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Guarantee of Registered Securities | 6 Months Ended
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Jun. 30, 2018
Guarantee of Registered Securities [Abstract] |
Guarantee of Registered Securities | Guarantee of Registered Securities As described in Note 17 “Commitments and Contingencies,” in connection with the Redomestication, Aon plc entered into various agreements pursuant to which it agreed to guarantee the obligations of Aon Corporation arising under issued and outstanding debt securities, including the 5.00% Notes due September 2020, the 8.205% Notes due January 2027, and the 6.25% Notes due September 2040 (collectively, the “Aon Corporation Notes”). Aon Corporation is a 100% indirectly owned subsidiary of Aon plc. All guarantees of Aon plc are full and unconditional. There are no other subsidiaries of Aon plc that are guarantors of the Aon Corporation Notes. In addition, Aon Corporation entered into an agreement pursuant to which it agreed to guarantee the obligations of Aon plc arising under the 4.25% Notes due December 2042 exchanged for Aon Corporation’s outstanding 8.205% Notes due January 2027, and also agreed to guarantee the obligations of Aon plc arising under the 4.45% Notes due May 2043, the 4.00% Notes due November 2023, the 2.875% Notes due May 2026, the 3.50% Notes due June 2024, the 4.60% Notes due June 2044, the 4.75% Notes due May 2045, the 2.80% Notes due March 2021, and the 3.875% Notes due December 2025 (collectively, the “Aon plc Notes”). All guarantees of Aon Corporation are full and unconditional. There are no subsidiaries of Aon plc, other than Aon Corporation, that are guarantors of the Aon plc Notes. As a result of the existence of these guarantees, the Company has elected to present the financial information set forth in this footnote in accordance with Rule 3-10 of Regulation S-X. The following tables set forth Condensed Consolidating Statements of Income and Condensed Consolidating Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017, Condensed Consolidating Statements of Financial Position as of June 30, 2018 and December 31, 2017, and Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2018 and 2017 in accordance with Rule 3-10 of Regulation S-X. The condensed consolidating financial information includes the accounts of Aon plc, the accounts of Aon Corporation, and the combined accounts of the non-guarantor subsidiaries. The condensed consolidating financial statements are presented in all periods as a merger under common control, with Aon plc presented as the parent company in all periods prior and subsequent to the Redomestication. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions. On July 13, 2018, Aon Corporation declared and paid a dividend of $750 million to an Other Non-Guarantor Subsidiary. Condensed Consolidating Statement of Income
|  | Three months ended June 30, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | 2,561 |  |  | $ | — |  |  | $ | 2,561 |
Expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 15 |  |  | 1 |  |  | 1,478 |  |  | — |  |  | 1,494 |
Information technology |  | — |  |  | — |  |  | 123 |  |  | — |  |  | 123 |
Premises |  | — |  |  | — |  |  | 96 |  |  | — |  |  | 96 |
Depreciation of fixed assets |  | — |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | 282 |  |  | — |  |  | 282 |
Other general expenses |  | 2 |  |  | 78 |  |  | 455 |  |  | — |  |  | 535 |
Total operating expenses |  | 17 |  |  | 79 |  |  | 2,481 |  |  | — |  |  | 2,577 |
Operating income (loss) |  | (17 | ) |  | (79 | ) |  | 80 |  |  | — |  |  | (16 | )
Interest income |  | — |  |  | 15 |  |  | — |  |  | (14 | ) |  | 1 |
Interest expense |  | (48 | ) |  | (25 | ) |  | (10 | ) |  | 14 |  |  | (69 | )
Intercompany interest income (expense) |  | 3 |  |  | (129 | ) |  | 126 |  |  | — |  |  | — |
Intercompany other income (expense) |  | (61 | ) |  | (3 | ) |  | 64 |  |  | — |  |  | — |
Other income (expense) |  | 16 |  |  | (20 | ) |  | 19 |  |  | (18 | ) |  | (3 | )
Income (loss) from continuing operations before income taxes |  | (107 | ) |  | (241 | ) |  | 279 |  |  | (18 | ) |  | (87 | )
Income tax expense (benefit) |  | (3 | ) |  | (50 | ) |  | (91 | ) |  | — |  |  | (144 | )
Net income (loss) from continuing operations |  | (104 | ) |  | (191 | ) |  | 370 |  |  | (18 | ) |  | 57 |
Net Income from discontinued operations |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net income (loss) before equity in earnings of subsidiaries |  | (104 | ) |  | (191 | ) |  | 371 |  |  | (18 | ) |  | 58 |
Equity in earnings of subsidiaries, net of tax |  | 170 |  |  | 206 |  |  | 15 |  |  | (391 | ) |  | — |
Net income |  | 66 |  |  | 15 |  |  | 386 |  |  | (409 | ) |  | 58 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Net income attributable to Aon shareholders |  | $ | 66 |  |  | $ | 15 |  |  | $ | 376 |  |  | $ | (409 | ) |  | $ | 48 |
Condensed Consolidating Statement of Income
|  | Three months ended June 30, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | 2,368 |  |  | $ | — |  |  | $ | 2,368 |
Expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 8 |  |  | 3 |  |  | 1,455 |  |  | — |  |  | 1,466 |
Information technology |  | — |  |  | — |  |  | 98 |  |  | — |  |  | 98 |
Premises |  | — |  |  | — |  |  | 86 |  |  | — |  |  | 86 |
Depreciation of fixed assets |  | — |  |  | — |  |  | 54 |  |  | — |  |  | 54 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | 460 |  |  | — |  |  | 460 |
Other general expenses |  | 4 |  |  | (6 | ) |  | 333 |  |  | — |  |  | 331 |
Total operating expenses |  | 12 |  |  | (3 | ) |  | 2,486 |  |  | — |  |  | 2,495 |
Operating income (loss) |  | (12 | ) |  | 3 |  |  | (118 | ) |  | — |  |  | (127 | )
Interest income |  | — |  |  | 11 |  |  | 2 |  |  | (5 | ) |  | 8 |
Interest expense |  | (46 | ) |  | (23 | ) |  | (7 | ) |  | 5 |  |  | (71 | )
Intercompany interest income (expense) |  | 4 |  |  | (136 | ) |  | 132 |  |  | — |  |  | — |
Intercompany other income (expense) |  | (53 | ) |  | (16 | ) |  | 69 |  |  | — |  |  | — |
Other income (expense) |  | (12 | ) |  | (6 | ) |  | 12 |  |  | 10 |  |  | 4 |
Income (loss) from continuing operations before income taxes |  | (119 | ) |  | (167 | ) |  | 90 |  |  | 10 |  |  | (186 | )
Income tax expense (benefit) |  | (8 | ) |  | (63 | ) |  | (72 | ) |  | — |  |  | (143 | )
Net income (loss) from continuing operations |  | (111 | ) |  | (104 | ) |  | 162 |  |  | 10 |  |  | (43 | )
Net Income from discontinued operations |  | — |  |  | — |  |  | 821 |  |  | — |  |  | 821 |
Net income (loss) before equity in earnings of subsidiaries |  | (111 | ) |  | (104 | ) |  | 983 |  |  | 10 |  |  | 778 |
Equity in earnings of subsidiaries, net of tax |  | 870 |  |  | 635 |  |  | 531 |  |  | (2,036 | ) |  | — |
Net income |  | 759 |  |  | 531 |  |  | 1,514 |  |  | (2,026 | ) |  | 778 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Net income attributable to Aon shareholders |  | $ | 759 |  |  | $ | 531 |  |  | $ | 1,505 |  |  | $ | (2,026 | ) |  | $ | 769 |
Condensed Consolidating Statement of Income
|  | Six months ended June 30, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | 5,651 |  |  | $ | — |  |  | $ | 5,651 |
Expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 34 |  |  | 2 |  |  | 3,074 |  |  | — |  |  | 3,110 |
Information technology |  | — |  |  | — |  |  | 238 |  |  | — |  |  | 238 |
Premises |  | — |  |  | — |  |  | 189 |  |  | — |  |  | 189 |
Depreciation of fixed assets |  | — |  |  | — |  |  | 86 |  |  | — |  |  | 86 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | 392 |  |  | — |  |  | 392 |
Other general expenses |  | 3 |  |  | 78 |  |  | 772 |  |  | — |  |  | 853 |
Total operating expenses |  | 37 |  |  | 80 |  |  | 4,751 |  |  | — |  |  | 4,868 |
Operating income (loss) |  | (37 | ) |  | (80 | ) |  | 900 |  |  | — |  |  | 783 |
Interest income |  | — |  |  | 29 |  |  | — |  |  | (24 | ) |  | 5 |
Interest expense |  | (97 | ) |  | (49 | ) |  | (17 | ) |  | 24 |  |  | (139 | )
Intercompany interest income (expense) |  | 7 |  |  | (257 | ) |  | 250 |  |  | — |  |  | — |
Intercompany other income (expense) |  | (132 | ) |  | (8 | ) |  | 140 |  |  | — |  |  | — |
Other income (expense) |  | 9 |  |  | (26 | ) |  | 14 |  |  | (15 | ) |  | (18 | )
Income (loss) from continuing operations before income taxes |  | (250 | ) |  | (391 | ) |  | 1,287 |  |  | (15 | ) |  | 631 |
Income tax expense (benefit) |  | (19 | ) |  | (77 | ) |  | 66 |  |  | — |  |  | (30 | )
Net income (loss) from continuing operations |  | (231 | ) |  | (314 | ) |  | 1,221 |  |  | (15 | ) |  | 661 |
Net Income from discontinued operations |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Net income (loss) before equity in earnings of subsidiaries |  | (231 | ) |  | (314 | ) |  | 1,228 |  |  | (15 | ) |  | 668 |
Equity in earnings of subsidiaries, net of tax |  | 888 |  |  | 910 |  |  | 596 |  |  | (2,394 | ) |  | — |
Net income |  | 657 |  |  | 596 |  |  | 1,824 |  |  | (2,409 | ) |  | 668 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Net income attributable to Aon shareholders |  | $ | 657 |  |  | $ | 596 |  |  | $ | 1,798 |  |  | $ | (2,409 | ) |  | $ | 642 |
Condensed Consolidating Statement of Income
|  | Six months ended June 30, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | 4,749 |  |  | $ | — |  |  | $ | 4,749 |
Expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 60 |  |  | 6 |  |  | 2,869 |  |  | — |  |  | 2,935 |
Information technology |  | — |  |  | — |  |  | 186 |  |  | — |  |  | 186 |
Premises |  | — |  |  | — |  |  | 170 |  |  | — |  |  | 170 |
Depreciation of fixed assets |  | — |  |  | — |  |  | 108 |  |  | — |  |  | 108 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | 503 |  |  | — |  |  | 503 |
Other general expenses |  | 9 |  |  | (4 | ) |  | 634 |  |  | — |  |  | 639 |
Total operating expenses |  | 69 |  |  | 2 |  |  | 4,470 |  |  | — |  |  | 4,541 |
Operating income (loss) |  | (69 | ) |  | (2 | ) |  | 279 |  |  | — |  |  | 208 |
Interest income |  | — |  |  | 17 |  |  | — |  |  | (7 | ) |  | 10 |
Interest expense |  | (91 | ) |  | (47 | ) |  | (10 | ) |  | 7 |  |  | (141 | )
Intercompany interest income (expense) |  | 7 |  |  | (272 | ) |  | 265 |  |  | — |  |  | — |
Intercompany other income (expense) |  | (102 | ) |  | (9 | ) |  | 111 |  |  | — |  |  | — |
Other income (expense) |  | (23 | ) |  | 3 |  |  | 4 |  |  | 18 |  |  | 2 |
Income (loss) from continuing operations before income taxes |  | (278 | ) |  | (310 | ) |  | 649 |  |  | 18 |  |  | 79 |
Income tax expense (benefit) |  | (22 | ) |  | (117 | ) |  | (4 | ) |  | — |  |  | (143 | )
Net income (loss) from continuing operations |  | (256 | ) |  | (193 | ) |  | 653 |  |  | 18 |  |  | 222 |
Net Income from discontinued operations |  | — |  |  | — |  |  | 861 |  |  | — |  |  | 861 |
Net income (loss) before equity in earnings of subsidiaries |  | (256 | ) |  | (193 | ) |  | 1,514 |  |  | 18 |  |  | 1,083 |
Equity in earnings of subsidiaries, net of tax |  | 1,298 |  |  | 906 |  |  | 713 |  |  | (2,917 | ) |  | — |
Net income |  | 1,042 |  |  | 713 |  |  | 2,227 |  |  | (2,899 | ) |  | 1,083 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 23 |  |  | — |  |  | 23 |
Net income attributable to Aon shareholders |  | $ | 1,042 |  |  | $ | 713 |  |  | $ | 2,204 |  |  | $ | (2,899 | ) |  | $ | 1,060 |
Condensed Consolidating Statement of Comprehensive Income
|  | Three months ended June 30, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 66 |  |  | $ | 15 |  |  | $ | 386 |  |  | $ | (409 | ) |  | $ | 58 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Net income attributable to Aon shareholders |  | 66 |  |  | 15 |  |  | 376 |  |  | (409 | ) |  | 48 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | (4 | ) |  | 3 |  |  | — |  |  | (1 | )
Foreign currency translation adjustments |  | — |  |  | — |  |  | (478 | ) |  | 18 |  |  | (460 | )
Postretirement benefit obligation |  | — |  |  | 11 |  |  | 111 |  |  | — |  |  | 122 |
Total other comprehensive income (loss) |  | — |  |  | 7 |  |  | (364 | ) |  | 18 |  |  | (339 | )
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | (351 | ) |  | (345 | ) |  | (338 | ) |  | 1,034 |  |  | — |
Less: Other comprehensive loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Total other comprehensive income (loss) attributable to Aon shareholders |  | (351 | ) |  | (338 | ) |  | (696 | ) |  | 1,052 |  |  | (333 | )
Comprehensive income (loss) attributable to Aon shareholders |  | $ | (285 | ) |  | $ | (323 | ) |  | $ | (320 | ) |  | $ | 643 |  |  | $ | (285 | )
Condensed Consolidating Statement of Comprehensive Income
|  | Three months ended June 30, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 759 |  |  | $ | 531 |  |  | $ | 1,514 |  |  | $ | (2,026 | ) |  | $ | 778 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Net income attributable to Aon shareholders |  | 759 |  |  | 531 |  |  | 1,505 |  |  | (2,026 | ) |  | 769 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 4 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | 54 |  |  | (10 | ) |  | 44 |
Postretirement benefit obligation |  | — |  |  | 8 |  |  | 12 |  |  | — |  |  | 20 |
Total other comprehensive income (loss) |  | — |  |  | 10 |  |  | 68 |  |  | (10 | ) |  | 68 |
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | 83 |  |  | 71 |  |  | 81 |  |  | (235 | ) |  | — |
Less: Other comprehensive loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Total other comprehensive income (loss) attributable to Aon shareholders |  | 83 |  |  | 81 |  |  | 154 |  |  | (245 | ) |  | 73 |
Comprehensive income (loss) attributable to Aon shareholders |  | $ | 842 |  |  | $ | 612 |  |  | $ | 1,659 |  |  | $ | (2,271 | ) |  | $ | 842 |
Condensed Consolidating Statement of Comprehensive Income
|  | Six months ended June 30, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 657 |  |  | $ | 596 |  |  | $ | 1,824 |  |  | $ | (2,409 | ) |  | $ | 668 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Net income attributable to Aon shareholders |  | 657 |  |  | 596 |  |  | 1,798 |  |  | (2,409 | ) |  | 642 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | (1 | ) |  | 14 |  |  | — |  |  | 13 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | (228 | ) |  | 15 |  |  | (213 | )
Postretirement benefit obligation |  | — |  |  | 22 |  |  | 148 |  |  | — |  |  | 170 |
Total other comprehensive income (loss) |  | — |  |  | 21 |  |  | (66 | ) |  | 15 |  |  | (30 | )
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | (42 | ) |  | (60 | ) |  | (39 | ) |  | 141 |  |  | — |
Less: Other comprehensive loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Total other comprehensive income (loss) attributable to Aon shareholders |  | (42 | ) |  | (39 | ) |  | (102 | ) |  | 156 |  |  | (27 | )
Comprehensive income (loss) attributable to Aon shareholders |  | $ | 615 |  |  | $ | 557 |  |  | $ | 1,696 |  |  | $ | (2,253 | ) |  | $ | 615 |
Condensed Consolidating Statement of Comprehensive Income
|  | Six months ended June 30, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 1,042 |  |  | $ | 713 |  |  | $ | 2,227 |  |  | $ | (2,899 | ) |  | $ | 1,083 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 23 |  |  | — |  |  | 23 |
Net income attributable to Aon shareholders |  | 1,042 |  |  | 713 |  |  | 2,204 |  |  | (2,899 | ) |  | 1,060 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | 209 |  |  | (18 | ) |  | 191 |
Postretirement benefit obligation |  | — |  |  | 16 |  |  | 22 |  |  | — |  |  | 38 |
Total other comprehensive income (loss) |  | — |  |  | 16 |  |  | 233 |  |  | (18 | ) |  | 231 |
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | 253 |  |  | 235 |  |  | 251 |  |  | (739 | ) |  | — |
Less: Other comprehensive loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Total other comprehensive income (loss) attributable to Aon shareholders |  | 253 |  |  | 251 |  |  | 488 |  |  | (757 | ) |  | 235 |
Comprehensive income (loss) attributable to Aon shareholders |  | $ | 1,295 |  |  | $ | 964 |  |  | $ | 2,692 |  |  | $ | (3,656 | ) |  | $ | 1,295 |
Condensed Consolidating Statement of Financial Position
|  | As of June 30, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 2,927 |  |  | $ | 672 |  |  | $ | (3,112 | ) |  | $ | 487 |
Short-term investments |  | — |  |  | 59 |  |  | 114 |  |  | — |  |  | 173 |
Receivables, net |  | — |  |  | — |  |  | 2,992 |  |  | — |  |  | 2,992 |
Fiduciary assets |  | — |  |  | — |  |  | 10,476 |  |  | — |  |  | 10,476 |
Current intercompany receivables |  | 171 |  |  | 3,343 |  |  | 11,424 |  |  | (14,938 | ) |  | — |
Other current assets |  | — |  |  | 3 |  |  | 729 |  |  | — |  |  | 732 |
Total current assets |  | 171 |  |  | 6,332 |  |  | 26,407 |  |  | (18,050 | ) |  | 14,860 |
Goodwill |  | — |  |  | — |  |  | 8,291 |  |  | — |  |  | 8,291 |
Intangible assets, net |  | — |  |  | — |  |  | 1,363 |  |  | — |  |  | 1,363 |
Fixed assets, net |  | — |  |  | — |  |  | 575 |  |  | — |  |  | 575 |
Deferred tax assets |  | 99 |  |  | 410 |  |  | 135 |  |  | (192 | ) |  | 452 |
Non-current intercompany receivables |  | 409 |  |  | 261 |  |  | 8,254 |  |  | (8,924 | ) |  | — |
Prepaid pension |  | — |  |  | 6 |  |  | 1,266 |  |  | — |  |  | 1,272 |
Other non-current assets |  | 1 |  |  | 28 |  |  | 375 |  |  | — |  |  | 404 |
Investment in subsidiary |  | 10,235 |  |  | 19,008 |  |  | 926 |  |  | (30,169 | ) |  | — |
Total assets |  | $ | 10,915 |  |  | $ | 26,045 |  |  | $ | 47,592 |  |  | $ | (57,335 | ) |  | $ | 27,217 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 1,452 |  |  | $ | 67 |  |  | $ | 3,040 |  |  | $ | (3,112 | ) |  | $ | 1,447 |
Short-term debt and current portion of long-term debt |  | 459 |  |  | 339 |  |  | 1 |  |  | — |  |  | 799 |
Fiduciary liabilities |  | — |  |  | — |  |  | 10,476 |  |  | — |  |  | 10,476 |
Current intercompany payables |  | 214 |  |  | 13,364 |  |  | 1,360 |  |  | (14,938 | ) |  | — |
Other current liabilities |  | — |  |  | 62 |  |  | 1,059 |  |  | — |  |  | 1,121 |
Total current liabilities |  | 2,125 |  |  | 13,832 |  |  | 15,936 |  |  | (18,050 | ) |  | 13,843 |
Long-term debt |  | 4,243 |  |  | 1,415 |  |  | 1 |  |  | — |  |  | 5,659 |
Deferred tax liabilities |  | — |  |  | — |  |  | 486 |  |  | (192 | ) |  | 294 |
Pension, other postretirement and postemployment liabilities |  | — |  |  | 1,349 |  |  | 366 |  |  | — |  |  | 1,715 |
Non-current intercompany payables |  | — |  |  | 8,419 |  |  | 505 |  |  | (8,924 | ) |  | — |
Other non-current liabilities |  | 2 |  |  | 104 |  |  | 982 |  |  | — |  |  | 1,088 |
Total liabilities |  | 6,370 |  |  | 25,119 |  |  | 18,276 |  |  | (27,166 | ) |  | 22,599 |
Total Aon shareholders’ equity |  | 4,545 |  |  | 926 |  |  | 29,243 |  |  | (30,169 | ) |  | 4,545 |
Noncontrolling interests |  | — |  |  | — |  |  | 73 |  |  | — |  |  | 73 |
Total equity |  | 4,545 |  |  | 926 |  |  | 29,316 |  |  | (30,169 | ) |  | 4,618 |
Total liabilities and equity |  | $ | 10,915 |  |  | $ | 26,045 |  |  | $ | 47,592 |  |  | $ | (57,335 | ) |  | $ | 27,217 |
Condensed Consolidating Statement of Financial Position
|  | As of December 31, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1 |  |  | $ | 2,524 |  |  | $ | 793 |  |  | $ | (2,562 | ) |  | $ | 756 |
Short-term investments |  | — |  |  | 355 |  |  | 174 |  |  | — |  |  | 529 |
Receivables, net |  | — |  |  | 2 |  |  | 2,476 |  |  | — |  |  | 2,478 |
Fiduciary assets |  | — |  |  | — |  |  | 9,625 |  |  | — |  |  | 9,625 |
Current intercompany receivables |  | 165 |  |  | 1,046 |  |  | 10,824 |  |  | (12,035 | ) |  | — |
Other current assets |  | 1 |  |  | 29 |  |  | 259 |  |  | — |  |  | 289 |
Total current assets |  | 167 |  |  | 3,956 |  |  | 24,151 |  |  | (14,597 | ) |  | 13,677 |
Goodwill |  | — |  |  | — |  |  | 8,358 |  |  | — |  |  | 8,358 |
Intangible assets, net |  | — |  |  | — |  |  | 1,733 |  |  | — |  |  | 1,733 |
Fixed assets, net |  | — |  |  | — |  |  | 564 |  |  | — |  |  | 564 |
Deferred tax assets |  | 99 |  |  | 396 |  |  | 143 |  |  | (249 | ) |  | 389 |
Non-current intercompany receivables |  | 414 |  |  | 261 |  |  | 8,232 |  |  | (8,907 | ) |  | — |
Prepaid pension |  | — |  |  | 6 |  |  | 1,054 |  |  | — |  |  | 1,060 |
Other non-current assets |  | 1 |  |  | 35 |  |  | 271 |  |  | — |  |  | 307 |
Investment in subsidiary |  | 8,884 |  |  | 17,909 |  |  | 19 |  |  | (26,812 | ) |  | — |
Total assets |  | $ | 9,565 |  |  | $ | 22,563 |  |  | $ | 44,525 |  |  | $ | (50,565 | ) |  | $ | 26,088 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 574 |  |  | $ | 36 |  |  | $ | 3,913 |  |  | $ | (2,562 | ) |  | $ | 1,961 |
Short-term debt and current portion of long-term debt |  | — |  |  | — |  |  | 299 |  |  | — |  |  | 299 |
Fiduciary liabilities |  | — |  |  | — |  |  | 9,625 |  |  | — |  |  | 9,625 |
Current intercompany payables |  | 130 |  |  | 11,149 |  |  | 756 |  |  | (12,035 | ) |  | — |
Other current liabilities |  | 16 |  |  | 64 |  |  | 790 |  |  | — |  |  | 870 |
Total current liabilities |  | 720 |  |  | 11,249 |  |  | 15,383 |  |  | (14,597 | ) |  | 12,755 |
Long-term debt |  | 4,251 |  |  | 1,415 |  |  | 1 |  |  | — |  |  | 5,667 |
Deferred tax liabilities |  | — |  |  | — |  |  | 376 |  |  | (249 | ) |  | 127 |
Pension, other postretirement and postemployment liabilities |  | — |  |  | 1,391 |  |  | 398 |  |  | — |  |  | 1,789 |
Non-current intercompany payables |  | — |  |  | 8,398 |  |  | 509 |  |  | (8,907 | ) |  | — |
Other non-current liabilities |  | 11 |  |  | 91 |  |  | 1,000 |  |  | — |  |  | 1,102 |
Total liabilities |  | 4,982 |  |  | 22,544 |  |  | 17,667 |  |  | (23,753 | ) |  | 21,440 |
Total Aon shareholders’ equity |  | 4,583 |  |  | 19 |  |  | 26,793 |  |  | (26,812 | ) |  | 4,583 |
Noncontrolling interests |  | — |  |  | — |  |  | 65 |  |  | — |  |  | 65 |
Total equity |  | 4,583 |  |  | 19 |  |  | 26,858 |  |  | (26,812 | ) |  | 4,648 |
Total liabilities and equity |  | $ | 9,565 |  |  | $ | 22,563 |  |  | $ | 44,525 |  |  | $ | (50,565 | ) |  | $ | 26,088 |
Condensed Consolidating Statement of Cash Flows
|  | Six months ended June 30, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash provided by (used for) operating activities - continuing operations |  | $ | (126 | ) |  | $ | 582 |  |  | $ | 759 |  |  | $ | (802 | ) |  | $ | 413 |
Cash provided by operating activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) operating activities |  | (126 | ) |  | 582 |  |  | 759 |  |  | (802 | ) |  | 413 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |
Proceeds from investments |  | — |  |  | 13 |  |  | 10 |  |  | — |  |  | 23 |
Payments for investments |  | (12 | ) |  | (17 | ) |  | (19 | ) |  | 12 |  |  | (36 | )
Net sales (purchases) of short-term investments - non-fiduciary |  | — |  |  | 296 |  |  | 56 |  |  | — |  |  | 352 |
Acquisition of businesses, net of cash acquired |  | — |  |  | — |  |  | (50 | ) |  |  |  |  | (50 | )
Sale of businesses, net of cash sold |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Capital expenditures |  | — |  |  | — |  |  | (111 | ) |  | — |  |  | (111 | )
Cash provided by (used for) investing activities - continuing operations |  | (12 | ) |  | 292 |  |  | (113 | ) |  | 12 |  |  | 179 |
Cash used for investing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) investing activities |  | (12 | ) |  | 292 |  |  | (113 | ) |  | 12 |  |  | 179 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |
Share repurchase |  | (971 | ) |  | — |  |  | — |  |  | — |  |  | (971 | )
Advances from (to) affiliates |  | 965 |  |  | (810 | ) |  | (395 | ) |  | 240 |  |  | — |
Issuance of shares for employee benefit plans |  | (150 | ) |  | — |  |  | — |  |  | — |  |  | (150 | )
Issuance of debt |  | 752 |  |  | 1,800 |  |  | — |  |  | — |  |  | 2,552 |
Repayment of debt |  | (272 | ) |  | (1,461 | ) |  | (294 | ) |  | — |  |  | (2,027 | )
Cash dividends to shareholders |  | (187 | ) |  | — |  |  | — |  |  | — |  |  | (187 | )
Noncontrolling interests and other financing activities |  | — |  |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Cash provided by (used for) financing activities - continuing operations |  | 137 |  |  | (471 | ) |  | (704 | ) |  | 240 |  |  | (798 | )
Cash used for financing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) financing activities |  | 137 |  |  | (471 | ) |  | (704 | ) |  | 240 |  |  | (798 | )
Effect of exchange rates on cash and cash equivalents |  | — |  |  | — |  |  | (63 | ) |  | — |  |  | (63 | )
Net increase (decrease) in cash and cash equivalents |  | (1 | ) |  | 403 |  |  | (121 | ) |  | (550 | ) |  | (269 | )
Cash and cash equivalents at beginning of period |  | 1 |  |  | 2,524 |  |  | 793 |  |  | (2,562 | ) |  | 756 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | 2,927 |  |  | $ | 672 |  |  | $ | (3,112 | ) |  | $ | 487 |
Condensed Consolidating Statement of Cash Flows
|  | Six months ended June 30, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash provided by (used for) operating activities - continuing operations |  | $ | (118 | ) |  | $ | 999 |  |  | $ | 1,056 |  |  | $ | (1,501 | ) |  | $ | 436 |
Cash provided by operating activities - discontinued operations |  | — |  |  | — |  |  | 64 |  |  | — |  |  | 64 |
Cash provided by (used for) operating activities |  | (118 | ) |  | 999 |  |  | 1,120 |  |  | (1,501 | ) |  | 500 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |
Proceeds from investments |  | — |  |  | 567 |  |  | 6 |  |  | (544 | ) |  | 29 |
Payments for investments |  | (16 | ) |  | (15 | ) |  | (558 | ) |  | 557 |  |  | (32 | )
Net sales (purchases) of short-term investments - non-fiduciary |  | — |  |  | (2,440 | ) |  | (11 | ) |  | — |  |  | (2,451 | )
Acquisition of businesses, net of cash acquired |  | — |  |  | 2 |  |  | (151 | ) |  | — |  |  | (149 | )
Sale of businesses, net of cash sold |  | — |  |  | — |  |  | 4,193 |  |  | — |  |  | 4,193 |
Capital expenditures |  | — |  |  | — |  |  | (82 | ) |  | — |  |  | (82 | )
Cash provided by (used for) investing activities - continuing operations |  | (16 | ) |  | (1,886 | ) |  | 3,397 |  |  | 13 |  |  | 1,508 |
Cash used for investing activities - discontinued operations |  | — |  |  | — |  |  | (19 | ) |  | — |  |  | (19 | )
Cash provided by (used for) investing activities |  | (16 | ) |  | (1,886 | ) |  | 3,378 |  |  | 13 |  |  | 1,489 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |
Share repurchase |  | (1,100 | ) |  | — |  |  | — |  |  | — |  |  | (1,100 | )
Advances from (to) affiliates |  | 1,846 |  |  | 1,977 |  |  | (4,381 | ) |  | 558 |  |  | — |
Issuance of shares for employee benefit plans |  | (139 | ) |  | — |  |  | — |  |  | — |  |  | (139 | )
Issuance of debt |  | 544 |  |  | 1,102 |  |  | 5 |  |  | — |  |  | 1,651 |
Repayment of debt |  | (835 | ) |  | (1,150 | ) |  | (5 | ) |  | — |  |  | (1,990 | )
Cash dividends to shareholders |  | (182 | ) |  | — |  |  | — |  |  | — |  |  | (182 | )
Noncontrolling interests and other financing activities |  | — |  |  | — |  |  | (10 | ) |  | — |  |  | (10 | )
Cash provided by (used for) financing activities - continuing operations |  | 134 |  |  | 1,929 |  |  | (4,391 | ) |  | 558 |  |  | (1,770 | )
Cash used for financing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) financing activities |  | 134 |  |  | 1,929 |  |  | (4,391 | ) |  | 558 |  |  | (1,770 | )
Effect of exchange rates on cash and cash equivalents |  | — |  |  | — |  |  | 34 |  |  | — |  |  | 34 |
Net increase (decrease) in cash and cash equivalents |  | — |  |  | 1,042 |  |  | 141 |  |  | (930 | ) |  | 253 |
Cash and cash equivalents at beginning of period |  | — |  |  | 1,633 |  |  | 660 |  |  | (1,862 | ) |  | 431 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | 2,675 |  |  | $ | 801 |  |  | $ | (2,792 | ) |  | $ | 684 |
(1) | Includes $5 million of discontinued operations at December 31, 2016.

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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