v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows – Operating Activities    
Net income - including noncontrolling interests $ 595 $ 546
Depreciation and amortization 237 219
Non-cash operating lease cost 211 199
Closures and impairment expenses 12 18
Investment loss 17 15
Equity in net (earnings) losses from equity method investments (4) (6)
Distributions of income received from equity method investments 8 9
Deferred income taxes (9) (3)
Share-based compensation expense 23 22
Changes in accounts receivable (17) (13)
Changes in inventories (8) 52
Changes in prepaid expenses, other current assets and value-added tax assets 72 (8)
Changes in accounts payable and other current liabilities 39 (53)
Changes in income taxes payable 15 24
Changes in non-current operating lease liabilities (187) (200)
Other, net (28) 43
Net Cash Provided by Operating Activities 976 864
Cash Flows – Investing Activities    
Capital spending (271) (259)
Purchases of short-term investments, long-term bank deposits and notes (3,777) (3,924)
Maturities of short-term investments, long-term bank deposits and notes 3,781 3,905
Acquisition of equity investment 0 (14)
Other, net 2 2
Net Cash Used in Investing Activities (265) (290)
Cash Flows – Financing Activities    
Proceeds from short-term borrowings 65 0
Repayment of short-term borrowings (30) (129)
Repurchase of shares of common stock (530) (368)
Cash dividends paid on common stock (203) (180)
Dividends paid to noncontrolling interests (32) (25)
Other, net (9) (7)
Net Cash Used in Financing Activities (739) (709)
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 7 4
Net Decrease in Cash, Cash Equivalents and Restricted Cash (21) (131)
Cash, Cash Equivalents, and Restricted Cash - Beginning of Period 506 723
Cash, Cash Equivalents, and Restricted Cash - End of Period 485 592
Supplemental Cash Flow Data    
Cash paid for income tax 212 183
Non-cash Investing and Financing Activities    
Capital expenditures included in accounts payable and other current liabilities $ 150 $ 132