v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 924 $ 790
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 440 425
Provision for credit losses 5 2
Deferred income tax expense 155 118
Stock-based compensation expense 63 63
Other, net 22 37
Changes in operating assets and liabilities:    
Accounts receivable (308) (153)
Accounts payable and accrued expenses 244 113
Income taxes payable (24) (1)
Other assets and liabilities, net (35) 27
Net cash provided by operating activities 1,486 1,421
Cash flows from investing activities:    
Business acquisitions, net of cash acquired (39) (51)
Capital expenditures (418) (369)
Other investing activities, net 2 (20)
Net cash used in investing activities (455) (440)
Cash flows from financing activities:    
Proceeds from borrowings 494 410
Repayments of debt (504) (1,011)
Purchases of treasury stock (252) (150)
Exercise of stock options 108 61
Employee payroll tax withholdings on stock issued under stock-based compensation plans (40) (44)
Dividends paid (279) (263)
Distributions to noncontrolling interest partners (35) (43)
Contributions from noncontrolling interest partners 25 0
Other financing activities, net (169) (61)
Net cash used in financing activities (652) (1,101)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (2) 3
Net change in cash and cash equivalents and restricted cash 377 (117)
Cash and cash equivalents and restricted cash, beginning of period 420 549
Cash and cash equivalents and restricted cash, end of period $ 797 $ 432