Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The following table presents financial results of the Divested Business (in millions):

	Three months ended June 30				Six months ended June 30
	2017		2016		2017		2016
Revenue
Total revenue	$	171	$	518	$	698	$	1,047
Expenses
Total operating expenses (1)	156		466		626		952
Operating Income from discontinued operations	15		52		72		95
Other income	11		1		11		1
Income from discontinued operations before income taxes	26		53		83		96
Income taxes	3		18		20		36
Income from discontinued operations excluding gain, net of tax	23		35		63		60
Gain on sale of discontinued operations, net of tax	798		—		798		—
Income from discontinued operations, net of tax	$	821	$	35	$	861	$	60

(1) Upon triggering held for sale criteria in February 2017, Aon ceased depreciating and amortizing all long-lived assets included in discontinued operations. No depreciation or amortization expense was recognized during the three months ended June 30, 2017. Included within total operating expenses for the three months ended June 30, 2016 was $17 million of depreciation of fixed assets and $30 million of intangible asset amortization. Total operating expenses for the six months ended June 30, 2017 and 2016 include, respectively, $8 million and $35 million of depreciation of fixed assets and $11 million and $60 million of intangible asset amortization.

The following table presents the aggregate carrying amounts of the classes of assets and liabilities presented as discontinued operations within the Company’s Condensed Consolidated Statements of Financial Position (in millions):

	June 30, 2017 (1)		December 31, 2016
ASSETS
Cash and cash equivalents	$	—	$	5
Receivables, net	—		483
Fiduciary assets	—		526
Goodwill	—		1,337
Intangible assets, net	—		333
Fixed assets, net	—		215
Other assets	—		295
TOTAL ASSETS	$	—	$	3,194
LIABILITIES
Accounts payable and accrued liabilities	$	—	$	197
Fiduciary liabilities	—		526
Other liabilities	—		356
TOTAL LIABILITIES	$	—	$	1,079

(1) All assets and liabilities associated with the Divested Business were sold on May 1, 2017.