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Guarantee of Registered Securities | 12 Months Ended
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Dec. 31, 2019
Guarantee of Registered Securities |
Guarantee of Registered Securities | Guarantee of Registered Securities As described in Note 17 “Claims, Lawsuits, and Other 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 Corp Notes”). Additionally, Aon plc has agreed to guarantee the obligations of Aon Corporation arising under the 4.50% Senior Notes due 2028, the 3.75% Senior Notes due 2029, and the 2.20% Senior Notes due 2022. 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 Corp 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 2042 exchanged for Aon Corporation’s outstanding 8.205% Notes due January 2027 and has also agreed to guarantee the obligations of Aon plc arising under the 4.45% Notes due 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”). In each case, the guarantee of Aon Corporation is 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. In December 2018, Aon plc obtained direct ownership in two subsidiaries that were previously indirectly owned by Aon Corporation. In 2019, Aon Corporation obtained indirect ownership of subsidiaries that were previously indirectly owned by Aon plc. The financial results of both subsidiaries are included in the Other Non-Guarantor Subsidiaries column of the Condensed Consolidating Financial Statements. The Company has reflected this transfer on the Condensed Consolidating Statements of Income and Condensed Consolidating Statements of Comprehensive Income for the periods ended December 31, 2017 and December 31, 2018 and the Condensed Consolidating Statement of Financial Position for the period ended December 31, 2018. The following tables set forth Condensed Consolidating Statements of Income and Condensed Consolidating Statements of Comprehensive Income for the years ended December 31, 2019, 2018, and 2017, Condensed Consolidating Statements of Financial Position as of December 31, 2019, 2018, and 2017, and Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2019, 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. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions. 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
|  | 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
|  | 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
|  | 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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