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Guarantee of Registered Securities
6 Months Ended
Jun. 30, 2018
Guarantee of Registered Securities [Abstract]  
Guarantee of Registered Securities
Guarantee of Registered Securities
As described in Note 17 “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 Corporation 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 Corporation Notes.
In addition, Aon Corporation entered into an agreement pursuant to which it agreed to guarantee the obligations of Aon plc arising under the 4.25% Notes due December 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 May 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”). All guarantees of Aon Corporation are 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 three and six months ended June 30, 2018 and 2017, Condensed Consolidating Statements of Financial Position as of June 30, 2018 and December 31, 2017, and Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2018 and 2017 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, with Aon plc presented as the parent company in all periods prior and subsequent to the Redomestication. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions.
On July 13, 2018, Aon Corporation declared and paid a dividend of $750 million to an Other Non-Guarantor Subsidiary.
Condensed Consolidating Statement of Income
 
 
Three months ended June 30, 2018
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
—

 
$
—

 
$
2,561

 
$
—

 
$
2,561

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
15

 
1

 
1,478

 
—

 
1,494

Information technology
 
—

 
—

 
123

 
—

 
123

Premises
 
—

 
—

 
96

 
—

 
96

Depreciation of fixed assets
 
—

 
—

 
47

 
—

 
47

Amortization and impairment of intangible assets
 
—

 
—

 
282

 
—

 
282

Other general expenses
 
2

 
78

 
455

 
—

 
535

Total operating expenses
 
17

 
79

 
2,481

 
—

 
2,577

Operating income (loss)
 
(17
)
 
(79
)
 
80

 
—

 
(16
)
Interest income
 
—

 
15

 
—

 
(14
)
 
1

Interest expense
 
(48
)
 
(25
)
 
(10
)
 
14

 
(69
)
Intercompany interest income (expense)
 
3

 
(129
)
 
126

 
—

 
—

Intercompany other income (expense)
 
(61
)
 
(3
)
 
64

 
—

 
—

Other income (expense)
 
16

 
(20
)
 
19

 
(18
)
 
(3
)
Income (loss) from continuing operations before income taxes
 
(107
)
 
(241
)
 
279

 
(18
)
 
(87
)
Income tax expense (benefit)
 
(3
)
 
(50
)
 
(91
)
 
—

 
(144
)
Net income (loss) from continuing operations
 
(104
)
 
(191
)
 
370

 
(18
)
 
57

Net Income from discontinued operations
 
—

 
—

 
1

 
—

 
1

Net income (loss) before equity in earnings of subsidiaries
 
(104
)
 
(191
)
 
371

 
(18
)
 
58

Equity in earnings of subsidiaries, net of tax
 
170

 
206

 
15

 
(391
)
 
—

Net income
 
66

 
15

 
386

 
(409
)
 
58

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
10

 
—

 
10

Net income attributable to Aon shareholders
 
$
66

 
$
15

 
$
376

 
$
(409
)
 
$
48

Condensed Consolidating Statement of Income
 
 
Three months ended June 30, 2017
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
—

 
$
—

 
$
2,368

 
$
—

 
$
2,368

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
8

 
3

 
1,455

 
—

 
1,466

Information technology
 
—

 
—

 
98

 
—

 
98

Premises
 
—

 
—

 
86

 
—

 
86

Depreciation of fixed assets
 
—

 
—

 
54

 
—

 
54

Amortization and impairment of intangible assets
 
—

 
—

 
460

 
—

 
460

Other general expenses
 
4

 
(6
)
 
333

 
—

 
331

Total operating expenses
 
12

 
(3
)
 
2,486

 
—

 
2,495

Operating income (loss)
 
(12
)
 
3

 
(118
)
 
—

 
(127
)
Interest income
 
—

 
11

 
2

 
(5
)
 
8

Interest expense
 
(46
)
 
(23
)
 
(7
)
 
5

 
(71
)
Intercompany interest income (expense)
 
4

 
(136
)
 
132

 
—

 
—

Intercompany other income (expense)
 
(53
)
 
(16
)
 
69

 
—

 
—

Other income (expense)
 
(12
)
 
(6
)
 
12

 
10

 
4

Income (loss) from continuing operations before income taxes
 
(119
)
 
(167
)
 
90

 
10

 
(186
)
Income tax expense (benefit)
 
(8
)
 
(63
)
 
(72
)
 
—

 
(143
)
Net income (loss) from continuing operations
 
(111
)
 
(104
)
 
162

 
10

 
(43
)
Net Income from discontinued operations
 
—

 
—

 
821

 
—

 
821

Net income (loss) before equity in earnings of subsidiaries
 
(111
)
 
(104
)
 
983

 
10

 
778

Equity in earnings of subsidiaries, net of tax
 
870

 
635

 
531

 
(2,036
)
 
—

Net income
 
759

 
531

 
1,514

 
(2,026
)
 
778

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
9

 
—

 
9

Net income attributable to Aon shareholders
 
$
759

 
$
531

 
$
1,505

 
$
(2,026
)
 
$
769


Condensed Consolidating Statement of Income
 
 
Six months ended June 30, 2018
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
—

 
$
—

 
$
5,651

 
$
—

 
$
5,651

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
34

 
2

 
3,074

 
—

 
3,110

Information technology
 
—

 
—

 
238

 
—

 
238

Premises
 
—

 
—

 
189

 
—

 
189

Depreciation of fixed assets
 
—

 
—

 
86

 
—

 
86

Amortization and impairment of intangible assets
 
—

 
—

 
392

 
—

 
392

Other general expenses
 
3

 
78

 
772

 
—

 
853

Total operating expenses
 
37

 
80

 
4,751

 
—

 
4,868

Operating income (loss)
 
(37
)
 
(80
)
 
900

 
—

 
783

Interest income
 
—

 
29

 
—

 
(24
)
 
5

Interest expense
 
(97
)
 
(49
)
 
(17
)
 
24

 
(139
)
Intercompany interest income (expense)
 
7

 
(257
)
 
250

 
—

 
—

Intercompany other income (expense)
 
(132
)
 
(8
)
 
140

 
—

 
—

Other income (expense)
 
9

 
(26
)
 
14

 
(15
)
 
(18
)
Income (loss) from continuing operations before income taxes
 
(250
)
 
(391
)
 
1,287

 
(15
)
 
631

Income tax expense (benefit)
 
(19
)
 
(77
)
 
66

 
—

 
(30
)
Net income (loss) from continuing operations
 
(231
)
 
(314
)
 
1,221

 
(15
)
 
661

Net Income from discontinued operations
 
—

 
—

 
7

 
—

 
7

Net income (loss) before equity in earnings of subsidiaries
 
(231
)
 
(314
)
 
1,228

 
(15
)
 
668

Equity in earnings of subsidiaries, net of tax
 
888

 
910

 
596

 
(2,394
)
 
—

Net income
 
657

 
596

 
1,824

 
(2,409
)
 
668

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
26

 
—

 
26

Net income attributable to Aon shareholders
 
$
657

 
$
596

 
$
1,798

 
$
(2,409
)
 
$
642

Condensed Consolidating Statement of Income
 
 
Six months ended June 30, 2017
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
—

 
$
—

 
$
4,749

 
$
—

 
$
4,749

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
60

 
6

 
2,869

 
—

 
2,935

Information technology
 
—

 
—

 
186

 
—

 
186

Premises
 
—

 
—

 
170

 
—

 
170

Depreciation of fixed assets
 
—

 
—

 
108

 
—

 
108

Amortization and impairment of intangible assets
 
—

 
—

 
503

 
—

 
503

Other general expenses
 
9

 
(4
)
 
634

 
—

 
639

Total operating expenses
 
69

 
2

 
4,470

 
—

 
4,541

Operating income (loss)
 
(69
)
 
(2
)
 
279

 
—

 
208

Interest income
 
—

 
17

 
—

 
(7
)
 
10

Interest expense
 
(91
)
 
(47
)
 
(10
)
 
7

 
(141
)
Intercompany interest income (expense)
 
7

 
(272
)
 
265

 
—

 
—

Intercompany other income (expense)
 
(102
)
 
(9
)
 
111

 
—

 
—

Other income (expense)
 
(23
)
 
3

 
4

 
18

 
2

Income (loss) from continuing operations before income taxes
 
(278
)
 
(310
)
 
649

 
18

 
79

Income tax expense (benefit)
 
(22
)
 
(117
)
 
(4
)
 
—

 
(143
)
Net income (loss) from continuing operations
 
(256
)
 
(193
)
 
653

 
18

 
222

Net Income from discontinued operations
 
—

 
—

 
861

 
—

 
861

Net income (loss) before equity in earnings of subsidiaries
 
(256
)
 
(193
)
 
1,514

 
18

 
1,083

Equity in earnings of subsidiaries, net of tax
 
1,298

 
906

 
713

 
(2,917
)
 
—

Net income
 
1,042

 
713

 
2,227

 
(2,899
)
 
1,083

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
23

 
—

 
23

Net income attributable to Aon shareholders
 
$
1,042

 
$
713

 
$
2,204

 
$
(2,899
)
 
$
1,060


Condensed Consolidating Statement of Comprehensive Income
 
 
Three months ended June 30, 2018
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income
 
$
66

 
$
15

 
$
386

 
$
(409
)
 
$
58

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
10

 
—

 
10

Net income attributable to Aon shareholders
 
66

 
15

 
376

 
(409
)
 
48

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

 
(4
)
 
3

 
—

 
(1
)
Foreign currency translation adjustments
 
—

 
—

 
(478
)
 
18

 
(460
)
Postretirement benefit obligation
 
—

 
11

 
111

 
—

 
122

Total other comprehensive income (loss)
 
—

 
7

 
(364
)
 
18

 
(339
)
Equity in other comprehensive income (loss) of subsidiaries, net of tax
 
(351
)
 
(345
)
 
(338
)
 
1,034

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
 
—

 
—

 
(6
)
 
—

 
(6
)
Total other comprehensive income (loss) attributable to Aon shareholders
 
(351
)
 
(338
)
 
(696
)
 
1,052

 
(333
)
Comprehensive income (loss) attributable to Aon shareholders
 
$
(285
)
 
$
(323
)
 
$
(320
)
 
$
643

 
$
(285
)
Condensed Consolidating Statement of Comprehensive Income
 
 
Three months ended June 30, 2017
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income
 
$
759

 
$
531

 
$
1,514

 
$
(2,026
)
 
$
778

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
9

 
—

 
9

Net income attributable to Aon shareholders
 
759

 
531

 
1,505

 
(2,026
)
 
769

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

 
2

 
2

 
—

 
4

Foreign currency translation adjustments
 
—

 
—

 
54

 
(10
)
 
44

Postretirement benefit obligation
 
—

 
8

 
12

 
—

 
20

Total other comprehensive income (loss)
 
—

 
10

 
68

 
(10
)
 
68

Equity in other comprehensive income (loss) of subsidiaries, net of tax
 
83

 
71

 
81

 
(235
)
 
—

Less: Other comprehensive loss attributable to noncontrolling interests
 
—

 
—

 
(5
)
 
—

 
(5
)
Total other comprehensive income (loss) attributable to Aon shareholders
 
83

 
81

 
154

 
(245
)
 
73

Comprehensive income (loss) attributable to Aon shareholders
 
$
842

 
$
612

 
$
1,659

 
$
(2,271
)
 
$
842


Condensed Consolidating Statement of Comprehensive Income
 
 
Six months ended June 30, 2018
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income
 
$
657

 
$
596

 
$
1,824

 
$
(2,409
)
 
$
668

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
26

 
—

 
26

Net income attributable to Aon shareholders
 
657

 
596

 
1,798

 
(2,409
)
 
642

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

 
(1
)
 
14

 
—

 
13

Foreign currency translation adjustments
 
—

 
—

 
(228
)
 
15

 
(213
)
Postretirement benefit obligation
 
—

 
22

 
148

 
—

 
170

Total other comprehensive income (loss)
 
—

 
21

 
(66
)
 
15

 
(30
)
Equity in other comprehensive income (loss) of subsidiaries, net of tax
 
(42
)
 
(60
)
 
(39
)
 
141

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
 
—

 
—

 
(3
)
 
—

 
(3
)
Total other comprehensive income (loss) attributable to Aon shareholders
 
(42
)
 
(39
)
 
(102
)
 
156

 
(27
)
Comprehensive income (loss) attributable to Aon shareholders
 
$
615

 
$
557

 
$
1,696

 
$
(2,253
)
 
$
615


Condensed Consolidating Statement of Comprehensive Income
 
 
Six months ended June 30, 2017
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income
 
$
1,042

 
$
713

 
$
2,227

 
$
(2,899
)
 
$
1,083

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
23

 
—

 
23

Net income attributable to Aon shareholders
 
1,042

 
713

 
2,204

 
(2,899
)
 
1,060

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

 
—

 
2

 
—

 
2

Foreign currency translation adjustments
 
—

 
—

 
209

 
(18
)
 
191

Postretirement benefit obligation
 
—

 
16

 
22

 
—

 
38

Total other comprehensive income (loss)
 
—

 
16

 
233

 
(18
)
 
231

Equity in other comprehensive income (loss) of subsidiaries, net of tax
 
253

 
235

 
251

 
(739
)
 
—

Less: Other comprehensive loss attributable to noncontrolling interests
 
—

 
—

 
(4
)
 
—

 
(4
)
Total other comprehensive income (loss) attributable to Aon shareholders
 
253

 
251

 
488

 
(757
)
 
235

Comprehensive income (loss) attributable to Aon shareholders
 
$
1,295

 
$
964

 
$
2,692

 
$
(3,656
)
 
$
1,295


Condensed Consolidating Statement of Financial Position
 
 
As of June 30, 2018
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets
 
 

 
 

 
 

 
 

 
 

Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
2,927

 
$
672

 
$
(3,112
)
 
$
487

Short-term investments
 
—

 
59

 
114

 
—

 
173

Receivables, net
 
—

 
—

 
2,992

 
—

 
2,992

Fiduciary assets
 
—

 
—

 
10,476

 
—

 
10,476

Current intercompany receivables
 
171

 
3,343

 
11,424

 
(14,938
)
 
—

Other current assets
 
—

 
3

 
729

 
—

 
732

Total current assets
 
171

 
6,332

 
26,407

 
(18,050
)
 
14,860

Goodwill
 
—

 
—

 
8,291

 
—

 
8,291

Intangible assets, net
 
—

 
—

 
1,363

 
—

 
1,363

Fixed assets, net
 
—

 
—

 
575

 
—

 
575

Deferred tax assets
 
99

 
410

 
135

 
(192
)
 
452

Non-current intercompany receivables
 
409

 
261

 
8,254

 
(8,924
)
 
—

Prepaid pension
 
—

 
6

 
1,266

 
—

 
1,272

Other non-current assets
 
1

 
28

 
375

 
—

 
404

Investment in subsidiary
 
10,235

 
19,008

 
926

 
(30,169
)
 
—

Total assets
 
$
10,915

 
$
26,045

 
$
47,592

 
$
(57,335
)
 
$
27,217

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity
 
 

 
 

 
 

 
 

 
 

Liabilities
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
1,452

 
$
67

 
$
3,040

 
$
(3,112
)
 
$
1,447

Short-term debt and current portion of long-term debt
 
459

 
339

 
1

 
—

 
799

Fiduciary liabilities
 
—

 
—

 
10,476

 
—

 
10,476

Current intercompany payables
 
214

 
13,364

 
1,360

 
(14,938
)
 
—

Other current liabilities
 
—

 
62

 
1,059

 
—

 
1,121

Total current liabilities
 
2,125

 
13,832

 
15,936

 
(18,050
)
 
13,843

Long-term debt
 
4,243

 
1,415

 
1

 
—

 
5,659

Deferred tax liabilities
 
—

 
—

 
486

 
(192
)
 
294

Pension, other postretirement and postemployment liabilities
 
—

 
1,349

 
366

 
—

 
1,715

Non-current intercompany payables
 
—

 
8,419

 
505

 
(8,924
)
 
—

Other non-current liabilities
 
2

 
104

 
982

 
—

 
1,088

Total liabilities
 
6,370

 
25,119

 
18,276

 
(27,166
)
 
22,599

 
 
 
 
 
 
 
 
 
 
 
Total Aon shareholders’ equity
 
4,545

 
926

 
29,243

 
(30,169
)
 
4,545

Noncontrolling interests
 
—

 
—

 
73

 
—

 
73

Total equity
 
4,545

 
926

 
29,316

 
(30,169
)
 
4,618

Total liabilities and equity
 
$
10,915

 
$
26,045

 
$
47,592

 
$
(57,335
)
 
$
27,217

Condensed Consolidating Statement of Financial Position
 
 
As of December 31, 2017
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets
 
 

 
 

 
 

 
 

 
 

Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
1

 
$
2,524

 
$
793

 
$
(2,562
)
 
$
756

Short-term investments
 
—

 
355

 
174

 
—

 
529

Receivables, net
 
—

 
2

 
2,476

 
—

 
2,478

Fiduciary assets
 
—

 
—

 
9,625

 
—

 
9,625

Current intercompany receivables
 
165

 
1,046

 
10,824

 
(12,035
)
 
—

Other current assets
 
1

 
29

 
259

 
—

 
289

Total current assets
 
167

 
3,956

 
24,151

 
(14,597
)
 
13,677

Goodwill
 
—

 
—

 
8,358

 
—

 
8,358

Intangible assets, net
 
—

 
—

 
1,733

 
—

 
1,733

Fixed assets, net
 
—

 
—

 
564

 
—

 
564

Deferred tax assets
 
99

 
396

 
143

 
(249
)
 
389

Non-current intercompany receivables
 
414

 
261

 
8,232

 
(8,907
)
 
—

Prepaid pension
 
—

 
6

 
1,054

 
—

 
1,060

Other non-current assets
 
1

 
35

 
271

 
—

 
307

Investment in subsidiary
 
8,884

 
17,909

 
19

 
(26,812
)
 
—

Total assets
 
$
9,565

 
$
22,563

 
$
44,525

 
$
(50,565
)
 
$
26,088

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity
 
 

 
 

 
 

 
 

 
 

Liabilities
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
574

 
$
36

 
$
3,913

 
$
(2,562
)
 
$
1,961

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

 
—

 
299

 
—

 
299

Fiduciary liabilities
 
—

 
—

 
9,625

 
—

 
9,625

Current intercompany payables
 
130

 
11,149

 
756

 
(12,035
)
 
—

Other current liabilities
 
16

 
64

 
790

 
—

 
870

Total current liabilities
 
720

 
11,249

 
15,383

 
(14,597
)
 
12,755

Long-term debt
 
4,251

 
1,415

 
1

 
—

 
5,667

Deferred tax liabilities
 
—

 
—

 
376

 
(249
)
 
127

Pension, other postretirement and postemployment liabilities
 
—

 
1,391

 
398

 
—

 
1,789

Non-current intercompany payables
 
—

 
8,398

 
509

 
(8,907
)
 
—

Other non-current liabilities
 
11

 
91

 
1,000

 
—

 
1,102

Total liabilities
 
4,982

 
22,544

 
17,667

 
(23,753
)
 
21,440

 
 
 
 
 
 
 
 
 
 
 
Total Aon shareholders’ equity
 
4,583

 
19

 
26,793

 
(26,812
)
 
4,583

Noncontrolling interests
 
—

 
—

 
65

 
—

 
65

Total equity
 
4,583

 
19

 
26,858

 
(26,812
)
 
4,648

Total liabilities and equity
 
$
9,565

 
$
22,563

 
$
44,525

 
$
(50,565
)
 
$
26,088


Condensed Consolidating Statement of Cash Flows
 
 
Six months ended June 30, 2018
(millions)
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities
 
 

 
 

 
 

 
 

 
 

Cash provided by (used for) operating activities - continuing operations
 
$
(126
)
 
$
582

 
$
759

 
$
(802
)
 
$
413

Cash provided by operating activities - discontinued operations
 
—

 
—

 
—

 
—

 
—

Cash provided by (used for) operating activities
 
(126
)
 
582

 
759

 
(802
)
 
413

 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
Proceeds from investments
 
—

 
13

 
10

 
—

 
23

Payments for investments
 
(12
)
 
(17
)
 
(19
)
 
12

 
(36
)
Net sales (purchases) of short-term investments - non-fiduciary
 
—

 
296

 
56

 
—

 
352

Acquisition of businesses, net of cash acquired
 
—

 
—

 
(50
)
 


 
(50
)
Sale of businesses, net of cash sold
 
—

 
—

 
1

 
—

 
1

Capital expenditures
 
—

 
—

 
(111
)
 
—

 
(111
)
Cash provided by (used for) investing activities - continuing operations
 
(12
)
 
292

 
(113
)
 
12

 
179

Cash used for investing activities - discontinued operations
 
—

 
—

 
—

 
—

 
—

Cash provided by (used for) investing activities
 
(12
)
 
292

 
(113
)
 
12

 
179

 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Share repurchase
 
(971
)
 
—

 
—

 
—

 
(971
)
Advances from (to) affiliates
 
965

 
(810
)
 
(395
)
 
240

 
—

Issuance of shares for employee benefit plans
 
(150
)
 
—

 
—

 
—

 
(150
)
Issuance of debt
 
752

 
1,800

 
—

 
—

 
2,552

Repayment of debt
 
(272
)
 
(1,461
)
 
(294
)
 
—

 
(2,027
)
Cash dividends to shareholders
 
(187
)
 
—

 
—

 
—

 
(187
)
Noncontrolling interests and other financing activities
 
—

 
—

 
(15
)
 
—

 
(15
)
Cash provided by (used for) financing activities - continuing operations
 
137

 
(471
)
 
(704
)
 
240

 
(798
)
Cash used for financing activities - discontinued operations
 
—

 
—

 
—

 
—

 
—

Cash provided by (used for) financing activities
 
137

 
(471
)
 
(704
)
 
240

 
(798
)
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and cash equivalents
 
—

 
—

 
(63
)
 
—

 
(63
)
Net increase (decrease) in cash and cash equivalents
 
(1
)
 
403

 
(121
)
 
(550
)
 
(269
)
Cash and cash equivalents at beginning of period
 
1

 
2,524

 
793

 
(2,562
)
 
756

Cash and cash equivalents at end of period
 
$
—

 
$
2,927

 
$
672

 
$
(3,112
)
 
$
487

Condensed Consolidating Statement of Cash Flows
 
 
Six months ended June 30, 2017
(millions) 
 
Aon plc
 
Aon Corporation
 
Other Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities
 
 

 
 

 
 

 
 

 
 

Cash provided by (used for) operating activities - continuing operations
 
$
(118
)
 
$
999

 
$
1,056

 
$
(1,501
)
 
$
436

Cash provided by operating activities - discontinued operations
 
—

 
—

 
64

 
—

 
64

Cash provided by (used for) operating activities
 
(118
)
 
999

 
1,120

 
(1,501
)
 
500

 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
Proceeds from investments
 
—

 
567

 
6

 
(544
)
 
29

Payments for investments
 
(16
)
 
(15
)
 
(558
)
 
557

 
(32
)
Net sales (purchases) of short-term investments - non-fiduciary
 
—

 
(2,440
)
 
(11
)
 
—

 
(2,451
)
Acquisition of businesses, net of cash acquired
 
—

 
2

 
(151
)
 
—

 
(149
)
Sale of businesses, net of cash sold
 
—

 
—

 
4,193

 
—

 
4,193

Capital expenditures
 
—

 
—

 
(82
)
 
—

 
(82
)
Cash provided by (used for) investing activities - continuing operations
 
(16
)
 
(1,886
)
 
3,397

 
13

 
1,508

Cash used for investing activities - discontinued operations
 
—

 
—

 
(19
)
 
—

 
(19
)
Cash provided by (used for) investing activities
 
(16
)
 
(1,886
)
 
3,378

 
13

 
1,489

 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Share repurchase
 
(1,100
)
 
—

 
—

 
—

 
(1,100
)
Advances from (to) affiliates
 
1,846

 
1,977

 
(4,381
)
 
558

 
—

Issuance of shares for employee benefit plans
 
(139
)
 
—

 
—

 
—

 
(139
)
Issuance of debt
 
544

 
1,102

 
5

 
—

 
1,651

Repayment of debt
 
(835
)
 
(1,150
)
 
(5
)
 
—

 
(1,990
)
Cash dividends to shareholders
 
(182
)
 
—

 
—

 
—

 
(182
)
Noncontrolling interests and other financing activities
 
—

 
—

 
(10
)
 
—

 
(10
)
Cash provided by (used for) financing activities - continuing operations
 
134

 
1,929

 
(4,391
)
 
558

 
(1,770
)
Cash used for financing activities - discontinued operations
 
—

 
—

 
—

 
—

 
—

Cash provided by (used for) financing activities
 
134

 
1,929

 
(4,391
)
 
558

 
(1,770
)
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and cash equivalents
 
—

 
—

 
34

 
—

 
34

Net increase (decrease) in cash and cash equivalents
 
—

 
1,042

 
141

 
(930
)
 
253

Cash and cash equivalents at beginning of period
 
—

 
1,633

 
660

 
(1,862
)
 
431

Cash and cash equivalents at end of period
 
$
—

 
$
2,675

 
$
801

 
$
(2,792
)
 
$
684


(1)
Includes $5 million of discontinued operations at December 31, 2016.