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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Income (loss) from continuing operations $ 1,202 $ 963
Net income from discontinued operations 0 0
Adjustments to reconcile net income to cash provided by operating activities:    
(Gain) loss from sales of businesses, net (25) (7)
Depreciation of fixed assets 82 80
Amortization and impairment of intangible assets 155 194
Share-based compensation expense 140 180
Deferred income taxes (15) (25)
Change in assets and liabilities:    
Fiduciary receivables (1,640) (926)
Short-term investments — funds held on behalf of clients (622) (961)
Fiduciary liabilities 2,262 1,887
Receivables, net (262) (477)
Accounts payable and accrued liabilities (323) (579)
Restructuring reserves (82) (18)
Current income taxes 186 10
Pension, other postretirement and postemployment liabilities (62) (92)
Other assets and liabilities 223 132
Cash provided by operating activities 1,219 361
Cash flows from investing activities    
Proceeds from investments 17 14
Payments for investments (60) (60)
Net sales (purchases) of short-term investments — non-fiduciary (522) (62)
Acquisition of businesses, net of cash acquired (368) (15)
Sale of businesses, net of cash sold 30 7
Capital expenditures (89) (106)
Cash used for investing activities (992) (222)
Cash flows from financing activities    
Share repurchase (463) (1,155)
Issuance of shares for employee benefit plans (157) (144)
Issuance of debt 4,153 3,559
Repayment of debt (3,547) (2,228)
Cash dividends to shareholders (204) (203)
Noncontrolling interests and other financing activities 14 (61)
Cash used for financing activities (204) (232)
Effect of exchange rates on cash and cash equivalents (56) 18
Net increase (decrease) in cash and cash equivalents (33) (75)
Cash and cash equivalents at beginning of period 790 656
Cash and cash equivalents at end of period 757 581
Supplemental disclosures:    
Interest paid 176 147
Income taxes paid, net of refunds $ 102 $ 197