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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 2,780 $ 1,543
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities    
Gain related to divestiture of Atmus (Note 14) (1,333) 0
Depreciation and amortization 528 503
Deferred income taxes (99) (132)
Equity in income of investees, net of dividends (86) (113)
Pension and OPEB expense (Note 3) 19 3
Pension contributions and OPEB payments (Note 3) (59) (103)
Changes in current assets and liabilities, net of acquisitions and divestitures    
Accounts and notes receivable (161) (635)
Inventories (469) (403)
Other current assets (151) (137)
Accounts payable 263 65
Accrued expenses (Notes 1 and 11) (1,933) 261
Other, net 126 126
Net cash (used in) provided by operating activities (575) 978
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (409) (414)
Acquisition of businesses, net of cash acquired (Note 15) (58) (134)
Investments in marketable securities—acquisitions (713) (648)
Investments in marketable securities—liquidations (Note 6) 685 620
Cash associated with Atmus divestiture (174) 0
Other, net (137) (30)
Net cash used in investing activities (806) (606)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 2,482 737
Net borrowings (payments) of commercial paper 85 (658)
Payments on borrowings and finance lease obligations (1,223) (228)
Dividend payments on common stock (469) (445)
Other, net (68) (9)
Net cash provided by (used in) financing activities 807 (603)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (15) (68)
Net decrease in cash and cash equivalents (589) (299)
Cash and cash equivalents at beginning of year 2,179 2,101
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,590 $ 1,802

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