v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net earnings $ 291 $ 323
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 263 253
Provision (benefit) from deferred income taxes 10 (48)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
(Increase) decrease in trade receivables (369) (183)
(Increase) decrease in inventories (146) (131)
Increase (decrease) in trade payables 85 (155)
Pension and other postretirement contributions (in excess of) less than expenses (48) (17)
Variable compensation payments (in excess of) less than expenses 22 (86)
Other items, net (21) 110
Net cash provided by operating activities 87 66
Investing activities    
Additions to properties and equipment (203) (297)
Sales 3 14
Other items, net (3) 5
Net cash used in investing activities (203) (278)
Financing activities    
Net increase in commercial paper and other borrowings 0 344
Proceeds from borrowings 594 246
Repayment of borrowings (150) (550)
Dividends paid to stockholders (192) (191)
Treasury stock purchases 0 (50)
Other items, net (11) (13)
Net cash provided by (used in) financing activities 241 (214)
Effect of exchange rate changes on cash and cash equivalents 0 12
Net change in cash and cash equivalents 125 (414)
Cash and cash equivalents at beginning of period 566 837
Cash and cash equivalents at end of period $ 691 $ 423