v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 3,352 $ 3,264 $ 2,951
Adjustments to reconcile net income to cash flows from operating activities:      
Depreciation and amortization 247 278 291
Amortization of deferred sales commissions 48 56 52
Stock-based compensation 514 453 448
Deferred income tax expense (benefit) (156) (104) (193)
Other gains (40) 0 0
Net (gains) losses on nontrading investments 12 (37) (73)
Purchases of investments within consolidated sponsored investment funds (1) (160) (195)
Proceeds from sales and maturities of investments within consolidated sponsored investment funds 2 137 145
Gain related to PennyMac initial public offering 0 0 (39)
Gain related to the charitable contribution 0 0 (80)
Charitable contribution 0 0 124
Assets and liabilities of consolidated VIEs:      
Change in cash and cash equivalents (98) 168 143
Net (gains) losses within consolidated VIEs (58) 41 0
Net (purchases) proceeds within consolidated VIEs (227) (599) 142
(Earnings) losses from equity method investees (91) (158) (158)
Distributions of earnings from equity method investees 41 57 80
Other adjustments 1 5 10
Changes in operating assets and liabilities:      
Accounts receivable (154) 78 14
Investments, trading (584) (416) (218)
Other assets (123) 5 (92)
Accrued compensation and benefits 98 101 203
Accounts payable and accrued liabilities 14 (69) 7
Other liabilities 207 (13) 80
Cash flows from operating activities 3,004 3,087 3,642
Cash flows from investing activities      
Purchases of investments (330) (369) (412)
Proceeds from sales and maturities of investments 456 654 286
Distributions of capital from equity method investees 66 143 83
Net consolidations (deconsolidations) of sponsored investment funds (163) (123) (48)
Acquisitions, net of cash acquired (273) 0 (298)
Purchases of property and equipment (221) (66) (94)
Cash flows from investing activities (465) 239 (483)
Cash flows from financing activities      
Repayments of short-term borrowings 0 0 (100)
Repayments of long-term borrowings (750) (1,000) (750)
Proceeds from long-term borrowings 787 997 0
Cash dividends paid (1,476) (1,338) (1,168)
Proceeds from stock options exercised 126 4 28
Repurchases of common stock (1,331) (1,344) (1,243)
Net proceeds from (repayments of) borrowings by consolidated VIEs 0 512 (410)
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders 484 202 203
Excess tax benefit from stock-based compensation 105 106 41
Other financing activities (9) 0 7
Cash flows from financing activities (2,064) (1,861) (3,392)
Effect of exchange rate changes on cash and cash equivalents (115) (132) 17
Net increase (decrease) in cash and cash equivalents 360 1,333 (216)
Cash and cash equivalents, beginning of year 5,723 4,390 4,606
Cash and cash equivalents, end of year 6,083 5,723 4,390
Supplemental disclosure of cash flow information:      
Interest 194 216 202
Interest on borrowings of consolidated VIEs 0 142 102
Income taxes (net of refunds) 1,276 1,227 1,064
Supplemental schedule of noncash investing and financing transactions:      
Issuance of common stock 600 646 429
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds (104) (269) (229)
Increase (decrease) in borrowings due to consolidation/deconsolidation of VIEs $ (3,389) $ 585 $ 363