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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 1,507 $ 1,401
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 473 429
Stock-based compensation 100 93
Deferred taxes (52) (2)
Other (34) (11)
Changes in assets and liabilities:    
Customer accounts receivable (97) (119)
Other current and non-current assets 22 (24)
Section 31 fees payable (70) (117)
Deferred revenue 114 124
Other current and non-current liabilities (81) (39)
Total adjustments 375 334
Net cash provided by operating activities 1,882 1,735
Investing activities:    
Capital expenditures (87) (49)
Capitalized software development costs (116) (112)
Cash paid for acquisitions (352) (1,151)
Return of capital from equity method investment 44 0
Purchases of equity investments 0 (305)
Other (1) 0
Net cash used in investing activities (512) (1,617)
Financing activities:    
Proceeds from debt facilities 11 2,213
Repayments of debt facilities 0 (600)
Proceeds from/(repayments of) commercial paper, net 367 (35)
Repurchases of common stock (1,120) (1,059)
Dividends to stockholders (467) (417)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises (64) (78)
Acquisition of non-controlling interest 0 (35)
Other 22 (8)
Net cash used in financing activities (1,251) (19)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (2) (5)
Net increase in cash, cash equivalents, and restricted cash and cash equivalents 117 94
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period 1,872 1,568
Cash, cash equivalents, and restricted cash and cash equivalents, end of period 1,989 1,662
Supplemental cash flow disclosure:    
Cash paid for income taxes 457 424
Cash paid for interest $ 214 $ 136