v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 1,690 $ 1,947
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 671 493
Deferred income taxes 135 123
Pension and other postretirement benefits expense 23 20
Contributions to pension plans (48) (58)
Contributions to other postretirement benefits plans (6) (9)
Changes in working capital (833) (1,397)
Other - net 2 37
Net cash provided by operating activities 1,634 1,156
Investing activities    
Capital expenditures for property, plant and equipment (446) (349)
Cash paid for acquisition of businesses, net of cash acquired (11,079) (1,450)
Proceeds from sales of property, plant and equipment 39 53
Investments in nonmarketable securities (85) 0
Sales (purchases) of short-term investments - net (43) 1,343
Proceeds from (payments for) settlement of currency exchange contracts not designated as hedges - net 1 (21)
Other - net (48) (65)
Net cash used in investing activities (11,661) (490)
Financing activities    
Proceeds from borrowings 9,871 1,058
Payments on borrowings (1,143) (713)
Short-term debt - net 2,088 1,111
Debt issuance costs (64) (8)
Cash dividends paid (858) (818)
Exercise of employee stock options 35 29
Repurchase of shares 0 (1,307)
Employee taxes paid from shares withheld (53) (46)
Other - net (2) (3)
Net cash provided by (used in) financing activities 9,874 (697)
Effect of currency on cash 13 (126)
Total decrease in cash (139) (157)
Cash at the beginning of the period 622 555
Cash at the end of the period $ 483 $ 398