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
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 2,817 $ 2,337
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 851 825
Deferred income taxes 48 68
Equity in income of investees, net of dividends (147) (38)
Pension and OPEB expense (Note 3) 56 60
Pension contributions and OPEB payments (Note 3) (41) (38)
Changes in current assets and liabilities, net of acquisitions and divestitures    
Accounts and notes receivable (851) (466)
Inventories (1,030) (446)
Other current assets (153) (146)
Accounts payable 1,087 (147)
Accrued expenses 467 (201)
Other, net 109 279
Net cash provided by operating activities 3,213 2,087
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (741) (691)
Investments in marketable securities—acquisitions (899) (1,133)
Investments in marketable securities—liquidations (Note 6) 1,031 1,131
Other, net (54) (153)
Net cash used in investing activities (663) (846)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 454 2,232
Net payments of commercial paper (5) (906)
Payments on borrowings and finance lease obligations (444) (827)
Dividend payments on common stock (854) (778)
Repurchases of common stock (827) 0
Payments for purchase of redeemable noncontrolling interests 0 (55)
Other, net (157) (69)
Net cash used in financing activities (1,833) (403)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 9 57
Net increase in cash and cash equivalents 726 895
Cash and cash equivalents at beginning of year 2,845 1,671
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,571 $ 2,566