v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 415 $ 343
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 544 480
Stock-based compensation 128 113
Impairment charges 2 0
(Gain) loss on asset sales (20) 0
Other operating activities (3) (1)
Changes in operating assets and liabilities:    
Accounts receivable (106) (133)
Income taxes, net (7) (2)
Operating lease right-of-use assets 41 42
Operating lease liabilities (35) (39)
Accounts payable and accrued expenses (62) (149)
Other assets and liabilities (180) 155
Net cash provided by operating activities 717 809
Cash flows from investing activities:    
Purchases of equity investments (146) (43)
Distributions from equity investments 0 4
Purchases of short-term investments (784) (190)
Maturity of short-term investments 595 0
Real estate acquisitions (123) (17)
Purchases of other property, plant and equipment (1,256) (750)
Proceeds from sale of assets, net of cash transferred 258 0
Settlement of foreign currency hedges (3) 32
Net cash used in investing activities (1,459) (964)
Cash flows from financing activities:    
Proceeds from employee equity programs 49 50
Payment of dividends (519) (468)
Proceeds from public offering of common stock, net of issuance costs 0 99
Proceeds from senior notes, net of debt discounts 1,492 370
Repayment of finance lease liabilities (41) (32)
Repayment of other debt (674) 0
Other financing activities 42 (4)
Net cash provided by financing activities 349 15
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (6) 20
Net decrease in cash, cash equivalents and restricted cash (399) (120)
Cash, cash equivalents and restricted cash at beginning of period 1,824 3,082
Cash, cash equivalents and restricted cash at end of period 1,425 2,962
Cash and cash equivalents 1,362 2,950
Current portion of restricted cash included in other current assets 59 12
Non-current portion of restricted cash included in other assets 4 0
Total cash, cash equivalents and restricted cash at end of period $ 1,425 $ 2,962

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