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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 1,573 $ 1,174 $ 1,263
Net income (loss) from discontinued operations (1) 74 828
Adjustments to reconcile net income to cash provided by operating activities:      
Loss (gain) from sales of businesses and investments, net (13) 6 16
Depreciation of fixed assets 172 176 187
Amortization and impairment of intangible assets 392 593 704
Share-based compensation expense 317 338 319
Deferred income taxes (36) (225) (18)
Change in assets and liabilities:      
Fiduciary receivables (409) (679) 171
Short-term investments — funds held on behalf of clients (1,246) (320) (135)
Fiduciary liabilities 1,655 999 (36)
Receivables, net (371) (127) (254)
Accounts payable and accrued liabilities (28) 25 96
Restructuring reserves 3 23 172
Current income taxes (20) 34 (914)
Pension, other postretirement and postemployment liabilities (156) (259) (66)
Other assets and liabilities 1 2 (8)
Cash provided by operating activities - continuing operations 1,835 1,686 669
Cash provided by operating activities - discontinued operations 0 0 65
Cash provided by (used for) operating activities 1,835 1,686 734
Cash flows from investing activities      
Proceeds from investments 61 71 68
Payments for investments (113) (80) (64)
Net sales (purchases) of short-term investments — non-fiduciary 35 348 (232)
Acquisition of businesses, net of cash acquired (39) (58) (1,029)
Sale of businesses, net of cash sold 52 (10) 4,246
Capital expenditures (225) (240) (183)
Cash provided by (used for) investing activities - continuing operations (229) 31 2,806
Cash used for investing activities - discontinued operations 0 0 (19)
Cash provided by (used for) investing activities (229) 31 2,787
Cash flows from financing activities      
Share repurchase (1,960) (1,470) (2,399)
Issuance of shares for employee benefit plans (131) (149) (121)
Issuance of debt 6,052 5,754 1,654
Repayment of debt (4,941) (5,417) (1,999)
Cash dividends to shareholders (410) (382) (364)
Noncontrolling interests and other financing activities (103) (35) (36)
Cash provided by (used for) financing activities - continuing operations (1,493) (1,699) (3,265)
Cash used for financing activities - discontinued operations 0 0 0
Cash used for financing activities (1,493) (1,699) (3,265)
Effect of exchange rates on cash and cash equivalents 21 (118) 69
Net increase (decrease) in cash and cash equivalents 134 (100) 325
Cash and cash equivalents at beginning of period 656 756 431
Cash and cash equivalents at end of period 790 656 756
Supplemental disclosures:      
Interest paid 289 266 272
Income taxes paid, net of refunds $ 353 $ 337 $ 1,182