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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Operating cash flows:          
Net income before non-controlling interests $ 320 $ 306 $ 1,667   $ 1,377
Adjustments to reconcile net income to cash provided by operations:          
Depreciation and amortization of fixed assets and capitalized software     282   245
Amortization of intangible assets     265   235
Non cash lease expense     241   236
Adjustments and payments related to contingent consideration liability     (14)   (9)
Charge for early extinguishment of debt 0 0 0   32
Provision for deferred income taxes     6   95
Loss (gain) on investments 14 (7) 47   (20)
Net loss on disposition of assets     9   36
Share-based compensation expense     219   184
Change in fair value of acquisition-related derivative contracts     0   8
Changes in assets and liabilities:          
Net receivables     77   (84)
Other current assets     (14)   30
Other assets     69   (59)
Accounts payable and accrued liabilities     (144)   (126)
Accrued compensation and employee benefits     (431)   (281)
Accrued income taxes     150   120
Contributions to pension and other benefit plans in excess of current year credit     (240)   (269)
Other liabilities     74   (149)
Operating lease liabilities     (254)   (240)
Effect of exchange rate changes     (10)   (70)
Net cash provided by operations     1,999   1,291
Financing cash flows:          
Purchase of treasury shares     0   (300)
Net increase in commercial paper     0   325
Net borrowings from term-loan and credit facilities     1,000   300
Proceeds from issuance of debt     737   6,459
Repayments of debt     (1,011)   (760)
Payments for early extinguishment of debt     0   (585)
Purchase of non-controlling interests     (3)   (75)
Acquisition-related derivative payments     0   (337)
Shares withheld for taxes on vested units – treasury shares     (131)   (89)
Issuance of common stock from treasury shares     98   132
Payments of deferred and contingent consideration for acquisitions     (125)   (60)
Distributions of non-controlling interests     (26)   (18)
Dividends paid     (702)   (655)
Net cash (used for) provided by financing activities     (163)   4,337
Investing cash flows:          
Capital expenditures     (278)   (284)
Net sales of long-term investments     102   193
Purchase of equity investment     0 $ (75) (91)
Proceeds from sales of fixed assets     3   4
Dispositions     93   225
Acquisitions     (559)   (5,500)
Other, net     (7)   (51)
Net cash used for investing activities     (646)   (5,504)
Effect of exchange rate changes on cash and cash equivalents     43   23
Increase in cash and cash equivalents     1,233   147
Cash and cash equivalents at beginning of period     1,155   1,066
Cash and cash equivalents at end of period $ 2,388 $ 1,213 $ 2,388 $ 1,155 $ 1,213