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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 1,093 $ 1,079
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation of fixed assets 44 38
Amortization and impairment of intangible assets 16 25
Share-based compensation expense 130 127
Deferred income taxes (76) (70)
Other, net (82) 0
Change in assets and liabilities:    
Receivables, net (826) (664)
Accounts payable and accrued liabilities (343) (443)
Accelerating Aon United Program liabilities 34 0
Current income taxes 163 126
Pension, other postretirement and postemployment liabilities (12) (9)
Other assets and liabilities 168 234
Cash provided by operating activities 309 443
Cash flows from investing activities    
Proceeds from investments 118 13
Purchases of investments (56) (11)
Net sales (purchases) of short-term investments - non fiduciary (5,046) 280
Acquisition of businesses, net of cash and funds held on behalf of clients (4) (2)
Sale of businesses, net of cash and funds held on behalf of clients 75 1
Capital expenditures (48) (76)
Cash provided by (used for) investing activities (4,961) 205
Cash flows from financing activities    
Share repurchase (250) (550)
Proceeds from issuance of shares 25 25
Cash paid for employee taxes on withholding shares (130) (157)
Commercial paper issuances, net of repayments (591) (173)
Issuance of debt 5,942 744
Increase in fiduciary liabilities, net of fiduciary receivables 394 636
Cash dividends to shareholders (123) (115)
Noncontrolling interests and other financing activities (6) (6)
Cash provided by financing activities 5,261 404
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients (146) 58
Net increase in cash and cash equivalents and funds held on behalf of clients 463 1,110
Cash, cash equivalents and funds held on behalf of clients at beginning of period 7,722 7,076
Cash, cash equivalents and funds held on behalf of clients at end of period 8,185 8,186
Reconciliation of cash and cash equivalents and funds held on behalf of clients:    
Cash and cash equivalents 995 1,119
Cash and cash equivalents and funds held on behalf of clients classified as held for sale 73 0
Funds held on behalf of clients 7,117 7,067
Total cash and cash equivalents and funds held on behalf of clients 8,185 8,186
Supplemental disclosures:    
Interest paid 95 79
Income taxes paid, net of refunds $ 244 $ 206