v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net Income $ 2,086 $ 1,950
Adjustments:    
Depreciation and amortization 925 829
Net deferred income tax (benefit) expense (2) 4
Loss (Gain) on derivative instruments not designated as hedges 8 (56)
Share-based compensation expense 68 92
Equity investment income (151) (155)
Amortization of debt issuance costs, discounts and premiums 14 46
Loss on extinguishment of debt and inducement expense 60 10
Changes in operating assets and liabilities:    
Increase in trade and other receivables, net (138) (51)
(Increase) decrease in inventories (3) 17
Increase in prepaid expenses and other assets (133) (142)
Increase in accounts payable 6 24
Decrease in accrued expenses and other liabilities (107) (21)
Increase in customer deposits 996 883
Other, net 65 (57)
Net cash provided by operating activities 3,694 3,373
Investing Activities    
Purchases of property and equipment (3,237) (1,264)
Cash received on settlement of derivative financial instruments 109 111
Cash paid on settlement of derivative financial instruments (18) (11)
Investments in and loans to unconsolidated affiliates (43) (77)
Cash received on loans from unconsolidated affiliates 0 70
Other, net (13) 25
Net cash used in investing activities (3,202) (1,146)
Financing Activities    
Debt proceeds 5,716 730
Debt issuance costs (103) (28)
Repayments of debt (4,193) (1,945)
Repurchase of common stock (1,035) (241)
Dividends paid (674) (348)
Payments of withholding tax on stock awards (191) (62)
Other, net 39 7
Net cash used in financing activities (441) (1,887)
Effect of exchange rate changes on cash and cash equivalents (1) 7
Net increase in cash and cash equivalents 50 347
Cash and cash equivalents at beginning of period 825 388
Cash and cash equivalents at end of period 875 735
Cash paid during the period for:    
Interest, net of amount capitalized 431 443
Non-cash Investing Activities    
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities $ 248 $ 61