v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 851 $ 346
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Amortization of deferred financing costs and debt discount 10 12
Depreciation and amortization 809 793
Pension and other postretirement benefits, net 55 15
Deferred income taxes 19 (28)
Income from equity method investments (176) (230)
Distributions from equity method investments 273 227
Changes in the fair value of derivative instruments (318) (16)
Changes in:    
Current receivables (4,302) (928)
Inventories (635) (920)
Current liabilities and other current assets 4,677 788
Right of use assets and operating lease liabilities, net 5 2
All other, net (147) (125)
Net cash provided by (used in) operating activities 1,121 (64)
Investing activities:    
Additions to property, plant and equipment (913) (663)
Acquisitions, net of cash acquired 14 (237)
Disposal of assets 5 1
Investments – acquisitions and contributions (302) (132)
Investments – redemptions, repayments, return of capital and sales proceeds 0 21
All other, net 149 87
Net cash used in investing activities (1,047) (923)
Financing activities:    
Commercial paper – issued 3,864 0
Commercial paper – repayments (3,864) 0
Long-term debt – borrowings 1,489 4,372
Long-term debt – repayments (1,538) (930)
Debt issuance costs (15) (36)
Issuance of common stock 1 23
Common stock repurchased (750) (1,057)
Dividends paid (295) (285)
Distributions to noncontrolling interests (407) (370)
Repurchases of noncontrolling interests (50) (100)
All other, net (31) (28)
Net cash provided by (used in) financing activities (1,596) 1,589
Net change in cash, cash equivalents and restricted cash (1,522) 602
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance [1] 3,673 3,211
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance [1] $ 2,151 $ 3,813
[1] Restricted cash is included in other current assets on our consolidated balance sheets.