XML 29 R9.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash from operating activities:      
Net income $ 4,305.3 $ 2,441.6 $ 1,945.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 922.4 572.5 406.4
Stock-based compensation expense 135.4 109.5 99.0
Deferred income tax benefit (65.6) (82.8) (58.8)
Gain on bargain purchase acquisition 0.0 0.0 (5.4)
Net change in operating assets and liabilities, excluding effects of acquisitions:      
Accounts receivable, net (964.4) (586.8) 146.4
Inventories (487.4) (200.1) 71.4
Prepaid expenses and other current assets (150.7) (106.8) (34.1)
Accounts payable 554.1 423.1 (34.6)
Accrued income taxes 276.9 3.1 7.7
Other accrued liabilities 739.2 257.0 (7.0)
Accrued pension and postretirement benefits 0.1 (2.4) (0.3)
Other long-term assets and liabilities 109.4 (13.2) (7.5)
Net cash provided by operating activities 5,374.7 2,814.7 2,528.7
Cash from investing activities:      
Capital expenditures (996.6) (665.4) (372.8)
Proceeds from disposals of property, plant and equipment 14.8 7.8 4.0
Purchases of investments (309.3) (26.2) (305.7)
Sales and maturities of investments 27.6 189.7 246.3
Acquisitions, net of cash acquired (3,818.6) (2,156.4) (970.4)
Other, net 0.0 1.9 4.9
Net cash used in investing activities (5,082.1) (2,648.6) (1,393.7)
Cash from financing activities:      
Proceeds from issuance of senior notes and other long-term debt 8,921.7 2,991.3 354.9
Repayments of senior notes and other long-term debt (401.7) (364.4) (15.7)
Borrowings (repayments) under commercial paper programs, net 0.0 0.0 (632.6)
Payment of costs related to debt financing (89.1) (28.4) (2.3)
Payment of deferred purchase price related to acquisitions 0.0 0.0 (1.5)
Purchase of treasury stock (665.2) (689.3) (585.1)
Proceeds from exercise of stock options 553.0 447.4 394.5
Distributions to and purchases of noncontrolling interests (5.8) (33.0) (24.0)
Dividend payments (802.2) (595.1) (500.6)
Treasury lock settlement (88.0) 0.0 0.0
Other, net 0.5 1.4 0.0
Net cash provided by (used in) financing activities 7,423.2 1,729.9 (1,012.4)
Effect of exchange rate changes on cash and cash equivalents 97.8 (54.0) (20.7)
Net increase in cash and cash equivalents 7,813.6 1,842.0 101.9
Cash and cash equivalents balance, beginning of year 3,317.0 1,475.0 1,373.1
Cash and cash equivalents balance, end of year 11,130.6 3,317.0 1,475.0
Cash paid during the year for:      
Interest 288.1 179.5 129.2
Income taxes, net $ 1,084.1 $ 650.0 $ 560.4