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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating cash flows:      
Net income before non-controlling interests $ 3,802 $ 3,087 $ 3,174
Adjustments to reconcile net income provided by operations:      
Depreciation and amortization of fixed assets and capitalized software 370 381 382
Amortization of intangible assets 343 338 365
Non-cash lease expense 288 404 327
Adjustments and payments related to contingent consideration assets and liabilities (11) 11 27
Deconsolidation of Russian businesses 0 39 0
Gain on consolidation of entity 0 (2) (267)
Net (gain) on investments (5) (21) (61)
Net loss (gain) on disposition of assets 16 (127) (33)
Share-based compensation expense 363 367 348
Changes in assets and liabilities:      
Net receivables (467) (492) (570)
Other assets (154) (122) (354)
Accrued compensation and employee benefits 195 171 574
Provision for taxes, net of payments and refunds 105 (54) (33)
Contributions to pension and other benefit plans in excess of current year credit (335) (385) (372)
Other liabilities 64 193 358
Operating lease liabilities (316) (323) (349)
Net cash provided by operations 4,258 3,465 3,516
Financing cash flows:      
Purchase of treasury shares (1,150) (1,950) (1,159)
Issuance of commercial paper with maturity greater than 90 days 146 0 0
Repayment of commercial paper with maturity greater than 90 days (146) 0 0
Proceeds from issuance of debt 2,169 984 743
Repayments of debt (266) (365) (1,016)
Purchase of non-controlling interests (139) (7) 0
Shares withheld for taxes on vested units – treasury shares (148) (198) (101)
Issuance of common stock from treasury shares 199 126 161
Payments of deferred and contingent consideration for acquisitions (202) (158) (117)
Receipts of contingent consideration for dispositions 2 3 71
Distributions of non-controlling interests (31) (27) (36)
Dividends paid (1,298) (1,138) (1,026)
Change in fiduciary liabilities (255) 1,684 1,183
Net cash used for financing activities (1,119) (1,046) (1,297)
Investing cash flows:      
Capital expenditures (416) (470) (406)
Purchases of long-term investments (57) (22) (28)
Sales of long-term investments 38 86 41
Dispositions (17) 119 84
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (976) (572) (859)
Other, net 11 9 4
Net cash used for investing activities (1,417) (850) (1,164)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 328 (841) (355)
Increase in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 2,050 728 700
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year 12,102 11,374 10,674
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year 14,152 12,102 11,374
Cash and cash equivalents 3,358 1,442 1,752
Cash and cash equivalents held in a fiduciary capacity 10,794 10,660 9,622
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 14,152 $ 12,102 $ 11,374