XML 28 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Guarantee of Registered Securities (Tables)
6 Months Ended
Jun. 30, 2012
Guarantee of Registered Securities  
Results of Operations

Condensed Consolidating Statement of Income

 

 

 

Three Months Ended June 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Commissions, fees and other

 

$

 

$

 

$

2,813

 

$

 

$

2,813

 

Fiduciary investment income

 

 

 

8

 

 

8

 

Total revenue

 

 

 

2,821

 

 

2,821

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

57

 

 

1,582

 

 

1,639

 

Other general expenses

 

4

 

7

 

777

 

 

788

 

Total operating expenses

 

61

 

7

 

2,359

 

 

2,427

 

Operating (loss) income

 

(61

)

(7

)

462

 

 

394

 

Interest income

 

 

 

2

 

 

2

 

Interest expense

 

 

(40

)

(17

)

 

(57

)

Intercompany interest (expense) income

 

(3

)

47

 

(44

)

 

 

Other (expense) income

 

 

(5

)

17

 

 

12

 

(Loss) income from continuing operations before taxes

 

(64

)

(5

)

420

 

 

351

 

Income tax (benefit) expense

 

(16

)

(2

)

114

 

 

96

 

(Loss) income from continuing operations

 

(48

)

(3

)

306

 

 

255

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations before taxes

 

 

 

(1

)

 

(1

)

Income taxes

 

 

 

 

 

 

Loss from discontinued operations

 

 

 

(1

)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries, net of tax

 

294

 

268

 

265

 

(827

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

246

 

265

 

570

 

(827

)

254

 

Less: Net income attributable to noncontrolling interests

 

 

 

8

 

 

8

 

Net income attributable to Aon shareholders

 

$

246

 

$

265

 

$

562

 

$

(827

)

$

246

 

 

Condensed Consolidating Statement of Income

 

 

 

Three Months Ended June 30, 2011

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Commissions, fees and other

 

$

 

$

 

$

2,799

 

$

 

$

2,799

 

Fiduciary investment income

 

 

 

12

 

 

12

 

Total revenue

 

 

 

2,811

 

 

2,811

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

39

 

1,573

 

 

1,612

 

Other general expenses

 

 

 

759

 

 

759

 

Total operating expenses

 

 

39

 

2,332

 

 

2,371

 

Operating income

 

 

(39

)

479

 

 

440

 

Interest income

 

 

2

 

2

 

 

4

 

Interest expense

 

 

(39

)

(24

)

 

(63

)

Intercompany interest income (expense)

 

 

44

 

(44

)

 

 

Other expense

 

 

(25

)

(4

)

 

(29

)

(Loss) income from continuing operations before taxes

 

 

(57

)

409

 

 

352

 

Income tax (benefit) expense

 

 

(21

)

108

 

 

87

 

(Loss) income from continuing operations

 

 

(36

)

301

 

 

265

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations before taxes

 

 

1

 

 

 

1

 

Income tax benefit

 

 

(1

)

 

 

(1

)

Income from discontinued operations

 

 

2

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries, net of tax

 

258

 

263

 

229

 

(750

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

258

 

229

 

530

 

(750

)

267

 

Less: Net income attributable to noncontrolling interests

 

 

 

9

 

 

9

 

Net income attributable to Aon shareholders

 

$

258

 

$

229

 

$

521

 

$

(750

)

$

258

 

 

Condensed Consolidating Statement of Income

 

 

 

Six Months Ended June 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Commissions, fees and other

 

$

 

$

 

$

5,642

 

$

 

$

5,642

 

Fiduciary investment income

 

 

1

 

19

 

 

20

 

Total revenue

 

 

1

 

5,661

 

 

5,662

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

57

 

66

 

3,177

 

 

3,300

 

Other general expenses

 

3

 

22

 

1,541

 

 

1,566

 

Total operating expenses

 

60

 

88

 

4,718

 

 

4,866

 

Operating (loss) income

 

(60

)

(87

)

943

 

 

796

 

Interest income

 

 

 

5

 

 

5

 

Interest expense

 

 

(80

)

(36

)

 

(116

)

Intercompany interest (expense) income

 

(3

)

93

 

(90

)

 

 

Other income

 

 

3

 

9

 

 

12

 

(Loss) income from continuing operations before taxes

 

(63

)

(71

)

831

 

 

697

 

Income tax (benefit) expense

 

(16

)

(27

)

236

 

 

193

 

(Loss) income from continuing operations

 

(47

)

(44

)

595

 

 

504

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations before taxes

 

 

 

(1

)

 

(1

)

Income taxes

 

 

 

 

 

 

Loss from discontinued operations

 

 

 

(1

)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries, net of tax

 

531

 

517

 

473

 

(1,521

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

484

 

473

 

1,067

 

(1,521

)

503

 

Less: Net income attributable to noncontrolling interest

 

 

 

19

 

 

19

 

Net income attributable to Aon shareholders

 

$

484

 

$

473

 

$

1,048

 

$

(1,521

)

$

484

 

 

Condensed Consolidating Statement of Income

 

 

 

Six Months Ended June 30, 2011

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Commissions, fees and other

 

$

 

$

 

$

5,547

 

$

 

$

5,547

 

Fiduciary investment income

 

 

1

 

22

 

 

23

 

Total revenue

 

 

1

 

5,569

 

 

5,570

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

 

100

 

3,109

 

 

3,209

 

Other general expenses

 

 

 

1,523

 

 

1,523

 

Total operating expenses

 

 

100

 

4,632

 

 

4,732

 

Operating (loss) income

 

 

(99

)

937

 

 

838

 

Interest income

 

 

4

 

6

 

 

10

 

Interest expense

 

 

(91

)

(35

)

 

(126

)

Intercompany interest income (expense)

 

 

88

 

(88

)

 

 

Other (expense) income

 

 

(27

)

13

 

 

(14

)

(Loss) income from continuing operations before taxes

 

 

(125

)

833

 

 

708

 

Income tax (benefit) expense

 

 

(46

)

236

 

 

190

 

(Loss) income from continuing operations

 

 

(79

)

597

 

 

518

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations before taxes

 

 

5

 

 

 

5

 

Income tax expense

 

 

1

 

 

 

1

 

Income from discontinued operations

 

 

4

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries, net of tax

 

504

 

510

 

435

 

(1,449

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

504

 

435

 

1,032

 

(1,449

)

522

 

Less: Net income attributable to noncontrolling interests

 

 

 

18

 

 

18

 

Net income attributable to Aon shareholders

 

$

504

 

$

435

 

$

1,014

 

$

(1,449

)

$

504

 

 

Condensed Consolidating Statement of Comprehensive Income

 

 

 

Three Months Ended June 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

246

 

$

265

 

$

570

 

$

(827

)

$

254

 

Less: Net income attributable to noncontrolling interests

 

 

 

8

 

 

8

 

Net income attributable to Aon shareholders

 

$

246

 

$

265

 

$

562

 

$

(827

)

$

246

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 

 

(17

)

 

(17

)

Foreign currency translation adjustments

 

 

(1

)

(196

)

 

(197

)

Post-retirement benefit obligation

 

 

5

 

13

 

 

18

 

Total other comprehensive income (loss)

 

 

4

 

(200

)

 

(196

)

Equity in other comprehensive (loss) income of subsidiaries, net of tax

 

(193

)

(197

)

(193

)

583

 

 

Less: Other comprehensive loss attributable to noncontrolling interests

 

 

 

(3

)

 

(3

)

Total other comprehensive loss attributable to Aon shareholders

 

(193

)

(193

)

(390

)

583

 

(193

)

Comprehensive income (loss) attributable to Aon shareholders

 

$

53

 

$

72

 

$

172

 

$

(244

)

$

53

 

 

Condensed Consolidating Statement of Comprehensive Income

 

 

 

Three Months Ended June 30, 2011

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

258

 

$

229

 

$

530

 

$

(750

)

$

267

 

Less: Net income attributable to noncontrolling interests

 

 

 

9

 

 

9

 

Net income attributable to Aon shareholders

 

$

258

 

$

229

 

$

521

 

$

(750

)

$

258

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 

 

(1

)

 

(1

)

Foreign currency translation adjustments

 

 

(7

)

9

 

 

2

 

Post-retirement benefit obligation

 

 

2

 

13

 

 

15

 

Total other comprehensive (loss) income

 

 

(5

)

21

 

 

16

 

Equity in other comprehensive income (loss) of subsidiaries, net of tax

 

16

 

21

 

16

 

(53

)

 

Less: Other comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

Total other comprehensive income attributable to Aon shareholders

 

16

 

16

 

37

 

(53

)

16

 

Comprehensive income attributable to Aon Shareholders

 

$

274

 

$

245

 

$

558

 

$

(803

)

$

274

 

 

Condensed Consolidating Statement of Comprehensive Income

 

 

 

Six Months Ended June 30, 2012

 

(millions)

 

Parent
Guarantor

 

Subsidiary
Issuer

 

Other
Non-Guarantor
Subsidiaries

 

Consolidating
Adjustments

 

Consolidated

 

Net income

 

$

484

 

$

473

 

$

1,067

 

$

(1,521

)

$

503

 

Less: Net income attributable to noncontrolling interests

 

 

 

19

 

 

19

 

Net income attributable to Aon shareholders

 

$

484

 

$

473

 

$

1,048

 

$

(1,521

)

$

484

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 

1

 

(11

)

 

(10

)

Foreign currency translation adjustments

 

 

 

(93

)

 

(93

)

Post-retirement benefit obligation

 

 

7

 

32

 

 

39

 

Total other comprehensive income (loss)

 

 

8

 

(72

)

 

(64

)

Equity in other comprehensive (loss) income of subsidiaries, net of tax

 

(62

)

(70

)

(62

)

194

 

 

Less: Other comprehensive loss attributable to noncontrolling interests

 

 

 

(2

)

 

(2

)

Total other comprehensive loss attributable to Aon shareholders

 

(62

)

(62

)

(132

)

194

 

(62

)

Comprehensive income attributable to Aon shareholders

 

$

422

 

$

411

 

$

916

 

$

(1,327

)

$

422

 

 

Condensed Consolidating Statement of Comprehensive Income

 

 

 

Six Months Ended June 30, 2011

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

504

 

$

435

 

$

1,032

 

$

(1,449

)

$

522

 

Less: Net income attributable to noncontrolling interests

 

 

 

18

 

 

18

 

Net income attributable to Aon shareholders

 

$

504

 

$

435

 

$

1,014

 

$

(1,449

)

$

504

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 

(1

)

(4

)

 

(5

)

Foreign currency translation adjustments

 

 

(9

)

206

 

 

197

 

Post-retirement benefit obligation

 

 

3

 

24

 

 

27

 

Total other comprehensive (loss) income

 

 

(7

)

226

 

 

219

 

Equity in other comprehensive income (loss) of subsidiaries, net of tax

 

219

 

223

 

216

 

(658

)

 

Less: Other comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

Total other comprehensive income attributable to Aon shareholders

 

219

 

216

 

442

 

(658

)

219

 

Comprehensive income attributable to Aon shareholders

 

$

723

 

$

651

 

$

1,456

 

$

(2,107

)

$

723

 

Balance Sheet

Condensed Consolidating Statement of Financial Position

 

 

 

June 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

19

 

$

80

 

$

187

 

$

 

$

286

 

Short-term investments

 

 

111

 

405

 

 

516

 

Receivables, net

 

1

 

3

 

3,071

 

 

3,075

 

Fiduciary assets

 

 

 

12,736

 

 

12,736

 

Intercompany receivables

 

21

 

1,296

 

1,826

 

(3,143

)

 

Other current assets

 

 

90

 

353

 

 

443

 

Total Current Assets

 

41

 

1,580

 

18,578

 

(3,143

)

17,056

 

Goodwill

 

 

 

8,713

 

 

8,713

 

Intangible assets, net

 

 

 

3,106

 

 

3,106

 

Fixed assets, net

 

 

 

797

 

 

797

 

Investments

 

 

41

 

159

 

 

200

 

Intercompany receivables

 

 

2,226

 

2,171

 

(4,397

)

 

Other non-current assets

 

 

704

 

231

 

 

935

 

Investment in subsidiary

 

10,704

 

9,966

 

8,013

 

(28,683

)

 

TOTAL ASSETS

 

$

10,745

 

$

14,517

 

$

41,768

 

$

(36,223

)

$

30,807

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiduciary liabilities

 

$

 

$

 

$

12,736

 

$

 

$

12,736

 

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

 

 

372

 

20

 

 

392

 

Accounts payable and accrued liabilities

 

5

 

75

 

1,259

 

 

1,339

 

Intercompany payables

 

30

 

1,123

 

1,331

 

(2,484

)

 

Other current liabilities

 

1

 

47

 

685

 

 

733

 

Total Current Liabilities

 

36

 

1,617

 

16,031

 

(2,484

)

15,200

 

Long-term debt

 

 

3,041

 

1,057

 

 

4,098

 

Pension and other post employment liabilities

 

 

1,322

 

645

 

 

1,967

 

Intercompany payables

 

2,400

 

360

 

2,296

 

(5,056

)

 

Other non-current liabilities

 

157

 

164

 

1,011

 

 

1,332

 

TOTAL LIABILITIES

 

2,593

 

6,504

 

21,040

 

(7,540

)

22,597

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL AON SHAREHOLDERS’ EQUITY

 

8,152

 

8,013

 

20,670

 

(28,683

)

8,152

 

Noncontrolling interests

 

 

 

58

 

 

58

 

TOTAL EQUITY

 

8,152

 

8,013

 

20,728

 

(28,683

)

8,210

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$

10,745

 

$

14,517

 

$

41,768

 

$

(36,223

)

$

30,807

 

 

Condensed Consolidating Statement of Financial Position

 

 

 

Dec. 31, 2011

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

$

(21

)

$

293

 

$

 

$

272

 

Short-term investments

 

 

321

 

464

 

 

785

 

Receivables, net

 

 

2

 

3,181

 

 

3,183

 

Fiduciary assets

 

 

 

10,838

 

 

10,838

 

Intercompany receivables

 

3

 

610

 

539

 

(1,152

)

 

Other current assets

 

 

57

 

374

 

(4

)

427

 

Total Current Assets

 

3

 

969

 

15,689

 

(1,156

)

15,505

 

Goodwill

 

 

 

8,770

 

 

8,770

 

Intangible assets, net

 

 

 

3,276

 

 

3,276

 

Fixed assets, net

 

 

 

783

 

 

783

 

Investments

 

 

39

 

200

 

 

239

 

Intercompany receivables

 

 

2,133

 

2,202

 

(4,335

)

 

Other non-current assets

 

 

900

 

79

 

 

979

 

Investment in subsidiary

 

10,183

 

9,269

 

7,714

 

(27,166

)

 

TOTAL ASSETS

 

$

10,186

 

$

13,310

 

$

38,713

 

$

(32,657

)

$

29,552

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiduciary liabilities

 

$

 

$

 

$

10,838

 

$

 

$

10,838

 

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

 

 

318

 

19

 

 

337

 

Accounts payable and accrued liabilities

 

 

78

 

1,758

 

(4

)

1,832

 

Intercompany payables

 

 

206

 

609

 

(815

)

 

Other current liabilities

 

 

5

 

748

 

 

753

 

Total Current Liabilities

 

 

607

 

13,972

 

(819

)

13,760

 

Long-term debt

 

 

3,063

 

1,092

 

 

4,155

 

Pension and other post employment liabilities

 

 

1,407

 

785

 

 

2,192

 

Intercompany payables

 

2,108

 

378

 

2,186

 

(4,672

)

 

Other non-current liabilities

 

 

141

 

1,183

 

 

1,325

 

TOTAL LIABILITIES

 

2,108

 

5,596

 

19,219

 

(5,491

)

21,432

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL AON SHAREHOLDERS’ EQUITY

 

8,078

 

7,714

 

19,452

 

(27,166

)

8,078

 

Noncontrolling interests

 

 

 

42

 

 

42

 

TOTAL EQUITY

 

8,078

 

7,714

 

19,494

 

(27,166

)

8,120

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$

10,186

 

$

13,310

 

$

38,713

 

$

(32,657

)

$

29,552

Cash Flows

Condensed Consolidating Statement of Cash Flows

 

 

 

Six Months Ended June 30, 2012

 

 

 

Parent

 

Subsidiary

 

Other
Non-Guarantor

 

Consolidating

 

 

 

(millions)

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES

 

$

(19

)

$

(99

)

$

387

 

$

 

$

269

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Sales of long-term investments

 

 

 

51

 

 

51

 

Purchase of long-term investments

 

 

(7

)

 

 

(7

)

Net sales of short-term investments - non-fiduciary

 

 

211

 

48

 

 

 

259

 

Acquisition of businesses, net of cash acquired

 

 

(55

)

(27

)

 

(82

)

Proceeds from sale of businesses

 

 

 

1

 

 

1

 

Capital expenditures

 

 

 

(129

)

 

(129

)

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES

 

 

149

 

(56

)

 

93

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury

 

(250

)

(100

)

 

 

(350

)

Advances from (to) affiliates

 

325

 

118

 

(443

)

 

 

Issuance of shares for employee benefit plans

 

15

 

49

 

 

 

64

 

Issuance of debt

 

 

332

 

 

 

332

 

Repayment of debt

 

 

(298

)

(7

)

 

(305

)

Cash dividends to shareholders

 

(52

)

(50

)

 

 

(102

)

Purchase of shares from noncontrolling interests

 

 

 

1

 

 

1

 

Dividends paid to noncontrolling interests

 

 

 

(6

)

 

(6

)

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

 

38

 

51

 

(455

)

 

(366

)

 

 

 

 

 

 

 

 

 

 

 

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

 

 

18

 

 

18

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

19

 

101

 

(106

)

 

14

 

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

 

 

(21

)

293

 

 

272

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

19

 

$

80

 

$

187

 

$

 

$

286

 

 

Condensed Consolidating Statement of Cash Flows

 

 

 

Six Months Ended June 30, 2011

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Parent

 

Subsidiary

 

Non-Guarantor

 

Consolidating

 

 

 

(millions) 

 

Guarantor

 

Issuer

 

Subsidiaries

 

Adjustments

 

Consolidated

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES

 

$

 

$

(42

)

$

461

 

$

 

$

419

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Sales of long-term investments

 

 

51

 

45

 

 

96

 

Purchase of long-term investments

 

 

(20

)

 

 

(20

)

Net sales of short-term investments - non-fiduciary

 

 

 

283

 

7

 

 

 

290

 

Acquisition of businesses, net of cash acquired

 

 

(3

)

(92

)

 

(95

)

Proceeds from sale of businesses

 

 

4

 

4

 

 

8

 

Capital expenditures

 

 

 

(99

)

 

(99

)

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES

 

 

315

 

(135

)

 

180

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury

 

 

(653

)

 

 

(653

)

Advances from (to) affiliates

 

 

324

 

(324

)

 

 

Issuance of shares for employee benefit plans

 

 

162

 

 

 

162

 

Issuance of debt

 

 

1,090

 

379

 

 

1,469

 

Repayment of debt

 

 

(1,115

)

(389

)

 

(1,504

)

Cash dividends to shareholders

 

 

(100

)

 

 

(100

)

Purchase of shares from noncontrolling interests

 

 

 

 

 

 

Dividends paid to noncontrolling interests

 

 

 

(6

)

 

(6

)

CASH USED FOR FINANCING ACTIVITIES

 

 

(292

)

(340

)

 

(632

)

 

 

 

 

 

 

 

 

 

 

 

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

 

 

(13

)

 

(13

)

NET DECREASE IN CASH AND CASH EQUIVALENTS

 

 

(19

)

(27

)

 

(46

)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

 

 

14

 

332

 

 

346

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

 

$

(5

)

$

305

 

$

 

$

300