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Guarantee of Registered Securities (Tables) | 12 Months Ended
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Dec. 31, 2019
Guarantee of Registered Securities |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income
|  | Year Ended December 31, 2019
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | 11,013 |  |  | $ | — |  |  | $ | 11,013 |
Expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 49 |  |  | 20 |  |  | 5,985 |  |  | — |  |  | 6,054 |
Information technology |  | — |  |  | — |  |  | 494 |  |  | — |  |  | 494 |
Premises |  | — |  |  | 23 |  |  | 316 |  |  | — |  |  | 339 |
Depreciation of fixed assets |  | — |  |  | — |  |  | 172 |  |  | — |  |  | 172 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | 392 |  |  | — |  |  | 392 |
Other general expense |  | 10 |  |  | 4 |  |  | 1,379 |  |  | — |  |  | 1,393 |
Total operating expenses |  | 59 |  |  | 47 |  |  | 8,738 |  |  | — |  |  | 8,844 |
Operating income (loss) |  | (59 | ) |  | (47 | ) |  | 2,275 |  |  | — |  |  | 2,169 |
Interest income |  | — |  |  | 39 |  |  | — |  |  | (31 | ) |  | 8 |
Interest expense |  | (188 | ) |  | (133 | ) |  | (17 | ) |  | 31 |  |  | (307 | )
Intercompany interest income (expense) |  | 21 |  |  | (464 | ) |  | 443 |  |  | — |  |  | — |
Intercompany other income (expense) |  | 185 |  |  | (362 | ) |  | 177 |  |  | — |  |  | — |
Other income (expense) |  | 18 |  |  | (60 | ) |  | 51 |  |  | (8 | ) |  | 1 |
Income (loss) from continuing operations before income taxes |  | (23 | ) |  | (1,027 | ) |  | 2,929 |  |  | (8 | ) |  | 1,871 |
Income tax expense (benefit) |  | (12 | ) |  | (182 | ) |  | 491 |  |  | — |  |  | 297 |
Net income (loss) from continuing operations |  | (11 | ) |  | (845 | ) |  | 2,438 |  |  | (8 | ) |  | 1,574 |
Net income (loss) from discontinued operations |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Net income (loss) before equity in earnings of subsidiaries |  | (11 | ) |  | (845 | ) |  | 2,437 |  |  | (8 | ) |  | 1,573 |
Equity in earnings of subsidiaries |  | 1,551 |  |  | 1,254 |  |  | 409 |  |  | (3,214 | ) |  | — |
Net income |  | 1,540 |  |  | 409 |  |  | 2,846 |  |  | (3,222 | ) |  | 1,573 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Net income attributable to Aon shareholders |  | $ | 1,540 |  |  | $ | 409 |  |  | $ | 2,805 |  |  | $ | (3,222 | ) |  | $ | 1,532 |
Condensed Consolidating Statement of Income
|  | Year Ended December 31, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | 10,770 |  |  | $ | — |  |  | $ | 10,770 |
Expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 74 |  |  | (1 | ) |  | 6,030 |  |  | — |  |  | 6,103 |
Information technology |  | — |  |  | — |  |  | 484 |  |  | — |  |  | 484 |
Premises |  | — |  |  | — |  |  | 370 |  |  | — |  |  | 370 |
Depreciation of fixed assets |  | — |  |  | — |  |  | 176 |  |  | — |  |  | 176 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | 593 |  |  | — |  |  | 593 |
Other general expense |  | 4 |  |  | 90 |  |  | 1,406 |  |  | — |  |  | 1,500 |
Total operating expenses |  | 78 |  |  | 89 |  |  | 9,059 |  |  | — |  |  | 9,226 |
Operating income (loss) |  | (78 | ) |  | (89 | ) |  | 1,711 |  |  | — |  |  | 1,544 |
Interest income |  | — |  |  | 58 |  |  | — |  |  | (53 | ) |  | 5 |
Interest expense |  | (203 | ) |  | (101 | ) |  | (27 | ) |  | 53 |  |  | (278 | )
Intercompany interest income (expense) |  | 15 |  |  | (514 | ) |  | 499 |  |  | — |  |  | — |
Intercompany other income (expense) |  | 65 |  |  | (373 | ) |  | 308 |  |  | — |  |  | — |
Other income (expense) |  | 41 |  |  | (48 | ) |  | 3 |  |  | (21 | ) |  | (25 | )
Income (loss) from continuing operations before income taxes |  | (160 | ) |  | (1,067 | ) |  | 2,494 |  |  | (21 | ) |  | 1,246 |
Income tax expense (benefit) |  | (60 | ) |  | (192 | ) |  | 398 |  |  | — |  |  | 146 |
Net income (loss) from continuing operations |  | (100 | ) |  | (875 | ) |  | 2,096 |  |  | (21 | ) |  | 1,100 |
Net income (loss) from discontinued operations |  | — |  |  | — |  |  | 74 |  |  | — |  |  | 74 |
Net income (loss) before equity in earnings of subsidiaries |  | (100 | ) |  | (875 | ) |  | 2,170 |  |  | (21 | ) |  | 1,174 |
Equity in earnings of subsidiaries |  | 1,255 |  |  | 1,009 |  |  | 134 |  |  | (2,398 | ) |  | — |
Net income |  | 1,155 |  |  | 134 |  |  | 2,304 |  |  | (2,419 | ) |  | 1,174 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Net income attributable to Aon shareholders |  | $ | 1,155 |  |  | $ | 134 |  |  | $ | 2,264 |  |  | $ | (2,419 | ) |  | $ | 1,134 |
Condensed Consolidating Statement of Income
|  | Year Ended December 31, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | 9,998 |  |  | $ | — |  |  | $ | 9,998 |
Expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 150 |  |  | 26 |  |  | 5,827 |  |  | — |  |  | 6,003 |
Information technology |  | — |  |  | — |  |  | 419 |  |  | — |  |  | 419 |
Premises |  | — |  |  | — |  |  | 348 |  |  | — |  |  | 348 |
Depreciation of fixed assets |  | — |  |  | — |  |  | 187 |  |  | — |  |  | 187 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | 704 |  |  | — |  |  | 704 |
Other general expense |  | 12 |  |  | 20 |  |  | 1,240 |  |  | — |  |  | 1,272 |
Total operating expenses |  | 162 |  |  | 46 |  |  | 8,725 |  |  | — |  |  | 8,933 |
Operating income (loss) |  | (162 | ) |  | (46 | ) |  | 1,273 |  |  | — |  |  | 1,065 |
Interest income |  | — |  |  | 52 |  |  | 4 |  |  | (29 | ) |  | 27 |
Interest expense |  | (202 | ) |  | (94 | ) |  | (15 | ) |  | 29 |  |  | (282 | )
Intercompany interest income (expense) |  | 14 |  |  | (543 | ) |  | 529 |  |  | — |  |  | — |
Intercompany other income (expense) |  | 282 |  |  | (385 | ) |  | 103 |  |  | — |  |  | — |
Other income (expense) |  | (62 | ) |  | 12 |  |  | (93 | ) |  | 18 |  |  | (125 | )
Income (loss) from continuing operations before income taxes |  | (130 | ) |  | (1,004 | ) |  | 1,801 |  |  | 18 |  |  | 685 |
Income tax expense (benefit) |  | (43 | ) |  | (110 | ) |  | 403 |  |  | — |  |  | 250 |
Net income (loss) from continuing operations |  | (87 | ) |  | (894 | ) |  | 1,398 |  |  | 18 |  |  | 435 |
Net income (loss) from discontinued operations |  | — |  |  | — |  |  | 828 |  |  | — |  |  | 828 |
Net income (loss) before equity in earnings of subsidiaries |  | (87 | ) |  | (894 | ) |  | 2,226 |  |  | 18 |  |  | 1,263 |
Equity in earnings of subsidiaries |  | 1,295 |  |  | 1,141 |  |  | 247 |  |  | (2,683 | ) |  | — |
Net income |  | 1,208 |  |  | 247 |  |  | 2,473 |  |  | (2,665 | ) |  | 1,263 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Net income attributable to Aon shareholders |  | $ | 1,208 |  |  | $ | 247 |  |  | $ | 2,436 |  |  | $ | (2,665 | ) |  | $ | 1,226 |
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2019
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 1,540 |  |  | $ | 409 |  |  | $ | 2,846 |  |  | $ | (3,222 | ) |  | $ | 1,573 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Net income attributable to Aon shareholders |  | 1,540 |  |  | 409 |  |  | 2,805 |  |  | (3,222 | ) |  | 1,532 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | 6 |  |  | 8 |  |  | 14 |
Postretirement benefit obligation |  | — |  |  | (44 | ) |  | (97 | ) |  | — |  |  | (141 | )
Total other comprehensive income (loss) |  | — |  |  | (41 | ) |  | (91 | ) |  | 8 |  |  | (124 | )
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | (132 | ) |  | (131 | ) |  | (172 | ) |  | 435 |  |  | — |
Less: Other comprehensive income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total other comprehensive income (loss) attributable to Aon shareholders |  | (132 | ) |  | (172 | ) |  | (263 | ) |  | 443 |  |  | (124 | )
Comprehensive income (loss) attributable to Aon shareholders |  | $ | 1,408 |  |  | $ | 237 |  |  | $ | 2,542 |  |  | $ | (2,779 | ) |  | $ | 1,408 |
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 1,155 |  |  | $ | 134 |  |  | $ | 2,304 |  |  | $ | (2,419 | ) |  | $ | 1,174 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Net income attributable to Aon shareholders |  | 1,155 |  |  | 134 |  |  | 2,264 |  |  | (2,419 | ) |  | 1,134 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | (465 | ) |  | 21 |  |  | (444 | )
Postretirement benefit obligation |  | — |  |  | (2 | ) |  | 19 |  |  | — |  |  | 17 |
Total other comprehensive income (loss) |  | — |  |  | (2 | ) |  | (435 | ) |  | 21 |  |  | (416 | )
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | (433 | ) |  | (415 | ) |  | (417 | ) |  | 1,265 |  |  | — |
Less: Other comprehensive income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Total other comprehensive income (loss) attributable to Aon shareholders |  | (433 | ) |  | (417 | ) |  | (848 | ) |  | 1,286 |  |  | (412 | )
Comprehensive income (loss) attributable to Aon shareholders |  | $ | 722 |  |  | $ | (283 | ) |  | $ | 1,416 |  |  | $ | (1,133 | ) |  | $ | 722 |
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 1,208 |  |  | $ | 247 |  |  | $ | 2,473 |  |  | $ | (2,665 | ) |  | $ | 1,263 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Net income attributable to Aon shareholders |  | 1,208 |  |  | 247 |  |  | 2,436 |  |  | (2,665 | ) |  | 1,226 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | 3 |  |  | 9 |  |  | — |  |  | 12 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | 408 |  |  | (18 | ) |  | 390 |
Postretirement benefit obligation |  | — |  |  | (101 | ) |  | 120 |  |  | — |  |  | 19 |
Total other comprehensive income (loss) |  | — |  |  | (98 | ) |  | 537 |  |  | (18 | ) |  | 421 |
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | 434 |  |  | 515 |  |  | 417 |  |  | (1,366 | ) |  | — |
Less: Other comprehensive income (loss) attributable to noncontrolling interests |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Total other comprehensive income (loss) attributable to Aon shareholders |  | 434 |  |  | 417 |  |  | 949 |  |  | (1,384 | ) |  | 416 |
Comprehensive income (loss) attributable to Aon shareholders |  | $ | 1,642 |  |  | $ | 664 |  |  | $ | 3,385 |  |  | $ | (4,049 | ) |  | $ | 1,642 |
Condensed Consolidating Statement of Financial Position | Condensed Consolidating Statement of Financial Position
|  | As of December 31, 2019
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 2,271 |  |  | $ | 468 |  |  | $ | (1,949 | ) |  | $ | 790 |
Short-term investments |  | — |  |  | 28 |  |  | 110 |  |  | — |  |  | 138 |
Receivables, net |  | — |  |  | — |  |  | 3,112 |  |  | — |  |  | 3,112 |
Fiduciary assets |  | — |  |  | — |  |  | 11,834 |  |  | — |  |  | 11,834 |
Intercompany receivables |  | 246 |  |  | 1,214 |  |  | 12,799 |  |  | (14,259 | ) |  | — |
Other current assets |  | — |  |  | 7 |  |  | 595 |  |  | — |  |  | 602 |
Total current assets |  | 246 |  |  | 3,520 |  |  | 28,918 |  |  | (16,208 | ) |  | 16,476 |
Goodwill |  | — |  |  | — |  |  | 8,165 |  |  | — |  |  | 8,165 |
Intangible assets, net |  | — |  |  | — |  |  | 783 |  |  | — |  |  | 783 |
Operating lease right-of-use assets |  | — |  |  | 110 |  |  | 819 |  |  | — |  |  | 929 |
Fixed assets, net |  | — |  |  | — |  |  | 621 |  |  | — |  |  | 621 |
Deferred tax assets |  | 89 |  |  | 577 |  |  | 169 |  |  | (190 | ) |  | 645 |
Intercompany receivables |  | 868 |  |  | 261 |  |  | 7,046 |  |  | (8,175 | ) |  | — |
Prepaid pension |  | — |  |  | 7 |  |  | 1,209 |  |  | — |  |  | 1,216 |
Other non-current assets |  | — |  |  | 32 |  |  | 538 |  |  | — |  |  | 570 |
Investment in subsidiary |  | 8,899 |  |  | 19,470 |  |  | (957 | ) |  | (27,412 | ) |  | — |
Total assets |  | $ | 10,102 |  |  | $ | 23,977 |  |  | $ | 47,311 |  |  | $ | (51,985 | ) |  | $ | 29,405 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 2,157 |  |  | $ | 56 |  |  | $ | 1,675 |  |  | $ | (1,949 | ) |  | $ | 1,939 |
Short-term debt and current portion of long-term debt |  | 112 |  |  | 600 |  |  | — |  |  | — |  |  | 712 |
Fiduciary liabilities |  | — |  |  | — |  |  | 11,834 |  |  | — |  |  | 11,834 |
Intercompany payables |  | 234 |  |  | 12,978 |  |  | 1,047 |  |  | (14,259 | ) |  | — |
Other current liabilities |  | — |  |  | 80 |  |  | 1,006 |  |  | — |  |  | 1,086 |
Total current liabilities |  | 2,503 |  |  | 13,714 |  |  | 15,562 |  |  | (16,208 | ) |  | 15,571 |
Long-term debt |  | 4,223 |  |  | 2,404 |  |  | — |  |  | — |  |  | 6,627 |
Non-current operating lease liabilities |  | — |  |  | 143 |  |  | 801 |  |  | — |  |  | 944 |
Deferred tax liabilities |  | — |  |  | — |  |  | 389 |  |  | (190 | ) |  | 199 |
Pension, other postretirement, and other post-employment liabilities |  | — |  |  | 1,348 |  |  | 390 |  |  | — |  |  | 1,738 |
Intercompany payables |  | — |  |  | 7,212 |  |  | 963 |  |  | (8,175 | ) |  | — |
Other non-current liabilities |  | 1 |  |  | 113 |  |  | 763 |  |  | — |  |  | 877 |
Total liabilities |  | 6,727 |  |  | 24,934 |  |  | 18,868 |  |  | (24,573 | ) |  | 25,956 |
Equity |  |  |  |  |  |  |  |  |  |
Total Aon shareholders' equity |  | 3,375 |  |  | (957 | ) |  | 28,369 |  |  | (27,412 | ) |  | 3,375 |
Noncontrolling interests |  | — |  |  | — |  |  | 74 |  |  | — |  |  | 74 |
Total equity |  | 3,375 |  |  | (957 | ) |  | 28,443 |  |  | (27,412 | ) |  | 3,449 |
Total liabilities and equity |  | $ | 10,102 |  |  | $ | 23,977 |  |  | $ | 47,311 |  |  | $ | (51,985 | ) |  | $ | 29,405 |
Condensed Consolidating Statement of Financial Position
|  | As of December 31, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 862 |  |  | $ | 575 |  |  | $ | (781 | ) |  | $ | 656 |
Short-term investments |  | — |  |  | 56 |  |  | 116 |  |  | — |  |  | 172 |
Receivables, net |  | — |  |  | — |  |  | 2,760 |  |  | — |  |  | 2,760 |
Fiduciary assets |  | — |  |  | — |  |  | 10,166 |  |  | — |  |  | 10,166 |
Intercompany receivables |  | 191 |  |  | 897 |  |  | 11,634 |  |  | (12,722 | ) |  | — |
Other current assets |  | — |  |  | 16 |  |  | 602 |  |  | — |  |  | 618 |
Total current assets |  | 191 |  |  | 1,831 |  |  | 25,853 |  |  | (13,503 | ) |  | 14,372 |
Goodwill |  | — |  |  | — |  |  | 8,171 |  |  | — |  |  | 8,171 |
Intangible assets, net |  | — |  |  | — |  |  | 1,149 |  |  | — |  |  | 1,149 |
Fixed assets, net |  | — |  |  | — |  |  | 588 |  |  | — |  |  | 588 |
Deferred tax assets |  | 94 |  |  | 467 |  |  | 144 |  |  | (144 | ) |  | 561 |
Intercompany receivables |  | 403 |  |  | 261 |  |  | 7,225 |  |  | (7,889 | ) |  | — |
Prepaid pension |  | — |  |  | 5 |  |  | 1,128 |  |  | — |  |  | 1,133 |
Other non-current assets |  | 1 |  |  | 30 |  |  | 417 |  |  | — |  |  | 448 |
Investment in subsidiary |  | 8,433 |  |  | 19,031 |  |  | (983 | ) |  | (26,481 | ) |  | — |
Total assets |  | $ | 9,122 |  |  | $ | 21,625 |  |  | $ | 43,692 |  |  | $ | (48,017 | ) |  | $ | 26,422 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 274 |  |  | $ | 70 |  |  | $ | 2,380 |  |  | $ | (781 | ) |  | $ | 1,943 |
Short-term debt and current portion of long-term debt |  | 250 |  |  | — |  |  | 1 |  |  | — |  |  | 251 |
Fiduciary liabilities |  | — |  |  | — |  |  | 10,166 |  |  | — |  |  | 10,166 |
Intercompany payables |  | 213 |  |  | 11,875 |  |  | 634 |  |  | (12,722 | ) |  | — |
Other current liabilities |  | — |  |  | 69 |  |  | 867 |  |  | — |  |  | 936 |
Total current liabilities |  | 737 |  |  | 12,014 |  |  | 14,048 |  |  | (13,503 | ) |  | 13,296 |
Long-term debt |  | 4,231 |  |  | 1,762 |  |  | — |  |  | — |  |  | 5,993 |
Deferred tax liabilities |  | — |  |  | — |  |  | 325 |  |  | (144 | ) |  | 181 |
Pension, other postretirement, and other post-employment liabilities |  | — |  |  | 1,275 |  |  | 361 |  |  | — |  |  | 1,636 |
Intercompany payables |  | — |  |  | 7,390 |  |  | 499 |  |  | (7,889 | ) |  | — |
Other non-current liabilities |  | 3 |  |  | 167 |  |  | 927 |  |  | — |  |  | 1,097 |
Total liabilities |  | 4,971 |  |  | 22,608 |  |  | 16,160 |  |  | (21,536 | ) |  | 22,203 |
Equity |  |  |  |  |  |  |  |  |  |
Total Aon shareholders' equity |  | 4,151 |  |  | (983 | ) |  | 27,464 |  |  | (26,481 | ) |  | 4,151 |
Noncontrolling interests |  | — |  |  | — |  |  | 68 |  |  | — |  |  | 68 |
Total equity |  | 4,151 |  |  | (983 | ) |  | 27,532 |  |  | (26,481 | ) |  | 4,219 |
Total liabilities and equity |  | $ | 9,122 |  |  | $ | 21,625 |  |  | $ | 43,692 |  |  | $ | (48,017 | ) |  | $ | 26,422 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
|  | Year Ended December 31, 2019
(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 |  | $ | 280 |  |  | $ | (140 | ) |  | $ | 2,408 |  |  | $ | (713 | ) |  | $ | 1,835 |
Cash provided by operating activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) operating activities |  | 280 |  |  | (140 | ) |  | 2,408 |  |  | (713 | ) |  | 1,835 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |
Proceeds from investments |  | — |  |  | 29 |  |  | 189 |  |  | (157 | ) |  | 61 |
Payments for investments |  | — |  |  | (62 | ) |  | (52 | ) |  | 1 |  |  | (113 | )
Net sales (purchases) of short-term investments — non-fiduciary |  | — |  |  | 28 |  |  | 7 |  |  | — |  |  | 35 |
Acquisition of businesses, net of cash acquired |  | — |  |  | — |  |  | (39 | ) |  | — |  |  | (39 | )
Sale of businesses, net of cash sold |  | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Capital expenditures |  | — |  |  | — |  |  | (225 | ) |  | — |  |  | (225 | )
Cash used for investing activities - continuing operations |  | — |  |  | (5 | ) |  | (68 | ) |  | (156 | ) |  | (229 | )
Cash used for investing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash used for investing activities |  | — |  |  | (5 | ) |  | (68 | ) |  | (156 | ) |  | (229 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |
Share repurchase |  | (1,960 | ) |  | — |  |  | — |  |  | — |  |  | (1,960 | )
Advances from (to) affiliates |  | 2,350 |  |  | 314 |  |  | (2,365 | ) |  | (299 | ) |  | — |
Issuance of shares for employee benefit plans |  | (131 | ) |  | — |  |  | — |  |  | — |  |  | (131 | )
Issuance of debt |  | 2,739 |  |  | 3,313 |  |  | — |  |  | — |  |  | 6,052 |
Repayment of debt |  | (2,868 | ) |  | (2,073 | ) |  | — |  |  | — |  |  | (4,941 | )
Cash dividends to shareholders |  | (410 | ) |  | — |  |  | — |  |  | — |  |  | (410 | )
Noncontrolling interests and other financing activities |  | — |  |  | — |  |  | (103 | ) |  | — |  |  | (103 | )
Cash provided by (used for) financing activities - continuing operations |  | (280 | ) |  | 1,554 |  |  | (2,468 | ) |  | (299 | ) |  | (1,493 | )
Cash used for financing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) financing activities |  | (280 | ) |  | 1,554 |  |  | (2,468 | ) |  | (299 | ) |  | (1,493 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
Net increase (decrease) in cash and cash equivalents |  | — |  |  | 1,409 |  |  | (107 | ) |  | (1,168 | ) |  | 134 |
Cash and cash equivalents at beginning of year |  | — |  |  | 862 |  |  | 575 |  |  | (781 | ) |  | 656 |
Cash and cash equivalents at end of year |  | $ | — |  |  | $ | 2,271 |  |  | $ | 468 |  |  | $ | (1,949 | ) |  | $ | 790 |
Condensed Consolidating Statement of Cash Flows
|  | Year Ended December 31, 2018
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |
Cash provided by operating activities - continuing operations |  | $ | 1,575 |  |  | $ | 3 |  |  | $ | 3,608 |  |  | $ | (3,500 | ) |  | $ | 1,686 |
Cash provided by operating activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by operating activities |  | 1,575 |  |  | 3 |  |  | 3,608 |  |  | (3,500 | ) |  | 1,686 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |
Proceeds from investments |  | — |  |  | 24 |  |  | 955 |  |  | (908 | ) |  | 71 |
Payments for investments |  | (13 | ) |  | (47 | ) |  | (33 | ) |  | 13 |  |  | (80 | )
Net sales (purchases) of short-term investments — non-fiduciary |  | — |  |  | 299 |  |  | 49 |  |  | — |  |  | 348 |
Acquisition of businesses, net of cash acquired |  | — |  |  | — |  |  | (58 | ) |  | — |  |  | (58 | )
Sale of businesses, net of cash sold |  | — |  |  | — |  |  | (10 | ) |  | — |  |  | (10 | )
Capital expenditures |  | — |  |  | — |  |  | (240 | ) |  | — |  |  | (240 | )
Cash provided by (used for) investing activities - continuing operations |  | (13 | ) |  | 276 |  |  | 663 |  |  | (895 | ) |  | 31 |
Cash used for investing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) investing activities |  | (13 | ) |  | 276 |  |  | 663 |  |  | (895 | ) |  | 31 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |
Share repurchase |  | (1,470 | ) |  | — |  |  | — |  |  | — |  |  | (1,470 | )
Advances from (to) affiliates |  | 156 |  |  | (2,291 | ) |  | (4,041 | ) |  | 6,176 |  |  | — |
Issuance of shares for employee benefit plans |  | (149 | ) |  | — |  |  | — |  |  | — |  |  | (149 | )
Issuance of debt |  | 1,723 |  |  | 4,028 |  |  | 3 |  |  | — |  |  | 5,754 |
Repayment of debt |  | (1,441 | ) |  | (3,678 | ) |  | (298 | ) |  | — |  |  | (5,417 | )
Cash dividends to shareholders |  | (382 | ) |  | — |  |  | — |  |  | — |  |  | (382 | )
Noncontrolling interests and other financing activities |  | — |  |  | — |  |  | (35 | ) |  | — |  |  | (35 | )
Cash used for financing activities - continuing operations |  | (1,563 | ) |  | (1,941 | ) |  | (4,371 | ) |  | 6,176 |  |  | (1,699 | )
Cash used for financing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash used for financing activities |  | (1,563 | ) |  | (1,941 | ) |  | (4,371 | ) |  | 6,176 |  |  | (1,699 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | (118 | ) |  | — |  |  | (118 | )
Net decrease in cash and cash equivalents |  | (1 | ) |  | (1,662 | ) |  | (218 | ) |  | 1,781 |  |  | (100 | )
Cash and cash equivalents at beginning of year |  | 1 |  |  | 2,524 |  |  | 793 |  |  | (2,562 | ) |  | 756 |
Cash and cash equivalents at end of year |  | $ | — |  |  | $ | 862 |  |  | $ | 575 |  |  | $ | (781 | ) |  | $ | 656 |
Condensed Consolidating Statement of Cash Flows
|  | Year Ended December 31, 2017
(millions) |  | Aon plc |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |
Cash provided by operating activities - continuing operations |  | $ | 2,787 |  |  | $ | 503 |  |  | $ | 2,010 |  |  | $ | (4,631 | ) |  | $ | 669 |
Cash provided by operating activities - discontinued operations |  | — |  |  | — |  |  | 65 |  |  | — |  |  | 65 |
Cash provided by operating activities |  | 2,787 |  |  | 503 |  |  | 2,075 |  |  | (4,631 | ) |  | 734 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |
Proceeds from investments |  | 224 |  |  | 587 |  |  | 582 |  |  | (1,325 | ) |  | 68 |
Payments for investments |  | (261 | ) |  | (29 | ) |  | (576 | ) |  | 802 |  |  | (64 | )
Net sales (purchases) of short-term investments — non-fiduciary |  | — |  |  | (215 | ) |  | (17 | ) |  | — |  |  | (232 | )
Acquisition of businesses, net of cash acquired |  | — |  |  | — |  |  | (1,029 | ) |  | — |  |  | (1,029 | )
Sale of businesses, net of cash sold |  | — |  |  | — |  |  | 4,246 |  |  | — |  |  | 4,246 |
Capital expenditures |  | — |  |  | — |  |  | (183 | ) |  | — |  |  | (183 | )
Cash provided by (used for) investing activities - continuing operations |  | (37 | ) |  | 343 |  |  | 3,023 |  |  | (523 | ) |  | 2,806 |
Cash used for investing activities - discontinued operations |  | — |  |  | — |  |  | (19 | ) |  | — |  |  | (19 | )
Cash provided by (used for) investing activities |  | (37 | ) |  | 343 |  |  | 3,004 |  |  | (523 | ) |  | 2,787 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |
Share repurchase |  | (2,399 | ) |  | — |  |  | — |  |  | — |  |  | (2,399 | )
Advances from (to) affiliates |  | 426 |  |  | 95 |  |  | (4,975 | ) |  | 4,454 |  |  | — |
Issuance of shares for employee benefit plans |  | (121 | ) |  | — |  |  | — |  |  | — |  |  | (121 | )
Issuance of debt |  | 544 |  |  | 1,100 |  |  | 10 |  |  | — |  |  | 1,654 |
Repayment of debt |  | (835 | ) |  | (1,150 | ) |  | (14 | ) |  | — |  |  | (1,999 | )
Cash dividends to shareholders |  | (364 | ) |  | — |  |  | — |  |  | — |  |  | (364 | )
Noncontrolling interests and other financing activities |  | — |  |  | — |  |  | (36 | ) |  | — |  |  | (36 | )
Cash provided by (used for) financing activities - continuing operations |  | (2,749 | ) |  | 45 |  |  | (5,015 | ) |  | 4,454 |  |  | (3,265 | )
Cash used for financing activities - discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash provided by (used for) financing activities |  | (2,749 | ) |  | 45 |  |  | (5,015 | ) |  | 4,454 |  |  | (3,265 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | 69 |  |  | — |  |  | 69 |
Net increase in cash and cash equivalents |  | 1 |  |  | 891 |  |  | 133 |  |  | (700 | ) |  | 325 |
Cash and cash equivalents at beginning of year (1) |  | — |  |  | 1,633 |  |  | 660 |  |  | (1,862 | ) |  | 431 |
Cash and cash equivalents at end of year |  | $ | 1 |  |  | $ | 2,524 |  |  | $ | 793 |  |  | $ | (2,562 | ) |  | $ | 756 |
(1) | Includes $5 million of discontinued operations at December 31, 2016.

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