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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 2,028 $ 806
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Gain related to divestiture of Atmus (Note 14) (1,333) 0
Depreciation and amortization 265 246
Deferred income taxes (38) (38)
Equity in income of investees, net of dividends (78) (67)
Pension and OPEB expense (Note 3) 9 1
Pension contributions and OPEB payments (Note 3) (48) (92)
Changes in current assets and liabilities, net of acquisitions and divestitures    
Accounts and notes receivable (11) (621)
Inventories (354) (263)
Other current assets (175) (142)
Accounts payable 327 381
Accrued expenses (393) 151
Other, net 77 133
Net cash provided by operating activities 276 495
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (169) (193)
Acquisition of business, net of cash acquired (59) 0
Investments in marketable securities—acquisitions (379) (326)
Investments in marketable securities—liquidations (Note 6) 431 345
Cash associated with Atmus divestiture (174) 0
Other, net (56) (54)
Net cash used in investing activities (406) (228)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 2,398 43
Net payments of commercial paper (887) (29)
Payments on borrowings and finance lease obligations (748) (142)
Dividend payments on common stock (239) (222)
Other, net (25) (13)
Net cash provided by (used in) financing activities 499 (363)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (7) (25)
Net increase (decrease) in cash and cash equivalents 362 (121)
Cash and cash equivalents at beginning of year 2,179 2,101
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,541 $ 1,980

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