v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net earnings $ 107 $ 183
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 131 126
Benefit from deferred income taxes (5) (3)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
(Increase) decrease in trade receivables (222) (92)
(Increase) decrease in inventories (119) (120)
Increase (decrease) in trade payables 67 (72)
Pension and other postretirement contributions (in excess of) less than expenses (26) (14)
Variable compensation payments (in excess of) less than expenses (49) (109)
Other items, net (21) (66)
Net cash used in operating activities (137) (167)
Investing activities    
Additions to properties and equipment (103) (147)
Sales 3 11
Other items, net (4) 5
Net cash used in investing activities (104) (131)
Financing activities    
Net increase in commercial paper and other borrowings 0 285
Proceeds from borrowings 594 246
Repayment of borrowings (150) (550)
Dividends paid to stockholders (96) (96)
Other items, net (7) (9)
Net cash provided by (used in) financing activities 341 (124)
Effect of exchange rate changes on cash and cash equivalents (1) 3
Net change in cash and cash equivalents 99 (419)
Cash and cash equivalents at beginning of period 566 837
Cash and cash equivalents at end of period $ 665 $ 418