v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 275 $ 249
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 288 265
Amortization of debt issuance costs and discount 6 5
Stock-based compensation 65 72
(Earnings) losses from unconsolidated affiliates (6) 13
Loss on investments, net 18 1
Benefit from deferred income taxes (38) (41)
Changes in operating assets and liabilities:    
Change in accounts receivable, unbilled services and unearned income 193 128
Change in other operating assets and liabilities (183) (124)
Net cash provided by operating activities 618 568
Investing activities:    
Acquisition of property, equipment and software (127) (142)
Acquisition of businesses, net of cash acquired (37) (134)
Sales of marketable securities, net 1 2
Investments in unconsolidated affiliates, net of payments received (35) (13)
Investments in debt and equity securities 0 (19)
Other 2 1
Net cash used in investing activities (196) (305)
Financing activities:    
Proceeds from issuance of debt 650 1,985
Payment of debt issuance costs (4) (6)
Repayment of debt and principal payments on finance leases (683) (2,096)
Proceeds from revolving credit facility 550 275
Repayment of revolving credit facility (350) 0
Payments related to employee stock incentive plans (40) (35)
Repurchase of common stock (552) (375)
Contingent consideration and deferred purchase price payments (4) (6)
Net cash used in financing activities (433) (258)
Effect of foreign currency exchange rate changes on cash (22) 33
(Decrease) increase in cash and cash equivalents (33) 38
Cash and cash equivalents at beginning of period 1,980 1,702
Cash and cash equivalents at end of period $ 1,947 $ 1,740