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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 1,203 $ 1,214 $ 2,484
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss on sale of business 67 0 0
Loss (gain) on investment securities, net 50 (24) 54
Equity in net losses 102 94 63
Stock-based compensation 241 207 175
Depreciation 773 908 850
Amortization 51 60 67
Impairment of property and equipment 28 237 206
Impairment of indefinite-lived intangible assets 128 200 55
Deferred income taxes 75 (192) (167)
Changes in operating assets and liabilities, net of effect of businesses acquired and dispositions:      
Receivables (570) (669) (337)
Other assets (2,173) 1,003 (1,318)
Benefits payable (472) 199 915
Other liabilities 1,322 (373) 841
Unearned revenues 96 (6) (20)
Other, net 0 108 113
Net cash provided by operating activities 921 2,966 3,981
Cash flows from investing activities      
Proceeds from sale of business, net 115 0 0
Acquisitions, net of cash and cash equivalents acquired (81) (89) (233)
Purchases of property and equipment (546) (575) (1,004)
Proceeds from sale of property and equipment 23 7 210
Changes in securities lending collateral receivable (220) (418) 0
Purchases of investment securities (6,440) (8,185) (7,552)
Proceeds from maturities of investment securities 2,912 2,982 1,292
Proceeds from sales of investment securities 6,510 3,376 3,795
Other 0 (50) 0
Net cash provided by (used in) investing activities 2,273 (2,952) (3,492)
Cash flows from financing activities      
(Payments) receipts from contract deposits, net (1,076) (1,933) 828
Proceeds from issuance of senior notes, net 1,481 2,232 2,544
Repayment of senior notes (948) (1,107) (1,832)
(Repayments) proceeds from issuance of commercial paper, net (5) (907) 211
Proceeds from short-term borrowings 0 0 100
Repayment of short-term borrowings 0 0 (100)
Repayment of term loan 0 0 (500)
Debt issue costs (5) (7) (7)
Common stock repurchases (151) (817) (1,573)
Dividends paid (430) (431) (431)
Changes in securities lending payable 220 418 0
Changes in rebate factor payable (123) 123 0
Change in book overdraft (97) 50 55
Other, net (81) (108) (151)
Net cash used in financing activities (1,215) (2,487) (856)
Increase (decrease) in cash and cash equivalents 1,979 (2,473) (367)
Cash and cash equivalents at beginning of period 2,221 4,694 5,061
Cash and cash equivalents at end of period 4,200 2,221 4,694
Supplemental cash flow disclosures:      
Interest payments 628 584 394
Details of businesses acquired in purchase transactions:      
Fair value of assets acquired, net of cash acquired 91 124 462
Less: Fair value of liabilities assumed (10) (35) (234)
Less: Noncontrolling interests acquired 0 0 5
Cash paid for acquired businesses, net of cash acquired $ 81 $ 89 $ 233