v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES          
NET INCOME $ 231 $ 332 $ 534 $ 571  
Adjustments to reconcile net income to total net cash from operating activities:          
Depreciation     111 111  
Amortization     103 97  
Non-cash lease expense     50 47  
Net periodic cost of defined benefit pension plans     14 94  
Provision for doubtful receivables from clients     10 7  
Benefit from deferred income taxes     (42) (70)  
Share-based compensation     109 68  
Gain on disposal of operations     0 (14)  
Non-cash foreign exchange (gain)/loss     (16) 30  
Other, net     31 18  
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:          
Accounts receivable     121 225  
Other assets     (97) (99)  
Other liabilities     (475) (778)  
Provisions     21 19  
Net cash from operating activities     474 326  
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES          
Additions to fixed assets and software     (114) (109)  
Acquisitions of operations, net of cash acquired     (1,039) (14)  
Contributions to investments in associates     (23) (8)  
Net proceeds from sale of operations     0 836  
Net purchases of held-to-maturity securities     0 (50) $ (50)
Net purchases of available-for-sale securities     0 (43)  
Net cash (used in)/from investing activities     (1,176) 612  
CASH FLOWS USED IN FINANCING ACTIVITIES          
Borrowing of other debt     775 0  
Debt issuance costs     (4) 0  
Repayments of debt     (552) (2)  
Repurchase of shares     (750) (700)  
Net proceeds from fiduciary funds held for clients     159 141  
Payments of deferred and contingent consideration related to acquisitions     (2) (15)  
Cash paid for employee taxes on withholding shares     (57) (43)  
Dividends paid     (178) (179)  
Acquisitions of and dividends paid to non-controlling interests     (2) (2)  
Net cash used in financing activities     (611) (800)  
(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH [1]     (1,313) 138  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (34) 207  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD [1]     6,487 4,998 4,998
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD [1] $ 5,140 $ 5,343 $ 5,140 $ 5,343 $ 6,487
[1] The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in Note 19 Supplemental Disclosures of Cash Flow Information.