v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating cash flows:    
Net income before non-controlling interests $ 3,289 $ 3,400
Adjustments to reconcile net income provided by operations:    
Depreciation and amortization of fixed assets and capitalized software 268 270
Amortization of intangible assets 417 412
Non-cash lease expense 223 219
Adjustments and payments related to contingent consideration assets and liabilities (31) 18
Gain on consolidation of entity (126) (13)
Net (gain) on investments (9) (27)
Net (gain) on disposition of assets (12) (17)
Share-based compensation expense 329 305
Changes in assets and liabilities:    
Net receivables (872) (388)
Other assets (197) (39)
Accrued compensation and employee benefits (639) (610)
Provision for taxes, net of payments and refunds 69 197
Contributions to pension and other benefit plans in excess of current year credit (210) (190)
Other liabilities 66 (157)
Operating lease liabilities (252) (249)
Net cash provided by (used for) operations 2,313 3,131
Financing cash flows:    
Purchase of treasury shares (2,016) (1,002)
Net proceeds from issuance of commercial paper 1,623 0
Proceeds from issuance of debt 595 0
Repayments of debt (1,247) (514)
Payment to acquire non-controlling interest (54) 0
Shares withheld for taxes on vested units – treasury shares (124) (148)
Issuance of common stock from treasury shares 118 212
Payments of deferred and contingent consideration for acquisitions (145) (64)
Receipts of deferred and contingent consideration for dispositions 12 0
Distributions of non-controlling interests (41) (46)
Dividends paid (1,354) (1,255)
Change in fiduciary liabilities 869 231
Net cash provided by (used for) financing activities (1,764) (2,586)
Investing cash flows:    
Capital expenditures (215) (186)
Purchases of long-term investments (20) (17)
Sales of long-term investments 3 96
Dispositions 16 15
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (263) (224)
Other, net (14) (6)
Net cash provided by (used for) investing activities (493) (322)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (101) 615
Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (45) 838
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 14,115 14,512
Cash and cash equivalents 1,842 2,511
Cash and cash equivalents held in a fiduciary capacity 12,273 12,001
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 14,115 $ 14,512