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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
NET INCOME $ 194 $ 206
Adjustments to reconcile net income to total net cash from operating activities:    
Depreciation 59 60
Amortization 60 71
Non-cash restructuring charges 11 2
Non-cash lease expense 27 27
Net periodic benefit of defined benefit pension plans (4) (8)
Provision for doubtful receivables from clients 8 7
Benefit from deferred income taxes (9) (15)
Share-based compensation 24 26
Non-cash foreign exchange (gain)/loss (1) 11
Other, net 8 10
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:    
Accounts receivable 113 129
Other assets (53) 11
Other liabilities (426) (411)
Provisions 13 8
Net cash from operating activities 24 134
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions to fixed assets and software for internal use (33) (42)
Capitalized software costs (27) (19)
Acquisitions of operations, net of cash acquired (15) (4)
Sale of investments 1 4
Net cash used in investing activities (74) (61)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES    
Senior notes issued 746 0
Debt issuance costs (7) 0
Repayments of debt (1) (1)
Repurchase of shares (101) (104)
Net proceeds/(payments) from fiduciary funds held for clients 1,011 (250)
Payments of deferred and contingent consideration related to acquisitions 0 (6)
Cash paid for employee taxes on withholding shares (5) (5)
Dividends paid (86) (87)
Acquisitions of and dividends paid to non-controlling interests (1) 0
Net cash from/(used in) financing activities 1,556 (453)
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH [1] 1,506 (380)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (47) 21
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD [1] 3,792 4,721
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD [1] $ 5,251 $ 4,362
[1] The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in Note 19 Supplemental Disclosures of Cash Flow Information.