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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 305 $ 337
Income from discontinued operations, net of tax 40 25
Adjustments to reconcile net income to cash provided by operating activities:    
Loss (gain) from sales of businesses and investments, net 2 (35)
Depreciation of fixed assets 54 38
Amortization of intangible assets 43 37
Share-based compensation expense 78 79
Deferred income taxes (2) 23
Change in assets and liabilities:    
Fiduciary receivables 337 399
Short-term investments — funds held on behalf of clients (330) (242)
Fiduciary liabilities (7) (157)
Receivables, net 38 33
Accounts payable and accrued liabilities (390) (307)
Restructuring reserves 99 0
Current income taxes (56) (45)
Pension, other postretirement and other postemployment liabilities (41) (50)
Other assets and liabilities 92 59
Cash provided by operating activities - continuing operations 182 144
Cash provided by operating activities - discontinued operations 58 129
CASH PROVIDED BY OPERATING ACTIVITIES 240 273
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from investments 25 13
Purchases of investments (9) (14)
Net sale (purchases) of short-term investments — non-fiduciary 94 (227)
Acquisition of businesses, net of cash acquired (46) (16)
Sale of businesses, net of cash sold (2) 97
Capital expenditures (34) (37)
Cash provided by (used for) investing activities - continuing operations 28 (184)
Cash used for investing activities - discontinued operations (15) (15)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES 13 (199)
CASH FLOWS FROM FINANCING ACTIVITIES    
Share repurchase (126) (685)
Issuance of shares for employee benefit plans (85) (65)
Issuance of debt 992 1,045
Repayment of debt (950) (175)
Cash dividends to shareholders (87) (82)
Noncontrolling interests and other financing activities (2) (42)
Cash used for financing activities - continuing operations (258) (4)
Cash used for financing activities - discontinued operations 0 0
CASH USED FOR FINANCING ACTIVITIES (258) (4)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 25 11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 20 81
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 431 384
CASH AND CASH EQUIVALENTS AT END OF PERIOD [1] 451 465
Supplemental disclosures:    
Interest paid 58 52
Income taxes paid, net of refunds 58 41
Cash and cash equivalents from discontinued operations $ 18 $ 3
[1] Includes 18 million and $3 million of discontinued operations at March 31, 2017 and March 31, 2016, respectively.