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Guarantee of Registered Securities
12 Months Ended
Dec. 31, 2015
Guarantee of Registered Securities  
Guarantee of Registered Securities
Guarantee of Registered Securities
As described in Note 14, in connection with the Redomestication, Aon plc entered into various agreements pursuant to which it agreed to guarantee the obligations of Aon Corporation arising under issued and outstanding debt securities, including the 3.125% Notes due May 2016, the 5.00% Notes due September 2020, the 8.205% Notes due January 2027 and the 6.25% Notes due September 2040 (collectively, the "Aon Corp Notes"). Aon Corporation is a 100% indirectly owned subsidiary of Aon plc. All guarantees of Aon plc are full and unconditional. There are no other subsidiaries of Aon plc that are guarantors of the Aon Corp Notes.
In addition, Aon Corporation entered into an agreement pursuant to which it agreed to guarantee the obligations of Aon plc arising under the 4.250% Notes due 2042 exchanged for Aon Corporation's outstanding 8.205% Notes due January 2027 and also agreed to guarantee the obligations of Aon plc arising under the 4.45% Notes due 2043, the 4.00% Notes due November 2023, the 2.875% Notes due May 2026, the 3.50% Notes due June 2024, the 4.60% Notes due June 2044, the 4.75% Notes due May 2045, and the 2.80% Notes due March 2021 (collectively, the "Aon plc Notes"). In each case, the guarantee of Aon Corporation is full and unconditional. There are no subsidiaries of Aon plc, other than Aon Corporation, that are guarantors of the Aon plc Notes. As a result of the existence of these guarantees, the Company has elected to present the financial information set forth in this footnote in accordance with Rule 3-10 of Regulation S-X.
The following tables set forth condensed consolidating statements of income, condensed consolidating statements of comprehensive income for the years ended December 31, 2015, 2014, and 2013, condensed consolidating statements of financial position as of December 31, 2015 and December 31, 2014, and condensed consolidating statements of cash flows for the years ended December 31, 2015, 2014, and 2013 in accordance with Rule 3-10 of Regulation S-X. The condensed consolidating financial information includes the accounts of Aon plc, the accounts of Aon Corporation, and the combined accounts of the non-guarantor subsidiaries. The condensed consolidating financial statements are presented in all periods as a merger under common control. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions.
In January 2015, Aon plc transferred its ownership of all of its directly held subsidiaries to Aon Global Holdings Limited, an intermediate holding company. The financial results of Aon Global Holdings Limited are included in the Other Non-Guarantor Subsidiaries column of the Condensed Consolidating Financial Statements. The Company has reflected the transfer of Aon Corporation from Aon plc to Aon Global Holdings Limited below for all periods presented.
Certain amounts in prior year's consolidating statements of income have been reclassified and adjusted to conform to the 2015 presentation. In prior periods, other income (expense) from intercompany transactions were recognized in Compensation and benefits and Other general expenses. These amounts are now included in Intercompany other income (expense) in the Condensed Consolidating Statements of Income. The Company believes this provides greater clarity into the income generated from operations and intercompany transactions.
Condensed Consolidating Statement of Income
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
—

 
$
—

 
$
11,661

 
$
—

 
$
11,661

Fiduciary investment income
—

 
—

 
21

 
—

 
21

Total revenue
—

 
—

 
11,682

 
—

 
11,682

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
136

 
32

 
6,669

 
—

 
6,837

Other general expenses
8

 
7

 
2,982

 
—

 
2,997

Total operating expenses
144

 
39

 
9,651

 
—

 
9,834

Operating (loss) income
(144
)
 
(39
)
 
2,031

 
—

 
1,848

Interest income
(19
)
 
14

 
19

 
—

 
14

Interest expense
(121
)
 
(130
)
 
(22
)
 
—

 
(273
)
Intercompany interest income (expense)
429

 
(479
)
 
50

 
—

 
—

Intercompany other income (expense)
302

 
(422
)
 
120

 
—

 
—

Other Income
(1
)
 
—

 
101

 
—

 
100

Income (loss) before taxes
446

 
(1,056
)
 
2,299

 
—

 
1,689

Income tax expense (benefit)
45

 
(262
)
 
484

 
—

 
267

Income (loss) before equity in earnings of subsidiaries
401

 
(794
)
 
1,815

 
—

 
1,422

Equity in earnings of subsidiaries, net of tax
984

 
1,319

 
525

 
(2,828
)
 
—

Net income
1,385

 
525

 
2,340

 
(2,828
)
 
1,422

Less: Net income attributable to noncontrolling interests
—

 
—

 
37

 
—

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
525

 
$
2,303

 
$
(2,828
)
 
$
1,385

Condensed Consolidating Statement of Income
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
—

 
$
—

 
$
12,019

 
$
—

 
$
12,019

Fiduciary investment income
—

 
—

 
26

 
—

 
26

Total revenue
—

 
—

 
12,045

 
—

 
12,045

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
140

 
16

 
6,858

 
—

 
7,014

Other general expenses
3

 
5

 
3,057

 
—

 
3,065

Total operating expenses
143

 
21

 
9,915

 
—

 
10,079

Operating (loss) income
(143
)
 
(21
)
 
2,130

 
—

 
1,966

Interest income
(9
)
 
2

 
17

 
—

 
10

Interest expense
(75
)
 
(139
)
 
(41
)
 
—

 
(255
)
Intercompany interest income (expense)
449

 
(298
)
 
(151
)
 
—

 
—

Intercompany other income (expense)
342

 
(390
)
 
48

 
—

 
—

Other income
2

 
5

 
37

 
—

 
44

Income (loss) before taxes
566

 
(841
)
 
2,040

 
—

 
1,765

Income tax expense (benefit)
74

 
(192
)
 
452

 
—

 
334

Income (loss) before equity in earnings of subsidiaries
492

 
(649
)
 
1,588

 
—

 
1,431

Equity in earnings of subsidiaries, net of tax
905

 
1,214

 
565

 
(2,684
)
 
—

Net income
1,397

 
565

 
2,153

 
(2,684
)
 
1,431

Less: Net income attributable to noncontrolling interests
—

 
—

 
34

 
—

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
565

 
$
2,119

 
$
(2,684
)
 
$
1,397

Condensed Consolidating Statement of Income
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustment
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
3

 
$
—

 
$
11,784

 
$
—

 
$
11,787

Fiduciary investment income
—

 
—

 
28

 
—

 
28

Total revenue
3

 
—

 
11,812

 
—

 
11,815

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
111

 
50

 
6,784

 
—

 
6,945

Other general expenses
—

 
—

 
3,199

 
—

 
3,199

Total operating expenses
111

 
50

 
9,983

 
—

 
10,144

Operating (loss) income
(108
)
 
(50
)
 
1,829

 
—

 
1,671

Interest income
—

 
3

 
6

 
—

 
9

Interest expense
(20
)
 
(138
)
 
(52
)
 
—

 
(210
)
Intercompany interest (expense) income
120

 
24

 
(144
)
 
—

 
—

Intercompany other (expense) income
38

 
(168
)
 
130

 
—

 
—

Other income (expense)
—

 
19

 
49

 
—

 
68

(Loss) income before taxes
30

 
(310
)
 
1,818

 
—

 
1,538

Income tax (benefit) expense
12

 
(64
)
 
442

 
—

 
390

(Loss) income before equity in earnings of subsidiaries
18

 
(246
)
 
1,376

 
—

 
1,148

Equity in earnings of subsidiaries, net of tax
1,095

 
1,061

 
815

 
(2,971
)
 
—

Net income
1,113

 
815

 
2,191

 
(2,971
)
 
1,148

Less: Net income attributable to noncontrolling interests
—

 
—

 
35

 
—

 
35

Net income attributable to Aon shareholders
$
1,113

 
$
815

 
$
2,156

 
$
(2,971
)
 
$
1,113


Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net income
$
1,385

 
$
525

 
$
2,340

 
$
(2,828
)
 
$
1,422

Less: Net income attributable to noncontrolling interests
—

 
—

 
37

 
—

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
525

 
$
2,303

 
$
(2,828
)
 
$
1,385

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
—

 
—

 
(8
)
 
—

 
(8
)
Foreign currency translation adjustments
—

 
(47
)
 
(395
)
 
—

 
(442
)
Post-retirement benefit obligation
—

 
12

 
143

 
—

 
155

Total other comprehensive loss
—

 
(35
)
 
(260
)
 
—

 
(295
)
Equity in other comprehensive loss of subsidiaries, net of tax
(289
)
 
(268
)
 
(303
)
 
860

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
—

 
—

 
(6
)
 
—

 
(6
)
Total other comprehensive loss attributable to Aon shareholders
(289
)
 
(303
)
 
(557
)
 
860

 
(289
)
Comprehensive income attributable to Aon shareholders
$
1,096

 
$
222

 
$
1,746

 
$
(1,968
)
 
$
1,096

Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income
$
1,397

 
$
565

 
$
2,153

 
$
(2,684
)
 
$
1,431

Less: Net income attributable to noncontrolling interests
—

 
—

 
34

 
—

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
565

 
$
2,119

 
$
(2,684
)
 
$
1,397

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
—

 
(3
)
 
7

 
—

 
4

Foreign currency translation adjustments
—

 
(31
)
 
(476
)
 
—

 
(507
)
Post-retirement benefit obligation
—

 
(315
)
 
55

 
—

 
(260
)
Total other comprehensive loss
—

 
(349
)
 
(414
)
 
—

 
(763
)
Equity in other comprehensive income of subsidiaries, net of tax
(760
)
 
(411
)
 
(760
)
 
1,931

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
—

 
—

 
(3
)
 
—

 
(3
)
Total other comprehensive income attributable to Aon shareholders
(760
)
 
(760
)
 
(1,171
)
 
1,931

 
(760
)
Comprehensive income attributable to Aon shareholders
$
637

 
$
(195
)
 
$
948

 
$
(753
)
 
$
637


Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net income
$
1,113

 
$
815

 
$
2,191

 
$
(2,971
)
 
$
1,148

Less: Net income attributable to noncontrolling interests
—

 
—

 
35

 
—

 
35

Net income attributable to Aon shareholders
$
1,113

 
$
815

 
$
2,156

 
$
(2,971
)
 
$
1,113

Other comprehensive loss, net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
—

 
5

 
2

 
—

 
7

Foreign currency translation adjustments
—

 
(60
)
 
(5
)
 
—

 
(65
)
Post-retirement benefit obligation
—

 
223

 
70

 
—

 
293

Total other comprehensive loss
—

 
168

 
67

 
—

 
235

Equity in other comprehensive loss of subsidiaries, net of tax
236

 
69

 
237

 
(542
)
 
—

Less: Other comprehensive income attributable to noncontrolling interests
—

 
—

 
(1
)
 
—

 
(1
)
Total other comprehensive loss attributable to Aon shareholders
236

 
237

 
305

 
(542
)
 
236

Comprehensive income attributable to Aon shareholders
$
1,349

 
$
1,052

 
$
2,461

 
$
(3,513
)
 
$
1,349


Condensed Consolidating Statement of Financial Position
 
As of December 31, 2015
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
2,083

 
$
1,242

 
$
(2,941
)
 
$
384

Short-term investments
—

 
209

 
147

 
—

 
356

Receivables, net
1

 
—

 
2,733

 
—

 
2,734

Fiduciary assets
—

 
—

 
9,932

 
—

 
9,932

Intercompany receivables
432

 
1,950

 
7,957

 
(10,339
)
 
—

Other current assets
3

 
218

 
347

 
(2
)
 
566

Total Current Assets
436

 
4,460

 
22,358

 
(13,282
)
 
13,972

Goodwill
—

 
—

 
8,448

 
—

 
8,448

Intangible assets, net
—

 
—

 
2,180

 
—

 
2,180

Fixed assets, net
—

 
—

 
765

 
—

 
765

Deferred tax assets
154

 
558

 
107

 
(678
)
 
141

Intercompany receivables
375

 
526

 
8,633

 
(9,534
)
 
—

Prepaid Pension
—

 
6

 
1,027

 
—

 
1,033

Other non-current assets
28

 
124

 
557

 
(84
)
 
625

Investment in subsidiary
11,804

 
16,534

 
369

 
(28,707
)
 
—

TOTAL ASSETS
$
12,797

 
$
22,208

 
$
44,444

 
$
(52,285
)
 
$
27,164

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
$
—

 
$
—

 
$
9,932

 
$
—

 
$
9,932

Short-term debt and current portion of long-term debt
—

 
550

 
12

 
—

 
562

Accounts payable and accrued liabilities
2,988

 
45

 
1,680

 
(2,941
)
 
1,772

Intercompany payables
167

 
9,518

 
654

 
(10,339
)
 
—

Other current liabilities
47

 
56

 
720

 
(3
)
 
820

Total Current Liabilities
3,202

 
10,169

 
12,998

 
(13,283
)
 
13,086

Long-term debt
3,482

 
1,418

 
275

 
—

 
5,175

Deferred tax liabilities
—

 
—

 
854

 
(678
)
 
176

Pension, other post-retirement and other post-employment liabilities
—

 
1,313

 
482

 
—

 
1,795

Intercompany payables
—

 
8,799

 
735

 
(9,534
)
 
—

Other non-current liabilities
7

 
140

 
705

 
(83
)
 
769

TOTAL LIABILITIES
6,691

 
21,839

 
16,049

 
(23,578
)
 
21,001

TOTAL AON SHAREHOLDERS’ EQUITY
6,106

 
369

 
28,338

 
(28,707
)
 
6,106

Noncontrolling interests
—

 
—

 
57

 
—

 
57

TOTAL EQUITY
6,106

 
369

 
28,395

 
(28,707
)
 
6,163

TOTAL LIABILITIES AND EQUITY
$
12,797

 
$
22,208

 
$
44,444

 
$
(52,285
)
 
$
27,164

Condensed Consolidating Statement of Financial Position
 
As of December 31, 2014
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
2,727

 
$
1,361

 
$
(3,714
)
 
$
374

Short-term investments
—

 
165

 
229

 
—

 
394

Receivables, net
—

 
—

 
2,815

 
—

 
2,815

Fiduciary assets
—

 
—

 
11,638

 
—

 
11,638

Intercompany receivables
455

 
2,814

 
9,156

 
(12,425
)
 
—

Other current assets
2

 
226

 
407

 
(33
)
 
602

Total Current Assets
457

 
5,932

 
25,606

 
(16,172
)
 
15,823

Goodwill
—

 
—

 
8,860

 
—

 
8,860

Intangible assets, net
—

 
—

 
2,520

 
—

 
2,520

Fixed assets, net
—

 
—

 
765

 
—

 
765

Deferred tax assets
159

 
570

 
113

 
(698
)
 
144

Intercompany receivables
7,399

 
600

 
111

 
(8,110
)
 
—

Prepaid Pension
—

 
6

 
927

 
—

 
933

Other non-current assets
20

 
121

 
678

 
(92
)
 
727

Investment in subsidiary
4,962

 
15,200

 
1,880

 
(22,042
)
 
—

TOTAL ASSETS
$
12,997

 
$
22,429

 
$
41,460

 
$
(47,114
)
 
$
29,772

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
$
—

 
$
—

 
$
11,638

 
$
—

 
$
11,638

Short-term debt and current portion of long-term debt
—

 
767

 
16

 
—

 
783

Accounts payable and accrued liabilities
3,755

 
58

 
1,706

 
(3,714
)
 
1,805

Intercompany payables
122

 
8,960

 
3,343

 
(12,425
)
 
—

Other current liabilities
—

 
49

 
772

 
(33
)
 
788

Total Current Liabilities
3,877

 
9,834

 
17,475

 
(16,172
)
 
15,014

Long-term debt
2,544

 
1,917

 
338

 
—

 
4,799

Deferred tax liabilities
—

 
—

 
1,011

 
(698
)
 
313

Pension, other post-retirement and other post-employment liabilities
—

 
1,396

 
745

 
—

 
2,141

Intercompany payables
—

 
7,277

 
833

 
(8,110
)
 
—

Other non-current liabilities
5

 
125

 
836

 
(92
)
 
874

TOTAL LIABILITIES
6,426

 
20,549

 
21,238

 
(25,072
)
 
23,141

TOTAL AON SHAREHOLDERS’ EQUITY
6,571

 
1,880

 
20,162

 
(22,042
)
 
6,571

Noncontrolling interests
—

 
—

 
60

 
—

 
60

TOTAL EQUITY
6,571

 
1,880

 
20,222

 
(22,042
)
 
6,631

TOTAL LIABILITIES AND EQUITY
$
12,997

 
$
22,429

 
$
41,460

 
$
(47,114
)
 
$
29,772


Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
695

 
$
464

 
$
2,523

 
$
(1,673
)
 
$
2,009

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
27

 
193

 
—

 
220

Payments for investments
(13
)
 
(47
)
 
(219
)
 
13

 
(266
)
Net (purchases) sales of short-term investments - non-fiduciary
—

 
(42
)
 
51

 
—

 
9

Acquisition of businesses, net of cash acquired
—

 
—

 
(16
)
 
—

 
(16
)
Proceeds from sale of businesses
—

 
—

 
205

 
—

 
205

Capital expenditures
—

 
—

 
(290
)
 
—

 
(290
)
CASH USED FOR (PROVIDED BY) INVESTING ACTIVITIES
(13
)
 
(62
)
 
(76
)
 
13

 
(138
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(1,550
)
 
—

 
—

 
—

 
(1,550
)
Advances from (to) affiliates and other (1)
232

 
(326
)
 
(2,339
)
 
2,433

 
—

Issuance of shares for employee benefit plans
(29
)
 
—

 
(1
)
 
—

 
(30
)
Issuance of debt
1,318

 
4,026

 
7

 
—

 
5,351

Repayment of debt
(330
)
 
(4,746
)
 
(22
)
 
—

 
(5,098
)
Cash dividends to shareholders
(323
)
 
—

 
—

 
—

 
(323
)
Noncontrolling interests and other financing activities
—

 
—

 
(39
)
 
—

 
(39
)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
(682
)
 
(1,046
)
 
(2,394
)
 
2,433

 
(1,689
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(172
)
 
—

 
(172
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
—

 
(644
)
 
(119
)
 
773

 
10

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
—

 
2,727

 
1,361

 
(3,714
)
 
374

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
2,083

 
$
1,242

 
$
(2,941
)
 
$
384

(1) Advances from (to) affiliates and other includes activity related to the Company's intercompany and cash pooling arrangements.
Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
769

 
$
(927
)
 
$
1,970

 
$
—

 
$
1,812

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
39

 
13

 
—

 
52

Payments for investments
—

 
(20
)
 
—

 
—

 
(20
)
Net purchases of short-term investments - non-fiduciary
—

 
(3
)
 
113

 
—

 
110

Acquisition of businesses, net of cash acquired
—

 
—

 
(479
)
 
—

 
(479
)
Proceeds from sale of businesses
—

 
—

 
48

 
—

 
48

Capital expenditures
—

 
—

 
(256
)
 
—

 
(256
)
CASH USED FOR INVESTING ACTIVITIES
—

 
16

 
(561
)
 
—

 
(545
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(2,250
)
 
—

 
—

 
—

 
(2,250
)
Advances from (to) affiliates and other (1)
19

 
3,215

 
(536
)
 
(2,698
)
 
—

Issuance of shares for employee benefit plans
(105
)
 
—

 
—

 
—

 
(105
)
Issuance of debt
2,908

 
2,326

 
5

 
—

 
5,239

Repayment of debt
(1,068
)
 
(2,150
)
 
(700
)
 
—

 
(3,918
)
Cash dividends to shareholders
(273
)
 
—

 
—

 
—

 
(273
)
Noncontrolling interests and other financing activities
—

 
—

 
4

 
—

 
4

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
(769
)
 
3,391

 
(1,227
)
 
(2,698
)
 
(1,303
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(67
)
 
—

 
(67
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
—

 
2,480

 
115

 
(2,698
)
 
(103
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
—

 
247

 
1,246

 
(1,016
)
 
477

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
2,727

 
$
1,361

 
$
(3,714
)
 
$
374

(1) Advances from (to) affiliates and other includes activity related to the Company's intercompany and cash pooling arrangements.


Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
70

 
$
(441
)
 
$
2,124

 
$
—

 
$
1,753

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
8

 
85

 
—

 
93

Payments for investments
—

 
(15
)
 
—

 
—

 
(15
)
Net sales of short-term investments - non-fiduciary
—

 
(74
)
 
(100
)
 
—

 
(174
)
Acquisition of businesses, net of cash acquired
—

 
—

 
(54
)
 
—

 
(54
)
Proceeds from sale of businesses
—

 
7

 
33

 
—

 
40

Capital expenditures
—

 
—

 
(229
)
 
—

 
(229
)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES
—

 
(74
)
 
(265
)
 
—

 
(339
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(1,102
)
 
—

 
—

 
—

 
(1,102
)
Advances from (to) affiliates
460

 
996

 
(479
)
 
(977
)
 
—

Issuance of shares for employee benefit plans
(22
)
 
—

 
—

 
—

 
(22
)
Issuance of debt
1,730

 
2,944

 
232

 
—

 
4,906

Repayment of debt
(1,055
)
 
(3,377
)
 
(247
)
 
—

 
(4,679
)
Cash dividends to shareholders
(212
)
 
—

 
—

 
—

 
(212
)
Noncontrolling interests and other financing activities


 
—

 
(27
)
 
—

 
(27
)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
(201
)
 
563

 
(521
)
 
(977
)
 
(1,136
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(92
)
 
—

 
(92
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(131
)
 
48

 
1,246

 
(977
)
 
186

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
131

 
199

 
—

 
(39
)
 
291

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
247

 
$
1,246

 
$
(1,016
)
 
$
477