EX-12.1 4 a121computationofratioearn.htm EXHIBIT 12.1
Exhibit 12.1
Aon plc and Consolidated Subsidiaries
Combined With Unconsolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges

|  | Three Months Ended March 31, |  | Years Ended December 31,
(millions except ratio) |  | 2014 |  | 2013 |  | 2013 |  | 2012 |  | 2011 |  | 2010
Income from continuing operations before income taxes and noncontrolling interests (1) |  | $ | 414 |  |  | $ | 368 |  |  | 1,538 |  |  | $ | 1,380 |  |  | $ | 1,388 |  |  | $ | 1,059 |
Less: Equity in earnings on less than 50% owned entities |  | 5 |  |  | 2 |  |  | 20 |  |  | 13 |  |  | 7 |  |  | 10 |
Add back fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | 58 |  |  | 52 |  |  | 210 |  |  | 228 |  |  | 245 |  |  | 182 |
Interest on uncertain tax positions |  | (2 | ) |  | — |  |  | 5 |  |  | 5 |  |  | — |  |  | (1 | )
Portion of rents representative of interest factor |  | 13 |  |  | 10 |  |  | 52 |  |  | 42 |  |  | 55 |  |  | 48 |
Income as adjusted |  | $ | 478 |  |  | $ | 428 |  |  | $ | 1,785 |  |  | $ | 1,642 |  |  | $ | 1,681 |  |  | $ | 1,278 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | $ | 58 |  |  | $ | 52 |  |  | $ | 210 |  |  | $ | 228 |  |  | $ | 245 |  |  | $ | 182 |
Interest on uncertain tax positions |  | (2 | ) |  | — |  |  | 5 |  |  | 5 |  |  | — |  |  | (1 | )
Portion of rents representative of interest factor |  | 13 |  |  | 10 |  |  | 52 |  |  | 42 |  |  | 55 |  |  | 48 |
Total fixed charges |  | $ | 69 |  |  | $ | 62 |  |  | $ | 267 |  |  | $ | 275 |  |  | $ | 300 |  |  | $ | 229 |
Ratio of earnings to fixed charges |  | 6.9 |  |  | 6.9 |  |  | 6.7 |  |  | 6.0 |  |  | 5.6 |  |  | 5.6 |

(1) For the years ended December 31, 2012, and 2011 amounts related to discontinued operations have been included in Other income to conform to amounts included in the Consolidated Financial Statements. These amounts in the years ended December 31, 2012 and 2011, which were historically included in Income (loss) from discontinued operations, have been reclassified to conform with current presentation. The amounts reclassified were $1 million loss and $4 million income for the years ended December 31, 2012 and 2011, respectively, from Income (loss) from discontinued operations to Other income. For the year ended December 31, 2010, amounts related to discontinued operations remain in Income (loss) from discontinued operations as they are more meaningful to the presentation of continuing operations in that year.