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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income $ 1,580 $ 1,507
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 494 473
Stock-based compensation 105 100
Deferred taxes 67 (52)
Other (48) (34)
Changes in assets and liabilities:    
Customer accounts receivable (228) (97)
Other current and non-current assets (43) 22
Section 31 fees payable (85) (70)
Deferred revenue 120 114
Other current and non-current liabilities (147) (81)
Total adjustments 235 375
Net cash provided by operating activities 1,815 1,882
Investing activities:    
Capital expenditures (114) (87)
Capitalized software development costs (154) (116)
Cash paid for acquisitions, net of cash acquired (9,439) (352)
Return of capital from equity method investment 0 44
Proceeds from investments, net 5 (1)
Net cash used in investing activities (9,702) (512)
Financing activities:    
Proceeds from debt facilities, net 9,606 11
Repayments of debt facilities (1,258) 0
Proceeds from/(redemption of) commercial paper, net 1,149 367
Repurchases of common stock (1,247) (1,120)
Dividends to stockholders (500) (467)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises (72) (64)
Other 31 22
Net cash provided by (used in) financing activities 7,709 (1,251)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 1 (2)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents (177) 117
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 2,188 1,872
Cash, cash equivalents, and restricted cash and cash equivalents, end of period 2,011 1,989
Supplemental cash flow disclosure:    
Common stock issued for acquisition 1,895 0
Cash paid for income taxes 558 457
Cash paid for interest $ 209 $ 214