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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities:      
Net income $ 2,303 $ 2,121 $ 1,638
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 82 84 82
Amortization of intangibles 122 122 98
Provision for losses on accounts receivable 18 21 16
Deferred income taxes 46 81 0
Stock-based compensation 78 94 99
Gain on dispositions (49) 0 0
Accrued legal settlements 0 1 55
Pension settlement charge, net of taxes 85 0 0
Other 93 52 96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:      
Accounts receivable (135) (164) (196)
Prepaid and other current assets (81) (1) 10
Accounts payable and accrued expenses 73 (106) 75
Unearned revenue 256 70 85
Accrued legal settlements (1) (108) (4)
Other current liabilities (56) (67) (85)
Net change in prepaid/accrued income taxes (41) (7) 32
Net change in other assets and liabilities (17) (129) 15
Cash provided by operating activities 2,776 2,064 2,016
Investing Activities:      
Capital expenditures (115) (113) (123)
Acquisitions, net of cash acquired (91) (401) (83)
Proceeds from dispositions 85 6 2
Changes in short-term investments (10) (5) (5)
Cash used for investing activities (131) (513) (209)
Financing Activities:      
Proceeds from issuance of senior notes, net 1,086 489 0
Payments on senior notes (868) (403) 0
Dividends paid to shareholders (560) (503) (421)
Distributions to noncontrolling interest holders, net (143) (154) (111)
Repurchase of treasury shares (1,240) (1,660) (1,001)
Exercise of stock options 40 34 75
Purchase of additional CRISIL shares 0 (25) 0
Employee withholding tax on share-based payments and other (66) (66) (49)
Cash used for financing activities (1,751) (2,288) (1,507)
Effect of exchange rate changes on cash 34 (84) 87
Net change in cash, cash equivalents, and restricted cash 928 (821) 387
Cash, cash equivalents, and restricted cash at beginning of year 1,958 2,779 2,392
Cash, cash equivalents, and restricted cash at end of year 2,886 1,958 2,779
Cash paid during the year for:      
Interest 162 151 139
Income taxes $ 659 $ 558 $ 709