XML 19 R5.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
NET INCOME $ 571 $ 336
Adjustments to reconcile net income to total net cash from operating activities:    
Depreciation 111 116
Amortization 97 120
Non-cash restructuring charges 0 12
Non-cash lease expense 47 49
Net periodic cost/(benefit) of defined benefit pension plans 94 (11)
Provision for doubtful receivables from clients 7 10
Benefit from deferred income taxes (70) (25)
Share-based compensation 68 54
Gain on disposal of operations (14) 0
Non-cash foreign exchange loss/(gain) 30 (12)
Other, net 18 22
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:    
Accounts receivable 225 118
Other assets (99) (161)
Other liabilities (778) (242)
Provisions 19 45
Net cash from operating activities 326 431
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES    
Additions to fixed assets and software (109) (126)
Acquisitions of operations, net of cash acquired (14) (18)
Contributions to investments in associates (8) 0
Net proceeds from sale of operations 836 0
Net purchases of held-to-maturity securities (50) 0
Net purchases of available-for-sale securities (43) (14)
Net cash from/(used in) investing activities 612 (158)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES    
Senior notes issued 0 746
Debt issuance costs 0 (9)
Repayments of debt (2) (652)
Repurchase of shares (700) (301)
Net proceeds from fiduciary funds held for clients 141 783
Payments of deferred and contingent consideration related to acquisitions (15) 0
Cash paid for employee taxes on withholding shares (43) (24)
Dividends paid (179) (176)
Acquisitions of and dividends paid to non-controlling interests (2) (3)
Net cash (used in)/from financing activities (800) 364
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH [1] 138 637
Effect of exchange rate changes on cash, cash equivalents and restricted cash 207 (53)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD [1] 4,998 3,792
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD [1] $ 5,343 $ 4,376
[1] The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in Note 19 — Supplemental Disclosures of Cash Flow Information.