As described in Note 17 “Claims, Lawsuits, and Other 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”). Additionally, Aon plc has agreed to guarantee the obligations of Aon Corporation arising under the 4.50% Senior Notes due 2028, the 3.75% Senior Notes due 2029, and the 2.20% Senior Notes due 2022. 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 4.25% Notes due 2042 exchanged for Aon Corporation’s outstanding 8.205% Notes due January 2027 and has 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,

In December 2018, Aon plc obtained direct ownership in two subsidiaries that were previously indirectly owned by Aon Corporation. In 2019, Aon Corporation obtained indirect ownership of subsidiaries that were previously indirectly owned by Aon plc. The financial results of both subsidiaries are included in the Other Non-Guarantor Subsidiaries column of the Condensed Consolidating Financial Statements. The Company has reflected this transfer on the Condensed Consolidating Statements of Income and Condensed Consolidating Statements of Comprehensive Income for the periods ended December 31, 2017 and December 31, 2018 and the Condensed Consolidating Statement of Financial Position for the period ended December 31, 2018.

The following tables set forth Condensed Consolidating Statements of Income and Condensed Consolidating Statements of Comprehensive Income for the years ended December 31, 2019, 2018, and 2017, Condensed Consolidating Statements of Financial Position as of December 31, 2019, 2018, and 2017, and Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2019, 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. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions.

Condensed Consolidating Statement of Income



	Year Ended December 31, 2019
(millions)	Aon plc			Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenue
Total revenue	$	—		$	—		$	11,013		$	—		$	11,013
Expenses
Compensation and benefits	49			20			5,985			—			6,054
Information technology	—			—			494			—			494
Premises	—			23			316			—			339
Depreciation of fixed assets	—			—			172			—			172
Amortization and impairment of intangible assets	—			—			392			—			392
Other general expense	10			4			1,379			—			1,393
Total operating expenses	59			47			8,738			—			8,844
Operating income (loss)	(59		)	(47		)	2,275			—			2,169
Interest income	—			39			—			(31		)	8
Interest expense	(188		)	(133		)	(17		)	31			(307		)
Intercompany interest income (expense)	21			(464		)	443			—			—
Intercompany other income (expense)	185			(362		)	177			—			—
Other income (expense)	18			(60		)	51			(8		)	1
Income (loss) from continuing operations before income taxes	(23		)	(1,027		)	2,929			(8		)	1,871
Income tax expense (benefit)	(12		)	(182		)	491			—			297
Net income (loss) from continuing operations	(11		)	(845		)	2,438			(8		)	1,574
Net income (loss) from discontinued operations	—			—			(1		)	—			(1		)
Net income (loss) before equity in earnings of subsidiaries	(11		)	(845		)	2,437			(8		)	1,573
Equity in earnings of subsidiaries	1,551			1,254			409			(3,214		)	—
Net income	1,540			409			2,846			(3,222		)	1,573
Less: Net income attributable to noncontrolling interests	—			—			41			—			41
Net income attributable to Aon shareholders	$	1,540		$	409		$	2,805		$	(3,222	)	$	1,532

Condensed Consolidating Statement of Income



	Year Ended December 31, 2018
(millions)	Aon plc			Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenue
Total revenue	$	—		$	—		$	10,770		$	—		$	10,770
Expenses
Compensation and benefits	74			(1		)	6,030			—			6,103
Information technology	—			—			484			—			484
Premises	—			—			370			—			370
Depreciation of fixed assets	—			—			176			—			176
Amortization and impairment of intangible assets	—			—			593			—			593
Other general expense	4			90			1,406			—			1,500
Total operating expenses	78			89			9,059			—			9,226
Operating income (loss)	(78		)	(89		)	1,711			—			1,544
Interest income	—			58			—			(53		)	5
Interest expense	(203		)	(101		)	(27		)	53			(278		)
Intercompany interest income (expense)	15			(514		)	499			—			—
Intercompany other income (expense)	65			(373		)	308			—			—
Other income (expense)	41			(48		)	3			(21		)	(25		)
Income (loss) from continuing operations before income taxes	(160		)	(1,067		)	2,494			(21		)	1,246
Income tax expense (benefit)	(60		)	(192		)	398			—			146
Net income (loss) from continuing operations	(100		)	(875		)	2,096			(21		)	1,100
Net income (loss) from discontinued operations	—			—			74			—			74
Net income (loss) before equity in earnings of subsidiaries	(100		)	(875		)	2,170			(21		)	1,174
Equity in earnings of subsidiaries	1,255			1,009			134			(2,398		)	—
Net income	1,155			134			2,304			(2,419		)	1,174
Less: Net income attributable to noncontrolling interests	—			—			40			—			40
Net income attributable to Aon shareholders	$	1,155		$	134		$	2,264		$	(2,419	)	$	1,134

Condensed Consolidating Statement of Income



	Year Ended December 31, 2017
(millions)	Aon plc			Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenue
Total revenue	$	—		$	—		$	9,998		$	—		$	9,998
Expenses
Compensation and benefits	150			26			5,827			—			6,003
Information technology	—			—			419			—			419
Premises	—			—			348			—			348
Depreciation of fixed assets	—			—			187			—			187
Amortization and impairment of intangible assets	—			—			704			—			704
Other general expense	12			20			1,240			—			1,272
Total operating expenses	162			46			8,725			—			8,933
Operating income (loss)	(162		)	(46		)	1,273			—			1,065
Interest income	—			52			4			(29		)	27
Interest expense	(202		)	(94		)	(15		)	29			(282		)
Intercompany interest income (expense)	14			(543		)	529			—			—
Intercompany other income (expense)	282			(385		)	103			—			—
Other income (expense)	(62		)	12			(93		)	18			(125		)
Income (loss) from continuing operations before income taxes	(130		)	(1,004		)	1,801			18			685
Income tax expense (benefit)	(43		)	(110		)	403			—			250
Net income (loss) from continuing operations	(87		)	(894		)	1,398			18			435
Net income (loss) from discontinued operations	—			—			828			—			828
Net income (loss) before equity in earnings of subsidiaries	(87		)	(894		)	2,226			18			1,263
Equity in earnings of subsidiaries	1,295			1,141			247			(2,683		)	—
Net income	1,208			247			2,473			(2,665		)	1,263
Less: Net income attributable to noncontrolling interests	—			—			37			—			37
Net income attributable to Aon shareholders	$	1,208		$	247		$	2,436		$	(2,665	)	$	1,226

Condensed Consolidating Statement of Comprehensive Income



	Year Ended December 31, 2019
(millions)	Aon plc			Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net income	$	1,540		$	409		$	2,846		$	(3,222	)	$	1,573
Less: Net income attributable to noncontrolling interests	—			—			41			—			41
Net income attributable to Aon shareholders	1,540			409			2,805			(3,222		)	1,532
Other comprehensive income (loss), net of tax:
Change in fair value of financial instruments	—			3			—			—			3
Foreign currency translation adjustments	—			—			6			8			14
Postretirement benefit obligation	—			(44		)	(97		)	—			(141		)
Total other comprehensive income (loss)	—			(41		)	(91		)	8			(124		)
Equity in other comprehensive income (loss) of subsidiaries, net of tax	(132		)	(131		)	(172		)	435			—
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—			—			—			—			—
Total other comprehensive income (loss) attributable to Aon shareholders	(132		)	(172		)	(263		)	443			(124		)
Comprehensive income (loss) attributable to Aon shareholders	$	1,408		$	237		$	2,542		$	(2,779	)	$	1,408

Condensed Consolidating Statement of Comprehensive Income



	Year Ended December 31, 2018
(millions)	Aon plc			Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net income	$	1,155		$	134		$	2,304		$	(2,419	)	$	1,174
Less: Net income attributable to noncontrolling interests	—			—			40			—			40
Net income attributable to Aon shareholders	1,155			134			2,264			(2,419		)	1,134
Other comprehensive income (loss), net of tax:
Change in fair value of financial instruments	—			—			11			—			11
Foreign currency translation adjustments	—			—			(465		)	21			(444		)
Postretirement benefit obligation	—			(2		)	19			—			17
Total other comprehensive income (loss)	—			(2		)	(435		)	21			(416		)
Equity in other comprehensive income (loss) of subsidiaries, net of tax	(433		)	(415		)	(417		)	1,265			—
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—			—			(4		)	—			(4		)
Total other comprehensive income (loss) attributable to Aon shareholders	(433		)	(417		)	(848		)	1,286			(412		)
Comprehensive income (loss) attributable to Aon shareholders	$	722		$	(283	)	$	1,416		$	(1,133	)	$	722

Condensed Consolidating Statement of Comprehensive Income



	Year Ended December 31, 2017
(millions)	Aon plc		Aon Corporation			Other Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Net income	$	1,208	$	247		$	2,473	$	(2,665	)	$	1,263
Less: Net income attributable to noncontrolling interests	—		—			37		—			37
Net income attributable to Aon shareholders	1,208		247			2,436		(2,665		)	1,226
Other comprehensive income (loss), net of tax:
Change in fair value of financial instruments	—		3			9		—			12
Foreign currency translation adjustments	—		—			408		(18		)	390
Postretirement benefit obligation	—		(101		)	120		—			19
Total other comprehensive income (loss)	—		(98		)	537		(18		)	421
Equity in other comprehensive income (loss) of subsidiaries, net of tax	434		515			417		(1,366		)	—
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		—			5		—			5
Total other comprehensive income (loss) attributable to Aon shareholders	434		417			949		(1,384		)	416
Comprehensive income (loss) attributable to Aon shareholders	$	1,642	$	664		$	3,385	$	(4,049	)	$	1,642

Condensed Consolidating Statement of Financial Position



	As of December 31, 2019
(millions)	Aon plc		Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Assets
Current assets
Cash and cash equivalents	$	—	$	2,271		$	468		$	(1,949	)	$	790
Short-term investments	—		28			110			—			138
Receivables, net	—		—			3,112			—			3,112
Fiduciary assets	—		—			11,834			—			11,834
Intercompany receivables	246		1,214			12,799			(14,259		)	—
Other current assets	—		7			595			—			602
Total current assets	246		3,520			28,918			(16,208		)	16,476
Goodwill	—		—			8,165			—			8,165
Intangible assets, net	—		—			783			—			783
Operating lease right-of-use assets	—		110			819			—			929
Fixed assets, net	—		—			621			—			621
Deferred tax assets	89		577			169			(190		)	645
Intercompany receivables	868		261			7,046			(8,175		)	—
Prepaid pension	—		7			1,209			—			1,216
Other non-current assets	—		32			538			—			570
Investment in subsidiary	8,899		19,470			(957		)	(27,412		)	—
Total assets	$	10,102	$	23,977		$	47,311		$	(51,985	)	$	29,405

Liabilities and equity
Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	2,157	$	56		$	1,675		$	(1,949	)	$	1,939
Short-term debt and current portion of long-term debt	112		600			—			—			712
Fiduciary liabilities	—		—			11,834			—			11,834
Intercompany payables	234		12,978			1,047			(14,259		)	—
Other current liabilities	—		80			1,006			—			1,086
Total current liabilities	2,503		13,714			15,562			(16,208		)	15,571
Long-term debt	4,223		2,404			—			—			6,627
Non-current operating lease liabilities	—		143			801			—			944
Deferred tax liabilities	—		—			389			(190		)	199
Pension, other postretirement, and other post-employment liabilities	—		1,348			390			—			1,738
Intercompany payables	—		7,212			963			(8,175		)	—
Other non-current liabilities	1		113			763			—			877
Total liabilities	6,727		24,934			18,868			(24,573		)	25,956

Equity
Total Aon shareholders' equity	3,375		(957		)	28,369			(27,412		)	3,375
Noncontrolling interests	—		—			74			—			74
Total equity	3,375		(957		)	28,443			(27,412		)	3,449
Total liabilities and equity	$	10,102	$	23,977		$	47,311		$	(51,985	)	$	29,405

Condensed Consolidating Statement of Financial Position



	As of December 31, 2018
(millions)	Aon plc		Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Assets
Current assets
Cash and cash equivalents	$	—	$	862		$	575		$	(781	)	$	656
Short-term investments	—		56			116			—			172
Receivables, net	—		—			2,760			—			2,760
Fiduciary assets	—		—			10,166			—			10,166
Intercompany receivables	191		897			11,634			(12,722		)	—
Other current assets	—		16			602			—			618
Total current assets	191		1,831			25,853			(13,503		)	14,372
Goodwill	—		—			8,171			—			8,171
Intangible assets, net	—		—			1,149			—			1,149
Fixed assets, net	—		—			588			—			588
Deferred tax assets	94		467			144			(144		)	561
Intercompany receivables	403		261			7,225			(7,889		)	—
Prepaid pension	—		5			1,128			—			1,133
Other non-current assets	1		30			417			—			448
Investment in subsidiary	8,433		19,031			(983		)	(26,481		)	—
Total assets	$	9,122	$	21,625		$	43,692		$	(48,017	)	$	26,422

Liabilities and equity
Liabilities
Current liabilities
Accounts payable and accrued liabilities	$	274	$	70		$	2,380		$	(781	)	$	1,943
Short-term debt and current portion of long-term debt	250		—			1			—			251
Fiduciary liabilities	—		—			10,166			—			10,166
Intercompany payables	213		11,875			634			(12,722		)	—
Other current liabilities	—		69			867			—			936
Total current liabilities	737		12,014			14,048			(13,503		)	13,296
Long-term debt	4,231		1,762			—			—			5,993
Deferred tax liabilities	—		—			325			(144		)	181
Pension, other postretirement, and other post-employment liabilities	—		1,275			361			—			1,636
Intercompany payables	—		7,390			499			(7,889		)	—
Other non-current liabilities	3		167			927			—			1,097
Total liabilities	4,971		22,608			16,160			(21,536		)	22,203

Equity
Total Aon shareholders' equity	4,151		(983		)	27,464			(26,481		)	4,151
Noncontrolling interests	—		—			68			—			68
Total equity	4,151		(983		)	27,532			(26,481		)	4,219
Total liabilities and equity	$	9,122	$	21,625		$	43,692		$	(48,017	)	$	26,422

Condensed Consolidating Statement of Cash Flows



	Year Ended December 31, 2019
(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	$	280		$	(140	)	$	2,408		$	(713	)	$	1,835
Cash provided by operating activities - discontinued operations	—			—			—			—			—
Cash provided by (used for) operating activities	280			(140		)	2,408			(713		)	1,835

Cash flows from investing activities
Proceeds from investments	—			29			189			(157		)	61
Payments for investments	—			(62		)	(52		)	1			(113		)
Net sales (purchases) of short-term investments — non-fiduciary	—			28			7			—			35
Acquisition of businesses, net of cash acquired	—			—			(39		)	—			(39		)
Sale of businesses, net of cash sold	—			—			52			—			52
Capital expenditures	—			—			(225		)	—			(225		)
Cash used for investing activities - continuing operations	—			(5		)	(68		)	(156		)	(229		)
Cash used for investing activities - discontinued operations	—			—			—			—			—
Cash used for investing activities	—			(5		)	(68		)	(156		)	(229		)

Cash flows from financing activities
Share repurchase	(1,960		)	—			—			—			(1,960		)
Advances from (to) affiliates	2,350			314			(2,365		)	(299		)	—
Issuance of shares for employee benefit plans	(131		)	—			—			—			(131		)
Issuance of debt	2,739			3,313			—			—			6,052
Repayment of debt	(2,868		)	(2,073		)	—			—			(4,941		)
Cash dividends to shareholders	(410		)	—			—			—			(410		)
Noncontrolling interests and other financing activities	—			—			(103		)	—			(103		)
Cash provided by (used for) financing activities - continuing operations	(280		)	1,554			(2,468		)	(299		)	(1,493		)
Cash used for financing activities - discontinued operations	—			—			—			—			—
Cash provided by (used for) financing activities	(280		)	1,554			(2,468		)	(299		)	(1,493		)

Effect of exchange rate changes on cash and cash equivalents	—			—			21			—			21
Net increase (decrease) in cash and cash equivalents	—			1,409			(107		)	(1,168		)	134
Cash and cash equivalents at beginning of year	—			862			575			(781		)	656
Cash and cash equivalents at end of year	$	—		$	2,271		$	468		$	(1,949	)	$	790

Condensed Consolidating Statement of Cash Flows



	Year Ended December 31, 2018
(millions)	Aon plc			Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities
Cash provided by operating activities - continuing operations	$	1,575		$	3		$	3,608		$	(3,500	)	$	1,686
Cash provided by operating activities - discontinued operations	—			—			—			—			—
Cash provided by operating activities	1,575			3			3,608			(3,500		)	1,686

Cash flows from investing activities
Proceeds from investments	—			24			955			(908		)	71
Payments for investments	(13		)	(47		)	(33		)	13			(80		)
Net sales (purchases) of short-term investments — non-fiduciary	—			299			49			—			348
Acquisition of businesses, net of cash acquired	—			—			(58		)	—			(58		)
Sale of businesses, net of cash sold	—			—			(10		)	—			(10		)
Capital expenditures	—			—			(240		)	—			(240		)
Cash provided by (used for) investing activities - continuing operations	(13		)	276			663			(895		)	31
Cash used for investing activities - discontinued operations	—			—			—			—			—
Cash provided by (used for) investing activities	(13		)	276			663			(895		)	31

Cash flows from financing activities
Share repurchase	(1,470		)	—			—			—			(1,470		)
Advances from (to) affiliates	156			(2,291		)	(4,041		)	6,176			—
Issuance of shares for employee benefit plans	(149		)	—			—			—			(149		)
Issuance of debt	1,723			4,028			3			—			5,754
Repayment of debt	(1,441		)	(3,678		)	(298		)	—			(5,417		)
Cash dividends to shareholders	(382		)	—			—			—			(382		)
Noncontrolling interests and other financing activities	—			—			(35		)	—			(35		)
Cash used for financing activities - continuing operations	(1,563		)	(1,941		)	(4,371		)	6,176			(1,699		)
Cash used for financing activities - discontinued operations	—			—			—			—			—
Cash used for financing activities	(1,563		)	(1,941		)	(4,371		)	6,176			(1,699		)

Effect of exchange rate changes on cash and cash equivalents	—			—			(118		)	—			(118		)
Net decrease in cash and cash equivalents	(1		)	(1,662		)	(218		)	1,781			(100		)
Cash and cash equivalents at beginning of year	1			2,524			793			(2,562		)	756
Cash and cash equivalents at end of year	$	—		$	862		$	575		$	(781	)	$	656

Condensed Consolidating Statement of Cash Flows



	Year Ended December 31, 2017
(millions)	Aon plc			Aon Corporation			Other Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities
Cash provided by operating activities - continuing operations	$	2,787		$	503		$	2,010		$	(4,631	)	$	669
Cash provided by operating activities - discontinued operations	—			—			65			—			65
Cash provided by operating activities	2,787			503			2,075			(4,631		)	734

Cash flows from investing activities
Proceeds from investments	224			587			582			(1,325		)	68
Payments for investments	(261		)	(29		)	(576		)	802			(64		)
Net sales (purchases) of short-term investments — non-fiduciary	—			(215		)	(17		)	—			(232		)
Acquisition of businesses, net of cash acquired	—			—			(1,029		)	—			(1,029		)
Sale of businesses, net of cash sold	—			—			4,246			—			4,246
Capital expenditures	—			—			(183		)	—			(183		)
Cash provided by (used for) investing activities - continuing operations	(37		)	343			3,023			(523		)	2,806
Cash used for investing activities - discontinued operations	—			—			(19		)	—			(19		)
Cash provided by (used for) investing activities	(37		)	343			3,004			(523		)	2,787

Cash flows from financing activities
Share repurchase	(2,399		)	—			—			—			(2,399		)
Advances from (to) affiliates	426			95			(4,975		)	4,454			—
Issuance of shares for employee benefit plans	(121		)	—			—			—			(121		)
Issuance of debt	544			1,100			10			—			1,654
Repayment of debt	(835		)	(1,150		)	(14		)	—			(1,999		)
Cash dividends to shareholders	(364		)	—			—			—			(364		)
Noncontrolling interests and other financing activities	—			—			(36		)	—			(36		)
Cash provided by (used for) financing activities - continuing operations	(2,749		)	45			(5,015		)	4,454			(3,265		)
Cash used for financing activities - discontinued operations	—			—			—			—			—
Cash provided by (used for) financing activities	(2,749		)	45			(5,015		)	4,454			(3,265		)

Effect of exchange rate changes on cash and cash equivalents	—			—			69			—			69
Net increase in cash and cash equivalents	1			891			133			(700		)	325
Cash and cash equivalents at beginning of year⁽¹⁾	—			1,633			660			(1,862		)	431
Cash and cash equivalents at end of year	$	1		$	2,524		$	793		$	(2,562	)	$	756