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v3.20.1

Guarantee of Registered Securities | 3 Months Ended
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Mar. 31, 2020
Guarantee of Registered Securities [Abstract] |
Guarantee of Registered Securities | Guarantee of Registered Securities In connection with the Company’s 2012 redomestication to the U.K. (the “2012 Redomestication”), the Company on April 2, 2012 entered into various agreements pursuant to which it agreed to guarantee the obligations of its subsidiaries arising under issued and outstanding debt securities. Those agreements included the: (1) Amended and Restated Indenture, dated April 2, 2012, among Aon Corporation, Aon UK, and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) (amending and restating the Indenture, dated September 10, 2010, between Aon Corporation and the Trustee); (2) Amended and Restated Indenture, dated April 2, 2012, among Aon Corporation, Aon UK and the Trustee (amending and restating the Indenture, dated December 16, 2002, between Aon Corporation and the Trustee); and (3) Amended and Restated Indenture, dated April 2, 2012, among Aon Corporation, Aon UK and the Trustee (amending and restating the Indenture, dated January 13, 1997, between Aon Corporation and the Trustee, as supplemented by the First Supplemental Indenture, dated January 13, 1997). In connection with the Ireland Reorganization, on April 1, 2020 Aon Ireland and Aon Global Holdings Limited, a company incorporated under the laws of England and Wales, entered into various agreements pursuant to which they agreed to guarantee the obligations of Aon Corporation arising under issued and outstanding debt securities, which were previously guaranteed solely by Aon UK, including the: 5.00% Notes due September 2020; 2.20% Notes due November 2022; 8.205% Notes due January 2027; 4.50% Senior Notes due December 2028; 3.75% Senior Notes due May 2029; and 6.25% Notes due September 2040 (collectively, the “Aon Corporation Notes). Aon Corporation, Aon UK, and Aon Global Holdings Limited are indirect wholly owned subsidiaries of Aon Ireland. All guarantees of Aon Ireland, Aon UK, and Aon Global Holdings Limited of the Aon Corporation Notes are joint and several as well as full and unconditional. There are no subsidiaries other than those listed above that guarantee the Aon Corporation Notes. In addition, in connection with the Ireland Reorganization, on April 1, 2020 Aon Ireland and Aon Global Holdings Limited entered into various agreements pursuant to which they guaranteed the obligations of Aon UK arising under issued and outstanding debt securities, which were previously guaranteed solely by Aon Corporation, including the: 4.25% Notes due December 2042 exchanged for Aon Corporation’s 8.205% Notes due January 2027; 4.45% Notes due May 2043; 4.00% Notes due November 2023; 2.875% Notes due May 2026; 3.50% Notes due June 2024; 4.60% Notes due June 2044; 4.75% Notes due May 2045; 2.80% Notes due March 2021; and 3.875% Notes due December 2025 (collectively, the “Aon UK Notes”). All guarantees of Aon Ireland, Aon Global Holdings Limited, and Aon Corporation of the Aon UK Notes are joint and several as well as full and unconditional. There are no subsidiaries other than those listed above that guarantee the Aon UK Notes. The Company has reflected these new guarantees in the Condensed Consolidating Statements of Income, Condensed Consolidating Statements of Comprehensive Income, and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2020 and 2019, and in the Condensed Consolidating Statements of Financial Position as of March 31, 2020 and December 31, 2019. In 2019, Aon Corporation obtained indirect ownership of subsidiaries that were previously indirectly owned by Aon UK. The financial results of both subsidiaries are included in the Other Non-Guarantor Subsidiaries column of the Condensed Consolidating Financial Statements. Aon Ireland was not part of the Aon group until November 2019, therefore no balances are reflected in the Condensed Consolidating Statement of Income, Condensed Consolidating Statement of Comprehensive Income, and the Condensed Consolidating Statement of Cash Flows for the period ended March 31, 2019. The following tables set forth the Condensed Consolidating Statements of Income and Condensed Consolidating Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019, Condensed Consolidating Statements of Financial Position as of March 31, 2020 and December 31, 2019, and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2020 and 2019, in accordance with Rule 3-10 of Regulation S-X. The Condensed Consolidating Financial Information includes the accounts of Aon Ireland, the accounts of Aon UK, the accounts of Aon Global Holdings Limited, the accounts of Aon Corporation, and the combined accounts of the Other 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
|  | Three Months Ended March 31, 2020
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,219 |  |  | $ | — |  |  | $ | 3,219 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | — |  |  | 12 |  |  | — |  |  | (12 | ) |  | 1,522 |  |  | — |  |  | 1,522 |
Information technology |  | — |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | 111 |
Premises |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 68 |  |  | — |  |  | 73 |
Depreciation of fixed assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | — |  |  | 97 |
Other general expense |  | — |  |  | 26 |  |  | — |  |  | 1 |  |  | 315 |  |  | — |  |  | 342 |
Total operating expenses |  | — |  |  | 38 |  |  | — |  |  | (6 | ) |  | 2,154 |  |  | — |  |  | 2,186 |
Operating income (loss) |  | — |  |  | (38 | ) |  | — |  |  | 6 |  |  | 1,065 |  |  | — |  |  | 1,033 |
Interest income |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 14 |  |  | (22 | ) |  | 2 |
Interest expense |  | — |  |  | (54 | ) |  | (11 | ) |  | (39 | ) |  | (1 | ) |  | 22 |  |  | (83 | )
Intercompany interest income (expense) |  | — |  |  | 8 |  |  | — |  |  | (113 | ) |  | 105 |  |  | — |  |  | — |
Intercompany other income (expense) |  | — |  |  | 81 |  |  | — |  |  | (128 | ) |  | 47 |  |  | — |  |  | — |
Other income (expense) |  | — |  |  | — |  |  | — |  |  | (42 | ) |  | 72 |  |  | (1 | ) |  | 29 |
Income (loss) from continuing operations before income taxes |  | — |  |  | (3 | ) |  | (11 | ) |  | (306 | ) |  | 1,302 |  |  | (1 | ) |  | 981 |
Income tax expense (benefit) |  | — |  |  | (17 | ) |  | (2 | ) |  | (48 | ) |  | 256 |  |  | — |  |  | 189 |
Net income (loss) from continuing operations |  | — |  |  | 14 |  |  | (9 | ) |  | (258 | ) |  | 1,046 |  |  | (1 | ) |  | 792 |
Net income (loss) from discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Net income (loss) before equity in earnings of subsidiaries |  | — |  |  | 14 |  |  | (9 | ) |  | (258 | ) |  | 1,045 |  |  | (1 | ) |  | 791 |
Equity in earnings of subsidiaries |  | 773 |  |  | 759 |  |  | 614 |  |  | 862 |  |  | — |  |  | (3,008 | ) |  | — |
Net income |  | 773 |  |  | 773 |  |  | 605 |  |  | 604 |  |  | 1,045 |  |  | (3,009 | ) |  | 791 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Net income attributable to Aon shareholders |  | $ | 773 |  |  | $ | 773 |  |  | $ | 605 |  |  | $ | 604 |  |  | $ | 1,026 |  |  | $ | (3,009 | ) |  | $ | 772 |
Condensed Consolidating Statement of Income
|  | Three Months Ended March 31, 2019
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,143 |  |  | $ | — |  |  | $ | 3,143 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | — |  |  | 20 |  |  | — |  |  | 8 |  |  | 1,556 |  |  | — |  |  | 1,584 |
Information technology |  | — |  |  | — |  |  | — |  |  | — |  |  | 117 |  |  | — |  |  | 117 |
Premises |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 83 |  |  | — |  |  | 87 |
Depreciation of fixed assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Amortization and impairment of intangible assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 97 |  |  | — |  |  | 97 |
Other general expense |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 345 |  |  | — |  |  | 346 |
Total operating expenses |  | — |  |  | 20 |  |  | — |  |  | 13 |  |  | 2,238 |  |  | — |  |  | 2,271 |
Operating income (loss) |  | — |  |  | (20 | ) |  | — |  |  | (13 | ) |  | 905 |  |  | — |  |  | 872 |
Interest income |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 20 |  |  | (27 | ) |  | 2 |
Interest expense |  | — |  |  | (46 | ) |  | (24 | ) |  | (28 | ) |  | (1 | ) |  | 27 |  |  | (72 | )
Intercompany interest income (expense) |  | — |  |  | 4 |  |  | — |  |  | (116 | ) |  | 112 |  |  | — |  |  | — |
Intercompany other income (expense) |  | — |  |  | 31 |  |  | — |  |  | (94 | ) |  | 63 |  |  | — |  |  | — |
Other income (expense) |  | — |  |  | 5 |  |  | — |  |  | (11 | ) |  | 8 |  |  | (2 | ) |  | — |
Income (loss) from continuing operations before income taxes |  | — |  |  | (26 | ) |  | (24 | ) |  | (253 | ) |  | 1,107 |  |  | (2 | ) |  | 802 |
Income tax expense (benefit) |  | — |  |  | (5 | ) |  | (5 | ) |  | (42 | ) |  | 178 |  |  | — |  |  | 126 |
Net income (loss) from continuing operations |  | — |  |  | (21 | ) |  | (19 | ) |  | (211 | ) |  | 929 |  |  | (2 | ) |  | 676 |
Net income (loss) from discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) before equity in earnings of subsidiaries |  | — |  |  | (21 | ) |  | (19 | ) |  | (211 | ) |  | 929 |  |  | (2 | ) |  | 676 |
Equity in earnings of subsidiaries |  | — |  |  | 682 |  |  | 619 |  |  | 724 |  |  | — |  |  | (2,025 | ) |  | — |
Net income |  | — |  |  | 661 |  |  | 600 |  |  | 513 |  |  | 929 |  |  | (2,027 | ) |  | 676 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Net income attributable to Aon shareholders |  | $ | — |  |  | $ | 661 |  |  | $ | 600 |  |  | $ | 513 |  |  | $ | 912 |  |  | $ | (2,027 | ) |  | $ | 659 |
Condensed Consolidating Statement of Comprehensive Income
|  | Three Months Ended March 31, 2020
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | 773 |  |  | $ | 773 |  |  | $ | 605 |  |  | $ | 604 |  |  | $ | 1,045 |  |  | $ | (3,009 | ) |  | $ | 791 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Net income attributable to Aon shareholders |  | 773 |  |  | 773 |  |  | 605 |  |  | 604 |  |  | 1,026 |  |  | (3,009 | ) |  | 772 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | (3 | ) |  | — |  |  | (5 | )
Foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | (398 | ) |  | 1 |  |  | (397 | )
Postretirement benefit obligation |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 11 |  |  | — |  |  | 24 |
Total other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | 11 |  |  | (390 | ) |  | 1 |  |  | (378 | )
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | (377 | ) |  | (377 | ) |  | (370 | ) |  | (381 | ) |  | — |  |  | 1,505 |  |  | — |
Less: Other comprehensive loss attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Total other comprehensive income (loss) attributable to Aon shareholders |  | (377 | ) |  | (377 | ) |  | (370 | ) |  | (370 | ) |  | (388 | ) |  | 1,506 |  |  | (376 | )
Comprehensive income attributable to Aon shareholders |  | $ | 396 |  |  | $ | 396 |  |  | $ | 235 |  |  | $ | 234 |  |  | $ | 638 |  |  | $ | (1,503 | ) |  | $ | 396 |
Condensed Consolidating Statement of Comprehensive Income
|  | Three Months Ended March 31, 2019
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net income |  | $ | — |  |  | $ | 661 |  |  | $ | 600 |  |  | $ | 513 |  |  | $ | 929 |  |  | $ | (2,027 | ) |  | $ | 676 |
Less: Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Net income attributable to Aon shareholders |  | — |  |  | 661 |  |  | 600 |  |  | 513 |  |  | 912 |  |  | (2,027 | ) |  | 659 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 5 |  |  | — |  |  | 7 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | 131 |  |  | 2 |  |  | 133 |
Postretirement benefit obligation |  | — |  |  | — |  |  | — |  |  | 22 |  |  | 9 |  |  | — |  |  | 31 |
Total other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 145 |  |  | 2 |  |  | 171 |
Equity in other comprehensive income (loss) of subsidiaries, net of tax |  | — |  |  | 167 |  |  | 139 |  |  | 115 |  |  | — |  |  | (421 | ) |  | — |
Less: Other comprehensive loss attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total other comprehensive income (loss) attributable to Aon shareholders |  | — |  |  | 167 |  |  | 139 |  |  | 139 |  |  | 143 |  |  | (419 | ) |  | 169 |
Comprehensive income attributable to Aon shareholders |  | $ | — |  |  | $ | 828 |  |  | $ | 739 |  |  | $ | 652 |  |  | $ | 1,055 |  |  | $ | (2,446 | ) |  | $ | 828 |
Condensed Consolidating Statement of Financial Position
|  | As of March 31, 2020
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 36 |  |  | $ | 194 |  |  | $ | 1,698 |  |  | $ | (1,238 | ) |  | $ | 690 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 113 |  |  | — |  |  | 170 |
Receivables, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,554 |  |  | — |  |  | 3,554 |
Fiduciary assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,401 |  |  | — |  |  | 12,401 |
Current intercompany receivables |  | — |  |  | 208 |  |  | 90 |  |  | 2,710 |  |  | 14,875 |  |  | (17,883 | ) |  | — |
Other current assets |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 526 |  |  | — |  |  | 530 |
Total current assets |  | — |  |  | 208 |  |  | 126 |  |  | 2,965 |  |  | 33,167 |  |  | (19,121 | ) |  | 17,345 |
Goodwill |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,293 |  |  | — |  |  | 8,293 |
Intangible assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 746 |  |  | — |  |  | 746 |
Fixed assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 666 |  |  | — |  |  | 666 |
Operating lease right-of-use assets |  | — |  |  | — |  |  | — |  |  | 103 |  |  | 794 |  |  | — |  |  | 897 |
Deferred tax assets |  | — |  |  | 89 |  |  | 4 |  |  | 589 |  |  | 150 |  |  | (194 | ) |  | 638 |
Prepaid pension |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 1,157 |  |  | — |  |  | 1,164 |
Non-current intercompany receivables |  | — |  |  | 397 |  |  | — |  |  | 261 |  |  | 7,044 |  |  | (7,702 | ) |  | — |
Other non-current assets |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 508 |  |  | — |  |  | 533 |
Investment in subsidiary |  | 3,169 |  |  | 8,650 |  |  | 8,871 |  |  | 19,973 |  |  | — |  |  | (40,663 | ) |  | — |
Total assets |  | $ | 3,169 |  |  | $ | 9,344 |  |  | $ | 9,001 |  |  | $ | 23,923 |  |  | $ | 52,525 |  |  | $ | (67,680 | ) |  | $ | 30,282 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | 1,345 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 1,393 |  |  | $ | (1,238 | ) |  | $ | 1,549 |
Short-term debt and current portion of long-term debt |  | — |  |  | 696 |  |  | — |  |  | 1,136 |  |  | 52 |  |  | — |  |  | 1,884 |
Fiduciary liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,401 |  |  | — |  |  | 12,401 |
Current intercompany payables |  | — |  |  | 310 |  |  | 61 |  |  | 16,321 |  |  | 1,191 |  |  | (17,883 | ) |  | — |
Other current liabilities |  | — |  |  | — |  |  | — |  |  | 82 |  |  | 1,195 |  |  | — |  |  | 1,277 |
Total current liabilities |  | — |  |  | 2,351 |  |  | 61 |  |  | 17,588 |  |  | 16,232 |  |  | (19,121 | ) |  | 17,111 |
Long-term debt |  | — |  |  | 3,822 |  |  | — |  |  | 2,405 |  |  | — |  |  | — |  |  | 6,227 |
Non-current operating lease liabilities |  | — |  |  | — |  |  | — |  |  | 136 |  |  | 774 |  |  | — |  |  | 910 |
Deferred tax liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | 383 |  |  | (194 | ) |  | 189 |
Pension, other postretirement, and postemployment liabilities |  | — |  |  | — |  |  | — |  |  | 1,287 |  |  | 368 |  |  | — |  |  | 1,655 |
Non-current intercompany payables |  | — |  |  | — |  |  | — |  |  | 7,210 |  |  | 492 |  |  | (7,702 | ) |  | — |
Other non-current liabilities |  | — |  |  | 2 |  |  | — |  |  | 115 |  |  | 813 |  |  | — |  |  | 930 |
Total liabilities |  | — |  |  | 6,175 |  |  | 61 |  |  | 28,741 |  |  | 19,062 |  |  | (27,017 | ) |  | 27,022 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Aon shareholders’ equity |  | 3,169 |  |  | 3,169 |  |  | 8,940 |  |  | (4,818 | ) |  | 33,372 |  |  | (40,663 | ) |  | 3,169 |
Noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 91 |  |  | — |  |  | 91 |
Total equity |  | 3,169 |  |  | 3,169 |  |  | 8,940 |  |  | (4,818 | ) |  | 33,463 |  |  | (40,663 | ) |  | 3,260 |
Total liabilities and equity |  | $ | 3,169 |  |  | $ | 9,344 |  |  | $ | 9,001 |  |  | $ | 23,923 |  |  | $ | 52,525 |  |  | $ | (67,680 | ) |  | $ | 30,282 |
Condensed Consolidating Statement of Financial Position
|  | As of December 31, 2019
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,271 |  |  | $ | 2,619 |  |  | $ | (4,100 | ) |  | $ | 790 |
Short-term investments |  | — |  |  | — |  |  | — |  |  | 28 |  |  | 110 |  |  | — |  |  | 138 |
Receivables, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,112 |  |  | — |  |  | 3,112 |
Fiduciary assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,834 |  |  | — |  |  | 11,834 |
Current intercompany receivables |  | — |  |  | 246 |  |  | 89 |  |  | 1,214 |  |  | 12,710 |  |  | (14,259 | ) |  | — |
Other current assets |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 595 |  |  | — |  |  | 602 |
Total current assets |  | — |  |  | 246 |  |  | 89 |  |  | 3,520 |  |  | 30,980 |  |  | (18,359 | ) |  | 16,476 |
Goodwill |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,165 |  |  | — |  |  | 8,165 |
Intangible assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 783 |  |  | — |  |  | 783 |
Fixed assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 621 |  |  | — |  |  | 621 |
Operating lease right-of-use assets |  | — |  |  | — |  |  | — |  |  | 110 |  |  | 819 |  |  | — |  |  | 929 |
Deferred tax assets |  | — |  |  | 89 |  |  | 4 |  |  | 577 |  |  | 165 |  |  | (190 | ) |  | 645 |
Prepaid pension |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 1,209 |  |  | — |  |  | 1,216 |
Non-current intercompany receivables |  | — |  |  | 868 |  |  | — |  |  | 261 |  |  | 7,046 |  |  | (8,175 | ) |  | — |
Other non-current assets |  | — |  |  | — |  |  | — |  |  | 32 |  |  | 538 |  |  | — |  |  | 570 |
Investment in subsidiary |  | 3,375 |  |  | 8,899 |  |  | 12,211 |  |  | 19,470 |  |  | — |  |  | (43,955 | ) |  | — |
Total assets |  | $ | 3,375 |  |  | $ | 10,102 |  |  | $ | 12,304 |  |  | $ | 23,977 |  |  | $ | 50,326 |  |  | $ | (70,679 | ) |  | $ | 29,405 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  |  | $ | 2,157 |  |  | $ | 1,994 |  |  | $ | 56 |  |  | $ | 1,832 |  |  | $ | (4,100 | ) |  | $ | 1,939 |
Short-term debt and current portion of long-term debt |  | — |  |  | 112 |  |  | — |  |  | 600 |  |  | — |  |  | — |  |  | 712 |
Fiduciary liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,834 |  |  | — |  |  | 11,834 |
Current intercompany payables |  | — |  |  | 234 |  |  | 61 |  |  | 12,978 |  |  | 986 |  |  | (14,259 | ) |  | — |
Other current liabilities |  | — |  |  | — |  |  | — |  |  | 80 |  |  | 1,006 |  |  | — |  |  | 1,086 |
Total current liabilities |  | — |  |  | 2,503 |  |  | 2,055 |  |  | 13,714 |  |  | 15,658 |  |  | (18,359 | ) |  | 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 postemployment liabilities |  | — |  |  | — |  |  | — |  |  | 1,348 |  |  | 390 |  |  | — |  |  | 1,738 |
Non-current intercompany payables |  | — |  |  | — |  |  | — |  |  | 7,212 |  |  | 963 |  |  | (8,175 | ) |  | — |
Other non-current liabilities |  | — |  |  | 1 |  |  | — |  |  | 113 |  |  | 763 |  |  | — |  |  | 877 |
Total liabilities |  | — |  |  | 6,727 |  |  | 2,055 |  |  | 24,934 |  |  | 18,964 |  |  | (26,724 | ) |  | 25,956 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Aon shareholders’ equity |  | 3,375 |  |  | 3,375 |  |  | 10,249 |  |  | (957 | ) |  | 31,288 |  |  | (43,955 | ) |  | 3,375 |
Noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | — |  |  | 74 |
Total equity |  | 3,375 |  |  | 3,375 |  |  | 10,249 |  |  | (957 | ) |  | 31,362 |  |  | (43,955 | ) |  | 3,449 |
Total liabilities and equity |  | $ | 3,375 |  |  | $ | 10,102 |  |  | $ | 12,304 |  |  | $ | 23,977 |  |  | $ | 50,326 |  |  | $ | (70,679 | ) |  | $ | 29,405 |
Condensed Consolidating Statement of Cash Flows
|  | Three Months Ended March 31, 2020
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash provided by (used for) operating activities |  | $ | — |  |  | $ | 1,561 |  |  | $ | 3,648 |  |  | $ | (512 | ) |  | $ | 852 |  |  | $ | (5,211 | ) |  | $ | 338 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from investments |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 4 |  |  | — |  |  | 6 |
Payments for investments |  | — |  |  | (450 | ) |  | (518 | ) |  | (30 | ) |  | (13 | ) |  | 968 |  |  | (43 | )
Net sales (purchases) of short-term investments - non-fiduciary |  | — |  |  | — |  |  | — |  |  | (28 | ) |  | (10 | ) |  | — |  |  | (38 | )
Acquisition of businesses, net of cash acquired |  | — |  |  | — |  |  | — |  |  | — |  |  | (334 | ) |  | — |  |  | (334 | )
Sale of businesses, net of cash sold |  | — |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | — |  |  | 30 |
Capital expenditures |  | — |  |  | — |  |  | — |  |  | — |  |  | (59 | ) |  | — |  |  | (59 | )
Cash provided by (used for) investing activities |  | — |  |  | (450 | ) |  | (518 | ) |  | (56 | ) |  | (382 | ) |  | 968 |  |  | (438 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share repurchase |  | — |  |  | (463 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (463 | )
Advances from (to) affiliates |  | — |  |  | (618 | ) |  | (3,094 | ) |  | (2,044 | ) |  | (1,349 | ) |  | 7,105 |  |  | — |
Issuance of shares for employee benefit plans |  | — |  |  | (112 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (112 | )
Issuance of debt |  | — |  |  | 457 |  |  | — |  |  | 1,603 |  |  | — |  |  |  |  | 2,060 |
Repayment of debt |  | — |  |  | (273 | ) |  | — |  |  | (1,068 | ) |  | — |  |  | — |  |  | (1,341 | )
Cash dividends to shareholders |  | — |  |  | (102 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (102 | )
Noncontrolling interests and other financing activities |  | — |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Cash provided by (used for) financing activities |  | — |  |  | (1,111 | ) |  | (3,094 | ) |  | (1,509 | ) |  | (1,309 | ) |  | 7,105 |  |  | 82 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | — |  |  | (82 | ) |  | — |  |  | (82 | )
Net increase (decrease) in cash and cash equivalents |  | — |  |  | — |  |  | 36 |  |  | (2,077 | ) |  | (921 | ) |  | 2,862 |  |  | (100 | )
Cash and cash equivalents at beginning of period |  | — |  |  | — |  |  | — |  |  | 2,271 |  |  | 2,619 |  |  | (4,100 | ) |  | 790 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | — |  |  | $ | 36 |  |  | $ | 194 |  |  | $ | 1,698 |  |  | $ | (1,238 | ) |  | $ | 690 |
Condensed Consolidating Statement of Cash Flows
|  | Three Months Ended March 31, 2019
(millions) |  | Aon Ireland |  | Aon UK |  | Aon Global Holdings Limited |  | Aon Corporation |  | Other Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash provided by (used for) operating activities |  | $ | — |  |  | $ | (11 | ) |  | $ | 529 |  |  | $ | (34 | ) |  | $ | 143 |  |  | $ | (553 | ) |  | $ | 74 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from investments |  | — |  |  | — |  |  | 72 |  |  | 8 |  |  | 4 |  |  | (72 | ) |  | 12 |
Payments for investments |  | — |  |  | — |  |  | — |  |  | (9 | ) |  | (77 | ) |  | 72 |  |  | (14 | )
Net sales (purchases) of short-term investments - non-fiduciary |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 32 |  |  | — |  |  | 41 |
Acquisition of businesses, net of cash acquired |  | — |  |  | — |  |  | — |  |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Sale of businesses, net of cash sold |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Capital expenditures |  |  |  |  |  |  |  | — |  |  | (57 | ) |  | — |  |  | (57 | )
Cash provided by (used for) investing activities |  | — |  |  | — |  |  | 72 |  |  | 8 |  |  | (107 | ) |  | — |  |  | (27 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share repurchase |  | — |  |  | (100 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (100 | )
Advances from (to) affiliates |  | — |  |  | 305 |  |  | (601 | ) |  | (265 | ) |  | (550 | ) |  | 1,111 |  |  | — |
Issuance of shares for employee benefit plans |  | — |  |  | (98 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (98 | )
Issuance of debt |  | — |  |  | 384 |  |  | — |  |  | 485 |  |  | 2 |  |  | — |  |  | 871 |
Repayment of debt |  | — |  |  | (384 | ) |  | — |  |  | (310 | ) |  | — |  |  | — |  |  | (694 | )
Cash dividends to shareholders |  | — |  |  | (96 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (96 | )
Noncontrolling interests and other financing activities |  | — |  |  | — |  |  | — |  |  | — |  |  | (23 | ) |  | — |  |  | (23 | )
Cash provided by (used for) financing activities |  | — |  |  | 11 |  |  | (601 | ) |  | (90 | ) |  | (571 | ) |  | 1,111 |  |  | (140 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Net increase (decrease) in cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | (116 | ) |  | (498 | ) |  | 558 |  |  | (56 | )
Cash and cash equivalents at beginning of period |  | — |  |  | — |  |  | — |  |  | 862 |  |  | 3,473 |  |  | (3,679 | ) |  | 656 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 746 |  |  | $ | 2,975 |  |  | $ | (3,121 | ) |  | $ | 600 |

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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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