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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,430 $ 1,422 $ 1,431
Adjustments to reconcile net income to cash provided by operating activities:      
Gain from sales of businesses and investments, net (39) (81) (44)
Depreciation of fixed assets 232 229 242
Amortization of intangible assets 277 314 352
Share-based compensation expense 331 340 328
Deferred income taxes (24) (223) (135)
Change in assets and liabilities:      
Fiduciary receivables 594 599 (19)
Short-term investments — funds held on behalf of clients (598) 350 (403)
Fiduciary liabilities 4 (949) 422
Receivables, net (86) (83) (25)
Accounts payable and accrued liabilities 64 87 4
Current income taxes 49 116 42
Pension, other post-retirement and other post-employment liabilities 42 (230) (340)
Other assets and liabilities 50 118 (43)
CASH PROVIDED BY OPERATING ACTIVITIES 2,326 2,009 1,812
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from investments 43 220 52
Payments for investments (64) (266) (20)
Net sales (purchases) of short-term investments — non-fiduciary 61 9 110
Acquisition of businesses, net of cash acquired (879) (16) (479)
Proceeds from sale of businesses 107 205 48
Capital expenditures (222) (290) (256)
CASH USED FOR INVESTING ACTIVITIES (954) (138) (545)
CASH FLOWS FROM FINANCING ACTIVITIES      
Share repurchase (1,257) (1,550) (2,250)
Issuance of shares for employee benefit plans (129) (30) (105)
Issuance of debt 3,467 5,351 5,239
Repayment of debt (2,945) (5,098) (3,918)
Cash dividends to shareholders (345) (323) (273)
Noncontrolling interests and other financing activities (77) (39) 4
CASH USED FOR FINANCING ACTIVITIES (1,286) (1,689) (1,303)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (39) (172) (67)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 47 10 (103)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 384 374 477
CASH AND CASH EQUIVALENTS AT END OF YEAR 431 384 374
Supplemental disclosures:      
Interest paid 272 254 245
Income taxes paid, net of refunds $ 218 $ 249 $ 337