v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income (loss) $ 782 $ 574
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:    
Foreign exchange (gain) loss on net debt (98) (208)
Depreciation, depletion and amortization 494 236
Share-based compensation expense 53 35
Deferred income tax expense (benefit) (20) 20
(Gain) loss on sale of investments and property, plant and equipment (6) (148)
Results from affiliates (19) (8)
Dividend return on investment 47 29
Other, net 73 58
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:    
Trade accounts receivable 35 (110)
Inventories (2,235) (1,261)
Secured advances to suppliers (257) (254)
Trade accounts payable and accrued liabilities 344 (55)
Advances on sales (201) (107)
Net unrealized (gains) losses on derivative contracts 93 (120)
Margin deposits (155) (59)
Recoverable and income taxes, net 87 71
Marketable securities (1) 16
Other, net (142) (66)
Cash provided by (used for) operating activities (1,126) (1,357)
INVESTING ACTIVITIES    
Payments made for capital expenditures (779) (716)
Acquisitions of businesses (net of cash acquired) (105) 0
Proceeds from investments 1,275 850
Payments for investments (654) (783)
Settlements of net investment hedges (8) (27)
Proceeds from disposal of business and property, plant and equipment 14 472
Proceeds from sale of investments in affiliates 0 100
Payments for investments in affiliates (49) (63)
Other, net 31 65
Cash provided by (used for) investing activities (275) (102)
FINANCING ACTIVITIES    
Net change in short-term debt with maturities of three months or less 702 2,704
Proceeds from short-term debt with maturities greater than three months 1,292 670
Repayments of short-term debt with maturities greater than three months (1,291) (710)
Proceeds from long-term debt 1,198 2,303
Repayments of long-term debt (628) (57)
Repurchases of registered shares (249) 0
Dividends paid to registered shareholders (275) (185)
Capital contributions from (Return of capital to) noncontrolling interest 16 30
Sale of redeemable noncontrolling interest 80 206
Acquisition of noncontrolling interest 0 (18)
Other, net (13) (5)
Cash provided by (used for) financing activities 832 4,938
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (1) 5
Net increase (decrease) in cash and cash equivalents, and restricted cash (570) 3,484
Cash and cash equivalents, and restricted cash - beginning of period 1,166 3,328
Cash and cash equivalents, and restricted cash - end of period $ 596 $ 6,812