Guarantee of Registered Securities | 3 Months Ended |
Mar. 31, 2015 |
Guarantee of Registered Securities [Abstract] | |
Guarantee of Registered Securities | Guarantee of Registered Securities |
|
As described in Note 14, in connection with the Redomestication, Aon plc entered into various agreements pursuant to which it agreed to guarantee the obligations of Aon Corporation arising under issued and outstanding debt securities. Aon Corporation is a 100% indirectly owned subsidiary of Aon plc. The debt securities that are subject to Rule 3-10 of Regulation S-X are the 3.50% Notes due September 2015, the 3.125% Notes due May 2016, the 5.00% Notes due September 2020, the 8.205% Notes due January 2027 and the 6.25% Notes due September 2040. All guarantees of Aon plc are full and unconditional. There are no other subsidiaries of Aon plc that are guarantors of the debt. |
|
Aon Corporation entered into an agreement pursuant to which it agreed to guarantee the obligations of Aon plc arising under the 4.250% Notes due 2042 exchanged for Aon Corporation's outstanding 8.205% Notes due January 2027. Those Notes are subject to Rule 3-10 of Regulation S-X. Aon Corporation also agreed to guarantee the obligations of Aon plc arising under the 4.45% Notes due 2043, the 4.00% Notes due November 2023, the 2.875% Notes due May 2026, the 3.50% Notes due June 2024, and the 4.60% Notes due June 2044. In each case, the guarantee of Aon Corporation is full and unconditional. There are no subsidiaries of Aon plc, other than Aon Corporation, that are guarantors of the 4.250% Notes due 2042, the 4.45% Notes due 2043, the 4.00% Notes due 2023, the 2.875% Notes due 2026, the 3.50% Notes due 2024 or the 4.60% Notes due 2044. |
|
The following tables set forth condensed consolidating statements of income for the three months ended March 31, 2015 and 2014, condensed consolidating statements of comprehensive income for the three months ended March 31, 2015 and 2014, condensed consolidating statements of financial position as of March 31, 2015 and December 31, 2014, and condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014 in accordance with Rule 3-10 of Regulation S-X. The condensed consolidating financial information includes the accounts of Aon plc, the accounts of Aon Corporation, and the combined accounts of the non-guarantor subsidiaries. The condensed consolidating financial statements are presented in all periods as a merger under common control, with Aon plc presented as the parent company in all periods prior and subsequent to the Redomestication. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions. |
|
In January 2015, Aon plc transferred its ownership of all of its directly held subsidiaries to Aon Global Holdings Limited, an intermediate holding company. The financial results of Aon Global Holdings Limited are included in the Other Non-Guarantor Subsidiaries column of the Condensed Consolidating Financial Statements. The Company has reflected the transfer of Aon Corporation from Aon plc to Aon Global Holdings Limited below for all periods presented. |
|
Certain amounts in prior year's condensed consolidating statements of income have been reclassified and adjusted to conform to the 2015 presentation. In prior periods, other income (expense) from intercompany transactions were recognized in Compensation and benefits and Other general expenses. These amounts are now included in Intercompany other income (expense) in the Condensed Consolidating Statements of Income. The Company believes this provides greater clarity into the income generated from operations and intercompany transactions. |
|
Condensed Consolidating Statement of Income |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three months ended March 31, 2015 |
| | | | | | Other | | | | |
| | Aon | | Aon | | Non-Guarantor | | Consolidating | | |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
Revenue | | | | | | | | | | |
Commissions, fees and other | | $ | — | | | $ | — | | | $ | 2,842 | | | $ | — | | | $ | 2,842 | |
|
Fiduciary investment income | | — | | | — | | | 5 | | | — | | | 5 | |
|
Total revenue | | — | | | — | | | 2,847 | | | — | | | 2,847 | |
|
Expenses | | | | | | | | | | |
Compensation and benefits | | 52 | | | 11 | | | 1,620 | | | — | | | 1,683 | |
|
Other general expenses | | 13 | | | 2 | | | 708 | | | — | | | 723 | |
|
Total operating expenses | | 65 | | | 13 | | | 2,328 | | | — | | | 2,406 | |
|
Operating (loss) income | | (65 | ) | | (13 | ) | | 519 | | | — | | | 441 | |
|
Interest income | | (5 | ) | | 3 | | | 5 | | | — | | | 3 | |
|
Interest expense | | (25 | ) | | (34 | ) | | (6 | ) | | — | | | (65 | ) |
|
Intercompany interest income (expense) | | 119 | | | (105 | ) | | (14 | ) | | — | | | — | |
|
Intercompany other (expense) income | | (50 | ) | | (8 | ) | | 58 | | | — | | | — | |
|
Other income | | 2 | | | 8 | | | 32 | | | — | | | 42 | |
|
(Loss) income before taxes | | (24 | ) | | (149 | ) | | 594 | | | — | | | 421 | |
|
Income tax (benefit) expense | | (5 | ) | | (50 | ) | | 135 | | | — | | | 80 | |
|
(Loss) income before equity in earnings of subsidiaries | | (19 | ) | | (99 | ) | | 459 | | | — | | | 341 | |
|
Equity in earnings of subsidiaries, net of tax | | 347 | | | 403 | | | 304 | | | (1,054 | ) | | — | |
|
Net income | | 328 | | | 304 | | | 763 | | | (1,054 | ) | | 341 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | 13 | | | — | | | 13 | |
|
Net income attributable to Aon shareholders | | $ | 328 | | | $ | 304 | | | $ | 750 | | | $ | (1,054 | ) | | $ | 328 | |
|
|
|
Condensed Consolidating Statement of Income |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three months ended March 31, 2014 |
| | | | | | Other | | | | |
| | Aon | | Aon | | Non-Guarantor | | Consolidating | | |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
Revenue | | | | | | | | | | |
Commissions, fees and other | | $ | 1 | | | $ | — | | | $ | 2,940 | | | $ | — | | | $ | 2,941 | |
|
Fiduciary investment income | | — | | | — | | | 6 | | | — | | | 6 | |
|
Total revenue | | 1 | | | — | | | 2,946 | | | — | | | 2,947 | |
|
Expenses | | | | | | | | | | |
Compensation and benefits | | 66 | | | 7 | | | 1,678 | | | — | | | 1,751 | |
|
Other general expenses | | 4 | | | 3 | | | 720 | | | — | | | 727 | |
|
Total operating expenses | | 70 | | | 10 | | | 2,398 | | | — | | | 2,478 | |
|
Operating (loss) income | | (69 | ) | | (10 | ) | | 548 | | | — | | | 469 | |
|
Interest income | | (2 | ) | | — | | | 4 | | | — | | | 2 | |
|
Interest expense | | (9 | ) | | (31 | ) | | (18 | ) | | — | | | (58 | ) |
|
Intercompany interest income (expense) | | 111 | | | (74 | ) | | (37 | ) | | — | | | — | |
|
Intercompany other (expense) income | | (19 | ) | | (15 | ) | | 34 | | | — | | | — | |
|
Other income | | — | | | — | | | 1 | | | — | | | 1 | |
|
Income (loss) before taxes | | 12 | | | (130 | ) | | 532 | | | — | | | 414 | |
|
Income tax expense (benefit) | | 3 | | | (50 | ) | | 125 | | | — | | | 78 | |
|
Income (loss) before equity in earnings of subsidiaries | | 9 | | | (80 | ) | | 407 | | | — | | | 336 | |
|
Equity in earnings of subsidiaries, net of tax | | 316 | | | 333 | | | 253 | | | (902 | ) | | — | |
|
Net income | | 325 | | | 253 | | | 660 | | | (902 | ) | | 336 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | 11 | | | — | | | 11 | |
|
Net income attributable to Aon shareholders | | $ | 325 | | | $ | 253 | | | $ | 649 | | | $ | (902 | ) | | $ | 325 | |
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three months ended March 31, 2015 |
| | | | | | Other | | | | |
| | Aon | | Aon | | Non-Guarantor | | Consolidating | | |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
Net income | | $ | 328 | | | $ | 304 | | | $ | 763 | | | $ | (1,054 | ) | | $ | 341 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | 13 | | | — | | | 13 | |
|
Net income attributable to Aon shareholders | | $ | 328 | | | $ | 304 | | | $ | 750 | | | $ | (1,054 | ) | | $ | 328 | |
|
Other comprehensive (loss) income, net of tax: | | | | | | | | | | |
Change in fair value of investments | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Change in fair value of derivatives | | — | | | (1 | ) | | 7 | | | — | | | 6 | |
|
Foreign currency translation adjustments | | — | | | (23 | ) | | (299 | ) | | — | | | (322 | ) |
|
Post-retirement benefit obligation | | — | | | 8 | | | 15 | | | — | | | 23 | |
|
Total other comprehensive loss | | — | | | (16 | ) | | (278 | ) | | — | | | (294 | ) |
|
Equity in other comprehensive loss of subsidiaries, net of tax | | (293 | ) | | (267 | ) | | (283 | ) | | 843 | | | — | |
|
Less: Other comprehensive income attributable to noncontrolling interests | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Total other comprehensive loss attributable to Aon shareholders | | (293 | ) | | (283 | ) | | (560 | ) | | 843 | | | (293 | ) |
|
Comprehensive income attributable to Aon shareholders | | $ | 35 | | | $ | 21 | | | $ | 190 | | | $ | (211 | ) | | $ | 35 | |
|
|
|
Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three months ended March 31, 2014 |
| | | | | | Other | | | | |
| | Aon | | Aon | | Non-Guarantor | | Consolidating | | |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
Net income | | $ | 325 | | | $ | 253 | | | $ | 660 | | | $ | (902 | ) | | $ | 336 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | 11 | | | — | | | 11 | |
|
Net income attributable to Aon shareholders | | $ | 325 | | | $ | 253 | | | $ | 649 | | | $ | (902 | ) | | $ | 325 | |
|
Other comprehensive income (loss), net of tax: | | | | | | | | | | |
Change in fair value of investments | | — | | | — | | | 1 | | | — | | | 1 | |
|
Change in fair value of derivatives | | — | | | 1 | | | 8 | | | — | | | 9 | |
|
Foreign currency translation adjustments | | — | | | (17 | ) | | 33 | | | — | | | 16 | |
|
Post-retirement benefit obligation | | — | | | 6 | | | 20 | | | — | | | 26 | |
|
Total other comprehensive (loss) income | | — | | | (10 | ) | | 62 | | | — | | | 52 | |
|
Equity in other comprehensive income of subsidiaries, net of tax | | 54 | | | 69 | | | 59 | | | (182 | ) | | — | |
|
Less: Other comprehensive income attributable to noncontrolling interests | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Total other comprehensive income attributable to Aon shareholders | | 54 | | | 59 | | | 123 | | | (182 | ) | | 54 | |
|
Comprehensive income attributable to Aon Shareholders | | $ | 379 | | | $ | 312 | | | $ | 772 | | | $ | (1,084 | ) | | $ | 379 | |
|
|
|
|
Condensed Consolidating Statement of Financial Position |
|
| | | | | | | | | | | | | | | | | | | | |
| | As of March 31, 2015 |
| | | | | | Other | | | | |
| | Aon | | Aon | | Non-Guarantor | | Consolidating | | |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
ASSETS | | | | | | | | | | | | | | | |
|
| | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 2,230 | | | $ | 650 | | | $ | (2,502 | ) | | $ | 378 | |
|
Short-term investments | | — | | | 166 | | | 177 | | | — | | | 343 | |
|
Receivables, net | | — | | | — | | | 2,672 | | | — | | | 2,672 | |
|
Fiduciary assets | | — | | | — | | | 10,894 | | | — | | | 10,894 | |
|
Intercompany receivables | | 125 | | | 3,581 | | | 9,681 | | | (13,387 | ) | | — | |
|
Other current assets | | 2 | | | 207 | | | 536 | | | (33 | ) | | 712 | |
|
Total Current Assets | | 127 | | | 6,184 | | | 24,610 | | | (15,922 | ) | | 14,999 | |
|
Goodwill | | — | | | — | | | 8,548 | | | — | | | 8,548 | |
|
Intangible assets, net | | — | | | — | | | 2,410 | | | — | | | 2,410 | |
|
Fixed assets, net | | — | | | — | | | 754 | | | — | | | 754 | |
|
Intercompany receivables | | 7,374 | | | 577 | | | 121 | | | (8,072 | ) | | — | |
|
Other non-current assets | | 181 | | | 701 | | | 1,589 | | | (793 | ) | | 1,678 | |
|
Investment in subsidiary | | 4,121 | | | 15,391 | | | 1,868 | | | (21,380 | ) | | — | |
|
TOTAL ASSETS | | $ | 11,803 | | | $ | 22,853 | | | $ | 39,900 | | | $ | (46,167 | ) | | $ | 28,389 | |
|
| | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
|
| | | | | | | | | | |
Fiduciary liabilities | | $ | — | | | $ | — | | | $ | 10,894 | | | $ | — | | | $ | 10,894 | |
|
Short-term debt and current portion of long-term debt | | 109 | | | 846 | | | 11 | | | — | | | 966 | |
|
Accounts payable and accrued liabilities | | 2,597 | | | 31 | | | 1,265 | | | (2,502 | ) | | 1,391 | |
|
Intercompany payables | | 246 | | | 9,382 | | | 3,759 | | | (13,387 | ) | | — | |
|
Other current liabilities | | — | | | 49 | | | 849 | | | (33 | ) | | 865 | |
|
Total Current Liabilities | | 2,952 | | | 10,308 | | | 16,778 | | | (15,922 | ) | | 14,116 | |
|
Long-term debt | | 2,480 | | | 1,917 | | | 313 | | | — | | | 4,710 | |
|
Pension, other post-retirement and other post-employment liabilities | | — | | | 1,366 | | | 635 | | | — | | | 2,001 | |
|
Intercompany payables | | — | | | 7,287 | | | 785 | | | (8,072 | ) | | — | |
|
Other non-current liabilities | | 6 | | | 107 | | | 1,811 | | | (793 | ) | | 1,131 | |
|
TOTAL LIABILITIES | | 5,438 | | | 20,985 | | | 20,322 | | | (24,787 | ) | | 21,958 | |
|
| | | | | | | | | | |
TOTAL AON SHAREHOLDERS' EQUITY | | 6,365 | | | 1,868 | | | 19,512 | | | (21,380 | ) | | 6,365 | |
|
Noncontrolling interests | | — | | | — | | | 66 | | | — | | | 66 | |
|
TOTAL EQUITY | | 6,365 | | | 1,868 | | | 19,578 | | | (21,380 | ) | | 6,431 | |
|
| | | | | | | | | | |
TOTAL LIABILITIES AND EQUITY | | $ | 11,803 | | | $ | 22,853 | | | $ | 39,900 | | | $ | (46,167 | ) | | $ | 28,389 | |
|
|
Condensed Consolidating Statement of Financial Position |
|
| | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2014 |
| | | | | | Other | | | | |
| | Aon | | Aon | | Non-Guarantor | | Consolidating | | |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
ASSETS | | | | | | | | | | | | | | | |
|
| | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 2,727 | | | $ | 1,361 | | | $ | (3,714 | ) | | $ | 374 | |
|
Short-term investments | | — | | | 165 | | | 229 | | | — | | | 394 | |
|
Receivables, net | | — | | | — | | | 2,815 | | | — | | | 2,815 | |
|
Fiduciary assets | | — | | | — | | | 11,638 | | | — | | | 11,638 | |
|
Intercompany receivables | | 455 | | | 2,814 | | | 9,156 | | | (12,425 | ) | | — | |
|
Other current assets | | 2 | | | 226 | | | 407 | | | (33 | ) | | 602 | |
|
Total Current Assets | | 457 | | | 5,932 | | | 25,606 | | | (16,172 | ) | | 15,823 | |
|
Goodwill | | — | | | — | | | 8,860 | | | — | | | 8,860 | |
|
Intangible assets, net | | — | | | — | | | 2,520 | | | — | | | 2,520 | |
|
Fixed assets, net | | — | | | — | | | 765 | | | — | | | 765 | |
|
Intercompany receivables | | 7,399 | | | 600 | | | 111 | | | (8,110 | ) | | — | |
|
Other non-current assets | | 179 | | | 697 | | | 1,718 | | | (790 | ) | | 1,804 | |
|
Investment in subsidiary | | 4,962 | | | 15,200 | | | 1,880 | | | (22,042 | ) | | — | |
|
TOTAL ASSETS | | $ | 12,997 | | | $ | 22,429 | | | $ | 41,460 | | | $ | (47,114 | ) | | $ | 29,772 | |
|
| | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
|
| | | | | | | | | | |
Fiduciary liabilities | | $ | — | | | $ | — | | | $ | 11,638 | | | $ | — | | | $ | 11,638 | |
|
Short-term debt and current portion of long-term debt | | — | | | 767 | | | 16 | | | — | | | 783 | |
|
Accounts payable and accrued liabilities | | 3,755 | | | 58 | | | 1,706 | | | (3,714 | ) | | 1,805 | |
|
Intercompany payables | | 122 | | | 8,960 | | | 3,343 | | | (12,425 | ) | | — | |
|
Other current liabilities | | — | | | 49 | | | 772 | | | (33 | ) | | 788 | |
|
Total Current Liabilities | | 3,877 | | | 9,834 | | | 17,475 | | | (16,172 | ) | | 15,014 | |
|
Long-term debt | | 2,544 | | | 1,917 | | | 338 | | | — | | | 4,799 | |
|
Pension, other post-retirement and other post-employment liabilities | | — | | | 1,396 | | | 745 | | | — | | | 2,141 | |
|
Intercompany payables | | — | | | 7,277 | | | 833 | | | (8,110 | ) | | — | |
|
Other non-current liabilities | | 5 | | | 125 | | | 1,847 | | | (790 | ) | | 1,187 | |
|
TOTAL LIABILITIES | | 6,426 | | | 20,549 | | | 21,238 | | | (25,072 | ) | | 23,141 | |
|
| | | | | | | | | | |
TOTAL AON SHAREHOLDERS' EQUITY | | 6,571 | | | 1,880 | | | 20,162 | | | (22,042 | ) | | 6,571 | |
|
Noncontrolling interests | | — | | | — | | | 60 | | | — | | | 60 | |
|
TOTAL EQUITY | | 6,571 | | | 1,880 | | | 20,222 | | | (22,042 | ) | | 6,631 | |
|
| | | | | | | | | | |
TOTAL LIABILITIES AND EQUITY | | $ | 12,997 | | | $ | 22,429 | | | $ | 41,460 | | | $ | (47,114 | ) | | $ | 29,772 | |
|
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three months ended March 31, 2015 |
| | Aon | | Aon | | Other | | Consolidating | | |
Non-Guarantor |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | |
|
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | | $ | 2 | | | $ | (188 | ) | | $ | 322 | | | $ | — | | | $ | 136 | |
|
| | | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | |
Sales of long-term investments | | — | | | — | | | 3 | | | — | | | 3 | |
|
Purchase of long-term investments | | — | | | (1 | ) | | — | | | — | | | (1 | ) |
|
Net sales of short-term investments - non-fiduciary | | — | | | (1 | ) | | 43 | | | — | | | 42 | |
|
Acquisition of businesses, net of cash acquired | | — | | | — | | | (21 | ) | | — | | | (21 | ) |
|
Proceeds from sale of businesses | | — | | | — | | | 41 | | | — | | | 41 | |
|
Capital expenditures | | — | | | — | | | (62 | ) | | — | | | (62 | ) |
|
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | | — | | | (2 | ) | | 4 | | | — | | | 2 | |
|
| | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | |
Share repurchase | | (250 | ) | | — | | | — | | | — | | | (250 | ) |
|
Advances from (to) affiliates | | 157 | | | (385 | ) | | (984 | ) | | 1,212 | | | — | |
|
Issuance of shares for employee benefit plans | | 48 | | | — | | | — | | | — | | | 48 | |
|
Issuance of debt | | 114 | | | 756 | | | — | | | — | | | 870 | |
|
Repayment of debt | | — | | | (678 | ) | | (8 | ) | | — | | | (686 | ) |
|
Cash dividends to shareholders | | (71 | ) | | — | | | — | | | — | | | (71 | ) |
|
Purchase of shares from noncontrolling interests | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Dividends paid to noncontrolling interests | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Proceeds from sale-leaseback | | — | | | — | | | — | | | — | | | — | |
|
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | | (2 | ) | | (307 | ) | | (998 | ) | | 1,212 | | | (95 | ) |
|
| | | | | | | | | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | — | | | — | | | (39 | ) | | — | | | (39 | ) |
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | | — | | | (497 | ) | | (711 | ) | | 1,212 | | | 4 | |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | | — | | | 2,727 | | | 1,361 | | | (3,714 | ) | | 374 | |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | — | | | $ | 2,230 | | | $ | 650 | | | $ | (2,502 | ) | | $ | 378 | |
|
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three months ended March 31, 2014 |
| | | | | | Other | | | | |
| | Aon | | Aon | | Non-Guarantor | | Consolidating | | |
(millions) | | plc | | Corporation | | Subsidiaries | | Adjustments | | Consolidated |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | |
|
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | | $ | 89 | | | $ | (123 | ) | | $ | 23 | | | $ | — | | | $ | (11 | ) |
|
| | | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | |
Sales of long-term investments | | — | | | 37 | | | 5 | | | — | | | 42 | |
|
Purchase of long-term investments | | — | | | (10 | ) | | — | | | — | | | (10 | ) |
|
Net sales of short-term investments - non-fiduciary | | — | | | 62 | | | 121 | | | — | | | 183 | |
|
Acquisition of businesses, net of cash acquired | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Proceeds from sale of businesses | | — | | | — | | | 1 | | | — | | | 1 | |
|
Capital expenditures | | — | | | — | | | (55 | ) | | — | | | (55 | ) |
|
CASH PROVIDED BY INVESTING ACTIVITIES | | — | | | 89 | | | 67 | | | — | | | 156 | |
|
| | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | |
Share repurchase | | (600 | ) | | — | | | — | | | — | | | (600 | ) |
|
Advances from (to) affiliates | | 313 | | | (206 | ) | | 65 | | | (172 | ) | | — | |
|
Issuance of shares for employee benefit plans | | 26 | | | — | | | — | | | — | | | 26 | |
|
Issuance of debt | | 293 | | | 902 | | | — | | | — | | | 1,195 | |
|
Repayment of debt | | (68 | ) | | (755 | ) | | (6 | ) | | — | | | (829 | ) |
|
Cash dividends to shareholders | | (53 | ) | | — | | | — | | | — | | | (53 | ) |
|
Purchase of shares from noncontrolling interests | | — | | | — | | | 1 | | | — | | | 1 | |
|
CASH (USED FOR) PROVIDED BY | | (89 | ) | | (59 | ) | | 60 | | | (172 | ) | | (260 | ) |
FINANCING ACTIVITIES |
| | | | | | | | | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | — | | | — | | | (24 | ) | | — | | | (24 | ) |
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | | — | | | (93 | ) | | 126 | | | (172 | ) | | (139 | ) |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | | — | | | 247 | | | 1,246 | | | (1,016 | ) | | 477 | |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | — | | | $ | 154 | | | $ | 1,372 | | | $ | (1,188 | ) | | $ | 338 | |
|
| | | | | | | | | | | | | | | | | | | | | |