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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 2,720 $ 2,628 $ 2,646
Adjustments to reconcile net income to cash provided by operating activities:                 
Gain from sales of businesses (337) (4) (54)
Depreciation of fixed assets 183 167 151
Amortization and impairment of intangible assets 503 89 113
Share-based compensation expense 474 438 397
Deferred income taxes (311) (373) (252)
Other, net (134) 28 170
Change in assets and liabilities:      
Receivables, net (312) (188) (96)
Accounts payable and accrued liabilities 393 13 (22)
Accelerating Aon United Program liabilities 17 99 0
Current income taxes 0 174 216
Pension, other postretirement and postemployment liabilities (18) 8 (53)
Other assets and liabilities (143) 356 3
Cash provided by operating activities 3,035 3,435 3,219
Cash flows from investing activities      
Proceeds from investments 212 76 110
Purchases of investments (172) (67) (107)
Net sales of short-term investments - non fiduciary 151 85 (175)
Acquisition of businesses, net of cash and funds held on behalf of clients (3,506) (35) (162)
Sale of businesses, net of cash and funds held on behalf of clients 700 5 81
Capital expenditures (218) (252) (196)
Cash used for investing activities (2,833) (188) (449)
Cash flows from financing activities      
Share repurchase (1,000) (2,700) (3,203)
Proceeds from issuance of shares 79 72 58
Cash paid for employee taxes on withholding shares (202) (241) (215)
Commercial paper issuances, net of repayments (591) (27) (65)
Issuance of debt 7,926 744 1,967
Repayment of debt (4,928) (350) (500)
Increase in fiduciary liabilities, net of fiduciary receivables 280 358 702
Cash dividends to shareholders (562) (489) (463)
Redeemable and non-redeemable noncontrolling interests, and other financing activities (206) (232) (71)
Cash provided by (used for) financing activities 796 (2,865) (1,790)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients (387) 264 (549)
Net increase in cash and cash equivalents and funds held on behalf of clients 611 646 431
Cash, cash equivalents and funds held on behalf of clients at beginning of year 7,722 7,076 6,645
Cash, cash equivalents and funds held on behalf of clients at end of year 8,333 7,722 7,076
Reconciliation of cash and cash equivalents and funds held on behalf of clients:      
Cash and cash equivalents 1,085 778 690
Cash and cash equivalents and funds held on behalf of clients classified as held for sale 1 43 0
Funds held on behalf of clients 7,247 6,901 6,386
Total cash and cash equivalents and funds held on behalf of clients 8,333 7,722 7,076
Supplemental disclosures:      
Interest paid 658 446 351
Income taxes paid, net of refunds $ 1,053 $ 740 $ 546