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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:      
Net income $ 1,866 $ 1,752 $ 1,431
Adjustments to reconcile net income to net cash generated from operating activities:      
Depreciation and amortization 1,464 1,308 1,208
Amortization of leasehold interests in land 76 60 58
Amortization of deferred financing costs and original issue discount 58 57 61
Change in fair value of derivatives 0 0 1
Paid-in-kind interest income 0 (71) (30)
(Gain) loss on modification or early retirement of debt 5 0 0
Loss on disposal or impairment of assets 236 19 11
Stock-based compensation expense 54 55 44
Provision for credit losses 85 19 4
Foreign exchange (gain) loss 23 (18) 7
Deferred income taxes (60) 4 44
Changes in operating assets and liabilities:      
Accounts receivable (392) 43 (217)
Other assets (27) (48) (50)
Increase (decrease) in leasehold interests in land (848) 0 0
Accounts payable 22 (1) 76
Other liabilities 461 25 581
Net cash generated from operating activities 3,023 3,204 3,227
Cash flows from investing activities:      
Capital expenditures (1,168) (1,567) (1,017)
Proceeds from disposal of property and equipment 7 1 3
Acquisition of intangible assets and other (75) (13) (240)
(Payments for) proceeds from other investing activity 19 0 0
Net cash used in investing activities (1,217) (1,579) (1,254)
Cash flows from financing activities:      
Proceeds from exercise of stock options 264 1 4
Tax withholding on vesting of equity awards (2) (5) (2)
Repurchase of common stock (2,217) (1,750) (505)
Dividends paid and noncontrolling interest payments (833) (590) (305)
Proceeds from debt 6,781 1,748 0
Repayments of debt (4,918) (2,074) (2,069)
Payments of financing costs (201) (60) (32)
Settled contracts for purchase of noncontrolling interest (483) (215) 0
Unsettled contracts for purchase of noncontrolling interest 0 (35) (250)
Other (34) (80) (29)
Net cash used in financing activities (1,643) (3,060) (3,188)
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents 28 (19) 8
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 191 (1,454) (1,207)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 3,775 5,229 6,436
Cash, cash equivalents and restricted cash and cash equivalents at end of year 3,966 3,775 5,229
Supplemental disclosure of cash flow information:      
Cash payments for interest, net of amounts capitalized 710 650 746
Changes in construction-related payables (118) 138 (43)
Excise tax accrued on repurchase of common stock $ 18 $ 17 $ 5