v3.26.1
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities:    
Net Income $ 864 $ 1,187
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 985 912
Pension and postretirement benefit expense 215 257
Pension and postretirement benefit contributions (79) (67)
Self-insurance reserves 16 1
Deferred tax (benefit) expense 45 (40)
Stock compensation expense 24 21
Other (gains) losses 73 22
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable 1,085 960
Other assets (27) 7
Accounts payable (495) (906)
Accrued wages and withholdings (453) (370)
Other liabilities 29 301
Other operating activities (58) 33
Net cash from operating activities 2,224 2,318
Cash Flows From Investing Activities:    
Capital expenditures (1,031) (876)
Proceeds from disposal of businesses, property, plant and equipment 82 65
Purchases of marketable securities 0 (90)
Sales and maturities of marketable securities 0 34
Acquisitions, net of cash acquired 0 (478)
Other investing activities 5 (10)
Net cash used in investing activities (944) (1,355)
Cash Flows From Financing Activities:    
Proceeds from long-term borrowings 0 25
Repayments of long-term borrowings (46) (32)
Purchases of common stock 0 (1,000)
Issuances of common stock 28 55
Dividends (1,352) (1,348)
Other financing activities 42 (13)
Net cash used in financing activities (1,328) (2,313)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (37) 40
Net Decrease in Cash, Cash Equivalents and Restricted Cash (85) (1,310)
Cash, Cash Equivalents and Restricted Cash:    
Beginning of period 5,887 6,112
End of period $ 5,802 $ 4,802