Revision of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Revision of Prior Period Financial Statements

During the fourth quarter of 2021, the Company revised the presentation of cash and cash equivalents held in a fiduciary capacity in the consolidated statements of cash flows.

Historically, the Company did not present cash and cash equivalents held in a fiduciary capacity in the statements of cash flows, since these funds cannot be used for general purposes and were not considered a source of liquidity for the Company. The Company has since revised its presentation and includes cash and cash equivalents held in a fiduciary capacity as a component of total cash, cash

equivalents, and cash and cash equivalents held in a fiduciary capacity, in the consolidated statements of cash flows.

Based on an analysis of quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletins (“SAB”) No. 99 Materiality and SAB No. 108, Considering the Effects of Prior Years Misstatements When Quantifying Misstatements in Current Year Financial Statements, the Company concluded the effect of the change was not material to any previously filed interim or annual financial statements. Accordingly, the Company revised the previously reported financial information in this Annual Report on Form 10-K in the consolidated statements of cash flows and related disclosures for the years ended December 31, 2020 and 2019, and for the unaudited interim periods ended March 31, 2021, June 30, 2021 and September 30, 2021.

The tables below reflect the impact to the consolidated statements of cash flows for the years ended December 31, 2020 and 2019, and to the previously filed unaudited quarterly reports on Form 10-Q for the three months ended March 31, 2021, six months ended June 30, 2021 and the nine months ended September 30, 2021:


For the Years Ended December 31,	As Reported		Effect of Change		As Revised
(In millions)	2020
Net cash provided by operations	$	3,382	$	—	$	3,382
Financing cash flows:
Change in fiduciary liabilities	—		955		955
Other lines	(1,880)		—		(1,880)
Net cash used for financing activities	$	(1,880)	$	955	$	(925)
Investing cash flows:
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	$	(668)	$	21	$	(647)
Other lines	(146)		—		(146)
Net cash used for investing activities	$	(814)	$	21	$	(793)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	246		265		511
Increase in changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	934		1,241		2,175
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year	1,155		7,344		8,499
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year	$	2,089	$	8,585	$	10,674
	2019
Net cash provided by operations	$	2,361	$	—	$	2,361
Financing cash flows:
Change in fiduciary liabilities	—		1,025		1,025
Other lines	3,306		—		3,306
Net cash provided by financing activities	$	3,306	$	1,025	$	4,331
Investing cash flows:
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	$	(5,505)	$	1,276	$	(4,229)
Other	(166)		—		(166)
Net cash used for investing activities	$	(5,671)	$	1,276	$	(4,395)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	93		42		135
Increase in changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	89		2,343		2,432
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year	1,066		5,001		6,067
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year	$	1,155	$	7,344	$	8,499



(Unaudited)	As Reported		Effect of Change		As Revised
(In millions)	September 30, 2021
Net cash provided by operations	$	2,074	$	—	$	2,074
Financing cash flows:
Change in fiduciary liabilities	—		1,919		1,919
Other lines	(2,046)		—		(2,046)
Net cash used for financing activities	$	(2,046)	$	1,919	$	(127)
Investing cash flows:
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	$	(401)	$	17	$	(384)
Other lines	(188)		—		(188)
Net cash used for investing activities	$	(589)	$	17	$	(572)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(130)		(113)		(243)
Decrease (increase) in changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(691)		1,823		1,132
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period	2,089		8,585		10,674
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period	$	1,398	$	10,408	$	11,806

	June 30, 2021
Net cash provided by operations	$	750	$	—	$	750
Financing cash flows:
Change in fiduciary liabilities	—		1,277		1,277
Other lines	(1,491)		—		(1,491)
Net cash used for financing activities	$	(1,491)	$	1,277	$	(214)
Investing cash flows:
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	$	(363)	$	13	$	(350)
Other lines	(74)		—		(74)
Net cash used for investing activities	$	(437)	$	13	$	(424)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(23)		61		38
Decrease (increase) in changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(1,201)		1,351		150
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period	2,089		8,585		10,674
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period	$	888	$	9,936	$	10,824

	March 31, 2021
Net cash provided by operations	$	(408)	$	—	$	(408)
Financing cash flows:
Change in fiduciary liabilities	—		190		190
Other lines	(451)		—		(451)
Net cash used for financing activities	$	(451)	$	190	$	(261)
Investing cash flows:
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	$	—	$	—	$	—
Other lines	(67)		—		(67)
Net cash used for investing activities	$	(67)	$	—	$	(67)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(43)		7		(36)
Decrease in changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(969)		197		(772)
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period	2,089		8,585		10,674
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period	$	1,120	$	8,782	$	9,902