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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income $ 1,174 $ 1,263 $ 1,430
Net income from discontinued operations 74 828 177
Adjustments to reconcile net income to cash provided by operating activities:      
Loss (gain) from sales of businesses and investments, net 6 16 (39)
Depreciation of fixed assets 176 187 162
Amortization and impairment of intangible assets 593 704 157
Share-based compensation expense 338 319 306
Deferred income taxes (225) (18) (24)
Change in assets and liabilities:      
Fiduciary receivables (679) 171 595
Short-term investments — funds held on behalf of clients (320) (135) (540)
Fiduciary liabilities 999 (36) (55)
Receivables, net (127) (254) (105)
Accounts payable and accrued liabilities 25 96 53
Restructuring reserves 23 172 0
Current income taxes 34 (914) (42)
Pension, other postretirement and other postemployment liabilities (259) (66) 42
Other assets and liabilities 2 (8) 66
Cash provided by operating activities - continuing operations 1,686 669 1,829
Cash provided by operating activities - discontinued operations 0 65 497
Cash provided by operating activities 1,686 734 2,326
Cash flows from investing activities      
Proceeds from investments 71 68 43
Payments for investments (80) (64) (64)
Net sales (purchases) of short-term investments — non-fiduciary 348 (232) 61
Acquisition of businesses, net of cash acquired (58) (1,029) (879)
Sale of businesses, net of cash sold (10) 4,246 107
Capital expenditures (240) (183) (156)
Cash provided by (used for) investing activities - continuing operations 31 2,806 (888)
Cash used for investing activities - discontinued operations 0 (19) (66)
Cash provided by (used for) investing activities 31 2,787 (954)
Cash flows from financing activities      
Share repurchase (1,470) (2,399) (1,257)
Issuance of shares for employee benefit plans (149) (121) (129)
Issuance of debt 5,754 1,654 3,467
Repayment of debt (5,417) (1,999) (2,945)
Cash dividends to shareholders (382) (364) (345)
Noncontrolling interests and other financing activities (35) (36) (77)
Cash used for financing activities - continuing operations (1,699) (3,265) (1,286)
Cash used for financing activities - discontinued operations 0 0 0
Cash used for financing activities (1,699) (3,265) (1,286)
Effect of exchange rates on cash and cash equivalents (118) 69 (39)
Net increase (decrease) in cash and cash equivalents (100) 325 47
Cash and cash equivalents at beginning of period 756 431 384
Cash and cash equivalents at end of period 656 756 431
Supplemental disclosures:      
Interest paid 266 272 272
Income taxes paid, net of refunds $ 337 $ 1,182 $ 218