Pension and postretirement benefit contributions (1,524) (1,393) (2,342)
Self-insurance reserves 44 57 (20)
Deferred tax (benefit) expense (15) 199 531
Stock compensation expense 24 220 1,568
Other (gains) losses 262 265 123
Changes in assets and liabilities, net of effects of business acquisitions and dispositions:      
Accounts receivable (566) 1,256 (322)
Other assets 70 87 117
Accounts payable 262 (1,377) 34
Accrued wages and withholdings 501 (296) (189)
Other liabilities (11) (42) (9)
Other operating activities (14) (142) 6
Net cash from operating activities 10,122 10,238 14,104
Cash Flows From Investing Activities:      
Capital expenditures (3,909) (5,158) (4,769)
Proceeds from disposal of businesses, property, plant and equipment 1,115 193 12
Purchases of marketable securities (76) (3,521) (1,906)
Sales and maturities of marketable securities 2,748 2,701 255
Acquisitions, net of cash acquired (71) (1,329) (755)
Other investing activities (24) (19) (309)
Net cash used in investing activities (217) (7,133) (7,472)
Cash Flows From Financing Activities:      
Net change in short-term debt (1,272) 1,272 0
Proceeds from long-term borrowings 2,785 3,429 0
Repayments of long-term borrowings (2,487) (2,429) (2,304)
Purchases of common stock (500) (2,250) (3,500)
Issuances of common stock 232 248 262
Dividends (5,399) (5,372) (5,114)
Other financing activities (209) (432) (529)
Net cash used in financing activities (6,850) (5,534) (11,185)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (149) 33 (100)
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash 2,906 (2,396) (4,653)
Cash, Cash Equivalents and Restricted Cash:      
Beginning of period 3,206 5,602 10,255
End of period 6,112 3,206 5,602
Cash Paid During the Period For:      
Interest (net of amount capitalized) 854 762 721
Income taxes (net of refunds) $ 1,347 $ 1,976 $ 2,574