v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net Income $ 444 $ 658 $ 723
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:      
Depreciation and Amortization 536 557 619
Amortization of Deferred Debt Issuance Costs 6 6 6
Deferred Income Taxes 107 (119) 22
Amount of Postretirement Expense Less Than Funding (5) (3) (5)
Gain on Disposal of Business 0 (75) 0
Asset Impairment Charges 0 0 29
Share-Based Compensation Expense, Net 2 62 44
Other, Net (36) 23 14
Changes in Operating Assets and Liabilities, Net of Acquisitions (See Note 3) (213) (269) (308)
Net Cash Provided by Operating Activities 841 840 1,144
Cash Flows from Investing Activities:      
Capital Spending (922) (1,203) (804)
Acquisition of Businesses, Net of Cash Acquired (29) 0 (361)
Proceeds from the Sale of Business and Properties 45 711 0
Beneficial Interest on Sold Receivables 275 250 184
Beneficial Interest Obtained in Exchange for Proceeds (104) (98) (45)
Other, Net 3 (2) 1
Net Cash Used in Investing Activities (732) (342) (1,025)
Cash Flows from Financing Activities:      
Repurchase of Common Stock (150) (200) (54)
Payments on Debt (14) (23) (26)
Proceeds from Issuance of Debt 99 750 0
Retirement of Long-Term Debt 0 (700) 0
Borrowings under Revolving Credit Facilities 3,397 4,584 4,449
Payments on Revolving Credit Facilities (3,171) (4,747) (4,314)
Debt Issuance Costs (2) (9) 0
Repurchase of Common Stock related to Share-Based Payments (34) (25) (22)
Dividends Paid (128) (122) (123)
Other, Net (15) 3 (16)
Net Cash Used in Financing Activities (18) (489) (106)
Increase in cash and cash equivalents, including cash classified within assets held for sale 91 9 13
Less: Cash reclassified to Assets Held for Sale 0 1 0
Effect of Exchange Rate Changes on Cash 13 (15) (1)
Net Increase (Decrease) in Cash and Cash Equivalents 104 (5) 12
Cash and Cash Equivalents at Beginning of Year 157 162 150
Cash and Cash Equivalents at End of Year 261 157 162
Non-cash Investing Activities:      
Beneficial Interest Obtained in Exchange for Trade Receivables 159 160 141
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 86 104 70
Non-cash Financing Activities:      
Right-of-Use Assets Obtained in Exchange for New Finance Lease Liabilities $ 0 $ 1 $ 0

Source

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