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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 791 $ 676
Net income (loss) from discontinued operations (1) 0
Adjustments to reconcile net income to cash provided by operating activities:    
(Gain) loss from sales of businesses, net (25) (4)
Depreciation of fixed assets 41 40
Amortization and impairment of intangible assets 97 97
Share-based compensation expense 76 89
Deferred income taxes (6) (25)
Change in assets and liabilities:    
Fiduciary receivables (808) (609)
Short-term investments — funds held on behalf of clients (237) (541)
Fiduciary liabilities 1,045 1,150
Receivables, net (543) (458)
Accounts payable and accrued liabilities (275) (454)
Restructuring reserves (60) (25)
Current income taxes 141 118
Pension, other postretirement and postemployment liabilities (41) (54)
Other assets and liabilities 141 74
Cash provided by operating activities 338 74
Cash flows from investing activities    
Proceeds from investments 6 12
Payments for investments (43) (14)
Net sales (purchases) of short-term investments — non-fiduciary (38) 41
Acquisition of businesses, net of cash acquired (334) (15)
Sale of businesses, net of cash sold 30 6
Capital expenditures (59) (57)
Cash used for investing activities (438) (27)
Cash flows from financing activities    
Share repurchase (463) (100)
Issuance of shares for employee benefit plans (112) (98)
Issuance of debt 2,060 871
Repayment of debt (1,341) (694)
Cash dividends to shareholders (102) (96)
Noncontrolling interests and other financing activities 40 (23)
Cash provided by (used for) financing activities 82 (140)
Effect of exchange rates on cash and cash equivalents (82) 37
Net increase (decrease) in cash and cash equivalents (100) (56)
Cash and cash equivalents at beginning of period 790 656
Cash and cash equivalents at end of period 690 600
Supplemental disclosures:    
Interest paid 51 27
Income taxes paid, net of refunds $ 53 $ 33