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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating cash flows:      
Net income before non-controlling interests $ 4,117 $ 3,802 $ 3,087
Adjustments to reconcile net income provided by operations:      
Depreciation and amortization of fixed assets and capitalized software 369 370 381
Amortization of intangible assets 377 343 338
Non-cash lease expense 280 288 404
Adjustments and payments related to contingent consideration assets and liabilities (77) (11) 11
Deconsolidation of Russian businesses 0 0 39
Gain on consolidation of entity 0 0 (2)
Net (gain) on investments (9) (5) (21)
Net (gain) loss on disposition of assets (48) 16 (127)
Share-based compensation expense 368 363 367
Changes in assets and liabilities:      
Net receivables (467) (467) (492)
Other assets (217) (154) (122)
Accrued compensation and employee benefits 92 195 171
Provision for taxes, net of payments and refunds 123 105 (54)
Contributions to pension and other benefit plans in excess of current year credit (352) (335) (385)
Other liabilities 55 64 193
Operating lease liabilities (309) (316) (323)
Net cash provided by operations 4,302 4,258 3,465
Financing cash flows:      
Purchase of treasury shares (900) (1,150) (1,950)
Issuance of commercial paper with maturity greater than 90 days 0 146 0
Repayment of commercial paper with maturity greater than 90 days 0 (146) 0
Proceeds from issuance of debt 8,170 2,169 984
Repayments of debt (1,617) (266) (365)
Payment of bridge loan commitment fees (23) 0 0
Purchase of non-controlling interests (7) (139) (7)
Shares withheld for taxes on vested units – treasury shares (180) (148) (198)
Issuance of common stock from treasury shares 264 199 126
Payments of deferred and contingent consideration for acquisitions (113) (202) (158)
Receipts of deferred and contingent consideration for dispositions 3 2 3
Distributions of non-controlling interests (40) (31) (27)
Dividends paid (1,513) (1,298) (1,138)
Change in fiduciary liabilities 411 (255) 1,684
Net cash provided by (used for) financing activities 4,455 (1,119) (1,046)
Investing cash flows:      
Capital expenditures (316) (416) (470)
Purchases of long-term investments (108) (57) (22)
Sales of long-term investments 55 38 86
Dispositions 89 (17) 119
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (8,542) (976) (572)
Other, net 1 11 9
Net cash used for investing activities (8,821) (1,417) (850)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (414) 328 (841)
Decrease in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (478) 2,050 728
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year 14,152 12,102 11,374
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year 13,674 14,152 12,102
Cash and cash equivalents 2,398 3,358 1,442
Cash and cash equivalents held in a fiduciary capacity 11,276 10,794 10,660
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,674 $ 14,152 $ 12,102