Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income		$ 283	$ 298
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		67	63
Share-based compensation		25	19
Deferred income taxes		17	20
Net income from unconsolidated investees		(7)	(57)
Other reconciling items included in net income		9	3
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net		(39)	6
Other assets		14	(94)
Accounts payable and accrued expenses		8	12
Section 31 fees payable to SEC		(9)	(93)
Accrued personnel costs		(82)	(52)
Deferred revenue		292	255
Other liabilities		27	14
Net cash provided by operating activities		605	394
Cash flows from investing activities:
Purchases of securities		(102)	(60)
Proceeds from sales and redemptions of securities		76	28
Acquisition of businesses, net of cash and cash equivalents acquired		0	(2,430)
Purchases of property and equipment		(35)	(42)
Investments related to default funds and margin deposits, net	[1]	(372)	(195)
Other investing activities		43	(1)
Net cash used in investing activities		(390)	(2,700)
Cash flows from financing activities:
Proceeds from (repayments of) commercial paper, net		(420)	435
Repayments of borrowings under our credit commitment		0	(100)
Proceeds from issuances of debt, net of issuance costs and utilization of credit commitment		541	100
Dividends paid		(89)	(81)
Payments related to employee shares withheld for taxes		(52)	(39)
Default funds and margin deposits		856	12
Other financing activities		(1)	(1)
Net cash provided by financing activities		368	164
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		(164)	(177)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		419	(2,319)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period		5,496	5,979
Cash and cash equivalents, restricted cash and cash equivalents at end of period		5,915	3,660
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents		486	774
Restricted cash and cash equivalents		31	38
Restricted cash and cash equivalents (default funds and margin deposits)		5,398	2,848
Total		5,915	3,660
Cash paid for:
Interest		23	19
Income taxes, net of refund		29	45
Share repurchase program
Cash flows from financing activities:
Repurchases of common stock		(142)	(162)
ASR agreement
Cash flows from financing activities:
Repurchases of common stock		$ (325)	$ 0

[1] Includes purchases and proceeds from sales and redemptions related to the default funds and margin deposits of our clearing operations. For further information, see "Default Fund Contributions and Margin Deposits," within Note 14, "Clearing Operations."