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Acquisitions and Dispositions of Businesses | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions and Dispositions of Businesses | Acquisitions and Dispositions of Businesses Completed Acquisitions The Company completed two acquisitions during the year ended December 31, 2021 and six acquisitions during the year ended December 31, 2020. The following table includes the preliminary fair values of consideration transferred, assets acquired, and liabilities assumed as a result of the Company’s acquisitions (in millions):
| Year Ended December 31, 2021
Consideration transferred |
Cash | $ | 27 |
Deferred, contingent, and other consideration | 17 |
Aggregate consideration transferred | $ | 44 |
Assets acquired |
Goodwill | 17 |
Other intangible assets | 13 |
Other assets (1) | 26 |
Total assets acquired | 56 |
Liabilities assumed |
Total liabilities assumed | 12 |
Net assets acquired | $ | 44 |
(1) In the year ended December 31, 2021, cash and cash equivalents of $12 million and funds held on behalf of client of $1 million were acquired. Intangible assets acquired include customer-related and contract-based assets. The intangible assets acquired as part of business acquisitions in 2021 had a weighted average useful economic life of 9 years. Acquisition related costs for completed acquisitions incurred and recognized within Other general expense for the year ended December 31, 2021 were insignificant. The results of operations of these acquisitions are included in the Consolidated Financial Statements as of the respective acquisition dates. The Company’s results of operations would not have been materially different if these acquisitions had been reported from the beginning of the period in which they were acquired. 2021 Acquisitions On December 22, 2021, the Company completed the transaction to acquire 100% share capital of For Welfare S.r.l, a company focused on bancassurance programs in Italy. On September 1, 2021, the Company completed the transaction to acquire 51% of Aon India Insurance Brokers Limited (formerly known as Anviti Insurance Brokers Private Limited). Prior to the acquisition date, the Company accounted for its 49% interest in Anviti as an equity-method investment. The acquisition-date fair value of the previous equity interest was $15 million and is included in the measurement of consideration transferred. There was no significant impact as a result of remeasuring the carrying value of the Company’s prior equity interest in Anviti held before the business combination. 2020 Acquisitions On April 6, 2020, the Company completed the acquisition of 100% share capital of Farmington Administrative Services LLC, a U.S.-based national provider of enrollment solutions and voluntary benefits, and certain assets of other Farmington companies. On January 31, 2020, the Company completed the acquisition of 100% share capital of Cytelligence Inc., a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services, and cyber security training for employees to help organizations respond to cyber security threats and strengthen their security position. On January 3, 2020, the Company completed the acquisition of 100% share capital of CoverWallet, Inc., a U.S.-based digital insurance platform for small- and medium-sized businesses. On January 1, 2020, the Company completed the acquisition of 100% share capital of TRIUM GmbH Insurance Broker, an insurance broker based in Germany. On January 1, 2020, the Company completed the acquisition of 100% share capital of Assimedia SA, an insurance broker based in Switzerland. On January 1, 2020, the Company completed the acquisition of 100% share capital of Apollo Conseil et Courtage, an insurance broker based in France. Completed Dispositions The Company completed six dispositions during the year ended December 31, 2021, including the sale of Aon’s Retiree Health Exchange TM business. The Company completed one disposition during the year ended December 31, 2020 and eight dispositions during the year ended December 31, 2019. The pretax gains recognized related to dispositions were $142 million, $25 million, and $13 million for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. Gains recognized as a result of a disposition are included in Other income in the Consolidated Statements of Income. The pretax losses recognized in the Consolidated Statements of Income related to these dispositions were insignificant for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. Other Significant Activity On March 9, 2020, Aon and WTW, an Irish public limited company, entered into a business combination agreement (the “Business Combination Agreement”) with respect to a combination of the parties (the “Combination”). On July 26, 2021, Aon and WTW mutually agreed to terminate the Business Combination Agreement, (the “Termination Agreement”). Aon Corporation paid a $1 billion termination fee pursuant to the Termination Agreement. Refer to “Termination of Business Combination Agreement” within Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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