AON PLC, 10-K filed on 2/22/2016
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2015
Feb. 5, 2016
Jun. 30, 2015
Document and Entity Information
 
 
 
Entity Registrant Name
Aon plc 
 
 
Entity Central Index Key
0000315293 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2015 
 
 
Amendment Flag
false 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
270,081,701 
 
Document Fiscal Year Focus
2015 
 
 
Document Fiscal Period Focus
FY 
 
 
Entity Public Float
 
 
$ 27,889,141,346 
Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenue
 
 
 
Commissions, fees and other
$ 11,661 
$ 12,019 
$ 11,787 
Fiduciary investment income
21 
26 
28 
Total revenue
11,682 
12,045 
11,815 
Expenses
 
 
 
Compensation and benefits
6,837 
7,014 
6,945 
Other general expenses
2,997 
3,065 
3,199 
Total operating expenses
9,834 
10,079 
10,144 
Operating income
1,848 
1,966 
1,671 
Interest income
14 
10 
9 
Interest expense
(273)
(255)
(210)
Other income
100 
44 
68 
Income before income taxes
1,689 
1,765 
1,538 
Income taxes
267 
334 
390 
Net income
1,422 
1,431 
1,148 
Less: Net income attributable to noncontrolling interests
37 
34 
35 
Net income attributable to Aon shareholders
$ 1,385 
$ 1,397 
$ 1,113 
Basic net income per share attributable to Aon shareholders (in dollars per share)
$ 4.93 
$ 4.73 
$ 3.57 
Diluted net income per share attributable to Aon shareholders (in dollars per share)
$ 4.88 
$ 4.66 
$ 3.53 
Cash dividends per share paid on ordinary shares (in dollars per share)
$ 1.15 
$ 0.92 
$ 0.68 
Weighted average ordinary shares outstanding - basic (in shares)
280.8 
295.5 
311.4 
Weighted average ordinary shares outstanding - diluted (in shares)
283.8 
299.6 
315.4 
Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net income
$ 590 
$ 303 
$ 188 
$ 341 
$ 467 
$ 315 
$ 313 
$ 336 
$ 1,422 
$ 1,431 
$ 1,148 
Less: Net income attributable to noncontrolling interests
6 
8 
10 
13 
8 
6 
9 
11 
37 
34 
35 
Net income attributable to Aon shareholders
584 
295 
178 
328 
459 
309 
304 
325 
1,385 
1,397 
1,113 
Other comprehensive (loss) gain, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
 
 
 
 
 
 
 
 
(8)
4 
7 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
(442)
(507)
(65)
Post-retirement benefit obligation
 
 
 
 
 
 
 
 
155 
(260)
293 
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
(295)
(763)
235 
Less: Other comprehensive loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
(6)
(3)
(1)
Total other comprehensive (loss) income attributable to Aon shareholders
 
 
 
 
 
 
 
 
(289)
(760)
236 
Comprehensive income attributable to Aon shareholders
 
 
 
 
 
 
 
 
$ 1,096 
$ 637 
$ 1,349 
Consolidated Statements of Financial Position (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 384 
$ 374 
Short-term investments
356 
394 
Receivables, net
2,734 
2,815 
Fiduciary assets
9,932 
11,638 
Other current assets
566 
602 
Total Current Assets
13,972 
15,823 
Goodwill
8,448 
8,860 
Intangible assets, net
2,180 
2,520 
Fixed assets, net
765 
765 
Non-current deferred tax assets
141 
144 
Prepaid pension
1,033 
933 
Other non-current assets
625 
727 
TOTAL ASSETS
27,164 
29,772 
CURRENT LIABILITIES
 
 
Fiduciary liabilities
9,932 
11,638 
Short-term debt and current portion of long-term debt
562 
783 
Accounts payable and accrued liabilities
1,772 
1,805 
Other current liabilities
820 
788 
Total Current Liabilities
13,086 
15,014 
Long-term debt
5,175 
4,799 
Non-current deferred tax liabilities
176 
313 
Pension, other post retirement, and post employment liabilities
1,795 
2,141 
Other non-current liabilities
769 
874 
TOTAL LIABILITIES
21,001 
23,141 
EQUITY
 
 
Ordinary shares - $0.01 nominal value Authorized: 750 shares (issued: 2015 - 269.8; 2014 - 280.0)
3 
3 
Additional paid-in capital
5,409 
5,097 
Retained earnings
4,117 
4,605 
Accumulated other comprehensive loss
(3,423)
(3,134)
TOTAL AON SHAREHOLDERS' EQUITY
6,106 
6,571 
Noncontrolling interests
57 
60 
TOTAL EQUITY
6,163 
6,631 
TOTAL LIABILITIES AND EQUITY
$ 27,164 
$ 29,772 
Consolidated Statements of Financial Position (Parenthetical) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Ordinary shares, nominal or par value
$ 0.01 
$ 0.01 
Ordinary shares, Authorized shares
750,000,000 
750,000,000 
Ordinary shares, issued shares
269,800,000 
280,000,000 
Consolidated Statements 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, Net of Tax [Member]
Noncontrolling Interests [Member]
Balance at Dec. 31, 2012
$ 7,805 
$ 4,439 
$ 5,933 
$ (2,610)
$ 43 
Balance (in shares) at Dec. 31, 2012
 
310.9 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
Net income
1,148 
 
1,113 
 
35 
Shares issued - employee benefit plan (in shares)
 
0.7 
 
 
 
Shares issued — employee benefit plan
27 
28 
(1)
 
 
Shares issued - employee compensation (in shares)
 
5.9 
 
 
 
Shares issued — employee compensation
(50)
(50)
0 
 
 
Shares purchased (in shares)
 
(16.8)
 
 
 
Shares purchased
(1,102)
 
(1,102)
 
 
Tax benefit — employee benefit plans
74 
74 
 
 
 
Share-based compensation expense
300 
300 
 
 
 
Dividends to shareholders
(212)
 
(212)
 
 
Net change in fair value of financial instruments
7 
 
 
 
 
Net change in fair value of derivatives
7 
 
 
7 
 
Net foreign currency translation adjustments
(65)
 
 
(64)
(1)
Net post-retirement benefit obligation
293 
 
 
293 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
(11)
(3)
 
 
(8)
Dividends paid to non-controlling interests on subsidiary common stock
(19)
 
 
 
(19)
Balance at Dec. 31, 2013
8,195 
4,788 
5,731 
(2,374)
50 
Balance (in shares) at Dec. 31, 2013
 
300.7 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
Net income
1,431 
 
1,397 
 
34 
Shares issued - employee benefit plan (in shares)
 
0.4 
 
 
 
Shares issued — employee benefit plan
26 
26 
 
 
 
Shares issued - employee compensation (in shares)
 
4.7 
 
 
 
Shares issued — employee compensation
(131)
(131)
 
 
 
Shares purchased (in shares)
 
(25.8)
 
 
 
Shares purchased
(2,250)
 
(2,250)
 
 
Tax benefit — employee benefit plans
89 
89 
 
 
 
Share-based compensation expense
328 
328 
 
 
 
Dividends to shareholders
(273)
 
(273)
 
 
Net change in fair value of financial instruments
4 
 
 
4 
 
Net foreign currency translation adjustments
(507)
 
 
(504)
(3)
Net post-retirement benefit obligation
(260)
 
 
(260)
 
Sales of subsidiary shares to non-controlling interest
3 
0 
 
 
3 
Dividends paid to non-controlling interests on subsidiary common stock
(24)
 
 
 
(24)
Balance at Dec. 31, 2014
6,631 
5,100 
4,605 
(3,134)
60 
Balance (in shares) at Dec. 31, 2014
280.0 
280.0 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
Net income
1,422 
 
1,385 
 
37 
Shares issued - employee benefit plan (in shares)
 
0.5 
 
 
 
Shares issued — employee benefit plan
33 
33 
 
 
 
Shares issued - employee compensation (in shares)
 
5.3 
 
 
 
Shares issued — employee compensation
(188)
(188)
 
 
 
Shares purchased (in shares)
 
(16.0)
 
 
 
Shares purchased
(1,550)
 
(1,550)
 
 
Tax benefit — employee benefit plans
126 
126 
 
 
 
Share-based compensation expense
340 
340 
 
 
 
Dividends to shareholders
(323)
 
(323)
 
 
Net change in fair value of financial instruments
(8)
 
 
(8)
 
Net foreign currency translation adjustments
(442)
 
 
(436)
(6)
Net post-retirement benefit obligation
155 
 
 
155 
 
Sales of subsidiary shares to non-controlling interest
(6)
1 
 
 
(7)
Dividends paid to non-controlling interests on subsidiary common stock
(27)
 
 
 
(27)
Balance at Dec. 31, 2015
$ 6,163 
$ 5,412 
$ 4,117 
$ (3,423)
$ 57 
Balance (in shares) at Dec. 31, 2015
269.8 
269.8 
 
 
 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$ 1,422 
$ 1,431 
$ 1,148 
Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Gain from sales of businesses and investments, net
(81)
(44)
(65)
Depreciation of fixed assets
229 
242 
240 
Amortization of intangible assets
314 
352 
395 
Share-based compensation expense
340 
328 
300 
Deferred income taxes
(223)
(135)
(14)
Change in assets and liabilities:
 
 
 
Fiduciary receivables
599 
(19)
(4)
Short-term investments — funds held on behalf of clients
350 
(403)
156 
Fiduciary liabilities
(949)
422 
(152)
Receivables, net
(83)
(25)
141 
Accounts payable and accrued liabilities
87 
4 
110 
Restructuring reserves
(31)
(83)
15 
Current income taxes
116 
42 
(116)
Pension, other post-retirement and other post-employment liabilities
(230)
(340)
(502)
Other assets and liabilities
149 
40 
101 
CASH PROVIDED BY OPERATING ACTIVITIES
2,009 
1,812 
1,753 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from investments
220 
52 
93 
Payments for investments
(266)
(20)
(15)
Net sales (purchases) of short-term investments — non-fiduciary
9 
110 
(174)
Acquisition of businesses, net of cash acquired
(16)
(479)
(54)
Proceeds from sale of businesses
205 
48 
40 
Capital expenditures
(290)
(256)
(229)
CASH USED FOR INVESTING ACTIVITIES
(138)
(545)
(339)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Share repurchase
(1,550)
(2,250)
(1,102)
Issuance of shares for employee benefit plans
(30)
(105)
(22)
Issuance of debt
5,351 
5,239 
4,906 
Repayment of debt
(5,098)
(3,918)
(4,679)
Cash dividends to shareholders
(323)
(273)
(212)
Noncontrolling interests and other financing activities
39 
(4)
27 
CASH USED FOR FINANCING ACTIVITIES
(1,689)
(1,303)
(1,136)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(172)
(67)
(92)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
10 
(103)
186 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
374 
477 
291 
CASH AND CASH EQUIVALENTS AT END OF YEAR
384 
374 
477 
Supplemental disclosures:
 
 
 
Interest paid
254 
245 
206 
Income taxes paid, net of refunds
$ 249 
$ 337 
$ 445 
Basis of Presentation
Basis of Presentation
Basis of Presentation
The accompanying Consolidated Financial Statements and Notes thereto have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). The 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 Consolidated Financial Statements include, in the opinion of management, all adjustments necessary to present fairly the Company's consolidated financial position, results of operations and cash flows for all periods presented.
Reclassification
Certain amounts in prior years' 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 Consolidated Statement of Financial Position. These amounts are now included in Other non-current assets in the Consolidated Statement of Financial Position, as shown in Note 3 to these Consolidated Financial Statements. Long-term investments were $135 million at December 31, 2015 and $143 million at December 31, 2014.

In prior periods, prepaid pensions were included in Other non-current assets in the Consolidated Statement of Financial Position. These amounts are now separately disclosed in the Consolidated Statement of Financial Position. Prepaid pensions were $1,033 million at December 31, 2015 and $933 million at December 31, 2014.

Upon vesting of certain share-based payment arrangements, employees may elect to use a portion of the shares to satisfy tax withholding requirements, in which case Aon makes a payment to the taxing authority on the employee’s behalf and remits the remaining shares to the employee.   The Company has historically presented amounts due to taxing authorities within Cash Flows From Operating Activities in the Consolidated Statements of Cash Flows.  The amounts are now included in “Issuance of shares for employee benefit plans” within Cash Flows From Financing Activities.  The Company believes this presentation provides greater clarity into the operating and financing activities of the Company as the substance and accounting for these transactions is that of a share repurchase.  It also aligns the Company’s presentation to be consistent with industry practice.  Amounts reported in Issuance of shares for employee benefit plans were $227 million, $170 million, and $120 million, respectively, for the years ended December 31, 2015, 2014 and 2013.  These amounts, which were reclassified from Accounts payable and accrued liabilities and Other assets and liabilities, were $85 million and $85 million in 2014, and $62 million and $58 million in 2013, respectively.

Changes to the presentation in the Consolidated Statements of Cash Flows for 2014 and 2013 were made related to certain line items within financing activities.  The following line items and respective amounts have been aggregated in a new line item titled “Noncontrolling interests and other financing activities” within financing activities.
Years Ended December 31,
2014
 
2013
Purchases of shares from noncontrolling interests
3

 
(8
)
Dividends paid to noncontrolling interests
(24
)
 
(19
)
Proceeds from sale-leaseback
25

 
—


Use of Estimates
The preparation of the accompanying 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 exchange rate movements increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined, among other factors, with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment would, if applicable, be reflected in the financial statements in future periods.
Summary of Significant Accounting Principles and Practices
Summary of Significant Accounting Principles and Practices
Summary of Significant Accounting Principles and Practices
Revenue Recognition
Risk Solutions segment revenues primarily include insurance commissions and fees for services rendered and investment income on funds held on behalf of clients. Revenues are recognized when they are earned and realized or realizable. The Company considers revenues to be earned and realized or realizable when all of the following four conditions are met: (1) persuasive evidence of an arrangement exists, (2) the arrangement fee is fixed or determinable, (3) delivery or performance has occurred, and (4) collectability is reasonably assured. For brokerage commissions, revenue is typically recognized at the completion of the placement process, assuming all four criteria required to recognize revenue have been met. The placement process is typically considered complete on the effective date of the related policy. Commission revenues are recorded net of allowances for estimated policy cancellations, which are determined based on an evaluation of historical and current cancellation data.
HR Solutions segment revenues consist primarily of fees paid by clients for consulting advice and outsourcing contracts. Fees paid by clients for consulting services are typically charged on an hourly, project or fixed-fee basis. Revenues from time-and-materials or cost-plus arrangements are recognized as services are performed, assuming all four criteria to recognize revenue have been met. Revenues from fixed-fee contracts are recognized as services are provided using a proportional-performance model or at the completion of a project based on facts and circumstances of the client arrangement. Revenues from health care exchange arrangements are typically recognized upon successful enrollment of participants, net of a reserve for estimated cancellations, assuming all four criteria to recognize revenue have been met. Reimbursements received for out-of-pocket expenses are recorded as a component of revenues. The Company's outsourcing contracts typically have three-to-five year terms for benefits services and five-to-ten year terms for human resources business process outsourcing ("HR BPO") services. The Company recognizes revenues as services are performed, assuming all criteria to recognize revenue have been met. The Company may also receive implementation fees from clients either up-front or over the ongoing services period as a component of the fee per participant. Lump sum implementation fees received from a client are typically deferred and recognized ratably over the ongoing contract services period. If a client terminates an outsourcing services arrangement prior to the end of the contract, a loss on the contract may be recorded, if necessary, and any remaining deferred implementation revenues would typically be recognized over the remaining service period through the termination date.
In connection with the Company's long-term outsourcing service agreements, highly customized implementation efforts are often necessary to set up clients and their human resource or benefit programs on the Company's systems and operating processes. Qualifying costs of implementation incurred prior to the services commencing are generally deferred and amortized over the period that the related ongoing services revenue is recognized. Deferred costs are assessed for recoverability on a periodic basis to the extent the deferred cost exceeds related deferred revenue.
Share-Based Compensation Costs
Share-based payments to employees, including grants of employee share options, restricted shares and restricted share units ("RSUs"), performance share awards ("PSAs") as well as employee share purchases related to the Employee Share Purchase Plan, are measured based on estimated grant date fair value. The Company recognizes compensation expense over the requisite service period for awards expected to ultimately vest. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture activity differs materially from original estimates.
Pension and Other Post-Retirement Benefits
The Company records net period cost relating to its pension and other post-retirement benefit plans based on calculations that include various actuarial assumptions, including discount rates, assumed rates of return on plan assets, inflation rates, mortality rates, compensation increases, and turnover rates. The Company reviews its actuarial assumptions on an annual basis and modifies these assumptions based on current rates and trends. The effects of gains, losses, and prior service costs and credits are amortized over future service periods or future estimated lives if the plans are frozen. The funded status of each plan, calculated as the fair value of plan assets less the benefit obligation, is reflected in the Company's Consolidated Statements of Financial Position using a December 31 measurement date.
Net Income per Share
Basic net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, including participating securities, which consist of unvested share awards with non-forfeitable rights to dividends. Diluted net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, which have been adjusted for the dilutive effect of potentially issuable ordinary shares (excluding those that are considered participating securities), including certain contingently issuable shares. The diluted earnings per share calculation reflects the more dilutive effect of either (1) the two-class method that assumes that the participating securities have not been exercised, or (2) the treasury stock method.
Certain ordinary share equivalents, related primarily to options, are not included in the computation of diluted income per share if their inclusion would be antidilutive.
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 December 31, 2015, Cash and cash equivalents and Short-term investments totaled $740 million compared to $768 million at December 31, 2014. Of the total balance, $105 million and $169 million was restricted as to its use at December 31, 2015 and 2014, respectively. Included within the December 31, 2015 and 2014 balances, respectively, were £43.3 million ($64.6 million at December 31, 2015 exchanges rates) and £42.0 million ($65.3 million at December 31, 2014 exchange rates) of operating funds required to be held by the Company in the U.K. by the Financial Conduct Authority, a U.K.-based regulator, which were included in Short-term investments.  In addition, Cash and cash equivalents included additional restricted balances of $40 million and $104 million at December 31, 2015 and 2014, respectively.
Fiduciary Assets and Liabilities
In its capacity as an insurance agent and broker, Aon collects premiums from insureds and, after deducting its commission, remits the premiums to the respective insurers. Aon also collects claims or refunds from insurers on behalf of insureds. Uncollected premiums from insureds and uncollected claims or refunds from insurers are recorded as Fiduciary assets in the Company's Consolidated Statements of Financial Position. Unremitted insurance premiums and claims are held in a fiduciary capacity and the obligation to remit these funds is recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position. Some of the Company's outsourcing agreements also require it to hold funds to pay certain obligations on behalf of clients. These funds are also recorded as Fiduciary assets with the related obligation recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position.
Aon maintained premium trust balances for premiums collected from insureds but not yet remitted to insurance companies of $3.4 billion and $4.0 billion at December 31, 2015 and 2014, respectively. These funds and a corresponding liability are included in Fiduciary assets and Fiduciary liabilities, respectively, in the accompanying Consolidated Statements of Financial Position.
Allowance for Doubtful Accounts
The Company's allowance for doubtful accounts with respect to receivables is based on a combination of factors, including evaluation of historical write-offs, aging of balances and other qualitative and quantitative analyses. Receivables, net included an allowance for doubtful accounts of $58 million and $74 million at December 31, 2015 and 2014, respectively.
Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Included in this category is internal use software, which is software that is acquired, internally developed or modified solely to meet internal needs, with no plan to market externally. Costs related to directly obtaining, developing or upgrading internal use software are capitalized. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows:
Asset Description
 
Asset Life
Software
 
Lesser of the life of an associated license, or 4 to 7 years
Leasehold improvements
 
Lesser of estimated useful life or lease term, not to exceed 10 years
Furniture, fixtures and equipment
 
4 to 10 years
Computer equipment
 
4 to 6 years
Buildings
 
35 years
Automobiles
 
6 years

Goodwill and Intangible Assets
Goodwill represents the excess of acquisition cost over the fair value of the net assets in the acquisition of a business. Goodwill is allocated to various reporting units, which are one reporting level below the operating segment. Upon disposition of a business entity, goodwill is allocated to the disposed entity based on the fair value of that entity compared to the fair value of the reporting unit in which it was included. Goodwill is not amortized, but instead is tested for impairment at least annually. The goodwill impairment test is performed at the reporting unit level. The Company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance is impaired. If such a determination is made, then the Company will perform a two-step quantitative analysis. First, the fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the Company performs a hypothetical purchase price allocation based on the reporting unit's fair value to determine the fair value of the reporting unit's goodwill. Any resulting difference will be a charge to Other general expenses in the Consolidated Statements of Income in the period in which the determination is made. Fair value is determined using a combination of present value techniques and market prices of comparable businesses.
Intangible assets include customer related and contract based assets representing primarily client relationships and non-compete agreements, tradenames, and marketing and technology related assets. These intangible assets, with the exception of tradenames, are amortized over periods ranging from 1 to 16 years, with a weighted average original life of 11 years. Tradenames are not amortized when such assets have been determined to have indefinite useful lives, and are tested at least annually for impairments using an analysis of expected future cash flows. Interim impairment testing may be performed when events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable.
Derivatives
Derivative instruments are recognized in the Consolidated Statements of Financial Position at fair value. Where the Company has entered into master netting agreements with counterparties, the derivative positions are netted by counterparty and are reported accordingly in other assets or other liabilities. Changes in the fair value of derivative instruments are recognized in earnings each period, unless the derivative is designated and qualifies as a cash flow or net investment hedge.
The Company has historically designated the following hedging relationships for certain transactions: (i) a hedge of the change in fair value of a recognized asset or liability or firm commitment ("fair value hedge"), (ii) a hedge of the variability in cash flows from a recognized variable-rate asset or liability or forecasted transaction ("cash flow hedge"), and (iii) a hedge of the net investment in a foreign operation ("net investment hedge").
In order for a derivative to qualify for hedge accounting, the derivative must be formally designated as a fair value, cash flow, or a net investment hedge by documenting the relationship between the derivative and the hedged item. The documentation must include a description of the hedging instrument, the hedged item, the risk being hedged, Aon's risk management objective and strategy for undertaking the hedge, the method for assessing the effectiveness of the hedge, and the method for measuring hedge ineffectiveness. Additionally, the hedge relationship must be expected to be highly effective at offsetting changes in either the fair value or cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. Aon assesses the ongoing effectiveness of its hedges and measures and records hedge ineffectiveness, if any, at the end of each quarter or more frequently if facts and circumstances require.
For a derivative designated as a hedging instrument, the changes in the fair value of a recognized asset or liability or a firm commitment (a fair value hedge), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect is to reflect in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For a cash flow hedge that qualifies for hedge accounting, the effective portion of the change in fair value of a hedging instrument is recognized in Other Comprehensive Income ("OCI") and subsequently reclassified to earnings in the same period the hedged item impacts earnings. The ineffective portion of the change in fair value is recognized immediately in earnings. For a net investment hedge, the effective portion of the change in fair value of the hedging instrument is recognized in OCI as part of the cumulative translation adjustment, while the ineffective portion is recognized immediately in earnings.
Changes in the fair value of a derivative that is not designated as part of a hedging relationship (commonly referred to as an "economic hedge") are recorded in Other income in the Consolidated Statements of Income.
The Company discontinues hedge accounting prospectively when (1) the derivative expires or is sold, terminated, or exercised, (2) the qualifying criteria are no longer met, or (3) management removes the designation of the hedging relationship.
Foreign Currency
Certain of the Company's non-US operations use their respective local currency as their functional currency. These operations that do not have the U.S. dollar as their functional currency translate their financial statements at the current rates of exchange in effect at the balance sheet date and revenues and expenses using rates that approximate those in effect during the period. The resulting translation adjustments are included in net foreign currency translation adjustments within the Consolidated Statements of Shareholders' Equity. Gains and losses from the remeasurement of monetary assets and liabilities that are denominated in a non-functional currency are included in Other income within the Consolidated Statements of Income. The effect of foreign exchange gains and losses on the Consolidated Statements of Income were gains of $11 million, $1 million, and $3 million in 2015, 2014, and 2013, respectively. Included in these amounts were hedging losses of $19 million in both 2015 and 2014 and hedging losses of 10 million in 2013.
Income Taxes
Deferred income taxes are recognized for the effect of temporary differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted marginal tax rates and laws that are currently in effect. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in the period when the rate change is enacted.
Deferred tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. Deferred tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred tax assets are future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carry-forwards, taxable income in carry-back years and tax planning strategies that are both prudent and feasible.
The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Tax positions that meet the more likely than not recognition threshold but are not highly certain are initially and subsequently measured based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement with the taxing authority.  Only information that is available at the reporting date is considered in the Company's recognition and measurement analysis, and events or changes in facts and circumstances are accounted for in the period in which the event or change in circumstance occurs. 
The Company records penalties and interest related to unrecognized tax benefits in Income taxes in the Company's Consolidated Statements of Income.
New Accounting Pronouncements
Presentation of Deferred Taxes
In November 2015, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on the balance sheet presentation of deferred taxes, which require that deferred tax liabilities and assets be classified as noncurrent. The guidance is effective for Aon in the first quarter of 2017, however, the Company is expecting to early adopt this guidance in 2016 and retrospectively apply its requirements to all periods presented. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

Debt Issuance Costs

In April 2015, the 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. This guidance will also be applied to Aon's debt issuance costs related to its line-of-credit arrangements. The new guidance will be applied on a retrospective basis effective in the first quarter of 2016. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

Consolidations

In February 2015, the FASB issued new accounting guidance on consolidations, which will eliminate the deferral granted to investment companies from applying the variable interest entities guidance and make targeted amendments to the current consolidation guidance. The new guidance applies to all entities involved with limited partnerships or similar entities and requires 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 adoption of this guidance will not have a material impact on the Company's Consolidated Financial Statements.

Revenue Recognition

In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers, which, when effective, 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 2018 and early adoption is permitted beginning the first quarter of 2017. 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-2018 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 Consolidated Financial Statements cannot be determined at this time as the standard is still undergoing changes. The Company is also determining the appropriate method of transition to the guidance and the timing of adoption of the guidance.
Other Financial Data
Other Financial Data
Other Financial Data
Consolidated Statements of Income Information
Other Income
Other income consists of the following (in millions):
Years ended December 31
2015
 
2014
 
2013
Equity earnings
$
13

 
$
12

 
$
20

Net gain on disposals of businesses
82

 
24

 
10

Foreign currency remeasurement gain
30

 
18

 
13

(Loss) income on financial instruments
(24
)
 
(15
)
 
18

Other
(1
)
 
5

 
7

 
$
100

 
$
44

 
$
68


Consolidated Statements of Financial Position Information
Allowance for Doubtful Accounts
An analysis of the allowance for doubtful accounts is as follows (in millions):
Years ended December 31,
2015
 
2014
 
2013
Balance at beginning of year
$
74

 
$
90

 
$
118

Provision charged to operations
13

 
12

 
9

Accounts written off, net of recoveries
(34
)
 
(33
)
 
(38
)
Foreign currency translation
5

 
5

 
1

Balance at end of year
$
58

 
$
74

 
$
90


Other Current Assets
The components of Other current assets are as follows (in millions):
As of December 31
2015
 
2014
Taxes receivable
$
94

 
$
99

Deferred tax assets
232

 
212

Prepaid expenses
130

 
164

Deferred project costs
92

 
102

Other
18

 
25

 
$
566

 
$
602


Fixed Assets, net
The components of Fixed assets, net are as follows (in millions):
As of December 31
2015
 
2014
Software
$
1,095

 
$
1,020

Leasehold improvements
422

 
413

Computer equipment
358

 
347

Furniture, fixtures and equipment
315

 
313

Construction in progress
76

 
94

Other
115

 
124

 
2,381

 
2,311

Less: Accumulated depreciation
1,616

 
1,546

Fixed assets, net
$
765

 
$
765


Depreciation expense, which includes software amortization, was $229 million, $242 million, and $240 million for the years ended December 31, 2015, 2014, and 2013, respectively.
Other Non-Current Assets
The components of Other non-current assets are as follows (in millions):
As of December 31
2015
 
2014
Deferred project costs
210

 
250

Investments
135

 
143

Taxes receivable
82

 
101

Other
198

 
233

 
$
625

 
$
727


Other Current Liabilities
The components of Other current liabilities are as follows (in millions):
As of December 31
2015
 
2014
Deferred revenue
$
394

 
$
408

Taxes payable
94

 
64

Deferred tax liability
1

 
2

Other
331

 
314

 
$
820

 
$
788


Other Non-Current Liabilities
The components of Other non-current liabilities are as follows (in millions):
As of December 31
2015
 
2014
Taxes payable
$
223

 
$
210

Leases
166

 
184

Deferred revenue
159

 
167

Compensation and benefits
59

 
57

Other
162

 
256

 
$
769

 
$
874

Acquisitions and Dispositions
Acquisitions and Dispositions
Acquisitions and Dispositions
The number of acquisitions completed within each business segment is as follows:
Years ended December 31
2015
 
2014
Risk Solutions
4
 
11
HR Solutions
3
 
2
 
7
 
13

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):
Years ended December 31
2015
 
2014
Consideration
$
27

 
$
461

Intangible assets:
 
 
 
Goodwill
$
18

 
$
292

Other intangible assets
6

 
328

Total intangible assets
$
24

 
$
620


The results of operations of these acquisitions are included in the 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
The number of dispositions completed within each business segment is as follows:
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
4
 
2

 
7
HR Solutions
3
 
—

 
2
 
7
 
2

 
9

Total pretax gains, net of losses, recognized were $82 million, $24 million, and $10 million, respectively, for the years ended December 31, 2015, 2014, and 2013. Gains and losses recognized as a result of a disposition are included in Other income in the 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 years ended December 31, 2015 and 2014, respectively, are as follows (in millions):
 
Risk
Solutions
 
HR
Solutions
 
Total
Balance as of January 1, 2014
$
6,020

 
$
2,977

 
$
8,997

Goodwill related to current year acquisitions
287

 
5

 
292

Goodwill related to disposals
(14
)
 
—

 
(14
)
Goodwill related to prior year acquisitions
(8
)
 
—

 
(8
)
Transfer
(2
)
 
2

 
—

Foreign currency translation
(372
)
 
(35
)
 
(407
)
Balance as of December 31, 2014
$
5,911

 
$
2,949

 
$
8,860

Goodwill related to current year acquisitions
2

 
16

 
18

Goodwill related to disposals
(1
)
 
(76
)
 
(77
)
Goodwill related to prior year acquisitions
—

 
—

 
—

Transfer
—

 
—

 
—

Foreign currency translation
(319
)
 
(34
)
 
(353
)
Balance as of December 31, 2015
$
5,593

 
$
2,855

 
$
8,448

Other intangible assets by asset class are as follows (in millions):
 
As of December 31
 
2015
 
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
2,886

 
1,809

 
1,077

 
2,952

 
1,579

 
1,373

Technology and other
541

 
457

 
84

 
571

 
443

 
128

 
$
4,446

 
$
2,266

 
$
2,180

 
$
4,542

 
$
2,022

 
$
2,520

Amortization expense from finite-lived intangible assets was $314 million, $352 million and $395 million during 2015, 2014 and 2013, respectively.
The estimated future amortization for finite-lived intangible assets as of December 31, 2015 is as follows (in millions):
 
Risk
Solutions
 
HR
Solutions
 
Total
2016
$
100

 
$
171

 
$
271

2017
90

 
136

 
226

2018
76

 
91

 
167

2019
66

 
72

 
138

2020
58

 
60

 
118

Thereafter
120

 
120

 
240

 
$
510

 
$
650

 
$
1,160

Debt
Debt
Debt
The following is a summary of outstanding debt (in millions):
As of December 31
2015

2014
5.00% Senior Notes due September 2020
599

 
599

4.75% Senior Notes due 2045
598

 
—

3.50% Senior Notes due June 2024
597

 
597

4.60% Senior Notes due June 2044
549

 
549

2.875% Senior Notes due May 2026 (EUR 500M)
545

 
605

8.205% Junior Subordinated Notes due January 2027
521

 
521

3.125% Senior Notes due May 2016
500

 
500

2.80% Senior Notes due 2021
399

 
—

4.00% Senior Notes due November 2023
349

 
349

6.25% Senior Notes due September 2040
298

 
298

4.76% Senior Notes due March 2018 (CAD 375M)
271

 
322

4.45% Senior Notes due May 2043
249

 
248

4.25% Senior Notes due December 2042
196

 
196

3.50% Senior Notes due September 2015
—

 
599

Commercial paper
50

 
168

Other
16

 
31

Total debt
5,737

 
5,582

Less short-term and current portion of long-term debt
562

 
783

Total long-term debt
$
5,175

 
$
4,799


Revolving Credit Facilities
As of December 31, 2015, Aon plc had two committed credit facilities outstanding: its $400 million U.S. credit facility expiring in March 2017 (the "2017 Facility") and $900 million multi-currency U.S. credit facility expiring in February 2020 (the "2020 Facility"). The 2020 Facility was entered into on February 2, 2015 and replaced the previous €650 million European credit facility.

Effective February 2, 2016, the 2020 Facility terms were extended for 1 year and will expire in February 2021.

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 December 31, 2015, Aon plc did not have borrowings under either the 2017 Facility or the 2020 Facility, and was in compliance with these financial covenants and all other covenants contained therein during the twelve months ended December 31, 2015.
Notes
On November 13, 2015, Aon plc issued $400 million of 2.80% Senior Notes due March 2021. We used the proceeds of the issuance for general corporate purposes.

On September 30, 2015, $600 million of 3.50% Senior Notes issued by Aon Corporation matured and were repaid.

On May 20, 2015, the Aon plc issued $600 million of 4.750% Senior Notes due May 2045. The Company used the proceeds of the issuance for general corporate purposes.

On August 12, 2014, Aon plc issued $350 million of 3.50% Senior Notes due June 2024. The 3.50% Notes due 2024 constitute a further issuance of, and were consolidated to form a single series of debt securities with, the $250 million of 3.50% Notes due June 2024 that was issued by Aon plc on May 20, 2014 concurrently with Aon plc's issuance of $550 million of 4.60% Notes due June 2044. Aon plc used the proceeds from these issuances for working capital and general corporate purposes.

On May 7, 2014, Aon plc issued €500 million of 2.875% Senior Notes due May 2026. Aon plc used the proceeds of the issuance for, among other purposes, the repayment at maturity of Aon plc's then outstanding €500 million of 6.25% Notes due July 2014.

Each of the notes issued by Aon plc and described above is fully and unconditionally guaranteed by Aon Corporation. The 5.00% Senior Notes due 2020, 3.125% Senior Notes due 2016, 6.25% Senior Notes due 2040, and 8.205% Junior Subordinated Notes due January 2027 identified in the table above were issued by Aon Corporation and are fully and unconditionally guaranteed by Aon plc. Similarly, the 3.50% Senior Notes repaid in 2015 had been issued by Aon Corporation and were fully and unconditionally guaranteed by Aon plc. The 4.76% Senior Notes due March 2018 identified in the table above were issued by a Canadian subsidiary of Aon Corporation and are fully and unconditionally guaranteed by Aon plc and Aon Corporation. Each of the notes described above and identified in the table above contains customary representations, warranties and covenants, and we were in compliance with all such covenants as of December 31, 2015.

During the year ended December 31, 2015, Aon Corporation's $500 million 3.125% Senior Notes due May 2016 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statements of Financial Position as the date of maturity is less than one year.
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 $50.0 million and $168.0 million of commercial paper outstanding at December 31, 2015 and 2014, respectively, which was included in Short-term debt and current portion of long-term debt in the Company's Consolidated Statements of Financial Position. The weighted average commercial paper outstanding for 2015 and 2014 was $402.0 million and $308.0 million, respectively. The weighted average interest rate of the commercial paper outstanding during 2015 and 2014 was 0.50% and 0.35%, respectively.
Repayments of total debt are as follows (in millions):
2016
$
562

2017
3

2018
271

2019
—

2020
599

Thereafter
4,302

 
$
5,737

Lease Commitments
Lease Commitments
Lease Commitments
The Company leases office facilities, equipment, and automobiles under non-cancelable operating leases. These leases expire at various dates and may contain renewal and expansion options. In addition to base rental costs, occupancy lease agreements generally provide for rent escalations resulting from increased assessments for real estate taxes and other charges. The Company's lease obligations are primarily for the use of office space.
Rental expenses (including amounts applicable to taxes, insurance and maintenance) for operating leases are as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Rental expense
$
454

 
$
455

 
$
520

Less: Sub lease rental income
(83
)
 
(75
)
 
(77
)
Net rental expense
$
371

 
$
380

 
$
443


At December 31, 2015, future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year, net of sublease rental income, are as follows (in millions):
2016
$
325

2017
291

2018
267

2019
235

2020
199

Thereafter
828

Total minimum payments required
$
2,145

Income Taxes
Income Taxes
 Income Taxes
Income before income tax and the provision for income tax consist of the following (in millions):
Years ended December 31
2015
 
2014
 
2013
Income before income taxes:
 
 
 
 
 
U.K.
$
149

 
$
347

 
$
96

U.S.
(51
)
 
(55
)
 
349

Other
1,591

 
1,473

 
1,093

Total
$
1,689

 
$
1,765

 
$
1,538

Income tax expense (benefit):
 
 
 
 
 
Current:
 
 
 
 
 
U.K.
$
43

 
$
1

 
$
(18
)
U.S. federal
137

 
156

 
111

U.S. state and local
54

 
75

 
52

Other
256

 
236

 
259

Total current tax expense
$
490

 
$
468

 
$
404

Deferred tax expense (benefit):
 
 
 
 
 
U.K.
$
(39
)
 
$
38

 
$
43

U.S. federal
(140
)
 
(133
)
 
(48
)
U.S. state and local
(14
)
 
(24
)
 
10

Other
(30
)
 
(15
)
 
(19
)
Total deferred tax benefit
$
(223
)
 
$
(134
)
 
$
(14
)
Total income tax expense
$
267

 
$
334

 
$
390


Income before income taxes shown above is based on the location of the business unit to which such earnings are attributable for tax purposes. In addition, because the earnings shown above may in some cases be subject to taxation in more than one country, the income tax provision shown above as U.K., U.S. or Other may not correspond to the geographic attribution of the earnings.
A reconciliation of the income tax provisions based on the Company's domicile and statutory rate at each reporting period is performed. The 2015, 2014 and 2013 reconciliations are based on the U.K. statutory corporate tax rate of 20.3%, 21.5%, and 23.0%, respectively. The reconciliation to the provisions reflected in the Consolidated Financial Statements is as follows:
Years ended December 31
2015
 
2014
 
2013
Statutory tax rate
20.3%
 
21.5%
 
23.0%
U.S. state income taxes, net of U.S. federal benefit
0.5
 
1.5
 
2.6
Taxes on international operations (1)
(6.6)
 
(8.9)
 
(4.4)
Nondeductible expenses
2.2
 
1.7
 
1.4
Adjustments to prior year tax requirements
(1.3)
 
0.9
 
0.1
Deferred tax adjustments, including statutory rate changes
(0.1)
 
(0.7)
 
1.4
Deferred tax adjustments, international earnings
—
 
1.0
 
3.3
Adjustments to valuation allowances
(0.6)
 
0.6
 
(1.7)
Change in uncertain tax positions
1.4
 
1.7
 
(0.3)
Other — net
—
 
(0.4)
 
—
Effective tax rate
15.8%
 
18.9%
 
25.4%
(1)
The Company determines the adjustment for taxes on international operations based on the difference between the statutory tax rate applicable to earnings in each foreign jurisdiction and the enacted rate of 20.3%, 21.5% and 23.0% at December 31, 2015, 2014 and 2013, respectively. The benefit to the Company's effective income tax rate from taxes on international operations relates to benefits from lower-taxed global operations, primarily due to the use of global funding structures.
The components of the Company's deferred tax assets and liabilities are as follows (in millions):
As of December 31
2015
 
2014
Deferred tax assets:
 
 
 
Employee benefit plans
$
635

 
$
739

Net operating/capital loss and tax credit carryforwards
349

 
295

Accrued interest
293

 
303

Other accrued expenses
98

 
44

Deferred revenue
65

 
40

Investment basis differences
56

 
45

Other
56

 
6

Total
1,552

 
1,472

Valuation allowance on deferred tax assets
(175
)
 
(205
)
Total
$
1,377

 
$
1,267

Deferred tax liabilities:
 
 
 
Intangibles and property, plant and equipment
$
(961
)
 
$
(1,058
)
Other accrued expenses
(99
)
 
(40
)
Deferred costs
(30
)
 
(28
)
Unrealized foreign exchange gains
(29
)
 
(44
)
Unremitted earnings
(18
)
 
(28
)
Other
(44
)
 
(28
)
Total
$
(1,181
)
 
$
(1,226
)
Net deferred tax asset
$
196

 
$
41


Deferred income taxes (assets and liabilities have been netted by jurisdiction) have been classified in the Consolidated Statements of Financial Position as follows (in millions):
As of December 31,
2015
 
2014
Deferred tax assets — current (1)
$
232

 
$
212

Deferred tax assets — non-current
141

 
144

Deferred tax liabilities — current (1)
(1
)
 
(2
)
Deferred tax liabilities — non-current
(176
)
 
(313
)
Net deferred tax asset
$
196

 
$
41

(1)
Included in Other current assets and Other current liabilities.
Valuation allowances have been established primarily with regard to the tax benefits of certain net operating loss, capital loss and interest expense carryforwards.  Valuation allowances decreased by $30 million as of December 31, 2015 when compared to December 31, 2014, primarily attributable to the reversal of a valuation allowance and the impact of foreign currency translation.
The Company recognized, as an adjustment to additional paid-in-capital, income tax benefits attributable to employee stock compensation of $126 million, $89 million and $74 million in 2015, 2014 and 2013, respectively.
U.S. deferred income taxes of $20 million were accrued in 2015 on undistributed earnings that are not permanently reinvested. Undistributed earnings of non-U.S. entities were approximately $2.2 billion at December 31, 2015. U.S. income taxes have not been provided on these undistributed earnings because they are considered to be permanently reinvested in those subsidiaries. It is not practicable to estimate the amount of unrecognized deferred tax liabilities, if any, for these undistributed foreign earnings.
At December 31, 2015 and 2014, the Company had U.K. operating loss carryforwards of $449 million and $154 million and capital loss carryforwards of $360 million and $380 million, respectively. In addition, at December 31, 2015 and 2014, the Company had U.S. federal operating loss carryforwards of $7.5 million and $18 million, and U.S. state operating loss carryforwards of $443 million and $451 million, respectively. In other non-U.S. jurisdictions, the Company had operating loss carryforwards of $245 million and $325 million and capital loss carryforwards of $206 million and $223 million as of December 31, 2015 and 2014, respectively. The U.K. operating losses and capital losses have an indefinite carryforward. The federal operating loss carryforwards as of December 31, 2015 expire at various dates from 2020 to 2035 and the state operating loss carryforwards as of December 31, 2015 expire at various dates from 2016 to 2035. Operating and capital losses, in other non-U.S. jurisdictions have various carryforward periods and will begin to expire in 2019.
During 2012, the Company was granted a tax holiday for the period from October 1, 2012 through September 30, 2022, with respect to withholding taxes and certain income derived from services in Singapore. This tax holiday and reduced withholding tax rate may be extended when certain conditions are met or may be terminated early if certain conditions are not met. The benefit realized was approximately $23 million, $7 million, and $3 million during the years ended December 31, 2015, 2014, and 2013, respectively. The impact of this tax holiday on diluted earnings per share was $0.08, $0.02, and $0.01 during the years ended December 31, 2015, 2014, and 2013, respectively.
Uncertain Tax Positions
The following is a reconciliation of the Company's beginning and ending amount of uncertain tax positions (in millions):
 
2015
 
2014
Balance at January 1
$
191

 
$
164

Additions based on tax positions related to the current year
31

 
31

Additions for tax positions of prior years
53

 
10

Reductions for tax positions of prior years
(18
)
 
(6
)
Settlements
(32
)
 
—

Business combinations
—

 
5

Lapse of statute of limitations
(5
)
 
(11
)
Foreign currency translation
(2
)
 
(2
)
Balance at December 31
$
218

 
$
191


The Company's liability for uncertain tax positions as of December 31, 2015, 2014, and 2013, includes $180 million, $154 million, and $141 million, respectively, related to amounts that would impact the effective tax rate if recognized. It is possible that the amount of unrecognized tax benefits may change in the next twelve months; however, we do not expect the change to have a significant impact on our consolidated statements of income or consolidated balance sheets. These changes may be the result of settlements of ongoing audits. At this time, an estimate of the range of the reasonably possible outcomes within the twelve months cannot be made.
The Company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes. The Company accrued potential interest and penalties of $2 million, $4 million, and $2 million in 2015, 2014, and 2013, respectively. The Company recorded a liability for interest and penalties of $33 million, $31 million, and $27 million as of December 31, 2015, 2014, and 2013, respectively.
The Company and its subsidiaries file income tax returns in their respective jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2007. Material U.S. state and local income tax jurisdiction examinations have been concluded for years through 2005. The Company has concluded income tax examinations in its primary non-U.S. jurisdictions through 2005.
Shareholders' Equity
Shareholders' Equity
Shareholders' Equity
Distributable Reserves
As a U.K. incorporated company, the Company is required under U.K. law to have available "distributable reserves" to make share repurchases or pay dividends to shareholders. Distributable reserves may be created through the earnings of the U.K. parent company and, amongst other methods, through a reduction in share capital approved by the English Companies Court. Distributable reserves are not linked to a U.S. GAAP reported amount (e.g., retained earnings). As of December 31, 2015 and 2014, the Company had distributable reserves in excess of $2.1 billion and $4.0 billion, respectively.
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" and, together, the "Repurchase Programs"). Under each program, shares may be repurchased through the open market or in privately negotiated transactions, based on prevailing market conditions, funded from available capital.
During 2015, the Company repurchased 16.0 million shares at an average price per share of $97.04 for a total cost of $1.6 billion under the Repurchase Programs. During 2014, the Company repurchased 25.8 million shares at an average price per share of $87.18 for a total cost of $2.3 billion under the 2012 Share Repurchase Plan. In August 2015, the $5 billion of Class A Ordinary Shares authorized under the 2012 Share Repurchase Program was exhausted. At December 31, 2015, the remaining authorized amount for share repurchase under the 2014 Share Repurchase Program is $4.1 billion. Under the Repurchase Programs, the Company repurchased a total of 78.1 million shares for an aggregate cost of $5.9 billion.
Net Income Per Share
Weighted average shares outstanding are as follows (in millions):
 
Year ended December 31,
 
2015
 
2014
 
2013
Shares for basic earnings per share
280.8

 
295.5

 
311.4

Common stock equivalents
3.0

 
4.1

 
4.0

Shares for diluted earnings per share
283.8

 
299.6

 
315.4


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 in 2015, 2014, or 2013.
Dividends
During 2015, 2014, and 2013, the Company paid dividends on its Class A Ordinary Shares of $323.1 million, $273.0 million, and $212.0 million, respectively. Dividends paid per Class A Ordinary Share were $1.15, $0.92 and $0.68 for the years ended December 31, 2015, 2014, and 2013 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 Financial Instruments (1)
 
Foreign Currency Translation Adjustments
 
Post-Retirement Benefit Obligation (2)
 
Total
Balance at January 1, 2013
$
(28
)
 
$
233

 
$
(2,815
)
 
$
(2,610
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
15

 
(65
)
 
336

 
286

Tax benefit
(8
)
 
1

 
(136
)
 
(143
)
Other comprehensive loss before reclassifications, net
7

 
(64
)
 
200

 
143

Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 
 
Amounts reclassified from accumulated other comprehensive loss
1

 
—

 
131

 
132

Tax benefit
(1
)
 
—

 
(38
)
 
(39
)
Amounts reclassified from accumulated other comprehensive loss, net
—

 
—

 
93

 
93

Net current period other comprehensive (loss) income
7

 
(64
)
 
293

 
236

Balance at December 31, 2013
(21
)
 
169

 
(2,522
)
 
(2,374
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(13
)
 
(492
)
 
(563
)
 
(1,068
)
Tax benefit
4

 
(12
)
 
229

 
221

Other comprehensive loss before reclassifications, net
(9
)
 
(504
)
 
(334
)
 
(847
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 

Amounts reclassified from accumulated other comprehensive loss
20

 
—

 
106

 
126

Tax benefit
(7
)
 
—

 
(32
)
 
(39
)
Amounts reclassified from accumulated other comprehensive loss, net
13

 
—

 
74

 
87

Net current period other comprehensive (loss) income
4


(504
)
 
(260
)
 
(760
)
Balance at December 31, 2014
(17
)
 
(335
)
 
(2,782
)
 
(3,134
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(4
)
 
(467
)
 
82

 
(389
)
Tax benefit
1

 
31

 
(9
)
 
23

Other comprehensive loss before reclassifications, net
(3
)
 
(436
)
 
73

 
(366
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 

Amounts reclassified from accumulated other comprehensive loss
11

 
—

 
117

 
128

Tax benefit
(16
)
 
—

 
(35
)
 
(51
)
Amounts reclassified from accumulated other comprehensive loss, net
(5
)
 
—

 
82

 
77

Net current period other comprehensive (loss) income
(8
)
 
(436
)
 
155

 
(289
)
Balance at December 31, 2015
$
(25
)
 
$
(771
)
 
$
(2,627
)
 
$
(3,423
)
______________________________________________
(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
Defined Contribution Savings Plans
Aon maintains defined contribution savings plans for the benefit of its U.S., U.K., Netherlands and Canada employees. The expense recognized for these plans is included in Compensation and benefits in the Consolidated Statements of Income, as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
U.S.
$
133

 
$
123

 
$
123

U.K.
42

 
42

 
45

Netherlands and Canada
25

 
30

 
18

 
$
200

 
$
195

 
$
186


Pension and Other Post-retirement Benefits
The Company sponsors defined benefit pension and post-retirement health and welfare plans that provide retirement, medical, and life insurance benefits. The post-retirement healthcare plans are contributory, with retiree contributions adjusted annually, and the life insurance and pension plans are generally noncontributory. The significant U.S., U.K., Netherlands and Canadian pension plans are closed to new entrants.
Pension Plans
The following tables provide a reconciliation of the changes in the projected benefit obligations and fair value of assets for the years ended December 31, 2015 and 2014 and a statement of the funded status as of December 31, 2015 and 2014, for the material U.K. plans, U.S. plans and other major plans, which are located in the Netherlands and Canada. These plans represent approximately 93% of the Company's projected benefit obligations.
 
U.K.
 
U.S.
 
Other
(millions)
2015

2014
 
2015
 
2014
 
2015
 
2014
Change in projected benefit obligation
 
 
 
 
 
 
 
 
 
 
 
At January 1
$
5,529

 
$
5,106

 
$
3,350

 
$
2,744

 
$
1,399

 
$
1,252

Service cost
1

 
1

 
—

 
2

 
—

 
—

Interest cost
198

 
230

 
131

 
129

 
33

 
47

Participant contributions
—

 
—

 
—

 
—

 
—

 
—

Plan amendment
27

 
—

 
—

 
—

 
(10
)
 
—

Curtailments
—

 
—

 
—

 
—

 
—

 
(16
)
Plan transfer and acquisitions
(2
)
 
—

 
(18
)
 
13

 
—

 
—

Actuarial loss (gain)
(83
)
 
(211
)
 
(25
)
 
265

 
24

 
(5
)
Benefit payments
(217
)
 
(192
)
 
(133
)
 
(130
)
 
(38
)
 
(51
)
Actual expenses
—

 
—

 
—

 
—

 
—

 
(2
)
Change in discount rate
(247
)
 
902

 
(145
)
 
327

 
(66
)
 
324

Foreign currency impact
(221
)
 
(307
)
 
—

 
—

 
(165
)
 
(150
)
At December 31
$
4,985

 
$
5,529

 
$
3,160

 
$
3,350

 
$
1,177

 
$
1,399

Accumulated benefit obligation at end of year
$
4,985

 
$
5,529

 
$
3,160

 
$
3,350

 
$
1,135

 
$
1,316

Change in fair value of plan assets
 
 
 
 
 
 
 
 
 
 
 
At January 1
$
6,224

 
$
5,398

 
$
2,036

 
$
1,855

 
$
1,161

 
$
1,061

Actual return on plan assets
91

 
1,199

 
(60
)
 
190

 
8

 
253

Participant contributions
—

 
—

 
—

 
—

 
—

 
—

Employer contributions
65

 
166

 
108

 
121

 
21

 
28

Plan transfer and acquisitions
(3
)
 
—

 
—

 
—

 
—

 
—

Benefit payments
(217
)
 
(192
)
 
(133
)
 
(130
)
 
(38
)
 
(51
)
Actual Expenses
—

 
—

 
—

 
—

 
—

 
(2
)
Foreign currency impact
(257
)
 
(347
)
 
—

 
—

 
(133
)
 
(128
)
At December 31
$
5,903

 
$
6,224

 
$
1,951

 
$
2,036

 
$
1,019

 
$
1,161

Market related value at end of year
$
5,903

 
$
6,224

 
$
2,064

 
$
1,950

 
$
1,019

 
$
1,161

Amount recognized in Statement of Financial Position at December 31
 
 
 
 
 
 
 
 
 
 
 
Funded status
$
918

 
$
695

 
$
(1,209
)
 
$
(1,314
)
 
$
(158
)
 
$
(238
)
Unrecognized prior-service cost
46

 
22

 
9

 
11

 
(7
)
 
3

Unrecognized loss
1,465

 
1,687

 
1,723

 
1,737

 
389

 
456

Net amount recognized
$
2,429

 
$
2,404

 
$
523

 
$
434

 
$
224

 
$
221



Amounts recognized in the Consolidated Statements of Financial Position consist of (in millions):
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Prepaid benefit cost (1)
$
1,012

 
$
918

 
$
—

 
$
—

 
$
—

 
$
—

Accrued benefit liability (2)
(94
)
 
(223
)
 
(1,209
)
 
(1,314
)
 
(158
)
 
(238
)
Accumulated other comprehensive loss
1,511

 
1,709

 
1,732

 
1,748

 
382

 
459

Net amount recognized
$
2,429

 
$
2,404

 
$
523

 
$
434

 
$
224

 
$
221


(1)
Included in Prepaid pension
(2)
Included in Other current liabilities and Pension, other post retirement, and post employment liabilities
Amounts recognized in Accumulated other comprehensive loss (income) that have not yet been recognized as components of net periodic benefit cost at December 31, 2015 and 2014 consist of (in millions):
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Net loss
$
1,465

 
$
1,687

 
$
1,723

 
$
1,737

 
$
389

 
$
456

Prior service cost (income)
46

 
22

 
9

 
11

 
(7
)
 
3

 
$
1,511

 
$
1,709

 
$
1,732

 
$
1,748

 
$
382

 
$
459


In 2015, U.S. plans with a projected benefit obligation ("PBO") and an accumulated benefit obligation ("ABO") in excess of the fair value of plan assets had a PBO of $3.2 billion, an ABO of $3.2 billion, and plan assets of $2.0 billion. U.K. plans with a PBO in excess of the fair value of plan assets had a PBO of $1.2 billion and plan assets with a fair value of $1.1 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $1.2 billion and plan assets with a fair value of $1.1 billion. Other plans with a PBO in excess of the fair value of plan assets had a PBO of $1.2 billion and plan assets with a fair value of $1.0 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $1.1 billion and plan assets with a fair value of $1.0 billion.
In 2014, U.S. plans with a PBO and an ABO in excess of the fair value of plan assets had a PBO of $3.3 billion, an ABO of $3.3 billion, and plan assets of $2.0 billion. U.K. plans with a PBO in excess of the fair value of plan assets had a PBO of $1.3 billion and plan assets with a fair value of $1.1 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $1.3 billion and plan assets with a fair value of $1.1 billion. Other plans with a PBO in excess of the fair value of plan assets had a PBO of $1.4 billion and plan assets with a fair value of $1.2 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $1.3 billion and plan assets with a fair value of $1.2 billion.
The following table provides the components of net periodic benefit (income) cost for the plans (in millions):
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
$
1

 
$
1

 
$
1

 
$
—

 
$
2

 
$
7

 
$
—

 
$
—

 
$
18

Interest cost
198

 
230

 
210

 
131

 
129

 
114

 
33

 
47

 
45

Expected return on plan assets, net of administration expenses
(307
)
 
(326
)
 
(302
)
 
(154
)
 
(157
)
 
(139
)
 
(50
)
 
(59
)
 
(59
)
Amortization of prior-service cost
1

 
1

 
1

 
2

 
2

 
—

 
—

 
—

 
—

Amortization of net actuarial loss
41

 
52

 
49

 
54

 
42

 
52

 
11

 
10

 
23

Curtailment gain and other
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

Net periodic benefit (income) cost
$
(66
)
 
$
(42
)
 
$
(41
)
 
$
33

 
$
18

 
$
34

 
$
(6
)
 
$
(4
)
 
$
27


    
Effective December 31, 2015 and for 2016 expense, the Company has elected to utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension and post-retirement benefit cost for our major pension and other post-retirement benefit plans by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. In 2015 and prior years, the Company estimated these components of net periodic pension and post-retirement benefit cost by applying a single weighted-average discount rate, derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change does not affect the measurement of the projected benefit obligation as the change in the service cost and interest cost is completely offset in the actuarial (gain) loss recorded in other comprehensive income. The Company accounted for this change as a change in estimate and, accordingly, will account for it prospectively.
The weighted-average assumptions used to determine benefit obligations are as follows:
 
U.K.

U.S.

Other
 
2015

2014

2015

2014

2015

2014
Discount rate
3.96%

3.70%

3.69-4.43%

3.37-4.08%

2.43-3.96%

2.03-3.91%
Rate of compensation increase
3.63-4.13%

3.35-4.05%

N/A

N/A

2.00-3.50%

2.25-3.50%
Underlying price inflation
1.88%

1.95%

N/A

N/A

2.00-2.50%

2.00-2.50%
The weighted-average assumptions used to determine the net periodic benefit cost are as follows:
 
U.K.

U.S.

Other
 
2015

2014

2013

2015

2014

2013

2015

2014

2013
Discount rate
3.70%

4.55%

4.45%

3.37 - 4.08%

3.97 - 4.87%

3.73 - 4.05%

2.03 - 3.91%

3.60 - 4.71%

3.25 - 3.89%
Expected return on plan assets, net of administration expenses
5.09%

6.00%

6.30%

7.96%

8.80%

8.80%

3.99 - 5.21%

4.70 - 6.50%

4.60 - 6.50%
Rate of compensation increase
3.55 - 4.05%

3.70 - 4.40%

3.25 - 3.85%

NA

NA

N/A

2.25 - 3.50%

2.25 - 3.50%

2.25 - 3.50%

The amounts in Accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2016 are $52 million in the U.S. and $47 million outside the U.S.
Expected Return on Plan Assets
To determine the expected long-term rate of return on plan assets, the historical performance, investment community forecasts and current market conditions are analyzed to develop expected returns for each asset class used by the plans. The expected returns for each asset class are weighted by the target allocations of the plans. The expected return on plan assets in the U.S. of 7.96% reflects a portfolio that is seeking asset growth through a higher equity allocation while maintaining prudent risk levels. The portfolio contains certain assets that have historically resulted in higher returns and other financial instruments to minimize downside risk.
No plan assets are expected to be returned to the Company during 2016.
Fair value of plan assets
The Company determined the fair value of plan assets through numerous procedures based on the asset class and available information. See Note 15 "Fair Value Measurements and Financial Instruments" for a description of the procedures performed to determine the fair value of the plan assets.
The fair values of the Company's U.S. pension plan assets at December 31, 2015 and December 31, 2014, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
Asset Category
Balance at December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$
33

 
$
33

 
$
—

 
$
—

Equity investments: (2)
 
 
 
 
 
 
 
Large cap domestic
299

 
299

 
—

 
—

Small cap domestic
88

 
30

 
58

 
—

International
262

 
52

 
210

 
—

Equity derivatives
203

 
170

 
33

 
—

Fixed income investments: (3)
 
 
 
 
 
 
 
Corporate bonds
484

 
—

 
148

 
336

Government and agency bonds
128

 
52

 
76

 
—

Asset-backed securities
—

 
—

 
—

 
—

Fixed income derivatives
69

 
47

 
22

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments (4)
305

 
—

 
—

 
305

Commodity derivatives (5)
13

 
—

 
13

 
—

Real estate and REITS (6)
67

 
67

 
—

 
—

Total
$
1,951

 
$
750

 
$
560

 
$
641

(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities, equity derivatives, and pooled equity funds.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options and swaps on a commodity index.

(6)
Consists of exchange traded real estate investment trusts ("REITS").
 
 
 
Fair Value Measurements Using
Asset Category
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)
Cash and cash equivalents (1)
$
68

 
$
68

 
$
—

 
$
—

Equity investments: (2)
 
 
 
 
 
 
 
Large cap domestic
329

 
329

 
—

 
—

Small cap domestic
85

 
22

 
63

 
—

International
258

 
114

 
144

 
—

Equity derivatives
285

 
209

 
76

 
—

Fixed income investments: (3)
 
 
 
 
 
 
 
Corporate bonds
503

 
—

 
151

 
352

Government and agency bonds
109

 
29

 
80

 
—

Asset-backed securities
20

 
—

 
20

 
—

Fixed income derivatives
49

 
—

 
49

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments (4)
272

 
—

 
—

 
272

Commodity derivatives (5)
(8
)
 
—

 
(8
)
 
—

Real estate and REITS (6)
66

 
66

 
—

 
—

Total
$
2,036

 
$
837

 
$
575

 
$
624


(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities, equity derivatives, and pooled equity funds.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options on a commodity index.

(6)
Consists of exchange traded REITS.
The following table presents the changes in the Level 3 fair-value category in the Company's U.S. pension plans for the years ended December 31, 2015 and December 31, 2014 (in millions):
 
Fair Value Measurement
Using Level 3 Inputs
Balance at January 1, 2014
$
266

Actual return on plan assets:
 
Relating to assets still held at December 31, 2014
32

Relating to assets sold during 2014
5

Purchases, sales and settlements—net
321

Transfer in/(out) of Level 3
—

Balance at December 31, 2014
624

Actual return on plan assets:
 
Relating to assets still held at December 31, 2015
(4
)
Relating to assets sold during 2015
(3
)
Purchases, sales and settlements—net
24

Transfer in/(out) of Level 3
—

Balance at December 31, 2015
$
641


The fair values of the Company's major U.K. pension plan assets at December 31, 2015 and December 31, 2014, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
159

 
$
159

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
360

 
61

 
299

 
—

Europe
17

 
—

 
17

 
—

Equity securities — global (2)
133

 
133

 
—

 
—

Derivatives (2)
66

 
—

 
66

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
283

 
—

 
259

 
24

Fixed income securities (3)
3,145

 
2,268

 
877

 
—

Annuities
827

 
—

 
—

 
827

Derivatives (3)
111

 
—

 
111

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Real estate (4)
65

 
—

 
—

 
65

Alternative investments (5)
717

 
—

 
4

 
713

Real estate
20

 
—

 
—

 
20

Total
$
5,903

 
$
2,621

 
$
1,633

 
$
1,649

(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.
 
 
 
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)
Cash and cash equivalents
$
224

 
$
224

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
203

 
—

 
203

 
—

Europe
16

 
—

 
16

 
—

Equity securities — global (2)
127

 
127

 
—

 
—

Derivatives (2)
—

 
—

 
—

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
279

 
—

 
279

 
—

Fixed income securities (3)
3,292

 
3,292

 
—

 
—

Annuities
836

 
—

 
—

 
836

Derivatives (3)
233

 
—

 
233

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Real estate (4)
39

 
—

 
—

 
39

Alternative investments (5)
968

 
—

 
—

 
968

Real estate
7

 
—

 
—

 
7

Total
$
6,224

 
$
3,643

 
$
731

 
$
1,850


(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.
The following table presents the changes in the Level 3 fair-value category in the Company's U.K. pension plans for the years ended December 31, 2015 and December 31, 2014 (in millions):
 
Fair Value Measurements Using Level 3 Inputs
 
Annuities
 
Real
Estate
 
Alternative
Investments
 
Fixed
 
Total
Balance at January 1, 2014
$
564

 
$
23

 
$
546

 
$
—

 
$
1,133

Actual return on plan assets:
 
 
 
 
 
 
 
 
 
Relating to assets still held at December 31, 2014
(13
)
 
3

 
319

 
—

 
309

Relating to assets sold during 2014
—

 
1

 
5

 
—

 
6

Purchases, sales and settlements—net
333

 
21

 
359

 
—

 
713

Transfers in/(out) of Level 3
—

 
—

 
(206
)
 
—

 
(206
)
Foreign exchange
(48
)
 
(2
)
 
(55
)
 
—

 
(105
)
Balance at December 31, 2014
836

 
46

 
968

 
—

 
1,850

Actual return on plan assets:
 
 
 
 
 
 
 
 
 
Relating to assets still held at December 31, 2015
(32
)
 
11

 
(17
)
 
(7
)
 
(45
)
Relating to assets sold during 2015
—

 
(10
)
 
2

 
(1
)
 
(9
)
Purchases, sales and settlements—net
58

 
41

 
60

 
9

 
168

Transfers in/(out) of Level 3
—

 
—

 
(266
)
 
24

 
(242
)
Foreign exchange
(35
)
 
(3
)
 
(34
)
 
(1
)
 
(73
)
Balance at December 31, 2015
$
827

 
$
85

 
$
713

 
$
24

 
$
1,649


The fair values of the Company's Other major pension plan assets at December 31, 2015 and December 31, 2014, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
11

 
$
11

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
270

 
—

 
270

 
—

North America
37

 
—

 
37

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
576

 
—

 
576

 
—

Derivatives
12

 
—

 
12

 
—

Fixed income securities (2)
30

 
—

 
30

 
—

Derivatives (2)
48

 
—

 
48

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Commodities
2

 
—

 
2

 
—

REITS (3)
3

 
—

 
3

 
—

Alternative investments (4)
9

 
—

 
—

 
9

Derivatives
21

 
—

 
21

 
—

Total
$
1,019

 
$
11

 
$
999

 
$
9

(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of corporate and government bonds and fixed income derivatives.

(3)
Consists of property funds and trusts holding direct real estate investments.

(4)
Consists of limited partnerships, private equity and hedge funds.
 
 
 
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)
Cash and cash equivalents
$
12

 
$
12

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
295

 
—

 
295

 
—

North America
42

 
—

 
42

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
629

 
—

 
629

 
—

Derivatives
18

 
—

 
18

 
—

Fixed income securities (2)
35

 
—

 
35

 
—

Derivatives (2)
74

 
—

 
74

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Commodities
21

 
—

 
21

 
—

REITS (3)
3

 
—

 
3

 
—

Alternative investments (4)
8

 
—

 
—

 
8

Derivatives
24

 
—

 
24

 
—

Total
$
1,161

 
$
12

 
$
1,141

 
$
8


(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of corporate and government bonds and fixed income derivatives.

(3)
Consists of property funds and trusts holding direct real estate investments.

(4)
Consists of limited partnerships, private equity and hedge funds.
The following table presents the changes in the Level 3 fair-value category in the Company's other pension plans for the years ended December 31, 2015 and December 31, 2014 (in millions):
 
Fair Value Measurements Using Level 3 Inputs
 
Real
Estate
 
Alternative
Investments
 
Total
Balance at January 1, 2014
$
17

 
$
8

 
$
25

Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at December 31, 2014
—

 
1

 
1

Relating to assets sold during 2014
—

 
—

 
—

Purchases, sales and settlements—net
(17
)
 
—

 
(17
)
Transfers in/(out) of Level 3
—

 
—

 
—

Foreign exchange
—

 
(1
)
 
(1
)
Balance at December 31, 2014
—

 
8

 
8

Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at December 31, 2015
—

 
2

 
2

Relating to assets sold during 2015
—

 
—

 
—

Purchases, sales and settlements—net
—

 
—

 
—

Transfers in/(out) of Level 3
—

 
—

 
—

Foreign exchange
—

 
(1
)
 
(1
)
Balance at December 31, 2015
$
—

 
$
9

 
$
9


Investment Policy and Strategy
The U.S. investment policy, as established by the Aon Retirement Plan Governance and Investment Committee ("RPGIC"), seeks reasonable asset growth at prudent risk levels within target allocations, which are 49% equity investments, 30% fixed income investments, and 21% other investments. Aon believes that plan assets are well-diversified and are of appropriate quality. The investment portfolio asset allocation is reviewed quarterly and re-balanced to be within policy target allocations. The investment policy is reviewed at least annually and revised, as deemed appropriate by the RPGIC. The investment policies for international plans are generally established by the local pension plan trustees and seek to maintain the plans' ability to meet liabilities and to comply with local minimum funding requirements. Plan assets are invested in diversified portfolios that provide adequate levels of return at an acceptable level of risk. The investment policies are reviewed at least annually and revised, as deemed appropriate to ensure that the objectives are being met. At December 31, 2015, the weighted average targeted allocation for the U.K. and non-U.S. plans was 20% for equity investments and 80% for fixed income investments.
Cash Flows
Contributions
Based on current assumptions, in 2016, the Company expects to contribute approximately $79 million, $54 million, and $17 million to its U.K., U.S. and other significant international pension plans, respectively.
Estimated Future Benefit Payments
Estimated future benefit payments for plans are as follows at December 31, 2015 (in millions):
 
 
U.K.
 
U.S.
 
Other
2016
 
$
143

 
$
164

 
$
38

2017
 
149

 
172

 
39

2018
 
157

 
184

 
40

2019
 
170

 
192

 
41

2020
 
180

 
187

 
42

2021 – 2025
 
1,048

 
952

 
227


U.S. and Canadian Other Post-Retirement Benefits
The following table provides an overview of the accumulated projected benefit obligation, fair value of plan assets, funded status and net amount recognized as of December 31, 2015 and 2014 for the Company's other significant post-retirement benefit plans located in the U.S. and Canada (in millions):
 
2015
 
2014
Accumulated projected benefit obligation
$
105

 
$
116

Fair value of plan assets
18

 
19

Funded status
(87
)
 
(97
)
Unrecognized prior-service credit
(3
)
 
(4
)
Unrecognized loss
7

 
15

Net amount recognized
$
(83
)
 
$
(86
)

Other information related to the Company's other post-retirement benefit plans are as follows:
 
2015
 
2014
 
2013
Net periodic benefit cost recognized (millions)
$6
 
$3
 
$4
Weighted-average discount rate used to determine future benefit obligations
3.99-4.33%

3.83 - 4.08

4.44 - 4.95
Weighted-average discount rate used to determine net periodic benefit costs
3.83-4.08%

4.44 - 4.95

3.67 - 4.00

Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2015 are $7 million and $3 million of net loss and prior service credit, respectively. The amount in Accumulated other comprehensive income expected to be recognized as a component of net periodic benefit cost during 2016 is $0.1 million and $0.3 million of net gain and prior service credit, respectively.
Based on current assumptions, the Company expects:
•
To contribute $4 million to fund significant other post-retirement benefit plans during 2016.
•
Estimated future benefit payments will be approximately $6 million each year for 2016 through 2020, and $30 million in aggregate for 2021-2025.
The accumulated post-retirement benefit obligation is increased by $6 million and decreased by $5 million by a respective 1% increase or decrease to the assumed healthcare trend rate. The service cost and interest cost components of net periodic benefits cost is increased by $0.6 million and decreased by $0.5 million by a respective 1% increase or decrease to the assumed healthcare trend rate.
For most of the participants in the U.S. plan, Aon's liability for future plan cost increases for pre-65 and Medical Supplement plan coverage is limited to 5% per annum. Although the net employer trend rates range from 4% to 9% per year, because of this cap, these plans are effectively limited to 5% per year in the future.
Share-Based Compensation Plans
Share-Based Compensation Plans
Share-Based Compensation Plans
The following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions):
Years ended December 31
2015
 
2014
 
2013
Restricted share units ("RSUs")
$
201

 
$
187

 
$
174

Performance share awards ("PSAs")
127

 
132

 
117

Share options
—

 
—

 
2

Employee share purchase plans
11

 
9

 
7

Total share-based compensation expense
339

 
328

 
300

Tax benefit
95

 
94

 
81

Share-based compensation expense, net of tax
$
244

 
$
234

 
$
219


Restricted Share Units
RSUs generally vest between three and five years. The fair value of RSUs is based upon the market value of Aon ordinary shares at the date of grant. With certain limited exceptions, any break in continuous employment will cause the forfeiture of all non-vested awards. Compensation expense associated with RSUs is recognized on a straight-line basis over the requisite service period. Dividend equivalents are paid on certain RSUs, based on the initial grant amount.
A summary of the status of the Company's RSUs is as follows (shares in thousands):
Years ended December 31
2015
 
2014
 
2013
 
Shares
 
Fair
Value (1)
 
Shares
 
Fair
Value (1)
 
Shares
 
Fair
Value (1)
Non-vested at beginning of year
8,381

 
$
63

 
9,759

 
$
51

 
10,432

 
$
44

Granted
2,459

 
97

 
2,844

 
84

 
3,714

 
62

Vested
(3,385
)
 
58

 
(3,732
)
 
49

 
(3,945
)
 
44

Forfeited
(288
)
 
71

 
(490
)
 
58

 
(442
)
 
47

Non-vested at end of year
7,167

 
77

 
8,381

 
63

 
9,759

 
51

(1)
Represents per share weighted average fair value of award at date of grant.
The fair value of RSUs that vested during 2015, 2014 and 2013 was $196 million, $183 million and $172 million, respectively.
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 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. The grant date fair value of PSAs is based upon the market price of an Aon ordinary share at the date of grant. The performance conditions are not considered in the determination of the grant date fair value for these awards. Compensation expense is recognized over the performance period based on management's estimate of the number of units expected to vest. Management evaluates its estimate of the actual number of shares expected to be issued at the end of the programs on a quarterly basis. The cumulative effect of the change in estimate is recognized in the period of change as an adjustment to Compensation and benefits expense, if necessary. Dividend equivalents are not paid on PSAs.

Information regarding the Company's target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the years ended December 31, 2015, 2014 and 2013, respectively, is as follows (shares in thousands, dollars in millions, except fair value):
 
2015
 
2014
 
2013
Target PSAs granted
993

 
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
982

 
1,591

 
2,191

Unamortized expense, based on current performance levels
$
67

 
$
45

 
$
—


During 2015, the Company issued approximately 1.6 million shares in connection with performance achievements related to the 2012 Leadership Performance Plan ("LPP") cycle. During 2014, the Company issued approximately 0.8 million shares in connection with performance achievements related to the 2011 LPP cycle and 0.2 million shares related to other performance plans. During 2013, the Company issued approximately 0.6 million shares in connection with performance achievements related to the 2010 LPP cycle and 0.1 million shares related to other performance plans.
Share Options
The Company did not grant any share options for the years ended December 31, 2015, 2014 and 2013.
A summary of the status of the Company's share options and related information is as follows (shares in thousands):
Years ended December 31
2015
 
2014
 
2013
 
Shares
 
Weighted-Average Exercise Price Per Share
 
Shares
 
Weighted-Average Exercise Price Per Share
 
Shares
 
Weighted-Average Exercise Price Per Share
Beginning outstanding
2,300

 
$
32

 
3,462

 
$
32

 
5,611

 
$
32

Granted
—

 
—

 
—

 
—

 
—

 
—

Exercised
(1,450
)
 
27

 
(1,155
)
 
33

 
(2,116
)
 
32

Forfeited and expired
(13
)
 
39

 
(7
)
 
37

 
(33
)
 
34

Outstanding at end of year
837

 
40

 
2,300

 
32

 
3,462

 
32

Exercisable at end of year
837

 
40

 
2,273

 
32

 
3,270

 
32

Shares available for grant
12,179

 
 

 
16,333

 
 

 
11,330

 
 


A summary of options outstanding and exercisable as of December 31, 2015 is as follows (shares in thousands):
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
Shares
Outstanding
 
Weighted-Average
Remaining Contractual
Life (years)
 
Weighted-Average
Exercise Price
Per Share
 
Shares
Exercisable
 
Weighted-Average
Remaining Contractual
Life (years)
 
Weighted-Average
Exercise Price
Per Share
  19.54 - 25.51
79

 
2.18
 
$
20.18

 
79

 
2.18
 
$
20.18

25.52 - 32.53
25

 
1.93
 
29.15

 
25

 
1.93
 
29.15

32.54 - 36.88
160

 
1.14
 
35.77

 
160

 
1.14
 
35.77

36.89 - 43.44
247

 
3.12
 
39.32

 
247

 
3.12
 
39.32

43.45 - 52.93
326

 
2.46
 
48.26

 
326

 
2.46
 
48.26

 
837

 
 
 
 

 
837

 
 
 
 


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 $92.21 as of December 31, 2015, which would have been received by the option holders had those option holders exercised their options as of that date. At December 31, 2015, the aggregate intrinsic value of options outstanding was $44 million, of which $44 million was exercisable.
Other information related to the Company's share options is as follows (in millions):
 
2015
 
2014
 
2013
Aggregate intrinsic value of stock options exercised
$
104

 
$
61

 
$
73

Cash received from the exercise of stock options
40

 
38

 
61

Tax benefit realized from the exercise of stock options
36

 
16

 
15


Unamortized deferred compensation expense, which includes both options and RSUs, amounted to $378 million as of December 31, 2015, with a remaining weighted-average amortization period of approximately 2.1 years.
Employee Share Purchase Plan
United States
The Company has an employee share purchase plan that provides for the purchase of a maximum of 7.5 million shares of the Company's ordinary shares by eligible U.S. employees. The Company's ordinary shares were purchased at 6-month intervals at 85% of the lower of the fair market value of the ordinary shares on the first or last day of each 6-month period. In 2015, 2014, and 2013, 411,636 shares, 439,000 shares and 556,000 shares, respectively, were issued to employees under the plan. Compensation expense recognized was $9 million in 2015, $7 million in 2014, and $6 million in 2013.
United Kingdom
The Company also has an employee share purchase plan for eligible U.K. employees that provides for the purchase of shares after a 3-year period and that is similar to the U.S. plan previously described. Three-year periods began in 2015, 2014, 2013, allowing for the purchase of a maximum of 100,000, 300,000, and 350,000 shares, respectively. In 2015, 2014, and 2013, 2,779 shares, 642 shares, and 172,110 shares, respectively, were issued under the plan. Compensation expense of $2 million was recognized in 2015 and 2014, as compared to $1 million of compensation expense in 2013.
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 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 on 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 Consolidated Statements of Income.
The notional and fair values of derivative instruments are as follows (in millions):
 
Notional Amount
 
Derivative Assets (1)
 
Derivative Liabilities (2)
As of December 31
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
  Accounted for as hedges
778

 
1,200

 
32

 
46

 
18

 
58

  Not accounted for as hedges (3)
280

 
165

 
—

 
—

 
—

 
—

Total
$
1,058

 
$
1,365

 
$
32

 
$
46

 
$
18

 
$
58

(1)
Included within Other current assets ($15 million in 2015 and $24 million in 2014, respectively) or Other non-current assets ($17 million in 2015 and $22 million in 2014, respectively)
(2)
Included within Other current liabilities ($13 million in 2015 and $52 million in 2014, respectively) or Other non-current liabilities ($5 million in 2015 and $6 million in 2014, respectively)
(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)
Derivatives accounted for as hedges:
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts
32

 
46

 
(13
)
 
(14
)
 
19

 
32

______________________________________________
(1) Included within Other current assets ($6 million in 2015 and $12 million in 2014, respectively) or Other non-current assets ($13 million in 2015 and $20 million in 2014, respectively)

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 (2)
Derivatives accounted for as hedges:
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts
18

 
58

 
(13
)
 
(14
)
 
5

 
44

______________________________________________
(2) Included within Other current liabilities ($4 million in 2015 and $40 million in 2014, respectively) or Other non-current liabilities ($1 million in 2015 and $4 million in 2014, respectively)
The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions):
Cash Flow Hedge - Foreign Exchange Contracts
 
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
2015
 
4

 
(3
)
 
—

 
(10
)
 
(9
)
2014
 
11

 
(3
)
 
—

 
(10
)
 
(2
)
2013
 
(17
)
 
—

 
—

 
13

 
(4
)
Cash Flow Hedge - Foreign Exchange Contracts
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income
 
Total
2015
 
4

 
(1
)
 
(9
)
 
(11
)
 
(17
)
2014
 
(5
)
 
3

 
(10
)
 
(2
)
 
(14
)
2013
 
(12
)
 
(9
)
 
(3
)
 
14

 
(10
)
The amount of gain (loss) recognized in the Consolidated Financial Statements is as follows (in millions):
 
Twelve months ended December 31,
 
Amount of Gain (Loss)
Recognized in Income on
Derivative (1)
 
Amount of Gain (Loss)
Recognized in Income on
Related Hedged Item
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts (2)
$
—

 
$
(9
)
 
$
(8
)
 
$
—

 
$
9

 
$
8

(1)
Included in interest expense
(2)
Relates to fixed rate debt
The Company estimates that approximately $7 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 2015, 2014 and 2013 was not material.
The Company recorded a loss of $8 million, $18 million, and $18 million in Other income for foreign exchange derivatives not designated or qualifying as hedges for 2015, 2014, and 2013, respectively.
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.
Cash, cash equivalents, and highly liquid debt instruments consist of cash and institutional short-term investment funds. The Company reviews the short-term investment funds to obtain reasonable assurance the fund net asset value is $1 per share.
Equity investments consist of domestic and international equity securities and exchange traded equity derivatives valued using the closing stock price on a national securities exchange. Over the counter equity derivatives are valued using observable inputs such as underlying prices of the equity security and volatility. 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 derivatives and securities.
Fixed income investments consist of certain categories of bonds and derivatives. Corporate, government, and agency 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. Asset-backed securities are valued by pricing vendors who estimate fair value using discounted cash flow models utilizing observable inputs based on trade and quote activity of securities with similar features. Fixed income derivatives are valued by pricing vendors using observable inputs such as interest rates and yield curves. 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 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 Consolidated Financial Statements.
Pooled funds consist of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. Pooled investment funds fair value is estimated based on the proportionate share ownership in the underlying net assets of the investment, which is based on the fair value of the underlying securities that trade on a national securities exchange. Where possible, the Company reviews the listing of securities in the portfolio and agrees the closing stock prices to the price quoted on a national securities exchange. The Company gains an understanding of the investment guidelines and valuation policies of the fund and discusses fund performance with pooled fund managers. The Company obtains audited fund manager financial statements, when available. If the pooled fund is designed to replicate a publicly traded index, the Company compares the performance of the fund to the index to assess the reasonableness of the fair value measurement.
Alternative investments consist of limited partnerships, private equity and hedge funds. Alternative investment fair value is generally estimated based on the proportionate share ownership in the underlying net assets of the investment as determined by the general partner or investment manager. The valuations are based on various factors depending on investment strategy, proprietary models, and specific financial data or projections. The Company obtains audited fund manager financial statements, when available. The Company obtains a detailed understanding of the models, inputs and assumptions used in developing prices provided by the investment managers (or appropriate party) through regular discussions. During these discussions with the investment managers, 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 comply with U.S. GAAP, including disclosure requirements. The Company also obtains observable inputs from the investment manager 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 in the 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.
Annuity contracts consist of insurance group annuity contracts purchased to match the pension benefit payment stream owed to certain selected plan participant demographics within a few major U.K. defined benefit plans. Annuity contracts are valued using a discounted cash flow model utilizing assumptions such as discount rate, mortality, and inflation. The Company independently verifies the observable inputs.
Real estate and REITs consist of publicly traded real estate investment trusts ("REITs") and direct real estate investments. Level 1 REITs are valued using the closing stock price on a national securities exchange. The Level 3 values are based on the proportionate share of ownership in the underlying net asset value as determined by the investment manager. The Company independently reviews the listing of Level 1 REIT securities in the portfolio and agrees the closing stock prices to a national securities exchange. The Company gains an understanding of the investment guidelines and valuation policies of the Level 3 real estate funds and discusses performance with the fund managers. The Company obtains audited fund manager financial statements, when available. See the description of "Alternative investments" for further detail on valuation procedures surrounding Level 3 REITs.
Guarantees are carried at fair value, which is based on discounted estimated cash flows using published historical cumulative default rates and discount rates commensurate with the underlying exposure.
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 December 31, 2015 and 2014, respectively (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 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 (1)
$
1,396

 
$
1,396

 
$
—

 
$
—

Other investments:
 
 
 
 
 
 
 
Corporate bonds
—

 
—

 
—

 
—

Government bonds
1

 
—

 
1

 
—

Equity investments
10

 
6

 
4

 
—

Derivatives (2):
 
 
 
 
 
 
 
Interest rate contracts
—

 
—

 
—

 
—

Foreign exchange contracts
32

 
—

 
32

 
—

Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Foreign exchange contracts
18

 
—

 
18

 
—

(1)
Includes $1,396 million of money market funds that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity.
(2)
See Note 12 "Derivatives and Hedging" for additional information regarding the Company's derivatives and hedging activity.
 
 
 
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 (1)
$
1,850

 
$
1,850

 
$
—

 
$
—

Other investments:
 
 
 
 
 
 
 
Corporate bonds
1

 
—

 
—

 
1

Government bonds
6

 
—

 
6

 
—

Equity investments
11

 
6

 
5

 
—

Derivatives (2):
 

 
 

 
 

 
 

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 Consolidated Statements of Financial Position, depending on their nature and initial maturity.
(2)
See Note 12 "Derivatives and Hedging" for additional information regarding the Company's derivatives and hedging activity.
There were no transfers of assets or liabilities between fair value hierarchy levels during 2015 or 2014. The Company recognized no realized or unrealized gains or losses in the Consolidated Statements of Income during 2015 related to assets and liabilities measured at fair value using unobservable inputs. There were no realized or unrealized gains or losses recognized in the Consolidated Statements of Income during 2014 related to assets and liabilities measured at fair value using unobservable inputs. There were $6 million of realized gains and no unrealized losses recognized in the Consolidated Statements of Income during 2013 related to assets and liabilities measure 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):
As of December 31
2015
 
2014
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Long-term debt
$
5,175

 
$
5,386

 
$
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. While Aon maintains meaningful E&O insurance and other insurance programs 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 Consolidated Statements of Financial Position and have been recognized in Other general expenses in the 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.
We have included in the matters described below certain 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. In addition, we may from time to time disclose matters for which the probability of loss could be remote but the claim amounts associated with such matters are potentially significant. 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 $0.3 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 may change, and the estimates themselves may 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.
Current Matters
A 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. In August 2015, a jury returned a verdict in favor of Opry Mills and against the insurers in the amount of $204 million. Aon understands that the insurers intend to appeal both of these trial court decisions. 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 sought approximately £189 million ($282 million at December 31, 2015 exchange rates), plus interest and costs. In June 2015, the High Court ordered Philips to clarify several aspects of its claim. In its clarification, Philips increased the amount of its claim to £290 million ($432 million at December 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 business acquired by 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 sought damages of approximately CHF 46 million ($47 million at December 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 17 million ($17 million at December 31, 2015 exchange rates) and $3 million, plus interest and adverse costs. The entire amount of the judgment, including interest through December 31, 2014, totaled CHF 28 million ($28 million at December 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 13 million ($13 million at December 31, 2015 exchange rates) and $5 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 9 million ($9 million at December 31, 2015 exchange rates) and $115,000 (plus interest and costs) beyond what the subsidiary has already paid. The appeal is now under submission.
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 December 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 was set for October 2015, but has been postponed to permit the parties to discuss possible settlement. Aon believes that it has meritorious defenses and intends to vigorously defend itself against this potential claim.
On June 29, 2015, Lyttelton Port Company Limited ("LPC") sued Aon New Zealand (Aon) in the Christchurch Registry of the High Court of New Zealand.  LPC alleges, among other things, that Aon was negligent and in breach of contract in arranging LPC’s property insurance program for the period covering June 30, 2010, to June 30, 2011.  LPC contends that acts and omissions by Aon caused LPC to recover less than it otherwise would have from insurers for losses suffered in the 2010/2011 Canterbury Earthquakes.  LPC claims damages of approximately NZD $184 million ($126 million at December 31, 2015 exchange rates) plus interest and costs.  Aon believes that it has meritorious defenses and intends to vigorously defend itself against these claims.
Settled/Closed Matters
As described more fully in our Form 10-Q for the period ended June 30, 2015, in the second quarter of 2015, we settled legacy litigation with Huntington Ingalls Industries, Inc. in exchange for a payment of $150 million made by Aon during the same period, and an arbitral panel issued an award that rejected claims made by AXA Versicherung Aktiengesellschaft (“AXA”) and ordered AXA to reimburse Aon for its legal fees and costs in the amount of €2 million ($2 million at June 30, 2015 exchange rates).
In addition, 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 into various agreements pursuant to which it agreed to guarantee the obligations of its subsidiaries arising under issued and outstanding debt securities. Those agreements included the (1) Amended and Restated Indenture, dated 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 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 $58 million at December 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 December 31, 2015 compared to $14 million at December 31, 2014. During 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 $104 million at December 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 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):
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
$
7,426

 
$
7,834

 
$
7,789

HR Solutions
4,303

 
4,264

 
4,057

Intersegment eliminations
(47
)
 
(53
)
 
(31
)
Total revenue
$
11,682

 
$
12,045

 
$
11,815


Commissions, fees and other revenues by product are as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Retail brokerage
$
6,044

 
$
6,334

 
$
6,256

Reinsurance brokerage
1,361

 
1,474

 
1,505

Total Risk Solutions Segment
7,405

 
7,808

 
7,761

Consulting services
1,686

 
1,700

 
1,626

Outsourcing
2,658

 
2,607

 
2,469

Intrasegment
(41
)
 
(43
)
 
(38
)
Total HR Solutions Segment
4,303

 
4,264

 
4,057

Intersegment
(47
)
 
(53
)
 
(31
)
Total commissions, fees and other revenue
$
11,661

 
$
12,019

 
$
11,787


Fiduciary investment income by segment is as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
$
21

 
$
26

 
$
28

HR Solutions
—

 
—

 
—

Total fiduciary investment income
$
21

 
$
26

 
$
28


A reconciliation of segment operating income before tax to income before income taxes is as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
$
1,506

 
$
1,648

 
$
1,540

HR Solutions
536

 
485

 
318

Segment income before income taxes
2,042

 
2,133

 
1,858

Unallocated expenses
(194
)
 
(167
)
 
(187
)
Interest income
14

 
10

 
9

Interest expense
(273
)
 
(255
)
 
(210
)
Other income
100

 
44

 
68

Income before income taxes
$
1,689

 
$
1,765

 
$
1,538


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 remeasurement.
Revenues are generally attributed to geographic areas based on the location of the resources producing the revenues. Intercompany revenues and expenses are eliminated in consolidated results.
Consolidated revenue by geographic area is as follows (in millions):
Years ended December 31
Total
 
United
States
 
Americas
other than
U.S.
 
United
Kingdom
 
Europe,
Middle East,
& Africa
 
Asia
Pacific
2015
$
11,682

 
$
6,063

 
$
1,053

 
$
1,527

 
$
1,909

 
$
1,130

2014
12,045

 
5,824

 
1,176

 
1,623

 
2,189

 
1,233

2013
11,815

 
5,574

 
1,214

 
1,544

 
2,304

 
1,179


Consolidated non-current assets by geographic area are as follows (in millions):
As of December 31
Total
 
United
States
 
Americas
other than
U.S.
 
United
Kingdom
 
Europe,
Middle East,
& Africa
 
Asia
Pacific
2015
$
13,051

 
$
7,072

 
$
416

 
$
2,723

 
$
2,270

 
$
570

2014
13,805

 
7,793

 
493

 
2,700

 
2,179

 
640

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, including 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 (collectively, the "Aon Corp Notes"). Aon Corporation is a 100% indirectly owned subsidiary of Aon plc. All guarantees of Aon plc are full and unconditional. There are no other subsidiaries of Aon plc that are guarantors of the Aon Corp Notes.
In addition, Aon Corporation entered into an agreement pursuant to which it agreed to guarantee the obligations of Aon plc arising under the 4.250% Notes due 2042 exchanged for Aon Corporation's outstanding 8.205% Notes due January 2027 and also agreed to guarantee the obligations of Aon plc arising under the 4.45% Notes due 2043, the 4.00% Notes due November 2023, the 2.875% Notes due May 2026, the 3.50% Notes due June 2024, the 4.60% Notes due June 2044, the 4.75% Notes due May 2045, and the 2.80% Notes due March 2021 (collectively, the "Aon plc Notes"). In each case, the guarantee of Aon Corporation is full and unconditional. There are no subsidiaries of Aon plc, other than Aon Corporation, that are guarantors of the Aon plc Notes. As a result of the existence of these guarantees, the Company has elected to present the financial information set forth in this footnote in accordance with Rule 3-10 of Regulation S-X.
The following tables set forth condensed consolidating statements of income, condensed consolidating statements of comprehensive income for the years ended December 31, 2015, 2014, and 2013, condensed consolidating statements of financial position as of December 31, 2015 and December 31, 2014, and condensed consolidating statements of cash flows for the years ended December 31, 2015, 2014, and 2013 in accordance with Rule 3-10 of Regulation S-X. The condensed consolidating financial information includes the accounts of Aon plc, the accounts of Aon Corporation, and the combined accounts of the non-guarantor subsidiaries. The condensed consolidating financial statements are presented in all periods as a merger under common control. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions.
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 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
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
—

 
$
—

 
$
11,661

 
$
—

 
$
11,661

Fiduciary investment income
—

 
—

 
21

 
—

 
21

Total revenue
—

 
—

 
11,682

 
—

 
11,682

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
136

 
32

 
6,669

 
—

 
6,837

Other general expenses
8

 
7

 
2,982

 
—

 
2,997

Total operating expenses
144

 
39

 
9,651

 
—

 
9,834

Operating (loss) income
(144
)
 
(39
)
 
2,031

 
—

 
1,848

Interest income
(19
)
 
14

 
19

 
—

 
14

Interest expense
(121
)
 
(130
)
 
(22
)
 
—

 
(273
)
Intercompany interest income (expense)
429

 
(479
)
 
50

 
—

 
—

Intercompany other income (expense)
302

 
(422
)
 
120

 
—

 
—

Other Income
(1
)
 
—

 
101

 
—

 
100

Income (loss) before taxes
446

 
(1,056
)
 
2,299

 
—

 
1,689

Income tax expense (benefit)
45

 
(262
)
 
484

 
—

 
267

Income (loss) before equity in earnings of subsidiaries
401

 
(794
)
 
1,815

 
—

 
1,422

Equity in earnings of subsidiaries, net of tax
984

 
1,319

 
525

 
(2,828
)
 
—

Net income
1,385

 
525

 
2,340

 
(2,828
)
 
1,422

Less: Net income attributable to noncontrolling interests
—

 
—

 
37

 
—

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
525

 
$
2,303

 
$
(2,828
)
 
$
1,385

Condensed Consolidating Statement of Income
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
—

 
$
—

 
$
12,019

 
$
—

 
$
12,019

Fiduciary investment income
—

 
—

 
26

 
—

 
26

Total revenue
—

 
—

 
12,045

 
—

 
12,045

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
140

 
16

 
6,858

 
—

 
7,014

Other general expenses
3

 
5

 
3,057

 
—

 
3,065

Total operating expenses
143

 
21

 
9,915

 
—

 
10,079

Operating (loss) income
(143
)
 
(21
)
 
2,130

 
—

 
1,966

Interest income
(9
)
 
2

 
17

 
—

 
10

Interest expense
(75
)
 
(139
)
 
(41
)
 
—

 
(255
)
Intercompany interest income (expense)
449

 
(298
)
 
(151
)
 
—

 
—

Intercompany other income (expense)
342

 
(390
)
 
48

 
—

 
—

Other income
2

 
5

 
37

 
—

 
44

Income (loss) before taxes
566

 
(841
)
 
2,040

 
—

 
1,765

Income tax expense (benefit)
74

 
(192
)
 
452

 
—

 
334

Income (loss) before equity in earnings of subsidiaries
492

 
(649
)
 
1,588

 
—

 
1,431

Equity in earnings of subsidiaries, net of tax
905

 
1,214

 
565

 
(2,684
)
 
—

Net income
1,397

 
565

 
2,153

 
(2,684
)
 
1,431

Less: Net income attributable to noncontrolling interests
—

 
—

 
34

 
—

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
565

 
$
2,119

 
$
(2,684
)
 
$
1,397

Condensed Consolidating Statement of Income
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustment
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
3

 
$
—

 
$
11,784

 
$
—

 
$
11,787

Fiduciary investment income
—

 
—

 
28

 
—

 
28

Total revenue
3

 
—

 
11,812

 
—

 
11,815

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
111

 
50

 
6,784

 
—

 
6,945

Other general expenses
—

 
—

 
3,199

 
—

 
3,199

Total operating expenses
111

 
50

 
9,983

 
—

 
10,144

Operating (loss) income
(108
)
 
(50
)
 
1,829

 
—

 
1,671

Interest income
—

 
3

 
6

 
—

 
9

Interest expense
(20
)
 
(138
)
 
(52
)
 
—

 
(210
)
Intercompany interest (expense) income
120

 
24

 
(144
)
 
—

 
—

Intercompany other (expense) income
38

 
(168
)
 
130

 
—

 
—

Other income (expense)
—

 
19

 
49

 
—

 
68

(Loss) income before taxes
30

 
(310
)
 
1,818

 
—

 
1,538

Income tax (benefit) expense
12

 
(64
)
 
442

 
—

 
390

(Loss) income before equity in earnings of subsidiaries
18

 
(246
)
 
1,376

 
—

 
1,148

Equity in earnings of subsidiaries, net of tax
1,095

 
1,061

 
815

 
(2,971
)
 
—

Net income
1,113

 
815

 
2,191

 
(2,971
)
 
1,148

Less: Net income attributable to noncontrolling interests
—

 
—

 
35

 
—

 
35

Net income attributable to Aon shareholders
$
1,113

 
$
815

 
$
2,156

 
$
(2,971
)
 
$
1,113


Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net income
$
1,385

 
$
525

 
$
2,340

 
$
(2,828
)
 
$
1,422

Less: Net income attributable to noncontrolling interests
—

 
—

 
37

 
—

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
525

 
$
2,303

 
$
(2,828
)
 
$
1,385

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

 
—

 
(8
)
 
—

 
(8
)
Foreign currency translation adjustments
—

 
(47
)
 
(395
)
 
—

 
(442
)
Post-retirement benefit obligation
—

 
12

 
143

 
—

 
155

Total other comprehensive loss
—

 
(35
)
 
(260
)
 
—

 
(295
)
Equity in other comprehensive loss of subsidiaries, net of tax
(289
)
 
(268
)
 
(303
)
 
860

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
—

 
—

 
(6
)
 
—

 
(6
)
Total other comprehensive loss attributable to Aon shareholders
(289
)
 
(303
)
 
(557
)
 
860

 
(289
)
Comprehensive income attributable to Aon shareholders
$
1,096

 
$
222

 
$
1,746

 
$
(1,968
)
 
$
1,096

Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income
$
1,397

 
$
565

 
$
2,153

 
$
(2,684
)
 
$
1,431

Less: Net income attributable to noncontrolling interests
—

 
—

 
34

 
—

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
565

 
$
2,119

 
$
(2,684
)
 
$
1,397

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

 
(3
)
 
7

 
—

 
4

Foreign currency translation adjustments
—

 
(31
)
 
(476
)
 
—

 
(507
)
Post-retirement benefit obligation
—

 
(315
)
 
55

 
—

 
(260
)
Total other comprehensive loss
—

 
(349
)
 
(414
)
 
—

 
(763
)
Equity in other comprehensive income of subsidiaries, net of tax
(760
)
 
(411
)
 
(760
)
 
1,931

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
—

 
—

 
(3
)
 
—

 
(3
)
Total other comprehensive income attributable to Aon shareholders
(760
)
 
(760
)
 
(1,171
)
 
1,931

 
(760
)
Comprehensive income attributable to Aon shareholders
$
637

 
$
(195
)
 
$
948

 
$
(753
)
 
$
637


Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net income
$
1,113

 
$
815

 
$
2,191

 
$
(2,971
)
 
$
1,148

Less: Net income attributable to noncontrolling interests
—

 
—

 
35

 
—

 
35

Net income attributable to Aon shareholders
$
1,113

 
$
815

 
$
2,156

 
$
(2,971
)
 
$
1,113

Other comprehensive loss, net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
—

 
5

 
2

 
—

 
7

Foreign currency translation adjustments
—

 
(60
)
 
(5
)
 
—

 
(65
)
Post-retirement benefit obligation
—

 
223

 
70

 
—

 
293

Total other comprehensive loss
—

 
168

 
67

 
—

 
235

Equity in other comprehensive loss of subsidiaries, net of tax
236

 
69

 
237

 
(542
)
 
—

Less: Other comprehensive income attributable to noncontrolling interests
—

 
—

 
(1
)
 
—

 
(1
)
Total other comprehensive loss attributable to Aon shareholders
236

 
237

 
305

 
(542
)
 
236

Comprehensive income attributable to Aon shareholders
$
1,349

 
$
1,052

 
$
2,461

 
$
(3,513
)
 
$
1,349


Condensed Consolidating Statement of Financial Position
 
As of December 31, 2015
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
2,083

 
$
1,242

 
$
(2,941
)
 
$
384

Short-term investments
—

 
209

 
147

 
—

 
356

Receivables, net
1

 
—

 
2,733

 
—

 
2,734

Fiduciary assets
—

 
—

 
9,932

 
—

 
9,932

Intercompany receivables
432

 
1,950

 
7,957

 
(10,339
)
 
—

Other current assets
3

 
218

 
347

 
(2
)
 
566

Total Current Assets
436

 
4,460

 
22,358

 
(13,282
)
 
13,972

Goodwill
—

 
—

 
8,448

 
—

 
8,448

Intangible assets, net
—

 
—

 
2,180

 
—

 
2,180

Fixed assets, net
—

 
—

 
765

 
—

 
765

Deferred tax assets
154

 
558

 
107

 
(678
)
 
141

Intercompany receivables
375

 
526

 
8,633

 
(9,534
)
 
—

Prepaid Pension
—

 
6

 
1,027

 
—

 
1,033

Other non-current assets
28

 
124

 
557

 
(84
)
 
625

Investment in subsidiary
11,804

 
16,534

 
369

 
(28,707
)
 
—

TOTAL ASSETS
$
12,797

 
$
22,208

 
$
44,444

 
$
(52,285
)
 
$
27,164

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
$
—

 
$
—

 
$
9,932

 
$
—

 
$
9,932

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

 
550

 
12

 
—

 
562

Accounts payable and accrued liabilities
2,988

 
45

 
1,680

 
(2,941
)
 
1,772

Intercompany payables
167

 
9,518

 
654

 
(10,339
)
 
—

Other current liabilities
47

 
56

 
720

 
(3
)
 
820

Total Current Liabilities
3,202

 
10,169

 
12,998

 
(13,283
)
 
13,086

Long-term debt
3,482

 
1,418

 
275

 
—

 
5,175

Deferred tax liabilities
—

 
—

 
854

 
(678
)
 
176

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

 
1,313

 
482

 
—

 
1,795

Intercompany payables
—

 
8,799

 
735

 
(9,534
)
 
—

Other non-current liabilities
7

 
140

 
705

 
(83
)
 
769

TOTAL LIABILITIES
6,691

 
21,839

 
16,049

 
(23,578
)
 
21,001

TOTAL AON SHAREHOLDERS’ EQUITY
6,106

 
369

 
28,338

 
(28,707
)
 
6,106

Noncontrolling interests
—

 
—

 
57

 
—

 
57

TOTAL EQUITY
6,106

 
369

 
28,395

 
(28,707
)
 
6,163

TOTAL LIABILITIES AND EQUITY
$
12,797

 
$
22,208

 
$
44,444

 
$
(52,285
)
 
$
27,164

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

Deferred tax assets
159

 
570

 
113

 
(698
)
 
144

Intercompany receivables
7,399

 
600

 
111

 
(8,110
)
 
—

Prepaid Pension
—

 
6

 
927

 
—

 
933

Other non-current assets
20

 
121

 
678

 
(92
)
 
727

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

Deferred tax liabilities
—

 
—

 
1,011

 
(698
)
 
313

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

 
836

 
(92
)
 
874

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
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
695

 
$
464

 
$
2,523

 
$
(1,673
)
 
$
2,009

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
27

 
193

 
—

 
220

Payments for investments
(13
)
 
(47
)
 
(219
)
 
13

 
(266
)
Net (purchases) sales of short-term investments - non-fiduciary
—

 
(42
)
 
51

 
—

 
9

Acquisition of businesses, net of cash acquired
—

 
—

 
(16
)
 
—

 
(16
)
Proceeds from sale of businesses
—

 
—

 
205

 
—

 
205

Capital expenditures
—

 
—

 
(290
)
 
—

 
(290
)
CASH USED FOR (PROVIDED BY) INVESTING ACTIVITIES
(13
)
 
(62
)
 
(76
)
 
13

 
(138
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(1,550
)
 
—

 
—

 
—

 
(1,550
)
Advances from (to) affiliates and other (1)
232

 
(326
)
 
(2,339
)
 
2,433

 
—

Issuance of shares for employee benefit plans
(29
)
 
—

 
(1
)
 
—

 
(30
)
Issuance of debt
1,318

 
4,026

 
7

 
—

 
5,351

Repayment of debt
(330
)
 
(4,746
)
 
(22
)
 
—

 
(5,098
)
Cash dividends to shareholders
(323
)
 
—

 
—

 
—

 
(323
)
Noncontrolling interests and other financing activities
—

 
—

 
(39
)
 
—

 
(39
)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
(682
)
 
(1,046
)
 
(2,394
)
 
2,433

 
(1,689
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(172
)
 
—

 
(172
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
—

 
(644
)
 
(119
)
 
773

 
10

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
—

 
2,727

 
1,361

 
(3,714
)
 
374

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
2,083

 
$
1,242

 
$
(2,941
)
 
$
384

(1) Advances from (to) affiliates and other includes activity related to the Company's intercompany and cash pooling arrangements.
Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
769

 
$
(927
)
 
$
1,970

 
$
—

 
$
1,812

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
39

 
13

 
—

 
52

Payments for investments
—

 
(20
)
 
—

 
—

 
(20
)
Net purchases of short-term investments - non-fiduciary
—

 
(3
)
 
113

 
—

 
110

Acquisition of businesses, net of cash acquired
—

 
—

 
(479
)
 
—

 
(479
)
Proceeds from sale of businesses
—

 
—

 
48

 
—

 
48

Capital expenditures
—

 
—

 
(256
)
 
—

 
(256
)
CASH USED FOR INVESTING ACTIVITIES
—

 
16

 
(561
)
 
—

 
(545
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(2,250
)
 
—

 
—

 
—

 
(2,250
)
Advances from (to) affiliates and other (1)
19

 
3,215

 
(536
)
 
(2,698
)
 
—

Issuance of shares for employee benefit plans
(105
)
 
—

 
—

 
—

 
(105
)
Issuance of debt
2,908

 
2,326

 
5

 
—

 
5,239

Repayment of debt
(1,068
)
 
(2,150
)
 
(700
)
 
—

 
(3,918
)
Cash dividends to shareholders
(273
)
 
—

 
—

 
—

 
(273
)
Noncontrolling interests and other financing activities
—

 
—

 
4

 
—

 
4

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
(769
)
 
3,391

 
(1,227
)
 
(2,698
)
 
(1,303
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(67
)
 
—

 
(67
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
—

 
2,480

 
115

 
(2,698
)
 
(103
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
—

 
247

 
1,246

 
(1,016
)
 
477

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
2,727

 
$
1,361

 
$
(3,714
)
 
$
374

(1) Advances from (to) affiliates and other includes activity related to the Company's intercompany and cash pooling arrangements.


Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
70

 
$
(441
)
 
$
2,124

 
$
—

 
$
1,753

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
8

 
85

 
—

 
93

Payments for investments
—

 
(15
)
 
—

 
—

 
(15
)
Net sales of short-term investments - non-fiduciary
—

 
(74
)
 
(100
)
 
—

 
(174
)
Acquisition of businesses, net of cash acquired
—

 
—

 
(54
)
 
—

 
(54
)
Proceeds from sale of businesses
—

 
7

 
33

 
—

 
40

Capital expenditures
—

 
—

 
(229
)
 
—

 
(229
)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES
—

 
(74
)
 
(265
)
 
—

 
(339
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(1,102
)
 
—

 
—

 
—

 
(1,102
)
Advances from (to) affiliates
460

 
996

 
(479
)
 
(977
)
 
—

Issuance of shares for employee benefit plans
(22
)
 
—

 
—

 
—

 
(22
)
Issuance of debt
1,730

 
2,944

 
232

 
—

 
4,906

Repayment of debt
(1,055
)
 
(3,377
)
 
(247
)
 
—

 
(4,679
)
Cash dividends to shareholders
(212
)
 
—

 
—

 
—

 
(212
)
Noncontrolling interests and other financing activities


 
—

 
(27
)
 
—

 
(27
)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
(201
)
 
563

 
(521
)
 
(977
)
 
(1,136
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(92
)
 
—

 
(92
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(131
)
 
48

 
1,246

 
(977
)
 
186

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
131

 
199

 
—

 
(39
)
 
291

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
247

 
$
1,246

 
$
(1,016
)
 
$
477

Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
Selected quarterly financial data for the years ended December 31, 2015 and 2014 are as follows (in millions, except per share data):
 
1Q
 
2Q
 
3Q
 
4Q
 
2015
INCOME STATEMENT DATA
 
 
 
 
 
 
 
 
 
Commissions, fees and other revenue
$
2,842

 
$
2,800

 
$
2,736

 
$
3,283

 
$
11,661

Fiduciary investment income
5

 
5

 
6

 
5

 
21

Total revenue
$
2,847

 
$
2,805

 
$
2,742

 
$
3,288

 
$
11,682

Operating income
$
441

 
$
277

 
$
413

 
717

 
$
1,848

Net income
341

 
188

 
303

 
590

 
1,422

Less: Net income attributable to noncontrolling interests
13

 
10

 
8

 
6

 
37

Net income attributable to Aon shareholders
$
328

 
$
178

 
$
295

 
$
584

 
$
1,385

PER SHARE DATA
 
 
 
 
 
 
 
 
 
Basic net income per share attributable to Aon shareholders
$
1.15

 
$
0.63

 
$
1.05

 
$
2.12

 
$
4.93

Diluted net income per share attributable to Aon shareholders
$
1.14

 
$
0.62

 
$
1.05

 
$
2.09

 
$
4.88

CLASS A ORDINARY SHARE DATA
 
 
 
 
 
 
 
 
 
Dividends paid per share
$
0.25

 
$
0.30

 
$
0.30

 
$
0.30

 
$
1.15

Price range:
 
 
 
 
 
 
 
 
 
High
$
107.08

 
$
104.70

 
$
103.38

 
$
97.79

 
$
107.08

Low
$
89.35

 
$
95.32

 
$
87.58

 
$
86.38

 
$
86.38

Shares outstanding
281.7

 
279.8

 
273.9

 
269.8

 
269.8

Average monthly trading volume
24.5

 
24.9

 
26.5

 
26.6

 
25.6

 
1Q
 
2Q
 
3Q
 
4Q
 
2014
INCOME STATEMENT DATA
 
 
 
 
 
 
 
 
 
Commissions, fees and other revenue
$
2,941

 
$
2,913

 
$
2,873

 
$
3,292

 
$
12,019

Fiduciary investment income
6

 
6

 
7

 
7

 
26

Total revenue
$
2,947

 
$
2,919

 
$
2,880

 
$
3,299

 
$
12,045

Operating income
$
469

 
$
445

 
$
417

 
$
635

 
$
1,966

Net income
336

 
313

 
315

 
467

 
1,431

Less: Net income attributable to noncontrolling interests
11

 
9

 
6

 
8

 
34

Net income attributable to Aon shareholders
$
325

 
$
304

 
$
309

 
$
459

 
$
1,397

PER SHARE DATA
 
 
 
 
 
 
 
 
 
Basic net income per share attributable to Aon shareholders
$
1.07

 
$
1.02

 
$
1.06

 
$
1.60

 
$
4.73

Diluted net income per share attributable to Aon shareholders
$
1.06

 
$
1.01

 
$
1.04

 
$
1.56

 
$
4.66

CLASS A ORDINARY SHARE DATA
 
 
 
 
 
 
 
 
 
Dividends paid per share
$
0.18

 
$
0.25

 
$
0.25

 
$
0.25

 
$
0.92

Price range:
 
 
 
 
 
 
 
 
 
High
$
87.45

 
$
91.07

 
$
91.28

 
$
98.10

 
$
98.10

Low
$
76.49

 
$
78.60

 
$
83.06

 
$
78.26

 
$
76.49

Shares outstanding
296.5

 
290.5

 
285.1

 
280.0

 
280.0

Average monthly trading volume
32.6

 
28.5

 
26.3

 
34.1

 
30.4

Summary of Significant Accounting Principles and Practices (Policies)
Use of Estimates 
Use of Estimates
The preparation of the accompanying 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 exchange rate movements increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined, among other factors, with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment would, if applicable, be reflected in the financial statements in future periods.
Revenue Recognition 
Revenue Recognition
Risk Solutions segment revenues primarily include insurance commissions and fees for services rendered and investment income on funds held on behalf of clients. Revenues are recognized when they are earned and realized or realizable. The Company considers revenues to be earned and realized or realizable when all of the following four conditions are met: (1) persuasive evidence of an arrangement exists, (2) the arrangement fee is fixed or determinable, (3) delivery or performance has occurred, and (4) collectability is reasonably assured. For brokerage commissions, revenue is typically recognized at the completion of the placement process, assuming all four criteria required to recognize revenue have been met. The placement process is typically considered complete on the effective date of the related policy. Commission revenues are recorded net of allowances for estimated policy cancellations, which are determined based on an evaluation of historical and current cancellation data.
HR Solutions segment revenues consist primarily of fees paid by clients for consulting advice and outsourcing contracts. Fees paid by clients for consulting services are typically charged on an hourly, project or fixed-fee basis. Revenues from time-and-materials or cost-plus arrangements are recognized as services are performed, assuming all four criteria to recognize revenue have been met. Revenues from fixed-fee contracts are recognized as services are provided using a proportional-performance model or at the completion of a project based on facts and circumstances of the client arrangement. Revenues from health care exchange arrangements are typically recognized upon successful enrollment of participants, net of a reserve for estimated cancellations, assuming all four criteria to recognize revenue have been met. Reimbursements received for out-of-pocket expenses are recorded as a component of revenues. The Company's outsourcing contracts typically have three-to-five year terms for benefits services and five-to-ten year terms for human resources business process outsourcing ("HR BPO") services. The Company recognizes revenues as services are performed, assuming all criteria to recognize revenue have been met. The Company may also receive implementation fees from clients either up-front or over the ongoing services period as a component of the fee per participant. Lump sum implementation fees received from a client are typically deferred and recognized ratably over the ongoing contract services period. If a client terminates an outsourcing services arrangement prior to the end of the contract, a loss on the contract may be recorded, if necessary, and any remaining deferred implementation revenues would typically be recognized over the remaining service period through the termination date.
In connection with the Company's long-term outsourcing service agreements, highly customized implementation efforts are often necessary to set up clients and their human resource or benefit programs on the Company's systems and operating processes. Qualifying costs of implementation incurred prior to the services commencing are generally deferred and amortized over the period that the related ongoing services revenue is recognized. Deferred costs are assessed for recoverability on a periodic basis to the extent the deferred cost exceeds related deferred revenue.
Stock-Based Compensation Costs 
Share-Based Compensation Costs
Share-based payments to employees, including grants of employee share options, restricted shares and restricted share units ("RSUs"), performance share awards ("PSAs") as well as employee share purchases related to the Employee Share Purchase Plan, are measured based on estimated grant date fair value. The Company recognizes compensation expense over the requisite service period for awards expected to ultimately vest. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture activity differs materially from original estimates.
Pension and Other Post-Retirement Benefits 
Pension and Other Post-Retirement Benefits
The Company records net period cost relating to its pension and other post-retirement benefit plans based on calculations that include various actuarial assumptions, including discount rates, assumed rates of return on plan assets, inflation rates, mortality rates, compensation increases, and turnover rates. The Company reviews its actuarial assumptions on an annual basis and modifies these assumptions based on current rates and trends. The effects of gains, losses, and prior service costs and credits are amortized over future service periods or future estimated lives if the plans are frozen. The funded status of each plan, calculated as the fair value of plan assets less the benefit obligation, is reflected in the Company's Consolidated Statements of Financial Position using a December 31 measurement date.
Net Income per Share 
Net Income per Share
Basic net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, including participating securities, which consist of unvested share awards with non-forfeitable rights to dividends. Diluted net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, which have been adjusted for the dilutive effect of potentially issuable ordinary shares (excluding those that are considered participating securities), including certain contingently issuable shares. The diluted earnings per share calculation reflects the more dilutive effect of either (1) the two-class method that assumes that the participating securities have not been exercised, or (2) the treasury stock method.
Certain ordinary share equivalents, related primarily to options, are not included in the computation of diluted income per share if their inclusion would be antidilutive.
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.
Fiduciary Assets and Liabilities 
Fiduciary Assets and Liabilities
In its capacity as an insurance agent and broker, Aon collects premiums from insureds and, after deducting its commission, remits the premiums to the respective insurers. Aon also collects claims or refunds from insurers on behalf of insureds. Uncollected premiums from insureds and uncollected claims or refunds from insurers are recorded as Fiduciary assets in the Company's Consolidated Statements of Financial Position. Unremitted insurance premiums and claims are held in a fiduciary capacity and the obligation to remit these funds is recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position. Some of the Company's outsourcing agreements also require it to hold funds to pay certain obligations on behalf of clients. These funds are also recorded as Fiduciary assets with the related obligation recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position.
Allowance for Doubtful Accounts 
Allowance for Doubtful Accounts
The Company's allowance for doubtful accounts with respect to receivables is based on a combination of factors, including evaluation of historical write-offs, aging of balances and other qualitative and quantitative analyses.
Fixed Assets 
Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Included in this category is internal use software, which is software that is acquired, internally developed or modified solely to meet internal needs, with no plan to market externally. Costs related to directly obtaining, developing or upgrading internal use software are capitalized. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows:
Asset Description
 
Asset Life
Software
 
Lesser of the life of an associated license, or 4 to 7 years
Leasehold improvements
 
Lesser of estimated useful life or lease term, not to exceed 10 years
Furniture, fixtures and equipment
 
4 to 10 years
Computer equipment
 
4 to 6 years
Buildings
 
35 years
Automobiles
 
6 years
Goodwill and Intangible Assets 
Goodwill and Intangible Assets
Goodwill represents the excess of acquisition cost over the fair value of the net assets in the acquisition of a business. Goodwill is allocated to various reporting units, which are one reporting level below the operating segment. Upon disposition of a business entity, goodwill is allocated to the disposed entity based on the fair value of that entity compared to the fair value of the reporting unit in which it was included. Goodwill is not amortized, but instead is tested for impairment at least annually. The goodwill impairment test is performed at the reporting unit level. The Company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance is impaired. If such a determination is made, then the Company will perform a two-step quantitative analysis. First, the fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the Company performs a hypothetical purchase price allocation based on the reporting unit's fair value to determine the fair value of the reporting unit's goodwill. Any resulting difference will be a charge to Other general expenses in the Consolidated Statements of Income in the period in which the determination is made. Fair value is determined using a combination of present value techniques and market prices of comparable businesses.
Intangible assets include customer related and contract based assets representing primarily client relationships and non-compete agreements, tradenames, and marketing and technology related assets. These intangible assets, with the exception of tradenames, are amortized over periods ranging from 1 to 16 years, with a weighted average original life of 11 years. Tradenames are not amortized when such assets have been determined to have indefinite useful lives, and are tested at least annually for impairments using an analysis of expected future cash flows. Interim impairment testing may be performed when events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable.
Derivatives 
Derivatives
Derivative instruments are recognized in the Consolidated Statements of Financial Position at fair value. Where the Company has entered into master netting agreements with counterparties, the derivative positions are netted by counterparty and are reported accordingly in other assets or other liabilities. Changes in the fair value of derivative instruments are recognized in earnings each period, unless the derivative is designated and qualifies as a cash flow or net investment hedge.
The Company has historically designated the following hedging relationships for certain transactions: (i) a hedge of the change in fair value of a recognized asset or liability or firm commitment ("fair value hedge"), (ii) a hedge of the variability in cash flows from a recognized variable-rate asset or liability or forecasted transaction ("cash flow hedge"), and (iii) a hedge of the net investment in a foreign operation ("net investment hedge").
In order for a derivative to qualify for hedge accounting, the derivative must be formally designated as a fair value, cash flow, or a net investment hedge by documenting the relationship between the derivative and the hedged item. The documentation must include a description of the hedging instrument, the hedged item, the risk being hedged, Aon's risk management objective and strategy for undertaking the hedge, the method for assessing the effectiveness of the hedge, and the method for measuring hedge ineffectiveness. Additionally, the hedge relationship must be expected to be highly effective at offsetting changes in either the fair value or cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. Aon assesses the ongoing effectiveness of its hedges and measures and records hedge ineffectiveness, if any, at the end of each quarter or more frequently if facts and circumstances require.
For a derivative designated as a hedging instrument, the changes in the fair value of a recognized asset or liability or a firm commitment (a fair value hedge), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect is to reflect in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For a cash flow hedge that qualifies for hedge accounting, the effective portion of the change in fair value of a hedging instrument is recognized in Other Comprehensive Income ("OCI") and subsequently reclassified to earnings in the same period the hedged item impacts earnings. The ineffective portion of the change in fair value is recognized immediately in earnings. For a net investment hedge, the effective portion of the change in fair value of the hedging instrument is recognized in OCI as part of the cumulative translation adjustment, while the ineffective portion is recognized immediately in earnings.
Changes in the fair value of a derivative that is not designated as part of a hedging relationship (commonly referred to as an "economic hedge") are recorded in Other income in the Consolidated Statements of Income.
The Company discontinues hedge accounting prospectively when (1) the derivative expires or is sold, terminated, or exercised, (2) the qualifying criteria are no longer met, or (3) management removes the designation of the hedging relationship.
Foreign Currency 
Foreign Currency
Certain of the Company's non-US operations use their respective local currency as their functional currency. These operations that do not have the U.S. dollar as their functional currency translate their financial statements at the current rates of exchange in effect at the balance sheet date and revenues and expenses using rates that approximate those in effect during the period. The resulting translation adjustments are included in net foreign currency translation adjustments within the Consolidated Statements of Shareholders' Equity. Gains and losses from the remeasurement of monetary assets and liabilities that are denominated in a non-functional currency are included in Other income within the Consolidated Statements of Income.
Income Taxes 
Income Taxes
Deferred income taxes are recognized for the effect of temporary differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted marginal tax rates and laws that are currently in effect. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in the period when the rate change is enacted.
Deferred tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. Deferred tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred tax assets are future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carry-forwards, taxable income in carry-back years and tax planning strategies that are both prudent and feasible.
The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Tax positions that meet the more likely than not recognition threshold but are not highly certain are initially and subsequently measured based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement with the taxing authority.  Only information that is available at the reporting date is considered in the Company's recognition and measurement analysis, and events or changes in facts and circumstances are accounted for in the period in which the event or change in circumstance occurs. 
The Company records penalties and interest related to unrecognized tax benefits in Income taxes in the Company's Consolidated Statements of Income.
New Accounting Pronouncements 
New Accounting Pronouncements
Presentation of Deferred Taxes
In November 2015, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on the balance sheet presentation of deferred taxes, which require that deferred tax liabilities and assets be classified as noncurrent. The guidance is effective for Aon in the first quarter of 2017, however, the Company is expecting to early adopt this guidance in 2016 and retrospectively apply its requirements to all periods presented. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

Debt Issuance Costs

In April 2015, the 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. This guidance will also be applied to Aon's debt issuance costs related to its line-of-credit arrangements. The new guidance will be applied on a retrospective basis effective in the first quarter of 2016. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

Consolidations

In February 2015, the FASB issued new accounting guidance on consolidations, which will eliminate the deferral granted to investment companies from applying the variable interest entities guidance and make targeted amendments to the current consolidation guidance. The new guidance applies to all entities involved with limited partnerships or similar entities and requires 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 adoption of this guidance will not have a material impact on the Company's Consolidated Financial Statements.

Revenue Recognition

In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers, which, when effective, 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 2018 and early adoption is permitted beginning the first quarter of 2017. 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-2018 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 Consolidated Financial Statements cannot be determined at this time as the standard is still undergoing changes. The Company is also determining the appropriate method of transition to the guidance and the timing of adoption of the guidance.

Basis of Presentation (Tables)
Summary of Reclassification From Prior Period

Changes to the presentation in the Consolidated Statements of Cash Flows for 2014 and 2013 were made related to certain line items within financing activities.  The following line items and respective amounts have been aggregated in a new line item titled “Noncontrolling interests and other financing activities” within financing activities.
Years Ended December 31,
2014
 
2013
Purchases of shares from noncontrolling interests
3

 
(8
)
Dividends paid to noncontrolling interests
(24
)
 
(19
)
Proceeds from sale-leaseback
25

 
—

Summary of Significant Accounting Principles and Practices (Tables)
Schedule of estimated useful lives of assets
Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows:
Asset Description
 
Asset Life
Software
 
Lesser of the life of an associated license, or 4 to 7 years
Leasehold improvements
 
Lesser of estimated useful life or lease term, not to exceed 10 years
Furniture, fixtures and equipment
 
4 to 10 years
Computer equipment
 
4 to 6 years
Buildings
 
35 years
Automobiles
 
6 years
Other Financial Data (Tables)
Other income (Expense) 
Other income consists of the following (in millions):
Years ended December 31
2015
 
2014
 
2013
Equity earnings
$
13

 
$
12

 
$
20

Net gain on disposals of businesses
82

 
24

 
10

Foreign currency remeasurement gain
30

 
18

 
13

(Loss) income on financial instruments
(24
)
 
(15
)
 
18

Other
(1
)
 
5

 
7

 
$
100

 
$
44

 
$
68

Schedule of Allowance for Doubtful Accounts 
An analysis of the allowance for doubtful accounts is as follows (in millions):
Years ended December 31,
2015
 
2014
 
2013
Balance at beginning of year
$
74

 
$
90

 
$
118

Provision charged to operations
13

 
12

 
9

Accounts written off, net of recoveries
(34
)
 
(33
)
 
(38
)
Foreign currency translation
5

 
5

 
1

Balance at end of year
$
58

 
$
74

 
$
90

Schedule of Other Current Assets 
The components of Other current assets are as follows (in millions):
As of December 31
2015
 
2014
Taxes receivable
$
94

 
$
99

Deferred tax assets
232

 
212

Prepaid expenses
130

 
164

Deferred project costs
92

 
102

Other
18

 
25

 
$
566

 
$
602

Components of Fixed assets, net 
The components of Fixed assets, net are as follows (in millions):
As of December 31
2015
 
2014
Software
$
1,095

 
$
1,020

Leasehold improvements
422

 
413

Computer equipment
358

 
347

Furniture, fixtures and equipment
315

 
313

Construction in progress
76

 
94

Other
115

 
124

 
2,381

 
2,311

Less: Accumulated depreciation
1,616

 
1,546

Fixed assets, net
$
765

 
$
765


Schedule of Other Non-current Assets 
The components of Other non-current assets are as follows (in millions):
As of December 31
2015
 
2014
Deferred project costs
210

 
250

Investments
135

 
143

Taxes receivable
82

 
101

Other
198

 
233

 
$
625

 
$
727

Schedule of Other Current Liabilities 
The components of Other current liabilities are as follows (in millions):
As of December 31
2015
 
2014
Deferred revenue
$
394

 
$
408

Taxes payable
94

 
64

Deferred tax liability
1

 
2

Other
331

 
314

 
$
820

 
$
788

Schedule of Other Non-current Liabilities 
The components of Other non-current liabilities are as follows (in millions):
As of December 31
2015
 
2014
Taxes payable
$
223

 
$
210

Leases
166

 
184

Deferred revenue
159

 
167

Compensation and benefits
59

 
57

Other
162

 
256

 
$
769

 
$
874

Acquisitions and Dispositions (Tables)
Schedule of number of acquisitions 
The number of acquisitions completed within each business segment is as follows:
Years ended December 31
2015
 
2014
Risk Solutions
4
 
11
HR Solutions
3
 
2
 
7
 
13
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):
Years ended December 31
2015
 
2014
Consideration
$
27

 
$
461

Intangible assets:
 
 
 
Goodwill
$
18

 
$
292

Other intangible assets
6

 
328

Total intangible assets
$
24

 
$
620

Schedule of number of disposals 
The number of dispositions completed within each business segment is as follows:
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
4
 
2

 
7
HR Solutions
3
 
—

 
2
 
7
 
2

 
9
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 years ended December 31, 2015 and 2014, respectively, are as follows (in millions):
 
Risk
Solutions
 
HR
Solutions
 
Total
Balance as of January 1, 2014
$
6,020

 
$
2,977

 
$
8,997

Goodwill related to current year acquisitions
287

 
5

 
292

Goodwill related to disposals
(14
)
 
—

 
(14
)
Goodwill related to prior year acquisitions
(8
)
 
—

 
(8
)
Transfer
(2
)
 
2

 
—

Foreign currency translation
(372
)
 
(35
)
 
(407
)
Balance as of December 31, 2014
$
5,911

 
$
2,949

 
$
8,860

Goodwill related to current year acquisitions
2

 
16

 
18

Goodwill related to disposals
(1
)
 
(76
)
 
(77
)
Goodwill related to prior year acquisitions
—

 
—

 
—

Transfer
—

 
—

 
—

Foreign currency translation
(319
)
 
(34
)
 
(353
)
Balance as of December 31, 2015
$
5,593

 
$
2,855

 
$
8,448

Schedule of other intangible assets by asset class 
Other intangible assets by asset class are as follows (in millions):
 
As of December 31
 
2015
 
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
2,886

 
1,809

 
1,077

 
2,952

 
1,579

 
1,373

Technology and other
541

 
457

 
84

 
571

 
443

 
128

 
$
4,446

 
$
2,266

 
$
2,180

 
$
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 December 31, 2015 is as follows (in millions):
 
Risk
Solutions
 
HR
Solutions
 
Total
2016
$
100

 
$
171

 
$
271

2017
90

 
136

 
226

2018
76

 
91

 
167

2019
66

 
72

 
138

2020
58

 
60

 
118

Thereafter
120

 
120

 
240

 
$
510

 
$
650

 
$
1,160

Debt (Tables)
Summary of outstanding debt 
The following is a summary of outstanding debt (in millions):
As of December 31
2015

2014
5.00% Senior Notes due September 2020
599

 
599

4.75% Senior Notes due 2045
598

 
—

3.50% Senior Notes due June 2024
597

 
597

4.60% Senior Notes due June 2044
549

 
549

2.875% Senior Notes due May 2026 (EUR 500M)
545

 
605

8.205% Junior Subordinated Notes due January 2027
521

 
521

3.125% Senior Notes due May 2016
500

 
500

2.80% Senior Notes due 2021
399

 
—

4.00% Senior Notes due November 2023
349

 
349

6.25% Senior Notes due September 2040
298

 
298

4.76% Senior Notes due March 2018 (CAD 375M)
271

 
322

4.45% Senior Notes due May 2043
249

 
248

4.25% Senior Notes due December 2042
196

 
196

3.50% Senior Notes due September 2015
—

 
599

Commercial paper
50

 
168

Other
16

 
31

Total debt
5,737

 
5,582

Less short-term and current portion of long-term debt
562

 
783

Total long-term debt
$
5,175

 
$
4,799

Repayments of long-term debt 
Repayments of total debt are as follows (in millions):
2016
$
562

2017
3

2018
271

2019
—

2020
599

Thereafter
4,302

 
$
5,737

Lease Commitments (Tables)
Rental expenses for operating leases 
Rental expenses (including amounts applicable to taxes, insurance and maintenance) for operating leases are as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Rental expense
$
454

 
$
455

 
$
520

Less: Sub lease rental income
(83
)
 
(75
)
 
(77
)
Net rental expense
$
371

 
$
380

 
$
443

Future minimum rental payments under operating leases for continuing operations that have initial or remaining noncancelable lease terms in excess of one year, net of sublease rental income 
At December 31, 2015, future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year, net of sublease rental income, are as follows (in millions):
2016
$
325

2017
291

2018
267

2019
235

2020
199

Thereafter
828

Total minimum payments required
$
2,145

Income Taxes (Tables)
Income from continuing operations before income tax 
Income before income tax and the provision for income tax consist of the following (in millions):
Years ended December 31
2015
 
2014
 
2013
Income before income taxes:
 
 
 
 
 
U.K.
$
149

 
$
347

 
$
96

U.S.
(51
)
 
(55
)
 
349

Other
1,591

 
1,473

 
1,093

Total
$
1,689

 
$
1,765

 
$
1,538

Income tax expense (benefit):
 
 
 
 
 
Current:
 
 
 
 
 
U.K.
$
43

 
$
1

 
$
(18
)
U.S. federal
137

 
156

 
111

U.S. state and local
54

 
75

 
52

Other
256

 
236

 
259

Total current tax expense
$
490

 
$
468

 
$
404

Deferred tax expense (benefit):
 
 
 
 
 
U.K.
$
(39
)
 
$
38

 
$
43

U.S. federal
(140
)
 
(133
)
 
(48
)
U.S. state and local
(14
)
 
(24
)
 
10

Other
(30
)
 
(15
)
 
(19
)
Total deferred tax benefit
$
(223
)
 
$
(134
)
 
$
(14
)
Total income tax expense
$
267

 
$
334

 
$
390

Reconciliation of the income tax provisions based on the U.S. statutory corporate tax rate to the provisions reflected in the Consolidated Financial Statements 
The reconciliation to the provisions reflected in the Consolidated Financial Statements is as follows:
Years ended December 31
2015
 
2014
 
2013
Statutory tax rate
20.3%
 
21.5%
 
23.0%
U.S. state income taxes, net of U.S. federal benefit
0.5
 
1.5
 
2.6
Taxes on international operations (1)
(6.6)
 
(8.9)
 
(4.4)
Nondeductible expenses
2.2
 
1.7
 
1.4
Adjustments to prior year tax requirements
(1.3)
 
0.9
 
0.1
Deferred tax adjustments, including statutory rate changes
(0.1)
 
(0.7)
 
1.4
Deferred tax adjustments, international earnings
—
 
1.0
 
3.3
Adjustments to valuation allowances
(0.6)
 
0.6
 
(1.7)
Change in uncertain tax positions
1.4
 
1.7
 
(0.3)
Other — net
—
 
(0.4)
 
—
Effective tax rate
15.8%
 
18.9%
 
25.4%
(1)
The Company determines the adjustment for taxes on international operations based on the difference between the statutory tax rate applicable to earnings in each foreign jurisdiction and the enacted rate of 20.3%, 21.5% and 23.0% at December 31, 2015, 2014 and 2013, respectively. The benefit to the Company's effective income tax rate from taxes on international operations relates to benefits from lower-taxed global operations, primarily due to the use of global funding structures.
Components of Aon's deferred tax assets and liabilities 
The components of the Company's deferred tax assets and liabilities are as follows (in millions):
As of December 31
2015
 
2014
Deferred tax assets:
 
 
 
Employee benefit plans
$
635

 
$
739

Net operating/capital loss and tax credit carryforwards
349

 
295

Accrued interest
293

 
303

Other accrued expenses
98

 
44

Deferred revenue
65

 
40

Investment basis differences
56

 
45

Other
56

 
6

Total
1,552

 
1,472

Valuation allowance on deferred tax assets
(175
)
 
(205
)
Total
$
1,377

 
$
1,267

Deferred tax liabilities:
 
 
 
Intangibles and property, plant and equipment
$
(961
)
 
$
(1,058
)
Other accrued expenses
(99
)
 
(40
)
Deferred costs
(30
)
 
(28
)
Unrealized foreign exchange gains
(29
)
 
(44
)
Unremitted earnings
(18
)
 
(28
)
Other
(44
)
 
(28
)
Total
$
(1,181
)
 
$
(1,226
)
Net deferred tax asset
$
196

 
$
41

Deferred income taxes (assets and liabilities netted by jurisdiction) as classified in the Consolidated Statements of Financial Position 
Deferred income taxes (assets and liabilities have been netted by jurisdiction) have been classified in the Consolidated Statements of Financial Position as follows (in millions):
As of December 31,
2015
 
2014
Deferred tax assets — current (1)
$
232

 
$
212

Deferred tax assets — non-current
141

 
144

Deferred tax liabilities — current (1)
(1
)
 
(2
)
Deferred tax liabilities — non-current
(176
)
 
(313
)
Net deferred tax asset
$
196

 
$
41

(1)
Included in Other current assets and Other current liabilities.
Reconciliation of the beginning and ending amount of unrecognized tax benefits 
The following is a reconciliation of the Company's beginning and ending amount of uncertain tax positions (in millions):
 
2015
 
2014
Balance at January 1
$
191

 
$
164

Additions based on tax positions related to the current year
31

 
31

Additions for tax positions of prior years
53

 
10

Reductions for tax positions of prior years
(18
)
 
(6
)
Settlements
(32
)
 
—

Business combinations
—

 
5

Lapse of statute of limitations
(5
)
 
(11
)
Foreign currency translation
(2
)
 
(2
)
Balance at December 31
$
218

 
$
191

Shareholders' Equity (Tables)
Schedule of components of weighted average number of shares outstanding 
Weighted average shares outstanding are as follows (in millions):
 
Year ended December 31,
 
2015
 
2014
 
2013
Shares for basic earnings per share
280.8

 
295.5

 
311.4

Common stock equivalents
3.0

 
4.1

 
4.0

Shares for diluted earnings per share
283.8

 
299.6

 
315.4

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 Financial Instruments (1)
 
Foreign Currency Translation Adjustments
 
Post-Retirement Benefit Obligation (2)
 
Total
Balance at January 1, 2013
$
(28
)
 
$
233

 
$
(2,815
)
 
$
(2,610
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
15

 
(65
)
 
336

 
286

Tax benefit
(8
)
 
1

 
(136
)
 
(143
)
Other comprehensive loss before reclassifications, net
7

 
(64
)
 
200

 
143

Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 
 
Amounts reclassified from accumulated other comprehensive loss
1

 
—

 
131

 
132

Tax benefit
(1
)
 
—

 
(38
)
 
(39
)
Amounts reclassified from accumulated other comprehensive loss, net
—

 
—

 
93

 
93

Net current period other comprehensive (loss) income
7

 
(64
)
 
293

 
236

Balance at December 31, 2013
(21
)
 
169

 
(2,522
)
 
(2,374
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(13
)
 
(492
)
 
(563
)
 
(1,068
)
Tax benefit
4

 
(12
)
 
229

 
221

Other comprehensive loss before reclassifications, net
(9
)
 
(504
)
 
(334
)
 
(847
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 

Amounts reclassified from accumulated other comprehensive loss
20

 
—

 
106

 
126

Tax benefit
(7
)
 
—

 
(32
)
 
(39
)
Amounts reclassified from accumulated other comprehensive loss, net
13

 
—

 
74

 
87

Net current period other comprehensive (loss) income
4


(504
)
 
(260
)
 
(760
)
Balance at December 31, 2014
(17
)
 
(335
)
 
(2,782
)
 
(3,134
)
Other comprehensive loss before reclassifications:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
(4
)
 
(467
)
 
82

 
(389
)
Tax benefit
1

 
31

 
(9
)
 
23

Other comprehensive loss before reclassifications, net
(3
)
 
(436
)
 
73

 
(366
)
Amounts reclassified from accumulated other comprehensive loss:
 
 
 
 
 
 

Amounts reclassified from accumulated other comprehensive loss
11

 
—

 
117

 
128

Tax benefit
(16
)
 
—

 
(35
)
 
(51
)
Amounts reclassified from accumulated other comprehensive loss, net
(5
)
 
—

 
82

 
77

Net current period other comprehensive (loss) income
(8
)
 
(436
)
 
155

 
(289
)
Balance at December 31, 2015
$
(25
)
 
$
(771
)
 
$
(2,627
)
 
$
(3,423
)
______________________________________________
(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)
Expense recognized for defined contribution savings plans, included in compensation and benefits and discontinued operations in the consolidated statements of income 
The expense recognized for these plans is included in Compensation and benefits in the Consolidated Statements of Income, as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
U.S.
$
133

 
$
123

 
$
123

U.K.
42

 
42

 
45

Netherlands and Canada
25

 
30

 
18

 
$
200

 
$
195

 
$
186

Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status 
The following tables provide a reconciliation of the changes in the projected benefit obligations and fair value of assets for the years ended December 31, 2015 and 2014 and a statement of the funded status as of December 31, 2015 and 2014, for the material U.K. plans, U.S. plans and other major plans, which are located in the Netherlands and Canada. These plans represent approximately 93% of the Company's projected benefit obligations.
 
U.K.
 
U.S.
 
Other
(millions)
2015

2014
 
2015
 
2014
 
2015
 
2014
Change in projected benefit obligation
 
 
 
 
 
 
 
 
 
 
 
At January 1
$
5,529

 
$
5,106

 
$
3,350

 
$
2,744

 
$
1,399

 
$
1,252

Service cost
1

 
1

 
—

 
2

 
—

 
—

Interest cost
198

 
230

 
131

 
129

 
33

 
47

Participant contributions
—

 
—

 
—

 
—

 
—

 
—

Plan amendment
27

 
—

 
—

 
—

 
(10
)
 
—

Curtailments
—

 
—

 
—

 
—

 
—

 
(16
)
Plan transfer and acquisitions
(2
)
 
—

 
(18
)
 
13

 
—

 
—

Actuarial loss (gain)
(83
)
 
(211
)
 
(25
)
 
265

 
24

 
(5
)
Benefit payments
(217
)
 
(192
)
 
(133
)
 
(130
)
 
(38
)
 
(51
)
Actual expenses
—

 
—

 
—

 
—

 
—

 
(2
)
Change in discount rate
(247
)
 
902

 
(145
)
 
327

 
(66
)
 
324

Foreign currency impact
(221
)
 
(307
)
 
—

 
—

 
(165
)
 
(150
)
At December 31
$
4,985

 
$
5,529

 
$
3,160

 
$
3,350

 
$
1,177

 
$
1,399

Accumulated benefit obligation at end of year
$
4,985

 
$
5,529

 
$
3,160

 
$
3,350

 
$
1,135

 
$
1,316

Change in fair value of plan assets
 
 
 
 
 
 
 
 
 
 
 
At January 1
$
6,224

 
$
5,398

 
$
2,036

 
$
1,855

 
$
1,161

 
$
1,061

Actual return on plan assets
91

 
1,199

 
(60
)
 
190

 
8

 
253

Participant contributions
—

 
—

 
—

 
—

 
—

 
—

Employer contributions
65

 
166

 
108

 
121

 
21

 
28

Plan transfer and acquisitions
(3
)
 
—

 
—

 
—

 
—

 
—

Benefit payments
(217
)
 
(192
)
 
(133
)
 
(130
)
 
(38
)
 
(51
)
Actual Expenses
—

 
—

 
—

 
—

 
—

 
(2
)
Foreign currency impact
(257
)
 
(347
)
 
—

 
—

 
(133
)
 
(128
)
At December 31
$
5,903

 
$
6,224

 
$
1,951

 
$
2,036

 
$
1,019

 
$
1,161

Market related value at end of year
$
5,903

 
$
6,224

 
$
2,064

 
$
1,950

 
$
1,019

 
$
1,161

Amount recognized in Statement of Financial Position at December 31
 
 
 
 
 
 
 
 
 
 
 
Funded status
$
918

 
$
695

 
$
(1,209
)
 
$
(1,314
)
 
$
(158
)
 
$
(238
)
Unrecognized prior-service cost
46

 
22

 
9

 
11

 
(7
)
 
3

Unrecognized loss
1,465

 
1,687

 
1,723

 
1,737

 
389

 
456

Net amount recognized
$
2,429

 
$
2,404

 
$
523

 
$
434

 
$
224

 
$
221

Amounts recognized in the Consolidated Statements of Financial Position 
Amounts recognized in the Consolidated Statements of Financial Position consist of (in millions):
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Prepaid benefit cost (1)
$
1,012

 
$
918

 
$
—

 
$
—

 
$
—

 
$
—

Accrued benefit liability (2)
(94
)
 
(223
)
 
(1,209
)
 
(1,314
)
 
(158
)
 
(238
)
Accumulated other comprehensive loss
1,511

 
1,709

 
1,732

 
1,748

 
382

 
459

Net amount recognized
$
2,429

 
$
2,404

 
$
523

 
$
434

 
$
224

 
$
221


(1)
Included in Prepaid pension
(2)
Included in Other current liabilities and Pension, other post retirement, and post employment liabilities
Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost 
Amounts recognized in Accumulated other comprehensive loss (income) that have not yet been recognized as components of net periodic benefit cost at December 31, 2015 and 2014 consist of (in millions):
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Net loss
$
1,465

 
$
1,687

 
$
1,723

 
$
1,737

 
$
389

 
$
456

Prior service cost (income)
46

 
22

 
9

 
11

 
(7
)
 
3

 
$
1,511

 
$
1,709

 
$
1,732

 
$
1,748

 
$
382

 
$
459

Components of net periodic benefit cost for the pension plans 
The following table provides the components of net periodic benefit (income) cost for the plans (in millions):
 
U.K.
 
U.S.
 
Other
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
$
1

 
$
1

 
$
1

 
$
—

 
$
2

 
$
7

 
$
—

 
$
—

 
$
18

Interest cost
198

 
230

 
210

 
131

 
129

 
114

 
33

 
47

 
45

Expected return on plan assets, net of administration expenses
(307
)
 
(326
)
 
(302
)
 
(154
)
 
(157
)
 
(139
)
 
(50
)
 
(59
)
 
(59
)
Amortization of prior-service cost
1

 
1

 
1

 
2

 
2

 
—

 
—

 
—

 
—

Amortization of net actuarial loss
41

 
52

 
49

 
54

 
42

 
52

 
11

 
10

 
23

Curtailment gain and other
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

Net periodic benefit (income) cost
$
(66
)
 
$
(42
)
 
$
(41
)
 
$
33

 
$
18

 
$
34

 
$
(6
)
 
$
(4
)
 
$
27

Weighted-average assumptions used to determine future benefit obligations and net periodic benefit cost 
The weighted-average assumptions used to determine benefit obligations are as follows:
 
U.K.

U.S.

Other
 
2015

2014

2015

2014

2015

2014
Discount rate
3.96%

3.70%

3.69-4.43%

3.37-4.08%

2.43-3.96%

2.03-3.91%
Rate of compensation increase
3.63-4.13%

3.35-4.05%

N/A

N/A

2.00-3.50%

2.25-3.50%
Underlying price inflation
1.88%

1.95%

N/A

N/A

2.00-2.50%

2.00-2.50%
The weighted-average assumptions used to determine the net periodic benefit cost are as follows:
 
U.K.

U.S.

Other
 
2015

2014

2013

2015

2014

2013

2015

2014

2013
Discount rate
3.70%

4.55%

4.45%

3.37 - 4.08%

3.97 - 4.87%

3.73 - 4.05%

2.03 - 3.91%

3.60 - 4.71%

3.25 - 3.89%
Expected return on plan assets, net of administration expenses
5.09%

6.00%

6.30%

7.96%

8.80%

8.80%

3.99 - 5.21%

4.70 - 6.50%

4.60 - 6.50%
Rate of compensation increase
3.55 - 4.05%

3.70 - 4.40%

3.25 - 3.85%

NA

NA

N/A

2.25 - 3.50%

2.25 - 3.50%

2.25 - 3.50%
Estimated Future Benefit Payments 
Estimated future benefit payments for plans are as follows at December 31, 2015 (in millions):
 
 
U.K.
 
U.S.
 
Other
2016
 
$
143

 
$
164

 
$
38

2017
 
149

 
172

 
39

2018
 
157

 
184

 
40

2019
 
170

 
192

 
41

2020
 
180

 
187

 
42

2021 – 2025
 
1,048

 
952

 
227

Fair values of pension plan assets 
The fair values of the Company's U.S. pension plan assets at December 31, 2015 and December 31, 2014, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
Asset Category
Balance at December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$
33

 
$
33

 
$
—

 
$
—

Equity investments: (2)
 
 
 
 
 
 
 
Large cap domestic
299

 
299

 
—

 
—

Small cap domestic
88

 
30

 
58

 
—

International
262

 
52

 
210

 
—

Equity derivatives
203

 
170

 
33

 
—

Fixed income investments: (3)
 
 
 
 
 
 
 
Corporate bonds
484

 
—

 
148

 
336

Government and agency bonds
128

 
52

 
76

 
—

Asset-backed securities
—

 
—

 
—

 
—

Fixed income derivatives
69

 
47

 
22

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments (4)
305

 
—

 
—

 
305

Commodity derivatives (5)
13

 
—

 
13

 
—

Real estate and REITS (6)
67

 
67

 
—

 
—

Total
$
1,951

 
$
750

 
$
560

 
$
641

(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities, equity derivatives, and pooled equity funds.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options and swaps on a commodity index.

(6)
Consists of exchange traded real estate investment trusts ("REITS").
 
 
 
Fair Value Measurements Using
Asset Category
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)
Cash and cash equivalents (1)
$
68

 
$
68

 
$
—

 
$
—

Equity investments: (2)
 
 
 
 
 
 
 
Large cap domestic
329

 
329

 
—

 
—

Small cap domestic
85

 
22

 
63

 
—

International
258

 
114

 
144

 
—

Equity derivatives
285

 
209

 
76

 
—

Fixed income investments: (3)
 
 
 
 
 
 
 
Corporate bonds
503

 
—

 
151

 
352

Government and agency bonds
109

 
29

 
80

 
—

Asset-backed securities
20

 
—

 
20

 
—

Fixed income derivatives
49

 
—

 
49

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments (4)
272

 
—

 
—

 
272

Commodity derivatives (5)
(8
)
 
—

 
(8
)
 
—

Real estate and REITS (6)
66

 
66

 
—

 
—

Total
$
2,036

 
$
837

 
$
575

 
$
624


(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities, equity derivatives, and pooled equity funds.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options on a commodity index.

(6)
Consists of exchange traded REITS.
Changes in the Level 3 fair-value category 
The following table presents the changes in the Level 3 fair-value category in the Company's U.S. pension plans for the years ended December 31, 2015 and December 31, 2014 (in millions):
 
Fair Value Measurement
Using Level 3 Inputs
Balance at January 1, 2014
$
266

Actual return on plan assets:
 
Relating to assets still held at December 31, 2014
32

Relating to assets sold during 2014
5

Purchases, sales and settlements—net
321

Transfer in/(out) of Level 3
—

Balance at December 31, 2014
624

Actual return on plan assets:
 
Relating to assets still held at December 31, 2015
(4
)
Relating to assets sold during 2015
(3
)
Purchases, sales and settlements—net
24

Transfer in/(out) of Level 3
—

Balance at December 31, 2015
$
641

Fair values of pension plan assets 
The fair values of the Company's major U.K. pension plan assets at December 31, 2015 and December 31, 2014, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
159

 
$
159

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
360

 
61

 
299

 
—

Europe
17

 
—

 
17

 
—

Equity securities — global (2)
133

 
133

 
—

 
—

Derivatives (2)
66

 
—

 
66

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
283

 
—

 
259

 
24

Fixed income securities (3)
3,145

 
2,268

 
877

 
—

Annuities
827

 
—

 
—

 
827

Derivatives (3)
111

 
—

 
111

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Real estate (4)
65

 
—

 
—

 
65

Alternative investments (5)
717

 
—

 
4

 
713

Real estate
20

 
—

 
—

 
20

Total
$
5,903

 
$
2,621

 
$
1,633

 
$
1,649

(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.
 
 
 
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)
Cash and cash equivalents
$
224

 
$
224

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
203

 
—

 
203

 
—

Europe
16

 
—

 
16

 
—

Equity securities — global (2)
127

 
127

 
—

 
—

Derivatives (2)
—

 
—

 
—

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
279

 
—

 
279

 
—

Fixed income securities (3)
3,292

 
3,292

 
—

 
—

Annuities
836

 
—

 
—

 
836

Derivatives (3)
233

 
—

 
233

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Real estate (4)
39

 
—

 
—

 
39

Alternative investments (5)
968

 
—

 
—

 
968

Real estate
7

 
—

 
—

 
7

Total
$
6,224

 
$
3,643

 
$
731

 
$
1,850


(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.
Changes in the Level 3 fair-value category 
The following table presents the changes in the Level 3 fair-value category in the Company's U.K. pension plans for the years ended December 31, 2015 and December 31, 2014 (in millions):
 
Fair Value Measurements Using Level 3 Inputs
 
Annuities
 
Real
Estate
 
Alternative
Investments
 
Fixed
 
Total
Balance at January 1, 2014
$
564

 
$
23

 
$
546

 
$
—

 
$
1,133

Actual return on plan assets:
 
 
 
 
 
 
 
 
 
Relating to assets still held at December 31, 2014
(13
)
 
3

 
319

 
—

 
309

Relating to assets sold during 2014
—

 
1

 
5

 
—

 
6

Purchases, sales and settlements—net
333

 
21

 
359

 
—

 
713

Transfers in/(out) of Level 3
—

 
—

 
(206
)
 
—

 
(206
)
Foreign exchange
(48
)
 
(2
)
 
(55
)
 
—

 
(105
)
Balance at December 31, 2014
836

 
46

 
968

 
—

 
1,850

Actual return on plan assets:
 
 
 
 
 
 
 
 
 
Relating to assets still held at December 31, 2015
(32
)
 
11

 
(17
)
 
(7
)
 
(45
)
Relating to assets sold during 2015
—

 
(10
)
 
2

 
(1
)
 
(9
)
Purchases, sales and settlements—net
58

 
41

 
60

 
9

 
168

Transfers in/(out) of Level 3
—

 
—

 
(266
)
 
24

 
(242
)
Foreign exchange
(35
)
 
(3
)
 
(34
)
 
(1
)
 
(73
)
Balance at December 31, 2015
$
827

 
$
85

 
$
713

 
$
24

 
$
1,649


Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status 
The following table provides an overview of the accumulated projected benefit obligation, fair value of plan assets, funded status and net amount recognized as of December 31, 2015 and 2014 for the Company's other significant post-retirement benefit plans located in the U.S. and Canada (in millions):
 
2015
 
2014
Accumulated projected benefit obligation
$
105

 
$
116

Fair value of plan assets
18

 
19

Funded status
(87
)
 
(97
)
Unrecognized prior-service credit
(3
)
 
(4
)
Unrecognized loss
7

 
15

Net amount recognized
$
(83
)
 
$
(86
)
Fair values of pension plan assets 
The fair values of the Company's Other major pension plan assets at December 31, 2015 and December 31, 2014, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
11

 
$
11

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
270

 
—

 
270

 
—

North America
37

 
—

 
37

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
576

 
—

 
576

 
—

Derivatives
12

 
—

 
12

 
—

Fixed income securities (2)
30

 
—

 
30

 
—

Derivatives (2)
48

 
—

 
48

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Commodities
2

 
—

 
2

 
—

REITS (3)
3

 
—

 
3

 
—

Alternative investments (4)
9

 
—

 
—

 
9

Derivatives
21

 
—

 
21

 
—

Total
$
1,019

 
$
11

 
$
999

 
$
9

(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of corporate and government bonds and fixed income derivatives.

(3)
Consists of property funds and trusts holding direct real estate investments.

(4)
Consists of limited partnerships, private equity and hedge funds.
 
 
 
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)
Cash and cash equivalents
$
12

 
$
12

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
295

 
—

 
295

 
—

North America
42

 
—

 
42

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
629

 
—

 
629

 
—

Derivatives
18

 
—

 
18

 
—

Fixed income securities (2)
35

 
—

 
35

 
—

Derivatives (2)
74

 
—

 
74

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Commodities
21

 
—

 
21

 
—

REITS (3)
3

 
—

 
3

 
—

Alternative investments (4)
8

 
—

 
—

 
8

Derivatives
24

 
—

 
24

 
—

Total
$
1,161

 
$
12

 
$
1,141

 
$
8


(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of corporate and government bonds and fixed income derivatives.

(3)
Consists of property funds and trusts holding direct real estate investments.

(4)
Consists of limited partnerships, private equity and hedge funds.
Changes in the Level 3 fair-value category 
The following table presents the changes in the Level 3 fair-value category in the Company's other pension plans for the years ended December 31, 2015 and December 31, 2014 (in millions):
 
Fair Value Measurements Using Level 3 Inputs
 
Real
Estate
 
Alternative
Investments
 
Total
Balance at January 1, 2014
$
17

 
$
8

 
$
25

Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at December 31, 2014
—

 
1

 
1

Relating to assets sold during 2014
—

 
—

 
—

Purchases, sales and settlements—net
(17
)
 
—

 
(17
)
Transfers in/(out) of Level 3
—

 
—

 
—

Foreign exchange
—

 
(1
)
 
(1
)
Balance at December 31, 2014
—

 
8

 
8

Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at December 31, 2015
—

 
2

 
2

Relating to assets sold during 2015
—

 
—

 
—

Purchases, sales and settlements—net
—

 
—

 
—

Transfers in/(out) of Level 3
—

 
—

 
—

Foreign exchange
—

 
(1
)
 
(1
)
Balance at December 31, 2015
$
—

 
$
9

 
$
9

Other information related to the Company's other post-retirement benefit plans 
Other information related to the Company's other post-retirement benefit plans are as follows:
 
2015
 
2014
 
2013
Net periodic benefit cost recognized (millions)
$6
 
$3
 
$4
Weighted-average discount rate used to determine future benefit obligations
3.99-4.33%

3.83 - 4.08

4.44 - 4.95
Weighted-average discount rate used to determine net periodic benefit costs
3.83-4.08%

4.44 - 4.95

3.67 - 4.00
Share-Based Compensation Plans (Tables)
Share-based compensation expense recognized in continuing operations 
The following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions):
Years ended December 31
2015
 
2014
 
2013
Restricted share units ("RSUs")
$
201

 
$
187

 
$
174

Performance share awards ("PSAs")
127

 
132

 
117

Share options
—

 
—

 
2

Employee share purchase plans
11

 
9

 
7

Total share-based compensation expense
339

 
328

 
300

Tax benefit
95

 
94

 
81

Share-based compensation expense, net of tax
$
244

 
$
234

 
$
219

Restricted share unit activity 
A summary of the status of the Company's RSUs is as follows (shares in thousands):
Years ended December 31
2015
 
2014
 
2013
 
Shares
 
Fair
Value (1)
 
Shares
 
Fair
Value (1)
 
Shares
 
Fair
Value (1)
Non-vested at beginning of year
8,381

 
$
63

 
9,759

 
$
51

 
10,432

 
$
44

Granted
2,459

 
97

 
2,844

 
84

 
3,714

 
62

Vested
(3,385
)
 
58

 
(3,732
)
 
49

 
(3,945
)
 
44

Forfeited
(288
)
 
71

 
(490
)
 
58

 
(442
)
 
47

Non-vested at end of year
7,167

 
77

 
8,381

 
63

 
9,759

 
51

(1)
Represents per share weighted average fair value of award at date of grant.
Performance-based plans 
Information regarding the Company's target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the years ended December 31, 2015, 2014 and 2013, respectively, is as follows (shares in thousands, dollars in millions, except fair value):
 
2015
 
2014
 
2013
Target PSAs granted
993

 
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
982

 
1,591

 
2,191

Unamortized expense, based on current performance levels
$
67

 
$
45

 
$
—

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):
Years ended December 31
2015
 
2014
 
2013
 
Shares
 
Weighted-Average Exercise Price Per Share
 
Shares
 
Weighted-Average Exercise Price Per Share
 
Shares
 
Weighted-Average Exercise Price Per Share
Beginning outstanding
2,300

 
$
32

 
3,462

 
$
32

 
5,611

 
$
32

Granted
—

 
—

 
—

 
—

 
—

 
—

Exercised
(1,450
)
 
27

 
(1,155
)
 
33

 
(2,116
)
 
32

Forfeited and expired
(13
)
 
39

 
(7
)
 
37

 
(33
)
 
34

Outstanding at end of year
837

 
40

 
2,300

 
32

 
3,462

 
32

Exercisable at end of year
837

 
40

 
2,273

 
32

 
3,270

 
32

Shares available for grant
12,179

 
 

 
16,333

 
 

 
11,330

 
 

Summary of options outstanding and exercisable 
A summary of options outstanding and exercisable as of December 31, 2015 is as follows (shares in thousands):
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
Shares
Outstanding
 
Weighted-Average
Remaining Contractual
Life (years)
 
Weighted-Average
Exercise Price
Per Share
 
Shares
Exercisable
 
Weighted-Average
Remaining Contractual
Life (years)
 
Weighted-Average
Exercise Price
Per Share
  19.54 - 25.51
79

 
2.18
 
$
20.18

 
79

 
2.18
 
$
20.18

25.52 - 32.53
25

 
1.93
 
29.15

 
25

 
1.93
 
29.15

32.54 - 36.88
160

 
1.14
 
35.77

 
160

 
1.14
 
35.77

36.89 - 43.44
247

 
3.12
 
39.32

 
247

 
3.12
 
39.32

43.45 - 52.93
326

 
2.46
 
48.26

 
326

 
2.46
 
48.26

 
837

 
 
 
 

 
837

 
 
 
 

Other information related to the company's share options 
Other information related to the Company's share options is as follows (in millions):
 
2015
 
2014
 
2013
Aggregate intrinsic value of stock options exercised
$
104

 
$
61

 
$
73

Cash received from the exercise of stock options
40

 
38

 
61

Tax benefit realized from the exercise of stock options
36

 
16

 
15

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)
As of December 31
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
  Accounted for as hedges
778

 
1,200

 
32

 
46

 
18

 
58

  Not accounted for as hedges (3)
280

 
165

 
—

 
—

 
—

 
—

Total
$
1,058

 
$
1,365

 
$
32

 
$
46

 
$
18

 
$
58

(1)
Included within Other current assets ($15 million in 2015 and $24 million in 2014, respectively) or Other non-current assets ($17 million in 2015 and $22 million in 2014, respectively)
(2)
Included within Other current liabilities ($13 million in 2015 and $52 million in 2014, respectively) or Other non-current liabilities ($5 million in 2015 and $6 million in 2014, respectively)
(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)
Derivatives accounted for as hedges:
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts
32

 
46

 
(13
)
 
(14
)
 
19

 
32

______________________________________________
(1) Included within Other current assets ($6 million in 2015 and $12 million in 2014, respectively) or Other non-current assets ($13 million in 2015 and $20 million in 2014, respectively)

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 (2)
Derivatives accounted for as hedges:
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Foreign exchange contracts
18

 
58

 
(13
)
 
(14
)
 
5

 
44

______________________________________________
(2) Included within Other current liabilities ($4 million in 2015 and $40 million in 2014, respectively) or Other non-current liabilities ($1 million in 2015 and $4 million in 2014, respectively)
Derivative gains (losses) 
The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions):
Cash Flow Hedge - Foreign Exchange Contracts
 
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
2015
 
4

 
(3
)
 
—

 
(10
)
 
(9
)
2014
 
11

 
(3
)
 
—

 
(10
)
 
(2
)
2013
 
(17
)
 
—

 
—

 
13

 
(4
)
Cash Flow Hedge - Foreign Exchange Contracts
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):
 
Compensation and Benefits
 
Other General Expenses
 
Interest Expense
 
Other Income
 
Total
2015
 
4

 
(1
)
 
(9
)
 
(11
)
 
(17
)
2014
 
(5
)
 
3

 
(10
)
 
(2
)
 
(14
)
2013
 
(12
)
 
(9
)
 
(3
)
 
14

 
(10
)
The amount of gain (loss) recognized in the Consolidated Financial Statements is as follows (in millions):
 
Twelve months ended December 31,
 
Amount of Gain (Loss)
Recognized in Income on
Derivative (1)
 
Amount of Gain (Loss)
Recognized in Income on
Related Hedged Item
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts (2)
$
—

 
$
(9
)
 
$
(8
)
 
$
—

 
$
9

 
$
8

(1)
Included in interest expense
(2)
Relates to fixed rate debt
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 December 31, 2015 and 2014, respectively (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 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 (1)
$
1,396

 
$
1,396

 
$
—

 
$
—

Other investments:
 
 
 
 
 
 
 
Corporate bonds
—

 
—

 
—

 
—

Government bonds
1

 
—

 
1

 
—

Equity investments
10

 
6

 
4

 
—

Derivatives (2):
 
 
 
 
 
 
 
Interest rate contracts
—

 
—

 
—

 
—

Foreign exchange contracts
32

 
—

 
32

 
—

Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Foreign exchange contracts
18

 
—

 
18

 
—

(1)
Includes $1,396 million of money market funds that are classified as Fiduciary assets, Short-term investments or Cash and cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity.
(2)
See Note 12 "Derivatives and Hedging" for additional information regarding the Company's derivatives and hedging activity.
 
 
 
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 (1)
$
1,850

 
$
1,850

 
$
—

 
$
—

Other investments:
 
 
 
 
 
 
 
Corporate bonds
1

 
—

 
—

 
1

Government bonds
6

 
—

 
6

 
—

Equity investments
11

 
6

 
5

 
—

Derivatives (2):
 

 
 

 
 

 
 

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 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):
As of December 31
2015
 
2014
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Long-term debt
$
5,175

 
$
5,386

 
$
4,799

 
$
5,268

Segment Information (Tables)
Schedule of Segment Reporting Information, by Segment 
Fiduciary investment income by segment is as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
$
21

 
$
26

 
$
28

HR Solutions
—

 
—

 
—

Total fiduciary investment income
$
21

 
$
26

 
$
28

Aon's total revenue is as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
$
7,426

 
$
7,834

 
$
7,789

HR Solutions
4,303

 
4,264

 
4,057

Intersegment eliminations
(47
)
 
(53
)
 
(31
)
Total revenue
$
11,682

 
$
12,045

 
$
11,815

Revenue from External Customers by Products and Services 
Commissions, fees and other revenues by product are as follows (in millions):
Years ended December 31
2015
 
2014
 
2013
Retail brokerage
$
6,044

 
$
6,334

 
$
6,256

Reinsurance brokerage
1,361

 
1,474

 
1,505

Total Risk Solutions Segment
7,405

 
7,808

 
7,761

Consulting services
1,686

 
1,700

 
1,626

Outsourcing
2,658

 
2,607

 
2,469

Intrasegment
(41
)
 
(43
)
 
(38
)
Total HR Solutions Segment
4,303

 
4,264

 
4,057

Intersegment
(47
)
 
(53
)
 
(31
)
Total commissions, fees and other revenue
$
11,661

 
$
12,019

 
$
11,787

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):
Years ended December 31
2015
 
2014
 
2013
Risk Solutions
$
1,506

 
$
1,648

 
$
1,540

HR Solutions
536

 
485

 
318

Segment income before income taxes
2,042

 
2,133

 
1,858

Unallocated expenses
(194
)
 
(167
)
 
(187
)
Interest income
14

 
10

 
9

Interest expense
(273
)
 
(255
)
 
(210
)
Other income
100

 
44

 
68

Income before income taxes
$
1,689

 
$
1,765

 
$
1,538

Schedule of consolidated revenue by geographic area 
Consolidated revenue by geographic area is as follows (in millions):
Years ended December 31
Total
 
United
States
 
Americas
other than
U.S.
 
United
Kingdom
 
Europe,
Middle East,
& Africa
 
Asia
Pacific
2015
$
11,682

 
$
6,063

 
$
1,053

 
$
1,527

 
$
1,909

 
$
1,130

2014
12,045

 
5,824

 
1,176

 
1,623

 
2,189

 
1,233

2013
11,815

 
5,574

 
1,214

 
1,544

 
2,304

 
1,179

Schedule of consolidated non-current assets by geographic area 
Consolidated non-current assets by geographic area are as follows (in millions):
As of December 31
Total
 
United
States
 
Americas
other than
U.S.
 
United
Kingdom
 
Europe,
Middle East,
& Africa
 
Asia
Pacific
2015
$
13,051

 
$
7,072

 
$
416

 
$
2,723

 
$
2,270

 
$
570

2014
13,805

 
7,793

 
493

 
2,700

 
2,179

 
640

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

 
$
—

 
$
11,661

 
$
—

 
$
11,661

Fiduciary investment income
—

 
—

 
21

 
—

 
21

Total revenue
—

 
—

 
11,682

 
—

 
11,682

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
136

 
32

 
6,669

 
—

 
6,837

Other general expenses
8

 
7

 
2,982

 
—

 
2,997

Total operating expenses
144

 
39

 
9,651

 
—

 
9,834

Operating (loss) income
(144
)
 
(39
)
 
2,031

 
—

 
1,848

Interest income
(19
)
 
14

 
19

 
—

 
14

Interest expense
(121
)
 
(130
)
 
(22
)
 
—

 
(273
)
Intercompany interest income (expense)
429

 
(479
)
 
50

 
—

 
—

Intercompany other income (expense)
302

 
(422
)
 
120

 
—

 
—

Other Income
(1
)
 
—

 
101

 
—

 
100

Income (loss) before taxes
446

 
(1,056
)
 
2,299

 
—

 
1,689

Income tax expense (benefit)
45

 
(262
)
 
484

 
—

 
267

Income (loss) before equity in earnings of subsidiaries
401

 
(794
)
 
1,815

 
—

 
1,422

Equity in earnings of subsidiaries, net of tax
984

 
1,319

 
525

 
(2,828
)
 
—

Net income
1,385

 
525

 
2,340

 
(2,828
)
 
1,422

Less: Net income attributable to noncontrolling interests
—

 
—

 
37

 
—

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
525

 
$
2,303

 
$
(2,828
)
 
$
1,385

Condensed Consolidating Statement of Income
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
—

 
$
—

 
$
12,019

 
$
—

 
$
12,019

Fiduciary investment income
—

 
—

 
26

 
—

 
26

Total revenue
—

 
—

 
12,045

 
—

 
12,045

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
140

 
16

 
6,858

 
—

 
7,014

Other general expenses
3

 
5

 
3,057

 
—

 
3,065

Total operating expenses
143

 
21

 
9,915

 
—

 
10,079

Operating (loss) income
(143
)
 
(21
)
 
2,130

 
—

 
1,966

Interest income
(9
)
 
2

 
17

 
—

 
10

Interest expense
(75
)
 
(139
)
 
(41
)
 
—

 
(255
)
Intercompany interest income (expense)
449

 
(298
)
 
(151
)
 
—

 
—

Intercompany other income (expense)
342

 
(390
)
 
48

 
—

 
—

Other income
2

 
5

 
37

 
—

 
44

Income (loss) before taxes
566

 
(841
)
 
2,040

 
—

 
1,765

Income tax expense (benefit)
74

 
(192
)
 
452

 
—

 
334

Income (loss) before equity in earnings of subsidiaries
492

 
(649
)
 
1,588

 
—

 
1,431

Equity in earnings of subsidiaries, net of tax
905

 
1,214

 
565

 
(2,684
)
 
—

Net income
1,397

 
565

 
2,153

 
(2,684
)
 
1,431

Less: Net income attributable to noncontrolling interests
—

 
—

 
34

 
—

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
565

 
$
2,119

 
$
(2,684
)
 
$
1,397

Condensed Consolidating Statement of Income
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustment
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$
3

 
$
—

 
$
11,784

 
$
—

 
$
11,787

Fiduciary investment income
—

 
—

 
28

 
—

 
28

Total revenue
3

 
—

 
11,812

 
—

 
11,815

Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
111

 
50

 
6,784

 
—

 
6,945

Other general expenses
—

 
—

 
3,199

 
—

 
3,199

Total operating expenses
111

 
50

 
9,983

 
—

 
10,144

Operating (loss) income
(108
)
 
(50
)
 
1,829

 
—

 
1,671

Interest income
—

 
3

 
6

 
—

 
9

Interest expense
(20
)
 
(138
)
 
(52
)
 
—

 
(210
)
Intercompany interest (expense) income
120

 
24

 
(144
)
 
—

 
—

Intercompany other (expense) income
38

 
(168
)
 
130

 
—

 
—

Other income (expense)
—

 
19

 
49

 
—

 
68

(Loss) income before taxes
30

 
(310
)
 
1,818

 
—

 
1,538

Income tax (benefit) expense
12

 
(64
)
 
442

 
—

 
390

(Loss) income before equity in earnings of subsidiaries
18

 
(246
)
 
1,376

 
—

 
1,148

Equity in earnings of subsidiaries, net of tax
1,095

 
1,061

 
815

 
(2,971
)
 
—

Net income
1,113

 
815

 
2,191

 
(2,971
)
 
1,148

Less: Net income attributable to noncontrolling interests
—

 
—

 
35

 
—

 
35

Net income attributable to Aon shareholders
$
1,113

 
$
815

 
$
2,156

 
$
(2,971
)
 
$
1,113

Condensed Consolidating Statement of Comprehensive Income 
Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net income
$
1,385

 
$
525

 
$
2,340

 
$
(2,828
)
 
$
1,422

Less: Net income attributable to noncontrolling interests
—

 
—

 
37

 
—

 
37

Net income attributable to Aon shareholders
$
1,385

 
$
525

 
$
2,303

 
$
(2,828
)
 
$
1,385

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

 
—

 
(8
)
 
—

 
(8
)
Foreign currency translation adjustments
—

 
(47
)
 
(395
)
 
—

 
(442
)
Post-retirement benefit obligation
—

 
12

 
143

 
—

 
155

Total other comprehensive loss
—

 
(35
)
 
(260
)
 
—

 
(295
)
Equity in other comprehensive loss of subsidiaries, net of tax
(289
)
 
(268
)
 
(303
)
 
860

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
—

 
—

 
(6
)
 
—

 
(6
)
Total other comprehensive loss attributable to Aon shareholders
(289
)
 
(303
)
 
(557
)
 
860

 
(289
)
Comprehensive income attributable to Aon shareholders
$
1,096

 
$
222

 
$
1,746

 
$
(1,968
)
 
$
1,096

Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income
$
1,397

 
$
565

 
$
2,153

 
$
(2,684
)
 
$
1,431

Less: Net income attributable to noncontrolling interests
—

 
—

 
34

 
—

 
34

Net income attributable to Aon shareholders
$
1,397

 
$
565

 
$
2,119

 
$
(2,684
)
 
$
1,397

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

 
(3
)
 
7

 
—

 
4

Foreign currency translation adjustments
—

 
(31
)
 
(476
)
 
—

 
(507
)
Post-retirement benefit obligation
—

 
(315
)
 
55

 
—

 
(260
)
Total other comprehensive loss
—

 
(349
)
 
(414
)
 
—

 
(763
)
Equity in other comprehensive income of subsidiaries, net of tax
(760
)
 
(411
)
 
(760
)
 
1,931

 
—

Less: Other comprehensive loss attributable to noncontrolling interests
—

 
—

 
(3
)
 
—

 
(3
)
Total other comprehensive income attributable to Aon shareholders
(760
)
 
(760
)
 
(1,171
)
 
1,931

 
(760
)
Comprehensive income attributable to Aon shareholders
$
637

 
$
(195
)
 
$
948

 
$
(753
)
 
$
637


Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net income
$
1,113

 
$
815

 
$
2,191

 
$
(2,971
)
 
$
1,148

Less: Net income attributable to noncontrolling interests
—

 
—

 
35

 
—

 
35

Net income attributable to Aon shareholders
$
1,113

 
$
815

 
$
2,156

 
$
(2,971
)
 
$
1,113

Other comprehensive loss, net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
—

 
5

 
2

 
—

 
7

Foreign currency translation adjustments
—

 
(60
)
 
(5
)
 
—

 
(65
)
Post-retirement benefit obligation
—

 
223

 
70

 
—

 
293

Total other comprehensive loss
—

 
168

 
67

 
—

 
235

Equity in other comprehensive loss of subsidiaries, net of tax
236

 
69

 
237

 
(542
)
 
—

Less: Other comprehensive income attributable to noncontrolling interests
—

 
—

 
(1
)
 
—

 
(1
)
Total other comprehensive loss attributable to Aon shareholders
236

 
237

 
305

 
(542
)
 
236

Comprehensive income attributable to Aon shareholders
$
1,349

 
$
1,052

 
$
2,461

 
$
(3,513
)
 
$
1,349

Condensed Consolidating Statement of Financial Position 
Consolidating Statement of Financial Position
 
As of December 31, 2015
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
2,083

 
$
1,242

 
$
(2,941
)
 
$
384

Short-term investments
—

 
209

 
147

 
—

 
356

Receivables, net
1

 
—

 
2,733

 
—

 
2,734

Fiduciary assets
—

 
—

 
9,932

 
—

 
9,932

Intercompany receivables
432

 
1,950

 
7,957

 
(10,339
)
 
—

Other current assets
3

 
218

 
347

 
(2
)
 
566

Total Current Assets
436

 
4,460

 
22,358

 
(13,282
)
 
13,972

Goodwill
—

 
—

 
8,448

 
—

 
8,448

Intangible assets, net
—

 
—

 
2,180

 
—

 
2,180

Fixed assets, net
—

 
—

 
765

 
—

 
765

Deferred tax assets
154

 
558

 
107

 
(678
)
 
141

Intercompany receivables
375

 
526

 
8,633

 
(9,534
)
 
—

Prepaid Pension
—

 
6

 
1,027

 
—

 
1,033

Other non-current assets
28

 
124

 
557

 
(84
)
 
625

Investment in subsidiary
11,804

 
16,534

 
369

 
(28,707
)
 
—

TOTAL ASSETS
$
12,797

 
$
22,208

 
$
44,444

 
$
(52,285
)
 
$
27,164

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Fiduciary liabilities
$
—

 
$
—

 
$
9,932

 
$
—

 
$
9,932

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

 
550

 
12

 
—

 
562

Accounts payable and accrued liabilities
2,988

 
45

 
1,680

 
(2,941
)
 
1,772

Intercompany payables
167

 
9,518

 
654

 
(10,339
)
 
—

Other current liabilities
47

 
56

 
720

 
(3
)
 
820

Total Current Liabilities
3,202

 
10,169

 
12,998

 
(13,283
)
 
13,086

Long-term debt
3,482

 
1,418

 
275

 
—

 
5,175

Deferred tax liabilities
—

 
—

 
854

 
(678
)
 
176

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

 
1,313

 
482

 
—

 
1,795

Intercompany payables
—

 
8,799

 
735

 
(9,534
)
 
—

Other non-current liabilities
7

 
140

 
705

 
(83
)
 
769

TOTAL LIABILITIES
6,691

 
21,839

 
16,049

 
(23,578
)
 
21,001

TOTAL AON SHAREHOLDERS’ EQUITY
6,106

 
369

 
28,338

 
(28,707
)
 
6,106

Noncontrolling interests
—

 
—

 
57

 
—

 
57

TOTAL EQUITY
6,106

 
369

 
28,395

 
(28,707
)
 
6,163

TOTAL LIABILITIES AND EQUITY
$
12,797

 
$
22,208

 
$
44,444

 
$
(52,285
)
 
$
27,164

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

Deferred tax assets
159

 
570

 
113

 
(698
)
 
144

Intercompany receivables
7,399

 
600

 
111

 
(8,110
)
 
—

Prepaid Pension
—

 
6

 
927

 
—

 
933

Other non-current assets
20

 
121

 
678

 
(92
)
 
727

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

Deferred tax liabilities
—

 
—

 
1,011

 
(698
)
 
313

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

 
836

 
(92
)
 
874

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 
Consolidating Statement of Cash Flows
 
Year Ended December 31, 2015
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
695

 
$
464

 
$
2,523

 
$
(1,673
)
 
$
2,009

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
27

 
193

 
—

 
220

Payments for investments
(13
)
 
(47
)
 
(219
)
 
13

 
(266
)
Net (purchases) sales of short-term investments - non-fiduciary
—

 
(42
)
 
51

 
—

 
9

Acquisition of businesses, net of cash acquired
—

 
—

 
(16
)
 
—

 
(16
)
Proceeds from sale of businesses
—

 
—

 
205

 
—

 
205

Capital expenditures
—

 
—

 
(290
)
 
—

 
(290
)
CASH USED FOR (PROVIDED BY) INVESTING ACTIVITIES
(13
)
 
(62
)
 
(76
)
 
13

 
(138
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(1,550
)
 
—

 
—

 
—

 
(1,550
)
Advances from (to) affiliates and other (1)
232

 
(326
)
 
(2,339
)
 
2,433

 
—

Issuance of shares for employee benefit plans
(29
)
 
—

 
(1
)
 
—

 
(30
)
Issuance of debt
1,318

 
4,026

 
7

 
—

 
5,351

Repayment of debt
(330
)
 
(4,746
)
 
(22
)
 
—

 
(5,098
)
Cash dividends to shareholders
(323
)
 
—

 
—

 
—

 
(323
)
Noncontrolling interests and other financing activities
—

 
—

 
(39
)
 
—

 
(39
)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
(682
)
 
(1,046
)
 
(2,394
)
 
2,433

 
(1,689
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(172
)
 
—

 
(172
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
—

 
(644
)
 
(119
)
 
773

 
10

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
—

 
2,727

 
1,361

 
(3,714
)
 
374

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
2,083

 
$
1,242

 
$
(2,941
)
 
$
384

(1) Advances from (to) affiliates and other includes activity related to the Company's intercompany and cash pooling arrangements.
Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2014
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
769

 
$
(927
)
 
$
1,970

 
$
—

 
$
1,812

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
39

 
13

 
—

 
52

Payments for investments
—

 
(20
)
 
—

 
—

 
(20
)
Net purchases of short-term investments - non-fiduciary
—

 
(3
)
 
113

 
—

 
110

Acquisition of businesses, net of cash acquired
—

 
—

 
(479
)
 
—

 
(479
)
Proceeds from sale of businesses
—

 
—

 
48

 
—

 
48

Capital expenditures
—

 
—

 
(256
)
 
—

 
(256
)
CASH USED FOR INVESTING ACTIVITIES
—

 
16

 
(561
)
 
—

 
(545
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(2,250
)
 
—

 
—

 
—

 
(2,250
)
Advances from (to) affiliates and other (1)
19

 
3,215

 
(536
)
 
(2,698
)
 
—

Issuance of shares for employee benefit plans
(105
)
 
—

 
—

 
—

 
(105
)
Issuance of debt
2,908

 
2,326

 
5

 
—

 
5,239

Repayment of debt
(1,068
)
 
(2,150
)
 
(700
)
 
—

 
(3,918
)
Cash dividends to shareholders
(273
)
 
—

 
—

 
—

 
(273
)
Noncontrolling interests and other financing activities
—

 
—

 
4

 
—

 
4

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
(769
)
 
3,391

 
(1,227
)
 
(2,698
)
 
(1,303
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(67
)
 
—

 
(67
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
—

 
2,480

 
115

 
(2,698
)
 
(103
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
—

 
247

 
1,246

 
(1,016
)
 
477

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
2,727

 
$
1,361

 
$
(3,714
)
 
$
374

(1) Advances from (to) affiliates and other includes activity related to the Company's intercompany and cash pooling arrangements.


Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2013
(millions)
Aon plc
 
Aon
Corporation
 
Other
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
70

 
$
(441
)
 
$
2,124

 
$
—

 
$
1,753

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from investments
—

 
8

 
85

 
—

 
93

Payments for investments
—

 
(15
)
 
—

 
—

 
(15
)
Net sales of short-term investments - non-fiduciary
—

 
(74
)
 
(100
)
 
—

 
(174
)
Acquisition of businesses, net of cash acquired
—

 
—

 
(54
)
 
—

 
(54
)
Proceeds from sale of businesses
—

 
7

 
33

 
—

 
40

Capital expenditures
—

 
—

 
(229
)
 
—

 
(229
)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES
—

 
(74
)
 
(265
)
 
—

 
(339
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Share repurchase
(1,102
)
 
—

 
—

 
—

 
(1,102
)
Advances from (to) affiliates
460

 
996

 
(479
)
 
(977
)
 
—

Issuance of shares for employee benefit plans
(22
)
 
—

 
—

 
—

 
(22
)
Issuance of debt
1,730

 
2,944

 
232

 
—

 
4,906

Repayment of debt
(1,055
)
 
(3,377
)
 
(247
)
 
—

 
(4,679
)
Cash dividends to shareholders
(212
)
 
—

 
—

 
—

 
(212
)
Noncontrolling interests and other financing activities


 
—

 
(27
)
 
—

 
(27
)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
(201
)
 
563

 
(521
)
 
(977
)
 
(1,136
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
—

 
—

 
(92
)
 
—

 
(92
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(131
)
 
48

 
1,246

 
(977
)
 
186

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
131

 
199

 
—

 
(39
)
 
291

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
—

 
$
247

 
$
1,246

 
$
(1,016
)
 
$
477



Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data
Selected quarterly financial data for the years ended December 31, 2015 and 2014 are as follows (in millions, except per share data):
 
1Q
 
2Q
 
3Q
 
4Q
 
2015
INCOME STATEMENT DATA
 
 
 
 
 
 
 
 
 
Commissions, fees and other revenue
$
2,842

 
$
2,800

 
$
2,736

 
$
3,283

 
$
11,661

Fiduciary investment income
5

 
5

 
6

 
5

 
21

Total revenue
$
2,847

 
$
2,805

 
$
2,742

 
$
3,288

 
$
11,682

Operating income
$
441

 
$
277

 
$
413

 
717

 
$
1,848

Net income
341

 
188

 
303

 
590

 
1,422

Less: Net income attributable to noncontrolling interests
13

 
10

 
8

 
6

 
37

Net income attributable to Aon shareholders
$
328

 
$
178

 
$
295

 
$
584

 
$
1,385

PER SHARE DATA
 
 
 
 
 
 
 
 
 
Basic net income per share attributable to Aon shareholders
$
1.15

 
$
0.63

 
$
1.05

 
$
2.12

 
$
4.93

Diluted net income per share attributable to Aon shareholders
$
1.14

 
$
0.62

 
$
1.05

 
$
2.09

 
$
4.88

CLASS A ORDINARY SHARE DATA
 
 
 
 
 
 
 
 
 
Dividends paid per share
$
0.25

 
$
0.30

 
$
0.30

 
$
0.30

 
$
1.15

Price range:
 
 
 
 
 
 
 
 
 
High
$
107.08

 
$
104.70

 
$
103.38

 
$
97.79

 
$
107.08

Low
$
89.35

 
$
95.32

 
$
87.58

 
$
86.38

 
$
86.38

Shares outstanding
281.7

 
279.8

 
273.9

 
269.8

 
269.8

Average monthly trading volume
24.5

 
24.9

 
26.5

 
26.6

 
25.6

 
1Q
 
2Q
 
3Q
 
4Q
 
2014
INCOME STATEMENT DATA
 
 
 
 
 
 
 
 
 
Commissions, fees and other revenue
$
2,941

 
$
2,913

 
$
2,873

 
$
3,292

 
$
12,019

Fiduciary investment income
6

 
6

 
7

 
7

 
26

Total revenue
$
2,947

 
$
2,919

 
$
2,880

 
$
3,299

 
$
12,045

Operating income
$
469

 
$
445

 
$
417

 
$
635

 
$
1,966

Net income
336

 
313

 
315

 
467

 
1,431

Less: Net income attributable to noncontrolling interests
11

 
9

 
6

 
8

 
34

Net income attributable to Aon shareholders
$
325

 
$
304

 
$
309

 
$
459

 
$
1,397

PER SHARE DATA
 
 
 
 
 
 
 
 
 
Basic net income per share attributable to Aon shareholders
$
1.07

 
$
1.02

 
$
1.06

 
$
1.60

 
$
4.73

Diluted net income per share attributable to Aon shareholders
$
1.06

 
$
1.01

 
$
1.04

 
$
1.56

 
$
4.66

CLASS A ORDINARY SHARE DATA
 
 
 
 
 
 
 
 
 
Dividends paid per share
$
0.18

 
$
0.25

 
$
0.25

 
$
0.25

 
$
0.92

Price range:
 
 
 
 
 
 
 
 
 
High
$
87.45

 
$
91.07

 
$
91.28

 
$
98.10

 
$
98.10

Low
$
76.49

 
$
78.60

 
$
83.06

 
$
78.26

 
$
76.49

Shares outstanding
296.5

 
290.5

 
285.1

 
280.0

 
280.0

Average monthly trading volume
32.6

 
28.5

 
26.3

 
34.1

 
30.4

Basis of Presentation (Reclassification) (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Summary of Reclassification From Prior Period [Line Items]
 
 
 
Investments
$ 135,000,000 
$ 143,000,000 
 
Prepaid pension
1,033,000,000 
933,000,000 
 
Reclassification adjustment, amount transfered from operating activities to issuance of shares for employee benefit plans in financing activities
227,000,000 
170,000,000 
120,000,000 
Reclassification adjustment, amount transfered from account payable and accrued liabilities in operating activities to financing activities
 
85,000,000 
62,000,000 
Reclassification Adjustment, amount transfered from other assets and liabilities in operating activities to financing activities
 
85,000,000 
58,000,000 
Purchases of shares from noncontrolling interests
(39,000,000)
4,000,000 
(27,000,000)
Other Noncurrent Assets [Member]
 
 
 
Summary of Reclassification From Prior Period [Line Items]
 
 
 
Investments
135,000,000 
 
 
Reclassification adjustment
 
(933,000,000)
 
Scenario, Previously Reported [Member]
 
 
 
Summary of Reclassification From Prior Period [Line Items]
 
 
 
Investments
 
143,000,000 
 
Purchases of shares from noncontrolling interests
 
3,000,000 
(8,000,000)
Dividends paid to noncontrolling interests
 
(24,000,000)
(19,000,000)
Proceeds from sale-leaseback
 
$ 25,000,000 
$ 0 
Summary of Significant Accounting Principles and Practices (Details)
12 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2015
GBP (£)
Dec. 31, 2014
GBP (£)
Dec. 31, 2012
USD ($)
Dec. 31, 2015
Buildings [Member]
Dec. 31, 2015
Automobiles [Member]
Dec. 31, 2015
Minimum [Member]
Dec. 31, 2015
Minimum [Member]
Software [Member]
Dec. 31, 2015
Minimum [Member]
Furniture, fixtures and equipment [Member]
Dec. 31, 2015
Minimum [Member]
Computer equipment [Member]
Dec. 31, 2015
Maximum [Member]
Dec. 31, 2015
Maximum [Member]
Software [Member]
Dec. 31, 2015
Maximum [Member]
Leasehold improvements [Member]
Dec. 31, 2015
Maximum [Member]
Furniture, fixtures and equipment [Member]
Dec. 31, 2015
Maximum [Member]
Computer equipment [Member]
Dec. 31, 2015
Weighted average [Member]
Revenue Recognition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term of outsourcing contracts for benefit services
 
 
 
 
 
 
 
 
3 years 
 
 
 
5 years 
 
 
 
 
 
Term of outsourcing contracts for HR BPO services
 
 
 
 
 
 
 
 
5 years 
 
 
 
10 years 
 
 
 
 
 
Cash and Cash Equivalents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents and short-term investments
$ 740,000,000 
$ 800,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted cash and investments, current
105,000,000 
169,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating funds in U.K.
64,600,000 
65,300,000 
 
43,327,000.000 
42,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted
40,000,000 
104,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiduciary Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premium trust balances
3,400,000,000 
4,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Doubtful Accounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
58,000,000 
74,000,000 
90,000,000 
 
 
118,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed assets, original life, weighted-average
 
 
 
 
 
 
35 years 
6 years 
 
4 years 
4 years 
4 years 
 
7 years 
10 years 
10 years 
6 years 
 
Goodwill and Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Useful life of finite-lived intangible assets
 
 
 
 
 
 
 
 
1 year 
 
 
 
16 years 
 
 
 
 
11 years 
Foreign Currency
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of foreign exchange gains (losses) on the consolidated statements of income
11,000,000 
(1,000,000)
3,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on hedging activity
$ (19,000,000)
$ (19,000,000)
$ (10,000,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Financial Data - Schedule of Other Income (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Other Financial Data [Abstract]
 
 
 
Equity earnings
$ 13 
$ 12 
$ 20 
Net gain on disposals of businesses
82 
24 
10 
Foreign currency remeasurement gain
30 
18 
13 
(Loss) income on financial instruments
(24)
(15)
18 
Other
(1)
5 
7 
Other income
$ 100 
$ 44 
$ 68 
Other Financial Data - Schedule of Allowance for Doubtful Accounts (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Allowance for Doubtful Accounts Receivable [Roll Forward]
 
 
 
Balance at beginning of year
$ 74 
$ 90 
$ 118 
Provision charged to operations
13 
12 
9 
Accounts written off, net of recoveries
(34)
(33)
(38)
Foreign currency translation
5 
5 
1 
Balance at end of year
$ 58 
$ 74 
$ 90 
Other Financial Data - Schedule of Other Current Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Taxes receivable
$ 94 
$ 99 
Deferred tax assets
232 
212 
Prepaid expenses
130 
164 
Deferred project costs
92 
102 
Other
18 
25 
Total Other Current Assets
$ 566 
$ 602 
Other Financial Data - Components of Fixed Assets, Net (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Fixed Assets, net
 
 
 
Fixed assets, gross
$ 2,381 
$ 2,311 
 
Less: Accumulated depreciation
1,616 
1,546 
 
Fixed assets, net
765 
765 
 
Depreciation expense including software amortization
229 
242 
240 
Software [Member]
 
 
 
Fixed Assets, net
 
 
 
Fixed assets, gross
1,095 
1,020 
 
Leasehold improvements [Member]
 
 
 
Fixed Assets, net
 
 
 
Fixed assets, gross
422 
413 
 
Computer equipment [Member]
 
 
 
Fixed Assets, net
 
 
 
Fixed assets, gross
358 
347 
 
Furniture, fixtures and equipment [Member]
 
 
 
Fixed Assets, net
 
 
 
Fixed assets, gross
315 
313 
 
Construction in progress [Member]
 
 
 
Fixed Assets, net
 
 
 
Fixed assets, gross
76 
94 
 
Other [Member]
 
 
 
Fixed Assets, net
 
 
 
Fixed assets, gross
$ 115 
$ 124 
 
Other Financial Data - Schedule of Other Non-current Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Deferred project costs
$ 210 
$ 250 
Investments
135 
143 
Taxes receivable
82 
101 
Other
198 
233 
Total Other Non-Current Assets
$ 625 
$ 727 
Other Financial Data - Schedule of Other Current Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Deferred revenue
$ 394 
$ 408 
Taxes payable
94 
64 
Deferred tax liability
1 
2 
Other
331 
314 
Total Other Current Liabilities
$ 820 
$ 788 
Other Financial Data - Schedule of Other Non-Current Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Other Financial Data [Abstract]
 
 
Taxes payable
$ 223 
$ 210 
Leases
166 
184 
Deferred revenue
159 
167 
Compensation and benefits
59 
57 
Other
162 
256 
Total Other Non-Current Liabilities
$ 769 
$ 874 
Acquisitions and Dispositions - Acquisitions (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
acquisition
Dec. 31, 2014
acquisition
Dec. 31, 2013
Business Acquisition
 
 
 
Number of business acquired under business combination
7 
13 
 
Goodwill
$ 8,448 
$ 8,860 
$ 8,997 
Risk Solutions [Member]
 
 
 
Business Acquisition
 
 
 
Number of business acquired under business combination
4 
11 
 
Goodwill
5,593 
5,911 
6,020 
HR Solutions [Member]
 
 
 
Business Acquisition
 
 
 
Number of business acquired under business combination
3 
2 
 
Goodwill
2,855 
2,949 
2,977 
Business Acquisitions [Member]
 
 
 
Business Acquisition
 
 
 
Consideration
27 
461 
 
Goodwill
18 
292 
 
Other intangible assets
6 
328 
 
Total intangible assets
$ 24 
$ 620 
 
Acquisitions and Dispositions - Dispositions (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dispositions
 
 
 
Net gain on disposals of businesses
$ 82 
$ 24 
$ 10 
Disposal Group, Not Discontinued Operations [Member]
 
 
 
Dispositions
 
 
 
Number of dispositions
7 
2 
9 
Disposal Group, Not Discontinued Operations [Member] |
Risk Solutions [Member]
 
 
 
Dispositions
 
 
 
Number of dispositions
4 
2 
7 
Disposal Group, Not Discontinued Operations [Member] |
HR Solutions [Member]
 
 
 
Dispositions
 
 
 
Number of dispositions
3 
0 
2 
Goodwill and Other Intangible Assets - Schedule of changes in the net carrying amount of goodwill by operating segment (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Changes in the net carrying amount of goodwill by operating segment (in millions)
 
 
Balance at the beginning of the period
$ 8,860 
$ 8,997 
Goodwill related to current year acquisitions
18 
292 
Goodwill related to disposals
(77)
(14)
Goodwill related to prior year acquisitions
0 
(8)
Transfer
0 
0 
Foreign currency translation
(353)
(407)
Balance at the end of the period
8,448 
8,860 
Risk Solutions [Member]
 
 
Changes in the net carrying amount of goodwill by operating segment (in millions)
 
 
Balance at the beginning of the period
5,911 
6,020 
Goodwill related to current year acquisitions
2 
287 
Goodwill related to disposals
(1)
(14)
Goodwill related to prior year acquisitions
0 
(8)
Transfer
0 
(2)
Foreign currency translation
(319)
(372)
Balance at the end of the period
5,593 
5,911 
HR Solutions [Member]
 
 
Changes in the net carrying amount of goodwill by operating segment (in millions)
 
 
Balance at the beginning of the period
2,949 
2,977 
Goodwill related to current year acquisitions
16 
5 
Goodwill related to disposals
(76)
0 
Goodwill related to prior year acquisitions
0 
0 
Transfer
0 
2 
Foreign currency translation
(34)
(35)
Balance at the end of the period
$ 2,855 
$ 2,949 
Goodwill and Other Intangible Assets - Schedule of other intangible assets by asset class (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
 
 
 
Intangible assets with finite lives, gross carrying amount
$ 4,446 
$ 4,542 
 
Intangible assets with finite lives, accumulated amortization
2,266 
2,022 
 
Intangible assets, net
2,180 
2,520 
 
Amortization expense on intangible assets
314 
352 
395 
Tradenames [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Intangible assets with finite lives, gross carrying amount
1,019 
1,019 
 
Intangible assets with finite lives, accumulated amortization
0 
0 
 
Intangible assets, net
1,019 
1,019 
 
Customer related and contract based [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Intangible assets with finite lives, gross carrying amount
2,886 
2,952 
 
Intangible assets with finite lives, accumulated amortization
1,809 
1,579 
 
Intangible assets, net
1,077 
1,373 
 
Technology and other [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Intangible assets with finite lives, gross carrying amount
541 
571 
 
Intangible assets with finite lives, accumulated amortization
457 
443 
 
Intangible assets, net
$ 84 
$ 128 
 
Goodwill and Other Intangible Assets - Schedule of estimated future amortization expense on intangible assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
 
2016
$ 271 
2017
226 
2018
167 
2019
138 
2020
118 
Thereafter
240 
Total future amortization of intangible assets
1,160 
Risk Solutions [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
2016
100 
2017
90 
2018
76 
2019
66 
2020
58 
Thereafter
120 
Total future amortization of intangible assets
510 
HR Solutions [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
2016
171 
2017
136 
2018
91 
2019
72 
2020
60 
Thereafter
120 
Total future amortization of intangible assets
$ 650 
Debt - Summary of outstanding debt (Details)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2015
Commercial Paper [Member]
USD ($)
Dec. 31, 2014
Commercial Paper [Member]
USD ($)
Dec. 31, 2015
Other [Member]
USD ($)
Dec. 31, 2014
Other [Member]
USD ($)
Dec. 31, 2015
2.80% Senior Notes due 2021
Senior Notes [Member]
USD ($)
Nov. 13, 2015
2.80% Senior Notes due 2021
Senior Notes [Member]
USD ($)
Dec. 31, 2014
2.80% Senior Notes due 2021
Senior Notes [Member]
USD ($)
Dec. 31, 2015
4.75% Senior Notes due 2045
Senior Notes [Member]
USD ($)
May 20, 2015
4.75% Senior Notes due 2045
Senior Notes [Member]
USD ($)
Dec. 31, 2014
4.75% Senior Notes due 2045
Senior Notes [Member]
USD ($)
Dec. 31, 2015
3.50% Senior Notes due June 2024
Senior Notes [Member]
USD ($)
Dec. 31, 2014
3.50% Senior Notes due June 2024
Senior Notes [Member]
USD ($)
Dec. 31, 2015
4.76% Senior Notes due March 2018 (CAD 375M)
Senior Notes [Member]
USD ($)
Dec. 31, 2015
4.76% Senior Notes due March 2018 (CAD 375M)
Senior Notes [Member]
CAD ($)
Dec. 31, 2014
4.76% Senior Notes due March 2018 (CAD 375M)
Senior Notes [Member]
USD ($)
Dec. 31, 2015
4.45% Senior Notes due May 2043
Senior Notes [Member]
USD ($)
Dec. 31, 2014
4.45% Senior Notes due May 2043
Senior Notes [Member]
USD ($)
Dec. 31, 2015
2.875% Senior Notes due May 2026 (EUR 500M)
Senior Notes [Member]
USD ($)
Dec. 31, 2014
2.875% Senior Notes due May 2026 (EUR 500M)
Senior Notes [Member]
USD ($)
May 7, 2014
2.875% Senior Notes due May 2026 (EUR 500M)
Other [Member]
EUR (€)
Dec. 31, 2015
3.50% Senior Notes due September 2015
Senior Notes [Member]
USD ($)
Dec. 31, 2014
3.50% Senior Notes due September 2015
Senior Notes [Member]
USD ($)
Dec. 31, 2015
5.00% Senior Notes due September 2020
Senior Notes [Member]
USD ($)
Dec. 31, 2014
5.00% Senior Notes due September 2020
Senior Notes [Member]
USD ($)
Dec. 31, 2015
4.60% Senior Notes due June 2044
Senior Notes [Member]
USD ($)
Dec. 31, 2014
4.60% Senior Notes due June 2044
Senior Notes [Member]
USD ($)
May 20, 2014
4.60% Senior Notes due June 2044
Other [Member]
USD ($)
Dec. 31, 2015
8.205% Junior Subordinated Notes due January 2027
Senior Notes [Member]
USD ($)
Dec. 31, 2014
8.205% Junior Subordinated Notes due January 2027
Senior Notes [Member]
USD ($)
Dec. 31, 2015
3.125% Senior Notes due May 2016
Senior Notes [Member]
USD ($)
Dec. 31, 2014
3.125% Senior Notes due May 2016
Senior Notes [Member]
USD ($)
Dec. 31, 2015
4.00% Senior Notes due November 2023
Senior Notes [Member]
USD ($)
Dec. 31, 2014
4.00% Senior Notes due November 2023
Senior Notes [Member]
USD ($)
Dec. 31, 2015
6.25% Senior Notes due September 2040
Senior Notes [Member]
USD ($)
Dec. 31, 2014
6.25% Senior Notes due September 2040
Senior Notes [Member]
USD ($)
Dec. 31, 2015
4.25% Senior Notes due December 2042
Senior Notes [Member]
USD ($)
Dec. 31, 2014
4.25% Senior Notes due December 2042
Senior Notes [Member]
USD ($)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt
$ 5,737,000,000 
$ 5,582,000,000 
$ 50,000,000 
$ 168,000,000 
$ 16,000,000 
$ 31,000,000 
$ 399,000,000 
 
$ 0 
$ 598,000,000 
 
$ 0 
$ 597,000,000 
$ 597,000,000 
$ 271,000,000 
 
$ 322,000,000 
$ 249,000,000 
$ 248,000,000 
$ 545,000,000 
$ 605,000,000 
 
$ 0 
$ 599,000,000 
$ 599,000,000 
$ 599,000,000 
$ 549,000,000 
$ 549,000,000 
 
$ 521,000,000 
$ 521,000,000 
$ 500,000,000 
$ 500,000,000 
$ 349,000,000 
$ 349,000,000 
$ 298,000,000 
$ 298,000,000 
$ 196,000,000 
$ 196,000,000 
Less short-term and current portion of long-term debt
562,000,000 
783,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
5,175,000,000 
4,799,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate on debt ( in percentage)
 
 
 
 
 
 
2.80% 
 
 
4.75% 
 
 
3.50% 
 
4.76% 
4.76% 
 
4.45% 
 
2.875% 
 
2.875% 
3.50% 
 
5.00% 
 
4.60% 
 
4.60% 
8.205% 
 
3.125% 
 
4.00% 
 
6.25% 
 
4.25% 
 
Debt face value
 
 
 
 
 
 
 
$ 400,000,000 
 
 
$ 600,000,000 
 
 
 
 
$ 375,000,000 
 
 
 
$ 500,000,000 
 
€ 500,000,000 
 
 
 
 
 
 
$ 550,000,000 
 
 
$ 500,000,000 
 
 
 
 
 
 
 
Debt - Repayments of long-term debt (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Debt Disclosure [Abstract]
 
 
2016
$ 562 
 
2017
3 
 
2018
271 
 
2019
0 
 
2020
599 
 
Thereafter
4,302 
 
Total debt
$ 5,737 
$ 5,582 
Debt - Narrative (Details)
12 Months Ended 12 Months Ended 3 Months Ended 0 Months Ended
Dec. 31, 2015
USD ($)
credit_facility
Dec. 31, 2014
USD ($)
Dec. 31, 2015
Senior Notes [Member]
4.76% Senior Notes due March 2018 (CAD 375M)
USD ($)
Dec. 31, 2015
Senior Notes [Member]
4.76% Senior Notes due March 2018 (CAD 375M)
CAD ($)
Dec. 31, 2014
Senior Notes [Member]
4.76% Senior Notes due March 2018 (CAD 375M)
USD ($)
Dec. 31, 2015
Senior Notes [Member]
5.00% Senior Notes due September 2020
USD ($)
Dec. 31, 2014
Senior Notes [Member]
5.00% Senior Notes due September 2020
USD ($)
Dec. 31, 2015
Senior Notes [Member]
6.25% Senior Notes due September 2040
USD ($)
Dec. 31, 2014
Senior Notes [Member]
6.25% Senior Notes due September 2040
USD ($)
Dec. 31, 2015
Senior Notes [Member]
3.125% Senior Notes due May 2016
USD ($)
Dec. 31, 2014
Senior Notes [Member]
3.125% Senior Notes due May 2016
USD ($)
Dec. 31, 2015
Senior Notes [Member]
4.75% Senior Notes due 2045
USD ($)
May 20, 2015
Senior Notes [Member]
4.75% Senior Notes due 2045
USD ($)
Dec. 31, 2014
Senior Notes [Member]
4.75% Senior Notes due 2045
USD ($)
Dec. 31, 2015
Senior Notes [Member]
2.80% Senior Notes due 2021
USD ($)
Nov. 13, 2015
Senior Notes [Member]
2.80% Senior Notes due 2021
USD ($)
Dec. 31, 2014
Senior Notes [Member]
2.80% Senior Notes due 2021
USD ($)
Dec. 31, 2015
Senior Notes [Member]
3.50% Senior Notes due September 2015
USD ($)
Dec. 31, 2014
Senior Notes [Member]
3.50% Senior Notes due September 2015
USD ($)
Dec. 31, 2015
Senior Notes [Member]
4.60% Senior Notes due June 2044
USD ($)
Dec. 31, 2014
Senior Notes [Member]
4.60% Senior Notes due June 2044
USD ($)
Dec. 31, 2015
Senior Notes [Member]
2.875% Senior Notes due May 2026 (EUR 500M)
USD ($)
Dec. 31, 2014
Senior Notes [Member]
2.875% Senior Notes due May 2026 (EUR 500M)
USD ($)
Dec. 31, 2015
Senior Notes [Member]
8.205% Junior Subordinated Notes due January 2027
USD ($)
Dec. 31, 2014
Senior Notes [Member]
8.205% Junior Subordinated Notes due January 2027
USD ($)
Dec. 31, 2015
Unsecured Debt [Member]
4.76% Senior Notes due March 2018 (CAD 375M)
Dec. 31, 2015
Junior Subordinated Debt [Member]
8.205% Junior Subordinated Notes due January 2027
Dec. 31, 2015
Commercial Paper [Member]
USD ($)
Dec. 31, 2014
Commercial Paper [Member]
USD ($)
Dec. 31, 2015
Notes Payable [Member]
USD ($)
Dec. 31, 2014
Notes Payable [Member]
USD ($)
Aug. 12, 2014
Notes Payable [Member]
3.50% notes due 2024 [Member]
USD ($)
May 20, 2014
Notes Payable [Member]
3.50% notes due 2024 [Member]
USD ($)
May 20, 2014
Notes Payable [Member]
4.60% Senior Notes due June 2044
USD ($)
May 7, 2014
Notes Payable [Member]
2.875% Senior Notes due May 2026 (EUR 500M)
EUR (€)
Sep. 30, 2015
Senior Notes [Member]
3.50% Senior Notes due September 2015
USD ($)
May 7, 2014
Notes Payable [Member]
6.25% EUR 500 debt securities due July 2014 [Member]
EUR (€)
May 7, 2014
Notes Payable [Member]
6.25% EUR 500 debt securities due July 2014 [Member]
Dec. 31, 2015
Credit Facility Expiring March 2017 [Member]
Line of Credit [Member]
USD ($)
Dec. 31, 2015
Commercial Paper [Member]
Line of Credit [Member]
USD ($)
Dec. 31, 2014
Commercial Paper [Member]
Line of Credit [Member]
USD ($)
Feb. 1, 2015
European Credit Facility [Member]
Line of Credit [Member]
EUR (€)
Dec. 31, 2015
Credit Facility Expiring February 2020 [Member]
Line of Credit [Member]
USD ($)
Dec. 31, 2015
Commercial Paper [Member]
US Commercial Paper Program [Member]
USD ($)
Dec. 31, 2015
Commercial Paper [Member]
European Multi-Currency Commercial Paper Program [Member]
EUR (€)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of credit facilities
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New credit and loan facility
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 400,000,000 
 
 
€ 650,000,000 
$ 900,000,000 
$ 900,000,000 
€ 300,000,000 
Long-term commercial paper
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50,000,000 
168,000,000 
 
 
 
 
Debt face value
 
 
 
375,000,000 
 
 
 
 
 
500,000,000 
 
 
600,000,000 
 
 
400,000,000 
 
 
 
 
 
500,000,000 
 
 
 
 
 
 
 
 
 
350,000,000 
250,000,000 
550,000,000 
500,000,000 
 
 
 
 
 
 
 
 
 
 
Interest rate on debt ( in percentage)
 
 
4.76% 
4.76% 
 
5.00% 
 
6.25% 
 
3.125% 
 
4.75% 
 
 
2.80% 
 
 
3.50% 
 
4.60% 
 
2.875% 
 
8.205% 
 
4.76% 
8.205% 
 
 
 
 
3.50% 
3.50% 
4.60% 
2.875% 
3.50% 
 
6.25% 
 
 
 
 
 
 
 
Extinguishment of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
600,000,000 
500,000,000 
 
 
 
 
 
 
 
 
Total debt
5,737,000,000 
5,582,000,000 
271,000,000 
 
322,000,000 
599,000,000 
599,000,000 
298,000,000 
298,000,000 
500,000,000 
500,000,000 
598,000,000 
 
0 
399,000,000 
 
0 
0 
599,000,000 
549,000,000 
549,000,000 
545,000,000 
605,000,000 
521,000,000 
521,000,000 
 
 
50,000,000 
168,000,000 
16,000,000 
31,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average commercial paper outstanding
$ 402,000,000 
$ 308,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average interest rates (in percentage)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.50% 
0.35% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease Commitments (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Rental expenses for operating leases
 
 
 
Rental expense
$ 454 
$ 455 
$ 520 
Less: Sub lease rental income
(83)
(75)
(77)
Net rental expense
371 
380 
443 
Future minimum rental payments under operating leases
 
 
 
2016
325 
 
 
2017
291 
 
 
2018
267 
 
 
2019
235 
 
 
2020
199 
 
 
Thereafter
828 
 
 
Total minimum payments required
$ 2,145 
 
 
Income Taxes - Income from continuing operations before income tax (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income before income taxes:
 
 
 
Income from continuing operations before income taxes
$ 1,689 
$ 1,765 
$ 1,538 
Current:
 
 
 
Total current
490 
468 
404 
Deferred tax expense (benefit):
 
 
 
Total deferred
(223)
(134)
(14)
Total income taxes expenses
267 
334 
390 
U.K. [Member]
 
 
 
Income before income taxes:
 
 
 
Income from continuing operations before income taxes
149 
347 
96 
Current:
 
 
 
Total current
43 
1 
(18)
Deferred tax expense (benefit):
 
 
 
Total deferred
(39)
38 
43 
U.S. [Member]
 
 
 
Income before income taxes:
 
 
 
Income from continuing operations before income taxes
(51)
(55)
349 
Current:
 
 
 
Total current
137 
156 
111 
Deferred tax expense (benefit):
 
 
 
Total deferred
(140)
(133)
(48)
U.S. state and local [Member]
 
 
 
Current:
 
 
 
Total current
54 
75 
52 
Deferred tax expense (benefit):
 
 
 
Total deferred
(14)
(24)
10 
Other [Member]
 
 
 
Income before income taxes:
 
 
 
Income from continuing operations before income taxes
1,591 
1,473 
1,093 
Current:
 
 
 
Total current
256 
236 
259 
Deferred tax expense (benefit):
 
 
 
Total deferred
$ (30)
$ (15)
$ (19)
Income Taxes - Reconciliation of the income tax provisions based on the U.S. statutory corporate tax rate to the provisions reflected in the Consolidated Financial Statements (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Reconciliation of the income tax provisions based on the statutory corporate tax rate to the provisions reflected in the Consolidated Financial Statements
 
 
 
Statutory tax rate
20.25% 
21.50% 
23.00% 
U.S. state income taxes, net of U.S. federal benefit
0.50% 
1.50% 
2.60% 
Taxes on international operations
(6.60%)
(8.90%)
(4.40%)
Nondeductible expenses
2.20% 
1.70% 
1.40% 
Adjustments to prior year tax requirements
(1.30%)
0.90% 
0.10% 
Deferred tax adjustments, including statutory rate changes
(0.10%)
(0.70%)
1.40% 
Deferred tax adjustments, international earnings
0.00% 
1.00% 
3.30% 
Adjustments to valuation allowances
(0.60%)
0.60% 
(1.70%)
Change in uncertain tax positions
1.40% 
1.70% 
(0.30%)
Other — net
0.00% 
(0.40%)
0.00% 
Effective tax rate
15.80% 
18.90% 
25.40% 
Income Taxes - Components of Aon's deferred tax assets and liabilities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Deferred tax assets:
 
 
Employee benefit plans
$ 635 
$ 739 
Net operating/capital loss and tax credit carryforwards
349 
295 
Accrued interest
293 
303 
Other accrued expenses
98 
44 
Deferred revenue
65 
40 
Investment basis differences
56 
45 
Other
56 
6 
Total
1,552 
1,472 
Valuation allowance on deferred tax assets
(175)
(205)
Total
1,377 
1,267 
Deferred tax liabilities:
 
 
Intangibles and property, plant and equipment
(961)
(1,058)
Other accrued expenses
(99)
(40)
Deferred costs
(30)
(28)
Unrealized foreign exchange gains
(29)
(44)
Unremitted earnings
(18)
(28)
Other
(44)
(28)
Total
(1,181)
(1,226)
Net deferred tax asset
$ 196 
$ 41 
Income Taxes - Deferred income taxes (assets and liabilities netted by jurisdiction) as classified in the Consolidated Statements of Financial Position (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Deferred income taxes
 
 
Deferred tax assets - current
$ 232 
$ 212 
Deferred tax assets — non-current
141 
144 
Deferred tax liabilities - current
(1)
(2)
Deferred tax liabilities — non-current
(176)
(313)
Net deferred tax asset
$ 196 
$ 41 
Income Taxes - Reconciliation of the beginning and ending amount of unrecognized tax benefits (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Reconciliation of the Company's beginning and ending amount of unrecognized tax benefits
 
 
Balance at the beginning of the period
$ 191 
$ 164 
Additions based on tax positions related to the current year
31 
31 
Additions for tax positions of prior years
53 
10 
Reductions for tax positions of prior years
(18)
(6)
Settlements
(32)
0 
Business combinations
0 
5 
Lapse of statute of limitations
(5)
(11)
Foreign currency translation
2 
2 
Balance at the end of the period
$ 218 
$ 191 
Income Taxes - Narrative (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
 
 
 
Decrease in valuation allowance
$ 30,000,000 
 
 
Adjustment to additional paid-in-capital for income tax benefits attributable to employee stock compensation
126,000,000 
89,000,000 
74,000,000 
Deferred tax liabilities from undistributed foreign earnings
20,000,000 
 
 
Undistributed foreign earnings
2,200,000,000 
 
 
Benefit realized from tax holiday granted
23,000,000 
7,000,000 
3,000,000 
Earnings per share impact of tax holiday
$ 0.08 
$ 0.02 
$ 0.01 
Unrecognized tax benefits that would impact effective tax rate
180,000,000 
154,000,000 
141,000,000 
Accrued potential interest and penalties
2,000,000 
4,000,000 
2,000,000 
Liability recorded for interest and penalties
33,000,000 
31,000,000 
27,000,000 
U.K. [Member]
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
Operating loss carryforwards
449,000,000 
154,000,000 
 
Capital loss carryforwards
360,000,000 
380,000,000 
 
U.S. Federal [Member]
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
Operating loss carryforwards
7,500,000 
18,000,000 
 
U.S. State [Member]
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
Operating loss carryforwards
443,000,000 
451,000,000 
 
Other [Member]
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
Operating loss carryforwards
245,000,000 
325,000,000 
 
Capital loss carryforwards
$ 206,000,000 
$ 223,000,000 
 
Shareholders' Equity - Redomestication Narrative (Details) (USD $)
In Billions, except Per Share data, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Equity [Abstract]
 
 
Common stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Distributable reserves available amount
$ 2.1 
$ 4.0 
Shareholders' Equity - Ordinary Shares (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Share Repurchase Program [Member]
Dec. 31, 2014
Share Repurchase Program [Member]
Dec. 31, 2015
Share Repurchase Programs of 2012 and 2014 [Member]
Dec. 31, 2015
Share Repurchase Program of 2012 [Member]
Apr. 30, 2012
Share Repurchase Program of 2012 [Member]
Nov. 30, 2014
Share Repurchase Program of 2014 [Member]
Common Stock Programs
 
 
 
 
 
 
 
 
 
Share repurchase authorization limit
 
 
 
 
 
 
 
$ 5,000,000,000 
$ 5,000,000,000 
Number of shares repurchased (in shares)
 
 
 
16.0 
25.8 
 
78.1 
 
 
Average price per share of shares purchased under share repurchase program (in dollars per share)
 
 
 
$ 97.04 
$ 87.18 
 
 
 
 
Cost of shares repurchased
1,550,000,000 
2,250,000,000 
1,102,000,000 
1,600,000,000 
2,300,000,000 
 
5,900,000,000 
 
 
Share repurchase, remaining authorization limit
 
 
 
 
 
$ 4,100,000,000 
 
 
 
Shareholders' Equity - Schedule of weighted average shares outstanding (Details)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Equity [Abstract]
 
 
 
Shares for basic earnings per share (in shares)
280.8 
295.5 
311.4 
Common stock equivalents (in shares)
3.0 
4.1 
4.0 
Shares for diluted earnings per share (in shares)
283.8 
299.6 
315.4 
Shareholders' Equity - Dividends (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Equity [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Payments of Ordinary Dividends, Common Stock
 
 
 
 
 
 
 
 
$ 323 
$ 273 
$ 212 
Dividends paid on ordinary shares
 
 
 
 
 
 
 
 
$ 323 
$ 273 
$ 212 
Dividends paid per share (in dollars per share)
$ 0.30 
$ 0.30 
$ 0.30 
$ 0.25 
$ 0.25 
$ 0.25 
$ 0.25 
$ 0.18 
$ 1.15 
$ 0.92 
$ 0.68 
Shareholders' Equity - Components of Accumulated other comprehensive loss, net of related tax (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Beginning balance
$ (3,134)
$ (2,374)
$ (2,610)
Other comprehensive loss before reclassifications
(389)
(1,068)
286 
Tax benefit
23 
221 
(143)
Other comprehensive loss before reclassifications, net
(366)
(847)
143 
Amounts reclassified from accumulated other comprehensive loss
128 
126 
132 
Tax benefit
(51)
(39)
(39)
Amounts reclassified from accumulated other comprehensive loss, net
77 
87 
93 
Total other comprehensive (loss) income attributable to Aon shareholders
(289)
(760)
236 
Ending balance
(3,423)
(3,134)
(2,374)
Change in Fair Value of Investments [Member]
 
 
 
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Beginning balance
(17)
(21)
(28)
Other comprehensive loss before reclassifications
(4)
(13)
15 
Tax benefit
1 
4 
(8)
Other comprehensive loss before reclassifications, net
(3)
(9)
7 
Amounts reclassified from accumulated other comprehensive loss
11 
20 
1 
Tax benefit
(16)
(7)
(1)
Amounts reclassified from accumulated other comprehensive loss, net
(5)
13 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
(8)
4 
7 
Ending balance
(25)
(17)
(21)
Foreign Currency Translation Adjustments [Member]
 
 
 
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Beginning balance
(335)
169 
233 
Other comprehensive loss before reclassifications
(467)
(492)
(65)
Tax benefit
31 
(12)
1 
Other comprehensive loss before reclassifications, net
(436)
(504)
(64)
Amounts reclassified from accumulated other comprehensive loss
0 
0 
0 
Tax benefit
0 
0 
0 
Amounts reclassified from accumulated other comprehensive loss, net
0 
0 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
(436)
(504)
(64)
Ending balance
(771)
(335)
169 
Post-retirement Benefit Obligations [Member]
 
 
 
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Beginning balance
(2,782)
(2,522)
(2,815)
Other comprehensive loss before reclassifications
82 
(563)
336 
Tax benefit
(9)
229 
(136)
Other comprehensive loss before reclassifications, net
73 
(334)
200 
Amounts reclassified from accumulated other comprehensive loss
117 
106 
131 
Tax benefit
(35)
(32)
(38)
Amounts reclassified from accumulated other comprehensive loss, net
82 
74 
93 
Total other comprehensive (loss) income attributable to Aon shareholders
155 
(260)
293 
Ending balance
$ (2,627)
$ (2,782)
$ (2,522)
Employee Benefits - Schedule of expense recognized in Compensation and benefit in the Consolidated Statements of Income (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Contribution Savings Plans
 
 
 
U.S.
$ 133 
$ 123 
$ 123 
U.K.
42 
42 
45 
Other
25 
30 
18 
Expense recognized for defined contribution savings plans
$ 200 
$ 195 
$ 186 
Employee Benefits - Pension Plans Narrative (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Percentage of the Company's projected benefit obligation
93.00% 
 
U.S. Pension Plan [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Plans with PBO in excess of the fair value of plan assets, PBO
$ 3,200,000,000 
$ 3,300,000,000 
Plans with ABO in excess of the fair value of plan assets, ABO
3,200,000,000 
3,300,000,000 
Plans with ABO in excess of the fair value of plan assets, fair value of plan assets
2,000,000,000 
2,000,000,000 
Future amortization of loss
52,000,000 
 
U.K. [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Plans with PBO in excess of the fair value of plan assets, PBO
1,200,000,000 
1,300,000,000 
Plans with ABO in excess of the fair value of plan assets, ABO
1,200,000,000 
1,300,000,000 
Plans with ABO in excess of the fair value of plan assets, fair value of plan assets
1,100,000,000 
1,100,000,000 
Plans with PBO in excess of the fair value of plan assets
1,100,000,000 
1,100,000,000 
Future amortization of loss
47,000,000 
 
Other [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Plans with PBO in excess of the fair value of plan assets, PBO
1,200,000,000 
1,400,000,000 
Plans with ABO in excess of the fair value of plan assets, ABO
1,100,000,000 
1,300,000,000 
Plans with ABO in excess of the fair value of plan assets, fair value of plan assets
1,000,000,000 
1,200,000,000 
Plans with PBO in excess of the fair value of plan assets
$ 1,000,000,000 
$ 1,200,000,000 
Employee Benefits - Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
U.K. [Member]
 
 
 
Change in projected benefit obligation
 
 
 
Balance at the beginning of the Period
$ 5,529 
$ 5,106 
 
Service cost
1 
1 
1 
Interest cost
198 
230 
210 
Participant contributions
0 
0 
 
Plan amendment
27 
0 
 
Curtailments
0 
0 
 
Plan transfer and acquisitions
(2)
0 
 
Actuarial loss (gain)
(83)
(211)
 
Benefit payments
(217)
(192)
 
Actual Expenses
0 
0 
 
Change in discount rate
(247)
902 
 
Foreign currency impact
(221)
(307)
 
Balance at the end of the period
4,985 
5,529 
5,106 
Accumulated benefit obligation at end of year
4,985 
5,529 
 
Change in fair value of plan assets
 
 
 
Balance at the beginning of the period
6,224 
5,398 
 
Actual return on plan assets
91 
1,199 
 
Participant contributions
0 
0 
 
Employer contributions
65 
166 
 
Plan transfer and acquisitions
(3)
0 
 
Benefit payments
(217)
(192)
 
Actual Expenses
0 
0 
 
Foreign currency impact
(257)
(347)
 
Balance at the end of the period
5,903 
6,224 
5,398 
Market related value at end of year
5,903 
6,224 
 
Funded status
918 
695 
 
Unrecognized prior-service cost
46 
22 
 
Unrecognized loss
1,465 
1,687 
 
Net amount recognized
2,429 
2,404 
 
U.S. [Member]
 
 
 
Change in projected benefit obligation
 
 
 
Balance at the beginning of the Period
3,350 
2,744 
 
Service cost
0 
2 
7 
Interest cost
131 
129 
114 
Participant contributions
0 
0 
 
Plan amendment
0 
0 
 
Curtailments
0 
0 
 
Plan transfer and acquisitions
(18)
13 
 
Actuarial loss (gain)
(25)
265 
 
Benefit payments
(133)
(130)
 
Actual Expenses
0 
0 
 
Change in discount rate
(145)
327 
 
Foreign currency impact
0 
0 
 
Balance at the end of the period
3,160 
3,350 
2,744 
Accumulated benefit obligation at end of year
3,160 
3,350 
 
Change in fair value of plan assets
 
 
 
Balance at the beginning of the period
2,036 
1,855 
 
Actual return on plan assets
(60)
190 
 
Participant contributions
0 
0 
 
Employer contributions
108 
121 
 
Plan transfer and acquisitions
0 
0 
 
Benefit payments
(133)
(130)
 
Actual Expenses
0 
0 
 
Foreign currency impact
0 
0 
 
Balance at the end of the period
1,951 
2,036 
1,855 
Market related value at end of year
2,064 
1,950 
 
Funded status
(1,209)
(1,314)
 
Unrecognized prior-service cost
9 
11 
 
Unrecognized loss
1,723 
1,737 
 
Net amount recognized
523 
434 
 
Other [Member]
 
 
 
Change in projected benefit obligation
 
 
 
Balance at the beginning of the Period
1,399 
1,252 
 
Service cost
0 
0 
18 
Interest cost
33 
47 
45 
Participant contributions
0 
0 
 
Plan amendment
(10)
0 
 
Curtailments
0 
(16)
 
Plan transfer and acquisitions
0 
0 
 
Actuarial loss (gain)
24 
(5)
 
Benefit payments
(38)
(51)
 
Actual Expenses
0 
(2)
 
Change in discount rate
(66)
324 
 
Foreign currency impact
(165)
(150)
 
Balance at the end of the period
1,177 
1,399 
1,252 
Accumulated benefit obligation at end of year
1,135 
1,316 
 
Change in fair value of plan assets
 
 
 
Balance at the beginning of the period
1,161 
1,061 
 
Actual return on plan assets
8 
253 
 
Participant contributions
0 
0 
 
Employer contributions
21 
28 
 
Plan transfer and acquisitions
0 
0 
 
Benefit payments
(38)
(51)
 
Actual Expenses
0 
(2)
 
Foreign currency impact
(133)
(128)
 
Balance at the end of the period
1,019 
1,161 
1,061 
Market related value at end of year
1,019 
1,161 
 
Funded status
(158)
(238)
 
Unrecognized prior-service cost
(7)
3 
 
Unrecognized loss
389 
456 
 
Net amount recognized
$ 224 
$ 221 
 
Employee Benefits - Amounts recognized in the Consolidated Statements of Financial Position (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
U.K. [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Prepaid benefit cost
$ 1,012 
$ 918 
Accrued benefit liability
(94)
(223)
Accumulated other comprehensive loss
1,511 
1,709 
Net amount recognized
2,429 
2,404 
U.S. [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Prepaid benefit cost
0 
0 
Accrued benefit liability
(1,209)
(1,314)
Accumulated other comprehensive loss
1,732 
1,748 
Net amount recognized
523 
434 
Other [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Prepaid benefit cost
0 
0 
Accrued benefit liability
(158)
(238)
Accumulated other comprehensive loss
382 
459 
Net amount recognized
$ 224 
$ 221 
Employee Benefits - Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized (Details 3) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
U.K. [Member]
 
 
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost
 
 
Net loss
$ 1,465 
$ 1,687 
Prior service cost (income)
46 
22 
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost
1,511 
1,709 
U.S. [Member]
 
 
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost
 
 
Net loss
1,723 
1,737 
Prior service cost (income)
9 
11 
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost
1,732 
1,748 
Other [Member]
 
 
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost
 
 
Net loss
389 
456 
Prior service cost (income)
(7)
3 
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost
$ 382 
$ 459 
Employee Benefits - Components of net periodic benefit cost (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
U.K. [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Service cost
$ 1 
$ 1 
$ 1 
Interest cost
198 
230 
210 
Expected return on plan assets, net of administration expenses
(307)
(326)
(302)
Amortization of prior-service cost
1 
1 
1 
Amortization of net actuarial loss
41 
52 
49 
Curtailment gain and other
0 
0 
0 
Net periodic benefit (income) cost
(66)
(42)
(41)
U.S. [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Service cost
0 
2 
7 
Interest cost
131 
129 
114 
Expected return on plan assets, net of administration expenses
(154)
(157)
(139)
Amortization of prior-service cost
2 
2 
0 
Amortization of net actuarial loss
54 
42 
52 
Curtailment gain and other
0 
0 
0 
Net periodic benefit (income) cost
33 
18 
34 
Other [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Service cost
0 
0 
18 
Interest cost
33 
47 
45 
Expected return on plan assets, net of administration expenses
(50)
(59)
(59)
Amortization of prior-service cost
0 
0 
0 
Amortization of net actuarial loss
11 
10 
23 
Curtailment gain and other
0 
(2)
0 
Net periodic benefit (income) cost
$ (6)
$ (4)
$ 27 
Employee Benefits - Weighted-average assumptions used to determine future benefit obligations (Details)
Dec. 31, 2015
Dec. 31, 2014
U.K. [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
3.96% 
3.70% 
Underlying price inflation
1.88% 
1.95% 
U.K. [Member] |
Minimum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Rate of compensation increase
3.63% 
3.35% 
U.K. [Member] |
Maximum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Rate of compensation increase
4.13% 
4.05% 
U.S. [Member] |
Minimum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
3.69% 
3.37% 
U.S. [Member] |
Maximum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
4.43% 
4.08% 
Other [Member] |
Minimum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
2.43% 
2.03% 
Rate of compensation increase
2.00% 
2.25% 
Underlying price inflation
2.00% 
2.00% 
Other [Member] |
Maximum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
3.96% 
3.91% 
Rate of compensation increase
3.50% 
3.50% 
Underlying price inflation
2.50% 
2.50% 
Employee Benefits - Weighted-average assumptions used to determine the net periodic benefit cost (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
U.K. [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.70% 
4.55% 
4.45% 
Expected return on plan assets, net of administration expenses
5.09% 
6.00% 
6.30% 
U.K. [Member] |
Minimum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Rate of compensation increase
3.55% 
3.70% 
3.25% 
U.K. [Member] |
Maximum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Rate of compensation increase
4.05% 
4.40% 
3.85% 
U.S. [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Expected return on plan assets, net of administration expenses
7.96% 
8.80% 
8.80% 
U.S. [Member] |
Minimum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.37% 
3.97% 
3.73% 
U.S. [Member] |
Maximum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.08% 
4.87% 
4.05% 
Other [Member] |
Minimum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
2.03% 
3.60% 
3.25% 
Expected return on plan assets, net of administration expenses
3.99% 
4.70% 
4.60% 
Rate of compensation increase
2.25% 
2.25% 
2.25% 
Other [Member] |
Maximum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.91% 
4.71% 
3.89% 
Expected return on plan assets, net of administration expenses
4.33% 
6.50% 
6.50% 
Rate of compensation increase
3.50% 
3.50% 
3.50% 
Employee Benefits - Expected Return on Plan Assets Narrative (Details) (U.S. [Member])
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
U.S. [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Expected return on plan assets, net of administration expenses
7.96% 
8.80% 
8.80% 
Employee Benefits - Schedule of Fair Value of U.S Plan Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
U.K. [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
$ 5,903 
$ 6,224 
$ 5,398 
U.K. [Member] |
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
65 
39 
 
U.K. [Member] |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
159 
224 
 
U.K. [Member] |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
66 
0 
 
U.K. [Member] |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
717 
968 
 
U.K. [Member] |
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
20 
7 
 
U.K. [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
2,621 
3,643 
 
U.K. [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.K. [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
159 
224 
 
U.K. [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.K. [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.K. [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
 
0 
 
U.K. [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
1,633 
731 
 
U.K. [Member] |
Significant Other Observable Inputs (Level 2) |
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.K. [Member] |
Significant Other Observable Inputs (Level 2) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.K. [Member] |
Significant Other Observable Inputs (Level 2) |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
66 
0 
 
U.K. [Member] |
Significant Other Observable Inputs (Level 2) |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
4 
0 
 
U.K. [Member] |
Significant Other Observable Inputs (Level 2) |
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
 
0 
 
U.K. [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
1,649 
1,850 
1,133 
U.K. [Member] |
Significant Unobservable Inputs (Level 3) |
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
65 
39 
 
U.K. [Member] |
Significant Unobservable Inputs (Level 3) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.K. [Member] |
Significant Unobservable Inputs (Level 3) |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.K. [Member] |
Significant Unobservable Inputs (Level 3) |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
713 
968 
546 
U.K. [Member] |
Significant Unobservable Inputs (Level 3) |
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
20 
7 
 
U.S. Pension Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
1,951 
2,036 
1,855 
U.S. Pension Plan [Member] |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
33 
68 
 
U.S. Pension Plan [Member] |
Large cap domestic
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
299 
329 
 
U.S. Pension Plan [Member] |
Small cap domestic [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
88 
85 
 
U.S. Pension Plan [Member] |
Large cap international [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
262 
258 
 
U.S. Pension Plan [Member] |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
203 
285 
 
U.S. Pension Plan [Member] |
Corporate bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
484 
503 
 
U.S. Pension Plan [Member] |
Government and agency bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
128 
109 
 
U.S. Pension Plan [Member] |
Asset-backed securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
20 
 
U.S. Pension Plan [Member] |
Fixed income derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
69 
49 
 
U.S. Pension Plan [Member] |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
305 
272 
 
U.S. Pension Plan [Member] |
Commodity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
13 
(8)
 
U.S. Pension Plan [Member] |
Real estate and REITS [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
67 
66 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
750 
837 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
33 
68 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Large cap domestic
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
299 
329 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Small cap domestic [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
30 
22 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Large cap international [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
52 
114 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
170 
209 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Corporate bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Government and agency bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
52 
29 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Asset-backed securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Fixed income derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
47 
0 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Commodity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Real estate and REITS [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
67 
66 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
560 
575 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Large cap domestic
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Small cap domestic [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
58 
63 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Large cap international [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
210 
144 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
33 
76 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Corporate bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
148 
151 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Government and agency bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
76 
80 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Asset-backed securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
20 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Fixed income derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
22 
49 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Commodity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
13 
(8)
 
U.S. Pension Plan [Member] |
Significant Other Observable Inputs (Level 2) |
Real estate and REITS [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
641 
624 
266 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Large cap domestic
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Small cap domestic [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Large cap international [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Equity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Corporate bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
336 
352 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Government and agency bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Asset-backed securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Fixed income derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Alternative investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
305 
272 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Commodity derivatives [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
0 
0 
 
U.S. Pension Plan [Member] |
Significant Unobservable Inputs (Level 3) |
Real estate and REITS [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Total
$ 0 
$ 0 
 
Employee Benefits - Schedule of changes in Level 3 fair value for U.S. Pension Plans (Details) (U.S. [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Significant Unobservable Inputs (Level 3)
Dec. 31, 2014
Significant Unobservable Inputs (Level 3)
Change in fair value of plan assets
 
 
 
 
 
Balance at the beginning of the period
$ 1,951 
$ 2,036 
$ 1,855 
$ 624 
$ 266 
Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at the end of the year
 
 
 
(4)
32 
Relating to assets sold during the year
 
 
 
(3)
5 
Purchases, sales and settlements—net
 
 
 
24 
321 
Transfer in/(out) of Level 3
 
 
 
0 
0 
Balance at the end of the period
$ 1,951 
$ 2,036 
$ 1,855 
$ 641 
$ 624 
Employee Benefits - Schedule of Fair Value of U.K. Plan Assets (Details) (U.K. [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
$ 5,903 
$ 6,224 
$ 5,398 
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
159 
224 
 
Pooled funds - Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
360 
203 
 
Pooled funds - Europe [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
17 
16 
 
Equity securities - global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
133 
127 
 
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
66 
0 
 
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
283 
279 
 
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
3,145 
3,292 
 
Annuities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
827 
836 
 
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
111 
233 
 
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
65 
39 
 
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
717 
968 
 
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
20 
7 
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
2,621 
3,643 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
159 
224 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
61 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - Europe [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Equity securities - global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
133 
127 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
2,268 
3,292 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Annuities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
 
0 
 
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
1,633 
731 
 
Significant Other Observable Inputs (Level 2) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
299 
203 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - Europe [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
17 
16 
 
Significant Other Observable Inputs (Level 2) |
Equity securities - global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Other Observable Inputs (Level 2) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
66 
0 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
259 
279 
 
Significant Other Observable Inputs (Level 2) |
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
877 
0 
 
Significant Other Observable Inputs (Level 2) |
Annuities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Other Observable Inputs (Level 2) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
111 
233 
 
Significant Other Observable Inputs (Level 2) |
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Other Observable Inputs (Level 2) |
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
4 
0 
 
Significant Other Observable Inputs (Level 2) |
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
 
0 
 
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
1,649 
1,850 
1,133 
Significant Unobservable Inputs (Level 3) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Europe [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Equity securities - global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
24 
0 
 
Significant Unobservable Inputs (Level 3) |
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Annuities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
827 
836 
564 
Significant Unobservable Inputs (Level 3) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled Funds, Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
65 
39 
 
Significant Unobservable Inputs (Level 3) |
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
713 
968 
546 
Significant Unobservable Inputs (Level 3) |
Real Estate, Excluding Pooled Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
$ 20 
$ 7 
 
Employee Benefits - Schedule of changes in Level 3 fair value for U.K. Pension Plans (Details) (U.K. [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Change in fair value of plan assets
 
 
Balance at the beginning of the period
$ 6,224 
$ 5,398 
Actual return on plan assets:
 
 
Foreign exchange
(257)
(347)
Balance at the end of the period
5,903 
6,224 
Global [Member]
 
 
Actual return on plan assets:
 
 
Balance at the end of the period
360 
203 
Annuities [Member]
 
 
Actual return on plan assets:
 
 
Balance at the end of the period
827 
836 
Alternative investments [Member]
 
 
Actual return on plan assets:
 
 
Balance at the end of the period
717 
968 
Pooled funds - Fixed income securities [Member]
 
 
Actual return on plan assets:
 
 
Balance at the end of the period
283 
279 
Significant Unobservable Inputs (Level 3)
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
1,850 
1,133 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
(45)
309 
Relating to assets sold during the year
(9)
6 
Purchases, sales and settlements—net
168 
713 
Transfer in/(out) of Level 3
(242)
(206)
Foreign exchange
(73)
(105)
Balance at the end of the period
1,649 
1,850 
Significant Unobservable Inputs (Level 3) |
Global [Member]
 
 
Actual return on plan assets:
 
 
Balance at the end of the period
0 
0 
Significant Unobservable Inputs (Level 3) |
Annuities [Member]
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
836 
564 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
(32)
(13)
Relating to assets sold during the year
0 
0 
Purchases, sales and settlements—net
58 
333 
Transfer in/(out) of Level 3
0 
0 
Foreign exchange
(35)
(48)
Balance at the end of the period
827 
836 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Real estate [Member]
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
46 
23 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
11 
3 
Relating to assets sold during the year
(10)
1 
Purchases, sales and settlements—net
41 
21 
Transfer in/(out) of Level 3
0 
0 
Foreign exchange
(3)
(2)
Balance at the end of the period
85 
46 
Significant Unobservable Inputs (Level 3) |
Alternative investments [Member]
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
968 
546 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
(17)
319 
Relating to assets sold during the year
2 
5 
Purchases, sales and settlements—net
60 
359 
Transfer in/(out) of Level 3
(266)
(206)
Foreign exchange
(34)
(55)
Balance at the end of the period
713 
968 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Fixed income securities [Member]
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
0 
 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
(7)
 
Relating to assets sold during the year
(1)
 
Purchases, sales and settlements—net
9 
 
Transfer in/(out) of Level 3
24 
 
Foreign exchange
(1)
 
Balance at the end of the period
$ 24 
 
Employee Benefits - Schedule of Fair Value of Other Plan Assets (Details) (Other [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
$ 1,019 
$ 1,161 
$ 1,061 
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
11 
12 
 
Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
270 
295 
 
Pooled funds - North America [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
37 
42 
 
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
576 
629 
 
Pooled funds - Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
12 
18 
 
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
30 
35 
 
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
48 
74 
 
Pooled funds - Commodities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
2 
21 
 
Pooled funds - REITS [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
3 
3 
 
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
9 
8 
 
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
21 
24 
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
11 
12 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
11 
12 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - North America [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - Commodities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Pooled funds - REITS [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Other Observable Inputs (Level 2)
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
999 
1,141 
 
Significant Other Observable Inputs (Level 2) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Other Observable Inputs (Level 2) |
Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
270 
295 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - North America [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
37 
42 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
576 
629 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
12 
18 
 
Significant Other Observable Inputs (Level 2) |
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
30 
35 
 
Significant Other Observable Inputs (Level 2) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
48 
74 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - Commodities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
2 
21 
 
Significant Other Observable Inputs (Level 2) |
Pooled funds - REITS [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
3 
3 
 
Significant Other Observable Inputs (Level 2) |
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Other Observable Inputs (Level 2) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
21 
24 
 
Significant Unobservable Inputs (Level 3)
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
9 
8 
25 
Significant Unobservable Inputs (Level 3) |
Cash and cash equivalents [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Global [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - North America [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Fixed income securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Commodities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - REITS [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Real estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
0 
0 
17 
Significant Unobservable Inputs (Level 3) |
Alternative investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
9 
8 
8 
Significant Unobservable Inputs (Level 3) |
Derivatives [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Total
$ 0 
$ 0 
 
Employee Benefits - Schedule of changes in level 3 fair value for Other Plans (Details) (Other [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Change in fair value of plan assets
 
 
Balance at the beginning of the period
$ 1,161 
$ 1,061 
Actual return on plan assets:
 
 
Foreign currency impact
(133)
(128)
Balance at the end of the period
1,019 
1,161 
Alternative investments [Member]
 
 
Actual return on plan assets:
 
 
Balance at the end of the period
9 
8 
Significant Unobservable Inputs (Level 3)
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
8 
25 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
2 
1 
Relating to assets sold during the year
0 
0 
Purchases, sales and settlements—net
0 
(17)
Transfer in/(out) of Level 3
0 
0 
Foreign currency impact
(1)
(1)
Balance at the end of the period
9 
8 
Significant Unobservable Inputs (Level 3) |
Pooled funds - Real estate [Member]
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
0 
17 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
0 
0 
Relating to assets sold during the year
0 
0 
Purchases, sales and settlements—net
0 
(17)
Transfer in/(out) of Level 3
0 
0 
Foreign currency impact
0 
0 
Balance at the end of the period
0 
0 
Significant Unobservable Inputs (Level 3) |
Alternative investments [Member]
 
 
Change in fair value of plan assets
 
 
Balance at the beginning of the period
8 
8 
Actual return on plan assets:
 
 
Relating to assets still held at the end of the year
2 
1 
Relating to assets sold during the year
0 
0 
Purchases, sales and settlements—net
0 
0 
Transfer in/(out) of Level 3
0 
0 
Foreign currency impact
(1)
(1)
Balance at the end of the period
$ 9 
$ 8 
Employee Benefits - Investment Policy and Strategy Narrative (Details)
12 Months Ended
Dec. 31, 2015
U.S. Pension Plan [Member] |
Equity investments [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Target allocation percentage
49.00% 
U.S. Pension Plan [Member] |
Fixed income investments [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Target allocation percentage
30.00% 
U.S. Pension Plan [Member] |
Other Investments
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Target allocation percentage
21.00% 
U.K. and Non-U.S. Pension Plan [Member] |
Equity investments [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Actual allocation percentage
20.00% 
U.K. and Non-U.S. Pension Plan [Member] |
Fixed income investments [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Actual allocation percentage
80.00% 
Employee Benefits - Cash Flows Narrative (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
U.S. Pension Plan [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Expected employer contributions during next fiscal year
$ 79 
U.K. [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Expected employer contributions during next fiscal year
54 
Other [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Expected employer contributions during next fiscal year
$ 17 
Employee Benefits - Estimated Future Benefit Payments (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Other Postretirement Benefit Plan [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2016
$ 6 
2017
6 
2018
6 
2019
6 
2020
6 
2021 - 2025
30 
U.K. [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2016
143 
2017
149 
2018
157 
2019
170 
2020
180 
2021 - 2025
1,048 
U.S. Pension Plan [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2016
164 
2017
172 
2018
184 
2019
192 
2020
187 
2021 - 2025
952 
Other [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2016
38 
2017
39 
2018
40 
2019
41 
2020
42 
2021 - 2025
$ 227 
Employee Benefits - Overview of the accumulated benefit obligation, fair value of plan assets, funded status and net amount recognized for U.S. and Canadian Other Post-Retirement Benefits (Details) (U.S. and Canadian Other Post-Retirement Benefits [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
U.S. and Canadian Other Post-Retirement Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Accumulated projected benefit obligation
$ 105 
$ 116 
Fair value of plan assets
18 
19 
Funded status
(87)
(97)
Unrecognized prior-service credit
(3)
(4)
Unrecognized loss
7 
15 
Net amount recognized
$ (83)
$ (86)
Employee Benefits - Schedule of Other information related to Company's other post-retirement plan's (Details) (U.S. and Canadian Other Post-Retirement Benefits [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Net periodic benefit cost recognized (millions)
$ 6 
$ 3 
$ 4 
Minimum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Weighted-average discount rate used to determine future benefit obligations
3.99% 
3.83% 
4.44% 
Weighted-average discount rate used to determine net periodic benefit costs
3.83% 
4.44% 
3.67% 
Maximum [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Weighted-average discount rate used to determine future benefit obligations
4.33% 
4.08% 
4.95% 
Weighted-average discount rate used to determine net periodic benefit costs
4.08% 
4.95% 
4.00% 
Employee Benefits - U.S. and Canadian Other Post-Retirement Benefits Narrative (Details) (U.S. and Canadian Other Post-Retirement Benefits [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Unrecognized loss
$ (0.1)
$ (7.0)
Prior service cost
0.3 
3.0 
Expected employer contributions during next fiscal year
4 
 
Effect of one percentage point increase on accumulated postretirement benefit obligation
6 
 
Effect of one percentage point decrease on accumulated postretirement benefit obligation
5 
 
Effect of one percentage point increase on service cost and interest cost components of net periodic benefit cost
0.6 
 
Effect of one percentage point decrease on service cost and interest cost components of net periodic benefit cost
$ 0.5 
 
Maximum percentage of liability for future plan cost increases for pre-65 and medical supplement plan coverage
5.00% 
 
Maximum percentage of medical supplement plan into future periods
5.00% 
 
Maximum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Maximum percentage of liability for future plan cost increases for pre-65 and medical supplement plan coverage
9.00% 
 
Minimum [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Maximum percentage of liability for future plan cost increases for pre-65 and medical supplement plan coverage
4.00% 
 
Share-Based Compensation Plans - Share-based compensation expense recognized in continuing operations (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total share-based compensation expense
$ 339 
$ 328 
$ 300 
Tax benefit
95 
94 
81 
Share-based compensation expense, net of tax
244 
234 
219 
Employee share purchase plans [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total share-based compensation expense
11 
9 
7 
Restricted share units (RSUs) [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total share-based compensation expense
201 
187 
174 
Performance-based Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total share-based compensation expense
127 
132 
117 
Share options [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total share-based compensation expense
$ 0 
$ 0 
$ 2 
Share-Based Compensation Plans - Restricted Share Units Narrative (Details) (Restricted share units (RSUs) [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Fair value of RSUs vested during the period
$ 196 
$ 183 
$ 172 
Minimum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Vesting period
3 years 
 
 
Maximum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Vesting period
5 years 
 
 
Share-Based Compensation Plans - Summary of the status of the Company's RSUs (Details) (Restricted share units (RSUs) [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Restricted share units (RSUs) [Member]
 
 
 
Non-vested share awards
 
 
 
Non-vested at beginning of period (in shares)
8,381 
9,759 
10,432 
Granted (in shares)
2,459 
2,844 
3,714 
Vested (in shares)
(3,385)
(3,732)
(3,945)
Forfeited (in shares)
(288)
(490)
(442)
Non-vested at end of period (in shares)
7,167 
8,381 
9,759 
Weighted Average Fair value
 
 
 
Non-vested at beginning of period (in dollars per share)
$ 63 
$ 51 
$ 44 
Granted (in dollars per share)
$ 97 
$ 84 
$ 62 
Vested (in dollars per share)
$ 58 
$ 49 
$ 44 
Forfeited (in dollars per share)
$ 71 
$ 58 
$ 47 
Non-vested at end of period (in dollars per share)
$ 77 
$ 63 
$ 51 
Share-Based Compensation Plans - Performance Share Awards Narrative (Details) (Performance-based Awards [Member])
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
2010 Leadership Performance Plan [Member]
Dec. 31, 2014
Other Performance Plans [Member]
Dec. 31, 2014
2009 Leadership Performance Plan [Member]
Dec. 31, 2013
2008 Leadership Performance Plan [Member]
Dec. 31, 2013
2006 Performance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
Shares issued (in shares)
1.6 
0.2 
0.8 
0.6 
0.1 
Share-Based Compensation Plans - Schedule of Performance-based plans (Details) (Performance-based Awards [Member], USD $)
In Millions, except Share data in Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Performance-based Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Target PSAs granted (in shares)
993 
816 
1,135 
Fair value ( in dollars per share)
$ 96 
$ 81 
$ 58 
Number of shares that would be issued based on current performance levels (in shares)
982 
1,591 
2,191 
Unamortized expense, based on current performance levels
$ 67 
$ 45 
$ 0 
Share-Based Compensation Plans - Share Options Narrative (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Closing share price (in dollars per share)
$ 92.21 
Aggregate intrinsic value of options outstanding
$ 44 
Aggregate intrinsic value of exercisable options outstanding
44 
Unamortized deferred compensation expense
$ 378 
Remaining weighted-average amortization period (in years)
2 years 1 month 6 days 
Share-Based Compensation Plans - Summary of the status of the Company's share options and related information (Details) (Share options [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share options [Member]
 
 
 
Share Options
 
 
 
Outstanding at beginning of period (in shares)
2,300 
3,462 
5,611 
Granted (in shares)
0 
0 
0 
Exercised (in shares)
(1,450)
(1,155)
(2,116)
Forfeited and expired (in shares)
(13)
(7)
(33)
Outstanding at end of period (in shares)
837 
2,300 
3,462 
Exercisable at end of period (in shares)
837 
2,273 
3,270 
Shares available for grant (in shares)
12,179 
16,333 
11,330 
Weighted-Average Exercise Price
 
 
 
Outstanding at beginning of period (in dollars per share)
$ 32 
$ 32 
$ 32 
Granted (in dollars per share)
$ 0 
$ 0 
$ 0 
Exercised (in dollars per share)
$ 27 
$ 33 
$ 32 
Forfeited and expired (in dollars per share)
$ 39 
$ 37 
$ 34 
Outstanding at end of period (in dollars per share)
$ 40 
$ 32 
$ 32 
Exercisable at end of period (in dollars per share)
$ 40 
$ 32 
$ 32 
Share-Based Compensation Plans - Summary of options outstanding and exercisable (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Share options outstanding and share options exercisable
 
Share options, outstanding (in shares)
837 
Share options exercisable (in shares)
837 
19.54 - 25.51
 
Share options outstanding and share options exercisable
 
Share options, outstanding (in shares)
79 
Weighted-average remaining contractual life (years)
2 years 2 months 5 days 
Weighted average exercise price of share options outstanding (in dollars per share)
$ 20.18 
Share options exercisable (in shares)
79 
Weighted average remaining contractual life of share options exercisable (in years)
2 years 2 months 5 days 
Weighted average exercise price of share options exercisable (in dollars per share)
$ 20.18 
Exercise price range, minimum
$ 19.54 
Exercise price range, maximum
$ 25.51 
25.52 - 32.53
 
Share options outstanding and share options exercisable
 
Share options, outstanding (in shares)
25 
Weighted-average remaining contractual life (years)
1 year 11 months 5 days 
Weighted average exercise price of share options outstanding (in dollars per share)
$ 29.15 
Share options exercisable (in shares)
25 
Weighted average remaining contractual life of share options exercisable (in years)
1 year 11 months 5 days 
Weighted average exercise price of share options exercisable (in dollars per share)
$ 29.15 
Exercise price range, minimum
$ 25.52 
Exercise price range, maximum
$ 32.53 
32.54 - 36.88
 
Share options outstanding and share options exercisable
 
Share options, outstanding (in shares)
160 
Weighted-average remaining contractual life (years)
1 year 1 month 21 days 
Weighted average exercise price of share options outstanding (in dollars per share)
$ 35.77 
Share options exercisable (in shares)
160 
Weighted average remaining contractual life of share options exercisable (in years)
1 year 1 month 21 days 
Weighted average exercise price of share options exercisable (in dollars per share)
$ 35.77 
Exercise price range, minimum
$ 32.54 
Exercise price range, maximum
$ 36.88 
36.89 - 43.44
 
Share options outstanding and share options exercisable
 
Share options, outstanding (in shares)
247 
Weighted-average remaining contractual life (years)
3 years 1 month 13 days 
Weighted average exercise price of share options outstanding (in dollars per share)
$ 39.32 
Share options exercisable (in shares)
247 
Weighted average remaining contractual life of share options exercisable (in years)
3 years 1 month 13 days 
Weighted average exercise price of share options exercisable (in dollars per share)
$ 39.32 
Exercise price range, minimum
$ 36.89 
Exercise price range, maximum
$ 43.44 
43.45 - 52.93
 
Share options outstanding and share options exercisable
 
Share options, outstanding (in shares)
326 
Weighted-average remaining contractual life (years)
2 years 5 months 16 days 
Weighted average exercise price of share options outstanding (in dollars per share)
$ 48.26 
Share options exercisable (in shares)
326 
Weighted average remaining contractual life of share options exercisable (in years)
2 years 5 months 16 days 
Weighted average exercise price of share options exercisable (in dollars per share)
$ 48.26 
Exercise price range, minimum
$ 43.45 
Exercise price range, maximum
$ 52.93 
Share-Based Compensation Plans - Other information related to the Company's share options (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share Options
 
 
 
Aggregate intrinsic value of stock options exercised
$ 104 
$ 61 
$ 73 
Cash received from the exercise of stock options
40 
38 
61 
Tax benefit realized from the exercise of stock options
$ 36 
$ 16 
$ 15 
Share-Based Compensation Plans - Employee Share Purchase Plan Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total share-based compensation expense
$ 339 
$ 328 
$ 300 
United States [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Period of interval for purchase of common stock (in months)
 
 
6 months 
Purchase price expressed as a percentage of the fair market value of common stock (in percentage)
 
 
85.00% 
Stock issued to employees under the plan (in shares)
411,636 
439,000 
556,000 
Total share-based compensation expense
9 
7 
6 
United States [Member] |
Maximum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Purchase of shares under plan (in shares)
7,500,000 
 
 
United Kingdom [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Purchase of shares under plan (in shares)
100,000 
300,000 
350,000 
Stock issued to employees under the plan (in shares)
2,779 
642 
172,110 
Waiting period before purchase of shares (in years)
3 years 
 
 
Total share-based compensation expense
$ 2 
$ 1 
$ 1 
Derivatives and Hedging - Foreign Exchange Risk Management Narrative (Details)
12 Months Ended
Dec. 31, 2015
Cash Flow Hedging [Member]
 
Derivative [Line Items]
 
Foreign currency exposures, maximum average hedging period ( in years)
2 years 
Not Designated as Hedging Instrument [Member]
 
Derivative [Line Items]
 
Maximum length of time hedged in foreign currency undesignated hedge (in years)
1 year 
Derivatives and Hedging - Interest Rate Risk Management (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Derivative [Line Items]
 
 
 
Estimated pretax losses currently included within Accumulated Other Comprehensive Loss that will be reclassified to earnings in next twelve months
$ 7 
 
 
(Loss) income on financial instruments
(24)
(15)
18 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member]
 
 
 
Derivative [Line Items]
 
 
 
(Loss) income on financial instruments
$ (8)
$ (18)
$ (18)
Derivatives and Hedging - Notional and fair values of derivative instruments (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Other Current Assets [Member]
 
 
Derivative [Line Items]
 
 
Derivative Assets
$ 15 
$ 24 
Other Noncurrent Assets [Member]
 
 
Derivative [Line Items]
 
 
Derivative Assets
17 
22 
Other Current Liabilities [Member]
 
 
Derivative [Line Items]
 
 
Derivative Liabilities
13 
52 
Other Noncurrent Liabilities [Member]
 
 
Derivative [Line Items]
 
 
Derivative Liabilities
5 
6 
Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Notional Amount
778 
1,200 
Derivative Assets
32 
46 
Derivative Liabilities
18 
58 
Not Designated as Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Notional Amount
1,058 
1,365 
Derivative Assets
32 
46 
Derivative Liabilities
18 
58 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Notional Amount
280 
165 
Derivative Assets
0 
0 
Derivative Liabilities
$ 0 
$ 0 
Term of contract ( in days)
30 days 
 
Derivatives and Hedging - Offsetting of financial assets and derivatives assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Other Current Assets [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Assets
$ 15 
$ 24 
Net Amounts of Assets Presented in the Statement of Financial Position
6 
12 
Other Noncurrent Assets [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Assets
17 
22 
Net Amounts of Assets Presented in the Statement of Financial Position
13 
20 
Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Assets
32 
46 
Gross Amounts Offset in the Statement of Financial Position
(13)
(14)
Net Amounts of Assets Presented in the Statement of Financial Position
19 
32 
Not Designated as Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Assets
32 
46 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Assets
$ 0 
$ 0 
Derivatives and Hedging - Offsetting of financial liabilities and derivative liabilities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Other Current Liabilities [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Liabilities
$ 13 
$ 52 
Net Amounts of Liabilities Presented in the Statement of Financial Position (2)
4 
40 
Other Noncurrent Liabilities [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Liabilities
5 
6 
Net Amounts of Liabilities Presented in the Statement of Financial Position (2)
1 
4 
Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Liabilities
18 
58 
Gross Amounts Offset in the Statement of Financial Position
(13)
(14)
Net Amounts of Liabilities Presented in the Statement of Financial Position (2)
5 
44 
Not Designated as Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Liabilities
18 
58 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Gross Amounts of Recognized Liabilities
$ 0 
$ 0 
Derivatives and Hedging - Schedule of amounts of derivative gains (losses) recognized in the Consolidated Financial Statements (Details) (Designated as Hedging Instrument [Member], Cash Flow Hedging [Member], Foreign Exchange Contract [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Derivative [Line Items]
 
 
 
Gain (loss) recognized in accumulated other comprehensive income
$ (9)
$ (2)
$ (4)
Gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion)
(17)
(14)
(10)
Compensation and Benefits [Member]
 
 
 
Derivative [Line Items]
 
 
 
Gain (loss) recognized in accumulated other comprehensive income
4 
11 
(17)
Gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion)
4 
(5)
(12)
Other General Expenses [Member]
 
 
 
Derivative [Line Items]
 
 
 
Gain (loss) recognized in accumulated other comprehensive income
(3)
(3)
0 
Gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion)
(1)
3 
(9)
Interest Expense [Member]
 
 
 
Derivative [Line Items]
 
 
 
Gain (loss) recognized in accumulated other comprehensive income
0 
0 
0 
Gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion)
(9)
(10)
(3)
Other Income [Member]
 
 
 
Derivative [Line Items]
 
 
 
Gain (loss) recognized in accumulated other comprehensive income
(10)
(10)
13 
Gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion)
$ (11)
$ (2)
$ 14 
Derivatives and Hedging - Schedule of the amount of gain (loss) recognized in the Consolidated Financial Statements (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Derivative [Line Items]
 
 
 
Amount of Gain (Loss) Recognized in Income on Derivative
$ (24)
$ (15)
$ 18 
Designated as Hedging Instrument [Member] |
Fair Value Hedging [Member] |
Foreign Exchange Contract [Member]
 
 
 
Derivative [Line Items]
 
 
 
Amount of Gain (Loss) Recognized in Income on Derivative
0 
(9)
(8)
Amount of Gain (Loss) Recognized in Income on Related Hedged Item
$ 0 
$ 9 
$ 8 
Fair Value Measurements and Financial Instruments - Schedule of assets and liabilities that are measured at fair value on a recurring basis (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Money market funds and highly liquid debt securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
$ 1,396 
$ 1,850 
Corporate bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
0 
1 
Government bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
1 
6 
Equity securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
10 
11 
Interest rate contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
0 
0 
Foreign exchange contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
32 
46 
Liabilities:
 
 
Derivatives
18 
58 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Money market funds and highly liquid debt securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
1,396 
1,850 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Corporate bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Government bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Equity securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
6 
6 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Interest rate contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
0 
0 
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Foreign exchange contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
0 
0 
Liabilities:
 
 
Derivatives
0 
0 
Significant Other Observable Inputs (Level 2) |
Money market funds and highly liquid debt securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
0 
0 
Significant Other Observable Inputs (Level 2) |
Corporate bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Significant Other Observable Inputs (Level 2) |
Government bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
1 
6 
Significant Other Observable Inputs (Level 2) |
Equity securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
4 
5 
Significant Other Observable Inputs (Level 2) |
Interest rate contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
0 
0 
Significant Other Observable Inputs (Level 2) |
Foreign exchange contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
 
46 
Liabilities:
 
 
Derivatives
 
58 
Significant Unobservable Inputs (Level 3) |
Money market funds and highly liquid debt securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Money market funds and highly liquid debt securities
0 
0 
Significant Unobservable Inputs (Level 3) |
Corporate bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
0 
1 
Significant Unobservable Inputs (Level 3) |
Government bonds [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Significant Unobservable Inputs (Level 3) |
Equity securities [Member] |
Recurring [Member]
 
 
Assets:
 
 
Other investments
0 
0 
Significant Unobservable Inputs (Level 3) |
Interest rate contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
0 
0 
Significant Unobservable Inputs (Level 3) |
Foreign exchange contracts [Member] |
Recurring [Member]
 
 
Assets:
 
 
Derivative Asset
0 
0 
Liabilities:
 
 
Derivatives
0 
0 
Foreign Exchange Contract [Member] |
Designated as Hedging Instrument [Member]
 
 
Liabilities:
 
 
Derivative Liabilities
$ 18 
$ 58 
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
Dec. 31, 2015
Dec. 31, 2014
Fair value of financial instrument
 
 
Total long-term debt
$ 5,175 
$ 4,799 
Fair value of total debt
$ 5,386 
$ 5,268 
Fair Value Measurements and Financial Instruments - Narrative (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Fair Value Disclosures [Abstract]
 
 
 
Realized gain
 
 
$ 6,000,000 
Unrealized gain (loss)
$ 0 
$ 0 
$ 0 
Commitments and Contingencies - Legal Narrative (Details)
1 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2015
Potential Claim for Pension Advisory Services [Member]
USD ($)
Apr. 30, 2014
Potential Claim for Pension Advisory Services [Member]
GBP (£)
May 31, 2010
Opry Mills Mall Limited Partnership [Member]
USD ($)
Aug. 31, 2015
Opry Mills Mall Limited Partnership [Member]
USD ($)
Mar. 31, 2015
Opry Mills Mall Limited Partnership [Member]
USD ($)
Jan. 26, 2015
International Road Transport Union [Member]
Litigation Foreign Currency Denominated Award [Member]
USD ($)
Jan. 26, 2015
International Road Transport Union [Member]
Litigation Foreign Currency Denominated Award [Member]
CHF
Dec. 2, 2014
International Road Transport Union [Member]
Litigation Foreign Currency Denominated Award [Member]
USD ($)
Dec. 2, 2014
International Road Transport Union [Member]
Litigation Foreign Currency Denominated Award [Member]
CHF
Jun. 1, 2007
International Road Transport Union [Member]
Litigation Foreign Currency Denominated Award [Member]
CHF
Dec. 31, 2015
International Road Transport Union [Member]
Litigation Foreign Currency Denominated Award [Member]
USD ($)
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 ($)
Jun. 1, 2007
International Road Transport Union [Member]
Litigation Expenses and Interest [Member]
USD ($)
Dec. 31, 2015
Philips [Member]
USD ($)
Jan. 2, 2014
Philips [Member]
GBP (£)
Jun. 30, 2015
Philips [Member]
GBP (£)
Dec. 31, 2015
Philips [Member]
USD ($)
Jun. 30, 2015
Versicherung Aktiengesellschaft [Member]
Litigation Foreign Currency Denominated Award [Member]
USD ($)
Jun. 30, 2015
Versicherung Aktiengesellschaft [Member]
Litigation Foreign Currency Denominated Award [Member]
EUR (€)
Jun. 30, 2015
Huntington Ingalls Industries [Member]
USD ($)
Dec. 31, 2015
Pending Litigation [Member]
Lyttleton Port Company Limited [Member]
USD ($)
Jun. 29, 2015
Pending Litigation [Member]
Lyttleton Port Company Limited [Member]
NZD ($)
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of possible loss, minimum
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of possible loss, maximum
300,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Value of damages sought
 
 
 
200,000,000 
 
 
 
 
 
 
46,000,000 
47,000,000 
 
 
3,000,000 
30,000,000 
432,000,000 
189,000,000 
290,000,000 
282,000,000 
 
 
 
125,900,000 
184,000,000 
Legal settlements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150,000,000 
 
 
Damages awarded excluding interest and costs
 
 
 
 
 
 
 
 
17,000,000 
16,800,000 
 
 
 
3,100,000 
 
 
 
 
 
 
 
 
 
 
 
Damages awarded
 
 
 
 
204,000,000 
200,000,000 
 
 
28,000,000 
27,900,000 
 
 
 
5,000,000 
 
 
 
 
 
 
 
 
 
 
 
Amount of coverage for damages contended by the insurers
 
 
 
50,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Difference amount of damages sought by the client
 
 
 
150,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Litigation settlement
 
 
 
 
 
 
13,000,000 
12,800,000 
 
 
 
 
4,700,000 
 
 
 
 
 
 
 
(2,000,000)
(1,600,000)
 
 
 
Settlement agreement terms maximum liability
 
 
 
 
 
 
9,000,000 
8,700,000.0 
 
 
 
 
115,000 
 
 
 
 
 
 
 
 
 
 
 
 
Estimate of possible loss
 
$ 67,000,000 
£ 45,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and Contingencies - Guarantees and Indemnifications Narrative (Details) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Other Commitments [Line Items]
 
 
Maximum potential funding under commitments
$ 104,000,000 
$ 112,000,000 
Commitments to fund certain limited partnerships or subsidiaries [Member]
 
 
Other Commitments [Line Items]
 
 
Maximum potential funding under commitments
$ 12,000,000 
$ 14,000,000 
Commitments and Contingencies - Letters of Credit Narrative (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
 
 
Letters of credit outstanding
$ 58 
$ 95 
Commitments and Contingencies - Commitments Narrative (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Loss Contingencies [Line Items]
 
 
Maximum potential funding under commitments
$ 104,000,000 
$ 112,000,000 
Commitments to fund certain limited partnerships or subsidiaries [Member]
 
 
Loss Contingencies [Line Items]
 
 
Maximum potential funding under commitments
12,000,000 
14,000,000 
Commitments funded
$ 2,000,000 
 
Commitments and Contingencies - Premium Payments (Details) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
 
 
Maximum potential funding under commitments
$ 104,000,000 
$ 112,000,000 
Segment Information - Narrative (Details)
12 Months Ended
Dec. 31, 2015
segment
Segment Reporting [Abstract]
 
Number of reportable segments
2 
Segment Information - Schedule of total revenue by business segments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
$ 3,288 
$ 2,742 
$ 2,805 
$ 2,847 
$ 3,299 
$ 2,880 
$ 2,919 
$ 2,947 
$ 11,682 
$ 12,045 
$ 11,815 
Commissions, fees and other
3,283 
2,736 
2,800 
2,842 
3,292 
2,873 
2,913 
2,941 
11,661 
12,019 
11,787 
Operating Segments [Member] |
Risk Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
7,426 
7,834 
7,789 
Commissions, fees and other
 
 
 
 
 
 
 
 
7,405 
7,808 
7,761 
Operating Segments [Member] |
HR Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
4,303 
4,264 
4,057 
Commissions, fees and other
 
 
 
 
 
 
 
 
4,303 
4,264 
4,057 
Intersegment elimination [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
$ (47)
$ (53)
$ (31)
Segment Information - Schedule of commissions, fees, and other revenue by products (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$ 3,283 
$ 2,736 
$ 2,800 
$ 2,842 
$ 3,292 
$ 2,873 
$ 2,913 
$ 2,941 
$ 11,661 
$ 12,019 
$ 11,787 
Operating Segments [Member] |
Risk Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
7,405 
7,808 
7,761 
Operating Segments [Member] |
HR Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
4,303 
4,264 
4,057 
Operating Segments [Member] |
Reinsurance Brokerage Revenues [Member] |
Risk Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
1,361 
1,474 
1,505 
Operating Segments [Member] |
Retail Brokerage Revenues [Member] |
Risk Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
6,044 
6,334 
6,256 
Operating Segments [Member] |
Reportable Subsegments [Member] |
Outsourcing Revenues [Member] |
HR Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
2,658 
2,607 
2,469 
Operating Segments [Member] |
Reportable Subsegments [Member] |
Consulting Services Revenues [Member] |
HR Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
1,686 
1,700 
1,626 
Operating Segments [Member] |
Intersubsegment Eliminations [Member] |
HR Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
(41)
(43)
(38)
Intersegment elimination [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
$ (47)
$ (53)
$ (31)
Segment Information - Schedule of fiduciary investment income by business segment (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Fiduciary investment income
$ 5 
$ 6 
$ 5 
$ 5 
$ 7 
$ 7 
$ 6 
$ 6 
$ 21 
$ 26 
$ 28 
HR Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Fiduciary investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Risk Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Fiduciary investment income
 
 
 
 
 
 
 
 
$ 21 
$ 26 
$ 28 
Segment Information - Schedule of reconciliation of segment income before tax to income from continuing operations before income taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income from continuing operations before income taxes
$ 717 
$ 413 
$ 277 
$ 441 
$ 635 
$ 417 
$ 445 
$ 469 
$ 1,848 
$ 1,966 
$ 1,671 
Interest income
 
 
 
 
 
 
 
 
14 
10 
9 
Interest expense
 
 
 
 
 
 
 
 
(273)
(255)
(210)
Other income
 
 
 
 
 
 
 
 
100 
44 
68 
Income before income taxes
 
 
 
 
 
 
 
 
1,689 
1,765 
1,538 
Operating Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income from continuing operations before income taxes
 
 
 
 
 
 
 
 
2,042 
2,133 
1,858 
Operating Segments [Member] |
Risk Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income from continuing operations before income taxes
 
 
 
 
 
 
 
 
1,506 
1,648 
1,540 
Operating Segments [Member] |
HR Solutions [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income from continuing operations before income taxes
 
 
 
 
 
 
 
 
536 
485 
318 
Segment Reconciling Items [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating income from continuing operations before income taxes
 
 
 
 
 
 
 
 
$ (194)
$ (167)
$ (187)
Segment Information - Schedule of consolidated revenue by geographic area (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
$ 3,288 
$ 2,742 
$ 2,805 
$ 2,847 
$ 3,299 
$ 2,880 
$ 2,919 
$ 2,947 
$ 11,682 
$ 12,045 
$ 11,815 
United States [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
6,063 
5,824 
5,574 
Americas other than U.S. [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
1,053 
1,176 
1,214 
United Kingdom [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
1,527 
1,623 
1,544 
Europe, Middle East and Africa [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
1,909 
2,189 
2,304 
Asia Pacific [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
$ 1,130 
$ 1,233 
$ 1,179 
Segment Information - Schedule of consolidated non-current assets by geographic area (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
Long-lived assets
$ 13,051 
$ 13,805 
United States [Member]
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
Long-lived assets
7,072 
7,793 
Europe, Middle East and Africa [Member]
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
Long-lived assets
2,270 
2,179 
Asia Pacific [Member]
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
Long-lived assets
570 
640 
Americas other than U.S. [Member]
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
Long-lived assets
416 
493 
United Kingdom [Member]
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
Long-lived assets
$ 2,723 
$ 2,700 
Guarantee of Registered Securities - Narrative (Details)
Dec. 31, 2015
3.125% Senior Notes Percent Due 2016 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
3.125% 
5.00% Senior Notes due September 2020
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
5.00% 
8.205% Junior Subordinated Deferrable Interest Debentures Percent Due 2027 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
8.205% 
6.25% Senior Notes due September 2040
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
6.25% 
4.250% Notes Due 2042 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
4.25% 
4.45% Senior Notes due May 2043
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
4.45% 
4.00% Senior Notes due November 2023
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
4.00% 
2.875% Senior Notes due May 2026 (EUR 500M)
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
2.875% 
3.50% Senior Notes due June 2024
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
3.50% 
4.60% notes due May 2044 [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
4.60% 
4.75% Senior Notes due 2045 |
Senior Notes [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
4.75% 
2.80% Senior Notes due 2021 |
Senior Notes [Member]
 
Condensed Financial Statements, Captions [Line Items]
 
Interest rate on debt ( in percentage)
2.80% 
Guarantee of Registered Securities - Condensed Consolidating Statement of Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenue
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
$ 3,283 
$ 2,736 
$ 2,800 
$ 2,842 
$ 3,292 
$ 2,873 
$ 2,913 
$ 2,941 
$ 11,661 
$ 12,019 
$ 11,787 
Fiduciary investment income
5 
6 
5 
5 
7 
7 
6 
6 
21 
26 
28 
Total revenue
3,288 
2,742 
2,805 
2,847 
3,299 
2,880 
2,919 
2,947 
11,682 
12,045 
11,815 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
 
6,837 
7,014 
6,945 
Other general expenses
 
 
 
 
 
 
 
 
2,997 
3,065 
3,199 
Total operating expenses
 
 
 
 
 
 
 
 
9,834 
10,079 
10,144 
Operating income
717 
413 
277 
441 
635 
417 
445 
469 
1,848 
1,966 
1,671 
Interest income
 
 
 
 
 
 
 
 
14 
10 
9 
Interest expense
 
 
 
 
 
 
 
 
(273)
(255)
(210)
Intercompany interest income (expense)
 
 
 
 
 
 
 
 
0 
0 
0 
Intercompany other income (expense)
 
 
 
 
 
 
 
 
0 
0 
0 
Other income
 
 
 
 
 
 
 
 
100 
44 
68 
Income before income taxes
 
 
 
 
 
 
 
 
1,689 
1,765 
1,538 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
267 
334 
390 
Income (loss) before equity in earnings of subsidiaries
 
 
 
 
 
 
 
 
1,422 
1,431 
1,148 
Equity in earnings of subsidiaries, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income
590 
303 
188 
341 
467 
315 
313 
336 
1,422 
1,431 
1,148 
Less: Net income attributable to noncontrolling interests
6 
8 
10 
13 
8 
6 
9 
11 
37 
34 
35 
Net income attributable to Aon shareholders
584 
295 
178 
328 
459 
309 
304 
325 
1,385 
1,397 
1,113 
Aon plc [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
0 
0 
3 
Fiduciary investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Total revenue
 
 
 
 
 
 
 
 
0 
0 
3 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
 
136 
140 
111 
Other general expenses
 
 
 
 
 
 
 
 
8 
3 
0 
Total operating expenses
 
 
 
 
 
 
 
 
144 
143 
111 
Operating income
 
 
 
 
 
 
 
 
(144)
(143)
(108)
Interest income
 
 
 
 
 
 
 
 
(19)
(9)
0 
Interest expense
 
 
 
 
 
 
 
 
(121)
(75)
(20)
Intercompany interest income (expense)
 
 
 
 
 
 
 
 
429 
449 
120 
Intercompany other income (expense)
 
 
 
 
 
 
 
 
302 
342 
38 
Other income
 
 
 
 
 
 
 
 
(1)
2 
0 
Income before income taxes
 
 
 
 
 
 
 
 
446 
566 
30 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
45 
74 
12 
Income (loss) before equity in earnings of subsidiaries
 
 
 
 
 
 
 
 
401 
492 
18 
Equity in earnings of subsidiaries, net of tax
 
 
 
 
 
 
 
 
984 
905 
1,095 
Net income
 
 
 
 
 
 
 
 
1,385 
1,397 
1,113 
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
1,385 
1,397 
1,113 
Aon Corporation [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
0 
0 
0 
Fiduciary investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Total revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
 
32 
16 
50 
Other general expenses
 
 
 
 
 
 
 
 
7 
5 
0 
Total operating expenses
 
 
 
 
 
 
 
 
39 
21 
50 
Operating income
 
 
 
 
 
 
 
 
(39)
(21)
(50)
Interest income
 
 
 
 
 
 
 
 
14 
2 
3 
Interest expense
 
 
 
 
 
 
 
 
(130)
(139)
(138)
Intercompany interest income (expense)
 
 
 
 
 
 
 
 
(479)
(298)
24 
Intercompany other income (expense)
 
 
 
 
 
 
 
 
(422)
(390)
(168)
Other income
 
 
 
 
 
 
 
 
0 
5 
19 
Income before income taxes
 
 
 
 
 
 
 
 
(1,056)
(841)
(310)
Income tax expense (benefit)
 
 
 
 
 
 
 
 
(262)
(192)
(64)
Income (loss) before equity in earnings of subsidiaries
 
 
 
 
 
 
 
 
(794)
(649)
(246)
Equity in earnings of subsidiaries, net of tax
 
 
 
 
 
 
 
 
1,319 
1,214 
1,061 
Net income
 
 
 
 
 
 
 
 
525 
565 
815 
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
525 
565 
815 
Other Non-Guarantor Subsidiaries [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
11,661 
12,019 
11,784 
Fiduciary investment income
 
 
 
 
 
 
 
 
21 
26 
28 
Total revenue
 
 
 
 
 
 
 
 
11,682 
12,045 
11,812 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
 
6,669 
6,858 
6,784 
Other general expenses
 
 
 
 
 
 
 
 
2,982 
3,057 
3,199 
Total operating expenses
 
 
 
 
 
 
 
 
9,651 
9,915 
9,983 
Operating income
 
 
 
 
 
 
 
 
2,031 
2,130 
1,829 
Interest income
 
 
 
 
 
 
 
 
19 
17 
6 
Interest expense
 
 
 
 
 
 
 
 
(22)
(41)
(52)
Intercompany interest income (expense)
 
 
 
 
 
 
 
 
50 
(151)
(144)
Intercompany other income (expense)
 
 
 
 
 
 
 
 
120 
48 
130 
Other income
 
 
 
 
 
 
 
 
101 
37 
49 
Income before income taxes
 
 
 
 
 
 
 
 
2,299 
2,040 
1,818 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
484 
452 
442 
Income (loss) before equity in earnings of subsidiaries
 
 
 
 
 
 
 
 
1,815 
1,588 
1,376 
Equity in earnings of subsidiaries, net of tax
 
 
 
 
 
 
 
 
525 
565 
815 
Net income
 
 
 
 
 
 
 
 
2,340 
2,153 
2,191 
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
37 
34 
35 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
2,303 
2,119 
2,156 
Consolidating Adjustments [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other
 
 
 
 
 
 
 
 
0 
0 
0 
Fiduciary investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Total revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
 
0 
0 
0 
Other general expenses
 
 
 
 
 
 
 
 
0 
0 
0 
Total operating expenses
 
 
 
 
 
 
 
 
0 
0 
0 
Operating income
 
 
 
 
 
 
 
 
0 
0 
0 
Interest income
 
 
 
 
 
 
 
 
0 
0 
0 
Interest expense
 
 
 
 
 
 
 
 
0 
0 
0 
Intercompany interest income (expense)
 
 
 
 
 
 
 
 
0 
0 
0 
Intercompany other income (expense)
 
 
 
 
 
 
 
 
0 
0 
0 
Other income
 
 
 
 
 
 
 
 
0 
0 
0 
Income before income taxes
 
 
 
 
 
 
 
 
0 
0 
0 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0 
0 
0 
Income (loss) before equity in earnings of subsidiaries
 
 
 
 
 
 
 
 
0 
0 
0 
Equity in earnings of subsidiaries, net of tax
 
 
 
 
 
 
 
 
(2,828)
(2,684)
(2,971)
Net income
 
 
 
 
 
 
 
 
(2,828)
(2,684)
(2,971)
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
$ (2,828)
$ (2,684)
$ (2,971)
Guarantee of Registered Securities - Condensed Consolidating Statement of Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income
$ 590 
$ 303 
$ 188 
$ 341 
$ 467 
$ 315 
$ 313 
$ 336 
$ 1,422 
$ 1,431 
$ 1,148 
Less: Net income attributable to noncontrolling interests
6 
8 
10 
13 
8 
6 
9 
11 
37 
34 
35 
Net income attributable to Aon shareholders
584 
295 
178 
328 
459 
309 
304 
325 
1,385 
1,397 
1,113 
Net change in fair value of financial instruments
 
 
 
 
 
 
 
 
(8)
4 
7 
Change in fair value of derivatives
 
 
 
 
 
 
 
 
 
 
7 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
(442)
(507)
(65)
Post-retirement benefit obligation
 
 
 
 
 
 
 
 
155 
(260)
293 
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
(295)
(763)
235 
Equity in other comprehensive loss of subsidiaries, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Less: Other comprehensive loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
(6)
(3)
(1)
Total other comprehensive (loss) income attributable to Aon shareholders
 
 
 
 
 
 
 
 
(289)
(760)
236 
Comprehensive income attributable to Aon shareholders
 
 
 
 
 
 
 
 
1,096 
637 
1,349 
Aon plc [Member]
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
1,385 
1,397 
1,113 
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
1,385 
1,397 
1,113 
Net change in fair value of financial instruments
 
 
 
 
 
 
 
 
0 
0 
 
Change in fair value of derivatives
 
 
 
 
 
 
 
 
 
 
0 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
0 
0 
0 
Post-retirement benefit obligation
 
 
 
 
 
 
 
 
0 
0 
0 
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
0 
0 
0 
Equity in other comprehensive loss of subsidiaries, net of tax
 
 
 
 
 
 
 
 
(289)
(760)
236 
Less: Other comprehensive loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
 
 
 
 
 
 
 
 
(289)
(760)
236 
Comprehensive income attributable to Aon shareholders
 
 
 
 
 
 
 
 
1,096 
637 
1,349 
Aon Corporation [Member]
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
525 
565 
815 
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
525 
565 
815 
Net change in fair value of financial instruments
 
 
 
 
 
 
 
 
0 
(3)
 
Change in fair value of derivatives
 
 
 
 
 
 
 
 
 
 
5 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
(47)
(31)
(60)
Post-retirement benefit obligation
 
 
 
 
 
 
 
 
12 
(315)
223 
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
(35)
(349)
168 
Equity in other comprehensive loss of subsidiaries, net of tax
 
 
 
 
 
 
 
 
(268)
(411)
69 
Less: Other comprehensive loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
 
 
 
 
 
 
 
 
(303)
(760)
237 
Comprehensive income attributable to Aon shareholders
 
 
 
 
 
 
 
 
222 
(195)
1,052 
Other Non-Guarantor Subsidiaries [Member]
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
2,340 
2,153 
2,191 
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
37 
34 
35 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
2,303 
2,119 
2,156 
Net change in fair value of financial instruments
 
 
 
 
 
 
 
 
(8)
7 
 
Change in fair value of derivatives
 
 
 
 
 
 
 
 
 
 
2 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
(395)
(476)
(5)
Post-retirement benefit obligation
 
 
 
 
 
 
 
 
143 
55 
70 
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
(260)
(414)
67 
Equity in other comprehensive loss of subsidiaries, net of tax
 
 
 
 
 
 
 
 
(303)
(760)
237 
Less: Other comprehensive loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
(6)
(3)
(1)
Total other comprehensive (loss) income attributable to Aon shareholders
 
 
 
 
 
 
 
 
(557)
(1,171)
305 
Comprehensive income attributable to Aon shareholders
 
 
 
 
 
 
 
 
1,746 
948 
2,461 
Consolidating Adjustments [Member]
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
(2,828)
(2,684)
(2,971)
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Net income attributable to Aon shareholders
 
 
 
 
 
 
 
 
(2,828)
(2,684)
(2,971)
Net change in fair value of financial instruments
 
 
 
 
 
 
 
 
0 
0 
 
Change in fair value of derivatives
 
 
 
 
 
 
 
 
 
 
0 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
0 
0 
0 
Post-retirement benefit obligation
 
 
 
 
 
 
 
 
0 
0 
0 
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
0 
0 
0 
Equity in other comprehensive loss of subsidiaries, net of tax
 
 
 
 
 
 
 
 
860 
1,931 
(542)
Less: Other comprehensive loss attributable to noncontrolling interests
 
 
 
 
 
 
 
 
0 
0 
0 
Total other comprehensive (loss) income attributable to Aon shareholders
 
 
 
 
 
 
 
 
860 
1,931 
(542)
Comprehensive income attributable to Aon shareholders
 
 
 
 
 
 
 
 
$ (1,968)
$ (753)
$ (3,513)
Guarantee of Registered Securities - Condensed Consolidating Statement of Financial Position (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
$ 384 
$ 374 
$ 477 
$ 291 
Short-term investments
356 
394 
 
 
Receivables, net
2,734 
2,815 
 
 
Fiduciary assets
9,932 
11,638 
 
 
Intercompany receivables
0 
0 
 
 
Other current assets
566 
602 
 
 
Total Current Assets
13,972 
15,823 
 
 
Goodwill
8,448 
8,860 
8,997 
 
Intangible assets, net
2,180 
2,520 
 
 
Fixed assets, net
765 
765 
 
 
Non-current deferred tax assets
141 
144 
 
 
Intercompany receivables
0 
0 
 
 
Prepaid pension
1,033 
933 
 
 
Other non-current assets
625 
727 
 
 
Investment in subsidiary
0 
0 
 
 
TOTAL ASSETS
27,164 
29,772 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
9,932 
11,638 
 
 
Short-term debt and current portion of long-term debt
562 
783 
 
 
Accounts payable and accrued liabilities
1,772 
1,805 
 
 
Intercompany payables
0 
0 
 
 
Other current liabilities
820 
788 
 
 
Total Current Liabilities
13,086 
15,014 
 
 
Long-term debt
5,175 
4,799 
 
 
Deferred tax liabilities
176 
313 
 
 
Pension, other post-retirement and other post-employment liabilities
1,795 
2,141 
 
 
Intercompany payables
0 
0 
 
 
Other non-current liabilities
769 
874 
 
 
TOTAL LIABILITIES
21,001 
23,141 
 
 
TOTAL AON SHAREHOLDERS’ EQUITY
6,106 
6,571 
 
 
Noncontrolling interests
57 
60 
 
 
TOTAL EQUITY
6,163 
6,631 
8,195 
7,805 
TOTAL LIABILITIES AND EQUITY
27,164 
29,772 
 
 
Aon plc [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
0 
0 
0 
131 
Short-term investments
0 
0 
 
 
Receivables, net
1 
0 
 
 
Fiduciary assets
0 
0 
 
 
Intercompany receivables
432 
455 
 
 
Other current assets
3 
2 
 
 
Total Current Assets
436 
457 
 
 
Goodwill
0 
0 
 
 
Intangible assets, net
0 
0 
 
 
Fixed assets, net
0 
0 
 
 
Non-current deferred tax assets
154 
159 
 
 
Intercompany receivables
375 
7,399 
 
 
Prepaid pension
0 
0 
 
 
Other non-current assets
28 
20 
 
 
Investment in subsidiary
11,804 
4,962 
 
 
TOTAL ASSETS
12,797 
12,997 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
0 
0 
 
 
Short-term debt and current portion of long-term debt
0 
0 
 
 
Accounts payable and accrued liabilities
2,988 
3,755 
 
 
Intercompany payables
167 
122 
 
 
Other current liabilities
47 
0 
 
 
Total Current Liabilities
3,202 
3,877 
 
 
Long-term debt
3,482 
2,544 
 
 
Deferred tax liabilities
0 
0 
 
 
Pension, other post-retirement and other post-employment liabilities
0 
0 
 
 
Intercompany payables
0 
0 
 
 
Other non-current liabilities
7 
5 
 
 
TOTAL LIABILITIES
6,691 
6,426 
 
 
TOTAL AON SHAREHOLDERS’ EQUITY
6,106 
6,571 
 
 
Noncontrolling interests
0 
0 
 
 
TOTAL EQUITY
6,106 
6,571 
 
 
TOTAL LIABILITIES AND EQUITY
12,797 
12,997 
 
 
Aon Corporation [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
2,083 
2,727 
247 
199 
Short-term investments
209 
165 
 
 
Receivables, net
0 
0 
 
 
Fiduciary assets
0 
0 
 
 
Intercompany receivables
1,950 
2,814 
 
 
Other current assets
218 
226 
 
 
Total Current Assets
4,460 
5,932 
 
 
Goodwill
0 
0 
 
 
Intangible assets, net
0 
0 
 
 
Fixed assets, net
0 
0 
 
 
Non-current deferred tax assets
558 
570 
 
 
Intercompany receivables
526 
600 
 
 
Prepaid pension
6 
6 
 
 
Other non-current assets
124 
121 
 
 
Investment in subsidiary
16,534 
15,200 
 
 
TOTAL ASSETS
22,208 
22,429 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
0 
0 
 
 
Short-term debt and current portion of long-term debt
550 
767 
 
 
Accounts payable and accrued liabilities
45 
58 
 
 
Intercompany payables
9,518 
8,960 
 
 
Other current liabilities
56 
49 
 
 
Total Current Liabilities
10,169 
9,834 
 
 
Long-term debt
1,418 
1,917 
 
 
Deferred tax liabilities
0 
0 
 
 
Pension, other post-retirement and other post-employment liabilities
1,313 
1,396 
 
 
Intercompany payables
8,799 
7,277 
 
 
Other non-current liabilities
140 
125 
 
 
TOTAL LIABILITIES
21,839 
20,549 
 
 
TOTAL AON SHAREHOLDERS’ EQUITY
369 
1,880 
 
 
Noncontrolling interests
0 
0 
 
 
TOTAL EQUITY
369 
1,880 
 
 
TOTAL LIABILITIES AND EQUITY
22,208 
22,429 
 
 
Other Non-Guarantor Subsidiaries [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
1,242 
1,361 
1,246 
0 
Short-term investments
147 
229 
 
 
Receivables, net
2,733 
2,815 
 
 
Fiduciary assets
9,932 
11,638 
 
 
Intercompany receivables
7,957 
9,156 
 
 
Other current assets
347 
407 
 
 
Total Current Assets
22,358 
25,606 
 
 
Goodwill
8,448 
8,860 
 
 
Intangible assets, net
2,180 
2,520 
 
 
Fixed assets, net
765 
765 
 
 
Non-current deferred tax assets
107 
113 
 
 
Intercompany receivables
8,633 
111 
 
 
Prepaid pension
1,027 
927 
 
 
Other non-current assets
557 
678 
 
 
Investment in subsidiary
369 
1,880 
 
 
TOTAL ASSETS
44,444 
41,460 
 
 
CURRENT LIABILITIES
 
 
 
 
Fiduciary liabilities
9,932 
11,638 
 
 
Short-term debt and current portion of long-term debt
12 
16 
 
 
Accounts payable and accrued liabilities
1,680 
1,706 
 
 
Intercompany payables
654 
3,343 
 
 
Other current liabilities
720 
772 
 
 
Total Current Liabilities
12,998 
17,475 
 
 
Long-term debt
275 
338 
 
 
Deferred tax liabilities
854 
1,011 
 
 
Pension, other post-retirement and other post-employment liabilities
482 
745 
 
 
Intercompany payables
735 
833 
 
 
Other non-current liabilities
705 
836 
 
 
TOTAL LIABILITIES
16,049 
21,238 
 
 
TOTAL AON SHAREHOLDERS’ EQUITY
28,338 
20,162 
 
 
Noncontrolling interests
57 
60 
 
 
TOTAL EQUITY
28,395 
20,222 
 
 
TOTAL LIABILITIES AND EQUITY
44,444 
41,460 
 
 
Consolidating Adjustments [Member]
 
 
 
 
CURRENT ASSETS :
 
 
 
 
Cash and cash equivalents
(2,941)
(3,714)
(1,016)
(39)
Short-term investments
0 
0 
 
 
Receivables, net
0 
0 
 
 
Fiduciary assets
0 
0 
 
 
Intercompany receivables
(10,339)
(12,425)
 
 
Other current assets
(2)
(33)
 
 
Total Current Assets
(13,282)
(16,172)
 
 
Goodwill
0 
0 
 
 
Intangible assets, net
0 
0 
 
 
Fixed assets, net
0 
0 
 
 
Non-current deferred tax assets
(678)
(698)
 
 
Intercompany receivables
(9,534)
(8,110)
 
 
Prepaid pension
0 
0 
 
 
Other non-current assets
(84)
(92)
 
 
Investment in subsidiary
(28,707)
(22,042)
 
 
TOTAL ASSETS
(52,285)
(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
(2,941)
(3,714)
 
 
Intercompany payables
(10,339)
(12,425)
 
 
Other current liabilities
(3)
(33)
 
 
Total Current Liabilities
(13,283)
(16,172)
 
 
Long-term debt
0 
0 
 
 
Deferred tax liabilities
(678)
(698)
 
 
Pension, other post-retirement and other post-employment liabilities
0 
0 
 
 
Intercompany payables
(9,534)
(8,110)
 
 
Other non-current liabilities
(83)
(92)
 
 
TOTAL LIABILITIES
(23,578)
(25,072)
 
 
TOTAL AON SHAREHOLDERS’ EQUITY
(28,707)
(22,042)
 
 
Noncontrolling interests
0 
0 
 
 
TOTAL EQUITY
(28,707)
(22,042)
 
 
TOTAL LIABILITIES AND EQUITY
$ (52,285)
$ (47,114)
 
 
Guarantee of Registered Securities - Condensed Consolidating Statement of Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$ 2,009 
$ 1,812 
$ 1,753 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from investments
220 
52 
93 
Payments for investments
(266)
(20)
(15)
Net (purchases) sales of short-term investments - non-fiduciary
9 
110 
(174)
Acquisition of businesses, net of cash acquired
(16)
(479)
(54)
Proceeds from sale of businesses
205 
48 
40 
Capital expenditures
(290)
(256)
(229)
CASH USED FOR INVESTING ACTIVITIES
(138)
(545)
(339)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Share repurchase
(1,550)
(2,250)
(1,102)
Advances from (to) affiliates and other (1)
0 
0 
0 
Issuance of shares for employee benefit plans
(30)
(105)
(22)
Issuance of debt
5,351 
5,239 
4,906 
Repayment of debt
(5,098)
(3,918)
(4,679)
Cash dividends to shareholders
(323)
(273)
(212)
Purchases of shares from noncontrolling interests
(39)
4 
(27)
CASH USED FOR FINANCING ACTIVITIES
(1,689)
(1,303)
(1,136)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(172)
(67)
(92)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
10 
(103)
186 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
374 
477 
291 
CASH AND CASH EQUIVALENTS AT END OF YEAR
384 
374 
477 
Aon plc [Member]
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
695 
769 
70 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from investments
0 
0 
0 
Payments for investments
(13)
0 
0 
Net (purchases) sales of short-term investments - non-fiduciary
0 
0 
0 
Acquisition of businesses, net of cash acquired
0 
0 
0 
Proceeds from sale of businesses
0 
0 
0 
Capital expenditures
0 
0 
0 
CASH USED FOR INVESTING ACTIVITIES
(13)
0 
0 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Share repurchase
(1,550)
(2,250)
(1,102)
Advances from (to) affiliates and other (1)
232 
19 
460 
Issuance of shares for employee benefit plans
(29)
(105)
(22)
Issuance of debt
1,318 
2,908 
1,730 
Repayment of debt
(330)
(1,068)
(1,055)
Cash dividends to shareholders
(323)
(273)
(212)
Purchases of shares from noncontrolling interests
0 
0 
   
CASH USED FOR FINANCING ACTIVITIES
(682)
(769)
(201)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
0 
0 
0 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
0 
0 
(131)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
0 
0 
131 
CASH AND CASH EQUIVALENTS AT END OF YEAR
0 
0 
0 
Aon Corporation [Member]
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
464 
(927)
(441)
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from investments
27 
39 
8 
Payments for investments
(47)
(20)
(15)
Net (purchases) sales of short-term investments - non-fiduciary
(42)
(3)
(74)
Acquisition of businesses, net of cash acquired
0 
0 
0 
Proceeds from sale of businesses
0 
0 
7 
Capital expenditures
0 
0 
0 
CASH USED FOR INVESTING ACTIVITIES
(62)
16 
(74)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Share repurchase
0 
0 
0 
Advances from (to) affiliates and other (1)
(326)
3,215 
996 
Issuance of shares for employee benefit plans
0 
0 
0 
Issuance of debt
4,026 
2,326 
2,944 
Repayment of debt
(4,746)
(2,150)
(3,377)
Cash dividends to shareholders
0 
0 
0 
Purchases of shares from noncontrolling interests
0 
0 
0 
CASH USED FOR FINANCING ACTIVITIES
(1,046)
3,391 
563 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
0 
0 
0 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(644)
2,480 
48 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
2,727 
247 
199 
CASH AND CASH EQUIVALENTS AT END OF YEAR
2,083 
2,727 
247 
Other Non-Guarantor Subsidiaries [Member]
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
2,523 
1,970 
2,124 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from investments
193 
13 
85 
Payments for investments
(219)
0 
0 
Net (purchases) sales of short-term investments - non-fiduciary
51 
113 
(100)
Acquisition of businesses, net of cash acquired
(16)
(479)
(54)
Proceeds from sale of businesses
205 
48 
33 
Capital expenditures
(290)
(256)
(229)
CASH USED FOR INVESTING ACTIVITIES
(76)
(561)
(265)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Share repurchase
0 
0 
0 
Advances from (to) affiliates and other (1)
(2,339)
(536)
(479)
Issuance of shares for employee benefit plans
(1)
0 
0 
Issuance of debt
7 
5 
232 
Repayment of debt
(22)
(700)
(247)
Cash dividends to shareholders
0 
0 
0 
Purchases of shares from noncontrolling interests
(39)
4 
(27)
CASH USED FOR FINANCING ACTIVITIES
(2,394)
(1,227)
(521)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(172)
(67)
(92)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(119)
115 
1,246 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
1,361 
1,246 
0 
CASH AND CASH EQUIVALENTS AT END OF YEAR
1,242 
1,361 
1,246 
Consolidating Adjustments [Member]
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
(1,673)
0 
0 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Proceeds from investments
0 
0 
0 
Payments for investments
13 
0 
0 
Net (purchases) sales of short-term investments - non-fiduciary
0 
0 
0 
Acquisition of businesses, net of cash acquired
0 
0 
0 
Proceeds from sale of businesses
0 
0 
0 
Capital expenditures
0 
0 
0 
CASH USED FOR INVESTING ACTIVITIES
13 
0 
0 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Share repurchase
0 
0 
0 
Advances from (to) affiliates and other (1)
2,433 
(2,698)
(977)
Issuance of shares for employee benefit plans
0 
0 
0 
Issuance of debt
0 
0 
0 
Repayment of debt
0 
0 
0 
Cash dividends to shareholders
0 
0 
0 
Purchases of shares from noncontrolling interests
0 
0 
0 
CASH USED FOR FINANCING ACTIVITIES
2,433 
(2,698)
(977)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
0 
0 
0 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
773 
(2,698)
(977)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
(3,714)
(1,016)
(39)
CASH AND CASH EQUIVALENTS AT END OF YEAR
$ (2,941)
$ (3,714)
$ (1,016)
Quarterly Financial Data (Unaudited) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Condensed Consolidating Statement of Income
 
 
 
 
 
 
 
 
 
 
 
Commissions, fees and other revenue
$ 3,283 
$ 2,736 
$ 2,800 
$ 2,842 
$ 3,292 
$ 2,873 
$ 2,913 
$ 2,941 
$ 11,661 
$ 12,019 
$ 11,787 
Fiduciary investment income
5 
6 
5 
5 
7 
7 
6 
6 
21 
26 
28 
Total revenue
3,288 
2,742 
2,805 
2,847 
3,299 
2,880 
2,919 
2,947 
11,682 
12,045 
11,815 
Operating income
717 
413 
277 
441 
635 
417 
445 
469 
1,848 
1,966 
1,671 
Net income
590 
303 
188 
341 
467 
315 
313 
336 
1,422 
1,431 
1,148 
Less: Net income attributable to noncontrolling interests
6 
8 
10 
13 
8 
6 
9 
11 
37 
34 
35 
Net income attributable to Aon shareholders
$ 584 
$ 295 
$ 178 
$ 328 
$ 459 
$ 309 
$ 304 
$ 325 
$ 1,385 
$ 1,397 
$ 1,113 
PER SHARE DATA
 
 
 
 
 
 
 
 
 
 
 
Basic net income per share attributable to Aon shareholders (in dollar per share)
$ 2.12 
$ 1.05 
$ 0.63 
$ 1.15 
$ 1.60 
$ 1.06 
$ 1.02 
$ 1.07 
$ 4.93 
$ 4.73 
 
Diluted net income per share attributable to Aon shareholders (in dollars per share)
$ 2.09 
$ 1.05 
$ 0.62 
$ 1.14 
$ 1.56 
$ 1.04 
$ 1.01 
$ 1.06 
$ 4.88 
$ 4.66 
 
CLASS A ORDINARY SHARE DATA
 
 
 
 
 
 
 
 
 
 
 
Dividends paid per share (in dollars per share)
$ 0.30 
$ 0.30 
$ 0.30 
$ 0.25 
$ 0.25 
$ 0.25 
$ 0.25 
$ 0.18 
$ 1.15 
$ 0.92 
$ 0.68 
Price range:
 
 
 
 
 
 
 
 
 
 
 
High (in dollars per share)
$ 97.79 
$ 103 
$ 105 
$ 107 
$ 98.1 
$ 91.28 
$ 91.07 
$ 87.45 
$ 107 
$ 98.1 
 
Low (in dollars per share)
$ 86.38 
$ 87.58 
$ 95.32 
$ 89.35 
$ 78.26 
$ 83.06 
$ 78.6 
$ 76.49 
$ 86.38 
$ 76.49 
 
Shares outstanding (in shares)
269.8 
273.9 
279.8 
281.7 
280.0 
285.1 
290.5 
296.5 
269.8 
280.0 
 
Average monthly trading volume (in shares)
26.6 
26.5 
24.9 
24.5 
34.1 
26.3 
28.5 
32.6 
25.6 
30.4