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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:      
Net income $ 798.7 $ 761.7 $ 608.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 703.8 680.1 670.4
Equity in earnings of unconsolidated affiliates, net 9.3 (24.4) (100.0)
Distributions received from unconsolidated affiliates 2.6 13.1 21.2
Stock-based compensation expense 257.7 203.3 159.5
Unrealized net losses (gains) on investments 3.4 (1.7) (2.2)
Amortization and write-offs of loan origination costs and original issue discounts 6.8 8.4 13.5
Loss on extinguishment of debt, net 3.3 31.2 2.1
Loss on sale or disposition of property and equipment 35.1 1.6 11.7
Deferred income taxes (17.4) (115.4) (82.9)
Provision for credit losses 18.6 15.4 11.4
Changes in operating assets and liabilities, excluding effects from acquisitions:      
Accounts receivable (46.0) (119.1) (23.1)
Prepaid expenses and other assets (6.6) (20.7) (2.3)
Contract assets (20.2) (25.1) 22.5
Accounts payable 14.1 (10.7) 33.0
Accrued expenses and other liabilities 9.9 (16.5) (106.0)
Income taxes prepaid and payable (14.6) (13.8) (38.2)
Deferred revenue (13.7) 21.2 15.9
Net cash provided by operating activities 1,744.8 1,388.6 1,215.1
Cash flow from investing activities:      
Business acquisitions, net of cash acquired (1,052.0) (647.1) (34.1)
Additions to property and equipment (80.8) (61.4) (56.6)
Proceeds from sale of property and equipment 17.8 4.8 0.1
Additions to capitalized software (221.9) (194.3) (194.9)
Investments in securities (2.5) (0.1) (0.6)
Proceeds from sales / maturities of investments 0.8 6.9 8.0
Distributions received from (contributions to) unconsolidated affiliates 20.5 25.3 (0.3)
Collection of other non-current receivables 10.5 10.2 10.0
Net cash used in investing activities (1,307.6) (855.7) (268.4)
Cash flow from financing activities:      
Cash received from debt borrowings, net of original issue discount 1,187.0 5,545.0 375.0
Repayments of debt (765.1) (5,255.1) (749.7)
Payment of deferred financing fees (7.6) (39.4) 0.0
Net increase in client funds obligations 307.5 235.8 1,669.7
Proceeds from exercise of stock options 425.5 355.1 115.4
Withholding taxes paid related to equity award net share settlement (79.2) (26.2) (5.1)
Purchases of common stock for treasury (1,036.0) (737.5) (471.6)
Dividends paid on common stock (253.8) (244.9) (220.9)
(Distributions to) proceeds from noncontrolling interests (21.8) 14.9 0.0
Net cash (used in) provided by financing activities (243.5) (152.3) 712.8
Effect of exchange rate changes on cash, cash equivalents and restricted cash 9.6 (8.7) 1.5
Net increase in cash, cash equivalents and restricted cash 203.3 371.9 1,661.0
Cash, cash equivalents and restricted cash, beginning of period 3,370.5 2,998.6 1,337.6
Cash, cash equivalents and restricted cash and cash equivalents, end of period 3,573.8 3,370.5 2,998.6
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:      
Cash and cash equivalents 462.1 567.1 432.2
Restricted cash and cash equivalents 4.5 3.7 2.4
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients 3,107.2 2,799.7 2,564.0
Cash and cash equivalents and restricted cash 3,573.8 3,370.5 2,998.6
Supplemental disclosure of cash paid for:      
Interest 427.8 452.4 461.8
Income taxes, net of refunds $ 219.4 $ 286.2 $ 348.5