v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net earnings (loss) $ 265 $ 437
Discontinued operations, net of tax 1 0
Adjustments for non-cash items, net:    
Depreciation and amortization 315 303
Deferred income tax provision (179) (69)
Stock-based compensation costs 21 23
Equity method investment net earnings (31) (44)
(Gain) loss on sale of investments (3) (5)
Changes in operating assets and liabilities    
Accounts receivable, net (509) (362)
Inventories, net (138) (301)
Accounts payable and accrued liabilities 351 481
Distributions from equity method investments 12 77
Other operating activities, net (39) (52)
Net cash flows provided by (used in) continuing operating activities 66 488
Net cash flows provided by (used in) discontinued operating activities 13 (5)
Net cash flows provided by (used in) operating activities 79 483
Investing Activities    
Capital expenditures (94) (63)
Investment in businesses, net of cash acquired (23) (12)
Dispositions of businesses 8 8
Settlement of derivative contracts, net 35 36
Other investing activities, net 9 1
Net cash flows provided by (used in) continuing investing activities (65) (30)
Net cash flows provided by (used in) discontinued investing activities 0 7
Net cash flows provided by (used in) investing activities (65) (23)
Financing Activities    
Increase (decrease) in short-term borrowings, net 371 (49)
Issuance of long-term debt 22 9
Repayment of long-term debt (16) (1,205)
Repurchases of common stock (306) (1,288)
Dividends paid on common stock (201) (198)
Dividends paid to non-controlling interest (1) 0
Other financing activities, net (10) (16)
Net cash flows provided by (used in) continuing financing activities (141) (2,747)
Net cash flows provided by (used in) discontinued financing activities 0 0
Net cash flows provided by (used in) financing activities (141) (2,747)
Effect of foreign exchange rate changes on cash and cash equivalents (13) 17
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale (140) (2,270)
Less: Change in cash balances classified as assets held for sale 43 0
Net increase (decrease) in cash and cash equivalents and restricted cash (183) (2,270)
Cash, cash equivalents and restricted cash, beginning of period 1,557 3,972
Cash, cash equivalents and restricted cash, end of period 1,374 1,702
Less: restricted cash 3 4
Cash and cash equivalents, end of period $ 1,371 $ 1,698