AON PLC, 10-Q filed on 5/1/2015
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2015
Document and Entity Information
 
Entity Registrant Name
Aon plc 
Entity Central Index Key
0000315293 
Document Type
10-Q 
Document Period End Date
Mar. 31, 2015 
Amendment Flag
false 
Current Fiscal Year End Date
--12-31 
Entity Current Reporting Status
Yes 
Entity Filer Category
Large Accelerated Filer 
Entity Common Stock, Shares Outstanding
281,733,504 
Document Fiscal Year Focus
2015 
Document Fiscal Period Focus
Q1 
Condensed Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenue
 
 
Commissions, fees and other
$ 2,842 
$ 2,941 
Fiduciary investment income
5 
6 
Total revenue
2,847 
2,947 
Expenses
 
 
Compensation and benefits
1,683 
1,751 
Other general expenses
723 
727 
Total operating expenses
2,406 
2,478 
Operating income
441 
469 
Interest income
3 
2 
Interest expense
(65)
(58)
Other income
42 
1 
Income before income taxes
421 
414 
Income taxes
80 
78 
Net income
341 
336 
Less: Net income attributable to noncontrolling interests
13 
11 
Net income attributable to Aon shareholders
$ 328 
$ 325 
Basic net income per share attributable to Aon shareholders
$ 1.15 
$ 1.07 
Diluted net income per share attributable to Aon shareholders
$ 1.14 
$ 1.06 
Cash dividends per share paid on ordinary shares
$ 0.25 
$ 0.18 
Weighted average ordinary shares outstanding - basic (in shares)
284.2 1
303.5 1
Weighted average ordinary shares outstanding - diluted (in shares)
287.1 
307.2 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
Net income
$ 341 
$ 336 
Less: Net income attributable to noncontrolling interests
13 
11 
Net income attributable to Aon shareholders
328 
325 
Other comprehensive (loss) income, net of tax:
 
 
Change in fair value of investments
(1)
1 
Change in fair value of derivatives
6 
9 
Foreign currency translation adjustments
(322)
16 
Post-retirement benefit obligation
23 
26 
Total other comprehensive (loss) income
(294)
52 
Less: Other comprehensive (loss) income attributable to noncontrolling interests
(1)
(2)
Total other comprehensive (loss) income attributable to Aon shareholders
(293)
54 
Comprehensive income attributable to Aon shareholders
$ 35 
$ 379 
Condensed Consolidated Statements of Financial Position (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 378 
$ 374 
Short-term investments
343 
394 
Receivables, net
2,672 
2,815 
Fiduciary assets
10,894 
11,638 
Other current assets
712 
602 
Total Current Assets
14,999 
15,823 
Goodwill
8,548 
8,860 
Intangible assets, net
2,410 
2,520 
Fixed assets, net
754 
765 
Other non-current assets
1,678 
1,804 
TOTAL ASSETS
28,389 
29,772 
CURRENT LIABILITIES
 
 
Fiduciary liabilities
10,894 
11,638 
Short-term debt and current portion of long-term debt
966 
783 
Accounts payable and accrued liabilities
1,391 
1,805 
Other current liabilities
865 
788 
Total Current Liabilities
14,116 
15,014 
Long-term debt
4,710 
4,799 
Pension, other post-retirement and post-employment liabilities
2,001 
2,141 
Other non-current liabilities
1,131 
1,187 
TOTAL LIABILITIES
21,958 
23,141 
EQUITY
 
 
Ordinary shares - $0.01 nominal value Authorized: 750 shares (issued: 2015 - 281.7; 2014 - 280.0)
3 
3 
Additional paid-in capital
5,177 
5,097 
Retained earnings
4,612 
4,605 
Accumulated other comprehensive loss
(3,427)
(3,134)
TOTAL AON SHAREHOLDERS' EQUITY
6,365 
6,571 
Noncontrolling interests
66 
60 
TOTAL EQUITY
6,431 
6,631 
TOTAL LIABILITIES AND EQUITY
$ 28,389 
$ 29,772 
Condensed Consolidated Statements of Financial Position (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Common stock, nominal or par value (in dollars per share)
$ 0.01 
$ 0.01 
Common stock, Authorized shares
750 
750 
Common stock, issued shares
281.7 
280.0 
Condensed Consolidated Statement of Shareholders' Equity (USD $)
In Millions, unless otherwise specified
Total
Ordinary Shares and Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Member]
Non-controlling Interests [Member]
Beginning Balance at Dec. 31, 2014
$ 6,631 
$ 5,100 
$ 4,605 
$ (3,134)
$ 60 
Beginning Balance (in shares) at Dec. 31, 2014
280.0 
280.0 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
Net income
341 
0 
328 
0 
13 
Shares issued - employee benefit plans (in shares)
 
0.2 
 
 
 
Shares issued - employee benefit plans
15 
15 
0 
0 
0 
Shares issued - employee compensation (in shares)
 
4.0 
 
 
 
Shares issued - employee compensation
(128)
(128)
0 
0 
0 
Shares purchased (in shares)
 
(2.5)
 
 
 
Shares purchased
(250)
0 
(250)
0 
0 
Tax benefit - employee benefit plans
102 
102 
0 
0 
0 
Share-based compensation expense
90 
90 
0 
0 
0 
Dividends to shareholders
(71)
0 
(71)
0 
0 
Net change in fair value of investments
(1)
0 
0 
(1)
0 
Net change in fair value of derivatives
6 
0 
0 
6 
0 
Net foreign currency translation adjustments
(322)
0 
0 
(321)
(1)
Net post-retirement benefit obligation
23 
0 
0 
23 
0 
Purchases of shares from noncontrolling interests
(4)
1 
0 
0 
(5)
Dividends paid to noncontrolling interests on subsidiary common stock
(1)
0 
0 
0 
(1)
Ending Balance at Mar. 31, 2015
$ 6,431 
$ 5,180 
$ 4,612 
$ (3,427)
$ 66 
Ending Balance (in shares) at Mar. 31, 2015
281.7 
281.7 
 
 
 
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
Net income
$ 341 
$ 336 
Adjustments to reconcile net income to cash provided by (used for) operating activities:
 
 
Gain from sales of businesses and investments, net
(19)
(5)
Depreciation of fixed assets
56 
60 
Amortization of intangible assets
80 
86 
Share-based compensation expense
90 
102 
Deferred income taxes
7 
10 
Change in assets and liabilities:
 
 
Fiduciary receivables
173 
165 
Short-term investments — funds held on behalf of clients
63 
(271)
Fiduciary liabilities
(236)
106 
Receivables, net
49 
13 
Accounts payable and accrued liabilities
(466)
(468)
Restructuring reserves
(13)
(40)
Current income taxes
27 
2 
Pension, other post-retirement and other post-employment liabilities
(66)
(128)
Other assets and liabilities
50 
21 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
136 
(11)
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
Proceeds from sale of long-term investments
3 
42 
Purchases of long-term investments
(1)
(10)
Net sales of short-term investments — non-fiduciary
42 
183 
Acquisition of businesses, net of cash acquired
(21)
(5)
Proceeds from sale of businesses
41 
1 
Capital expenditures
(62)
(55)
CASH PROVIDED BY INVESTING ACTIVITIES
2 
156 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
Share repurchase
(250)
(600)
Issuance of shares for employee benefit plans
48 
26 
Issuance of debt
870 
1,195 
Repayment of debt
(686)
(829)
Cash dividends to shareholders
(71)
(53)
(Purchases) sales of shares (from) to noncontrolling interests
(5)
1 
Dividends paid to noncontrolling interests
1 
0 
CASH USED FOR FINANCING ACTIVITIES
(95)
(260)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(39)
(24)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
4 
(139)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
374 
477 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
378 
338 
Supplemental disclosures:
 
 
Interest paid
63 
64 
Income taxes paid, net of refunds
$ 46 
$ 66 
Basis of Presentation
Basis of Presentation
Basis of Presentation
 
The accompanying unaudited Condensed Consolidated Financial Statements and Notes thereto have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").  The Condensed Consolidated Financial Statements include the accounts of Aon plc and all of its controlled subsidiaries ("Aon" or the "Company").  All intercompany accounts and transactions have been eliminated.  The Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly the Company's consolidated financial position, results of operations and cash flows for all periods presented.
 
Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.  These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.  The results for the three months ended March 31, 2015 are not necessarily indicative of operating results that may be expected for the full year ending December 31, 2015.
 
Reclassification

Certain amounts in prior years' Condensed Consolidated Financial Statements and related notes have been reclassified to conform to the 2015 presentation. In prior periods, long-term investments were included in Investments in the Condensed Consolidated Statement of Financial Position. These amounts are now included in Other non-current assets in the Condensed Consolidated Statement of Financial Position, as shown in Note 4 to these Condensed Consolidated Financial Statements. Long-term investments were $143 million at both March 31, 2015 and December 31, 2014.

Use of Estimates
 
The preparation of the accompanying Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of reserves and expenses. These estimates and assumptions are based on management's best estimates and judgments.  Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management believes its estimates to be reasonable given the current facts available.  Aon adjusts such estimates and assumptions when facts and circumstances dictate.  Illiquid credit markets, volatile equity markets, and foreign currency movements increase the uncertainty inherent in such estimates and assumptions.  As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.  Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
Accounting Principles and Practices
Accounting Principles and Practices
Accounting Principles and Practices
 
New Accounting Pronouncements

Debt Issuance Costs

In April 2015, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on the presentation of debt issuance costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The new guidance will be applied on a retrospective basis and is effective for the Company in the first quarter of 2016. The adoption of this guidance is not expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

Consolidations

In February 2015, the FASB issued new accounting guidance on consolidations, which eliminates the deferral granted to investment companies from applying the variable interest entities ("VIEs") guidance and makes targeted amendments to the current consolidation guidance. The new guidance applies to all entities involved with limited partnerships or similar entities and will require re-evaluation of these entities under the revised guidance, which could change previous consolidation conclusions. The guidance is effective for the Company in the first quarter of 2016. The impact from the adoption of this guidance on the Company's Condensed Consolidated Financial Statements cannot be determined at this time.
 
Revenue Recognition

In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP.  The core principal of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance is effective for Aon in the first quarter of 2017 and early adoption is not permitted. The guidance permits two methods of transition upon adoption; full retrospective and modified retrospective. Under the full retrospective method, prior periods would be restated under the new revenue standard, providing a comparable view across all periods presented. Under the modified retrospective method, prior periods would not be restated. Rather, revenues and other disclosures for pre-2017 periods would be provided in the notes to the financial statements as previously reported under the current revenue standard. The impact from the adoption of this guidance on the Company's Condensed Consolidated Financial Statements cannot be determined at this time. The Company is also determining the appropriate method of transition to the guidance.

Discontinued Operations

In April 2014, the FASB issued new accounting guidance that increased the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance was effective for Aon in the first quarter of 2015. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated Financial Statements.
Cash and Cash Equivalents and Short-term Investments
Cash and Cash Equivalents and Short-term Investments
Cash and Cash Equivalents and Short-term Investments
 
Cash and cash equivalents include cash balances and all highly liquid investments with initial maturities of three months or less.  Short-term investments include certificates of deposit, money market funds and highly liquid debt instruments purchased with initial maturities in excess of three months but less than one year and are carried at amortized cost, which approximates fair value.
 
At March 31, 2015, Cash and cash equivalents and Short-term investments were $721 million compared to $768 million at December 31, 2014. Of the total balance, $127 million and $169 million was restricted as to its use at March 31, 2015 and December 31, 2014, respectively. Included within that amount, the Company is required to hold £40.5 million of operating funds in the U.K. by the Financial Conduct Authority, a U.K.-based regulator, which were included in Short-term investments.  These operating funds, when translated to U.S. dollars, were equal to $60 million and $63 million at March 31, 2015 and December 31, 2014, respectively. In addition, Cash and cash equivalents included additional restricted balances of $67 million and $106 million at March 31, 2015 and December 31, 2014, respectively. The restricted balances primarily relate to cash required to be held as collateral.
Other Financial Data
Other Financial Data
Other Financial Data
 
Condensed Consolidated Statements of Income Information

Other Income

Other income consists of the following (in millions):
 
Three months ended March 31,
 
2015
 
2014
Foreign currency remeasurement gain
$
24

 
$
19

Gain on disposal of business
19

 
—

Equity earnings
2

 
5

Loss on investments
(2
)
 
(1
)
Derivative loss
(1
)
 
(23
)
Other
—

 
1

Total
$
42

 
$
1



Condensed Consolidated Statements of Financial Position Information

Allowance for Doubtful Accounts

An analysis of the allowance for doubtful accounts is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Balance at beginning of period
$
74

 
$
90

Provision charged to operations
8

 
4

Accounts written off, net of recoveries
(9
)
 
(5
)
Foreign currency translation
(3
)
 
—

Balance at end of period
$
70

 
$
89



Other Current Assets

The components of Other current assets are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Taxes receivable
$
218

 
$
99

Deferred tax assets
206

 
212

Prepaid expenses
158

 
164

Deferred project costs
108

 
102

Other
22

 
25

Total
$
712

 
$
602


Other Non-Current Assets

The components of Other non-current assets are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Prepaid pension
$
897

 
$
933

Deferred project costs
237

 
250

Deferred tax assets
146

 
144

Investments
143

 
143

Taxes receivable
57

 
101

Other
198

 
233

Total
$
1,678

 
$
1,804

 
Other Current Liabilities

The components of Other current liabilities are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Deferred revenue
$
410

 
$
408

Taxes payable
89

 
64

Deferred tax liabilities
2

 
2

Other
364

 
314

Total
$
865

 
$
788



Other Non-Current Liabilities

The components of Other non-current liabilities are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Deferred tax liabilities
$
307

 
$
313

Taxes payable
201

 
210

Deferred revenue
186

 
167

Leases
172

 
184

Compensation and benefits
55

 
57

Other
210

 
256

Total
$
1,131

 
$
1,187

Acquisitions and Dispositions
Acquisitions and Dispositions
Acquisitions and Dispositions
 
Acquisitions
 
During the three months ended March 31, 2015, the Company completed the acquisition of one business in the Risk Solutions segment and one business in the HR Solutions segment. During the three months ended March 31, 2014, the Company completed the acquisition of one business in the Risk Solutions segment and one business in the HR Solutions segment.

The following table includes the aggregate consideration transferred and the preliminary value of intangible assets recorded as a result of the Company's acquisitions (in millions):
 
 
Three months ended March 31,
 
 
2015
 
2014
Consideration
 
$
21

 
$
5

Intangible assets:
 
 

 
 

Goodwill
 
$
16

 
$
4

Other intangible assets
 
1

 
4

     Total
 
$
17

 
$
8


 
The results of operations of these acquisitions are included in the Condensed Consolidated Financial Statements as of the acquisition date.  The results of operations of the Company would not have been materially different if these acquisitions had been reported from the beginning of the period in which they were acquired.

Dispositions
 
During the three months ended March 31, 2015, the Company completed the disposition of one business in the Risk Solutions segment and one business in the HR Solutions segment. A pretax gain of $19 million was recognized on these dispositions in the three months ended March 31, 2015, which is included in Other income in the Condensed Consolidated Statements of Income. During the three months ended March 31, 2014, the Company completed the disposition of one business in the Risk Solutions segment.  A pretax gain of $1 million was recognized on this disposition in the three months ended March 31, 2014, which is included in Other income in the Condensed Consolidated Statements of Income.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
 
The changes in the net carrying amount of goodwill by reportable segment for the three months ended March 31, 2015 are as follows (in millions):
 
Risk
Solutions
 
HR
Solutions
 
Total
Balance as of January 1, 2015
$
5,911

 
$
2,949

 
$
8,860

Goodwill related to current year acquisitions
1

 
15

 
16

Goodwill related to disposals
—

 
(13
)
 
(13
)
Foreign currency translation
(284
)
 
(31
)
 
(315
)
Balance as of March 31, 2015
$
5,628

 
$
2,920

 
$
8,548


Other intangible assets by asset class are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
Intangible assets with indefinite lives:
 

 
 

 
 

 
 

 
 

 
 

Tradenames
$
1,019

 
$
—

 
$
1,019

 
$
1,019

 
$
—

 
$
1,019

 
 
 
 
 
 
 
 
 
 
 
 
Intangible assets with finite lives:
 

 
 

 
 

 
 

 
 

 
 

Customer related and contract based
2,894

 
1,616

 
1,278

 
2,952

 
1,579

 
1,373

Technology and other
548

 
435

 
113

 
571

 
443

 
128

 Total
$
4,461

 
$
2,051

 
$
2,410

 
$
4,542

 
$
2,022

 
$
2,520



Amortization expense from finite lived intangible assets was $80 million and $86 million for the three months ended March 31, 2015 and 2014, respectively.
 
The estimated future amortization for finite lived intangible assets as of March 31, 2015 is as follows (in millions):
 
Risk Solutions
 
HR Solutions
 
Total
Remainder of 2015
$
80

 
$
154

 
$
234

2016
99

 
172

 
271

2017
90

 
137

 
227

2018
78

 
91

 
169

2019
69

 
73

 
142

Thereafter
185

 
163

 
348

 Total
$
601

 
$
790

 
$
1,391

Debt
Debt
Debt

Revolving Credit Facilities

As of December 31, 2014, Aon plc had two primary committed credit facilities outstanding: its $400 million U.S. credit facility expiring in March 2017 (the "2017 Facility") and its €650 million ($707 million based on exchange rates at March 31, 2015) European credit facility expiring in October 2015 (the "2015 Facility"). Aon Corporation entered into the 2015 Facility on October 15, 2010 (Aon plc became a borrower under such facility on April 29, 2013) and Aon plc entered into the 2017 Facility on March 20, 2012. On February 2, 2015, Aon plc replaced the 2015 Facility with a new $900 million multi-currency U.S. credit facility expiring in February 2020 (the "2020 Facility"). Each of these facilities included customary representations, warranties and covenants, including financial covenants that require Aon plc to maintain specified ratios of adjusted consolidated EBITDA to consolidated interest expense and consolidated debt to adjusted consolidated EBITDA, in each case, tested quarterly. At March 31, 2015, Aon plc had no borrowings under, and was in compliance with these financial covenants and all other covenants contained in, the 2017 Facility and 2020 Facility during the three months ended March 31, 2015.

Commercial Paper

Aon Corporation, a wholly-owned subsidiary of Aon plc, has established a U.S. commercial paper program, which provides for commercial paper to be issued in an aggregate principal amount of up to $900 million, and Aon plc has established a European multi-currency commercial paper program that provides for commercial paper to be issued in an aggregate principal amount of up to €300 million. The U.S. commercial paper program is fully and unconditionally guaranteed by Aon plc and the European commercial paper program is fully and unconditionally guaranteed by Aon Corporation. In the aggregate, the Company had $355 million and $168 million of commercial paper outstanding at March 31, 2015 and December 31, 2014, respectively, which was included in Short-term debt and current portion of long-term debt in the Company's Condensed Consolidated Statements of Financial Position. The weighted average commercial paper outstanding for the three months ended March 31, 2015 was $317 million. The weighted average interest rate of the commercial paper outstanding for the three months ended March 31, 2015 was 0.50%.
Income Taxes
Income Taxes
Income Taxes
 
The effective tax rate on net income was 19.1% and 18.9% for the three months ended March 31, 2015, and 2014, respectively. The effective tax rate in the first quarter of 2015 was unfavorably impacted by a change in the geographical distribution of income, partially offset by the impact of certain discrete items.

During the three months ended March 31, 2015, the Company's uncertain tax positions decreased by $19 million, excluding interest and penalties, as compared to the year ended December 31, 2014. The decrease in uncertain tax positions was primarily related to the settlement of certain issues related to the IRS audit for tax years 2008-2011. As of March 31, 2015, the Company's liability for uncertain tax positions was $186 million, which was included in Other non-current liabilities in the Condensed Consolidated Statement of Financial Position, including interest and penalties of $25 million and net of $11 million of tax attributes.

The Company's liability for uncertain tax positions as of March 31, 2015 includes $133 million related to amounts that would impact the effective tax rate if recognized.
Shareholders' Equity
Shareholders' Equity
Shareholders' Equity
 
Ordinary Shares
 
In April 2012, the Company's Board of Directors authorized a share repurchase program under which up to $5.0 billion of Class A Ordinary Shares may be repurchased ("2012 Share Repurchase Program"). In November 2014, the Company's Board of Directors authorized a new $5.0 billion share repurchase program in addition to the existing program ("2014 Share Repurchase Program"). Under each program, shares may be repurchased through the open market or in privately negotiated transactions, from time to time, based on prevailing market conditions, and will be funded from available capital.
 
In the three months ended March 31, 2015, the Company repurchased 2.5 million shares at an average price per share of $100.15 for a total cost of approximately $250 million under the 2012 Share Repurchase Program. In the three months ended March 31, 2014, the Company repurchased 7.2 million shares at an average price per share of $83.45 for a total cost of $600 million under the 2012 Share Repurchase Program. The remaining authorized amount for share repurchase under the 2012 Share Repurchase Program and 2014 Share Repurchase Program is $5.4 billion. Since the program's inception in 2012, the Company repurchased a total of 64.6 million shares for an aggregate cost of $4.6 billion.
 
Net Income Per Share
 
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities, as defined, and therefore, should be included in computing basic and diluted earnings per share using the two class method.  Certain of the Company's restricted share awards allow the holder to receive a non-forfeitable dividend equivalent.
 
Net income, attributable to participating securities was $2 million and $3 million in the three months ended March 31, 2015 and 2014, respectively.

Weighted average shares outstanding are as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Shares for basic earnings per share (1) 
284.2

 
303.5

Common stock equivalents
2.9

 
3.7

Shares for diluted earnings per share
287.1

 
307.2

   ______________________________________________
(1) Includes 2.5 million and 3.4 million of participating securities for the three months ended March 31, 2015 and 2014, respectively.
 
Certain ordinary share equivalents may be excluded from the computation of diluted net income per share if their inclusion would be antidilutive. There were no shares excluded from the calculation for the three months ended March 31, 2015 and 2014, respectively.
 
Accumulated Other Comprehensive Loss
 
Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions):
 
Change in Fair Value of Investments (1)
 
Change in Fair Value of Derivatives (1)
 
Foreign Currency Translation Adjustments
 
Post-Retirement Benefit Obligation (2)
 
Total
Balance at December 31, 2014
$
—

 
$
(17
)
 
$
(335
)
 
$
(2,782
)
 
$
(3,134
)
Other comprehensive (loss) income before reclassifications, net
(1
)
 
(1
)
 
(321
)
 
3

 
(320
)
Amounts reclassified from accumulated other comprehensive loss:
 
 


 


 


 


Amounts reclassified from accumulated other comprehensive loss
—

 
11

 
—

 
29

 
40

Tax benefit
—

 
(4
)
 
—

 
(9
)
 
(13
)
Amounts reclassified from accumulated other comprehensive loss, net
—

 
7

 
—

 
20

 
27

Net current period other comprehensive (loss) income
(1
)
 
6

 
(321
)
 
23

 
(293
)
Balance at March 31, 2015
$
(1
)
 
$
(11
)
 
$
(656
)
 
$
(2,759
)
 
$
(3,427
)
______________________________________________
(1) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income.
(2) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Compensation and benefits.
Employee Benefits
Employee Benefits
Employee Benefits
 
The following table provides the components of the net periodic benefit cost recognized in the Condensed Consolidated Statements of Income in Compensation and benefits for Aon's material U.K., U.S., and other significant international pension plans located in the Netherlands and Canada (in millions):
 
Three months ended March 31,
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Service cost
$
—

 
$
—

 
$
1

 
$
—

 
$
—

 
$
—

Interest cost
49

 
58

 
33

 
32

 
8

 
12

Expected return on plan assets
(75
)
 
(82
)
 
(39
)
 
(39
)
 
(12
)
 
(15
)
Amortization of net actuarial loss
10

 
13

 
14

 
10

 
3

 
2

Net periodic (benefit) cost
(16
)
 
(11
)
 
9

 
3

 
(1
)
 
(1
)
Curtailment loss (gain) and other
—

 
—

 
(1
)
 
1

 
—

 
(3
)
Total net periodic (benefit) cost
$
(16
)

$
(11
)

$
8


$
4


$
(1
)

$
(4
)


Based on current assumptions, in 2015, the Company expects to contribute approximately $65 million, $132 million, and $23 million to its U.K., U.S. and other significant international pension plans, respectively. During the three months ended March 31, 2015, contributions of $19 million, $34 million, and $4 million were made to the Company's U.K., U.S. and other significant international pension plans, respectively. During the three months ended March 31, 2014, contributions of $65 million, $40 million, and $12 million were made to the Company's U.K., U.S. and other significant international pension plans, respectively.
Share-Based Compensation Plans
Share-Based Compensation Plans
Share-Based Compensation Plans
 
The following table summarizes share-based compensation expense recognized in the Condensed Consolidated Statements of Income in Compensation and benefits (in millions):
 
Three months ended March 31,
 
2015
 
2014
Restricted share units ("RSUs")
$
65

 
$
60

Performance share awards ("PSAs")
21

 
39

Share options
—

 
—

Employee share purchase plans
4

 
3

Total share-based compensation expense
$
90

 
$
102


 
Restricted Share Units
 
A summary of the status of the Company's RSUs is as follows (shares in thousands):
 
Three months ended March 31,
 
2015
 
2014
 
Shares
 
Fair Value (1)
 
Shares
 
Fair Value (1)
Non-vested at beginning of period
8,381

 
$
63

 
9,759

 
$
51

Granted
957

 
97

 
1,146

 
83

Vested
(1,714
)
 
59

 
(1,950
)
 
51

Forfeited
(49
)
 
64

 
(125
)
 
50

Non-vested at end of period
7,575

 
69

 
8,830

 
56

 ______________________________________________
(1)
Represents per share weighted average fair value of award at date of grant.

Performance Share Awards

The vesting of PSAs is contingent upon meeting a cumulative level of earnings per share performance over a three-year period. The performance conditions are not considered in the determination of the grant date fair value for these awards. The fair value of PSAs is based upon the market price of an Aon ordinary share at the date of grant. Compensation expense is recognized over the performance period based on management's estimate of the number of units expected to vest. Compensation expense is adjusted to reflect the actual number of shares issued at the end of the programs. The actual issue of shares may range from 0-200% of the target number of PSAs granted, based on the terms of the plan and level of achievement of the related performance target. Dividend equivalents are not paid on PSAs.

Information as of March 31, 2015 regarding the Company's target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the three months ended March 31, 2015 and the years ended December 31, 2014 and 2013, respectively, is as follows (shares in thousands, dollars in millions, except fair value):
 
2015
 
2014
 
2013
Target PSAs granted during period
978

 
816

 
1,135

Weighted average fair value per share at date of grant
$
96

 
$
81

 
$
58

Number of shares that would be issued based on current performance levels
978

 
1,201

 
2,197

Unamortized expense, based on current performance levels
$
93

 
$
61

 
$
34


 
Share Options
 
The Company did not grant any share options during either the three months ended March 31, 2015 or 2014.
 
A summary of the status of the Company's share options and related information is as follows (shares in thousands):
 
Three months ended March 31,
 
2015
 
2014
 
Shares
 
Weighted- Average
Exercise Price
 
Shares
 
Weighted- Average
Exercise Price
Beginning outstanding
2,300

 
$
32

 
3,462

 
$
32

Granted
—

 
—

 
—

 
—

Exercised
(1,293
)
 
26

 
(416
)
 
33

Forfeited and expired
(9
)
 
36

 
(2
)
 
36

Outstanding at end of period
998

 
39

 
3,044

 
32

Exercisable at end of period
998

 
39

 
2,928

 
32


 
The weighted average remaining contractual life, in years, of outstanding options was 2.7 years and 2.0 years at March 31, 2015 and 2014, respectively.
 
The aggregate intrinsic value represents the total pretax intrinsic value, based on options with an exercise price less than the Company's closing share price of $96.12 as of March 31, 2015, which would have been received by the option holders had those option holders exercised their options as of that date.  At March 31, 2015, the aggregate intrinsic value of options outstanding was $57 million, all of which were exercisable.
 
Other information related to the Company's share options is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Aggregate intrinsic value of stock options exercised
$
94

 
$
21

Cash received from the exercise of stock options
34

 
14

Tax benefit realized from the exercise of stock options
34

 
6


 
Unamortized deferred compensation expense, which includes both options and awards, amounted to $267 million as of March 31, 2015, with a remaining weighted-average amortization period of approximately 1.8 years.
Derivatives and Hedging
Derivatives and Hedging
Derivatives and Hedging
 
The Company is exposed to market risks, including changes in foreign currency exchange rates and interest rates.  To manage the risk related to these exposures, the Company enters into various derivative instruments that reduce these risks by creating offsetting exposures.  The Company does not enter into derivative transactions for trading or speculative purposes.
 
Foreign Exchange Risk Management
 
The Company is exposed to foreign exchange risk when it earns revenues, pays expenses, or enters into monetary intercompany transfers denominated in a currency that differs from its functional currency, or other transactions that are denominated in a currency other than its functional currency.  The Company uses foreign exchange derivatives, typically forward contracts, options and cross currency swaps, to reduce its overall exposure to the effects of currency fluctuations on cash flows.  These exposures are hedged, on average, for less than two years. These derivatives are accounted for as hedges, and changes in fair value are recorded each period in Other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income.
 
The Company also uses foreign exchange derivatives, typically forward contracts and options to economically hedge the currency exposure of the Company's global liquidity profile, including monetary assets or liabilities that are denominated in a non-functional currency of an entity, typically in a rolling 30 day basis, but may be for up to one year in the future. These derivatives are not accounted for as hedges, and changes in fair value are recorded each period in Other income in the Condensed Consolidated Statements of Income.
 
Interest Rate Risk Management
 
The Company holds variable-rate short-term brokerage and other operating deposits. The Company uses interest rate derivatives, typically swaps, to reduce its exposure to the effects of interest rate fluctuations on the forecasted interest receipts from these deposits for up to two years in the future.
 
Certain derivatives also give rise to credit risks from the possible non-performance by counterparties.  The credit risk at the balance sheet date is generally limited to the fair value of those contracts that are favorable to the Company.  The Company has reduced its credit risk by (1) using International Swaps and Derivatives Association master agreements, collateral and credit support arrangements, (2) entering into non-exchange-traded derivatives with highly-rated major financial institutions and (3) using exchange-traded instruments.  The Company monitors the creditworthiness of, and exposure to, its counterparties.  As of March 31, 2015, all net derivative positions were free of credit risk contingent features.  The Company had not received or pledged any collateral related to derivative arrangements as of March 31, 2015.
 
The notional and fair values of derivative instruments are as follows (in millions):
 
Notional Amount
 
Derivative Assets (1)
 
Derivative Liabilities (2)
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
919

 
1,200

 
59

 
46

 
79

 
58

   Total
919

 
1,200

 
59

 
46

 
79

 
58

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts (3)
181

 
165

 
—

 
—

 
—

 
—

   Total
$
1,100

 
$
1,365

 
$
59

 
$
46

 
$
79

 
$
58

______________________________________________
(1)
Included within Other current assets ($38 million at March 31, 2015 and $24 million at December 31, 2014) or Other non-current assets ($21 million at March 31, 2015 and $22 million at December 31, 2014).
(2)
Included within Other current liabilities ($66 million at March 31, 2015 and $52 million at December 31, 2014) or Other non-current liabilities ($13 million at March 31, 2015 and $6 million at December 31, 2014).
(3)
These contracts typically are for 30 day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.

Offsetting of financial assets and derivatives assets are as follows (in millions):
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Assets Presented in the Statement of Financial Position (1)
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
59

 
46

 
(32
)
 
(14
)
 
27

 
32

   Total
59

 
46

 
(32
)
 
(14
)
 
27

 
32

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts
—

 
—

 
—

 
—

 
—

 
—

   Total
$
59

 
$
46

 
$
(32
)
 
$
(14
)
 
$
27

 
$
32

______________________________________________
(1) Included within Other current assets ($15 million at March 31, 2015 and $12 million at December 31, 2014) or Other non-current assets ($12 million at March 31, 2015 and $20 million at December 31, 2014).

Offsetting of financial liabilities and derivative liabilities are as follows (in millions):
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Liabilities Presented in the Statement of Financial Position (1)
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
79

 
58

 
(32
)
 
(14
)
 
47

 
44

   Total
79

 
58

 
(32
)
 
(14
)
 
47

 
44

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts
—

 
—

 
—

 
—

 
—

 
—

   Total
$
79

 
$
58

 
$
(32
)
 
$
(14
)
 
$
47

 
$
44


______________________________________________
(1) Included within Other current liabilities ($42 million at March 31, 2015 and $40 million at December 31, 2014) or Other non-current liabilities ($5 million at March 31, 2015 and $4 million at December 31, 2014).

The amounts of derivative gains (losses) recognized in the Condensed Consolidated Financial Statements for the three months ended March 31, 2015 and 2014 are as follows (in millions):
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) recognized in Accumulated Other Comprehensive Loss:


 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
5

 
(2
)
 
—

 
(4
)
 
(1
)
Total
 
$
5

 
$
(2
)
 
$
—

 
$
(4
)
 
$
(1
)

Three Months Ended March 31, 2014
 
 
 
 
 
 
 
 
 
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) recognized in Accumulated Other Comprehensive Loss:


 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
11

 
—

 
—

 
(19
)
 
(8
)
Total
 
$
11

 
$
—

 
$
—

 
$
(19
)
 
$
(8
)

Three Months Ended March 31, 2015
 
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
(1
)
 
$
—

 
$
(1
)
Foreign exchange contracts
 
—

 
—

 
(2
)
 
(8
)
 
(10
)
Total
 
$
—

 
$
—

 
$
(3
)
 
$
(8
)
 
$
(11
)

Three Months Ended March 31, 2014
 
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
(3
)
 
—

 
—

 
(18
)
 
(21
)
Total
 
$
(3
)
 
$
—

 
$
—

 
$
(18
)
 
$
(21
)


The Company estimates that approximately $4 million of pretax losses currently included within Accumulated other comprehensive loss will be reclassified into earnings in the next twelve months.
 
The amount of gain (loss) recognized in income on the ineffective portion of derivatives for the three months ended March 31, 2015 and 2014 was not material.
 
During the three months ended March 31, 2015 and 2014, the Company recorded a gain of $7 million and a loss of $5 million, respectively, in Other income for foreign exchange derivatives not designated or qualifying as hedges.
Fair Value Measurements and Financial Instruments
Fair Value Measurements and Financial Instruments
Fair Value Measurements and Financial Instruments
 
Accounting standards establish a three tier fair value hierarchy that prioritizes the inputs used in measuring fair values as follows:
 
•
Level 1 — observable inputs such as quoted prices for identical assets in active markets;
•
Level 2 — inputs other than quoted prices for identical assets in active markets, that are observable either directly or indirectly; and
•
Level 3 — unobservable inputs in which there is little or no market data which requires the use of valuation techniques and the development of assumptions.

The following methods and assumptions are used to estimate the fair values of the Company's financial instruments:
 
Money market funds and highly liquid debt securities are carried at cost and amortized cost, respectively, as an approximation of fair value. Based on market convention, the Company considers cost a practical and expedient measure of fair value.
 
Equity investments consist of domestic and international equity securities valued using the closing stock price on a national securities exchange. The Company reviews the listing of Level 1 equity securities in the portfolio and agrees the closing stock prices to a national securities exchange, and on a sample basis, independently verifies the observable inputs for Level 2 equity securities.
 
Fixed income investments consist of corporate and government bonds. Corporate and government bonds are valued by pricing vendors who estimate fair value using recently executed transactions and proprietary models based on observable inputs, such as interest rate spreads, yield curves and credit risk. The Company obtains a detailed understanding of the models, inputs, and assumptions used in developing prices provided by its vendors. This understanding includes discussions with valuation resources at the vendor. During these discussions, the Company uses a fair value measurement questionnaire, which is part of the Company's internal controls over financial reporting, to obtain the information necessary to assert the model, inputs and assumptions used to comply with U.S. GAAP, including disclosure requirements. The Company also obtains observable inputs from the pricing vendor and independently verifies the observable inputs, as well as assesses assumptions used for reasonableness based on relevant market conditions and internal Company guidelines. If an assumption is deemed unreasonable, based on the Company's guidelines, it is then reviewed by management and the fair value estimate provided by the vendor is adjusted, if deemed appropriate. These adjustments do not occur frequently and have historically not been material to the fair value estimates used in the Condensed Consolidated Financial Statements.
 
Derivatives are carried at fair value, based upon industry standard valuation techniques that use, where possible, current market-based or independently sourced pricing inputs, such as interest rates, currency exchange rates, or implied volatilities.
 
Debt is carried at outstanding principal balance, less any unamortized discount or premium. Fair value is based on quoted market prices or estimates using discounted cash flow analyses based on current borrowing rates for similar types of borrowing arrangements.
 
The following tables present the categorization of the Company's assets and liabilities that are measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014 (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at March 31, 2015
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets:
 

 
 

 
 

 
 

Money market funds and highly liquid debt securities (1)
$
1,787

 
$
1,787

 
$
—

 
$
—

Other investments:
 

 
 

 
 

 
 

Corporate bonds
1

 
—

 
—

 
1

Government bonds
6

 
—

 
6

 
—

Equity investments
10

 
6

 
4

 
—

Derivatives:
 

 
 

 
 

 
 

Interest rate contracts
—

 
—

 
—

 
—

Foreign exchange contracts
59

 
—

 
59

 
—

Liabilities:
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Foreign exchange contracts
79

 
—

 
79

 
—

  ______________________________________________
(1) Includes $1,787 million of money market funds that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity. 
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2014
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets:
 

 
 

 
 

 
 

Money market funds and highly liquid debt securities (1)
$
1,850

 
$
1,850

 
$
—

 
$
—

Other investments:
 

 
 

 
 

 
 

Corporate bonds
1

 
—

 
—

 
1

Government bonds
6

 
—

 
6

 
—

Equity investments
11

 
6

 
5

 
—

Derivatives:
 

 
 

 
 

 
 

Interest rate contracts
—

 
—

 
—

 
—

Foreign exchange contracts
46

 
—

 
46

 
—

Liabilities:
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Foreign exchange contracts
58

 
—

 
58

 
—

  ______________________________________________
(1)  Includes $1,850 million of money market funds that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity. 
 
There were no transfers of assets or liabilities between fair value hierarchy levels in either the three months ended March 31, 2015 or 2014. The Company recognized no realized or unrealized gains or losses in the Condensed Consolidated Statements of Income during either the three months ended March 31, 2015 or 2014, related to assets and liabilities measured at fair value using unobservable inputs.
 
The fair value of Long-term debt is classified as Level 2 of the fair value hierarchy. The following table discloses the Company's financial instruments where the carrying amounts and fair values differ (in millions):
 
March 31, 2015
 
December 31, 2014
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt
$
4,710

 
$
5,259

 
$
4,799

 
$
5,268

Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
 
Legal
 
Aon and its subsidiaries are subject to numerous claims, tax assessments, lawsuits and proceedings that arise in the ordinary course of business, which frequently include errors and omissions ("E&O") claims. The damages claimed in these matters are or may be substantial, including, in many instances, claims for punitive, treble or extraordinary damages. Aon has historically purchased E&O insurance and other insurance to provide protection against certain losses that arise in such matters. Aon has exhausted or materially depleted its coverage under some of the policies that protect the Company and, consequently, is self-insured or materially self-insured for some claims. Accruals for these exposures, and related insurance receivables, when applicable, are included in the Condensed Consolidated Statements of Financial Position and have been recognized in Other general expenses in the Condensed Consolidated Statements of Income to the extent that losses are deemed probable and are reasonably estimable. These amounts are adjusted from time to time as developments warrant. Matters that are not probable and estimable are not accrued for in the financial statements. Included in the matters described below are matters in which (1) loss is probable (2) loss is reasonably possible; that is, more than remote but not probable or (3) there exists the reasonable possibility of loss greater than the accrued amount. The reasonably possible range of loss for the matters described below, in excess of amounts that are deemed probable and estimable and therefore already accrued, is estimated to be between $0 and $0.6 billion, exclusive of any insurance coverage. These estimates are based on currently available information. As available information changes, the matters for which Aon is able to estimate will change, and the estimates themselves will change. In addition, many estimates involve significant judgment and uncertainty. For example, at the time of making an estimate, Aon may only have limited information about the facts underlying the claim, and predictions and assumptions about future court rulings and outcomes may prove to be inaccurate.

Although management at present believes that the ultimate outcome of all matters described below, individually or in the aggregate, will not have a material adverse effect on the consolidated financial position of Aon, legal proceedings are subject to inherent uncertainties and unfavorable rulings or other events. Unfavorable resolutions could include substantial monetary or punitive damages imposed on Aon or its subsidiaries. If unfavorable outcomes of these matters were to occur, future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected.
 
A predecessor of a retail insurance brokerage subsidiary of Aon provided insurance brokerage services to Northrop Grumman Corporation ("Northrop"). This subsidiary placed Northrop's property insurance program for the period covering 2005. Northrop suffered a substantial loss in August 2005 when Hurricane Katrina damaged Northrop's shipbuilding facilities in the Gulf States. Northrop's excess insurance carrier, Factory Mutual Insurance Company ("Factory Mutual"), denied coverage for storm surge damage pursuant to a flood exclusion in the excess policy. Northrop sued Factory Mutual in the United States District Court for the Central District of California. The district court granted summary judgment in Northrop's favor in August 2007. In August 2008, the United State Court of Appeals for the Ninth Circuit reversed the district court's ruling and held that the flood exclusion applied to storm surge damage. Northrop thereafter sought to join Aon's subsidiary as a defendant in the action against Factory Mutual, asserting that if Northrop's policy with Factory Mutual does not cover the Northrop storm surge losses, then the Aon subsidiary will be responsible for Northrop's losses. In August 2010, the court granted in large part Factory Mutual's motion for partial summary judgment regarding the applicability of the flood exclusion and denied Northrop's motion to add the Aon subsidiary as a defendant in the federal lawsuit. On January 27, 2011, Northrop filed suit against the Aon subsidiary in the Superior Court of the State of California, County of Los Angeles, asserting claims for negligence, breach of contract and negligent misrepresentation. Northrop later settled its claims with Factory Mutual. In January 2014, Northrop filed an amended complaint, adding additional claims against the Aon subsidiary for intentional misrepresentation and concealment. Northrop seeks compensatory damages of approximately $340 million, which includes prejudgment interest and attorneys' fees, and punitive damages that are a multiple of the compensatory damages sought. Aon asserts several defenses (which it believes to be meritorious), including, but not limited to, that it committed no error or omission in placing the Factory Mutual excess policy for Northrop and that Northrop did not suffer any damages as a result of Aon's conduct. Aon intends to vigorously defend itself against these claims.

Another retail insurance brokerage subsidiary of Aon was sued on September 14, 2010 in the Chancery Court for Davidson County, Tennessee Twentieth Judicial District, at Nashville by a client, Opry Mills Mall Limited Partnership ("Opry Mills") that sustained flood damage to its property in May 2010. The lawsuit seeks $200 million in coverage from numerous insurers with whom this Aon subsidiary placed the client's property insurance coverage. The insurers contend that only $50 million in coverage (which has already been paid) is available for the loss because the flood event occurred on property in a high hazard flood zone. Opry Mills is seeking full coverage from the insurers for the loss and has sued this Aon subsidiary in the alternative for the same $150 million difference on various theories of professional liability if the court determines there is not full coverage. In addition, Opry Mills seeks prejudgment interest, attorneys' fees and enhanced damages which could substantially increase Aon's exposure. In March 2015, the trial court granted partial summary judgment in favor of plaintiffs
and against the insurers, holding generally that the plaintiffs are entitled to $200 million in coverage under the language of the policies. Aon understands that the insurers intend to appeal this trial court decision. Aon believes it has meritorious defenses and intends to vigorously defend itself against these claims.
 
A pensions consulting and administration subsidiary of Hewitt before its acquisition by Aon provided advisory services to the Trustees of the Philips UK pension fund and the relevant employer of fund beneficiaries. On January 2, 2014, Philips Pension Trustees Limited and Philips Electronics UK Limited (together, "Philips") sued Aon in the High Court, Chancery Division, London alleging negligence and breach of duty. The proceedings assert Philips' right to claim damages related to Philips' use of a credit default swap hedging strategy pursuant to the supply of the advisory services, which is said to have resulted in substantial damages to Philips. Philips is seeking approximately £189 million ($281 million at March 31, 2015 exchange rates), plus interest and costs. Aon believes that it has meritorious defenses and intends to vigorously defend itself against these allegations.

On June 1, 2007, the International Road Transport Union ("IRU") sued Aon in the Geneva Tribunal of First Instance in Switzerland. IRU alleges, among other things, that, between 1995 and 2004, a predecessor of Aon and, later, an Aon subsidiary (1) accepted commissions for certain insurance placements that violated a fee agreement entered between the parties and (2) negligently failed to ask certain insurance carriers to contribute to the IRU's risk management costs.  IRU seeks damages of approximately CHF 46 million ($48 million at March 31, 2015 exchange rates) and $3 million, plus legal fees and interest of approximately $30 million. On December 2, 2014, the Geneva Tribunal of First Instance entered a judgment that accepted some, and rejected other, of IRU's claims. The judgment awarded IRU CHF 16.8 million ($17 million at March 31, 2015 exchange rates) and $3.1 million, plus interest and adverse costs. The entire amount of the judgment, including interest through December 31, 2014, totals CHF 27.9 million ($29 million at March 31, 2015 exchange rates) and $5 million. On January 26, 2015, in return for IRU agreeing not to appeal the bulk of its dismissed claims, the Aon subsidiary agreed not to appeal a part of the judgment and to pay IRU CHF 12.8 million ($13 million at March 31, 2015 exchange rates) and $4.7 million without Aon admitting liability. The Aon subsidiary appealed those aspects of the judgment it retained the right to appeal. IRU did not appeal. The Aon subsidiary's maximum liability on appeal is limited to CHF 8.7 million ($9 million at March 31, 2015 exchange rates) and $115,000 (plus interest and costs) beyond what the subsidiary has already paid.

On December 27, 2012, AXA Versicherung Aktiengesellschaft ("AXA") started arbitral proceedings in Hamburg, Germany against an insurance and reinsurance brokerage subsidiary of Aon in Germany.  Predecessors of AXA granted predecessors of the Aon subsidiary a mandate to underwrite non-proportional reinsurance business from 1975 through 1999. AXA alleges, among other things, that the Aon-related entities intentionally exceeded their mandate and that, if AXA had known of this intention, it would not have granted a mandate.  AXA seeks damages of approximately €183 million ($199 million at March 31, 2015 exchange rates). The arbitrators heard testimony over the course of four days in September and December 2014, and the evidentiary portion of the arbitration proceeding has now closed. The matter is now under submission. Aon believes that it has meritorious defenses and intends to vigorously defend itself against these claims. 

A pensions consulting and administration subsidiary of Aon provided advisory services to the Trustees of the Gleeds pension fund in the United Kingdom and, on occasion, to the relevant employer of the fund.  In April 2014, the High Court, Chancery Division, London found that certain governing documents of the fund that sought to alter the fund's benefit structure and that had been drafted by Aon were procedurally defective and therefore invalid.  No lawsuit naming Aon as a party has been filed, although a tolling agreement has been entered.  The High Court decision says that the additional liabilities in the pension fund resulting from the alleged defect in governing documents amount to approximately £45 million ($67 million at March 31, 2015 exchange rates). In December 2014, the Court of Appeal granted the employer leave to appeal the High Court decision. The Court of Appeal hearing is set for October 2015. Aon believes that it has meritorious defenses and intends to vigorously defend itself against this potential claim.

From time to time, Aon's clients may bring claims and take legal action pertaining to the performance of fiduciary responsibilities. Whether client claims and legal action related to the Company's performance of fiduciary responsibilities are founded or unfounded, if such claims and legal actions are resolved in a manner unfavorable to the Company, they may adversely affect Aon's financial results and materially impair the market perception of the Company and that of its products and services.
 
Guarantees and Indemnifications
 
In connection with the redomicile of Aon's headquarters (the "Redomestication"), the Company on April 2, 2012 entered 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 as of April 2, 2012, among Aon Corporation, Aon plc, and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee") (amending and restating the Indenture, dated as of September 10, 2010, between Aon Corporation and the Trustee), (2) Amended and Restated Indenture, dated as of April 2, 2012, among Aon Corporation, Aon plc and the Trustee (amending and restating the Indenture, dated as of December 16, 2002, between Aon Corporation and the Trustee), (3) Amended and Restated Indenture, dated as of April 2, 2012, among Aon Corporation, Aon plc and the Trustee (amending and restating the Indenture, dated as of January 13, 1997, as supplemented by the First Supplemental Indenture, dated as of January 13, 1997), and (4) First Supplemental Indenture, dated as of April 2, 2012, among Aon Finance N.S. 1, ULC, as issuer, Aon Corporation, as guarantor, Aon plc, as guarantor, and Computershare Trust Company of Canada, as trustee.
 
The Company provides a variety of guarantees and indemnifications to its customers and others. The maximum potential amount of future payments represents the notional amounts that could become payable under the guarantees and indemnifications if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or other methods. These amounts may bear no relationship to the expected future payments, if any, for these guarantees and indemnifications. Any anticipated amounts payable are included in the Company's Condensed Consolidated Financial Statements, and are recorded at fair value.

The Company expects that, as prudent business interests dictate, additional guarantees and indemnifications may be issued from time to time.

Letters of Credit
 
The Company had total letters of credit ("LOCs") outstanding of approximately $68 million at March 31, 2015, compared to $95 million at December 31, 2014. These letters of credit cover the beneficiaries related to certain of Aon's U.S. and Canadian non-qualified pension plan schemes and secure deductible retentions for Aon's own workers compensation program. The Company has also issued LOCs to cover contingent payments for taxes and other business obligations to third parties, and other guarantees for miscellaneous purposes at its international subsidiaries.
 
Commitments

The Company has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding. Some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $12 million at March 31, 2015 compared to $14 million at December 31, 2014. During the three months ended March 31, 2015, the Company funded $2 million of these commitments.
 
Premium Payments

The Company has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies. The maximum exposure with respect to such contractual contingent guarantees was approximately $77 million at March 31, 2015 compared to $112 million at December 31, 2014.
Segment Information
Segment Information
Segment Information
 
The Company has two reportable segments:  Risk Solutions and HR Solutions.  Unallocated income and expenses, when combined with the operating segments and after the elimination of intersegment revenues and expenses, equal the amounts in the Condensed Consolidated Financial Statements.
 
Reportable operating segments have been determined using a management approach, which is consistent with the basis and manner in which Aon's chief operating decision-maker ("CODM") uses financial information for the purposes of allocating resources and evaluating performance.  The CODM assesses performance based on operating income and generally accounts for inter-segment revenue as if the revenue were from third parties and at what management believes are current market prices.  The Company does not present net assets by segment as this information is not reviewed by the CODM.
 
Risk Solutions acts as an advisor and insurance and reinsurance broker, helping clients manage their risks, via consultation, as well as negotiation and placement of insurance risk with insurance carriers through Aon's global distribution network.
 
HR Solutions partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance by designing, implementing, communicating and administering a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies.
  
Aon's total revenue is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Risk Solutions
$
1,895

 
$
1,994

HR Solutions
970

 
965

Intersegment eliminations
(18
)
 
(12
)
Total revenue
$
2,847

 
$
2,947



Commissions, fees and other revenues by product are as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Retail brokerage
$
1,513

 
$
1,579

Reinsurance brokerage
377

 
409

Total Risk Solutions Segment
1,890

 
1,988

Consulting services
371

 
384

Outsourcing
604

 
589

Intrasegment
(5
)
 
(8
)
Total HR Solutions Segment
970

 
965

Intersegment
(18
)
 
(12
)
Total commissions, fees and other revenue
$
2,842

 
$
2,941


 
Fiduciary investment income by segment is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Risk Solutions
$
5

 
$
6

HR Solutions
—

 
—

Total fiduciary investment income
$
5

 
$
6


 
A reconciliation of segment operating income before tax to income before income taxes is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Risk Solutions
$
412

 
$
445

HR Solutions
76

 
67

Segment income before income taxes
488

 
512

Unallocated expenses
(47
)
 
(43
)
Interest income
3

 
2

Interest expense
(65
)
 
(58
)
Other income
42

 
1

Income before income taxes
$
421

 
$
414


 
Unallocated expenses include administrative or other costs not attributable to the operating segments, such as corporate governance costs. Interest income represents income earned primarily on operating cash balances and certain income producing securities. Interest expense represents the cost of debt obligations.
 
Other income consists of equity earnings, realized gains or losses on the sale of investments, gains or losses on the disposal of businesses, gains or losses on derivatives, and gains or losses on foreign currency transactions.
Guarantee of Registered Securities
Guarantee of Registered Securities
Guarantee of Registered Securities
 
As described in Note 14, 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. Aon Corporation is a 100% indirectly owned subsidiary of Aon plc. The debt securities that are subject to Rule 3-10 of Regulation S-X are the 3.50% Notes due September 2015, the 3.125% Notes due May 2016, the 5.00% Notes due September 2020, the 8.205% Notes due January 2027 and the 6.25% Notes due September 2040. All guarantees of Aon plc are full and unconditional. There are no other subsidiaries of Aon plc that are guarantors of the debt.

Aon Corporation entered into an agreement pursuant to which it agreed to guarantee the obligations of Aon plc arising under the 4.250% Notes due 2042 exchanged for Aon Corporation's outstanding 8.205% Notes due January 2027. Those Notes are subject to Rule 3-10 of Regulation S-X. Aon Corporation 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, and the 4.60% Notes due June 2044. 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 4.250% Notes due 2042, the 4.45% Notes due 2043, the 4.00% Notes due 2023, the 2.875% Notes due 2026, the 3.50% Notes due 2024 or the 4.60% Notes due 2044.
 
The following tables set forth condensed consolidating statements of income for the three months ended March 31, 2015 and 2014, condensed consolidating statements of comprehensive income for the three months ended March 31, 2015 and 2014, condensed consolidating statements of financial position as of March 31, 2015 and December 31, 2014, and condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014 in accordance with Rule 3-10 of Regulation S-X. The condensed consolidating financial information includes the accounts of Aon plc, the accounts of Aon Corporation, and the combined accounts of the non-guarantor subsidiaries. The condensed consolidating financial statements are presented in all periods as a merger under common control, with Aon plc presented as the parent company in all periods prior and subsequent to the Redomestication. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions.

In January 2015, Aon plc transferred its ownership of all of its directly held subsidiaries to Aon Global Holdings Limited, an intermediate holding company. The financial results of Aon Global Holdings Limited are included in the Other Non-Guarantor Subsidiaries column of the Condensed Consolidating Financial Statements. The Company has reflected the transfer of Aon Corporation from Aon plc to Aon Global Holdings Limited below for all periods presented.

Certain amounts in prior year's condensed consolidating statements of income have been reclassified and adjusted to conform to the 2015 presentation. In prior periods, other income (expense) from intercompany transactions were recognized in Compensation and benefits and Other general expenses. These amounts are now included in Intercompany other income (expense) in the Condensed Consolidating Statements of Income. The Company believes this provides greater clarity into the income generated from operations and intercompany transactions.

Condensed Consolidating Statement of Income
 
 
Three months ended March 31, 2015
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
$
—

 
$
—

 
$
2,842

 
$
—

 
$
2,842

Fiduciary investment income
 
—

 
—

 
5

 
—

 
5

Total revenue
 
—

 
—

 
2,847

 
—

 
2,847

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
52

 
11

 
1,620

 
—

 
1,683

Other general expenses
 
13

 
2

 
708

 
—

 
723

Total operating expenses
 
65

 
13

 
2,328

 
—

 
2,406

Operating (loss) income
 
(65
)
 
(13
)
 
519

 
—

 
441

Interest income
 
(5
)
 
3

 
5

 
—

 
3

Interest expense
 
(25
)
 
(34
)
 
(6
)
 
—

 
(65
)
Intercompany interest income (expense)
 
119

 
(105
)
 
(14
)
 
—

 
—

Intercompany other (expense) income
 
(50
)
 
(8
)
 
58

 
—

 
—

Other income
 
2

 
8

 
32

 
—

 
42

(Loss) income before taxes
 
(24
)
 
(149
)
 
594

 
—

 
421

Income tax (benefit) expense
 
(5
)
 
(50
)
 
135

 
—

 
80

(Loss) income before equity in earnings of subsidiaries
 
(19
)
 
(99
)
 
459

 
—

 
341

Equity in earnings of subsidiaries, net of tax
 
347

 
403

 
304

 
(1,054
)
 
—

Net income
 
328

 
304

 
763

 
(1,054
)
 
341

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
13

 
—

 
13

Net income attributable to Aon shareholders
 
$
328

 
$
304

 
$
750

 
$
(1,054
)
 
$
328



Condensed Consolidating Statement of Income 
 
 
Three months ended March 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
$
1

 
$
—

 
$
2,940

 
$
—

 
$
2,941

Fiduciary investment income
 
—

 
—

 
6

 
—

 
6

Total revenue
 
1

 
—

 
2,946

 
—

 
2,947

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
66

 
7

 
1,678

 
—

 
1,751

Other general expenses
 
4

 
3

 
720

 
—

 
727

Total operating expenses
 
70

 
10

 
2,398

 
—

 
2,478

Operating (loss) income
 
(69
)
 
(10
)
 
548

 
—

 
469

Interest income
 
(2
)
 
—

 
4

 
—

 
2

Interest expense
 
(9
)
 
(31
)
 
(18
)
 
—

 
(58
)
Intercompany interest income (expense)
 
111

 
(74
)
 
(37
)
 
—

 
—

Intercompany other (expense) income
 
(19
)
 
(15
)
 
34

 
—

 
—

Other income
 
—

 
—

 
1

 
—

 
1

Income (loss) before taxes
 
12

 
(130
)
 
532

 
—

 
414

Income tax expense (benefit)
 
3

 
(50
)
 
125

 
—

 
78

Income (loss) before equity in earnings of subsidiaries
 
9

 
(80
)
 
407

 
—

 
336

Equity in earnings of subsidiaries, net of tax
 
316

 
333

 
253

 
(902
)
 
—

Net income
 
325

 
253

 
660

 
(902
)
 
336

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
11

 
—

 
11

Net income attributable to Aon shareholders
 
$
325

 
$
253

 
$
649

 
$
(902
)
 
$
325




Condensed Consolidating Statement of Comprehensive Income
 
 
Three months ended March 31, 2015
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Net income
 
$
328

 
$
304

 
$
763

 
$
(1,054
)
 
$
341

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
13

 
—

 
13

Net income attributable to Aon shareholders
 
$
328

 
$
304

 
$
750

 
$
(1,054
)
 
$
328

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
 
 
 
Change in fair value of investments
 
—

 
—

 
(1
)
 
—

 
(1
)
Change in fair value of derivatives
 
—

 
(1
)
 
7

 
—

 
6

Foreign currency translation adjustments
 
—

 
(23
)
 
(299
)
 
—

 
(322
)
Post-retirement benefit obligation
 
—

 
8

 
15

 
—

 
23

Total other comprehensive loss
 
—

 
(16
)
 
(278
)
 
—

 
(294
)
Equity in other comprehensive loss of subsidiaries, net of tax
 
(293
)
 
(267
)
 
(283
)
 
843

 
—

Less: Other comprehensive income attributable to noncontrolling interests
 
—

 
—

 
(1
)
 
—

 
(1
)
Total other comprehensive loss attributable to Aon shareholders
 
(293
)
 
(283
)
 
(560
)
 
843

 
(293
)
Comprehensive income attributable to Aon shareholders
 
$
35

 
$
21

 
$
190

 
$
(211
)
 
$
35

 

Condensed Consolidating Statement of Comprehensive Income
 
 
Three months ended March 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Net income
 
$
325

 
$
253

 
$
660

 
$
(902
)
 
$
336

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
11

 
—

 
11

Net income attributable to Aon shareholders
 
$
325

 
$
253

 
$
649

 
$
(902
)
 
$
325

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
Change in fair value of investments
 
—

 
—

 
1

 
—

 
1

Change in fair value of derivatives
 
—

 
1

 
8

 
—

 
9

Foreign currency translation adjustments
 
—

 
(17
)
 
33

 
—

 
16

Post-retirement benefit obligation
 
—

 
6

 
20

 
—

 
26

Total other comprehensive (loss) income
 
—

 
(10
)
 
62

 
—

 
52

Equity in other comprehensive income of subsidiaries, net of tax
 
54

 
69

 
59

 
(182
)
 
—

Less: Other comprehensive income attributable to noncontrolling interests
 
—

 
—

 
(2
)
 
—

 
(2
)
Total other comprehensive income attributable to Aon shareholders
 
54

 
59

 
123

 
(182
)
 
54

Comprehensive income attributable to Aon Shareholders
 
$
379

 
$
312

 
$
772

 
$
(1,084
)
 
$
379




Condensed Consolidating Statement of Financial Position 
 
 
As of March 31, 2015
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
ASSETS
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
2,230

 
$
650

 
$
(2,502
)
 
$
378

Short-term investments
 
—

 
166

 
177

 
—

 
343

Receivables, net
 
—

 
—

 
2,672

 
—

 
2,672

Fiduciary assets
 
—

 
—

 
10,894

 
—

 
10,894

Intercompany receivables
 
125

 
3,581

 
9,681

 
(13,387
)
 
—

Other current assets
 
2

 
207

 
536

 
(33
)
 
712

Total Current Assets
 
127

 
6,184

 
24,610

 
(15,922
)
 
14,999

Goodwill
 
—

 
—

 
8,548

 
—

 
8,548

Intangible assets, net
 
—

 
—

 
2,410

 
—

 
2,410

Fixed assets, net
 
—

 
—

 
754

 
—

 
754

Intercompany receivables
 
7,374

 
577

 
121

 
(8,072
)
 
—

Other non-current assets
 
181

 
701

 
1,589

 
(793
)
 
1,678

Investment in subsidiary
 
4,121

 
15,391

 
1,868

 
(21,380
)
 
—

TOTAL ASSETS
 
$
11,803

 
$
22,853

 
$
39,900

 
$
(46,167
)
 
$
28,389

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
 
$
—

 
$
—

 
$
10,894

 
$
—

 
$
10,894

Short-term debt and current portion of long-term debt
 
109

 
846

 
11

 
—

 
966

Accounts payable and accrued liabilities
 
2,597

 
31

 
1,265

 
(2,502
)
 
1,391

Intercompany payables
 
246

 
9,382

 
3,759

 
(13,387
)
 
—

Other current liabilities
 
—

 
49

 
849

 
(33
)
 
865

Total Current Liabilities
 
2,952

 
10,308

 
16,778

 
(15,922
)
 
14,116

Long-term debt
 
2,480

 
1,917

 
313

 
—

 
4,710

Pension, other post-retirement and other post-employment liabilities
 
—

 
1,366

 
635

 
—

 
2,001

Intercompany payables
 
—

 
7,287

 
785

 
(8,072
)
 
—

Other non-current liabilities
 
6

 
107

 
1,811

 
(793
)
 
1,131

TOTAL LIABILITIES
 
5,438

 
20,985

 
20,322

 
(24,787
)
 
21,958

 
 
 
 
 
 
 
 
 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
 
6,365

 
1,868

 
19,512

 
(21,380
)
 
6,365

Noncontrolling interests
 
—

 
—

 
66

 
—

 
66

TOTAL EQUITY
 
6,365

 
1,868

 
19,578

 
(21,380
)
 
6,431

 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
11,803

 
$
22,853

 
$
39,900

 
$
(46,167
)
 
$
28,389


Condensed Consolidating Statement of Financial Position
 
 
As of December 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
ASSETS
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
2,727

 
$
1,361

 
$
(3,714
)
 
$
374

Short-term investments
 
—

 
165

 
229

 
—

 
394

Receivables, net
 
—

 
—

 
2,815

 
—

 
2,815

Fiduciary assets
 
—

 
—

 
11,638

 
—

 
11,638

Intercompany receivables
 
455

 
2,814

 
9,156

 
(12,425
)
 
—

Other current assets
 
2

 
226

 
407

 
(33
)
 
602

Total Current Assets
 
457

 
5,932

 
25,606

 
(16,172
)
 
15,823

Goodwill
 
—

 
—

 
8,860

 
—

 
8,860

Intangible assets, net
 
—

 
—

 
2,520

 
—

 
2,520

Fixed assets, net
 
—

 
—

 
765

 
—

 
765

Intercompany receivables
 
7,399

 
600

 
111

 
(8,110
)
 
—

Other non-current assets
 
179

 
697

 
1,718

 
(790
)
 
1,804

Investment in subsidiary
 
4,962

 
15,200

 
1,880

 
(22,042
)
 
—

TOTAL ASSETS
 
$
12,997

 
$
22,429

 
$
41,460

 
$
(47,114
)
 
$
29,772

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
 
$
—

 
$
—

 
$
11,638

 
$
—

 
$
11,638

Short-term debt and current portion of long-term debt
 
—

 
767

 
16

 
—

 
783

Accounts payable and accrued liabilities
 
3,755

 
58

 
1,706

 
(3,714
)
 
1,805

Intercompany payables
 
122

 
8,960

 
3,343

 
(12,425
)
 
—

Other current liabilities
 
—

 
49

 
772

 
(33
)
 
788

Total Current Liabilities
 
3,877

 
9,834

 
17,475

 
(16,172
)
 
15,014

Long-term debt
 
2,544

 
1,917

 
338

 
—

 
4,799

Pension, other post-retirement and other post-employment liabilities
 
—

 
1,396

 
745

 
—

 
2,141

Intercompany payables
 
—

 
7,277

 
833

 
(8,110
)
 
—

Other non-current liabilities
 
5

 
125

 
1,847

 
(790
)
 
1,187

TOTAL LIABILITIES
 
6,426

 
20,549

 
21,238

 
(25,072
)
 
23,141

 
 
 
 
 
 
 
 
 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
 
6,571

 
1,880

 
20,162

 
(22,042
)
 
6,571

Noncontrolling interests
 
—

 
—

 
60

 
—

 
60

TOTAL EQUITY
 
6,571

 
1,880

 
20,222

 
(22,042
)
 
6,631

 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
12,997

 
$
22,429

 
$
41,460

 
$
(47,114
)
 
$
29,772


Condensed Consolidating Statement of Cash Flows
 
 
Three months ended March 31, 2015
 
 
Aon
 
Aon
 
Other
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

 
 

 
 

 
 

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
 
$
2

 
$
(188
)
 
$
322

 
$
—

 
$
136

 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Sales of long-term investments
 
—

 
—

 
3

 
—

 
3

Purchase of long-term investments
 
—

 
(1
)
 
—

 
—

 
(1
)
Net sales of short-term investments - non-fiduciary
 
—

 
(1
)
 
43

 
—

 
42

Acquisition of businesses, net of cash acquired
 
—

 
—

 
(21
)
 
—

 
(21
)
Proceeds from sale of businesses
 
—

 
—

 
41

 
—

 
41

Capital expenditures
 
—

 
—

 
(62
)
 
—

 
(62
)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
 
—

 
(2
)
 
4

 
—

 
2

 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Share repurchase
 
(250
)
 
—

 
—

 
—

 
(250
)
Advances from (to) affiliates
 
157

 
(385
)
 
(984
)
 
1,212

 
—

Issuance of shares for employee benefit plans
 
48

 
—

 
—

 
—

 
48

Issuance of debt
 
114

 
756

 
—

 
—

 
870

Repayment of debt
 
—

 
(678
)
 
(8
)
 
—

 
(686
)
Cash dividends to shareholders
 
(71
)
 
—

 
—

 
—

 
(71
)
Purchase of shares from noncontrolling interests
 
—

 
—

 
(5
)
 
—

 
(5
)
Dividends paid to noncontrolling interests
 
—

 
—

 
(1
)
 
—

 
(1
)
Proceeds from sale-leaseback
 
—

 
—

 
—

 
—

 
—

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
 
(2
)
 
(307
)
 
(998
)
 
1,212

 
(95
)
 
 
 
 
 
 
 
 
 
 
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
 
—

 
—

 
(39
)
 
—

 
(39
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
 
—

 
(497
)
 
(711
)
 
1,212

 
4

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
 
—

 
2,727

 
1,361

 
(3,714
)
 
374

CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
—

 
$
2,230

 
$
650

 
$
(2,502
)
 
$
378


Condensed Consolidating Statement of Cash Flows
 
 
Three months ended March 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions) 
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

 
 

 
 

 
 

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
 
$
89

 
$
(123
)
 
$
23

 
$
—

 
$
(11
)
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Sales of long-term investments
 
—

 
37

 
5

 
—

 
42

Purchase of long-term investments
 
—

 
(10
)
 
—

 
—

 
(10
)
Net sales of short-term investments - non-fiduciary
 
—

 
62

 
121

 
—

 
183

Acquisition of businesses, net of cash acquired
 
—

 
—

 
(5
)
 
—

 
(5
)
Proceeds from sale of businesses
 
—

 
—

 
1

 
—

 
1

Capital expenditures
 
—

 
—

 
(55
)
 
—

 
(55
)
CASH PROVIDED BY INVESTING ACTIVITIES
 
—

 
89

 
67

 
—

 
156

 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Share repurchase
 
(600
)
 
—

 
—

 
—

 
(600
)
Advances from (to) affiliates
 
313

 
(206
)
 
65

 
(172
)
 
—

Issuance of shares for employee benefit plans
 
26

 
—

 
—

 
—

 
26

Issuance of debt
 
293

 
902

 
—

 
—

 
1,195

Repayment of debt
 
(68
)
 
(755
)
 
(6
)
 
—

 
(829
)
Cash dividends to shareholders
 
(53
)
 
—

 
—

 
—

 
(53
)
Purchase of shares from noncontrolling interests
 
—

 
—

 
1

 
—

 
1

CASH (USED FOR) PROVIDED BY
FINANCING ACTIVITIES
 
(89
)
 
(59
)
 
60

 
(172
)
 
(260
)
 
 
 
 
 
 
 
 
 
 
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
 
—

 
—

 
(24
)
 
—

 
(24
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
 
—

 
(93
)
 
126

 
(172
)
 
(139
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
 
—

 
247

 
1,246

 
(1,016
)
 
477

CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
—

 
$
154

 
$
1,372

 
$
(1,188
)
 
$
338

Other Financial Data (Tables)
Schedule of Other Income 
Other income consists of the following (in millions):
 
Three months ended March 31,
 
2015
 
2014
Foreign currency remeasurement gain
$
24

 
$
19

Gain on disposal of business
19

 
—

Equity earnings
2

 
5

Loss on investments
(2
)
 
(1
)
Derivative loss
(1
)
 
(23
)
Other
—

 
1

Total
$
42

 
$
1

Schedule of Allowance for Doubtful Accounts 
An analysis of the allowance for doubtful accounts is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Balance at beginning of period
$
74

 
$
90

Provision charged to operations
8

 
4

Accounts written off, net of recoveries
(9
)
 
(5
)
Foreign currency translation
(3
)
 
—

Balance at end of period
$
70

 
$
89

Schedule of Other Current Assets 
The components of Other current assets are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Taxes receivable
$
218

 
$
99

Deferred tax assets
206

 
212

Prepaid expenses
158

 
164

Deferred project costs
108

 
102

Other
22

 
25

Total
$
712

 
$
602


Schedule of Other Non-current Assets 
The components of Other non-current assets are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Prepaid pension
$
897

 
$
933

Deferred project costs
237

 
250

Deferred tax assets
146

 
144

Investments
143

 
143

Taxes receivable
57

 
101

Other
198

 
233

Total
$
1,678

 
$
1,804

 
Schedule of Other Current Liabilities 
The components of Other current liabilities are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Deferred revenue
$
410

 
$
408

Taxes payable
89

 
64

Deferred tax liabilities
2

 
2

Other
364

 
314

Total
$
865

 
$
788

Schedule of Other Non-current Liabilities 
The components of Other non-current liabilities are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
Deferred tax liabilities
$
307

 
$
313

Taxes payable
201

 
210

Deferred revenue
186

 
167

Leases
172

 
184

Compensation and benefits
55

 
57

Other
210

 
256

Total
$
1,131

 
$
1,187

Acquisitions and Dispositions (Tables)
Consideration transferred and preliminary value of intangible assets
The following table includes the aggregate consideration transferred and the preliminary value of intangible assets recorded as a result of the Company's acquisitions (in millions):
 
 
Three months ended March 31,
 
 
2015
 
2014
Consideration
 
$
21

 
$
5

Intangible assets:
 
 

 
 

Goodwill
 
$
16

 
$
4

Other intangible assets
 
1

 
4

     Total
 
$
17

 
$
8

Goodwill and Other Intangible Assets (Tables)
Schedule of changes in the net carrying amount of goodwill by operating segment 
The changes in the net carrying amount of goodwill by reportable segment for the three months ended March 31, 2015 are as follows (in millions):
 
Risk
Solutions
 
HR
Solutions
 
Total
Balance as of January 1, 2015
$
5,911

 
$
2,949

 
$
8,860

Goodwill related to current year acquisitions
1

 
15

 
16

Goodwill related to disposals
—

 
(13
)
 
(13
)
Foreign currency translation
(284
)
 
(31
)
 
(315
)
Balance as of March 31, 2015
$
5,628

 
$
2,920

 
$
8,548


Schedule of other intangible assets by asset class 
Other intangible assets by asset class are as follows (in millions):
 
March 31, 2015
 
December 31, 2014
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated
Amortization
 
Net Carrying Amount
Intangible assets with indefinite lives:
 

 
 

 
 

 
 

 
 

 
 

Tradenames
$
1,019

 
$
—

 
$
1,019

 
$
1,019

 
$
—

 
$
1,019

 
 
 
 
 
 
 
 
 
 
 
 
Intangible assets with finite lives:
 

 
 

 
 

 
 

 
 

 
 

Customer related and contract based
2,894

 
1,616

 
1,278

 
2,952

 
1,579

 
1,373

Technology and other
548

 
435

 
113

 
571

 
443

 
128

 Total
$
4,461

 
$
2,051

 
$
2,410

 
$
4,542

 
$
2,022

 
$
2,520

Schedule of estimated future amortization expense on intangible assets 
The estimated future amortization for finite lived intangible assets as of March 31, 2015 is as follows (in millions):
 
Risk Solutions
 
HR Solutions
 
Total
Remainder of 2015
$
80

 
$
154

 
$
234

2016
99

 
172

 
271

2017
90

 
137

 
227

2018
78

 
91

 
169

2019
69

 
73

 
142

Thereafter
185

 
163

 
348

 Total
$
601

 
$
790

 
$
1,391

Shareholders' Equity (Tables)
Schedule of components of weighted average number of shares 
Weighted average shares outstanding are as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Shares for basic earnings per share (1) 
284.2

 
303.5

Common stock equivalents
2.9

 
3.7

Shares for diluted earnings per share
287.1

 
307.2

   ______________________________________________
(1) Includes 2.5 million and 3.4 million of participating securities for the three months ended March 31, 2015 and 2014, respectively.
Components of Accumulated other comprehensive loss, net of related tax 
Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions):
 
Change in Fair Value of Investments (1)
 
Change in Fair Value of Derivatives (1)
 
Foreign Currency Translation Adjustments
 
Post-Retirement Benefit Obligation (2)
 
Total
Balance at December 31, 2014
$
—

 
$
(17
)
 
$
(335
)
 
$
(2,782
)
 
$
(3,134
)
Other comprehensive (loss) income before reclassifications, net
(1
)
 
(1
)
 
(321
)
 
3

 
(320
)
Amounts reclassified from accumulated other comprehensive loss:
 
 


 


 


 


Amounts reclassified from accumulated other comprehensive loss
—

 
11

 
—

 
29

 
40

Tax benefit
—

 
(4
)
 
—

 
(9
)
 
(13
)
Amounts reclassified from accumulated other comprehensive loss, net
—

 
7

 
—

 
20

 
27

Net current period other comprehensive (loss) income
(1
)
 
6

 
(321
)
 
23

 
(293
)
Balance at March 31, 2015
$
(1
)
 
$
(11
)
 
$
(656
)
 
$
(2,759
)
 
$
(3,427
)
______________________________________________
(1) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income.
(2) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Compensation and benefits
Employee Benefits (Tables)
Components of net periodic benefit cost for the pension plans
The following table provides the components of the net periodic benefit cost recognized in the Condensed Consolidated Statements of Income in Compensation and benefits for Aon's material U.K., U.S., and other significant international pension plans located in the Netherlands and Canada (in millions):
 
Three months ended March 31,
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Service cost
$
—

 
$
—

 
$
1

 
$
—

 
$
—

 
$
—

Interest cost
49

 
58

 
33

 
32

 
8

 
12

Expected return on plan assets
(75
)
 
(82
)
 
(39
)
 
(39
)
 
(12
)
 
(15
)
Amortization of net actuarial loss
10

 
13

 
14

 
10

 
3

 
2

Net periodic (benefit) cost
(16
)
 
(11
)
 
9

 
3

 
(1
)
 
(1
)
Curtailment loss (gain) and other
—

 
—

 
(1
)
 
1

 
—

 
(3
)
Total net periodic (benefit) cost
$
(16
)

$
(11
)

$
8


$
4


$
(1
)

$
(4
)


Share-Based Compensation Plans (Tables)
Share-based compensation expense recognized in continuing operations 
The following table summarizes share-based compensation expense recognized in the Condensed Consolidated Statements of Income in Compensation and benefits (in millions):
 
Three months ended March 31,
 
2015
 
2014
Restricted share units ("RSUs")
$
65

 
$
60

Performance share awards ("PSAs")
21

 
39

Share options
—

 
—

Employee share purchase plans
4

 
3

Total share-based compensation expense
$
90

 
$
102

Restricted share unit activity 
A summary of the status of the Company's RSUs is as follows (shares in thousands):
 
Three months ended March 31,
 
2015
 
2014
 
Shares
 
Fair Value (1)
 
Shares
 
Fair Value (1)
Non-vested at beginning of period
8,381

 
$
63

 
9,759

 
$
51

Granted
957

 
97

 
1,146

 
83

Vested
(1,714
)
 
59

 
(1,950
)
 
51

Forfeited
(49
)
 
64

 
(125
)
 
50

Non-vested at end of period
7,575

 
69

 
8,830

 
56

 ______________________________________________
(1)
Represents per share weighted average fair value of award at date of grant.
Performance-based plans 
Information as of March 31, 2015 regarding the Company's target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the three months ended March 31, 2015 and the years ended December 31, 2014 and 2013, respectively, is as follows (shares in thousands, dollars in millions, except fair value):
 
2015
 
2014
 
2013
Target PSAs granted during period
978

 
816

 
1,135

Weighted average fair value per share at date of grant
$
96

 
$
81

 
$
58

Number of shares that would be issued based on current performance levels
978

 
1,201

 
2,197

Unamortized expense, based on current performance levels
$
93

 
$
61

 
$
34


Share options and related information 
A summary of the status of the Company's share options and related information is as follows (shares in thousands):
 
Three months ended March 31,
 
2015
 
2014
 
Shares
 
Weighted- Average
Exercise Price
 
Shares
 
Weighted- Average
Exercise Price
Beginning outstanding
2,300

 
$
32

 
3,462

 
$
32

Granted
—

 
—

 
—

 
—

Exercised
(1,293
)
 
26

 
(416
)
 
33

Forfeited and expired
(9
)
 
36

 
(2
)
 
36

Outstanding at end of period
998

 
39

 
3,044

 
32

Exercisable at end of period
998

 
39

 
2,928

 
32

Other information related to the company's share options 
Other information related to the Company's share options is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Aggregate intrinsic value of stock options exercised
$
94

 
$
21

Cash received from the exercise of stock options
34

 
14

Tax benefit realized from the exercise of stock options
34

 
6

Derivatives and Hedging (Tables)
Notional and fair values of derivative instruments 
The notional and fair values of derivative instruments are as follows (in millions):
 
Notional Amount
 
Derivative Assets (1)
 
Derivative Liabilities (2)
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
919

 
1,200

 
59

 
46

 
79

 
58

   Total
919

 
1,200

 
59

 
46

 
79

 
58

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts (3)
181

 
165

 
—

 
—

 
—

 
—

   Total
$
1,100

 
$
1,365

 
$
59

 
$
46

 
$
79

 
$
58

______________________________________________
(1)
Included within Other current assets ($38 million at March 31, 2015 and $24 million at December 31, 2014) or Other non-current assets ($21 million at March 31, 2015 and $22 million at December 31, 2014).
(2)
Included within Other current liabilities ($66 million at March 31, 2015 and $52 million at December 31, 2014) or Other non-current liabilities ($13 million at March 31, 2015 and $6 million at December 31, 2014).
(3)
These contracts typically are for 30 day durations and executed close to the last day of the most recent reporting month, thereby resulting in nominal fair values at the balance sheet date.

Offsetting of financial assets and derivatives assets are as follows (in millions):
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Assets Presented in the Statement of Financial Position (1)
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
59

 
46

 
(32
)
 
(14
)
 
27

 
32

   Total
59

 
46

 
(32
)
 
(14
)
 
27

 
32

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts
—

 
—

 
—

 
—

 
—

 
—

   Total
$
59

 
$
46

 
$
(32
)
 
$
(14
)
 
$
27

 
$
32

______________________________________________
(1) Included within Other current assets ($15 million at March 31, 2015 and $12 million at December 31, 2014) or Other non-current assets ($12 million at March 31, 2015 and $20 million at December 31, 2014).

Offsetting of financial liabilities and derivative liabilities are as follows (in millions):
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Liabilities Presented in the Statement of Financial Position (1)
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
Derivatives accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
79

 
58

 
(32
)
 
(14
)
 
47

 
44

   Total
79

 
58

 
(32
)
 
(14
)
 
47

 
44

Derivatives not accounted for as hedges:
 

 
 

 
 

 
 

 
 

 
 

Foreign exchange contracts
—

 
—

 
—

 
—

 
—

 
—

   Total
$
79

 
$
58

 
$
(32
)
 
$
(14
)
 
$
47

 
$
44


______________________________________________
(1) Included within Other current liabilities ($42 million at March 31, 2015 and $40 million at December 31, 2014) or Other non-current liabilities ($5 million at March 31, 2015 and $4 million at December 31, 2014)
Derivative gains (losses) 
The amounts of derivative gains (losses) recognized in the Condensed Consolidated Financial Statements for the three months ended March 31, 2015 and 2014 are as follows (in millions):
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) recognized in Accumulated Other Comprehensive Loss:


 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
5

 
(2
)
 
—

 
(4
)
 
(1
)
Total
 
$
5

 
$
(2
)
 
$
—

 
$
(4
)
 
$
(1
)

Three Months Ended March 31, 2014
 
 
 
 
 
 
 
 
 
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) recognized in Accumulated Other Comprehensive Loss:


 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
11

 
—

 
—

 
(19
)
 
(8
)
Total
 
$
11

 
$
—

 
$
—

 
$
(19
)
 
$
(8
)

Three Months Ended March 31, 2015
 
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
(1
)
 
$
—

 
$
(1
)
Foreign exchange contracts
 
—

 
—

 
(2
)
 
(8
)
 
(10
)
Total
 
$
—

 
$
—

 
$
(3
)
 
$
(8
)
 
$
(11
)

Three Months Ended March 31, 2014
 
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
(3
)
 
—

 
—

 
(18
)
 
(21
)
Total
 
$
(3
)
 
$
—

 
$
—

 
$
(18
)
 
$
(21
)
The amounts of derivative gains (losses) recognized in the Condensed Consolidated Financial Statements for the three months ended March 31, 2015 and 2014 are as follows (in millions):
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) recognized in Accumulated Other Comprehensive Loss:


 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
5

 
(2
)
 
—

 
(4
)
 
(1
)
Total
 
$
5

 
$
(2
)
 
$
—

 
$
(4
)
 
$
(1
)

Three Months Ended March 31, 2014
 
 
 
 
 
 
 
 
 
 
Location of future reclassification from Accumulated Other Comprehensive Loss
 
Gain (Loss) recognized in Accumulated Other Comprehensive Loss:


 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
11

 
—

 
—

 
(19
)
 
(8
)
Total
 
$
11

 
$
—

 
$
—

 
$
(19
)
 
$
(8
)

Three Months Ended March 31, 2015
 
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
(1
)
 
$
—

 
$
(1
)
Foreign exchange contracts
 
—

 
—

 
(2
)
 
(8
)
 
(10
)
Total
 
$
—

 
$
—

 
$
(3
)
 
$
(8
)
 
$
(11
)

Three Months Ended March 31, 2014
 
 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income (Expense)
 
Total
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Foreign exchange contracts
 
(3
)
 
—

 
—

 
(18
)
 
(21
)
Total
 
$
(3
)
 
$
—

 
$
—

 
$
(18
)
 
$
(21
)


Fair Value Measurements and Financial Instruments (Tables)
Schedule of assets and liabilities that are measured at fair value on a recurring basis 
The following tables present the categorization of the Company's assets and liabilities that are measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014 (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at March 31, 2015
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets:
 

 
 

 
 

 
 

Money market funds and highly liquid debt securities (1)
$
1,787

 
$
1,787

 
$
—

 
$
—

Other investments:
 

 
 

 
 

 
 

Corporate bonds
1

 
—

 
—

 
1

Government bonds
6

 
—

 
6

 
—

Equity investments
10

 
6

 
4

 
—

Derivatives:
 

 
 

 
 

 
 

Interest rate contracts
—

 
—

 
—

 
—

Foreign exchange contracts
59

 
—

 
59

 
—

Liabilities:
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Foreign exchange contracts
79

 
—

 
79

 
—

  ______________________________________________
(1) Includes $1,787 million of money market funds that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity. 
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2014
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets:
 

 
 

 
 

 
 

Money market funds and highly liquid debt securities (1)
$
1,850

 
$
1,850

 
$
—

 
$
—

Other investments:
 

 
 

 
 

 
 

Corporate bonds
1

 
—

 
—

 
1

Government bonds
6

 
—

 
6

 
—

Equity investments
11

 
6

 
5

 
—

Derivatives:
 

 
 

 
 

 
 

Interest rate contracts
—

 
—

 
—

 
—

Foreign exchange contracts
46

 
—

 
46

 
—

Liabilities:
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Foreign exchange contracts
58

 
—

 
58

 
—

  ______________________________________________
(1)  Includes $1,850 million of money market funds that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity. 
Schedule of financial instruments where the carrying amounts and fair values differ 
The fair value of Long-term debt is classified as Level 2 of the fair value hierarchy. The following table discloses the Company's financial instruments where the carrying amounts and fair values differ (in millions):
 
March 31, 2015
 
December 31, 2014
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt
$
4,710

 
$
5,259

 
$
4,799

 
$
5,268

Segment Information (Tables)
Schedule of total revenue by business segments 
Aon's total revenue is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Risk Solutions
$
1,895

 
$
1,994

HR Solutions
970

 
965

Intersegment eliminations
(18
)
 
(12
)
Total revenue
$
2,847

 
$
2,947

Schedule of commissions, fees and other revenues by products 
Commissions, fees and other revenues by product are as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Retail brokerage
$
1,513

 
$
1,579

Reinsurance brokerage
377

 
409

Total Risk Solutions Segment
1,890

 
1,988

Consulting services
371

 
384

Outsourcing
604

 
589

Intrasegment
(5
)
 
(8
)
Total HR Solutions Segment
970

 
965

Intersegment
(18
)
 
(12
)
Total commissions, fees and other revenue
$
2,842

 
$
2,941

Schedule of fiduciary investment income by business segments 
Fiduciary investment income by segment is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Risk Solutions
$
5

 
$
6

HR Solutions
—

 
—

Total fiduciary investment income
$
5

 
$
6

Schedule of reconciliation of segment income before tax to income from continuing operations before income taxes 
A reconciliation of segment operating income before tax to income before income taxes is as follows (in millions):
 
Three months ended March 31,
 
2015
 
2014
Risk Solutions
$
412

 
$
445

HR Solutions
76

 
67

Segment income before income taxes
488

 
512

Unallocated expenses
(47
)
 
(43
)
Interest income
3

 
2

Interest expense
(65
)
 
(58
)
Other income
42

 
1

Income before income taxes
$
421

 
$
414

Guarantee of Registered Securities (Tables)
Condensed Consolidating Statements of Income 
Condensed Consolidating Statement of Income
 
 
Three months ended March 31, 2015
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
$
—

 
$
—

 
$
2,842

 
$
—

 
$
2,842

Fiduciary investment income
 
—

 
—

 
5

 
—

 
5

Total revenue
 
—

 
—

 
2,847

 
—

 
2,847

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
52

 
11

 
1,620

 
—

 
1,683

Other general expenses
 
13

 
2

 
708

 
—

 
723

Total operating expenses
 
65

 
13

 
2,328

 
—

 
2,406

Operating (loss) income
 
(65
)
 
(13
)
 
519

 
—

 
441

Interest income
 
(5
)
 
3

 
5

 
—

 
3

Interest expense
 
(25
)
 
(34
)
 
(6
)
 
—

 
(65
)
Intercompany interest income (expense)
 
119

 
(105
)
 
(14
)
 
—

 
—

Intercompany other (expense) income
 
(50
)
 
(8
)
 
58

 
—

 
—

Other income
 
2

 
8

 
32

 
—

 
42

(Loss) income before taxes
 
(24
)
 
(149
)
 
594

 
—

 
421

Income tax (benefit) expense
 
(5
)
 
(50
)
 
135

 
—

 
80

(Loss) income before equity in earnings of subsidiaries
 
(19
)
 
(99
)
 
459

 
—

 
341

Equity in earnings of subsidiaries, net of tax
 
347

 
403

 
304

 
(1,054
)
 
—

Net income
 
328

 
304

 
763

 
(1,054
)
 
341

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
13

 
—

 
13

Net income attributable to Aon shareholders
 
$
328

 
$
304

 
$
750

 
$
(1,054
)
 
$
328



Condensed Consolidating Statement of Income 
 
 
Three months ended March 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
$
1

 
$
—

 
$
2,940

 
$
—

 
$
2,941

Fiduciary investment income
 
—

 
—

 
6

 
—

 
6

Total revenue
 
1

 
—

 
2,946

 
—

 
2,947

Expenses
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
66

 
7

 
1,678

 
—

 
1,751

Other general expenses
 
4

 
3

 
720

 
—

 
727

Total operating expenses
 
70

 
10

 
2,398

 
—

 
2,478

Operating (loss) income
 
(69
)
 
(10
)
 
548

 
—

 
469

Interest income
 
(2
)
 
—

 
4

 
—

 
2

Interest expense
 
(9
)
 
(31
)
 
(18
)
 
—

 
(58
)
Intercompany interest income (expense)
 
111

 
(74
)
 
(37
)
 
—

 
—

Intercompany other (expense) income
 
(19
)
 
(15
)
 
34

 
—

 
—

Other income
 
—

 
—

 
1

 
—

 
1

Income (loss) before taxes
 
12

 
(130
)
 
532

 
—

 
414

Income tax expense (benefit)
 
3

 
(50
)
 
125

 
—

 
78

Income (loss) before equity in earnings of subsidiaries
 
9

 
(80
)
 
407

 
—

 
336

Equity in earnings of subsidiaries, net of tax
 
316

 
333

 
253

 
(902
)
 
—

Net income
 
325

 
253

 
660

 
(902
)
 
336

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
11

 
—

 
11

Net income attributable to Aon shareholders
 
$
325

 
$
253

 
$
649

 
$
(902
)
 
$
325




Condensed Consolidating Statements of Comprehensive Income 
Condensed Consolidating Statement of Comprehensive Income
 
 
Three months ended March 31, 2015
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Net income
 
$
328

 
$
304

 
$
763

 
$
(1,054
)
 
$
341

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
13

 
—

 
13

Net income attributable to Aon shareholders
 
$
328

 
$
304

 
$
750

 
$
(1,054
)
 
$
328

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
 
 
 
Change in fair value of investments
 
—

 
—

 
(1
)
 
—

 
(1
)
Change in fair value of derivatives
 
—

 
(1
)
 
7

 
—

 
6

Foreign currency translation adjustments
 
—

 
(23
)
 
(299
)
 
—

 
(322
)
Post-retirement benefit obligation
 
—

 
8

 
15

 
—

 
23

Total other comprehensive loss
 
—

 
(16
)
 
(278
)
 
—

 
(294
)
Equity in other comprehensive loss of subsidiaries, net of tax
 
(293
)
 
(267
)
 
(283
)
 
843

 
—

Less: Other comprehensive income attributable to noncontrolling interests
 
—

 
—

 
(1
)
 
—

 
(1
)
Total other comprehensive loss attributable to Aon shareholders
 
(293
)
 
(283
)
 
(560
)
 
843

 
(293
)
Comprehensive income attributable to Aon shareholders
 
$
35

 
$
21

 
$
190

 
$
(211
)
 
$
35

 

Condensed Consolidating Statement of Comprehensive Income
 
 
Three months ended March 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
Net income
 
$
325

 
$
253

 
$
660

 
$
(902
)
 
$
336

Less: Net income attributable to noncontrolling interests
 
—

 
—

 
11

 
—

 
11

Net income attributable to Aon shareholders
 
$
325

 
$
253

 
$
649

 
$
(902
)
 
$
325

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
 
Change in fair value of investments
 
—

 
—

 
1

 
—

 
1

Change in fair value of derivatives
 
—

 
1

 
8

 
—

 
9

Foreign currency translation adjustments
 
—

 
(17
)
 
33

 
—

 
16

Post-retirement benefit obligation
 
—

 
6

 
20

 
—

 
26

Total other comprehensive (loss) income
 
—

 
(10
)
 
62

 
—

 
52

Equity in other comprehensive income of subsidiaries, net of tax
 
54

 
69

 
59

 
(182
)
 
—

Less: Other comprehensive income attributable to noncontrolling interests
 
—

 
—

 
(2
)
 
—

 
(2
)
Total other comprehensive income attributable to Aon shareholders
 
54

 
59

 
123

 
(182
)
 
54

Comprehensive income attributable to Aon Shareholders
 
$
379

 
$
312

 
$
772

 
$
(1,084
)
 
$
379




Condensed Consolidating Statements of Financial Position 
Condensed Consolidating Statement of Financial Position 
 
 
As of March 31, 2015
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
ASSETS
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
2,230

 
$
650

 
$
(2,502
)
 
$
378

Short-term investments
 
—

 
166

 
177

 
—

 
343

Receivables, net
 
—

 
—

 
2,672

 
—

 
2,672

Fiduciary assets
 
—

 
—

 
10,894

 
—

 
10,894

Intercompany receivables
 
125

 
3,581

 
9,681

 
(13,387
)
 
—

Other current assets
 
2

 
207

 
536

 
(33
)
 
712

Total Current Assets
 
127

 
6,184

 
24,610

 
(15,922
)
 
14,999

Goodwill
 
—

 
—

 
8,548

 
—

 
8,548

Intangible assets, net
 
—

 
—

 
2,410

 
—

 
2,410

Fixed assets, net
 
—

 
—

 
754

 
—

 
754

Intercompany receivables
 
7,374

 
577

 
121

 
(8,072
)
 
—

Other non-current assets
 
181

 
701

 
1,589

 
(793
)
 
1,678

Investment in subsidiary
 
4,121

 
15,391

 
1,868

 
(21,380
)
 
—

TOTAL ASSETS
 
$
11,803

 
$
22,853

 
$
39,900

 
$
(46,167
)
 
$
28,389

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
 
$
—

 
$
—

 
$
10,894

 
$
—

 
$
10,894

Short-term debt and current portion of long-term debt
 
109

 
846

 
11

 
—

 
966

Accounts payable and accrued liabilities
 
2,597

 
31

 
1,265

 
(2,502
)
 
1,391

Intercompany payables
 
246

 
9,382

 
3,759

 
(13,387
)
 
—

Other current liabilities
 
—

 
49

 
849

 
(33
)
 
865

Total Current Liabilities
 
2,952

 
10,308

 
16,778

 
(15,922
)
 
14,116

Long-term debt
 
2,480

 
1,917

 
313

 
—

 
4,710

Pension, other post-retirement and other post-employment liabilities
 
—

 
1,366

 
635

 
—

 
2,001

Intercompany payables
 
—

 
7,287

 
785

 
(8,072
)
 
—

Other non-current liabilities
 
6

 
107

 
1,811

 
(793
)
 
1,131

TOTAL LIABILITIES
 
5,438

 
20,985

 
20,322

 
(24,787
)
 
21,958

 
 
 
 
 
 
 
 
 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
 
6,365

 
1,868

 
19,512

 
(21,380
)
 
6,365

Noncontrolling interests
 
—

 
—

 
66

 
—

 
66

TOTAL EQUITY
 
6,365

 
1,868

 
19,578

 
(21,380
)
 
6,431

 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
11,803

 
$
22,853

 
$
39,900

 
$
(46,167
)
 
$
28,389


Condensed Consolidating Statement of Financial Position
 
 
As of December 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
ASSETS
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
2,727

 
$
1,361

 
$
(3,714
)
 
$
374

Short-term investments
 
—

 
165

 
229

 
—

 
394

Receivables, net
 
—

 
—

 
2,815

 
—

 
2,815

Fiduciary assets
 
—

 
—

 
11,638

 
—

 
11,638

Intercompany receivables
 
455

 
2,814

 
9,156

 
(12,425
)
 
—

Other current assets
 
2

 
226

 
407

 
(33
)
 
602

Total Current Assets
 
457

 
5,932

 
25,606

 
(16,172
)
 
15,823

Goodwill
 
—

 
—

 
8,860

 
—

 
8,860

Intangible assets, net
 
—

 
—

 
2,520

 
—

 
2,520

Fixed assets, net
 
—

 
—

 
765

 
—

 
765

Intercompany receivables
 
7,399

 
600

 
111

 
(8,110
)
 
—

Other non-current assets
 
179

 
697

 
1,718

 
(790
)
 
1,804

Investment in subsidiary
 
4,962

 
15,200

 
1,880

 
(22,042
)
 
—

TOTAL ASSETS
 
$
12,997

 
$
22,429

 
$
41,460

 
$
(47,114
)
 
$
29,772

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
 
$
—

 
$
—

 
$
11,638

 
$
—

 
$
11,638

Short-term debt and current portion of long-term debt
 
—

 
767

 
16

 
—

 
783

Accounts payable and accrued liabilities
 
3,755

 
58

 
1,706

 
(3,714
)
 
1,805

Intercompany payables
 
122

 
8,960

 
3,343

 
(12,425
)
 
—

Other current liabilities
 
—

 
49

 
772

 
(33
)
 
788

Total Current Liabilities
 
3,877

 
9,834

 
17,475

 
(16,172
)
 
15,014

Long-term debt
 
2,544

 
1,917

 
338

 
—

 
4,799

Pension, other post-retirement and other post-employment liabilities
 
—

 
1,396

 
745

 
—

 
2,141

Intercompany payables
 
—

 
7,277

 
833

 
(8,110
)
 
—

Other non-current liabilities
 
5

 
125

 
1,847

 
(790
)
 
1,187

TOTAL LIABILITIES
 
6,426

 
20,549

 
21,238

 
(25,072
)
 
23,141

 
 
 
 
 
 
 
 
 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
 
6,571

 
1,880

 
20,162

 
(22,042
)
 
6,571

Noncontrolling interests
 
—

 
—

 
60

 
—

 
60

TOTAL EQUITY
 
6,571

 
1,880

 
20,222

 
(22,042
)
 
6,631

 
 
 
 
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
12,997

 
$
22,429

 
$
41,460

 
$
(47,114
)
 
$
29,772


Condensed Consolidating Statements of Cash Flows 
Condensed Consolidating Statement of Cash Flows
 
 
Three months ended March 31, 2015
 
 
Aon
 
Aon
 
Other
Non-Guarantor
 
Consolidating
 
 
(millions)
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

 
 

 
 

 
 

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
 
$
2

 
$
(188
)
 
$
322

 
$
—

 
$
136

 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Sales of long-term investments
 
—

 
—

 
3

 
—

 
3

Purchase of long-term investments
 
—

 
(1
)
 
—

 
—

 
(1
)
Net sales of short-term investments - non-fiduciary
 
—

 
(1
)
 
43

 
—

 
42

Acquisition of businesses, net of cash acquired
 
—

 
—

 
(21
)
 
—

 
(21
)
Proceeds from sale of businesses
 
—

 
—

 
41

 
—

 
41

Capital expenditures
 
—

 
—

 
(62
)
 
—

 
(62
)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
 
—

 
(2
)
 
4

 
—

 
2

 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Share repurchase
 
(250
)
 
—

 
—

 
—

 
(250
)
Advances from (to) affiliates
 
157

 
(385
)
 
(984
)
 
1,212

 
—

Issuance of shares for employee benefit plans
 
48

 
—

 
—

 
—

 
48

Issuance of debt
 
114

 
756

 
—

 
—

 
870

Repayment of debt
 
—

 
(678
)
 
(8
)
 
—

 
(686
)
Cash dividends to shareholders
 
(71
)
 
—

 
—

 
—

 
(71
)
Purchase of shares from noncontrolling interests
 
—

 
—

 
(5
)
 
—

 
(5
)
Dividends paid to noncontrolling interests
 
—

 
—

 
(1
)
 
—

 
(1
)
Proceeds from sale-leaseback
 
—

 
—

 
—

 
—

 
—

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
 
(2
)
 
(307
)
 
(998
)
 
1,212

 
(95
)
 
 
 
 
 
 
 
 
 
 
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
 
—

 
—

 
(39
)
 
—

 
(39
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
 
—

 
(497
)
 
(711
)
 
1,212

 
4

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
 
—

 
2,727

 
1,361

 
(3,714
)
 
374

CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
—

 
$
2,230

 
$
650

 
$
(2,502
)
 
$
378


Condensed Consolidating Statement of Cash Flows
 
 
Three months ended March 31, 2014
 
 
 
 
 
 
Other
 
 
 
 
 
 
Aon
 
Aon
 
Non-Guarantor
 
Consolidating
 
 
(millions) 
 
plc
 
Corporation
 
Subsidiaries
 
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

 
 

 
 

 
 

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
 
$
89

 
$
(123
)
 
$
23

 
$
—

 
$
(11
)
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Sales of long-term investments
 
—

 
37

 
5

 
—

 
42

Purchase of long-term investments
 
—

 
(10
)
 
—

 
—

 
(10
)
Net sales of short-term investments - non-fiduciary
 
—

 
62

 
121

 
—

 
183

Acquisition of businesses, net of cash acquired
 
—

 
—

 
(5
)
 
—

 
(5
)
Proceeds from sale of businesses
 
—

 
—

 
1

 
—

 
1

Capital expenditures
 
—

 
—

 
(55
)
 
—

 
(55
)
CASH PROVIDED BY INVESTING ACTIVITIES
 
—

 
89

 
67

 
—

 
156

 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Share repurchase
 
(600
)
 
—

 
—

 
—

 
(600
)
Advances from (to) affiliates
 
313

 
(206
)
 
65

 
(172
)
 
—

Issuance of shares for employee benefit plans
 
26

 
—

 
—

 
—

 
26

Issuance of debt
 
293

 
902

 
—

 
—

 
1,195

Repayment of debt
 
(68
)
 
(755
)
 
(6
)
 
—

 
(829
)
Cash dividends to shareholders
 
(53
)
 
—

 
—

 
—

 
(53
)
Purchase of shares from noncontrolling interests
 
—

 
—

 
1

 
—

 
1

CASH (USED FOR) PROVIDED BY
FINANCING ACTIVITIES
 
(89
)
 
(59
)
 
60

 
(172
)
 
(260
)
 
 
 
 
 
 
 
 
 
 
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
 
—

 
—

 
(24
)
 
—

 
(24
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
 
—

 
(93
)
 
126

 
(172
)
 
(139
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
 
—

 
247

 
1,246

 
(1,016
)
 
477

CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
—

 
$
154

 
$
1,372

 
$
(1,188
)
 
$
338

Basis of Presentation Basis of Presentation (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
 
 
Investments
$ 143 
$ 143 
Cash and Cash Equivalents (Details)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
USD ($)
Mar. 31, 2015
GBP (£)
Dec. 31, 2014
USD ($)
Cash, Cash Equivalents, and Short-term Investments [Abstract]
 
 
 
Short-term investment, minimum maturity period
3 months 
3 months 
 
Short-term investment, maximum maturity period
1 year 
1 year 
 
Cash and Cash Equivalents and Short-Term Investments
$ 721 
 
$ 768 
Restricted Cash and Investments, Current
127 
 
169 
Operating funds in U.K.
60.0 
40.5 
63.0 
Cash and cash equivalents, restricted
$ 67 
 
$ 106 
Other Financial Data - Schedule of Other Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Other (Expense) Income
 
 
Foreign currency remeasurement gain
$ 24 
$ 19 
Gain on disposal of business
19 
0 
Equity earnings
2 
5 
Loss on investments
(2)
(1)
Derivative loss
(1)
(23)
Other
0 
1 
Total
$ 42 
$ 1 
Other Financial Data Schedule of Allowance for Doubtful Accounts (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Allowance for Doubtful Accounts Receivable [Roll Forward]
 
 
Balance at beginning of period
$ 74 
$ 90 
Provision charged to operations
8 
4 
Accounts written off, net of recoveries
(9)
(5)
Foreign currency translation
(3)
0 
Balance at end of period
$ 70 
$ 89 
Other Financial Data Schedule of Other Current Assets (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Taxes receivable
$ 218 
$ 99 
Deferred tax assets
206 
212 
Prepaid expenses
158 
164 
Deferred project costs
108 
102 
Other
22 
25 
Total
$ 712 
$ 602 
Other Financial Data Schedule of Non-current Assets (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Prepaid pension
$ 897 
$ 933 
Deferred project costs
237 
250 
Deferred tax assets
146 
144 
Investments
143 
143 
Taxes receivable
57 
101 
Other
198 
233 
Total
$ 1,678 
$ 1,804 
Other Financial Data Schedule of Other Current Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Deferred revenue
$ 410 
$ 408 
Taxes payable
89 
64 
Deferred tax liabilities
2 
2 
Other
364 
314 
Total
$ 865 
$ 788 
Other Financial Data Schedule of Other Non-current Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Deferred tax liabilities
$ 307 
$ 313 
Taxes payable
201 
210 
Deferred revenue
186 
167 
Leases
172 
184 
Compensation and benefits
55 
57 
Other
210 
256 
Total
$ 1,131 
$ 1,187 
Acquisitions and Dispositions - Acquisitions (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
business
Mar. 31, 2014
business
Dec. 31, 2014
Intangible assets:
 
 
 
Goodwill
$ 8,548 
 
$ 8,860 
Business Acquisition 1 [Member]
 
 
 
Business Acquisition
 
 
 
Consideration
21 
5 
 
Intangible assets:
 
 
 
Goodwill
16 
4 
 
Other intangible assets
1 
4 
 
Total
17 
8 
 
Risk Solutions [Member]
 
 
 
Business Acquisition
 
 
 
Number of business acquired under business combination
1 
1 
 
Intangible assets:
 
 
 
Goodwill
5,628 
 
5,911 
HR Solutions [Member]
 
 
 
Business Acquisition
 
 
 
Number of business acquired under business combination
1 
1 
 
Intangible assets:
 
 
 
Goodwill
$ 2,920 
 
$ 2,949 
Acquisitions and Dispositions - Dispositions (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dispositions
 
 
Gain on disposal of business
$ 19.0 
$ 0 
Risk Solutions [Member]
 
 
Dispositions
 
 
Number of dispositions
1 
1 
Gain on disposal of business
 
$ 1.0 
HR Solutions [Member]
 
 
Dispositions
 
 
Number of dispositions
1 
 
Goodwill and Other Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Changes in the net carrying amount of goodwill by operating segment (in millions)
 
Beginning balance
$ 8,860 
Goodwill related to current year acquisitions
16 
Goodwill related to disposals
(13)
Foreign currency translation
(315)
Ending balance
8,548 
Risk Solutions [Member]
 
Changes in the net carrying amount of goodwill by operating segment (in millions)
 
Beginning balance
5,911 
Goodwill related to current year acquisitions
1 
Goodwill related to disposals
0 
Foreign currency translation
(284)
Ending balance
5,628 
HR Solutions [Member]
 
Changes in the net carrying amount of goodwill by operating segment (in millions)
 
Beginning balance
2,949 
Goodwill related to current year acquisitions
15 
Goodwill related to disposals
(13)
Foreign currency translation
(31)
Ending balance
$ 2,920 
Goodwill and Other Intangible Assets (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Intangible assets with indefinite lives
 
 
 
Tradenames
$ 1,019 
 
$ 1,019 
Intangible assets with finite lives
 
 
 
Intangible assets with finite lives, Gross Carrying Amount
4,461 
 
4,542 
Intangible assets with finite lives, Accumulated Amortization
2,051 
 
2,022 
Intangible assets, Net Carrying Amount
2,410 
 
2,520 
Amortization expense on intangible assets
80 
86 
 
Estimated amortization for intangible assets
 
 
 
Remainder of 2015
234 
 
 
2016
271 
 
 
2017
227 
 
 
2018
169 
 
 
2019
142 
 
 
Thereafter
348 
 
 
Total
1,391 
 
 
Risk Solutions [Member]
 
 
 
Estimated amortization for intangible assets
 
 
 
Remainder of 2015
80 
 
 
2016
99 
 
 
2017
90 
 
 
2018
78 
 
 
2019
69 
 
 
Thereafter
185 
 
 
Total
601 
 
 
HR Solutions [Member]
 
 
 
Estimated amortization for intangible assets
 
 
 
Remainder of 2015
154 
 
 
2016
172 
 
 
2017
137 
 
 
2018
91 
 
 
2019
73 
 
 
Thereafter
163 
 
 
Total
790 
 
 
Customer related and contract based [Member]
 
 
 
Intangible assets with finite lives
 
 
 
Intangible assets with finite lives, Gross Carrying Amount
2,894 
 
2,952 
Intangible assets with finite lives, Accumulated Amortization
1,616 
 
1,579 
Intangible assets, Net Carrying Amount
1,278 
 
1,373 
Marketing, technology and other [Member]
 
 
 
Intangible assets with finite lives
 
 
 
Intangible assets with finite lives, Gross Carrying Amount
548 
 
571 
Intangible assets with finite lives, Accumulated Amortization
435 
 
443 
Intangible assets, Net Carrying Amount
$ 113 
 
$ 128 
Debt (Details)
3 Months Ended
Mar. 31, 2015
Commercial paper [Member]
USD ($)
Dec. 31, 2014
Commercial paper [Member]
USD ($)
Dec. 31, 2014
Domestic Line of Credit [Member]
2017 Facility [Member]
Line of Credit [Member]
USD ($)
Mar. 31, 2015
Foreign Line of Credit [Member]
2015 Facility [Member]
Line of Credit [Member]
USD ($)
Dec. 31, 2014
Foreign Line of Credit [Member]
2015 Facility [Member]
Line of Credit [Member]
EUR (€)
Feb. 2, 2015
Foreign Line of Credit [Member]
2020 Facility [Member]
Line of Credit [Member]
USD ($)
Mar. 31, 2015
Commercial paper [Member]
US Commercial Paper Program [Member]
USD ($)
Mar. 31, 2015
Commercial paper [Member]
European Multi Currency Paper Program [Member]
EUR (€)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
Line of credit facility, maximum borrowing capacity
 
 
$ 400,000,000 
$ 707,000,000 
€ 650,000,000 
$ 900,000,000 
$ 900,000,000 
€ 300,000,000 
Total debt
355,000,000 
168,000,000 
 
 
 
 
 
 
Weighted average commercial paper outstanding
$ 317,000,000 
 
 
 
 
 
 
 
Weighted-average interest rates (as a percent)
0.50% 
 
 
 
 
 
 
 
Income Taxes Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Income Tax Contingency [Line Items]
 
 
Effective income tax rate
19.10% 
18.90% 
Decrease in uncertain tax positions
$ 19 
 
Amount of liability for uncertain tax positions that would impact the effective tax rate if recognized
133 
 
Other Noncurrent Liabilities [Member]
 
 
Income Tax Contingency [Line Items]
 
 
Liability for uncertain tax positions, noncurrent
186 
 
Liability for uncertain tax positions, interest
25 
 
Liability for uncertain tax positions, penalties
$ 11 
 
Shareholders' Equity (Details) (USD $)
3 Months Ended 36 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
2012 - Share Repurchase Program [Member]
Mar. 31, 2014
2012 - Share Repurchase Program [Member]
Mar. 31, 2015
2012 - Share Repurchase Program [Member]
Apr. 30, 2012
2012 - Share Repurchase Program [Member]
Nov. 30, 2014
Share Repurchase Program of 2014 [Member]
Common Stock Programs
 
 
 
 
 
 
 
Share repurchase authorization limit
 
 
 
 
 
$ 5,000,000,000.0 
$ 5,000,000,000.0 
Shares purchased (in shares)
 
 
2,500,000 
7,200,000 
64,600,000 
 
 
Average price per share of stock repurchased
 
 
$ 100.15 
$ 83.45 
 
 
 
Total cost of shares purchased
250,000,000 
 
250,000,000 
600,000,000 
4,600,000,000 
 
 
Share repurchase, remaining authorization limit
 
 
5,400,000,000 
 
5,400,000,000 
 
 
Weighted average shares outstanding
 
 
 
 
 
 
 
Shares for basic earnings per share (in shares)
284,200,000 1
303,500,000 1
 
 
 
 
 
Common stock equivalents (in shares)
2,900,000 
3,700,000 
 
 
 
 
 
Shares for diluted earnings per share (in shares)
287,100,000 
307,200,000 
 
 
 
 
 
Net income, attributable to participating securities
$ 2,000,000 
$ 3,000,000 
 
 
 
 
 
Number of participating securities (in shares)
2,500,000 
3,400,000 
 
 
 
 
 
Number of shares excluded from the calculation of diluted earnings per share
0 
0 
 
 
 
 
 
Shareholders' Equity (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
Beginning balance
$ (3,134)
Other comprehensive (loss) income before reclassifications, net
(320)
Amounts reclassified from accumulated other comprehensive loss:
 
Amounts reclassified from accumulated other comprehensive loss
40 
Tax benefit
(13)
Amounts reclassified from accumulated other comprehensive loss, net
27 
Net current period other comprehensive (loss) income
(293)
Ending balance
(3,427)
Change in Fair Value of Investments [Member]
 
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
Beginning balance
0 1
Other comprehensive (loss) income before reclassifications, net
(1)1
Amounts reclassified from accumulated other comprehensive loss:
 
Amounts reclassified from accumulated other comprehensive loss
0 1
Tax benefit
0 1
Amounts reclassified from accumulated other comprehensive loss, net
0 1
Net current period other comprehensive (loss) income
(1)1
Ending balance
(1)1
Change in Fair Value of Derivatives [Member]
 
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
Beginning balance
(17)1
Other comprehensive (loss) income before reclassifications, net
(1)1
Amounts reclassified from accumulated other comprehensive loss:
 
Amounts reclassified from accumulated other comprehensive loss
11 1
Tax benefit
(4)1
Amounts reclassified from accumulated other comprehensive loss, net
7 1
Net current period other comprehensive (loss) income
6 1
Ending balance
(11)1
Foreign Currency Translation Adjustments [Member]
 
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
Beginning balance
(335)
Other comprehensive (loss) income before reclassifications, net
(321)
Amounts reclassified from accumulated other comprehensive loss:
 
Amounts reclassified from accumulated other comprehensive loss
0 
Tax benefit
0 
Amounts reclassified from accumulated other comprehensive loss, net
0 
Net current period other comprehensive (loss) income
(321)
Ending balance
(656)
Post-Retirement Benefit Obligation [Member]
 
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
Beginning balance
(2,782)2
Other comprehensive (loss) income before reclassifications, net
3 2
Amounts reclassified from accumulated other comprehensive loss:
 
Amounts reclassified from accumulated other comprehensive loss
29 2
Tax benefit
(9)2
Amounts reclassified from accumulated other comprehensive loss, net
20 2
Net current period other comprehensive (loss) income
23 2
Ending balance
$ (2,759)2
Employee Benefits (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
U.K. [Member]
 
 
Defined Benefit Plan Disclosure
 
 
Service cost
$ 0 
$ 0 
Interest cost
49 
58 
Expected return on plan assets
(75)
(82)
Amortization of net actuarial loss
10 
13 
Net periodic (benefit) cost
(16)
(11)
Curtailment loss (gain) and other
0 
0 
Total net periodic (benefit) cost
(16)
(11)
Estimate of contributions to defined benefit pension plans for the current fiscal year
65 
 
Contributions made to defined benefit pension plans
19 
65 
U.S. [Member]
 
 
Defined Benefit Plan Disclosure
 
 
Service cost
1 
0 
Interest cost
33 
32 
Expected return on plan assets
(39)
(39)
Amortization of net actuarial loss
14 
10 
Net periodic (benefit) cost
9 
3 
Curtailment loss (gain) and other
(1)
1 
Total net periodic (benefit) cost
8 
4 
Estimate of contributions to defined benefit pension plans for the current fiscal year
132 
 
Contributions made to defined benefit pension plans
34 
40 
Other [Member]
 
 
Defined Benefit Plan Disclosure
 
 
Service cost
0 
0 
Interest cost
8 
12 
Expected return on plan assets
(12)
(15)
Amortization of net actuarial loss
3 
2 
Net periodic (benefit) cost
(1)
(1)
Curtailment loss (gain) and other
0 
(3)
Total net periodic (benefit) cost
(1)
(4)
Estimate of contributions to defined benefit pension plans for the current fiscal year
23 
 
Contributions made to defined benefit pension plans
$ 4 
$ 12 
Share-Based Compensation Plans Share-based compensation expenses recognized (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Total share-based compensation expense
$ 90 
$ 102 
Restricted share units (RSUs) [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Total share-based compensation expense
65 
60 
Performance share awards (“PSAs”) [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Total share-based compensation expense
21 
39 
Share options [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Total share-based compensation expense
0 
0 
Employee share purchase plans [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Total share-based compensation expense
$ 4 
$ 3 
Share-Based Compensation Plans Restricted share unit activity (Details) (Restricted share units (RSUs) [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Restricted share units (RSUs) [Member]
 
 
Non-vested share awards (in shares)
 
 
Non-vested at beginning of period
8,381 
9,759 
Granted
957 
1,146 
Vested
(1,714)
(1,950)
Forfeited
(49)
(125)
Non-vested at end of period
7,575 
8,830 
Weighted Average Fair value (in dollars per share)
 
 
Non-vested at beginning of period
$ 63 1
$ 51 1
Granted
$ 97 1
$ 83 1
Vested
$ 59 1
$ 51 1
Forfeited
$ 64 1
$ 50 1
Non-vested at end of period
$ 69 1
$ 56 1
Share-Based Compensation Plans Performance Share Awards Narrative (Details) (Performance Shares [Member])
3 Months Ended
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Vesting conditions period
3 years 
Minimum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Shares issued, percent
0.00% 
Maximum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Shares issued, percent
200.00% 
Share-Based Compensation Plans Schedule of Performance-based plans (Details) (Performance Shares [Member], USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Performance Shares [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Target PSAs granted during period
978 
816 
1,135 
Weighted average fair value per share at date of grant
$ 96 
$ 81 
$ 58 
Number of shares that would be issued based on current performance levels
978 
1,201 
2,197 
Unamortized expense, based on current performance levels
$ 93 
$ 61 
$ 34 
Share-Based Compensation Plans Share options activity (Details) (Share options [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Share options [Member]
 
 
Share Options (in shares)
 
 
Beginning outstanding
2,300 
3,462 
Granted
0 
0 
Exercised
(1,293)
(416)
Forfeited and expired
(9)
(2)
Outstanding at end of period
998 
3,044 
Exercisable at end of period
998 
2,928 
Weighted-Average Exercise Price (in dollars per share)
 
 
Beginning outstanding
$ 32 
$ 32 
Granted
$ 0 
$ 0 
Exercised
$ 26 
$ 33 
Forfeited and expired
$ 36 
$ 36 
Outstanding at end of period
$ 39 
$ 32 
Exercisable at end of period
$ 39 
$ 32 
Share-Based Compensation Plans Stock Option Narrative (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Closing share price (in dollars per share)
$ 96.12 
 
Aggregate intrinsic value of options outstanding
$ 57 
 
Unamortized deferred compensation expense
$ 267 
 
Remaining weighted-average amortization period
1 year 9 months 6 days 
 
Share options [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Weighted average remaining contractual life
2 years 8 months 6 days 
2 years 
Derivatives and Hedging Foreign Exchange Risk Management Narrative (Details)
3 Months Ended
Mar. 31, 2015
Not Designated as Hedging Instrument [Member]
 
Derivative [Line Items]
 
Foreign currency exposures, maximum hedging period
1 year 
Cash Flow Hedging [Member]
 
Derivative [Line Items]
 
Foreign currency exposures, maximum average hedging period
2 years 
Net Investment Hedging [Member]
 
Derivative [Line Items]
 
Foreign currency exposures, maximum hedging period
2 years 
Derivatives and Hedging Interest Rate Management Risk Narrative (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Derivative [Line Items]
 
 
Estimated pretax losses currently included within Accumulated Other Comprehensive Loss that will be reclassified to earnings in next twelve months
$ 4 
 
Derivative gain (loss)
(1)
(23)
Not Designated as Hedging Instrument [Member] |
Foreign exchange contracts [Member]
 
 
Derivative [Line Items]
 
 
Derivative gain (loss)
$ 7 
$ (5)
Cash Flow Hedging [Member]
 
 
Derivative [Line Items]
 
 
Interest rate fluctuations, maximum hedging period
2 years 
 
Derivatives and Hedging Notional and fair values of derivative instruments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Derivatives, Fair Value
 
 
Notional Amount
$ 1,100 
$ 1,365 
Derivative Assets
59 1
46 1
Derivative Liabilities
79 2
58 2
Term of derivative contract
30 days 
 
Gross Amounts Offset in the Statement of Financial Position
(32)
(14)
Net Amounts of Assets Presented in the Statement of Financial Position
27 3
32 3
Gross Amounts Offset in the Statement of Financial Position
(32)
(14)
Net Amounts of Liabilities Presented in the Statement of Financial Position
47 4
44 4
Other Current Assets [Member]
 
 
Derivatives, Fair Value
 
 
Derivative Assets
38 
24 
Net Amounts of Assets Presented in the Statement of Financial Position
15 
12 
Other Noncurrent Assets [Member]
 
 
Derivatives, Fair Value
 
 
Derivative Assets
21 
22 
Net Amounts of Assets Presented in the Statement of Financial Position
12 
20 
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value
 
 
Derivative Liabilities
66 
52 
Net Amounts of Liabilities Presented in the Statement of Financial Position
42 
40 
Other Noncurrent Liabilities [Member]
 
 
Derivatives, Fair Value
 
 
Derivative Liabilities
13 
6 
Net Amounts of Liabilities Presented in the Statement of Financial Position
5 
4 
Derivatives accounted for as hedges [Member]
 
 
Derivatives, Fair Value
 
 
Notional Amount
919 
1,200 
Derivative Assets
59 1
46 1
Derivative Liabilities
79 2
58 2
Gross Amounts Offset in the Statement of Financial Position
(32)
(14)
Net Amounts of Assets Presented in the Statement of Financial Position
27 3
32 3
Gross Amounts Offset in the Statement of Financial Position
(32)
(14)
Net Amounts of Liabilities Presented in the Statement of Financial Position
47 4
44 4
Derivatives accounted for as hedges [Member] |
Interest rate contracts [Member]
 
 
Derivatives, Fair Value
 
 
Notional Amount
0 
0 
Derivative Assets
0 
0 
Derivative Liabilities
0 
0 
Gross Amounts Offset in the Statement of Financial Position
0 
0 
Net Amounts of Assets Presented in the Statement of Financial Position
0 3
0 3
Gross Amounts Offset in the Statement of Financial Position
0 
0 
Net Amounts of Liabilities Presented in the Statement of Financial Position
0 4
0 4
Derivatives accounted for as hedges [Member] |
Foreign exchange contracts [Member]
 
 
Derivatives, Fair Value
 
 
Notional Amount
919 
1,200 
Derivative Assets
59 
46 
Derivative Liabilities
79 
58 
Gross Amounts Offset in the Statement of Financial Position
(32)
(14)
Net Amounts of Assets Presented in the Statement of Financial Position
27 3
32 3
Gross Amounts Offset in the Statement of Financial Position
(32)
(14)
Net Amounts of Liabilities Presented in the Statement of Financial Position
47 4
44 4
Not Designated as Hedging Instrument [Member] |
Foreign exchange contracts [Member]
 
 
Derivatives, Fair Value
 
 
Notional Amount
181 5
165 5
Derivative Assets
0 
0 
Derivative Liabilities
0 
0 
Gross Amounts Offset in the Statement of Financial Position
0 
0 
Net Amounts of Assets Presented in the Statement of Financial Position
0 3
0 3
Gross Amounts Offset in the Statement of Financial Position
0 
0 
Net Amounts of Liabilities Presented in the Statement of Financial Position
$ 0 4
$ 0 4
Derivatives and Hedging - Schedule of amounts of derivative gains (losses) recognized in the Consolidated Financial Statements (Details) (Cash Flow Hedging [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
$ (1)
$ (8)
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
(11)
(21)
Interest rate contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
(1)
0 
Foreign exchange contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
(1)
(8)
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
(10)
(21)
Compensation and Benefits [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
5 
11 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
0 
(3)
Compensation and Benefits [Member] |
Interest rate contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
0 
0 
Compensation and Benefits [Member] |
Foreign exchange contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
5 
11 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
0 
(3)
Other General Expenses [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
(2)
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
0 
0 
Other General Expenses [Member] |
Interest rate contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
0 
0 
Other General Expenses [Member] |
Foreign exchange contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
(2)
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
0 
0 
Interest Expense [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
(3)
0 
Interest Expense [Member] |
Interest rate contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
(1)
0 
Interest Expense [Member] |
Foreign exchange contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
(2)
0 
Other Income [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
(4)
(19)
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
(8)
(18)
Other Income [Member] |
Interest rate contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
0 
0 
Other Income [Member] |
Foreign exchange contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (loss) recognized in accumulated other comprehensive income
(4)
(19)
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
$ (8)
$ (18)
Fair Value Measurements and Financial Instruments Schedule of assets and liabilities that are measured at fair value on a recurring basis (Details) (Recurring [Member], USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Fair Value [Member] |
Money market funds and highly liquid debt securities
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
$ 1,787 1
$ 1,850 2
Fair Value [Member] |
Money market funds [Member]
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
1,787 
1,850 
Fair Value [Member] |
Corporate bonds [Member]
 
 
Assets:
 
 
Other investments
1 
1 
Fair Value [Member] |
Government bonds [Member]
 
 
Assets:
 
 
Other investments
6 
6 
Fair Value [Member] |
Equity investments [Member]
 
 
Assets:
 
 
Other investments
10 
11 
Fair Value [Member] |
Interest rate contracts [Member]
 
 
Assets:
 
 
Derivatives
0 
0 
Fair Value [Member] |
Foreign exchange contracts [Member]
 
 
Assets:
 
 
Derivatives
59 
46 
Liabilities:
 
 
Derivatives
79 
58 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Money market funds and highly liquid debt securities
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
1,787 1
1,850 2
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Corporate bonds [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Government bonds [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Equity investments [Member]
 
 
Assets:
 
 
Other investments
6 
6 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Interest rate contracts [Member]
 
 
Assets:
 
 
Derivatives
0 
0 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Foreign exchange contracts [Member]
 
 
Assets:
 
 
Derivatives
0 
0 
Liabilities:
 
 
Derivatives
0 
0 
Significant Other Observable Inputs (Level 2) [Member] |
Money market funds and highly liquid debt securities
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
0 1
0 2
Significant Other Observable Inputs (Level 2) [Member] |
Corporate bonds [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Significant Other Observable Inputs (Level 2) [Member] |
Government bonds [Member]
 
 
Assets:
 
 
Other investments
6 
6 
Significant Other Observable Inputs (Level 2) [Member] |
Equity investments [Member]
 
 
Assets:
 
 
Other investments
4 
5 
Significant Other Observable Inputs (Level 2) [Member] |
Interest rate contracts [Member]
 
 
Assets:
 
 
Derivatives
0 
0 
Significant Other Observable Inputs (Level 2) [Member] |
Foreign exchange contracts [Member]
 
 
Assets:
 
 
Derivatives
59 
46 
Liabilities:
 
 
Derivatives
79 
58 
Significant Unobservable Inputs (Level 3) [Member] |
Money market funds and highly liquid debt securities
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
0 1
0 2
Significant Unobservable Inputs (Level 3) [Member] |
Corporate bonds [Member]
 
 
Assets:
 
 
Other investments
1 
1 
Significant Unobservable Inputs (Level 3) [Member] |
Government bonds [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Significant Unobservable Inputs (Level 3) [Member] |
Equity investments [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Significant Unobservable Inputs (Level 3) [Member] |
Interest rate contracts [Member]
 
 
Assets:
 
 
Derivatives
0 
0 
Significant Unobservable Inputs (Level 3) [Member] |
Foreign exchange contracts [Member]
 
 
Assets:
 
 
Derivatives
0 
0 
Liabilities:
 
 
Derivatives
$ 0 
$ 0 
Fair Value Measurements and Financial Instruments Schedule of financial instruments where the carrying amounts and fair values differ (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Fair value of financial instrument
 
 
Carrying value of total debt
$ 4,710 
$ 4,799 
Fair value of total debt
$ 5,259 
$ 5,268 
Commitments and Contingencies (Details)
3 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Mar. 31, 2015
Potential Claim for Pension Advisory Services [Member]
USD ($)
Apr. 30, 2014
Potential Claim for Pension Advisory Services [Member]
GBP (£)
Mar. 31, 2015
Commitments to fund certain limited partnerships or subsidiaries [Member]
USD ($)
Dec. 31, 2014
Commitments to fund certain limited partnerships or subsidiaries [Member]
USD ($)
Jan. 31, 2014
Northrop Grumman Corporation [Member]
USD ($)
Sep. 14, 2010
Opry Mills Mall Limited Partnership [Member]
USD ($)
Mar. 31, 2015
Opry Mills Mall Limited Partnership [Member]
USD ($)
Mar. 31, 2015
Philips [Member]
USD ($)
Jan. 2, 2014
Philips [Member]
GBP (£)
Mar. 31, 2015
International Road Transport Union [Member]
Litigation Award [Member]
USD ($)
Jan. 26, 2015
International Road Transport Union [Member]
Litigation Award [Member]
CHF
Dec. 2, 2014
International Road Transport Union [Member]
Litigation Award [Member]
CHF
Jun. 1, 2007
International Road Transport Union [Member]
Litigation Award [Member]
CHF
Dec. 31, 2014
International Road Transport Union [Member]
Litigation Award [Member]
CHF
Jan. 26, 2015
International Road Transport Union [Member]
Litigation USD Denominated Award [Member]
USD ($)
Dec. 2, 2014
International Road Transport Union [Member]
Litigation USD Denominated Award [Member]
USD ($)
Jun. 1, 2007
International Road Transport Union [Member]
Litigation USD Denominated Award [Member]
USD ($)
Dec. 31, 2014
International Road Transport Union [Member]
Litigation USD Denominated Award [Member]
USD ($)
Jun. 1, 2007
International Road Transport Union [Member]
Litigation Expenses and Interest [Member]
USD ($)
Mar. 31, 2015
Versicherung Aktiengesellschaft [Member]
Litigation Award [Member]
USD ($)
Dec. 27, 2012
Versicherung Aktiengesellschaft [Member]
Litigation Award [Member]
EUR (€)
Legal, Guarantees and Indemnifications
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of possible loss, minimum
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of possible loss, maximum
600,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Damages sought
 
 
 
 
 
 
340,000,000 
200,000,000 
 
281,000,000 
189,000,000 
48,000,000 
 
 
46,000,000 
 
 
 
3,000,000 
 
30,000,000 
199,000,000 
183,000,000 
Amount of coverage for damages contended by the insurers
 
 
 
 
 
 
 
50,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Difference amount of damages sought by the client
 
 
 
 
 
 
 
150,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Damages awarded excluding interest and costs
 
 
 
 
 
 
 
 
 
 
 
17,000,000 
 
16,800,000 
 
 
 
3,100,000 
 
 
 
 
 
Damages awarded
 
 
 
 
 
 
 
 
200,000,000 
 
 
29,000,000 
 
 
 
27,900,000 
 
 
 
5,000,000 
 
 
 
Case settlement amount
 
 
 
 
 
 
 
 
 
 
 
13,000,000 
12,800,000 
 
 
 
4,700,000 
 
 
 
 
 
 
Settlement, maximum liability
 
 
 
 
 
 
 
 
 
 
 
9,000,000 
8,700,000 
 
 
 
115,000 
 
 
 
 
 
 
Estimate of possible loss
 
 
67,000,000 
45,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum potential funding under commitments
77,000,000 
112,000,000 
 
 
12,000,000 
14,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding
68,000,000 
95,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments funded
 
 
 
 
$ 2,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
segment
Mar. 31, 2014
Segment Reporting Information
 
 
Number of reportable segments
2 
 
Total revenue
$ 2,847 
$ 2,947 
Total commissions, fees and other revenue
2,842 
2,941 
Total fiduciary investment income
5 
6 
Operating income before income tax
441 
469 
Interest income
3 
2 
Interest expense
(65)
(58)
Other income
42 
1 
Income before income taxes
421 
414 
Total operating segments [Member]
 
 
Segment Reporting Information
 
 
Operating income before income tax
488 
512 
Risk Solutions [Member]
 
 
Segment Reporting Information
 
 
Total revenue
1,895 
1,994 
Total commissions, fees and other revenue
1,890 
1,988 
Total fiduciary investment income
5 
6 
Operating income before income tax
412 
445 
Retail brokerage [Member]
 
 
Segment Reporting Information
 
 
Total commissions, fees and other revenue
1,513 
1,579 
Reinsurance brokerage [Member]
 
 
Segment Reporting Information
 
 
Total commissions, fees and other revenue
377 
409 
HR Solutions [Member]
 
 
Segment Reporting Information
 
 
Total revenue
970 
965 
Total commissions, fees and other revenue
970 
965 
Total fiduciary investment income
0 
0 
Operating income before income tax
76 
67 
Consulting services [Member]
 
 
Segment Reporting Information
 
 
Total commissions, fees and other revenue
371 
384 
Outsourcing [Member]
 
 
Segment Reporting Information
 
 
Total commissions, fees and other revenue
604 
589 
Intrasegment [Member]
 
 
Segment Reporting Information
 
 
Total commissions, fees and other revenue
(5)
(8)
Intersegment elimination [Member]
 
 
Segment Reporting Information
 
 
Total revenue
(18)
(12)
Total commissions, fees and other revenue
(18)
(12)
Unallocated Expense [Member]
 
 
Segment Reporting Information
 
 
Operating income before income tax
$ (47)
$ (43)
Guarantee of Registered Securities (Narrative) (Details)
Mar. 31, 2015
Aon plc [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Parent company's percentage ownership of guarantors
100.00% 
3.50% senior notes due September 2015 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
3.50% 
3.125% Senior notes due 2016 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
3.125% 
5.00% Senior notes due September 2020 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
5.00% 
8.205% Junior subordinated deferrable interest debentures due January 2027 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
8.205% 
6.25% Senior notes due September 2040 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
6.25% 
4.250% Senior notes due 2042 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
4.25% 
4.45% notes due 2043 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
4.45% 
4.00% notes due 2023 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
4.00% 
2.875% notes due 2026 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
2.875% 
3.50% Notes due June 2024 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
3.50% 
4.60% notes due May 2044 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
4.60% 
3.50% notes due 2024 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
3.50% 
4.60% notes due 2044 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Debt interest rate percentage
4.60% 
Guarantee of Registered Securities - Condensed Consolidating Statement of Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenue
 
 
Commissions, fees and other
$ 2,842 
$ 2,941 
Fiduciary investment income
5 
6 
Total revenue
2,847 
2,947 
Expenses
 
 
Compensation and benefits
1,683 
1,751 
Other general expenses
723 
727 
Total operating expenses
2,406 
2,478 
Operating income
441 
469 
Interest income
3 
2 
Interest expense
(65)
(58)
Intercompany interest income (expense)
0 
0 
Intercompany other (expense) income
0 
0 
Other income
42 
1 
Income before income taxes
421 
414 
Income tax (benefit) expense
80 
78 
(Loss) income before equity in earnings of subsidiaries
341 
336 
Equity in earnings of subsidiaries, net of tax
0 
0 
Net income
341 
336 
Less: Net income attributable to noncontrolling interests
13 
11 
Net income attributable to Aon shareholders
328 
325 
Aon plc [Member]
 
 
Revenue
 
 
Commissions, fees and other
0 
1 
Fiduciary investment income
0 
0 
Total revenue
0 
1 
Expenses
 
 
Compensation and benefits
52 
66 
Other general expenses
13 
4 
Total operating expenses
65 
70 
Operating income
(65)
(69)
Interest income
(5)
(2)
Interest expense
(25)
(9)
Intercompany interest income (expense)
119 
111 
Intercompany other (expense) income
(50)
(19)
Other income
2 
0 
Income before income taxes
(24)
12 
Income tax (benefit) expense
(5)
3 
(Loss) income before equity in earnings of subsidiaries
(19)
9 
Equity in earnings of subsidiaries, net of tax
347 
316 
Net income
328 
325 
Less: Net income attributable to noncontrolling interests
0 
0 
Net income attributable to Aon shareholders
328 
325 
Aon Corporation [Member]
 
 
Revenue
 
 
Commissions, fees and other
0 
0 
Fiduciary investment income
0 
0 
Total revenue
0 
0 
Expenses
 
 
Compensation and benefits
11 
7 
Other general expenses
2 
3 
Total operating expenses
13 
10 
Operating income
(13)
(10)
Interest income
3 
0 
Interest expense
(34)
(31)
Intercompany interest income (expense)
(105)
(74)
Intercompany other (expense) income
(8)
(15)
Other income
8 
0 
Income before income taxes
(149)
(130)
Income tax (benefit) expense
(50)
(50)
(Loss) income before equity in earnings of subsidiaries
(99)
(80)
Equity in earnings of subsidiaries, net of tax
403 
333 
Net income
304 
253 
Less: Net income attributable to noncontrolling interests
0 
0 
Net income attributable to Aon shareholders
304 
253 
Other Non-Guarantor Subsidiaries [Member]
 
 
Revenue
 
 
Commissions, fees and other
2,842 
2,940 
Fiduciary investment income
5 
6 
Total revenue
2,847 
2,946 
Expenses
 
 
Compensation and benefits
1,620 
1,678 
Other general expenses
708 
720 
Total operating expenses
2,328 
2,398 
Operating income
519 
548 
Interest income
5 
4 
Interest expense
(6)
(18)
Intercompany interest income (expense)
(14)
(37)
Intercompany other (expense) income
58 
34 
Other income
32 
1 
Income before income taxes
594 
532 
Income tax (benefit) expense
135 
125 
(Loss) income before equity in earnings of subsidiaries
459 
407 
Equity in earnings of subsidiaries, net of tax
304 
253 
Net income
763 
660 
Less: Net income attributable to noncontrolling interests
13 
11 
Net income attributable to Aon shareholders
750 
649 
Consolidating Adjustments [Member]
 
 
Revenue
 
 
Commissions, fees and other
0 
0 
Fiduciary investment income
0 
0 
Total revenue
0 
0 
Expenses
 
 
Compensation and benefits
0 
0 
Other general expenses
0 
0 
Total operating expenses
0 
0 
Operating income
0 
0 
Interest income
0 
0 
Interest expense
0 
0 
Intercompany interest income (expense)
0 
0 
Intercompany other (expense) income
0 
0 
Other income
0 
0 
Income before income taxes
0 
0 
Income tax (benefit) expense
0 
0 
(Loss) income before equity in earnings of subsidiaries
0 
0 
Equity in earnings of subsidiaries, net of tax
(1,054)
(902)
Net income
(1,054)
(902)
Less: Net income attributable to noncontrolling interests
0 
0 
Net income attributable to Aon shareholders
$ (1,054)
$ (902)
Guarantee of Registered Securities - Condensed Consolidating Statement of Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Condensed Financial Statements, Captions [Line Items]
 
 
Net income
$ 341 
$ 336 
Less: Net income attributable to noncontrolling interests
13 
11 
Net income attributable to Aon shareholders
328 
325 
Change in fair value of investments
(1)
1 
Change in fair value of derivatives
6 
9 
Foreign currency translation adjustments
(322)
16 
Post-retirement benefit obligation
23 
26 
Total other comprehensive (loss) income
(294)
52 
Equity in other comprehensive loss of subsidiaries, net of tax
0 
0 
Less: Other comprehensive (loss) income attributable to noncontrolling interests
(1)
(2)
Total other comprehensive (loss) income attributable to Aon shareholders
(293)
54 
Comprehensive income attributable to Aon shareholders
35 
379 
Aon plc [Member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net income
328 
325 
Less: Net income attributable to noncontrolling interests
0 
0 
Net income attributable to Aon shareholders
328 
325 
Change in fair value of investments
0 
0 
Change in fair value of derivatives
0 
0 
Foreign currency translation adjustments
0 
0 
Post-retirement benefit obligation
0 
0 
Total other comprehensive (loss) income
0 
0 
Equity in other comprehensive loss of subsidiaries, net of tax
(293)
54 
Less: Other comprehensive (loss) income attributable to noncontrolling interests
0 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
(293)
54 
Comprehensive income attributable to Aon shareholders
35 
379 
Aon Corporation [Member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net income
304 
253 
Less: Net income attributable to noncontrolling interests
0 
0 
Net income attributable to Aon shareholders
304 
253 
Change in fair value of investments
0 
0 
Change in fair value of derivatives
(1)
1 
Foreign currency translation adjustments
(23)
(17)
Post-retirement benefit obligation
8 
6 
Total other comprehensive (loss) income
(16)
(10)
Equity in other comprehensive loss of subsidiaries, net of tax
(267)
69 
Less: Other comprehensive (loss) income attributable to noncontrolling interests
0 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
(283)
59 
Comprehensive income attributable to Aon shareholders
21 
312 
Other Non-Guarantor Subsidiaries [Member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net income
763 
660 
Less: Net income attributable to noncontrolling interests
13 
11 
Net income attributable to Aon shareholders
750 
649 
Change in fair value of investments
(1)
1 
Change in fair value of derivatives
7 
8 
Foreign currency translation adjustments
(299)
33 
Post-retirement benefit obligation
15 
20 
Total other comprehensive (loss) income
(278)
62 
Equity in other comprehensive loss of subsidiaries, net of tax
(283)
59 
Less: Other comprehensive (loss) income attributable to noncontrolling interests
(1)
(2)
Total other comprehensive (loss) income attributable to Aon shareholders
(560)
123 
Comprehensive income attributable to Aon shareholders
190 
772 
Consolidating Adjustments [Member]
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net income
(1,054)
(902)
Less: Net income attributable to noncontrolling interests
0 
0 
Net income attributable to Aon shareholders
(1,054)
(902)
Change in fair value of investments
0 
0 
Change in fair value of derivatives
0 
0 
Foreign currency translation adjustments
0 
0 
Post-retirement benefit obligation
0 
0 
Total other comprehensive (loss) income
0 
0 
Equity in other comprehensive loss of subsidiaries, net of tax
843 
(182)
Less: Other comprehensive (loss) income attributable to noncontrolling interests
0 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
843 
(182)
Comprehensive income attributable to Aon shareholders
$ (211)
$ (1,084)
Guarantee of Registered Securities - Condensed Consolidating Statement of Financial Position (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2014
Dec. 31, 2013
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
$ 378 
$ 374 
$ 338 
$ 477 
Short-term investments
343 
394 
 
 
Receivables, net
2,672 
2,815 
 
 
Fiduciary assets
10,894 
11,638 
 
 
Intercompany receivables
0 
0 
 
 
Other current assets
712 
602 
 
 
Total Current Assets
14,999 
15,823 
 
 
Goodwill
8,548 
8,860 
 
 
Intangible assets, net
2,410 
2,520 
 
 
Fixed assets, net
754 
765 
 
 
Intercompany receivables
0 
0 
 
 
Other non-current assets
1,678 
1,804 
 
 
Investment in subsidiary
0 
0 
 
 
TOTAL ASSETS
28,389 
29,772 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
10,894 
11,638 
 
 
Short-term debt and current portion of long-term debt
966 
783 
 
 
Accounts payable and accrued liabilities
1,391 
1,805 
 
 
Intercompany payables
0 
0 
 
 
Other current liabilities
865 
788 
 
 
Total Current Liabilities
14,116 
15,014 
 
 
Long-term debt
4,710 
4,799 
 
 
Pension, other post-retirement and post-employment liabilities
2,001 
2,141 
 
 
Intercompany payables
0 
0 
 
 
Other non-current liabilities
1,131 
1,187 
 
 
TOTAL LIABILITIES
21,958 
23,141 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
6,365 
6,571 
 
 
Noncontrolling interests
66 
60 
 
 
TOTAL EQUITY
6,431 
6,631 
 
 
TOTAL LIABILITIES AND EQUITY
28,389 
29,772 
 
 
Aon plc [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Short-term investments
0 
0 
 
 
Receivables, net
0 
0 
 
 
Fiduciary assets
0 
0 
 
 
Intercompany receivables
125 
455 
 
 
Other current assets
2 
2 
 
 
Total Current Assets
127 
457 
 
 
Goodwill
0 
0 
 
 
Intangible assets, net
0 
0 
 
 
Fixed assets, net
0 
0 
 
 
Intercompany receivables
7,374 
7,399 
 
 
Other non-current assets
181 
179 
 
 
Investment in subsidiary
4,121 
4,962 
 
 
TOTAL ASSETS
11,803 
12,997 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
0 
0 
 
 
Short-term debt and current portion of long-term debt
109 
0 
 
 
Accounts payable and accrued liabilities
2,597 
3,755 
 
 
Intercompany payables
246 
122 
 
 
Other current liabilities
0 
0 
 
 
Total Current Liabilities
2,952 
3,877 
 
 
Long-term debt
2,480 
2,544 
 
 
Pension, other post-retirement and post-employment liabilities
0 
0 
 
 
Intercompany payables
0 
0 
 
 
Other non-current liabilities
6 
5 
 
 
TOTAL LIABILITIES
5,438 
6,426 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
6,365 
6,571 
 
 
Noncontrolling interests
0 
0 
 
 
TOTAL EQUITY
6,365 
6,571 
 
 
TOTAL LIABILITIES AND EQUITY
11,803 
12,997 
 
 
Aon Corporation [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
2,230 
2,727 
154 
247 
Short-term investments
166 
165 
 
 
Receivables, net
0 
0 
 
 
Fiduciary assets
0 
0 
 
 
Intercompany receivables
3,581 
2,814 
 
 
Other current assets
207 
226 
 
 
Total Current Assets
6,184 
5,932 
 
 
Goodwill
0 
0 
 
 
Intangible assets, net
0 
0 
 
 
Fixed assets, net
0 
0 
 
 
Intercompany receivables
577 
600 
 
 
Other non-current assets
701 
697 
 
 
Investment in subsidiary
15,391 
15,200 
 
 
TOTAL ASSETS
22,853 
22,429 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
0 
0 
 
 
Short-term debt and current portion of long-term debt
846 
767 
 
 
Accounts payable and accrued liabilities
31 
58 
 
 
Intercompany payables
9,382 
8,960 
 
 
Other current liabilities
49 
49 
 
 
Total Current Liabilities
10,308 
9,834 
 
 
Long-term debt
1,917 
1,917 
 
 
Pension, other post-retirement and post-employment liabilities
1,366 
1,396 
 
 
Intercompany payables
7,287 
7,277 
 
 
Other non-current liabilities
107 
125 
 
 
TOTAL LIABILITIES
20,985 
20,549 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
1,868 
1,880 
 
 
Noncontrolling interests
0 
0 
 
 
TOTAL EQUITY
1,868 
1,880 
 
 
TOTAL LIABILITIES AND EQUITY
22,853 
22,429 
 
 
Other Non-Guarantor Subsidiaries [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
650 
1,361 
1,372 
1,246 
Short-term investments
177 
229 
 
 
Receivables, net
2,672 
2,815 
 
 
Fiduciary assets
10,894 
11,638 
 
 
Intercompany receivables
9,681 
9,156 
 
 
Other current assets
536 
407 
 
 
Total Current Assets
24,610 
25,606 
 
 
Goodwill
8,548 
8,860 
 
 
Intangible assets, net
2,410 
2,520 
 
 
Fixed assets, net
754 
765 
 
 
Intercompany receivables
121 
111 
 
 
Other non-current assets
1,589 
1,718 
 
 
Investment in subsidiary
1,868 
1,880 
 
 
TOTAL ASSETS
39,900 
41,460 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
10,894 
11,638 
 
 
Short-term debt and current portion of long-term debt
11 
16 
 
 
Accounts payable and accrued liabilities
1,265 
1,706 
 
 
Intercompany payables
3,759 
3,343 
 
 
Other current liabilities
849 
772 
 
 
Total Current Liabilities
16,778 
17,475 
 
 
Long-term debt
313 
338 
 
 
Pension, other post-retirement and post-employment liabilities
635 
745 
 
 
Intercompany payables
785 
833 
 
 
Other non-current liabilities
1,811 
1,847 
 
 
TOTAL LIABILITIES
20,322 
21,238 
 
 
TOTAL AON SHAREHOLDERS' EQUITY
19,512 
20,162 
 
 
Noncontrolling interests
66 
60 
 
 
TOTAL EQUITY
19,578 
20,222 
 
 
TOTAL LIABILITIES AND EQUITY
39,900 
41,460 
 
 
Consolidating Adjustments [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
(2,502)
(3,714)
(1,188)
(1,016)
Short-term investments
0 
0 
 
 
Receivables, net
0 
0 
 
 
Fiduciary assets
0 
0 
 
 
Intercompany receivables
(13,387)
(12,425)
 
 
Other current assets
(33)
(33)
 
 
Total Current Assets
(15,922)
(16,172)
 
 
Goodwill
0 
0 
 
 
Intangible assets, net
0 
0 
 
 
Fixed assets, net
0 
0 
 
 
Intercompany receivables
(8,072)
(8,110)
 
 
Other non-current assets
(793)
(790)
 
 
Investment in subsidiary
(21,380)
(22,042)
 
 
TOTAL ASSETS
(46,167)
(47,114)
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
0 
0 
 
 
Short-term debt and current portion of long-term debt
0 
0 
 
 
Accounts payable and accrued liabilities
(2,502)
(3,714)
 
 
Intercompany payables
(13,387)
(12,425)
 
 
Other current liabilities
(33)
(33)
 
 
Total Current Liabilities
(15,922)
(16,172)
 
 
Long-term debt
0 
0 
 
 
Pension, other post-retirement and post-employment liabilities
0 
0 
 
 
Intercompany payables
(8,072)
(8,110)
 
 
Other non-current liabilities
(793)
(790)
 
 
TOTAL LIABILITIES
(24,787)
(25,072)
 
 
TOTAL AON SHAREHOLDERS' EQUITY
(21,380)
(22,042)
 
 
Noncontrolling interests
0 
0 
 
 
TOTAL EQUITY
(21,380)
(22,042)
 
 
TOTAL LIABILITIES AND EQUITY
$ (46,167)
$ (47,114)
 
 
Guarantee of Registered Securities - Condensed Consolidating Statement of Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$ 136 
$ (11)
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
Proceeds from sale of long-term investments
3 
42 
Purchases of long-term investments
(1)
(10)
Net sales of short-term investments - non-fiduciary
42 
183 
Acquisition of businesses, net of cash acquired
(21)
(5)
Proceeds from sale of businesses
41 
1 
Capital expenditures
(62)
(55)
CASH PROVIDED BY INVESTING ACTIVITIES
2 
156 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
Share repurchase
(250)
(600)
Advances from (to) affiliates
0 
0 
Issuance of shares for employee benefit plans
48 
26 
Issuance of debt
870 
1,195 
Repayment of debt
(686)
(829)
Cash dividends to shareholders
(71)
(53)
Purchase of shares from noncontrolling interests
(5)
1 
Dividends paid to noncontrolling interests
(1)
0 
Proceeds from sale-leaseback
0 
 
CASH USED FOR FINANCING ACTIVITIES
(95)
(260)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(39)
(24)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
4 
(139)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
374 
477 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
378 
338 
Aon plc [Member]
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
2 
89 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
Proceeds from sale of long-term investments
0 
0 
Purchases of long-term investments
0 
0 
Net sales of short-term investments - non-fiduciary
0 
0 
Acquisition of businesses, net of cash acquired
0 
0 
Proceeds from sale of businesses
0 
0 
Capital expenditures
0 
0 
CASH PROVIDED BY INVESTING ACTIVITIES
0 
0 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
Share repurchase
(250)
(600)
Advances from (to) affiliates
157 
313 
Issuance of shares for employee benefit plans
48 
26 
Issuance of debt
114 
293 
Repayment of debt
0 
(68)
Cash dividends to shareholders
(71)
(53)
Purchase of shares from noncontrolling interests
0 
0 
Dividends paid to noncontrolling interests
0 
 
Proceeds from sale-leaseback
0 
 
CASH USED FOR FINANCING ACTIVITIES
(2)
(89)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
0 
0 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
0 
0 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
0 
0 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
0 
0 
Aon Corporation [Member]
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
(188)
(123)
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
Proceeds from sale of long-term investments
0 
37 
Purchases of long-term investments
(1)
(10)
Net sales of short-term investments - non-fiduciary
(1)
62 
Acquisition of businesses, net of cash acquired
0 
0 
Proceeds from sale of businesses
0 
0 
Capital expenditures
0 
0 
CASH PROVIDED BY INVESTING ACTIVITIES
(2)
89 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
Share repurchase
0 
0 
Advances from (to) affiliates
(385)
(206)
Issuance of shares for employee benefit plans
0 
0 
Issuance of debt
756 
902 
Repayment of debt
(678)
(755)
Cash dividends to shareholders
0 
0 
Purchase of shares from noncontrolling interests
0 
0 
Dividends paid to noncontrolling interests
0 
 
Proceeds from sale-leaseback
0 
 
CASH USED FOR FINANCING ACTIVITIES
(307)
(59)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
0 
0 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(497)
(93)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
2,727 
247 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
2,230 
154 
Other Non-Guarantor Subsidiaries [Member]
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
322 
23 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
Proceeds from sale of long-term investments
3 
5 
Purchases of long-term investments
0 
0 
Net sales of short-term investments - non-fiduciary
43 
121 
Acquisition of businesses, net of cash acquired
(21)
(5)
Proceeds from sale of businesses
41 
1 
Capital expenditures
(62)
(55)
CASH PROVIDED BY INVESTING ACTIVITIES
4 
67 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
Share repurchase
0 
0 
Advances from (to) affiliates
(984)
65 
Issuance of shares for employee benefit plans
0 
0 
Issuance of debt
0 
0 
Repayment of debt
(8)
(6)
Cash dividends to shareholders
0 
0 
Purchase of shares from noncontrolling interests
(5)
1 
Dividends paid to noncontrolling interests
(1)
 
Proceeds from sale-leaseback
0 
 
CASH USED FOR FINANCING ACTIVITIES
(998)
60 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(39)
(24)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(711)
126 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
1,361 
1,246 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
650 
1,372 
Consolidating Adjustments [Member]
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
0 
0 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
Proceeds from sale of long-term investments
0 
0 
Purchases of long-term investments
0 
0 
Net sales of short-term investments - non-fiduciary
0 
0 
Acquisition of businesses, net of cash acquired
0 
0 
Proceeds from sale of businesses
0 
0 
Capital expenditures
0 
0 
CASH PROVIDED BY INVESTING ACTIVITIES
0 
0 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
Share repurchase
0 
0 
Advances from (to) affiliates
1,212 
(172)
Issuance of shares for employee benefit plans
0 
0 
Issuance of debt
0 
0 
Repayment of debt
0 
0 
Cash dividends to shareholders
0 
0 
Purchase of shares from noncontrolling interests
0 
0 
Dividends paid to noncontrolling interests
0 
 
Proceeds from sale-leaseback
0 
 
CASH USED FOR FINANCING ACTIVITIES
1,212 
(172)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
0 
0 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
1,212 
(172)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
(3,714)
(1,016)
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ (2,502)
$ (1,188)