v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 848 $ 752
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 437 401
Amortization of acquisition-related intangible assets 331 373
Amortization of financing costs and debt discounts 11 11
Share-based compensation 124 86
Deferred income taxes (37) (24)
Net gain on sale of other assets (20) 0
Loss from investments in unconsolidated affiliates 8 8
Distributions from unconsolidated affiliates 10 8
Non-cash foreign currency exchange loss 38 35
Other operating activities 9 (11)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:    
Trade accounts receivable (146) 3
Prepaid expenses and other assets (465) (315)
Contract costs (72) (57)
Accounts payable and other liabilities (445) (457)
Contract liabilities 17 18
Net cash provided by operating activities 648 831
Cash flows from investing activities:    
Capital expenditures, including capitalized software and other intangibles (335) (420)
Payments for acquisition of businesses, net of cash acquired (316) 0
Merchant cash advances, net (243) 0
Distributions from unconsolidated affiliates 0 22
Purchases of investments (32) (3)
Proceeds from sale of investments 0 3
Other investing activities 1 1
Net cash used in investing activities (925) (397)
Cash flows from financing activities:    
Debt proceeds 776 2,743
Debt repayments (955) (987)
Net borrowings from (repayments of) commercial paper and short-term borrowings 2,696 (484)
Payments of debt financing costs 0 (11)
Proceeds from issuance of treasury stock 24 39
Purchases of treasury stock, including employee shares withheld for tax obligations (2,352) (1,674)
Settlement activity, net 434 219
Distributions paid to noncontrolling interests and redeemable noncontrolling interest 0 (34)
Other financing activities 4 0
Net cash provided by (used in) financing activities 627 (189)
Effect of exchange rate changes on cash and cash equivalents 26 (17)
Net change in cash and cash equivalents 376 228
Cash and cash equivalents, beginning balance 2,993 2,963
Cash and cash equivalents, ending balance $ 3,369 $ 3,191

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