v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating cash flows:    
Net income before non-controlling interests $ 2,643 $ 2,564
Adjustments to reconcile net income provided by operations:    
Depreciation and amortization of fixed assets and capitalized software 179 186
Amortization of intangible assets 279 179
Non-cash lease expense 145 132
Adjustments and payments related to contingent consideration assets and liabilities 11 (75)
Gain on consolidation of entity (13) 0
Net (gain) on investments (12) (2)
Net (gain) on disposition of assets (15) (20)
Share-based compensation expense 210 193
Changes in assets and liabilities:    
Net receivables (921) (1,287)
Other assets (69) (62)
Accrued compensation and employee benefits (1,334) (1,226)
Provision for taxes, net of payments and refunds 190 214
Contributions to pension and other benefit plans in excess of current year credit (117) (182)
Other liabilities 38 (30)
Operating lease liabilities (165) (150)
Net cash provided by (used for) operations 1,049 434
Financing cash flows:    
Purchase of treasury shares (600) (600)
Net proceeds from issuance of commercial paper 150 749
Proceeds from issuance of debt 0 988
Repayments of debt (510) (1,609)
Shares withheld for taxes on vested units – treasury shares (142) (173)
Issuance of common stock from treasury shares 175 167
Payments of deferred and contingent consideration for acquisitions (43) (81)
Receipts of deferred and contingent consideration for dispositions 0 1
Distributions of non-controlling interests (34) (21)
Dividends paid (810) (706)
Change in fiduciary liabilities (19) 901
Net cash provided by (used for) financing activities (1,833) (384)
Investing cash flows:    
Capital expenditures (114) (167)
Purchases of long term investments (15) (14)
Sales of long-term investments 84 14
Dispositions 15 27
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (62) (644)
Other, net (3) 1
Net cash provided by (used for) investing activities (95) (783)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 753 (269)
Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (126) (1,002)
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period 13,674 14,152
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period 13,548 13,150
Cash and cash equivalents 1,677 1,653
Cash and cash equivalents held in a fiduciary capacity 11,871 11,497
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,548 $ 13,150