XML 20 R8.htm IDEA: XBRL DOCUMENT v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 1,239 $ 982
Adjustments to reconcile net income to cash provided by operating activities:    
Gain from sales of businesses (20) 0
Depreciation of fixed assets 46 46
Amortization and impairment of intangible assets 152 199
Share-based compensation expense 82 147
Deferred income taxes (49) (117)
Other, net 1 (17)
Change in assets and liabilities:    
Receivables, net (905) (742)
Accounts payable and accrued liabilities (656) (846)
Accelerating Aon United Program liabilities 14 (6)
Current income taxes 243 152
Pension, other postretirement and postemployment liabilities (14) (8)
Other assets and liabilities 297 350
Cash provided by operating activities 430 140
Cash flows from investing activities    
Proceeds from investments 17 20
Purchases of investments (19) (19)
Net sale (purchases) of short-term investments - non fiduciary 1,363 (145)
Acquisition of businesses, net of cash and funds held on behalf of clients (296) (116)
Sale of businesses, net of cash and funds held on behalf of clients 1 24
Capital expenditures (67) (56)
Cash provided by (used for) investing activities 999 (292)
Cash flows from financing activities    
Share repurchase (500) (250)
Proceeds from issuance of shares 25 30
Cash paid for employee taxes on withholding shares (93) (141)
Commercial paper issuances, net of repayments 0 594
Repayment of debt (593) 0
Increase (decrease) in fiduciary liabilities, net of fiduciary receivables 955 (355)
Cash dividends to shareholders (162) (147)
Redeemable and nonredeemable noncontrolling interests, and other financing activities (73) (80)
Cash used for financing activities (441) (349)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients (97) 196
Net increase (decrease) in cash and cash equivalents and funds held on behalf of clients 891 (305)
Cash, cash equivalents and funds held on behalf of clients at beginning of period 8,573 8,333
Cash, cash equivalents and funds held on behalf of clients at end of period 9,464 8,028
Reconciliation of cash and cash equivalents and funds held on behalf of clients:    
Cash and cash equivalents 1,178 964
Cash and cash equivalents and funds held on behalf of clients classified as held for sale 0 2
Funds held on behalf of clients 8,286 7,062
Total cash and cash equivalents and funds held on behalf of clients 9,464 8,028
Supplemental disclosures:    
Interest paid 271 273
Income taxes paid, net of refunds $ 120 $ 233