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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 1,986 $ 2,121
Adjustments to reconcile net income to cash provided by operating activities:    
Gain from sales of businesses (333) 0
Depreciation of fixed assets 136 119
Amortization and impairment of intangible assets 318 70
Share-based compensation expense 361 321
Deferred income taxes (146) (232)
Other, net (126) 28
Change in assets and liabilities:    
Receivables, net (384) (290)
Accounts payable and accrued liabilities (36) (357)
Accelerating Aon United Program liabilities 43 0
Current income taxes (119) 58
Pension, other postretirement and postemployment liabilities (25) 3
Other assets and liabilities 160 333
Cash provided by operating activities 1,835 2,174
Cash flows from investing activities    
Proceeds from investments 186 59
Purchases of investments (136) (61)
Net sales of short-term investments - non fiduciary 182 274
Acquisition of businesses, net of cash and funds held on behalf of clients (3,011) (18)
Sale of businesses, net of cash and funds held on behalf of clients 686 1
Capital expenditures (163) (203)
Cash provided by (used for) investing activities (2,256) 52
Cash flows from financing activities    
Share repurchase (800) (1,950)
Proceeds from issuance of shares 61 63
Cash paid for employee taxes on withholding shares (190) (232)
Commercial paper issuances, net of repayments (591) (274)
Issuance of debt 7,926 744
Repayment of debt (4,878) 0
Increase in fiduciary liabilities, net of fiduciary receivables 609 870
Cash dividends to shareholders (416) (366)
Redeemable and non-redeemable noncontrolling interests, and other financing activities (156) (56)
Cash provided by (used for) financing activities 1,565 (1,201)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients 177 (57)
Net increase in cash and cash equivalents and funds held on behalf of clients 1,321 968
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 9,043 8,044
Reconciliation of cash and cash equivalents and funds held on behalf of clients:    
Cash and cash equivalents 1,103 808
Cash and cash equivalents and funds held on behalf of clients classified as held for sale 0 6
Funds held on behalf of clients 7,940 7,230
Total cash and cash equivalents and funds held on behalf of clients 9,043 8,044
Supplemental disclosures:    
Interest paid 538 309
Income taxes paid, net of refunds $ 850 $ 613