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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net income $ 492 $ 474
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 158 138
Stock-based compensation 29 29
Deferred taxes (28) (6)
Other (21) 1
Changes in assets and liabilities:    
Customer accounts receivable (227) (259)
Other current and non-current assets 15 (32)
Section 31 fees payable (35) (8)
Deferred revenue 347 343
Other current and non-current liabilities (76) (107)
Total adjustments 162 99
Net cash provided by operating activities 654 573
Investing activities:    
Capital expenditures (26) (14)
Capitalized software development costs (39) (37)
Cash paid for acquisitions (19) (400)
Return of capital from equity method investment 44 0
Purchases of investments 0 (304)
Net cash used in investing activities (40) (755)
Financing activities:    
Proceeds from commercial paper, net of repayments 54 789
Repurchases of common stock (440) (300)
Dividends to stockholders (157) (140)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises (57) (72)
Other 4 (7)
Net cash provided by (used in) financing activities (596) 270
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 1 2
Net increase in cash, cash equivalents, and restricted cash and cash equivalents 19 90
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 1,872 1,568
Cash, cash equivalents, and restricted cash and cash equivalents, end of period 1,891 1,658
Supplemental cash flow disclosure:    
Cash paid for income taxes 78 144
Cash paid for interest $ 79 $ 27