v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 1,878 $ 1,661
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 897 815
Amortization of acquisition-related intangible assets 673 744
Amortization of financing costs and debt discounts 22 22
Share-based compensation 215 185
Deferred income taxes (215) (207)
Net gain on sale of other assets (17) 0
Loss from investments in unconsolidated affiliates 24 16
Distributions from unconsolidated affiliates 22 19
Non-cash foreign currency exchange losses 65 50
Other operating activities (6) (15)
Changes in assets and liabilities, net of effects from acquisitions:    
Trade accounts receivable (280) (176)
Prepaid expenses and other assets (612) (420)
Contract costs (121) (104)
Accounts payable and other liabilities (272) (448)
Contract liabilities 40 30
Net cash provided by operating activities 2,313 2,172
Cash flows from investing activities    
Capital expenditures, including capitalized software and other intangibles (814) (768)
Payments for acquisition of businesses, net of cash acquired (337) 0
Merchant cash advances, net (539) (451)
Distributions from unconsolidated affiliates 13 39
Purchases of investments (41) (35)
Proceeds from sale of investments 474 8
Other investing activities (19) 0
Net cash used in investing activities (1,263) (1,207)
Cash flows from financing activities    
Debt proceeds 3,679 3,189
Debt repayments (2,360) (1,457)
Net borrowings from commercial paper and short-term borrowings 1,925 532
Payments of debt financing costs (5) (14)
Proceeds from issuance of treasury stock 37 58
Purchases of treasury stock, including employee shares withheld for tax obligations (4,642) (3,230)
Settlement activity, net 200 (150)
Distributions paid to noncontrolling interests and redeemable noncontrolling interest 0 (41)
Payment to acquire noncontrolling interest of consolidated subsidiary (22) 0
Other financing activities 22 (1)
Net cash used in financing activities (1,166) (1,114)
Effect of exchange rate changes on cash and cash equivalents 92 (12)
Net change in cash and cash equivalents (24) (161)
Cash and cash equivalents, beginning balance 2,993 2,963
Cash and cash equivalents, ending balance $ 2,969 $ 2,802

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