XML 18 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
NET INCOME $ 415 $ 442
Adjustments to reconcile net income to total net cash from operating activities:    
Depreciation 165 113
Amortization 240 250
Non-cash lease expense 74 72
Net periodic benefit of defined benefit pension plans (92) (64)
Provision for doubtful receivables from clients 28 10
Provision for/(benefit from) deferred income taxes 40 (41)
Share-based compensation 28 27
Net loss on disposal of operations 2 0
Non-cash foreign exchange (gain)/loss (12) 13
Other, net 1 (6)
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:    
Accounts receivable 128 (82)
Fiduciary assets (3,200) (1,961)
Fiduciary liabilities 3,200 1,961
Other assets 82 (164)
Other liabilities (417) (285)
Provisions 3 18
Net cash from operating activities 685 303
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions to fixed assets and software for internal use (135) (120)
Capitalized software costs (33) (34)
Acquisitions of operations, net of cash acquired (66) (1)
Net proceeds from sale of operations 2 13
Other, net (17) (6)
Net cash used in investing activities (249) (148)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Net payments on revolving credit facility 0 (106)
Senior notes issued 282 0
Debt issuance costs (2) 0
Repayments of debt (311) (3)
Repurchase of shares 0 (51)
Proceeds from issuance of shares 5 27
Payments of deferred and contingent consideration related to acquisitions 0 (47)
Cash paid for employee taxes on withholding shares (1) (12)
Dividends paid (171) (161)
Acquisitions of and dividends paid to non-controlling interests (14) (21)
Other, net (3) 0
Net cash used in financing activities (215) (374)
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 221 (219)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (22) (2)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD [1] 895 1,033
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD [1] $ 1,094 $ 812
[1] As a result of the acquired TRANZACT collateralized facility, cash, cash equivalents and restricted cash included $7 million of restricted cash at June 30, 2020 and $8 million at December 31, 2019, which is included within prepaid and other current assets on our condensed consolidated balance sheets. There were no restricted cash amounts held at June 30, 2019 and December 31, 2018.