Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 921	$ 832
Adjustments to reconcile net income to cash provided by operating activities:
Gain from sales of businesses and investments, net	(41)	(29)
Depreciation of fixed assets	171	169
Amortization of intangible assets	207	237
Share-based compensation expense	228	239
Deferred income taxes	(7)	(83)
Change in assets and liabilities:
Fiduciary receivables	1,538	795
Short-term investments — funds held on behalf of clients	(438)	200
Fiduciary liabilities	(1,100)	(995)
Receivables, net	289	232
Accounts payable and accrued liabilities	(277)	(312)
Current income taxes	(29)	(69)
Pension, other post-retirement and other post-employment liabilities	(70)	(191)
Other assets and liabilities	83	270
CASH PROVIDED BY OPERATING ACTIVITIES	1,475	1,295
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from investments	31	23
Purchases of investments	(47)	(3)
Net purchases of short-term investments — non-fiduciary	(108)	(9)
Acquisition of businesses, net of cash acquired	(198)	(26)
Proceeds from sale of businesses	104	54
Capital expenditures	(153)	(225)
CASH USED FOR INVESTING ACTIVITIES	(371)	(186)
CASH FLOWS FROM FINANCING ACTIVITIES
Share repurchase	(1,037)	(1,150)
Issuance of shares for employee benefit plans	(70)	(148)
Issuance of debt	2,729	3,494
Repayment of debt	(2,308)	(2,860)
Cash dividends to shareholders	(258)	(240)
Noncontrolling interests and other financing activities	(71)	(26)
CASH USED FOR FINANCING ACTIVITIES	(1,015)	(930)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	10	(155)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	99	24
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	384	374
CASH AND CASH EQUIVALENTS AT END OF PERIOD	483	398
Supplemental disclosures:
Interest paid	196	190
Income taxes paid, net of refunds	$ 153	$ 180