v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating cash flows:      
Net income before non-controlling interests $ 4,234 $ 4,117 $ 3,802
Adjustments to reconcile net income provided by operations:      
Depreciation and amortization of fixed assets and capitalized software 361 369 370
Amortization of intangible assets 549 377 343
Non-cash lease expense 295 280 288
Adjustments and payments related to contingent consideration assets and liabilities 37 (77) (11)
Gain on consolidation of entity (13) 0 0
Net (gain) on investments (34) (9) (5)
Net (gain) loss on disposition of assets (13) (48) 16
Share-based compensation expense 394 368 363
Changes in assets and liabilities:      
Net receivables (128) (467) (467)
Other assets (143) (217) (154)
Accrued compensation and employee benefits 242 92 195
Provision for taxes, net of payments and refunds 12 123 105
Contributions to pension and other benefit plans in excess of current year credit (259) (352) (335)
Other liabilities 93 55 64
Operating lease liabilities (335) (309) (316)
Net cash provided by (used for) operations 5,292 4,302 4,258
Financing cash flows:      
Purchase of treasury shares (2,012) (900) (1,150)
Issuance of commercial paper with maturity greater than 90 days 0 0 146
Repayment of commercial paper with maturity greater than 90 days 0 0 (146)
Proceeds from issuance of debt 0 8,170 2,169
Repayments of debt (519) (1,617) (266)
Payment of bridge loan commitment fees 0 (23) 0
Purchase of non-controlling interests 0 (7) (139)
Shares withheld for taxes on vested units – treasury shares (148) (180) (148)
Issuance of common stock from treasury shares 250 264 199
Payments of deferred and contingent consideration for acquisitions (67) (113) (202)
Receipts of deferred and contingent consideration for dispositions 0 3 2
Distributions of non-controlling interests (57) (40) (31)
Dividends paid (1,699) (1,513) (1,298)
Change in fiduciary liabilities (382) 411 (255)
Net cash provided by (used for) financing activities (4,634) 4,455 (1,119)
Investing cash flows:      
Capital expenditures (291) (316) (416)
Purchases of long-term investments (26) (108) (57)
Sales of long-term investments 100 55 38
Dispositions 22 89 (17)
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (652) (8,542) (976)
Other, net 2 1 11
Net cash provided by (used for) investing activities (845) (8,821) (1,417)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 673 (414) 328
Increase (decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 486 (478) 2,050
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year 13,674 14,152 12,102
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year 14,160 13,674 14,152
Cash and cash equivalents 2,687 2,398 3,358
Cash and cash equivalents held in a fiduciary capacity 11,473 11,276 10,794
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 14,160 $ 13,674 $ 14,152