v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 1,084 $ 828
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 1,515 1,509
Stock-based compensation 370 348
Impairment charges 5 0
(Gain) loss on asset sales (1) (18)
Other operating activities 21 70
Changes in operating assets and liabilities:    
Accounts receivable (180) (153)
Income taxes, net (91) (14)
Operating lease right-of-use assets 122 117
Operating lease liabilities (113) (102)
Accounts payable and accrued expenses (49) (98)
Other assets and liabilities 84 (219)
Net cash provided by operating activities 2,767 2,268
Cash flows from investing activities:    
Purchases of equity investments (54) (65)
Distributions from equity investments 17 0
Purchases of short-term investments (1,092) (450)
Maturity of short-term investments 770 0
Business acquisitions, net of cash acquired (182) 0
Real estate acquisitions (391) (287)
Purchases of other property, plant and equipment (2,875) (2,079)
Proceeds from sale of assets, net of cash transferred 0 247
Settlement of foreign currency hedges 95 0
Investment in loan receivable (62) (196)
Loan receivable upfront fee 0 4
Net cash used in investing activities (3,774) (2,826)
Cash flows from financing activities:    
Proceeds from employee equity programs 95 92
Payment of dividends (1,395) (1,230)
Proceeds from public offering of common stock, net of issuance costs 99 976
Proceeds from senior notes, net of debt discounts 2,566 1,524
Repayment of finance lease liabilities (111) (101)
Contribution from non-controlling interest 3 4
Repayment of senior notes (1,200) 0
Other financing activities (10) (20)
Net cash provided by financing activities 47 1,245
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash 43 (7)
Net increase (decrease) in cash, cash equivalents and restricted cash (917) 680
Cash, cash equivalents and restricted cash at beginning of period 3,082 2,096
Cash, cash equivalents and restricted cash at end of period 2,165 2,776
Cash and cash equivalents 2,077 2,776
Current portion of restricted cash included in other current assets 60 0
Non-current portion of restricted cash included in other assets 28 0
Total cash, cash equivalents and restricted cash at end of period $ 2,165 $ 2,776

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