Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 850 $ 2,028
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities    
Gain related to divestiture of Atmus (Note 14) 0 (1,333)
Depreciation and amortization 269 265
Deferred income taxes (25) (38)
Equity in income of investees, net of dividends (70) (78)
Pension and OPEB expense (Note 3) 19 9
Pension contributions and OPEB payments (Note 3) (13) (48)
Changes in current assets and liabilities, net of acquisitions and divestiture    
Accounts and notes receivable (457) (11)
Inventories (331) (354)
Other current assets (36) (175)
Accounts payable 330 327
Accrued expenses (487) (393)
Other, net (52) 77
Net cash (used in) provided by operating activities (3) 276
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (162) (169)
Investments in and net advances to equity investees (60) (3)
Acquisition of businesses, net of cash acquired (12) (59)
Investments in marketable securities—acquisitions (457) (379)
Investments in marketable securities—liquidations (Note 6) 432 431
Cash associated with Atmus divestiture 0 (174)
Other, net 13 (53)
Net cash used in investing activities (246) (406)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 52 2,398
Net borrowings (payments) of commercial paper 481 (887)
Payments on borrowings and finance lease obligations (144) (748)
Dividend payments on common stock (251) (239)
Other, net (46) (25)
Net cash provided by financing activities 92 499
Effect of exchange rate changes on cash, cash equivalents and restricted cash 18 (7)
Net (decrease) increase in cash and cash equivalents (139) 362
Cash and cash equivalents at beginning of year 1,671 2,179
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,532 $ 2,541