XML 43 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Guarantee of Registered Securities
12 Months Ended
Dec. 31, 2016
Guarantee of Registered Securities  
Guarantee of Registered Securities
Guarantee of Registered Securities
As described in Note 14 “Commitments and Contingencies,” 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 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, the 2.80% Notes due March 2021, and the 3.875% Notes due December 2025 (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 and Condensed Consolidating Statements of Comprehensive Income for the years ended December 31, 2016, 2015, and 2014, Condensed Consolidating Statements of Financial Position as of December 31, 2016 and December 31, 2015, and Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2016, 2015, and 2014, 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 2016 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, 2016
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$

 
$

 
$
11,605

 
$

 
$
11,605

Fiduciary investment income

 

 
22

 

 
22

Total revenue

 

 
11,627

 

 
11,627

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
130

 
171

 
6,613

 

 
6,914

Other general expenses

 
2

 
2,805

 

 
2,807

Total operating expenses
130

 
173

 
9,418

 

 
9,721

Operating (loss) income
(130
)
 
(173
)
 
2,209

 

 
1,906

Interest income

 
16

 
22

 
(29
)
 
9

Interest expense
(196
)
 
(101
)
 
(14
)
 
29

 
(282
)
Intercompany interest income (expense)
14

 
(541
)
 
527

 

 

Intercompany other income (expense)
274

 
(361
)
 
87

 

 

Other income (expense)
15

 
(5
)
 
44

 
(18
)
 
36

Income (loss) before taxes
(23
)
 
(1,165
)
 
2,875

 
(18
)
 
1,669

Income tax expense (benefit)
(55
)
 
(325
)
 
619

 

 
239

Income (loss) before equity in earnings of subsidiaries
32

 
(840
)
 
2,256

 
(18
)
 
1,430

Equity in earnings of subsidiaries, net of tax
1,382

 
1,219

 
379

 
(2,980
)
 

Net income
1,414

 
379

 
2,635

 
(2,998
)
 
1,430

Less: Net income attributable to noncontrolling interests

 

 
34

 

 
34

Net income attributable to Aon shareholders
$
1,414

 
$
379

 
$
2,601

 
$
(2,998
)
 
$
1,396

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

 
14

 
19

 
(19
)
 
14

Interest expense
(140
)
 
(130
)
 
(22
)
 
19

 
(273
)
Intercompany interest income (expense)
429

 
(479
)
 
50

 

 

Intercompany other income (expense)
302

 
(422
)
 
120

 

 

Other income (expense)
(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

 
1,290

 
496

 
(2,770
)
 

Net income
1,385

 
496

 
2,311

 
(2,770
)
 
1,422

Less: Net income attributable to noncontrolling interests

 

 
37

 

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
496

 
$
2,274

 
$
(2,770
)
 
$
1,385

Condensed Consolidating Statement of Income
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustment
 
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

 
2

 
17

 
(9
)
 
10

Interest expense
(84
)
 
(139
)
 
(41
)
 
9

 
(255
)
Intercompany interest (expense) income
449

 
(298
)
 
(151
)
 

 

Intercompany other (expense) income
342

 
(390
)
 
48

 

 

Other income
2

 
5

 
37

 

 
44

Income (loss) before taxes
566

 
(841
)
 
2,040

 

 
1,765

Income tax (benefit) expense
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

 
1,195

 
546

 
(2,646
)
 

Net income
1,397

 
546

 
2,134

 
(2,646
)
 
1,431

Less: Net income attributable to noncontrolling interests

 

 
34

 

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
546

 
$
2,100

 
$
(2,646
)
 
$
1,397


Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2016
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net income
$
1,414

 
$
379

 
$
2,635

 
$
(2,998
)
 
$
1,430

Less: Net income attributable to noncontrolling interests

 

 
34

 

 
34

Net income attributable to Aon shareholders
$
1,414

 
$
379

 
$
2,601

 
$
(2,998
)
 
$
1,396

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

 
(1
)
 
(11
)
 

 
(12
)
Foreign currency translation adjustments
(2
)
 
21

 
(532
)
 
18

 
(495
)
Post-retirement benefit obligation

 
68

 
(52
)
 

 
16

Total other comprehensive income (loss)
(2
)
 
88

 
(595
)
 
18

 
(491
)
Equity in other comprehensive loss of subsidiaries, net of tax
(505
)
 
(547
)
 
(459
)
 
1,511

 

Less: Other comprehensive loss attributable to noncontrolling interests

 

 
(2
)
 

 
(2
)
Total other comprehensive loss attributable to Aon shareholders
(507
)
 
(459
)
 
(1,052
)
 
1,529

 
(489
)
Comprehensive income (loss) attributable to Aon shareholders
$
907

 
$
(80
)
 
$
1,549

 
$
(1,469
)
 
$
907

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

 
$
496

 
$
2,311

 
$
(2,770
)
 
$
1,422

Less: Net income attributable to noncontrolling interests

 

 
37

 

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
496

 
$
2,274

 
$
(2,770
)
 
$
1,385

Other comprehensive income (loss), 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
)
 
(259
)
 
(294
)
 
842

 

Less: Other comprehensive loss attributable to noncontrolling interests

 

 
(6
)
 

 
(6
)
Total other comprehensive loss attributable to Aon shareholders
(289
)
 
(294
)
 
(548
)
 
842

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

 
$
202

 
$
1,726

 
$
(1,928
)
 
$
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

 
$
546

 
$
2,134

 
$
(2,646
)
 
$
1,431

Less: Net income attributable to noncontrolling interests

 

 
34

 

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
546

 
$
2,100

 
$
(2,646
)
 
$
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 loss of subsidiaries, net of tax
(760
)
 
(409
)
 
(758
)
 
1,927

 

Less: Other comprehensive loss attributable to noncontrolling interests

 

 
(3
)
 

 
(3
)
Total other comprehensive loss attributable to Aon shareholders
(760
)
 
(758
)
 
(1,169
)
 
1,927

 
(760
)
Comprehensive income (loss) attributable to Aon shareholders
$
637

 
$
(212
)
 
$
931

 
$
(719
)
 
$
637


Condensed Consolidating Statement of Financial Position
 
As of December 31, 2016
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
1,633

 
$
660

 
$
(1,862
)
 
$
431

Short-term investments

 
140

 
150

 

 
290

Receivables, net

 
3

 
2,586

 

 
2,589

Fiduciary assets

 

 
9,485

 

 
9,485

Intercompany receivables
105

 
1,880

 
9,825

 
(11,810
)
 

Other current assets

 
25

 
326

 

 
351

Total Current Assets
105

 
3,681

 
23,032

 
(13,672
)
 
13,146

Goodwill

 

 
8,747

 

 
8,747

Intangible assets, net

 

 
2,223

 

 
2,223

Fixed assets, net

 

 
765

 

 
765

Deferred tax assets
134

 
726

 
168

 
(706
)
 
322

Intercompany receivables
366

 
261

 
8,711

 
(9,338
)
 

Prepaid Pension

 
5

 
853

 

 
858

Other non-current assets
2

 
119

 
433

 

 
554

Investment in subsidiary
10,107

 
17,137

 
(350
)
 
(26,894
)
 

TOTAL ASSETS
$
10,714

 
$
21,929

 
$
44,582

 
$
(50,610
)
 
$
26,615

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
585

 
$
44

 
$
3,034

 
$
(1,862
)
 
$
1,801

Short-term debt and current portion of long-term debt
279

 
50

 
7

 

 
336

Fiduciary Liabilities

 

 
9,485

 

 
9,485

Intercompany payables
142

 
10,399

 
1,269

 
(11,810
)
 

Other current liabilities

 
63

 
810

 

 
873

Total Current Liabilities
1,006

 
10,556

 
14,605

 
(13,672
)
 
12,495

Long-term debt
4,177

 
1,413

 
279

 

 
5,869

Deferred tax liabilities

 

 
759

 
(658
)
 
101

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

 
1,356

 
418

 

 
1,774

Intercompany payables

 
8,877

 
461

 
(9,338
)
 

Other non-current liabilities
8

 
77

 
759

 

 
844

TOTAL LIABILITIES
5,191

 
22,279

 
17,281

 
(23,668
)
 
21,083

TOTAL AON SHAREHOLDERS’ EQUITY
5,523

 
(350
)
 
27,244

 
(26,942
)
 
5,475

Noncontrolling interests

 

 
57

 

 
57

TOTAL EQUITY
5,523

 
(350
)
 
27,301

 
(26,942
)
 
5,532

TOTAL LIABILITIES AND EQUITY
$
10,714

 
$
21,929

 
$
44,582

 
$
(50,610
)
 
$
26,615

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

 

 
2,563

 

 
2,564

Fiduciary assets

 

 
9,932

 

 
9,932

Intercompany receivables
432

 
1,950

 
7,957

 
(10,339
)
 

Other current assets

 
19

 
310

 

 
329

Total Current Assets
433

 
4,261

 
22,151

 
(13,280
)
 
13,565

Goodwill

 

 
8,448

 

 
8,448

Intangible assets, net

 

 
2,180

 

 
2,180

Fixed assets, net

 

 
765

 

 
765

Deferred tax assets
154

 
756

 
207

 
(817
)
 
300

Intercompany receivables
375

 
526

 
8,633

 
(9,534
)
 

Prepaid Pension

 
6

 
1,027

 

 
1,033

Other non-current assets

 
119

 
557

 
(84
)
 
592

Investment in subsidiary
11,700

 
16,042

 
(123
)
 
(27,619
)
 

TOTAL ASSETS
$
12,662

 
$
21,710

 
$
43,845

 
$
(51,334
)
 
$
26,883

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
2,988

 
$
45

 
$
1,680

 
$
(2,941
)
 
$
1,772

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

 
550

 
12

 

 
562

Fiduciary Liabilities

 

 
9,932

 

 
9,932

Intercompany payables
167

 
9,518

 
654

 
(10,339
)
 

Other current liabilities
47

 
56

 
716

 

 
819

Total Current Liabilities
3,202

 
10,169

 
12,994

 
(13,280
)
 
13,085

Long-term debt
3,451

 
1,412

 
275

 

 
5,138

Deferred tax liabilities

 

 
855

 
(818
)
 
37

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
6,660

 
21,833

 
16,046

 
(23,715
)
 
20,824

TOTAL AON SHAREHOLDERS’ EQUITY
6,002

 
(123
)
 
27,742

 
(27,619
)
 
6,002

Noncontrolling interests

 

 
57

 

 
57

TOTAL EQUITY
6,002

 
(123
)
 
27,799

 
(27,619
)
 
6,059

TOTAL LIABILITIES AND EQUITY
$
12,662

 
$
21,710

 
$
43,845

 
$
(51,334
)
 
$
26,883


Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2016
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
2,705

 
$
(536
)
 
$
3,265

 
$
(3,108
)
 
$
2,326

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments

 
316

 
15

 
(288
)
 
43

Payments for investments

 
(35
)
 
(29
)
 

 
(64
)
Net (purchases) sales of short-term investments - non-fiduciary

 
70

 
(9
)
 

 
61

Acquisition of businesses, net of cash acquired

 
(335
)
 
(608
)
 
64

 
(879
)
Proceeds from sale of businesses

 

 
171

 
(64
)
 
107

Capital expenditures

 

 
(222
)
 

 
(222
)
CASH USED FOR INVESTING ACTIVITIES

 
16

 
(682
)
 
(288
)
 
(954
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(1,257
)
 

 

 

 
(1,257
)
Advances from (to) affiliates and other (1)
(2,008
)
 
570

 
(3,037
)
 
4,475

 

Issuance of shares for employee benefit plans
(129
)
 

 

 

 
(129
)
Issuance of debt
1,879

 
1,588

 

 

 
3,467

Repayment of debt
(845
)
 
(2,088
)
 
(12
)
 

 
(2,945
)
Cash dividends to shareholders
(345
)
 

 

 

 
(345
)
Noncontrolling interests and other financing activities


 

 
(77
)
 

 
(77
)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
(2,705
)
 
70

 
(3,126
)
 
4,475

 
(1,286
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

 
(39
)
 

 
(39
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 
(450
)
 
(582
)
 
1,079

 
47

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

 
2,083

 
1,242

 
(2,941
)
 
384

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$

 
$
1,633

 
$
660

 
$
(1,862
)
 
$
431

(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, 2015
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY 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 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 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 FINANCING ACTIVITIES
(682
)
 
(1,046
)
 
(2,394
)
 
2,433

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

 

 
(172
)
 

 
(172
)
NET (DECREASE) INCREASE 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 sales 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 PROVIDED BY (USED FOR) INVESTING ACTIVITIES

 
16

 
(561
)
 

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

 

 

 
(2,250
)
Advances from (to) affiliates
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 PROVIDED BY (USED FOR) FINANCING ACTIVITIES
(769
)
 
3,391

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

 

 
(67
)
 

 
(67
)
NET INCREASE (DECREASE) 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