v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income $ 802 $ 679
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization 83 86
Deferred income tax expense (benefit) (38) (74)
Stock compensation cost 39 44
Change in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net (300) (146)
Contract assets and liabilities, current 284 70
Inventories (79) (15)
Other current assets 67 10
Accounts payable (48) (212)
Accrued liabilities (68) 23
Pension contributions (21) (27)
Other operating activities, net (41) (33)
Net cash flows provided by (used in) operating activities 680 405
Investing Activities:    
Capital expenditures (77) (70)
Acquisitions of businesses and intangible assets, net of cash (Note 5) (193) (82)
Net proceeds from the sale of fixed assets 0 34
Purchase of short-term investments (84) 0
Receipts (payments) on settlements of derivative contracts 35 (200)
Other investing activities, net 3 (2)
Net cash flows provided by (used in) investing activities (316) (320)
Financing Activities:    
Net proceeds from (repayments of) borrowings (maturities of 90 days or less) (33) 473
Proceeds from issuance of long-term debt 700 0
Payment of debt issuance costs (5) 0
Repayment of long-term debt (135) (1,300)
Dividends paid on Common Stock (330) (319)
Repurchases of Common Stock (807) (561)
Acquisition of noncontrolling interest shares (10) 0
Dividends paid to noncontrolling interest (7) (5)
Other financing activities, net 6 (10)
Net cash flows provided by (used in) financing activities (621) (1,722)
Effect of exchange rate changes on cash and cash equivalents 1 19
Net increase (decrease) in cash, cash equivalents and restricted cash (256) (1,618)
Cash, cash equivalents and restricted cash, beginning of year 1,105 2,321
Cash, cash equivalents and restricted cash, end of period 849 703
Less: Restricted cash 36 15
Cash and cash equivalents, end of period $ 813 $ 688