v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating cash flows:    
Net income before non-controlling interests $ 2,477 $ 2,643
Adjustments to reconcile net income provided by operations:    
Depreciation and amortization of fixed assets and capitalized software 179 179
Amortization of intangible assets 275 279
Non-cash lease expense 151 145
Adjustments and payments related to contingent consideration assets and liabilities (33) 11
Gain on consolidation of entity 0 (13)
Net (gain) on investments (1) (12)
Net (gain) on disposition of assets (7) (15)
Share-based compensation expense 235 210
Changes in assets and liabilities:    
Net receivables (1,365) (921)
Other assets (154) (69)
Accrued compensation and employee benefits (1,319) (1,334)
Provision for taxes, net of payments and refunds 169 190
Contributions to pension and other benefit plans in excess of current year credit (123) (117)
Other liabilities 521 38
Operating lease liabilities (170) (165)
Net cash provided by (used for) operations 835 1,049
Financing cash flows:    
Purchase of treasury shares (1,512) (600)
Net proceeds from issuance of commercial paper 1,024 150
Proceeds from issuance of debt 595 0
Repayments of debt (610) (510)
Payment to acquire non-controlling interest (54) 0
Shares withheld for taxes on vested units – treasury shares (123) (142)
Issuance of common stock from treasury shares 91 175
Payments of deferred and contingent consideration for acquisitions (61) (43)
Receipts of deferred and contingent consideration for dispositions 12 0
Distributions of non-controlling interests (30) (34)
Dividends paid (878) (810)
Change in fiduciary liabilities 860 (19)
Net cash provided by (used for) financing activities (686) (1,833)
Investing cash flows:    
Capital expenditures (134) (114)
Purchases of long-term investments (9) (15)
Sales of long-term investments 1 84
Dispositions 12 15
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (129) (62)
Other, net (6) (3)
Net cash provided by (used for) investing activities (265) (95)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (141) 753
Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (257) (126)
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 13,903 13,548
Cash and cash equivalents 1,700 1,677
Cash and cash equivalents held in a fiduciary capacity 12,203 11,871
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,903 $ 13,548