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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating cash flows:    
Net income before non-controlling interests $ 1,412 $ 1,424
Adjustments to reconcile net income provided by operations:    
Depreciation and amortization of fixed assets and capitalized software 88 99
Amortization of intangible assets 139 90
Non-cash lease expense 73 67
Adjustments and payments related to contingent consideration assets and liabilities (5) (8)
Net (gain) on investments (5) (1)
Net (gain) on consolidation of business and disposition of assets (29) (19)
Share-based compensation expense 112 103
Changes in assets and liabilities:    
Net receivables (599) (742)
Other assets (121) (70)
Accrued compensation and employee benefits (1,858) (1,779)
Provision for taxes, net of payments and refunds 178 209
Contributions to pension and other benefit plans in excess of current year credit (55) (88)
Other liabilities 130 11
Operating lease liabilities (82) (77)
Net cash used by operations (622) (781)
Financing cash flows:    
Purchase of treasury shares (300) (300)
Net proceeds from issuance of commercial paper 1,048 50
Proceeds from issuance of debt 0 989
Repayments of debt (505) (1,004)
Shares withheld for taxes on vested units – treasury shares (137) (169)
Issuance of common stock from treasury shares 128 113
Payments of deferred and contingent consideration for acquisitions (32) (15)
Distributions of non-controlling interests (21) (4)
Dividends paid (405) (354)
Change in fiduciary liabilities 86 829
Net cash (used for) provided by financing activities (138) 135
Investing cash flows:    
Capital expenditures (55) (87)
Purchases of long term investments (10) (10)
Sales of long-term investments 84 4
Dispositions 25 26
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (18) (301)
Net cash provided by (used for) investing activities 26 (368)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 243 (228)
(Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (491) (1,242)
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period 13,674 14,152
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period 13,183 12,910
Cash and cash equivalents 1,604 1,452
Cash and cash equivalents held in a fiduciary capacity 11,579 11,458
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,183 $ 12,910