v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating cash flows:    
Net income before non-controlling interests $ 1,186 $ 1,412
Adjustments to reconcile net income provided by operations:    
Depreciation and amortization of fixed assets and capitalized software 89 88
Amortization of intangible assets 138 139
Non-cash lease expense 76 73
Adjustments and payments related to contingent consideration assets and liabilities 10 (5)
Net (gain) on investments (6) (5)
Net (gain) on consolidation of business and disposition of assets (7) (29)
Share-based compensation expense 139 112
Changes in assets and liabilities:    
Net receivables (784) (599)
Other assets (122) (121)
Accrued compensation and employee benefits (2,004) (1,858)
Provision for taxes, net of payments and refunds 157 178
Contributions to pension and other benefit plans in excess of current year credit (61) (55)
Other liabilities 587 130
Operating lease liabilities (86) (82)
Net cash provided by (used for) operations (688) (622)
Financing cash flows:    
Purchase of treasury shares (755) (300)
Net proceeds from issuance of commercial paper 1,049 1,048
Proceeds from issuance of debt 595 0
Repayments of debt (605) (505)
Shares withheld for taxes on vested units – treasury shares (118) (137)
Issuance of common stock from treasury shares 63 128
Payments of deferred and contingent consideration for acquisitions (31) (32)
Receipts of deferred and contingent consideration for dispositions 12 0
Distributions of non-controlling interests (17) (21)
Dividends paid (440) (405)
Change in fiduciary liabilities 361 86
Net cash provided by (used for) financing activities 114 (138)
Investing cash flows:    
Capital expenditures (62) (55)
Purchases of long-term investments (8) (10)
Sales of long-term investments 1 84
Dispositions 12 25
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (41) (18)
Other, net (6) 0
Net cash provided by (used for) investing activities (104) 26
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (127) 243
Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (805) (491)
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period 14,160 13,674
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period 13,355 13,183
Cash and cash equivalents 1,611 1,604
Cash and cash equivalents held in a fiduciary capacity 11,744 11,579
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,355 $ 13,183