Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 3,623 $ 2,233
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 794 760
Deferred income taxes (106) (238)
Equity in income of investees, net of dividends (74) (100)
Pension and OPEB expense (Note 3) 28 4
Pension contributions and OPEB payments (Note 3) (72) (115)
Changes in current assets and liabilities, net of acquisitions and divestiture    
Accounts and notes receivable 109 (447)
Inventories (726) (318)
Other current assets (370) (191)
Accounts payable 27 43
Accrued expenses (Notes 1 and 11) (2,000) 543
Other, net 165 333
Net cash provided by operating activities 65 2,507
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (668) (694)
Acquisition of businesses, net of cash acquired (Note 15) (58) (127)
Investments in marketable securities—acquisitions (1,062) (976)
Investments in marketable securities—liquidations (Note 6) 1,113 1,002
Cash associated with Atmus divestiture (174) 0
Other, net (220) (65)
Net cash used in investing activities (1,069) (860)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 2,623 779
Net borrowings (payments) of commercial paper 140 (566)
Payments on borrowings and finance lease obligations (1,386) (391)
Dividend payments on common stock (719) (683)
Payments for purchase of redeemable noncontrolling interests (Note 15) 0 (175)
Other, net (94) (33)
Net cash provided by (used in) financing activities 564 (1,069)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (6) (67)
Net (decrease) increase in cash and cash equivalents (446) 511
Cash and cash equivalents at beginning of year 2,179 2,101
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,733 $ 2,612