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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 1,631 $ 1,654
Adjustments to reconcile net income to cash provided by operating activities:    
Gain from sales of businesses (257) 0
Depreciation of fixed assets 89 77
Amortization and impairment of intangible assets 144 50
Share-based compensation expense 247 226
Deferred income taxes (122) (168)
Other, net (112) 28
Change in assets and liabilities:    
Receivables, net (959) (704)
Accounts payable and accrued liabilities (251) (515)
Accelerating Aon United Program liabilities 61 0
Current income taxes 60 53
Pension, other postretirement and postemployment liabilities (17) (3)
Other assets and liabilities 308 433
Cash provided by operating activities 822 1,131
Cash flows from investing activities    
Proceeds from investments 146 54
Purchases of investments (91) (29)
Net sales of short-term investments - non fiduciary 189 255
Acquisition of businesses, net of cash and funds held on behalf of clients (2,780) (8)
Sale of businesses, net of cash and funds held on behalf of clients 352 1
Capital expenditures (101) (145)
Cash provided by (used for) investing activities (2,285) 128
Cash flows from financing activities    
Share repurchase (500) (1,100)
Proceeds from issuance of shares 27 33
Cash paid for employee taxes on withholding shares (176) (216)
Commercial paper issuances, net of repayments (591) (217)
Issuance of debt 7,926 744
Repayment of debt (4,328) 0
Increase in fiduciary liabilities, net of fiduciary receivables 283 999
Cash dividends to shareholders (269) (241)
Redeemable and non-redeemable noncontrolling interests, and other financing activities (108) (41)
Cash provided by (used for) financing activities 2,264 (39)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients (202) 203
Net increase in cash and cash equivalents and funds held on behalf of clients 599 1,423
Cash, cash equivalents and funds held on behalf of clients at beginning of period 7,722 7,076
Cash, cash equivalents and funds held on behalf of clients at end of period 8,321 8,499
Reconciliation of cash and cash equivalents and funds held on behalf of clients:    
Cash and cash equivalents 974 952
Cash and cash equivalents and funds held on behalf of clients classified as held for sale 38 9
Funds held on behalf of clients 7,309 7,538
Total cash and cash equivalents and funds held on behalf of clients 8,321 8,499
Supplemental disclosures:    
Interest paid 256 220
Income taxes paid, net of refunds $ 553 $ 461