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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 1,183 $ 1,067 $ 825
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization 501 503 531
Stock-based compensation expense 80 66 47
Net loss on business disposition 38 0 0
Net gain on mark-to-market derivatives (19) 0 0
Below market intangible amortization (44) (44) (54)
Deferred income taxes 11 51 (58)
Net loss on disposal of property, plant and equipment 2 4 7
Changes in operating assets and liabilities, net of acquisitions and dispositions:      
Accounts receivable and unbilled accounts receivable (36) (34) (195)
Inventories (182) (117) (58)
Accounts payable 34 70 (58)
Accrued income taxes 6 21 1
Current and noncurrent customer deposits 146 113 116
Other accrued liabilities 36 124 57
Other operating activities 3 10 40
Net cash provided by operating activities 1,759 1,834 1,201
Investing Activities      
Acquisitions of businesses, net of cash acquired (2,520) (168) (308)
Purchase of property, plant and equipment (260) (207) (186)
Proceeds from dispositions of businesses, net of cash disposed 8 19 0
Settlement of foreign currency derivatives related to acquisition 20 0 0
Proceeds from disposal of property, plant and equipment 5 13 2
Net cash used for investing activities (2,747) (343) (492)
Financing Activities      
Proceeds from debt, net of issuance costs 4,708 2,258 5,563
Payments of debt (3,224) (2,322) (5,521)
Repurchase of stock (223) (1,097) (409)
Cash dividends (173) (140) (123)
Payment of contingent consideration 0 (42) (112)
Payment of income tax withholding on share-based compensation (40) (25) (16)
Distribution to noncontrolling interest (6) (6) (17)
Other financing activities (11) 3 2
Net cash provided by (used for) financing activities 1,031 (1,371) (633)
Effect of changes in currency exchange rates on cash 31 (25) 3
Increase in cash 74 95 79
Cash, cash equivalents and restricted cash, beginning of year 715 620 541
Cash, cash equivalents and restricted cash, end of year $ 789 $ 715 $ 620