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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES    
NET INCOME $ 239 $ 194
Adjustments to reconcile net income to total net cash from operating activities:    
Depreciation 54 59
Amortization 48 60
Non-cash restructuring charges 0 11
Non-cash lease expense 25 27
Net periodic cost/(benefit) of defined benefit pension plans 88 (4)
Provision for doubtful receivables from clients 5 8
Benefit from deferred income taxes (23) (9)
Share-based compensation 37 24
Gain on disposal of operations (14) 0
Non-cash foreign exchange loss/(gain) 9 (1)
Other, net 9 8
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:    
Accounts receivable 162 113
Other assets 1 (53)
Other liabilities (691) (426)
Provisions 16 13
Net cash (used in)/from operating activities (35) 24
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions to fixed assets and software (51) (60)
Acquisitions of operations, net of cash acquired (1) (15)
(Purchase)/sale of investments (32) 1
Net cash used in investing activities (84) (74)
CASH FLOWS FROM FINANCING ACTIVITIES    
Senior notes issued 0 746
Debt issuance costs 0 (7)
Repayments of debt (1) (1)
Repurchase of shares (200) (101)
Net proceeds from fiduciary funds held for clients 315 1,011
Cash paid for employee taxes on withholding shares (2) (5)
Dividends paid (88) (86)
Acquisitions of and dividends paid to non-controlling interests 0 (1)
Net cash from financing activities 24 1,556
(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH [1] (95) 1,506
Effect of exchange rate changes on cash, cash equivalents and restricted cash 80 (47)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD [1] 4,998 3,792
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD [1] $ 4,983 $ 5,251
[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.