(Mark One) | |||||||||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||
FOR THE FISCAL YEAR ENDED | DECEMBER 31, 2020 | ||||||||||
OR | |||||||||||
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
IRELAND | 98-1539969 | |||||||||||||||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||||||||||||||
incorporation or organization) | Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||||||||
Class A Ordinary Shares, $0.01 nominal value | AON | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Title of each class | Trading Symbol(s) |
Name of each exchange
on which registered |
||||||||||||
Class A Ordinary Shares, $0.01 nominal value | AON | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 4.00% Senior Notes due 2023 | AON23 | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 3.50% Senior Notes due 2024 | AON24 | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 3.875% Senior Notes due 2025 | AON25 | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 2.875% Senior Notes due 2026 | AON26 | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 4.25% Senior Notes due 2042 | AON42 | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 4.45% Senior Notes due 2043 | AON43 | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 4.60% Senior Notes due 2044 | AON44 | New York Stock Exchange | ||||||||||||
Guarantees of Aon plc’s 4.75% Senior Notes due 2045 | AON45 | New York Stock Exchange |
Aon plc Consolidated Statements of Shareholders' Equity
|
|||||
Property: |
Occupied
Square Footage |
Lease
Expiration Dates |
|||||||||
200 E. Randolph Street, Chicago, Illinois | 391,000 | 2028 | |||||||||
4 Overlook Point, Lincolnshire, Illinois | 242,000 | 2024 | |||||||||
165 Broadway, New York, New York | 237,000 | 2028 | |||||||||
122 Leadenhall Street, London, England | 195,000 | 2034 |
Name | Age | Position | ||||||||||||
Eric Andersen | 56 |
President. Mr. Andersen joined Aon in 1997 upon the completion of the acquisition of Minet. Mr. Andersen has served in a variety of roles during his more than 20 year career at Aon, including as Chief Executive Officer of Aon Risk Solutions Americas from 2011 to 2013, and Chief Executive Officer of Aon Benfield from September 2013 to May 2018. He was named an Executive Officer in February 2017.
|
||||||||||||
Gregory C. Case | 58 | Chief Executive Officer. Mr. Case became Chief Executive Officer of Aon in April 2005. He also served as Aon’s President from April 2005 to May 2018. Prior to joining Aon, Mr. Case was a partner with McKinsey & Company, a global management consulting firm, for 17 years, most recently serving as head of the Financial Services Practice. He previously was responsible for McKinsey’s Global Insurance Practice and was a member of McKinsey’s governing Shareholders’ Committee. Prior to joining McKinsey, Mr. Case worked for the investment banking firm of Piper, Jaffray and Hopwood and the Federal Reserve Bank of Kansas City. | ||||||||||||
Christa Davies | 49 | Chief Financial Officer. Ms. Davies became Executive Vice President - Global Finance in November 2007. In March 2008, Ms. Davies assumed the additional role of Chief Financial Officer. Prior to joining Aon, Ms. Davies served for 5 years in various capacities at Microsoft Corporation, an international software company, most recently serving as Chief Financial Officer of the Platform and Services Division. Before joining Microsoft in 2002, Ms. Davies served at ninemsn, an Australian joint venture with Microsoft. | ||||||||||||
Anthony Goland | 61 | Chief Innovation Officer. Mr. Goland joined Aon in September 2015 as Chief Human Resources Officer and served in that position through October 2018. Prior to joining Aon, Mr. Goland spent 30 years at McKinsey & Company, where he was a leader of the firm’s financial services, financial inclusion, and organization practices. Prior to McKinsey, he had experience with J.P. Morgan and IBM, and before that he volunteered and served as a Sergeant in the U.S. Army. | ||||||||||||
Michael Neller | 42 | Chief Accounting Officer and Global Controller. Mr. Neller joined Aon in August 2011 as its Vice President, Technical Accounting and Policy. From December 2011 to February 2018, Mr. Neller served as Aon’s Deputy Global Controller. In this role, he was responsible for Aon’s Latin America and North America regions, as well as global accounting policy, corporate accounting, and external reporting. Before joining Aon, Mr. Neller served from July 2009 to August 2011 as a Senior Manager of KPMG LLP, an international public accounting firm, in its Department of Professional Practice (National Office). He was named Senior Vice President and Global Controller in February 2018. | ||||||||||||
Lisa Stevens | 50 | Chief People Officer. Ms. Stevens joined Aon in December 2018 as Global Executive Vice President and was named as Chief People Officer in October 2019. Prior to joining Aon, Ms. Stevens held a variety of roles during her 29-year career at Wells Fargo, most recently as Executive Vice President where she led the Western Region for the Community Bank. | ||||||||||||
Andy Weitz | 44 | Global Chief Marketing Officer. Mr. Weitz joined Aon in 2014 as Senior Vice President for Global Marketing and Communications. Before joining Aon, Mr. Weitz was President and CEO of the U.S. region for Hill + Knowlton Strategies, a global strategic communications consultancy. Prior to Hill + Knowlton, Mr. Weitz worked at Marsh, Inc., a global insurance brokerage, and served in various roles at Trilogy, Inc. a software company. | ||||||||||||
Darren Zeidel | 49 | General Counsel and Company Secretary. Mr. Zeidel was named General Counsel and Company Secretary in July 2019. Prior to this Mr. Zeidel held several leadership roles with Aon, including as Deputy General Counsel immediately prior to his appointment; Global Chief Counsel - Corporate, Retirement & Investment and Health Exchanges from 2017 to 2019; and Global Chief Counsel of Aon Hewitt upon joining Aon in 2012 to 2017. Before this Mr. Zeidel worked for Honeywell, where he held business segment general counsel roles in the aerospace strategic business unit and at Honeywell UOP LLC. Mr. Zeidel began his career as an Associate in the Mergers and Acquisitions group in the New York office of Skadden, Arps, Slate, Meagher & Flom, LLP. |
Period | Total Number of Shares Purchased |
Average Price Paid per Share (1)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) (2)
|
||||||||||||||||||||||
10/1/20 – 10/31/20 | 704,343 | $ | 205.51 | 704,343 | $ | 918,034,066 | ||||||||||||||||||||
11/1/20 – 11/30/20 | 1,047,119 | $ | 199.55 | 1,047,119 | $ | 5,709,085,686 | ||||||||||||||||||||
12/1/20 – 12/31/20 | 2,142,958 | $ | 208.25 | 2,142,958 | $ | 5,262,824,022 | ||||||||||||||||||||
3,894,420 | $ | 205.41 | 3,894,420 | $ | 5,262,824,022 |
Years ended December 31 | ||||||||||||||||||||
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Revenue | ||||||||||||||||||||
Total revenue | $ | 11,066 | $ | 11,013 | $ | 10,770 | ||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | 5,905 | 6,054 | 6,103 | |||||||||||||||||
Information technology | 444 | 494 | 484 | |||||||||||||||||
Premises | 291 | 339 | 370 | |||||||||||||||||
Depreciation of fixed assets | 167 | 172 | 176 | |||||||||||||||||
Amortization and impairment of intangible assets | 246 | 392 | 593 | |||||||||||||||||
Other general expense | 1,232 | 1,393 | 1,500 | |||||||||||||||||
Total operating expenses | 8,285 | 8,844 | 9,226 | |||||||||||||||||
Operating income | 2,781 | 2,169 | 1,544 | |||||||||||||||||
Interest income | 6 | 8 | 5 | |||||||||||||||||
Interest expense | (334) | (307) | (278) | |||||||||||||||||
Other income (expense) | 12 | 1 | (25) | |||||||||||||||||
Income from continuing operations before income taxes | 2,465 | 1,871 | 1,246 | |||||||||||||||||
Income tax expense | 448 | 297 | 146 | |||||||||||||||||
Net income from continuing operations | 2,017 | 1,574 | 1,100 | |||||||||||||||||
Net income (loss) from discontinued operations | 1 | (1) | 74 | |||||||||||||||||
Net income | 2,018 | 1,573 | 1,174 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 49 | 41 | 40 | |||||||||||||||||
Net income attributable to Aon shareholders | $ | 1,969 | $ | 1,532 | $ | 1,134 | ||||||||||||||
Diluted net income per share attributable to Aon shareholders | ||||||||||||||||||||
Continuing operations | $ | 8.45 | $ | 6.37 | $ | 4.29 | ||||||||||||||
Discontinued operations | — | — | 0.30 | |||||||||||||||||
Net income | $ | 8.45 | $ | 6.37 | $ | 4.59 | ||||||||||||||
Weighted average ordinary shares outstanding - diluted | 233.1 | 240.6 | 247.0 |
Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec 31, 2020 | Dec 31, 2019 | % Change |
Less: Currency Impact(1)
|
Less: Fiduciary Investment Income(2)
|
Less: Acquisitions, Divestitures & Other |
Organic Revenue Growth (Decline)(3)
|
||||||||||||||||||||||||||||||||||||||
Commercial Risk Solutions | $ | 4,690 | $ | 4,673 | — | % | — | % | — | % | (3) | % | 3 | % | ||||||||||||||||||||||||||||||
Reinsurance Solutions | 1,814 | 1,686 | 8 | — | (1) | (1) | 10 | |||||||||||||||||||||||||||||||||||||
Retirement Solutions | 1,753 | 1,817 | (4) | — | — | (2) | (2) | |||||||||||||||||||||||||||||||||||||
Health Solutions | 1,655 | 1,667 | (1) | (2) | — | 2 | (1) | |||||||||||||||||||||||||||||||||||||
Data & Analytic Services | 1,171 | 1,184 | (1) | — | — | 4 | (5) | |||||||||||||||||||||||||||||||||||||
Elimination | (17) | (14) | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Total revenue | $ | 11,066 | $ | 11,013 | — | % | — | % | — | % | (1) | % | 1 | % |
Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec 31, 2019 | Dec 31, 2018 | % Change |
Less: Currency Impact(1)
|
Less: Fiduciary Investment Income(2)
|
Less: Acquisitions, Divestitures & Other |
Organic Revenue Growth (Decline)(3)
|
||||||||||||||||||||||||||||||||||||||
Commercial Risk Solutions | $ | 4,673 | $ | 4,652 | — | % | (3) | % | — | % | (4) | % | 7 | % | ||||||||||||||||||||||||||||||
Reinsurance Solutions | 1,686 | 1,563 | 8 | (2) | 1 | (1) | 10 | |||||||||||||||||||||||||||||||||||||
Retirement Solutions | 1,817 | 1,865 | (3) | (2) | — | (3) | 2 | |||||||||||||||||||||||||||||||||||||
Health Solutions | 1,667 | 1,596 | 4 | (3) | — | 2 | 5 | |||||||||||||||||||||||||||||||||||||
Data & Analytic Services | 1,184 | 1,105 | 7 | (3) | — | 6 | 4 | |||||||||||||||||||||||||||||||||||||
Elimination | (14) | (11) | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||||||
Total revenue | $ | 11,013 | $ | 10,770 | 2 | % | (3) | % | — | % | (1) | % | 6 | % |
Years ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Revenue from continuing operations | $ | 11,066 | $ | 11,013 | $ | 10,770 | ||||||||||||||
Operating income from continuing operations | $ | 2,781 | $ | 2,169 | $ | 1,544 | ||||||||||||||
Restructuring | — | 451 | 485 | |||||||||||||||||
Amortization and impairment of intangible assets (1)
|
246 | 392 | 593 | |||||||||||||||||
Legacy litigation (2)
|
— | 13 | 75 | |||||||||||||||||
Transaction costs (3)
|
123 | — | — | |||||||||||||||||
Operating income from continuing operations - as adjusted | $ | 3,150 | $ | 3,025 | $ | 2,697 | ||||||||||||||
Operating margin from continuing operations | 25.1 | % | 19.7 | % | 14.3 | % | ||||||||||||||
Operating margin from continuing operations - as adjusted | 28.5 | % | 27.5 | % | 25.0 | % |
Year Ended December 31, 2020 | ||||||||||||||||||||
(millions, except per share data) | U.S. GAAP | Adjustments | Non-GAAP Adjusted | |||||||||||||||||
Operating income from continuing operations | $ | 2,781 | $ | 369 | $ | 3,150 | ||||||||||||||
Interest income | 6 | — | 6 | |||||||||||||||||
Interest expense | (334) | — | (334) | |||||||||||||||||
Other income (expense) (1)
|
12 | — | 12 | |||||||||||||||||
Income before income taxes from continuing operations | 2,465 | 369 | 2,834 | |||||||||||||||||
Income tax expense (2)
|
448 | 51 | 499 | |||||||||||||||||
Net income from continuing operations | 2,017 | 318 | 2,335 | |||||||||||||||||
Net income (loss) from discontinued operations (3)
|
1 | — | 1 | |||||||||||||||||
Net income | 2,018 | 318 | 2,336 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 49 | — | 49 | |||||||||||||||||
Net income attributable to Aon shareholders | $ | 1,969 | $ | 318 | $ | 2,287 | ||||||||||||||
Diluted net income per share attributable to Aon shareholders | ||||||||||||||||||||
Continuing operations | $ | 8.45 | $ | 1.36 | $ | 9.81 | ||||||||||||||
Discontinued operations | — | — | — | |||||||||||||||||
Net income | $ | 8.45 | $ | 1.36 | $ | 9.81 | ||||||||||||||
Weighted average ordinary shares outstanding — diluted | 233.1 | — | 233.1 | |||||||||||||||||
Effective tax rates (2)
|
||||||||||||||||||||
Continuing operations | 18.2 | % | 17.6 | % | ||||||||||||||||
Discontinued operations | 24.1 | % | 24.1 | % |
Year Ended December 31, 2019 | ||||||||||||||||||||
(millions, except per share data) | U.S. GAAP | Adjustments | Non-GAAP Adjusted | |||||||||||||||||
Operating income from continuing operations | $ | 2,169 | $ | 856 | $ | 3,025 | ||||||||||||||
Interest income | 8 | — | 8 | |||||||||||||||||
Interest expense | (307) | — | (307) | |||||||||||||||||
Other income (expense) (1)
|
1 | — | 1 | |||||||||||||||||
Income before income taxes from continuing operations | 1,871 | 856 | 2,727 | |||||||||||||||||
Income tax expense (2)
|
297 | 181 | 478 | |||||||||||||||||
Net income from continuing operations | 1,574 | 675 | 2,249 | |||||||||||||||||
Net income (loss) from discontinued operations (3)
|
(1) | — | (1) | |||||||||||||||||
Net income | 1,573 | 675 | 2,248 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 41 | — | 41 | |||||||||||||||||
Net income attributable to Aon shareholders | $ | 1,532 | $ | 675 | $ | 2,207 | ||||||||||||||
Diluted net income (loss) per share attributable to Aon shareholders | ||||||||||||||||||||
Continuing operations | $ | 6.37 | $ | 2.80 | $ | 9.17 | ||||||||||||||
Discontinued operations | — | — | — | |||||||||||||||||
Net income | $ | 6.37 | $ | 2.80 | $ | 9.17 | ||||||||||||||
Weighted average ordinary shares outstanding — diluted | 240.6 | — | 240.6 | |||||||||||||||||
Effective tax rates (2)
|
||||||||||||||||||||
Continuing operations | 15.9 | % | 17.5 | % | ||||||||||||||||
Discontinued operations | 47.4 | % | 47.4 | % |
Year Ended December 31, 2018 | ||||||||||||||||||||
(millions, except per share data) | U.S. GAAP | Adjustments | Non-GAAP Adjusted | |||||||||||||||||
Operating income from continuing operations | $ | 1,544 | $ | 1,153 | $ | 2,697 | ||||||||||||||
Interest income | 5 | — | 5 | |||||||||||||||||
Interest expense | (278) | — | (278) | |||||||||||||||||
Other income (expense) (1)
|
(25) | 37 | 12 | |||||||||||||||||
Income before income taxes from continuing operations | 1,246 | 1,190 | 2,436 | |||||||||||||||||
Income tax expense (2)
|
146 | 233 | 379 | |||||||||||||||||
Net income from continuing operations | 1,100 | 957 | 2,057 | |||||||||||||||||
Net income (loss) from discontinued operations (3)
|
74 | (82) | (8) | |||||||||||||||||
Net income | 1,174 | 875 | 2,049 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 40 | — | 40 | |||||||||||||||||
Net income attributable to Aon shareholders | $ | 1,134 | $ | 875 | $ | 2,009 | ||||||||||||||
Diluted net income (loss) per share attributable to Aon shareholders | ||||||||||||||||||||
Continuing operations | $ | 4.29 | $ | 3.87 | $ | 8.16 | ||||||||||||||
Discontinued operations | 0.30 | (0.33) | (0.03) | |||||||||||||||||
Net income | $ | 4.59 | $ | 3.54 | $ | 8.13 | ||||||||||||||
Weighted average ordinary shares outstanding — diluted | 247.0 | — | 247.0 | |||||||||||||||||
Effective tax rates (2)
|
||||||||||||||||||||
Continuing operations | 11.7 | % | 15.6 | % | ||||||||||||||||
Discontinued operations | 15,949.3 | % | 29.7 | % |
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Cash provided by continuing operating activities | $ | 2,783 | $ | 1,835 | $ | 1,686 | ||||||||||||||
Capital expenditures used for continuing operations | (141) | (225) | (240) | |||||||||||||||||
Free cash flow provided by continuing operations | $ | 2,642 | $ | 1,610 | $ | 1,446 |
Statement of Financial Position Classification | |||||||||||||||||||||||
Asset Type |
Cash and Cash
Equivalents |
Short-Term
Investments |
Fiduciary
Assets |
Total | |||||||||||||||||||
Certificates of deposit, bank deposits or time deposits | $ | 884 | $ | — | $ | 3,216 | $ | 4,100 | |||||||||||||||
Money market funds | — | 308 | 2,473 | 2,781 | |||||||||||||||||||
Cash and short-term investments | 884 | 308 | 5,689 | 6,881 | |||||||||||||||||||
Fiduciary receivables | — | — | 8,109 | 8,109 | |||||||||||||||||||
Total
|
$ | 884 | $ | 308 | $ | 13,798 | $ | 14,990 |
Years Ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Cash provided by operating activities | $ | 2,783 | $ | 1,835 | $ | 1,686 | ||||||||||||||
Cash provided by (used for) investing activities | $ | (679) | $ | (229) | $ | 31 | ||||||||||||||
Cash used for financing activities | $ | (2,088) | $ | (1,493) | $ | (1,699) | ||||||||||||||
Effect of exchange rates changes on cash and cash equivalents | $ | 78 | $ | 21 | $ | (118) |
Twelve months ended December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Shares repurchased | 8.5 | 10.5 | ||||||||||||
Average price per share | $ | 206.28 | $ | 186.33 | ||||||||||
Costs recorded to retained earnings | ||||||||||||||
Total repurchase cost | $ | 1,761 | $ | 1,950 | ||||||||||
Additional associated costs | 2 | 10 | ||||||||||||
Total costs recorded to retained earnings | $ | 1,763 | $ | 1,960 |
Twelve months ended December 31 | |||||||||||
2020 | 2019 | ||||||||||
Total issuances(1)
|
$ | 3,162 | $ | 4,812 | |||||||
Total repayments | (3,275) | (4,941) | |||||||||
Net repayments | $ | (113) | $ | (129) |
Ratings | |||||||||||||||||
Senior Long-term Debt | Commercial Paper | Outlook | |||||||||||||||
Standard & Poor’s | A- | A-2 | Stable | ||||||||||||||
Moody’s Investor Services | Baa2 | P-2 | Stable | ||||||||||||||
Fitch, Inc. | BBB+ | F-2 | Negative |
Aon Corporation Notes | ||
2.20% Senior Notes due November 2022 | ||
8.205% Junior Subordinated Notes due January 2027 | ||
4.50% Senior Notes due December 2028 | ||
3.75% Senior Notes due May 2029 | ||
2.80% Senior Notes due 2030 | ||
6.25% Senior Notes due September 2040 |
Aon Global Limited Notes | ||
2.80% Senior Notes due March 2021 (1)
|
||
4.00% Senior Notes due November 2023 | ||
3.50% Senior Notes due June 2024 | ||
3.875% Senior Notes due December 2025 | ||
2.875% Senior Notes due May 2026 | ||
4.25% Senior Notes due December 2042 | ||
4.45% Senior Notes due May 2043 | ||
4.60% Senior Notes due June 2044 | ||
4.75% Senior Notes due May 2045 |
Obligor Group | ||||||||
Summarized Statement of Income Information | ||||||||
Twelve Months Ended | ||||||||
(millions) | December 31, 2020 | |||||||
Revenue | $ | — | ||||||
Operating income | $ | (174) | ||||||
Income (expense) from non-guarantor subsidiaries before income taxes | $ | (642) | ||||||
Net income (loss) from continuing operations | $ | (988) | ||||||
Net income (loss) attributable to Aon shareholders | $ | (988) |
Obligor Group | ||||||||
Summarized Statement of Financial Position Information | ||||||||
As of | ||||||||
(millions) | December 31, 2020 | |||||||
Receivables due from non-guarantor subsidiaries | $ | 1,196 | ||||||
Other current assets | 137 | |||||||
Total current assets | $ | 1,333 | ||||||
Non-current receivables due from non-guarantor subsidiaries | $ | 516 | ||||||
Other non-current assets | 894 | |||||||
Total non-current assets | $ | 1,410 | ||||||
Payables to non-guarantor subsidiaries | $ | 15,167 | ||||||
Other current liabilities | 1,695 | |||||||
Total current liabilities | $ | 16,862 | ||||||
Non-current payables to non-guarantor subsidiaries | $ | 5,396 | ||||||
Other non-current liabilities | 8,871 | |||||||
Total non-current liabilities | $ | 14,267 |
U.K. | U.S. | Other | |||||||||||||||
Unrecognized actuarial gains and losses | $ | 1,329 | $ | 1,812 | $ | 514 | |||||||||||
Amortization period | 8 to 26 years | 6 to 24 years | 13 to 36 years | ||||||||||||||
Estimated 2021 amortization of loss | $ | 34 | $ | 78 | $ | 14 |
U.K. | U.S. | Other | |||||||||||||||
Expected return on plan assets, net of administration expenses | 2.04% | 2.65 - 6.56% | 1.70 - 2.65% |
Increase (decrease) in projected benefit obligation (1)
|
25 bps Change in Discount Rate | ||||||||||
Increase | Decrease | ||||||||||
U.K. plans | $ | (299) | $ | 242 | |||||||
U.S. plans | $ | (100) | $ | 105 | |||||||
Other plans | $ | (70) | $ | 75 |
25 bps Change in Discount Rate | |||||||||||
Increase (decrease) in expense | Increase | Decrease | |||||||||
U.K. plans | $ | 1 | $ | (1) | |||||||
U.S. plans | $ | 2 | $ | (2) | |||||||
Other plans | $ | 1 | $ | (1) |
25 bps Change in Long-Term Rate of Return on Plan Assets | |||||||||||
Increase (decrease) in expense | Increase | Decrease | |||||||||
U.K. plans | $ | (16) | $ | 16 | |||||||
U.S. plans | $ | (5) | $ | 5 | |||||||
Other plans | $ | (4) | $ | 4 |
Realizability of Deferred Tax Assets | ||||||||||||||
Description of the Matter |
As discussed in Note 10 “Income Taxes” of the Notes to Consolidated Financial Statements, the Company had net deferred tax assets of $462 million at December 31, 2020. Deferred tax assets are reduced by a valuation allowance if, based on the weight of all available evidence, in management’s judgment it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.
Conclusions on the realizability of the net deferred tax assets involve significant management judgment including assumptions and estimates related to the amount and timing of future taxable income. Auditing the deferred tax asset calculation and the related forecast of future taxable income was especially challenging as it involved a high degree of auditor judgment around management’s assumptions and estimates.
|
|||||||||||||
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and operating effectiveness of internal controls that address the risks of material misstatement relating to the realizability of deferred tax assets, including controls over management’s projections of future taxable income and the related assumptions.
Among other audit procedures performed, we evaluated the assumptions used by the Company to develop projections of future taxable income by income tax jurisdiction and tested the completeness and accuracy of the underlying data used in the projections. For example, we inspected the growth rate used in the calculation, the estimates of the reversal of cumulative temporary differences by year and the capital and debt requirements by jurisdiction. We compared the projections of future taxable income with the actual results of prior periods, as well as management’s considerations of current industry and economic trends. Further, we involved tax subject matter professionals in the review of the information identified.
|
Years ended December 31 | ||||||||||||||||||||
(millions, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Revenue | ||||||||||||||||||||
Total revenue | $ | 11,066 | $ | 11,013 | $ | 10,770 | ||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | 5,905 | 6,054 | 6,103 | |||||||||||||||||
Information technology | 444 | 494 | 484 | |||||||||||||||||
Premises | 291 | 339 | 370 | |||||||||||||||||
Depreciation of fixed assets | 167 | 172 | 176 | |||||||||||||||||
Amortization and impairment of intangible assets | 246 | 392 | 593 | |||||||||||||||||
Other general expense | 1,232 | 1,393 | 1,500 | |||||||||||||||||
Total operating expenses | 8,285 | 8,844 | 9,226 | |||||||||||||||||
Operating income | 2,781 | 2,169 | 1,544 | |||||||||||||||||
Interest income | 6 | 8 | 5 | |||||||||||||||||
Interest expense | (334) | (307) | (278) | |||||||||||||||||
Other income (expense) | 12 | 1 | (25) | |||||||||||||||||
Income from continuing operations before income taxes | 2,465 | 1,871 | 1,246 | |||||||||||||||||
Income tax expense | 448 | 297 | 146 | |||||||||||||||||
Net income from continuing operations | 2,017 | 1,574 | 1,100 | |||||||||||||||||
Net income (loss) from discontinued operations | 1 | (1) | 74 | |||||||||||||||||
Net income | 2,018 | 1,573 | 1,174 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 49 | 41 | 40 | |||||||||||||||||
Net income attributable to Aon shareholders | $ | 1,969 | $ | 1,532 | $ | 1,134 | ||||||||||||||
Basic net income per share attributable to Aon shareholders | ||||||||||||||||||||
Continuing operations | $ | 8.49 | $ | 6.42 | $ | 4.32 | ||||||||||||||
Discontinued operations | — | — | 0.30 | |||||||||||||||||
Net income | $ | 8.49 | $ | 6.42 | $ | 4.62 | ||||||||||||||
Diluted net income per share attributable to Aon shareholders | ||||||||||||||||||||
Continuing operations | $ | 8.45 | $ | 6.37 | $ | 4.29 | ||||||||||||||
Discontinued operations | — | — | 0.30 | |||||||||||||||||
Net income | $ | 8.45 | $ | 6.37 | $ | 4.59 | ||||||||||||||
Weighted average ordinary shares outstanding - basic | 231.9 | 238.6 | 245.2 | |||||||||||||||||
Weighted average ordinary shares outstanding - diluted | 233.1 | 240.6 | 247.0 |
Years Ended December 31 | ||||||||||||||||||||
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net income | $ | 2,018 | $ | 1,573 | $ | 1,174 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 49 | 41 | 40 | |||||||||||||||||
Net income attributable to Aon shareholders | 1,969 | 1,532 | 1,134 | |||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Change in fair value of financial instruments | 13 | 3 | 11 | |||||||||||||||||
Foreign currency translation adjustments | 263 | 14 | (444) | |||||||||||||||||
Postretirement benefit obligation | (101) | (141) | 17 | |||||||||||||||||
Total other comprehensive income (loss) | 175 | (124) | (416) | |||||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 3 | — | (4) | |||||||||||||||||
Total other comprehensive income (loss) attributable to Aon shareholders | 172 | (124) | (412) | |||||||||||||||||
Comprehensive income attributable to Aon shareholders | $ | 2,141 | $ | 1,408 | $ | 722 |
As of December 31 | ||||||||||||||
(millions, except nominal value) | 2020 | 2019 | ||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 884 | $ | 790 | ||||||||||
Short-term investments | 308 | 138 | ||||||||||||
Receivables, net | 3,070 | 3,112 | ||||||||||||
Fiduciary assets | 13,798 | 11,834 | ||||||||||||
Other current assets | 624 | 602 | ||||||||||||
Total current assets | 18,684 | 16,476 | ||||||||||||
Goodwill | 8,666 | 8,165 | ||||||||||||
Intangible assets, net | 640 | 783 | ||||||||||||
Fixed assets, net | 599 | 621 | ||||||||||||
Operating lease right-of-use assets | 911 | 929 | ||||||||||||
Deferred tax assets | 724 | 645 | ||||||||||||
Prepaid pension | 1,280 | 1,216 | ||||||||||||
Other non-current assets | 610 | 570 | ||||||||||||
Total assets | $ | 32,114 | $ | 29,405 | ||||||||||
Liabilities and equity | ||||||||||||||
Liabilities | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable and accrued liabilities | $ | 2,016 | $ | 1,939 | ||||||||||
Short-term debt and current portion of long-term debt | 448 | 712 | ||||||||||||
Fiduciary liabilities | 13,798 | 11,834 | ||||||||||||
Other current liabilities | 1,171 | 1,086 | ||||||||||||
Total current liabilities | 17,433 | 15,571 | ||||||||||||
Long-term debt | 7,281 | 6,627 | ||||||||||||
Non-current operating lease liabilities | 897 | 944 | ||||||||||||
Deferred tax liabilities | 262 | 199 | ||||||||||||
Pension, other postretirement, and postemployment liabilities | 1,763 | 1,738 | ||||||||||||
Other non-current liabilities | 895 | 877 | ||||||||||||
Total liabilities | 28,531 | 25,956 | ||||||||||||
Equity | ||||||||||||||
Ordinary shares - $0.01 nominal value
Authorized: 2020 - 500 shares; 2019 - 750 shares (issued: 2020 - 225.5; 2019 - 232.1)
|
2 | 2 | ||||||||||||
Additional paid-in capital | 6,312 | 6,152 | ||||||||||||
Retained earnings | 1,042 | 1,254 | ||||||||||||
Accumulated other comprehensive loss | (3,861) | (4,033) | ||||||||||||
Total Aon shareholders' equity | 3,495 | 3,375 | ||||||||||||
Noncontrolling interests | 88 | 74 | ||||||||||||
Total equity | 3,583 | 3,449 | ||||||||||||
Total liabilities and equity | $ | 32,114 | $ | 29,405 |
(millions, except per share data) | Shares | Ordinary Shares and Additional Paid-in Capital | Retained Earnings |
Accumulated Other
Comprehensive Loss, Net of Tax |
Non-controlling
Interests |
Total | ||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 247.6 | $ | 5,777 | $ | 2,302 | $ | (3,496) | $ | 65 | $ | 4,648 | |||||||||||||||||||||||||||
Adoption of new accounting guidance | — | — | 493 | (1) | — | 492 | ||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | 247.6 | 5,777 | 2,795 | (3,497) | 65 | 5,140 | ||||||||||||||||||||||||||||||||
Net income | — | — | 1,134 | — | 40 | 1,174 | ||||||||||||||||||||||||||||||||
Shares issued — employee stock compensation plans | 2.5 | (148) | — | — | — | (148) | ||||||||||||||||||||||||||||||||
Shares purchased | (10.0) | — | (1,454) | — | — | (1,454) | ||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 338 | — | — | — | 338 | ||||||||||||||||||||||||||||||||
Dividends to shareholders ($1.56 per share)
|
— | — | (382) | — | — | (382) | ||||||||||||||||||||||||||||||||
Net change in fair value of financial instruments | — | — | — | 11 | — | 11 | ||||||||||||||||||||||||||||||||
Net foreign currency translation adjustments | — | — | — | (440) | (4) | (444) | ||||||||||||||||||||||||||||||||
Net postretirement benefit obligation | — | — | — | 17 | — | 17 | ||||||||||||||||||||||||||||||||
Net purchases of shares from noncontrolling interests | — | — | — | — | (1) | (1) | ||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests on subsidiary common stock | — | — | — | — | (32) | (32) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 240.1 | 5,967 | 2,093 | (3,909) | 68 | 4,219 | ||||||||||||||||||||||||||||||||
Net income | — | — | 1,532 | — | 41 | 1,573 | ||||||||||||||||||||||||||||||||
Shares issued — employee stock compensation plans | 2.5 | (130) | (1) | — | — | (131) | ||||||||||||||||||||||||||||||||
Shares purchased | (10.5) | — | (1,960) | — | — | (1,960) | ||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 317 | — | — | — | 317 | ||||||||||||||||||||||||||||||||
Dividends to shareholders ($1.72 per share)
|
— | — | (410) | — | — | (410) | ||||||||||||||||||||||||||||||||
Net change in fair value of financial instruments | — | — | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||
Net foreign currency translation adjustments | — | — | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||
Net postretirement benefit obligation | — | — | — | (141) | — | (141) | ||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests on subsidiary common stock | — | — | — | — | (35) | (35) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 232.1 | 6,154 | 1,254 | (4,033) | 74 | 3,449 | ||||||||||||||||||||||||||||||||
Adoption of new accounting guidance | — | — | (6) | — | — | (6) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 232.1 | 6,154 | 1,248 | (4,033) | 74 | 3,443 | ||||||||||||||||||||||||||||||||
Net income | — | — | 1,969 | — | 49 | 2,018 | ||||||||||||||||||||||||||||||||
Shares issued — employee stock compensation plans | 1.9 | (154) | — | — | — | (154) | ||||||||||||||||||||||||||||||||
Shares purchased | (8.5) | — | (1,763) | — | — | (1,763) | ||||||||||||||||||||||||||||||||
Share-based compensation expense | — | 317 | — | — | — | 317 | ||||||||||||||||||||||||||||||||
Dividends to shareholders ($1.78 per share)
|
— | — | (412) | — | — | (412) | ||||||||||||||||||||||||||||||||
Net change in fair value of financial instruments | — | — | — | 13 | — | 13 | ||||||||||||||||||||||||||||||||
Net foreign currency translation adjustments | — | — | — | 260 | 3 | 263 | ||||||||||||||||||||||||||||||||
Net postretirement benefit obligation | — | — | — | (101) | — | (101) | ||||||||||||||||||||||||||||||||
Net purchases of shares from noncontrolling interests | — | (3) | — | — | (6) | (9) | ||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests on subsidiary common stock | — | — | — | — | (32) | (32) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 225.5 | $ | 6,314 | $ | 1,042 | $ | (3,861) | $ | 88 | $ | 3,583 |
Years ended December 31 | ||||||||||||||||||||
(millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income | $ | 2,018 | $ | 1,573 | $ | 1,174 | ||||||||||||||
Less: Income from discontinued operations, net of income taxes | 1 | (1) | 74 | |||||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||||||
Loss (gain) from sales of businesses and investments, net | (25) | (13) | 6 | |||||||||||||||||
Depreciation of fixed assets | 167 | 172 | 176 | |||||||||||||||||
Amortization and impairment of intangible assets | 246 | 392 | 593 | |||||||||||||||||
Share-based compensation expense | 312 | 317 | 338 | |||||||||||||||||
Deferred income taxes | 9 | (36) | (225) | |||||||||||||||||
Change in assets and liabilities: | ||||||||||||||||||||
Fiduciary receivables | (1,140) | (409) | (679) | |||||||||||||||||
Short-term investments — funds held on behalf of clients | (316) | (1,246) | (320) | |||||||||||||||||
Fiduciary liabilities | 1,456 | 1,655 | 999 | |||||||||||||||||
Receivables, net | 108 | (371) | (127) | |||||||||||||||||
Accounts payable and accrued liabilities | 186 | (28) | 25 | |||||||||||||||||
Restructuring reserves | (127) | 3 | 23 | |||||||||||||||||
Current income taxes | (17) | (20) | 34 | |||||||||||||||||
Pension, other postretirement and postemployment liabilities | (141) | (156) | (259) | |||||||||||||||||
Other assets and liabilities | 48 | 1 | 2 | |||||||||||||||||
Cash provided by operating activities | 2,783 | 1,835 | 1,686 | |||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Proceeds from investments | 64 | 61 | 71 | |||||||||||||||||
Payments for investments | (97) | (113) | (80) | |||||||||||||||||
Net sales (purchases) of short-term investments — non-fiduciary | (167) | 35 | 348 | |||||||||||||||||
Acquisition of businesses, net of cash acquired | (368) | (39) | (58) | |||||||||||||||||
Sale of businesses, net of cash sold | 30 | 52 | (10) | |||||||||||||||||
Capital expenditures | (141) | (225) | (240) | |||||||||||||||||
Cash provided by (used for) investing activities | (679) | (229) | 31 | |||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Share repurchase | (1,763) | (1,960) | (1,470) | |||||||||||||||||
Issuance of shares for employee benefit plans | (149) | (131) | (149) | |||||||||||||||||
Issuance of debt | 4,153 | 6,052 | 5,754 | |||||||||||||||||
Repayment of debt | (3,882) | (4,941) | (5,417) | |||||||||||||||||
Cash dividends to shareholders | (412) | (410) | (382) | |||||||||||||||||
Noncontrolling interests and other financing activities | (35) | (103) | (35) | |||||||||||||||||
Cash used for financing activities | (2,088) | (1,493) | (1,699) | |||||||||||||||||
Effect of exchange rates on cash and cash equivalents | 78 | 21 | (118) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 94 | 134 | (100) | |||||||||||||||||
Cash and cash equivalents at beginning of year | 790 | 656 | 756 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 884 | $ | 790 | $ | 656 | ||||||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Interest paid | $ | 326 | $ | 289 | $ | 266 | ||||||||||||||
Income taxes paid, net of refunds | $ | 455 | $ | 353 | $ | 337 |
Asset Description | Estimated Useful 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
|
Intangible Asset Description | Amortization Basis | Estimated Useful Life | ||||||||||||
Tradenames | Straight-line |
1 to 3 years
|
||||||||||||
Customer-related and contract-based | In line with underlying cash flows |
7 to 20 years
|
||||||||||||
Technology and other | Straight-line |
5 to 7 years
|
Years ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Commercial Risk Solutions | $ | 4,690 | $ | 4,673 | $ | 4,652 | ||||||||||||||
Reinsurance Solutions | 1,814 | 1,686 | 1,563 | |||||||||||||||||
Retirement Solutions | 1,753 | 1,817 | 1,865 | |||||||||||||||||
Health Solutions | 1,655 | 1,667 | 1,596 | |||||||||||||||||
Data & Analytic Services | 1,171 | 1,184 | 1,105 | |||||||||||||||||
Elimination | (17) | (14) | (11) | |||||||||||||||||
Total revenue | $ | 11,066 | $ | 11,013 | $ | 10,770 |
Years ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
U.S. | $ | 5,032 | $ | 5,016 | $ | 4,677 | ||||||||||||||
Americas other than U.S. | 911 | 919 | 940 | |||||||||||||||||
U.K. | 1,579 | 1,502 | 1,555 | |||||||||||||||||
Ireland | 84 | 75 | 80 | |||||||||||||||||
Europe, Middle East, & Africa other than U.K. and Ireland | 2,236 | 2,263 | 2,333 | |||||||||||||||||
Asia Pacific | 1,224 | 1,238 | 1,185 | |||||||||||||||||
Total revenue | $ | 11,066 | $ | 11,013 | $ | 10,770 |
2020 | 2019 | |||||||||||||
Balance at beginning of period | $ | 335 | $ | 329 | ||||||||||
Additions | 1,360 | 1,453 | ||||||||||||
Amortization | (1,360) | (1,447) | ||||||||||||
Impairment | — | — | ||||||||||||
Foreign currency translation and other | 4 | — | ||||||||||||
Balance at end of period | $ | 339 | $ | 335 |
2020 | 2019 | |||||||||||||
Balance at beginning of period | $ | 171 | $ | 156 | ||||||||||
Additions | 61 | 58 | ||||||||||||
Amortization | (47) | (44) | ||||||||||||
Impairment | — | — | ||||||||||||
Foreign currency translation and other | (1) | 1 | ||||||||||||
Balance at end of period | $ | 184 | $ | 171 |
Years ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Foreign currency remeasurement | $ | (12) | $ | 9 | $ | 25 | |||||||||||
Disposal of businesses | 25 | 13 | (6) | ||||||||||||||
Pension and other postretirement | 13 | 9 | 1 | ||||||||||||||
Equity earnings | 4 | 4 | 4 | ||||||||||||||
Extinguishment of debt | (7) | — | — | ||||||||||||||
Financial instruments | (11) | (34) | (49) | ||||||||||||||
Total | $ | 12 | $ | 1 | $ | (25) |
2020 | 2019 | 2018 | |||||||||||||||
Balance at beginning of period | $ | 70 | $ | 62 | $ | 59 | |||||||||||
Adoption of new accounting guidance (1)
|
7 | — | — | ||||||||||||||
Adjusted balance at beginning of period | 77 | 62 | 59 | ||||||||||||||
Provision | 29 | 27 | 24 | ||||||||||||||
Accounts written off, net of recoveries | (6) | (19) | (25) | ||||||||||||||
Foreign currency translation and other | (2) | — | 4 | ||||||||||||||
Balance at end of period | $ | 98 | $ | 70 | $ | 62 |
As of December 31 | 2020 | 2019 | |||||||||
Costs to fulfill contracts with customers | $ | 339 | $ | 335 | |||||||
Taxes receivable | 95 | 88 | |||||||||
Prepaid expenses | 111 | 97 | |||||||||
Other (1)
|
79 | 82 | |||||||||
Total | $ | 624 | $ | 602 |
As of December 31 | 2020 | 2019 | |||||||||
Software | $ | 808 | $ | 727 | |||||||
Leasehold improvements | 375 | 358 | |||||||||
Computer equipment | 249 | 250 | |||||||||
Furniture, fixtures and equipment | 246 | 225 | |||||||||
Construction in progress | 155 | 183 | |||||||||
Other | 34 | 37 | |||||||||
Fixed assets, gross
|
1,867 | 1,780 | |||||||||
Less: Accumulated depreciation | 1,268 | 1,159 | |||||||||
Fixed assets, net
|
$ | 599 | $ | 621 |
As of December 31 | 2020 | 2019 | |||||||||
Costs to obtain contracts with customers | $ | 184 | $ | 171 | |||||||
Investments | 74 | 53 | |||||||||
Leases | 89 | 100 | |||||||||
Taxes receivable | 125 | 102 | |||||||||
Other | 138 | 144 | |||||||||
Total | $ | 610 | $ | 570 |
As of December 31 | 2020 | 2019 | |||||||||
Deferred revenue (1)
|
$ | 296 | $ | 270 | |||||||
Taxes payable | 80 | 93 | |||||||||
Leases | 234 | 210 | |||||||||
Other | 561 | 513 | |||||||||
Total | $ | 1,171 | $ | 1,086 |
As of December 31 | 2020 | 2019 | |||||||||
Taxes payable (1)
|
$ | 561 | $ | 525 | |||||||
Leases | 65 | 76 | |||||||||
Compensation and benefits | 53 | 49 | |||||||||
Deferred revenue | 76 | 62 | |||||||||
Other | 140 | 165 | |||||||||
Total | $ | 895 | $ | 877 |
For the year ended December 31, 2020 | |||||
Consideration transferred | |||||
Cash | $ | 385 | |||
Deferred, contingent, and other consideration | 34 | ||||
Aggregate consideration transferred | $ | 419 | |||
Assets acquired | |||||
Cash and cash equivalents | $ | 17 | |||
Receivables, net | 19 | ||||
Goodwill | 314 | ||||
Intangible assets, net | 83 | ||||
Current assets | 16 | ||||
Non-current assets | 12 | ||||
Total assets acquired | 461 | ||||
Liabilities assumed | |||||
Current liabilities | 27 | ||||
Non-current liabilities | 15 | ||||
Total liabilities assumed | 42 | ||||
Net assets acquired | $ | 419 |
Balance as of January 1, 2019 | $ | 8,171 | |||
Goodwill related to current year acquisitions | 34 | ||||
Goodwill related to disposals | (11) | ||||
Goodwill related to prior year acquisitions | 2 | ||||
Foreign currency translation | (31) | ||||
Balance as of December 31, 2019 | $ | 8,165 | |||
Goodwill related to current year acquisitions | 314 | ||||
Goodwill related to disposals | (3) | ||||
Foreign currency translation | 190 | ||||
Balance as of December 31, 2020 | $ | 8,666 |
As of December 31 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Gross
Carrying Amount |
Accumulated Amortization and Impairment |
Net
Carrying Amount |
Gross
Carrying Amount |
Accumulated Amortization and Impairment |
Net
Carrying Amount |
||||||||||||||||||||||||||||||
Customer-related and contract-based | $ | 2,337 | $ | 1,775 | $ | 562 | $ | 2,264 | $ | 1,600 | $ | 664 | |||||||||||||||||||||||
Tradenames (1)
|
14 | 13 | 1 | 1,029 | 956 | 73 | |||||||||||||||||||||||||||||
Technology and other | 435 | 358 | 77 | 380 | 334 | 46 | |||||||||||||||||||||||||||||
Total | $ | 2,786 | $ | 2,146 | $ | 640 | $ | 3,673 | $ | 2,890 | $ | 783 |
Estimated Future Amortization | ||||||||
For the years ended | ||||||||
2021 | $ | 144 | ||||||
2022 | 102 | |||||||
2023 | 91 | |||||||
2024 | 73 | |||||||
2025 | 59 | |||||||
Thereafter | 171 | |||||||
Total | $ | 640 |
As of December 31 | 2020 | 2019 | |||||||||
Commercial paper | $ | — | $ | 112 | |||||||
5.00% Senior Notes due September 2020
|
— | 600 | |||||||||
2.80% Senior Notes due March 2021 (1)
|
400 | 399 | |||||||||
2.20% Senior Notes due November 2022
|
498 | 497 | |||||||||
4.00% Senior Notes due November 2023
|
349 | 348 | |||||||||
3.50% Senior Notes due June 2024
|
597 | 597 | |||||||||
3.875% Senior Notes due December 2025
|
747 | 746 | |||||||||
2.875% Senior Notes due May 2026 (EUR 500M)
|
606 | 550 | |||||||||
8.205% Junior Subordinated Notes due January 2027
|
521 | 521 | |||||||||
4.50% Senior Notes due December 2028
|
347 | 346 | |||||||||
3.75% Senior Notes due May 2029
|
744 | 744 | |||||||||
2.80% Senior Notes due May 2030
|
992 | — | |||||||||
6.25% Senior Notes due September 2040
|
296 | 296 | |||||||||
4.25% Senior Notes due December 2042
|
200 | 199 | |||||||||
4.45% Senior Notes due May 2043
|
247 | 246 | |||||||||
4.60% Senior Notes due June 2044
|
544 | 544 | |||||||||
4.75% Senior Notes due May 2045
|
593 | 593 | |||||||||
Other | 48 | 1 | |||||||||
Total debt | 7,729 | 7,339 | |||||||||
Less: Short-term debt and current portion of long-term debt | 448 | 712 | |||||||||
Total long-term debt | $ | 7,281 | $ | 6,627 |
2021 | $ | 448 | |||
2022 | 500 | ||||
2023 | 350 | ||||
2024 | 600 | ||||
2025 | 750 | ||||
Thereafter | 5,187 | ||||
Total Repayments | 7,835 | ||||
Unamortized discounts, premiums, and debt issuance costs | (106) | ||||
Total Debt | $ | 7,729 |
As of December 31 | 2020 | 2019 | ||||||||||||
Commercial paper outstanding | $ | — | $ | 112 |
Years Ended December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Weighted average commercial paper outstanding | $ | 343 | $ | 511 | ||||||||||
Weighted average interest rate of commercial paper outstanding | 1.47 | % | 0.27 | % |
As of December 31 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Operating lease assets | Operating lease right-of-use assets | $ | 911 | $ | 929 | ||||||||||||||||||||||||||||||||||||
Finance lease assets | Other non-current assets | 89 | 100 | ||||||||||||||||||||||||||||||||||||||
Total lease assets | $ | 1,000 | $ | 1,029 | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Current lease liabilities | |||||||||||||||||||||||||||||||||||||||||
Operating | Other current liabilities | $ | 204 | $ | 186 | ||||||||||||||||||||||||||||||||||||
Finance | Other current liabilities | 30 | 24 | ||||||||||||||||||||||||||||||||||||||
Non-current lease liabilities | |||||||||||||||||||||||||||||||||||||||||
Operating | Non-current operating lease liabilities | 897 | 944 | ||||||||||||||||||||||||||||||||||||||
Finance | Other non-current liabilities | 65 | 76 | ||||||||||||||||||||||||||||||||||||||
Total lease liabilities | $ | 1,196 | $ | 1,230 |
Years Ended December 31 | ||||||||
2020 | 2019 | |||||||
Operating lease cost | $ | 221 | $ | 234 | ||||
Finance lease costs | ||||||||
Amortization of leased assets | 25 | 26 | ||||||
Interest on lease liabilities | 3 | 2 | ||||||
Variable lease cost | 48 | 60 | ||||||
Short-term lease cost (1)
|
10 | 5 | ||||||
Sublease income | (32) | (32) | ||||||
Net lease cost | $ | 275 | $ | 295 |
As of December 31 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Weighted average remaining lease term (years) | |||||||||||||||||||||||||||||||||||
Operating leases | 7.4 | 7.9 | |||||||||||||||||||||||||||||||||
Finance leases | 4.2 | 4.4 | |||||||||||||||||||||||||||||||||
Weighted average discount rate | |||||||||||||||||||||||||||||||||||
Operating leases | 2.9 | % | 3.2 | % | |||||||||||||||||||||||||||||||
Finance leases | 1.0 | % | 2.0 | % |
Years Ended December 31 | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||||||||||||||||||||
Operating cash flows for operating leases | $ | 236 | $ | 264 | ||||||||||||||||||||||||||||||||||
Financing cash flows for finance leases | $ | 12 | $ | 17 | ||||||||||||||||||||||||||||||||||
Non-cash related activities | ||||||||||||||||||||||||||||||||||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | 146 | $ | 155 | ||||||||||||||||||||||||||||||||||
ROU assets obtained in exchange for new finance lease liabilities | $ | 13 | $ | 48 | ||||||||||||||||||||||||||||||||||
Operating lease ROU asset expense (1)
|
$ | 178 | $ | 195 | ||||||||||||||||||||||||||||||||||
Changes in Non-current operating lease liabilities (1)
|
$ | (47) | $ | (70) | ||||||||||||||||||||||||||||||||||
Operating Leases | Finance Leases | Total | |||||||||||||||||||||||||||
2021 | $ | 226 | $ | 31 | $ | 257 | |||||||||||||||||||||||
2022 | 209 | 20 | 229 | ||||||||||||||||||||||||||
2023 | 160 | 18 | 178 | ||||||||||||||||||||||||||
2024 | 130 | 18 | 148 | ||||||||||||||||||||||||||
2025 | 110 | 10 | 120 | ||||||||||||||||||||||||||
Thereafter | 382 | — | 382 | ||||||||||||||||||||||||||
Total undiscounted future minimum lease payments | 1,217 | 97 | 1,314 | ||||||||||||||||||||||||||
Less: Imputed interest | (116) | (2) | (118) | ||||||||||||||||||||||||||
Present value of lease liabilities | $ | 1,101 | $ | 95 | $ | 1,196 |
Years ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||
Ireland | $ | (86) | $ | 200 | $ | 208 | |||||||||||
U.K. | 634 | 228 | (240) | ||||||||||||||
U.S. | (29) | (219) | (601) | ||||||||||||||
Other | 1,946 | 1,662 | 1,879 | ||||||||||||||
Total | $ | 2,465 | $ | 1,871 | $ | 1,246 | |||||||||||
Income tax expense: | |||||||||||||||||
Current: | |||||||||||||||||
Ireland | $ | 2 | $ | 1 | $ | 2 | |||||||||||
U.K. | 30 | 20 | 21 | ||||||||||||||
U.S. federal | 126 | 22 | 101 | ||||||||||||||
U.S. state and local | 22 | 41 | 35 | ||||||||||||||
Other | 259 | 249 | 212 | ||||||||||||||
Total current tax expense | $ | 439 | $ | 333 | $ | 371 | |||||||||||
Deferred tax expense (benefit): | |||||||||||||||||
Ireland | $ | (1) | $ | (1) | $ | (1) | |||||||||||
U.K. | 39 | 35 | 19 | ||||||||||||||
U.S. federal | (72) | (20) | (165) | ||||||||||||||
U.S. state and local | (4) | (27) | (56) | ||||||||||||||
Other | 47 | (23) | (22) | ||||||||||||||
Total deferred tax expense (benefit) | $ | 9 | $ | (36) | $ | (225) | |||||||||||
Total income tax expense | $ | 448 | $ | 297 | $ | 146 |
Years ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||
Statutory tax rate | 25.0% | 19.0% | 19.0% | ||||||||||||||
U.S. state income taxes, net of U.S. federal benefit | 1.0 | 0.5 | (0.4) | ||||||||||||||
Taxes on international operations (1) (4)
|
(9.8) | (6.0) | (7.3) | ||||||||||||||
Nondeductible expenses | 2.1 | 1.6 | 2.7 | ||||||||||||||
Adjustments to prior year tax requirements (4)
|
— | 0.1 | 0.9 | ||||||||||||||
Deferred tax adjustments, including statutory rate changes | 0.7 | — | — | ||||||||||||||
Deferred tax adjustments, international earnings | 0.7 | — | — | ||||||||||||||
Adjustments to valuation allowances | — | 1.8 | 3.8 | ||||||||||||||
Change in uncertain tax positions | 1.5 | 2.2 | 0.9 | ||||||||||||||
Excess tax benefits related to shared based compensation (2)
|
(2.2) | (2.8) | (3.6) | ||||||||||||||
U.S. Tax Reform impact (3)
|
— | (0.3) | 7.1 | ||||||||||||||
Loss on disposition | — | — | (10.2) | ||||||||||||||
Capital Losses | (1.8) | — | — | ||||||||||||||
Non-deductible transaction costs | 1.3 | — | — | ||||||||||||||
Other — net | (0.3) | (0.2) | (1.2) | ||||||||||||||
Effective tax rate | 18.2% | 15.9% | 11.7% |
As of December 31 | 2020 | 2019 | |||||||||
Deferred tax assets: | |||||||||||
Net operating loss, capital loss, interest, and tax credit carryforwards | $ | 653 | $ | 440 | |||||||
Employee benefit plans | 312 | 373 | |||||||||
Lease liabilities | 248 | 247 | |||||||||
Other accrued expenses | 103 | 68 | |||||||||
Deferred revenue | 36 | 24 | |||||||||
Investment basis differences | 28 | 28 | |||||||||
Lease and service guarantees | 2 | 3 | |||||||||
Accrued interest | — | 116 | |||||||||
Other | 54 | 57 | |||||||||
Total | 1,436 | 1,356 | |||||||||
Valuation allowance on deferred tax assets | (205) | (200) | |||||||||
Total | $ | 1,231 | $ | 1,156 | |||||||
Deferred tax liabilities: | |||||||||||
Intangibles and property, plant and equipment | $ | (291) | $ | (251) | |||||||
Lease right-of-use asset | (211) | (219) | |||||||||
Deferred costs | (141) | (128) | |||||||||
Unremitted earnings | (37) | (28) | |||||||||
Unrealized foreign exchange gains | (26) | (26) | |||||||||
Other accrued expenses | (22) | (25) | |||||||||
Other | (41) | (33) | |||||||||
Total | $ | (769) | $ | (710) | |||||||
Net deferred tax asset | $ | 462 | $ | 446 |
As of December 31 | 2020 | 2019 | |||||||||
Deferred tax assets — non-current | $ | 724 | $ | 645 | |||||||
Deferred tax liabilities — non-current | (262) | (199) | |||||||||
Net deferred tax asset | $ | 462 | $ | 446 |
As of December 31 | 2020 | 2019 | |||||||||
U.K. | |||||||||||
Operating loss carryforwards | $ | 266 | $ | 438 | |||||||
Capital loss carryforwards | $ | 577 | $ | 411 | |||||||
Interest carryforwards | $ | 121 | $ | 203 | |||||||
U.S. | |||||||||||
Federal operating loss carryforwards | $ | 49 | $ | 1 | |||||||
Federal capital loss carryforwards | $ | 112 | $ | 112 | |||||||
Federal interest carryforwards | $ | 1,220 | $ | 355 | |||||||
State operating loss carryforwards | $ | 378 | $ | 376 | |||||||
State capital loss carryforwards | $ | 123 | $ | 123 | |||||||
State interest carryforwards | $ | 573 | $ | 172 | |||||||
Other Non-U.S. | |||||||||||
Operating loss carryforwards | $ | 400 | $ | 308 | |||||||
Capital loss carryforwards | $ | 42 | $ | 29 | |||||||
Interest carryforwards | $ | 34 | $ | 159 |
2020 | 2019 | ||||||||||
Balance at January 1 | $ | 299 | $ | 279 | |||||||
Additions based on tax positions related to the current year | 25 | 23 | |||||||||
Additions for tax positions of prior years | 7 | 12 | |||||||||
Reductions for tax positions of prior years | (3) | (5) | |||||||||
Settlements | — | (5) | |||||||||
Business combinations | — | — | |||||||||
Lapse of statute of limitations | (7) | (5) | |||||||||
Foreign currency translation | — | — | |||||||||
Balance at December 31 | $ | 321 | $ | 299 |
Twelve months ended December 31 | ||||||||||||||
2020 | 2019 | |||||||||||||
Shares repurchased | 8.5 | 10.5 | ||||||||||||
Average price per share | $ | 206.28 | $ | 186.33 | ||||||||||
Costs recorded to retained earnings | ||||||||||||||
Total repurchase cost | $ | 1,761 | $ | 1,950 | ||||||||||
Additional associated costs | 2 | 10 | ||||||||||||
Total costs recorded to retained earnings | $ | 1,763 | $ | 1,960 |
Years ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||
Basic weighted average ordinary shares outstanding | 231.9 | 238.6 | 245.2 | ||||||||||||||
Dilutive effect of potentially issuable shares | 1.2 | 2.0 | 1.8 | ||||||||||||||
Diluted weighted average ordinary shares outstanding | 233.1 | 240.6 | 247.0 |
Change in Fair Value of Financial Instruments (1)
|
Foreign Currency Translation Adjustments |
Postretirement Benefit Obligation (2)
|
Total | ||||||||||||||||||||
Balance at December 31, 2017 | $ | (25) | $ | (879) | $ | (2,592) | (3,496) | ||||||||||||||||
Adoption of new accounting guidance | (1) | — | — | (1) | |||||||||||||||||||
Balance at January 1, 2018 | (26) | (879) | (2,592) | (3,497) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (15) | (437) | (124) | (576) | |||||||||||||||||||
Tax benefit (expense) | 18 | (3) | 28 | 43 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net | 3 | (440) | (96) | (533) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 11 | — | 146 | 157 | |||||||||||||||||||
Tax benefit (expense) | (3) | — | (33) | (36) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net (3)
|
8 | — | 113 | 121 | |||||||||||||||||||
Net current period other comprehensive income (loss) | 11 | (440) | 17 | (412) | |||||||||||||||||||
Balance at December 31, 2018 | (15) | (1,319) | (2,575) | (3,909) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (10) | 15 | (287) | (282) | |||||||||||||||||||
Tax benefit (expense) | 1 | (1) | 58 | 58 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net | (9) | 14 | (229) | (224) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 14 | — | 109 | 123 | |||||||||||||||||||
Tax benefit (expense) | (2) | — | (21) | (23) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net (3)
|
12 | — | 88 | 100 | |||||||||||||||||||
Net current period other comprehensive income (loss) | 3 | 14 | (141) | (124) | |||||||||||||||||||
Balance at December 31, 2019 | (12) | (1,305) | (2,716) | (4,033) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1 | 258 | (255) | 4 | |||||||||||||||||||
Tax benefit (expense) | — | 2 | 60 | 62 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net | 1 | 260 | (195) | 66 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 15 | — | 125 | 140 | |||||||||||||||||||
Tax benefit (expense) | (3) | — | (31) | (34) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net (3)
|
12 | — | 94 | 106 | |||||||||||||||||||
Net current period other comprehensive income (loss) | 13 | 260 | (101) | 172 | |||||||||||||||||||
Balance at December 31, 2020 | $ | 1 | $ | (1,045) | $ | (2,817) | $ | (3,861) |
Years ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||
U.S. | $ | 87 | $ | 98 | $ | 98 | |||||||||||
U.K. | 42 | 41 | 45 | ||||||||||||||
Netherlands and Canada | 26 | 25 | 25 | ||||||||||||||
Total | $ | 155 | $ | 164 | $ | 168 |
U.K. | U.S. | Other | |||||||||||||||||||||||||||||||||
(millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||||||||||
At January 1 | $ | 4,779 | $ | 4,129 | $ | 3,192 | $ | 2,877 | $ | 1,425 | $ | 1,271 | |||||||||||||||||||||||
Service cost | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest cost | 88 | 109 | 85 | 108 | 19 | 27 | |||||||||||||||||||||||||||||
Plan amendment | 3 | 10 | — | — | — | — | |||||||||||||||||||||||||||||
Settlements | (7) | (22) | — | — | — | — | |||||||||||||||||||||||||||||
Actuarial loss (gain) | 520 | 594 | 274 | 373 | 112 | 177 | |||||||||||||||||||||||||||||
Benefit payments | (209) | (168) | (171) | (166) | (44) | (42) | |||||||||||||||||||||||||||||
Foreign currency impact | 232 | 127 | — | — | 113 | (8) | |||||||||||||||||||||||||||||
As of December 31 | $ | 5,406 | $ | 4,779 | $ | 3,380 | $ | 3,192 | $ | 1,625 | $ | 1,425 | |||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 5,406 | $ | 4,779 | $ | 3,380 | $ | 3,192 | $ | 1,592 | $ | 1,391 | |||||||||||||||||||||||
Change in fair value of plan assets | |||||||||||||||||||||||||||||||||||
At January 1 | $ | 5,959 | $ | 5,225 | $ | 2,066 | $ | 1,796 | $ | 1,303 | $ | 1,155 | |||||||||||||||||||||||
Actual return on plan assets | 618 | 687 | 289 | 398 | 109 | 182 | |||||||||||||||||||||||||||||
Employer contributions | 8 | 78 | 92 | 38 | 20 | 19 | |||||||||||||||||||||||||||||
Settlements | (7) | (22) | — | — | — | — | |||||||||||||||||||||||||||||
Benefit payments | (209) | (168) | (171) | (166) | (44) | (42) | |||||||||||||||||||||||||||||
Foreign currency impact | 283 | 159 | — | — | 109 | (11) | |||||||||||||||||||||||||||||
As of December 31 | $ | 6,652 | $ | 5,959 | $ | 2,276 | $ | 2,066 | $ | 1,497 | $ | 1,303 | |||||||||||||||||||||||
Market related value at end of year | $ | 6,652 | $ | 5,959 | $ | 2,076 | $ | 1,969 | $ | 1,497 | $ | 1,303 | |||||||||||||||||||||||
Amount recognized in Statement of Financial Position as of December 31 | |||||||||||||||||||||||||||||||||||
Funded status | $ | 1,246 | $ | 1,180 | $ | (1,104) | $ | (1,126) | $ | (128) | $ | (122) | |||||||||||||||||||||||
Unrecognized prior-service cost | 43 | 40 | — | 1 | (7) | (6) | |||||||||||||||||||||||||||||
Unrecognized loss | 1,286 | 1,204 | 1,812 | 1,762 | 521 | 460 | |||||||||||||||||||||||||||||
Net amount recognized | $ | 2,575 | $ | 2,424 | $ | 708 | $ | 637 | $ | 386 | $ | 332 |
U.K. | U.S. | Other | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Prepaid benefit cost (1)
|
$ | 1,268 | $ | 1,200 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Accrued benefit liability - current (2)
|
(1) | (1) | (52) | (50) | (5) | (5) | |||||||||||||||||||||||||||||
Accrued benefit liability - non-current (3)
|
(21) | (19) | (1,052) | (1,076) | (123) | (117) | |||||||||||||||||||||||||||||
Accumulated other comprehensive loss | 1,329 | 1,244 | 1,812 | 1,763 | 514 | 454 | |||||||||||||||||||||||||||||
Net amount recognized | $ | 2,575 | $ | 2,424 | $ | 708 | $ | 637 | $ | 386 | $ | 332 |
U.K. | U.S. | Other | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net loss | $ | 1,286 | $ | 1,204 | $ | 1,812 | $ | 1,762 | $ | 521 | $ | 460 | |||||||||||||||||||||||
Prior service cost (income) | 43 | 40 | — | 1 | (7) | (6) | |||||||||||||||||||||||||||||
Total | $ | 1,329 | $ | 1,244 | $ | 1,812 | $ | 1,763 | $ | 514 | $ | 454 |
U.K. | U.S. | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Interest cost | 88 | 109 | 109 | 85 | 108 | 99 | 19 | 27 | 27 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets, net of administration expenses | (159) | (191) | (192) | (134) | (136) | (144) | (34) | (40) | (45) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior-service cost | 2 | 1 | 1 | 1 | 2 | 2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 30 | 29 | 28 | 68 | 53 | 59 | 12 | 12 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit (income) cost | (39) | (52) | (54) | 20 | 27 | 16 | (3) | (1) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Settlement expense | 2 | 5 | 37 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total net periodic benefit cost (income) | $ | (37) | $ | (47) | $ | (17) | $ | 20 | $ | 27 | $ | 16 | $ | (3) | $ | (1) | $ | (6) |
U.K. |
U.S. (1)
|
Other | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Discount rate | 1.45% | 2.09% |
1.74 - 2.45%
|
2.72 - 3.17%
|
0.38 - 2.47%
|
0.91 - 3.10%
|
|||||||||||||||||||||||||||||
Rate of compensation increase |
3.22 - 3.72%
|
3.24 - 3.74%
|
N/A | N/A |
1.00 - 3.00%
|
1.00 - 3.00%
|
|||||||||||||||||||||||||||||
Underlying price inflation | 2.12% | 1.78% | N/A | N/A | 2.00% | 2.00% |
U.K. | U.S. | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 1.89% | 2.95% | 2.63% |
2.36 - 2.76%
|
3.92 - 4.26%
|
3.27 - 3.61%
|
0.74 - 2.90%
|
1.89 - 3.88%
|
1.78 - 3.39%
|
||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets, net of administration expenses | 2.74% | 3.64% | 3.34% |
3.30 - 7.04%
|
7.05% | 7.71% |
2.10 - 3.10%
|
2.50 - 4.10%
|
1.70 - 4.85%
|
||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase |
3.24 - 3.74%
|
3.73 - 4.23%
|
3.70 - 4.20%
|
N/A | N/A | N/A |
1.00 - 3.00%
|
1.00 - 3.00%
|
1.00 - 3.00%
|
Fair Value Measurements Using | |||||||||||||||||||||||
Asset Category | Balance at December 31, 2020 |
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)
|
$ | 79 | $ | 79 | $ | — | $ | — | |||||||||||||||
Equity investments: | |||||||||||||||||||||||
Equity securities | 207 | 207 | — | — | |||||||||||||||||||
Equity derivatives | 62 | — | 62 | — | |||||||||||||||||||
Pooled funds (2)
|
640 | 90 | — | — | |||||||||||||||||||
Fixed income investments: | |||||||||||||||||||||||
Corporate bonds | 167 | — | 167 | — | |||||||||||||||||||
Government and agency bonds | 233 | 200 | 33 | — | |||||||||||||||||||
Pooled funds (2)
|
543 | 212 | — | — | |||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Real estate (2) (3)
|
163 | — | — | — | |||||||||||||||||||
Alternative investments (2) (4)
|
182 | — | — | — | |||||||||||||||||||
Total | $ | 2,276 | $ | 788 | $ | 262 | $ | — |
Fair Value Measurements Using | |||||||||||||||||||||||
Asset Category | Balance at December 31, 2019 |
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)
|
$ | 77 | $ | 77 | $ | — | $ | — | |||||||||||||||
Equity investments: | |||||||||||||||||||||||
Equity securities | 195 | 195 | — | — | |||||||||||||||||||
Equity derivatives | 22 | — | 22 | — | |||||||||||||||||||
Pooled funds (2)
|
583 | — | — | — | |||||||||||||||||||
Fixed income investments: | |||||||||||||||||||||||
Corporate bonds | 128 | — | 128 | — | |||||||||||||||||||
Government and agency bonds | 199 | 162 | 37 | — | |||||||||||||||||||
Asset-backed securities | 3 | — | 3 | — | |||||||||||||||||||
Pooled funds (2)
|
545 | — | — | — | |||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Real estate and REITs (3)
|
133 | — | — | — | |||||||||||||||||||
Alternative investments (2) (4)
|
181 | — | — | — | |||||||||||||||||||
Total | $ | 2,066 | $ | 434 | $ | 190 | $ | — |
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2020 |
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)
|
$ | 182 | $ | 182 | $ | — | $ | — | |||||||||||||||
Equity investments: | |||||||||||||||||||||||
Pooled funds (2)
|
4 | — | — | — | |||||||||||||||||||
Fixed income investments: | |||||||||||||||||||||||
Derivatives (3)
|
(1,424) | — | (1,424) | — | |||||||||||||||||||
Corporate bonds | 4 | 4 | |||||||||||||||||||||
Government and agency bonds | 2,872 | 2,872 | — | — | |||||||||||||||||||
Annuities | 2,625 | — | — | 2,625 | |||||||||||||||||||
Pooled funds (2)
|
875 | — | — | — | |||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Real estate (2) (4)
|
117 | — | — | — | |||||||||||||||||||
Pooled funds (2) (5)
|
1,397 | 4 | — | — | |||||||||||||||||||
Total | $ | 6,652 | $ | 3,062 | $ | (1,424) | $ | 2,625 |
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2019 |
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)
|
$ | 81 | $ | 81 | $ | — | $ | — | |||||||||||||||
Equity investments: | |||||||||||||||||||||||
Pooled funds (2)
|
119 | — | — | — | |||||||||||||||||||
Fixed income investments: | |||||||||||||||||||||||
Derivatives (3)
|
(1,205) | — | (1,205) | — | |||||||||||||||||||
Government and agency bonds | 2,667 | 2,667 | — | — | |||||||||||||||||||
Annuities | 1,849 | — | — | 1,849 | |||||||||||||||||||
Pooled funds (2)
|
1,486 | — | — | — | |||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Real estate (2) (4)
|
180 | — | — | — | |||||||||||||||||||
Pooled funds (2) (5)
|
782 | — | — | — | |||||||||||||||||||
Total | $ | 5,959 | $ | 2,748 | $ | (1,205) | $ | 1,849 |
Fair Value Measurements Using Level 3 Inputs | Annuities | ||||
Balance at January 1, 2019 | $ | 1,688 | |||
Actual return on plan assets: | |||||
Relating to assets still held at December 31, 2019 | 113 | ||||
Foreign exchange | 48 | ||||
Balance at December 31, 2019 | 1,849 | ||||
Actual return on plan assets: | |||||
Relating to assets still held at December 31, 2020 | 13 | ||||
Purchases, sales and settlements-net | 682 | ||||
Foreign exchange | 81 | ||||
Balance at December 31, 2020 | $ | 2,625 |
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2020 |
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)
|
$ | 37 | $ | 37 | $ | — | $ | — | |||||||||||||||
Equity investments: | |||||||||||||||||||||||
Equity securities | 75 | 75 | — | — | |||||||||||||||||||
Pooled funds (2)
|
290 | — | — | — | |||||||||||||||||||
Fixed income investments: | |||||||||||||||||||||||
Government and agency bonds | 395 | 395 | — | — | |||||||||||||||||||
Pooled funds (2)
|
627 | — | — | — | |||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Alternative investments (2) (3)
|
63 | — | — | — | |||||||||||||||||||
Real estate (2) (4)
|
10 | — | — | — | |||||||||||||||||||
Total | $ | 1,497 | $ | 507 | $ | — | $ | — |
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2019 |
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)
|
$ | 5 | $ | 5 | $ | — | $ | — | |||||||||||||||
Equity investments: | |||||||||||||||||||||||
Pooled funds (2)
|
323 | — | — | — | |||||||||||||||||||
Fixed income investments: | |||||||||||||||||||||||
Pooled funds (2)
|
907 | — | — | — | |||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Alternative investments (2) (3)
|
62 | — | — | — | |||||||||||||||||||
Real estate (2) (4)
|
6 | — | — | — | |||||||||||||||||||
Total | $ | 1,303 | $ | 5 | $ | — | $ | — |
U.K. | U.S. | Other | ||||||||||||||||||
2021 | $ | 161 | $ | 192 | $ | 48 | ||||||||||||||
2022 | $ | 167 | $ | 193 | $ | 49 | ||||||||||||||
2023 | $ | 174 | $ | 190 | $ | 50 | ||||||||||||||
2024 | $ | 180 | $ | 192 | $ | 51 | ||||||||||||||
2025 | $ | 185 | $ | 183 | $ | 52 | ||||||||||||||
2026 – 2030 | $ | 1,007 | $ | 893 | $ | 274 |
2020 | 2019 | ||||||||||
Accumulated projected benefit obligation | $ | 117 | $ | 103 | |||||||
Fair value of plan assets | 17 | 16 | |||||||||
Funded status | (100) | (87) | |||||||||
Unrecognized prior-service credit | (1) | (1) | |||||||||
Unrecognized loss | 13 | 3 | |||||||||
Net amount recognized | $ | (88) | $ | (85) |
2020 | 2019 | 2018 | |||||||||||||||
Net periodic benefit cost recognized (millions) | $4 | $3 | $3 | ||||||||||||||
Weighted-average discount rate used to determine future benefit obligations |
2.10 - 2.58%
|
2.93 - 3.25%
|
3.91 - 4.26%
|
||||||||||||||
Weighted-average discount rate used to determine net periodic benefit costs |
2.93 - 3.25%
|
3.91 - 4.26%
|
3.32 - 3.64%
|
Years ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||
Restricted share units (“RSUs”) | $ | 186 | $ | 198 | $ | 186 | |||||||||||
Performance share awards (“PSAs”) | 116 | 110 | 143 | ||||||||||||||
Employee share purchase plans | 10 | 9 | 9 | ||||||||||||||
Total share-based compensation expense | 312 | 317 | 338 | ||||||||||||||
Tax benefit | 61 | 66 | 74 | ||||||||||||||
Share-based compensation expense, net of tax | $ | 251 | $ | 251 | $ | 264 | |||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Years ended December 31 | Shares |
Fair Value at Date of Grant (1)
|
Shares |
Fair Value at Date of Grant (1)
|
Shares |
Fair Value at Date of Grant (1)
|
|||||||||||||||||||||||||||||
Non-vested at beginning of year | 3,634 | $ | 143 | 4,208 | $ | 120 | 4,849 | $ | 104 | ||||||||||||||||||||||||||
Granted | 1,329 | $ | 185 | 1,306 | $ | 175 | 1,500 | $ | 141 | ||||||||||||||||||||||||||
Vested | (1,426) | $ | 133 | (1,661) | $ | 113 | (1,943) | $ | 97 | ||||||||||||||||||||||||||
Forfeited | (228) | $ | 157 | (219) | $ | 131 | (198) | $ | 114 | ||||||||||||||||||||||||||
Non-vested at end of year | 3,309 | $ | 163 | 3,634 | $ | 143 | 4,208 | $ | 120 |
2020 | 2019 | 2018 | |||||||||||||||
Target PSAs granted during period | 500 | 467 | 564 | ||||||||||||||
Weighted average fair value per share at date of grant | $ | 161 | $ | 165 | $ | 134 | |||||||||||
Number of shares that would be issued based on current performance levels | 495 | 784 | 830 | ||||||||||||||
Unamortized expense, based on current performance levels | $ | 58 | $ | 41 | $ | — |
Notional Amount |
Net Amount of Derivative Assets Presented in the Statements of Financial Position (1)
|
Net Amount of Derivative Liabilities Presented in the Statements of Financial Position (2)
|
|||||||||||||||||||||||||||||||||
As of December 31 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||
Accounted for as hedges | $ | 633 | $ | 579 | $ | 33 | $ | 16 | $ | — | $ | 1 | |||||||||||||||||||||||
Not accounted for as hedges (3)
|
367 | 297 | 1 | 2 | 1 | — | |||||||||||||||||||||||||||||
Total | $ | 1,000 | $ | 876 | $ | 34 | $ | 18 | $ | 1 | $ | 1 |
2020 | 2019 | 2018 | ||||||||||||||||||
Gain (Loss) recognized in Accumulated other comprehensive loss | $ | 1 | $ | (9) | $ | (18) | ||||||||||||||
Years Ended December 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Total revenue | $ | (14) | $ | (12) | $ | — | ||||||||||||||
Compensation and benefits | — | (1) | 1 | |||||||||||||||||
Other general expense | — | — | (2) | |||||||||||||||||
Interest expense | (1) | (1) | (2) | |||||||||||||||||
Other income (expense) | — | — | (8) | |||||||||||||||||
Total | $ | (15) | $ | (14) | $ | (11) |
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2020 |
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)
|
$ | 2,781 | $ | 2,781 | $ | — | $ | — | |||||||||||||||
Other investments | |||||||||||||||||||||||
Government bonds | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||
Equity investments | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||||||||
Derivatives (2)
|
|||||||||||||||||||||||
Gross foreign exchange contracts | $ | 38 | $ | — | $ | 38 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives (2)
|
|||||||||||||||||||||||
Gross foreign exchange contracts | $ | 5 | $ | — | $ | 5 | $ | — |
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2019 |
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)
|
$ | 2,007 | $ | 2,007 | $ | — | $ | — | |||||||||||||||
Other investments | |||||||||||||||||||||||
Government bonds | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||
Equity investments | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||
Derivatives (2)
|
|||||||||||||||||||||||
Gross foreign exchange contracts | $ | 21 | $ | — | $ | 21 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives (2)
|
|||||||||||||||||||||||
Gross foreign exchange contracts | $ | 4 | $ | — | $ | 4 | $ | — |
2020 | 2019 | ||||||||||||||||||||||
As of December 31 |
Carrying
Value |
Fair
Value |
Carrying
Value |
Fair
Value |
|||||||||||||||||||
Current portion of long-term debt | $ | 400 | $ | 401 | $ | 600 | $ | 614 | |||||||||||||||
Long-term debt | $ | 7,281 | $ | 8,752 | $ | 6,627 | $ | 7,442 |
Years ended December 31 | Total |
United
States |
Americas other
than U.S. |
United
Kingdom |
Ireland | Other Europe, Middle East, & Africa |
Asia
Pacific |
||||||||||||||||||||||||||||||||||
2020 | $ | 1,599 | 681 | 127 | 213 | 11 | 357 | 210 | |||||||||||||||||||||||||||||||||
2019 | $ | 1,550 | 686 | 145 | 225 | 10 | 309 | 175 |
(a) | (1) and (2). The following documents have been included in Part II, Item 8. | |||||||
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, on Financial Statements
|
||||||||
Consolidated Statements of Financial Position — As of December 31, 2020 and 2019
|
||||||||
Consolidated Statements of Income — Years Ended December 31, 2020, 2019 and 2018
|
||||||||
Consolidated Statements of Comprehensive Income — Years Ended December 31, 2020, 2019 and 2018
|
||||||||
Consolidated Statements of Shareholders’ Equity — Years Ended December 31, 2020, 2019 and 2018
|
||||||||
Consolidated Statements of Cash Flows — Years Ended December 31, 2020, 2019 and 2018
|
||||||||
Notes to Consolidated Financial Statements
|
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, on Internal Control over Financial Reporting |
4.5* | Guarantee Exchange and Registration Rights Agreement dated as of January 13, 1997 among Aon, Aon Capital A, Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. — incorporated by reference to Exhibit 4.12 to Aon’s Registration Statement on Form S-4 (File No. 333-21237) filed on February 6, 1997. | ||||||||||
4.6* | |||||||||||
4.7* | |||||||||||
4.8* | |||||||||||
4.9* | |||||||||||
4.10* | |||||||||||
4.11* | |||||||||||
4.12* | |||||||||||
4.13* | |||||||||||
4.14* | |||||||||||
4.15* | |||||||||||
4.16* | |||||||||||
4.17* | |||||||||||
4.18* | |||||||||||
4.19* | |||||||||||
4.20* | |||||||||||
4.21* | |||||||||||
4.22* | |||||||||||
4.23* | |||||||||||
4.24* | |||||||||||
4.25* | |||||||||||
4.26* | |||||||||||
Material Contracts. | ||||||||
10.1* | ||||||||
10.2* | ||||||||
10.3* | ||||||||
10.4* | ||||||||
10.5* | ||||||||
10.6* | ||||||||
10.7* | ||||||||
10.8* | ||||||||
10.9* | ||||||||
10.10*# | ||||||||
10.11*# | ||||||||
10.12*# | ||||||||
10.13*# | ||||||||
10.14*# | ||||||||
10.15*# | ||||||||
10.16*# | ||||||||
10.17*# | ||||||||
10.18*# | ||||||||
10.19*# | ||||||||
10.20*# | ||||||||
10.21*# | ||||||||
10.22*# | ||||||||
10.23*# | ||||||||
10.24# | ||||||||
10.25*# | ||||||||
10.26*# | ||||||||
10.27*# | ||||||||
10.28*# | ||||||||
10.29*# | ||||||||
10.30*# | ||||||||
10.31*# | ||||||||
10.32*# | ||||||||
10.33*# | ||||||||
10.34*# | ||||||||
10.35*# | ||||||||
10.36*# | ||||||||
10.37*# | ||||||||
10.38*# | ||||||||
10.39*# | ||||||||
10.40*# | ||||||||
10.41*# | ||||||||
10.42*# | ||||||||
10.43*# | ||||||||
10.44*# | ||||||||
10.45*# | ||||||||
10.46*# | ||||||||
10.47*# | ||||||||
10.48*# | ||||||||
10.49*# | ||||||||
10.50*# | ||||||||
10.51# | ||||||||
10.52*# | ||||||||
10.53*# | ||||||||
10.54*# | ||||||||
10.55*# | ||||||||
10.56*# | ||||||||
10.57*# | ||||||||
10.58*# | ||||||||
Aon plc | |||||||||||||||||
By: | /s/ GREGORY C. CASE | ||||||||||||||||
Gregory C. Case, Chief Executive Officer | |||||||||||||||||
Date: | February 19, 2021 |
Signature | Title | Date | ||||||||||||
/s/ GREGORY C. CASE |
Chief Executive Officer and
Director (Principal Executive Officer) |
February 19, 2021 | ||||||||||||
Gregory C. Case | ||||||||||||||
/s/ LESTER B. KNIGHT | Non-Executive Chairman and Director | February 19, 2021 | ||||||||||||
Lester B. Knight | ||||||||||||||
/s/ JIN-YONG CAI | Director | February 19, 2021 | ||||||||||||
Jin-Yong Cai | ||||||||||||||
/s/ JEFFREY C. CAMPBELL | Director | February 19, 2021 | ||||||||||||
Jeffrey C. Campbell | ||||||||||||||
/s/ FULVIO CONTI | Director | February 19, 2021 | ||||||||||||
Fulvio Conti | ||||||||||||||
/s/ CHERYL A. FRANCIS | Director | February 19, 2021 | ||||||||||||
Cheryl A. Francis | ||||||||||||||
/s/ J. MICHAEL LOSH | Director | February 19, 2021 | ||||||||||||
J. Michael Losh | ||||||||||||||
/s/ RICHARD B. MYERS | Director | February 19, 2021 | ||||||||||||
Richard B. Myers | ||||||||||||||
/s/ RICHARD C. NOTEBAERT | Director | February 19, 2021 | ||||||||||||
Richard C. Notebaert | ||||||||||||||
/s/ GLORIA SANTONA | Director | February 19, 2021 | ||||||||||||
Gloria Santona | ||||||||||||||
/s/ BYRON SPRUELL | Director | February 19, 2021 | ||||||||||||
Byron Spruell | ||||||||||||||
/s/ CAROLYN Y. WOO | Director | February 19, 2021 | ||||||||||||
Carolyn Y. Woo | ||||||||||||||
/s/ CHRISTA DAVIES |
Chief Financial Officer
(Principal Financial Officer) |
February 19, 2021 | ||||||||||||
Christa Davies | ||||||||||||||
/s/ MICHAEL NELLER |
Global Controller
(Principal Accounting Officer) |
February 19, 2021 | ||||||||||||
Michael Neller |
Years of Service
|
Allocation Rate
|
||||
Less than 5 years
|
3% | ||||
5 to 9 years
|
4% | ||||
10 to 14 years
|
5% | ||||
15 or more years
|
6% |
Name | Country | State/Province | ||||||||||||
Aon Angola Corretores de Seguros Limitada | Angola | |||||||||||||
Admiseg S.A. | Argentina | |||||||||||||
Aon Affinity Argentina S.A. | Argentina | |||||||||||||
Aon Benfield Argentina S.A. | Argentina | |||||||||||||
Aon Risk Services Argentina S.A. | Argentina | |||||||||||||
Aon Soluciones S.A. | Argentina | |||||||||||||
Asevasa Argentina S.A. | Argentina | |||||||||||||
Marinaro Dundas S.A. | Argentina | |||||||||||||
SN Re S.A. | Argentina | |||||||||||||
Swire Blanch MSTC II S.A. | Argentina | |||||||||||||
Swire Blanch MSTC S.A. | Argentina | |||||||||||||
Aon Aruba N.V. | Aruba | |||||||||||||
Aon Captive Services Aruba N.V. | Aruba | |||||||||||||
Affinity Risk Partners (Brokers) Pty Ltd | Australia | |||||||||||||
Aon Australia Group Pty Ltd | Australia | |||||||||||||
Aon Australian Holdco 1 Pty Ltd | Australia | |||||||||||||
Aon Australian Holdco 2 Pty Ltd | Australia | |||||||||||||
Aon Australian Holdco 3 Pty Ltd | Australia | |||||||||||||
Aon Benfield Australia Limited | Australia | |||||||||||||
Aon Charitable Foundation Pty Ltd | Australia | |||||||||||||
Aon Consolidated Group Pty Ltd | Australia | |||||||||||||
Aon Corporation Australia Limited | Australia | |||||||||||||
Aon Group Pty Ltd | Australia | |||||||||||||
Aon Hewitt Financial Advice Limited | Australia | |||||||||||||
Aon Hewitt Limited | Australia | |||||||||||||
Aon Holdings Australia Pty Ltd | Australia | |||||||||||||
Aon Product Design & Development Australia Pty Ltd | Australia | |||||||||||||
Aon Risk & Asset Management Pty Ltd | Australia | |||||||||||||
Aon Risk Services Australia Limited | Australia | |||||||||||||
Aon Services Pty Ltd | Australia | |||||||||||||
Aon Superannuation Pty Ltd | Australia | |||||||||||||
Cut-e Australia Pty Ltd | Australia | |||||||||||||
Hewitt Associates Pty Ltd | Australia | |||||||||||||
HIA Insurance Services Pty Ltd | Australia | |||||||||||||
One Underwriting Pty Ltd | Australia | |||||||||||||
Aon Austria GmbH | Austria | |||||||||||||
Aon Holdings Austria GmbH | Austria | |||||||||||||
Aon Jauch & Hübener Gesellschaft m.b.H. | Austria | |||||||||||||
Aon Bahrain W.L.L. | Bahrain | |||||||||||||
Aon Insurance Managers (Barbados) Ltd. | Barbados | |||||||||||||
Agenion N.V./S.A. | Belgium | |||||||||||||
Aon Belgium B.V.B.A. | Belgium | |||||||||||||
Crion N.V. | Belgium | |||||||||||||
Probabilitas N.V./S.A. | Belgium |
Name | Country | State/Province | ||||||||||||
Aon (Bermuda) Ltd. | Bermuda | |||||||||||||
Aon Benfield Group Limited (In liquidation) | Bermuda | |||||||||||||
Aon Bermuda QI Holdings Ltd. | Bermuda | |||||||||||||
Aon Delta Bermuda Ltd. | Bermuda | |||||||||||||
Aon Finance Bermuda 1 Ltd. | Bermuda | |||||||||||||
Aon Finance Bermuda 2 Ltd. | Bermuda | |||||||||||||
Aon Group (Bermuda) Ltd. | Bermuda | |||||||||||||
Aon Hewitt (Bermuda) Ltd. | Bermuda | |||||||||||||
Aon Insurance Managers (Bermuda) Ltd. | Bermuda | |||||||||||||
Aon Underwriting Managers (Bermuda) Ltd. | Bermuda | |||||||||||||
Benfield Investment Holdings Limited | Bermuda | |||||||||||||
Benfield Juniperus Holdings Limited | Bermuda | |||||||||||||
International Risk Management Group Ltd. | Bermuda | |||||||||||||
White Rock Insurance (Americas) Ltd. | Bermuda | |||||||||||||
White Rock Insurance (SAC) Ltd. | Bermuda | |||||||||||||
White Rock Services (Bermuda) Ltd. | Bermuda | |||||||||||||
Aon Bolivia S.A. Corredores de Seguros | Bolivia | |||||||||||||
Aon Consulting Bolivia S.R.L. | Bolivia | |||||||||||||
Aon Re Bolivia S.A. Corredores de Reaseguros | Bolivia | |||||||||||||
Aon Commercial Risk & Reinsurance Solutions (Proprietary) Limited | Botswana | |||||||||||||
Aon Holdings Botswana (Pty) Ltd | Botswana | |||||||||||||
Aon Retirement Solutions Proprietary Limited | Botswana | |||||||||||||
Aon Risk Management (Pty) Ltd | Botswana | |||||||||||||
ADM Administradora de Benefícios Ltda. | Brazil | |||||||||||||
Aon Affinity Administradora de Beneficios Ltda. | Brazil | |||||||||||||
Aon Affinity do Brasil Servicos e Corretora de Seguros Ltda. | Brazil | |||||||||||||
Aon Affinity Servicos e Participacoes Ltda. | Brazil | |||||||||||||
Aon Benfield Brasil Corretora de Resseguros Ltda. | Brazil | |||||||||||||
Aon Holdings Corretores de Seguros Ltda. | Brazil | |||||||||||||
Associação Instituto Aon | Brazil | |||||||||||||
Farmaseg – Soluções, Assistência e Serviços Empresariais Ltda. | Brazil | |||||||||||||
Hewitt Associates Servicos de Recursos Humanos Ltda. | Brazil | |||||||||||||
6824625 Canada Ltd. | Canada | |||||||||||||
7193599 Canada Inc. | Canada | |||||||||||||
Aon Benfield Canada ULC | Canada | |||||||||||||
Aon Canada Holdings N.S. ULC | Canada | |||||||||||||
Aon Canada Inc. | Canada | |||||||||||||
Aon Direct Group Inc. | Canada | |||||||||||||
Aon Eaton Inc. | Canada | |||||||||||||
Aon Finance Canada 1 Corp. | Canada | |||||||||||||
Aon Finance Canada 2 Corp. | Canada | |||||||||||||
Aon Finance International N.S. ULC | Canada | |||||||||||||
Aon Finance N.S. 1, ULC | Canada | |||||||||||||
Aon Finance N.S. 5, ULC | Canada | |||||||||||||
Aon Hewitt Inc. | Canada | |||||||||||||
Aon Hewitt Investment Management Inc. | Canada | |||||||||||||
Aon Parizeau Inc. | Canada |
Name | Country | State/Province | ||||||||||||
Aon Reed Stenhouse Inc. | Canada | |||||||||||||
Aon Risk Services Canada Inc. | Canada | |||||||||||||
Aon Securities Investment Management Inc. | Canada | |||||||||||||
Coles Hewitt Partnership | Canada | |||||||||||||
Groupe-conseil Aon Inc. | Canada | |||||||||||||
Hewitt Amalco 3 ULC | Canada | |||||||||||||
Hewitt Amalco 4 ULC | Canada | |||||||||||||
Hewitt Amalco 5 ULC | Canada | |||||||||||||
Aon Finance N.S. 9, ULC | Canada | |||||||||||||
Hewitt Associates (a partnership) | Canada | |||||||||||||
Hewitt Associates Corp. | Canada | |||||||||||||
Hewitt Holdings Canada Company | Canada | |||||||||||||
Hewitt Management Ltd. | Canada | |||||||||||||
Hewitt Western Management Amalco Inc. | Canada | |||||||||||||
IAO Actuarial Consulting Services Canada Inc. | Canada | |||||||||||||
J. Allan Brown Consultants, Inc. | Canada | |||||||||||||
K & K Insurance Brokers, Inc. Canada | Canada | |||||||||||||
Linx Underwriting Solutions Inc. | Canada | |||||||||||||
Minet Inc. | Canada | |||||||||||||
Townsend (Global Real Estate) GP Ontario Inc. | Canada | |||||||||||||
USLP Underwriting Solutions LP | Canada | |||||||||||||
Aon Insurance Managers (Cayman) Ltd. | Cayman Islands | |||||||||||||
Aon Risk Solutions (Cayman) Ltd. | Cayman Islands | |||||||||||||
Harbourview West Lake Co-Invest (GP) LP | Cayman Islands | |||||||||||||
Townsend HWL GP Ltd. | Cayman Islands | |||||||||||||
Aon Affinity Chile Ltda. | Chile | |||||||||||||
Aon Benfield (Chile) Corredores de Reaseguros Ltda. | Chile | |||||||||||||
Aon Consulting (Chile) Limitada | Chile | |||||||||||||
Aon Risk Services (Chile) Corredores de Seguros Limitada | Chile | |||||||||||||
Aon Risk Services Holdings (Chile) Ltda. | Chile | |||||||||||||
Benfield Corredores de Reaseguro Ltda. | Chile | |||||||||||||
Inversiones Benfield Chile Ltda. | Chile | |||||||||||||
Aon Hewitt Consulting (Shanghai) Co., Ltd. | China | |||||||||||||
Aon-COFCO Insurance Brokers Co., Ltd. | China | |||||||||||||
Shanghai Kayi Information Technology Co., Ltd | China | |||||||||||||
Aon Affinity Colombia Ltda. Agencia de Seguros | Colombia | |||||||||||||
Aon Reinsurance Colombia Limitada Corredores de Reaseguros | Colombia | |||||||||||||
Aon Risk Services Colombia S.A. Corredores de Seguros | Colombia | |||||||||||||
Salud, Riesgos y Recursos Humanos Consultores Ltda. | Colombia | |||||||||||||
Tecsefin, S.A. en liquidacion | Colombia | |||||||||||||
Alexander Insurance Managers (Netherlands Antilles) N.V. | Curacao | |||||||||||||
Aon Antillen N.V. | Curacao | |||||||||||||
Aon Captive Services Antilles N.V. | Curacao | |||||||||||||
Aon Holdings Antillen N.V. | Curacao | |||||||||||||
Aon Insurance Managers (Antilles) N.V. | Curacao | |||||||||||||
Aon Cyprus Insurance Broker Company Limited | Cyprus | |||||||||||||
Aon Central and Eastern Europe a.s. | Czech Rep. |
Name | Country | State/Province | ||||||||||||
ADIS A/S | Denmark | |||||||||||||
Aon Assessment Denmark A/S | Denmark | |||||||||||||
Aon Denmark A/S | Denmark | |||||||||||||
Aon Riskminder A/S | Denmark | |||||||||||||
Optica Agency A/S | Denmark | |||||||||||||
Aon Consulting Ecuador S.A. | Ecuador | |||||||||||||
Aon Risk Services Ecuador S.A. Agencia Asesora Productora de Seguros | Ecuador | |||||||||||||
Riskikonsultatsioonid OÜ | Estonia | |||||||||||||
Aon (Fiji) Pte Limited | Fiji | |||||||||||||
Aon Assessment (Finland) Oy | Finland | |||||||||||||
Aon Finland Oy | Finland | |||||||||||||
Aon France | France | |||||||||||||
Aon Holdings France SNC | France | |||||||||||||
Aon Services S.à.r.l. | France | |||||||||||||
Hewitt Associates SAS | France | |||||||||||||
Aon Assessment GmbH | Germany | |||||||||||||
Aon Beteiligungsmanagement Deutschland GmbH & Co. KG | Germany | |||||||||||||
Aon Credit International Insurance Broker GmbH | Germany | |||||||||||||
Aon Deutschland Beteiligungs GmbH | Germany | |||||||||||||
Aon Hewitt GmbH | Germany | |||||||||||||
Aon Hewitt Trust Solutions GmbH | Germany | |||||||||||||
Aon Holding Deutschland GmbH | Germany | |||||||||||||
Aon Pensions Insurance Broker GmbH | Germany | |||||||||||||
Aon Risiko- und Unternehmensberatungs GmbH | Germany | |||||||||||||
Aon Versicherungsberatungs GmbH | Germany | |||||||||||||
Aon Versicherungsmakler Deutschland GmbH | Germany | |||||||||||||
Hamburger Gesellschaft zur Forderung des Versicherungswesens mbH | Germany | |||||||||||||
Motor Service Pensions GmbH | Germany | |||||||||||||
One Underwriting Agency GmbH | Germany | |||||||||||||
PRORÜCK Rückversicherungs-Aktiengesellschaft | Germany | |||||||||||||
SG IFFOXX Assekuranzmaklergesellschaft mbH | Germany | |||||||||||||
UNIT Versicherungsmakler GmbH | Germany | |||||||||||||
UnitedPensions Deutschland AG | Germany | |||||||||||||
Wannet Sports Insurance GmbH | Germany | |||||||||||||
Aon Insurance Managers (Gibraltar) Limited | Gibraltar | |||||||||||||
White Rock Insurance (Gibraltar) PCC Limited | Gibraltar | |||||||||||||
Aon Greece S.A. | Greece | |||||||||||||
Aon Insurance Managers (Guernsey) Limited | Guernsey | |||||||||||||
Aon Insurance Managers (Holdings) Limited | Guernsey | |||||||||||||
Aon PMI International Limited | Guernsey | |||||||||||||
Aon Services (Guernsey) Limited | Guernsey | |||||||||||||
Lake Erie Real Estate General Partner Limited | Guernsey | |||||||||||||
Lincolnshire Insurance Company PCC Limited | Guernsey | |||||||||||||
Lombard Trustee Company Limited | Guernsey | |||||||||||||
Townsend Lake Constance GP Limited | Guernsey | |||||||||||||
White Rock Insurance (Guernsey) ICC Limited | Guernsey | |||||||||||||
White Rock Insurance Company PCC Limited | Guernsey |
Name | Country | State/Province | ||||||||||||
Aon (CR) Insurance Agencies Company Limited | Hong Kong | |||||||||||||
Aon Agencies Hong Kong Limited | Hong Kong | |||||||||||||
Aon Assurance Agencies Hong Kong Limited | Hong Kong | |||||||||||||
Aon Benfield China Limited | Hong Kong | |||||||||||||
Aon Commercial Insurance Agencies Hong Kong Limited | Hong Kong | |||||||||||||
Aon Enterprise Insurance Agencies Hong Kong Limited | Hong Kong | |||||||||||||
Aon Hewitt Hong Kong Limited | Hong Kong | |||||||||||||
Aon Holdings Hong Kong Limited | Hong Kong | |||||||||||||
Aon Hong Kong Limited | Hong Kong | |||||||||||||
Aon Insurance Agencies (HK) Limited | Hong Kong | |||||||||||||
Aon Insurance Management Agencies (HK) Limited | Hong Kong | |||||||||||||
Aon Insurance Underwriting Agencies Hong Kong Limited | Hong Kong | |||||||||||||
Aon Product Risk Services Hong Kong Limited | Hong Kong | |||||||||||||
Aon Securities (Hong Kong) Limited | Hong Kong | |||||||||||||
Aon Services Hong Kong Limited | Hong Kong | |||||||||||||
Aon Underwriting Agencies (HK) Limited | Hong Kong | |||||||||||||
Asian Reinsurance Underwriters Limited | Hong Kong | |||||||||||||
Contingency Insurance Brokers Limited | Hong Kong | |||||||||||||
Cut-e Assessment (Hong Kong) Limited | Hong Kong | |||||||||||||
Essar Insurance Services Limited | Hong Kong | |||||||||||||
EW Blanch Limited | Hong Kong | |||||||||||||
Stroz Friedberg (Asia) Limited | Hong Kong | |||||||||||||
Townsend Group Asia Limited | Hong Kong | |||||||||||||
Aon Hungary Insurance Brokers Risk and Human Consulting LLC | Hungary | |||||||||||||
Aon Consulting Private Limited | India | |||||||||||||
PT Aon Benfield Indonesia | Indonesia | |||||||||||||
PT Aon Hewitt Indonesia | Indonesia | |||||||||||||
PT Aon Indonesia | Indonesia | |||||||||||||
Aeropeople Limited | Ireland | |||||||||||||
Aon Assessment (Ireland) Limited | Ireland | |||||||||||||
Aon Assessment Solutions Europe Limited | Ireland | |||||||||||||
Aon Broking Technology Limited | Ireland | |||||||||||||
Aon Commercial Services and Operations Ireland Limited | Ireland | |||||||||||||
Aon Commercial Services Ireland Limited | Ireland | |||||||||||||
Aon Global Risk Research Limited [in liquidation] | Ireland | |||||||||||||
Aon Hewitt (Ireland) Limited | Ireland | |||||||||||||
Aon Hewitt Management Company Limited | Ireland | |||||||||||||
Aon Insurance Managers (Dublin) Limited | Ireland | |||||||||||||
Aon Insurance Managers (Shannon) Limited | Ireland | |||||||||||||
Aon Investment Holdings Ireland Limited | Ireland | |||||||||||||
Aon Limited | Ireland | |||||||||||||
Aon Randolph Ireland 2 Limited | Ireland | |||||||||||||
Aon Randolph Ireland 3 Limited | Ireland | |||||||||||||
Aon Treasury Ireland Limited | Ireland | |||||||||||||
Bacon & Woodrow Partnerships (Ireland) Limited | Ireland | |||||||||||||
Becketts (Trustees) Limited | Ireland | |||||||||||||
Becketts Limited | Ireland |
Name | Country | State/Province | ||||||||||||
Beech Hill Pension Trustees Limited | Ireland | |||||||||||||
Benton Finance Ireland Limited | Ireland | |||||||||||||
Cut-e Assessment Global Holdings Limited | Ireland | |||||||||||||
Delany Bacon & Woodrow Partnership | Ireland | |||||||||||||
MacDonagh Boland Crotty MacRedmond Limited | Ireland | |||||||||||||
Private Clients Trustees Limited | Ireland | |||||||||||||
Randolph Finance Unlimited Company | Ireland | |||||||||||||
The Aon Ireland MasterTrustee Limited | Ireland | |||||||||||||
Aon (Isle of Man) Limited | Isle of Man | |||||||||||||
Aon Corporate Services (Isle of Man) Limited | Isle of Man | |||||||||||||
Aon Holdings (Isle of Man) Limited | Isle of Man | |||||||||||||
Aon Insurance Managers (Isle of Man) Limited | Isle of Man | |||||||||||||
White Rock Insurance PCC (Isle of Man) Limited | Isle of Man | |||||||||||||
Aon Benfield Israel Ltd. | Israel | |||||||||||||
Aon Holdings Israel Ltd. | Israel | |||||||||||||
Aon Israel Insurance Brokerage Ltd. | Israel | |||||||||||||
I. Beck Insurance Agency (1994) Ltd. | Israel | |||||||||||||
National Insurance Office Ltd. | Israel | |||||||||||||
Ronnie Elementary Insurance Agency Ltd. | Israel | |||||||||||||
Aon Benfield Italia S.p.A. | Italy | |||||||||||||
Aon Hewitt Risk & Consulting S.r.l. | Italy | |||||||||||||
Aon Italia S.r.l. | Italy | |||||||||||||
Aon S.p.A. Insurance & Reinsurance Brokers | Italy | |||||||||||||
Asscom Insurance Brokers S.r.l. | Italy | |||||||||||||
Coverall S.r.l. Insurance and Reinsurance Underwriting Agency | Italy | |||||||||||||
Global Safe Insurance Broker S.r.l. | Italy | |||||||||||||
US Underwriting Solutions S.r.l. | Italy | |||||||||||||
Aon Benfield Japan Ltd. | Japan | |||||||||||||
Aon Hewitt Japan Ltd. | Japan | |||||||||||||
Aon Holdings Japan Ltd. | Japan | |||||||||||||
Aon Japan Ltd. | Japan | |||||||||||||
Townsend Re Global GP Limited | Jersey | |||||||||||||
Aon Consulting Kazakhstan LLP | Kazakhstan | |||||||||||||
Insurance Broker Aon Kazakhstan LLP | Kazakhstan | |||||||||||||
Aon Hewitt Consulting Korea Inc. | Korea | |||||||||||||
Aon Korea Inc. | Korea | |||||||||||||
Aon Insurance Managers (Liechtenstein) AG | Liechtenstein | |||||||||||||
One Underwriting UAB | Lithuania | |||||||||||||
UADBB Aon Baltic | Lithuania | |||||||||||||
Aon Finance Luxembourg S.à r.l. | Luxembourg | |||||||||||||
Aon Global Operations S.à r.l. | Luxembourg | |||||||||||||
Aon Global Risk Consulting Luxembourg S.à r.l. | Luxembourg | |||||||||||||
Aon Holdings Luxembourg S.à r.l. | Luxembourg | |||||||||||||
Aon Insurance Managers (Luxembourg) S.A. | Luxembourg | |||||||||||||
Aon Neudorf Finance S.à r.l. | Luxembourg | |||||||||||||
Aon Re Canada Holdings S.à r.l. | Luxembourg | |||||||||||||
TTG Cayuga Bavaria Intermediate 2 S.à r.l. | Luxembourg |
Name | Country | State/Province | ||||||||||||
Aon Benfield Malaysia Limited | Malaysia | |||||||||||||
Aon Hewitt Malaysia Sdn. Bhd. | Malaysia | |||||||||||||
Aon Insurance Brokers (Malaysia) Sdn. Bhd. | Malaysia | |||||||||||||
Aon Insurance Managers (Malta) PCC Limited | Malta | |||||||||||||
Aon Services (Malta) Limited | Malta | |||||||||||||
White Rock Insurance (Europe) PCC Limited | Malta | |||||||||||||
White Rock Insurance (Netherlands) PCC Limited | Malta | |||||||||||||
Aon Hewitt Ltd. | Mauritius | |||||||||||||
Aon Mauritius Holdings | Mauritius | |||||||||||||
Aon Affinity Mexico Agente de Seguros y de Fianzas, S.A. de C.V. | Mexico | |||||||||||||
Aon Affinity Mexico, S.A. de C.V. | Mexico | |||||||||||||
Aon Benfield Mexico Intermediario de Reaseguro, S.A. de C.V. | Mexico | |||||||||||||
Aon Life, Agente de Seguros, S.A. de C.V. | Mexico | |||||||||||||
Aon Mexico Business Support, SA de CV | Mexico | |||||||||||||
Aon Mexico Holdings, S. de R.L. de C.V. | Mexico | |||||||||||||
Aon Risk Solutions Agente de Seguros y de Fianzas, S.A. de C.V. | Mexico | |||||||||||||
Asevasa Mexico, S.A. de C.V. | Mexico | |||||||||||||
Hewitt Associates, S.C. | Mexico | |||||||||||||
Hewitt Beneficios Agente de Seguros y de Fianzas, S.A. de C.V. | Mexico | |||||||||||||
Aon Acore S.a.r.l. | Morocco | |||||||||||||
Casablanca Intermediation Company S.a.r.l. | Morocco | |||||||||||||
Alexander & Alexander Holding B.V. | Netherlands | |||||||||||||
Aon Americas Holdings B.V. | Netherlands | |||||||||||||
Aon APAC Holdings B.V. | Netherlands | |||||||||||||
Aon CANZ Holdings B.V. | Netherlands | |||||||||||||
Aon Cash Management B.V. | Netherlands | |||||||||||||
Aon Corporation EMEA B.V. | Netherlands | |||||||||||||
Aon Global Risk Consulting B.V. | Netherlands | |||||||||||||
Aon Groep Nederland B.V. | Netherlands | |||||||||||||
Aon Group Holdings International 1 B.V. | Netherlands | |||||||||||||
Aon Group Holdings International 2 B.V. | Netherlands | |||||||||||||
Aon Group International N.V. | Netherlands | |||||||||||||
Aon Hewitt Risk & Financial Management B.V. | Netherlands | |||||||||||||
Aon Holdings B.V. | Netherlands | |||||||||||||
Aon Holdings International B.V. | Netherlands | |||||||||||||
Aon Holdings Mid Europe B.V. | Netherlands | |||||||||||||
Aon LATAM Holdings N.V. | Netherlands | |||||||||||||
Aon Meeùs Assurantiën B.V. | Netherlands | |||||||||||||
Aon Nederland C.V. | Netherlands | |||||||||||||
Aon Netherlands Operations B.V. | Netherlands | |||||||||||||
Aon Real Estate B.V. | Netherlands | |||||||||||||
Aon Risk Services EMEA B.V. | Netherlands | |||||||||||||
Aon Trust Services B.V. | Netherlands | |||||||||||||
B.V. Assurantiekantoor Langeveldt-Schroder | Netherlands | |||||||||||||
Bekouw Mendes C.V. | Netherlands | |||||||||||||
Celinvest Amsterdam B.V. | Netherlands | |||||||||||||
One Underwriting B.V. | Netherlands |
Name | Country | State/Province | ||||||||||||
Sheppard Netherlands B.V. | Netherlands | |||||||||||||
Aon Benfield New Zealand Limited | New Zealand | |||||||||||||
Aon Holdings New Zealand | New Zealand | |||||||||||||
Aon New Zealand | New Zealand | |||||||||||||
Aon New Zealand Group | New Zealand | |||||||||||||
Aon Product Design and Development New Zealand Limited | New Zealand | |||||||||||||
Aon Saver Limited | New Zealand | |||||||||||||
Superannuation Management Nominees Limited | New Zealand | |||||||||||||
Aon Assessment Norway AS | Norway | |||||||||||||
Aon Norway AS | Norway | |||||||||||||
Cut-e Nordic AS | Norway | |||||||||||||
Aon Majan LLC | Oman | |||||||||||||
Aon Benfield Panama S.A. | Panama | |||||||||||||
Aon Broking Services S.A. | Panama | |||||||||||||
Aon Hewitt (PNG) Limited | Papua new Guinea | |||||||||||||
Aon Risk Services (PNG) Limited | Papua new Guinea | |||||||||||||
Aon Superannuation (PNG) Limited | Papua new Guinea | |||||||||||||
Aon Benfield Peru Corredores de Reaseguros S.A. | Peru | |||||||||||||
Aon Peru Corredores de Seguros S.A. | Peru | |||||||||||||
Aon Soluciones S.A.C. | Peru | |||||||||||||
Aon Insurance and Reinsurance Brokers Philippines Inc. | Philippines | |||||||||||||
Aon Polska Services Sp. z o.o. | Poland | |||||||||||||
Aon Polska Sp. z o.o. | Poland | |||||||||||||
Aon Sp. z o.o. | Poland | |||||||||||||
Aon Portugal - Consultores, Unipessoal, Lda. | Portugal | |||||||||||||
Aon Portugal, S.A. | Portugal | |||||||||||||
Aon Re Bertoldi - Corretagem de Resseguros, S.A. | Portugal | |||||||||||||
Inspiring Benefits Portugal, Unipessoal Lda | Portugal | |||||||||||||
Aon Qatar LLC | Qatar | |||||||||||||
Aon Consulting Romania SRL | Romania | |||||||||||||
Aon Romania Broker de Asigurare - Reasigurare SRL | Romania | |||||||||||||
Aon Rus Insurance Brokers LLC | Russia | |||||||||||||
Aon Rus LLC | Russia | |||||||||||||
Aon Sint Maarten N.V. | Saint Martin | |||||||||||||
Aon Hewitt Saudi Arabia LLC | Saudi Arabia | |||||||||||||
Aon Saudi Arabia LLC | Saudi Arabia | |||||||||||||
Alexander & Alexander (Asia) Holdings Pte Ltd | Singapore | |||||||||||||
Aon Benfield Asia Pte Ltd | Singapore | |||||||||||||
Aon Bermuda Holding Company Limited | Singapore | |||||||||||||
Aon Hewitt Singapore Pte Ltd | Singapore | |||||||||||||
Aon Hewitt Wealth Management Pte Ltd | Singapore | |||||||||||||
Aon Insurance Agencies Pte Ltd | Singapore | |||||||||||||
Aon Insurance Managers (Singapore) Pte Ltd | Singapore | |||||||||||||
Aon Randolph Singapore Pte Ltd | Singapore | |||||||||||||
Aon Singapore (Broking Centre) Pte Ltd | Singapore | |||||||||||||
Aon Singapore Center for Innovation, Strategy and Management Pte Ltd | Singapore | |||||||||||||
Aon Singapore Pte Ltd | Singapore |
Name | Country | State/Province | ||||||||||||
Stenhouse (South East Asia) Private Limited | Singapore | |||||||||||||
Aon Bratislava s.r.o. | Slovak Republic | |||||||||||||
Aon Central and Eastern Europe, organizacna zlozka | Slovak Republic | |||||||||||||
Aon Consulting South Africa (Pty) Ltd | South Africa | |||||||||||||
Aon Holdings Sub-Sahara Africa (Pty) Ltd | South Africa | |||||||||||||
Aon Limpopo (Pty) Ltd | South Africa | |||||||||||||
Aon Re Africa (Pty) Ltd | South Africa | |||||||||||||
Aon South Africa (Pty) Ltd | South Africa | |||||||||||||
Aon Worldaware (Pty) Ltd | South Africa | |||||||||||||
Claims Fulfillment Company (Pty) Ltd | South Africa | |||||||||||||
Mafube Risk and Insurance Consultants (Pty) Ltd | South Africa | |||||||||||||
Aon Benfield Iberia Correduria de Reaseguros, S.A.U. | Spain | |||||||||||||
Aon Gil y Carvajal, S.A.U. Correduria de Seguros | Spain | |||||||||||||
Aon Management Solutions, S.A.U. | Spain | |||||||||||||
Aon Marketing Directo, S.A.U. | Spain | |||||||||||||
Aon Southern Europe y Cia, S.L. | Spain | |||||||||||||
Asevasa Asesoramiento y Valoraciones S.A.U. | Spain | |||||||||||||
Fundación Aon España | Spain | |||||||||||||
Grupo Innovac Sociedad Correduría de Seguros, S.A. | Spain | |||||||||||||
Inspiring Benefits, S.L. | Spain | |||||||||||||
One Underwriting Agencia de Suscripsión, S.L.U. | Spain | |||||||||||||
Zalba Caldu Correduría de Seguros S.A. | Spain | |||||||||||||
Aon Assessment (Sweden) AB | Sweden | |||||||||||||
Aon Global Risk Consulting AB | Sweden | |||||||||||||
Aon Hewitt AB | Sweden | |||||||||||||
Aon Sweden AB | Sweden | |||||||||||||
Aon Insurance Managers (Switzerland) AG | Switzerland | |||||||||||||
Aon Schweiz AG | Switzerland | |||||||||||||
Inpoint Switzerland GmbH | Switzerland | |||||||||||||
PWZ AG | Switzerland | |||||||||||||
Stroz Friedberg GmbH | Switzerland | |||||||||||||
Aon Management Consulting Taiwan Ltd. | Taiwan | |||||||||||||
Aon Taiwan Ltd. | Taiwan | |||||||||||||
Aon (Thailand) Limited | Thailand | |||||||||||||
Aon Consulting (Thailand) Limited | Thailand | |||||||||||||
Aon Group (Thailand) Limited | Thailand | |||||||||||||
Aon Hewitt (Thailand) Limited | Thailand | |||||||||||||
Aon Re (Thailand) Limited | Thailand | |||||||||||||
Aon Risk Services (Thailand) Limited | Thailand | |||||||||||||
A.B. Insurances Limited | Trinidad and Tobago | |||||||||||||
AIB Services Limited | Trinidad and Tobago | |||||||||||||
Aon Energy Caribbean Limited | Trinidad and Tobago | |||||||||||||
Cardea Health Solutions Limited | Trinidad and Tobago | |||||||||||||
Aon Danismanlik Hizmetleri A.S. | Turkey | |||||||||||||
Aon Sigorta ve Reasurans Brokerligi ve A.S. | Turkey | |||||||||||||
Aon Ukraine LLC | Ukraine | |||||||||||||
Aon (DIFC) Gulf Limited | United Arab Emirates |
Name | Country | State/Province | ||||||||||||
Aon Hewitt Middle East Limited | United Arab Emirates | |||||||||||||
Aon Management Services (Middle East) Limited | United Arab Emirates | |||||||||||||
Aon Middle East Co LLC | United Arab Emirates | |||||||||||||
Aon Retirement Solutions Limited | United Arab Emirates | |||||||||||||
Cut-e Consult DMCC | United Arab Emirates | |||||||||||||
Stroz Friedberg Risk Management Limited | United Arab Emirates | |||||||||||||
Aon Benfield Middle East Limited | United Arab Emirates - DIFC | |||||||||||||
Acumen Credit Insurance Brokers Limited | United Kingdom | |||||||||||||
Alexander Clay | United Kingdom | |||||||||||||
Aon ANZ Holdings Limited | United Kingdom | |||||||||||||
Aon Assessment (UK) Limited | United Kingdom | |||||||||||||
Aon Benfield Limited | United Kingdom | |||||||||||||
Aon Consulting Financial Services Limited | United Kingdom | |||||||||||||
Aon Consulting Limited | United Kingdom | |||||||||||||
Aon DC Trustee Limited | United Kingdom | |||||||||||||
Aon Delta UK Limited | United Kingdom | |||||||||||||
Aon Finance UK 1 Limited | United Kingdom | |||||||||||||
Aon Global Holdings 1 Limited | United Kingdom | |||||||||||||
Aon Global Holdings 2 Limited | United Kingdom | |||||||||||||
Aon Global Holdings Limited | United Kingdom | |||||||||||||
Aon Global Operations plc | United Kingdom | |||||||||||||
Aon Hewitt Limited | United Kingdom | |||||||||||||
Aon Hewitt US Holdings Limited (In liquidation) | United Kingdom | |||||||||||||
Aon Holdings Limited | United Kingdom | |||||||||||||
Aon Overseas Holdings Limited | United Kingdom | |||||||||||||
Aon Pension Trustees Limited | United Kingdom | |||||||||||||
Aon Randolph UK Limited | United Kingdom | |||||||||||||
Aon Risk Services (NI) Limited | United Kingdom | |||||||||||||
Aon Securities Limited | United Kingdom | |||||||||||||
Aon Southern Europe UK Limited | United Kingdom | |||||||||||||
Aon Trust Corporation Limited | United Kingdom | |||||||||||||
Aon UK Group Limited | United Kingdom | |||||||||||||
Aon UK Holdings Intermediaries Limited | United Kingdom | |||||||||||||
Aon UK Limited | United Kingdom | |||||||||||||
Aon UK Trustees Limited | United Kingdom | |||||||||||||
Aon US & International Holdings Limited | United Kingdom | |||||||||||||
Bacon & Woodrow Partnerships Limited | United Kingdom | |||||||||||||
Beaubien Finance Limited | United Kingdom | |||||||||||||
Beaubien UK Finance Limited | United Kingdom | |||||||||||||
Benton Finance Limited | United Kingdom | |||||||||||||
Contractsure Limited | United Kingdom | |||||||||||||
CoSec 2000 Limited | United Kingdom | |||||||||||||
Doveland Services Limited | United Kingdom | |||||||||||||
E. W. Blanch Holdings Limited | United Kingdom | |||||||||||||
E. W. Blanch Investments Limited | United Kingdom | |||||||||||||
Gotham Digital Science Ltd | United Kingdom | |||||||||||||
Henderson Insurance Brokers Limited | United Kingdom |
Name | Country | State/Province | ||||||||||||
Henderson Risk Management Limited | United Kingdom | |||||||||||||
Hewitt Risk Management Services Limited | United Kingdom | |||||||||||||
Hogg Group Limited | United Kingdom | |||||||||||||
International Space Brokers Europe Limited | United Kingdom | |||||||||||||
International Space Brokers Limited | United Kingdom | |||||||||||||
McLagan (Aon) Limited | United Kingdom | |||||||||||||
Minet Group | United Kingdom | |||||||||||||
NBS Nominees Limited | United Kingdom | |||||||||||||
Portus Consulting (Leamington) Limited | United Kingdom | |||||||||||||
Portus Consulting Limited | United Kingdom | |||||||||||||
Portus Online LLP | United Kingdom | |||||||||||||
SLE Worldwide Limited | United Kingdom | |||||||||||||
Stroz Friedberg Limited | United Kingdom | |||||||||||||
The Aon MasterTrustee Limited | United Kingdom | |||||||||||||
Townsend Group Europe Ltd | United Kingdom | |||||||||||||
Aon Benfield Latin America SA | Uruguay | |||||||||||||
Marinaro Dundas SA | Uruguay | |||||||||||||
Access Plans USA, Inc. | USA | Oklahoma | ||||||||||||
Affinity Insurance Services, Inc. | USA | Pennsylvania | ||||||||||||
AIS Affinity Insurance Agency, Inc. | USA | California | ||||||||||||
AIS Insurance Agency, Inc. | USA | Washington | ||||||||||||
Alexander Reinsurance Intermediaries, Inc. | USA | New York | ||||||||||||
Allen Insurance Associates, Inc. | USA | California | ||||||||||||
Alliance HealthCard of Florida, Inc. | USA | Georgia | ||||||||||||
Alliance HealthCard, Inc. | USA | Georgia | ||||||||||||
American Insurance Services Corp. | USA | Texas | ||||||||||||
American Special Risk Insurance Company | USA | Delaware | ||||||||||||
AMXH, LLC | USA | Delaware | ||||||||||||
Aon Benefit Solutions Inc. | USA | Oklahoma | ||||||||||||
Aon Benfield Fac Inc. | USA | Illinois | ||||||||||||
Aon Benfield Global, Inc. | USA | Delaware | ||||||||||||
Aon Benfield Inc. | USA | Illinois | ||||||||||||
Aon Benfield Puerto Rico Inc. | USA | Puerto Rico | ||||||||||||
Aon Chile Holdings, LLC | USA | Delaware | ||||||||||||
Aon Consulting & Insurance Services | USA | California | ||||||||||||
Aon Consulting, Inc. | USA | New Jersey | ||||||||||||
Aon Consulting, Inc. | USA | New York | ||||||||||||
Aon Corporation | USA | Delaware | ||||||||||||
Aon Edge Insurance Agency, Inc. | USA | Florida | ||||||||||||
Aon Finance US 1, LLC | USA | Delaware | ||||||||||||
Aon Finance US 2, LLC | USA | Delaware | ||||||||||||
Aon Financial & Insurance Solutions, Inc. | USA | California | ||||||||||||
Aon Group, Inc. | USA | Maryland | ||||||||||||
Aon Hewitt Health Market Insurance Solutions Inc. | USA | California | ||||||||||||
Aon Hewitt Investment Consulting, Inc. | USA | Illinois | ||||||||||||
Aon Insurance Agency LLC | USA | Delaware | ||||||||||||
Aon Insurance Managers (Puerto Rico) Inc. | USA | Puerto Rico |
Name | Country | State/Province | ||||||||||||
Aon Insurance Managers (USA) Inc. | USA | Vermont | ||||||||||||
Aon Insurance Managers (USVI) Inc. | USA | US Virgin Islands | ||||||||||||
Aon International Holdings, Inc. | USA | Maryland | ||||||||||||
Aon Life Agency of Texas, Inc. | USA | Texas | ||||||||||||
Aon Mexico Holdings, LLC | USA | Delaware | ||||||||||||
Aon Premium Finance, LLC | USA | Delaware | ||||||||||||
Aon Private Risk Management Insurance Agency, Inc. | USA | Illinois | ||||||||||||
Aon Property Risk Consulting, Inc. | USA | New York | ||||||||||||
Aon Realty Services, Inc. | USA | Pennsylvania | ||||||||||||
Aon Retirement Plan Advisors, LLC | USA | Delaware | ||||||||||||
Aon Risk Consultants, Inc. | USA | Illinois | ||||||||||||
Aon Risk Insurance Services West, Inc. | USA | California | ||||||||||||
Aon Risk Services (Holdings) of Latin America, Inc. | USA | Delaware | ||||||||||||
Aon Risk Services (Holdings) of the Americas, Inc. | USA | Illinois | ||||||||||||
Aon Risk Services Central, Inc. | USA | Illinois | ||||||||||||
Aon Risk Services Companies, Inc. | USA | Maryland | ||||||||||||
Aon Risk Services Northeast, Inc. | USA | New York | ||||||||||||
Aon Risk Services South, Inc. | USA | North Carolina | ||||||||||||
Aon Risk Services Southwest, Inc. | USA | Texas | ||||||||||||
Aon Risk Services, Inc. of Florida | USA | Florida | ||||||||||||
Aon Risk Services, Inc. of Hawaii | USA | Hawaii | ||||||||||||
Aon Risk Services, Inc. of Maryland | USA | Maryland | ||||||||||||
Aon Risk Services, Inc. of Washington, D.C. | USA | District of Columbia | ||||||||||||
Aon Risk Solutions of Puerto Rico, Inc. | USA | Puerto Rico | ||||||||||||
Aon Securities LLC | USA | Delaware | ||||||||||||
Aon Service Corporation | USA | Illinois | ||||||||||||
Aon Services Group, Inc. | USA | Delaware | ||||||||||||
Aon Special Risk Resources, Inc. | USA | Delaware | ||||||||||||
Aon TC Holdings, Inc. | USA | New Jersey | ||||||||||||
Aon Trust Company LLC | USA | Illinois | ||||||||||||
Aon Underwriting Managers, Inc. | USA | Delaware | ||||||||||||
Aon US Holdings 2, Inc. | USA | Delaware | ||||||||||||
Aon US Holdings, Inc. | USA | Delaware | ||||||||||||
Aon Ward Financial Corporation | USA | Ohio | ||||||||||||
Aon/Albert G. Ruben Insurance Services, Inc. | USA | California | ||||||||||||
ARM International Corp. | USA | New York | ||||||||||||
ARM International Insurance Agency Corp. | USA | Ohio | ||||||||||||
ARMRISK CORP. | USA | New Jersey | ||||||||||||
AS Holdings, Inc. | USA | Delaware | ||||||||||||
ASPN Insurance Agency, LLC | USA | Delaware | ||||||||||||
Association of Rural and Small Town Americans | USA | Missouri | ||||||||||||
Assurance Licensing Services, Inc. | USA | Illinois | ||||||||||||
B E P International Corp. | USA | New Jersey | ||||||||||||
Benefit Marketing Solutions, L.L.C. | USA | Oklahoma | ||||||||||||
Blanch Americas, Inc. | USA | Delaware | ||||||||||||
BMS Insurance Agency, L.L.C. | USA | Oklahoma | ||||||||||||
Bowes & Company, Inc., of New York | USA | New York |
Name | Country | State/Province | ||||||||||||
Cammack Health LLC | USA | New York | ||||||||||||
Cananwill Corporation | USA | Delaware | ||||||||||||
Cananwill, Inc. | USA | California | ||||||||||||
Cananwill, Inc. | USA | Pennsylvania | ||||||||||||
CEREP III Secondary Manager, LLC | USA | Delaware | ||||||||||||
CFSSG Real Estate Partners I, LLC | USA | Delaware | ||||||||||||
CFSSG Real Estate Partners II, LLC | USA | Delaware | ||||||||||||
CIF-H GP LLC | USA | Delaware | ||||||||||||
Citadel Insurance Managers, Inc. | USA | California | ||||||||||||
Coalition for Benefits Equality and Choice | USA | California | ||||||||||||
Custom Benefit Programs, Inc. | USA | New Jersey | ||||||||||||
cut-e USA Inc. | USA | New York | ||||||||||||
E.W. Blanch International, Inc. | USA | Delaware | ||||||||||||
Elysium Digital, L.L.C. | USA | Delaware | ||||||||||||
Express Merger Sub, Inc. | USA | Delaware | ||||||||||||
Financial & Professional Risk Solutions, Inc. | USA | Illinois | ||||||||||||
Futurity Group, Inc. | USA | Nevada | ||||||||||||
Gotham Digital Science, LLC | USA | Delaware | ||||||||||||
GPE IV Korea Feeder General Partner, LLC | USA | Delaware | ||||||||||||
Grant Park Capital, LLC | USA | Delaware | ||||||||||||
GTCR/AAM Blocker Corp. | USA | Delaware | ||||||||||||
HCI Townsend USA Fund Managers LLC | USA | Delaware | ||||||||||||
Healthy Paws Pet Insurance LLC | USA | Washington | ||||||||||||
Hewitt Insurance, Inc. | USA | Puerto Rico | ||||||||||||
Hewitt International Holdings LLC | USA | Delaware | ||||||||||||
Hogg Robinson North America, Inc. | USA | Delaware | ||||||||||||
Huntington T. Block Insurance Agency, Inc. | USA | District of Columbia | ||||||||||||
Impact Forecasting, L.L.C. | USA | Illinois | ||||||||||||
INPOINT, INC. | USA | Illinois | ||||||||||||
International Risk Management (Americas), Inc. | USA | Ohio | ||||||||||||
International Space Brokers, Inc. | USA | Virginia | ||||||||||||
IRM/GRC Holding Inc. | USA | Delaware | ||||||||||||
J H Minet Puerto Rico Inc. | USA | Puerto Rico | ||||||||||||
JDPT Manager, LLC | USA | Delaware | ||||||||||||
Johnson Rooney Welch, Inc. | USA | California | ||||||||||||
K & K Insurance Group, Inc. | USA | Indiana | ||||||||||||
KVT GP, LLC | USA | Delaware | ||||||||||||
Lake Tahoe II GP, LLC | USA | Delaware | ||||||||||||
Lake Tahoe III GP, LLC | USA | Delaware | ||||||||||||
Lake Tahoe IV GP, LLC | USA | Delaware | ||||||||||||
McLagan Partners Asia, Inc. | USA | Delaware | ||||||||||||
McLagan Partners, Inc. | USA | Delaware | ||||||||||||
Membership Leasing Trust | USA | Delaware | ||||||||||||
Minet Holdings Inc. | USA | New York | ||||||||||||
Minet Re North America, Inc. | USA | Georgia | ||||||||||||
Modern Survey, Inc. | USA | Minnesota | ||||||||||||
Muirfield Underwriters, Ltd. | USA | Delaware |
Name | Country | State/Province | ||||||||||||
Paragon Strategic Solutions Inc. | USA | Delaware | ||||||||||||
PathWise Solutions Group LLC | USA | Delaware | ||||||||||||
Penn Square I, LLC | USA | Delaware | ||||||||||||
Penn Square II, LLC | USA | Delaware | ||||||||||||
Penn Square Manager I, LLC | USA | Delaware | ||||||||||||
Penn Square Manager II, LLC | USA | Delaware | ||||||||||||
PGOF I, LLC | USA | Delaware | ||||||||||||
PGOF Manager I, LLC | USA | Ohio | ||||||||||||
Premier Auto Finance, Inc. | USA | Delaware | ||||||||||||
Private Equity Partnership Structures I, LLC | USA | Delaware | ||||||||||||
Protective Marketing Enterprises, Inc. | USA | Tennessee | ||||||||||||
SA Special Situations General Partner, LLC | USA | Delaware | ||||||||||||
Scritch Inc. | USA | Texas | ||||||||||||
Specialty Benefits, Inc. | USA | Indiana | ||||||||||||
Strategic Manager-III, LLC | USA | Delaware | ||||||||||||
Stroz Friedberg Inc. | USA | Delaware | ||||||||||||
Stroz Friedberg Investigations LLC | USA | Delaware | ||||||||||||
Stroz Friedberg, LLC | USA | New York | ||||||||||||
The Key West Saxon Group, LLC | USA | Florida | ||||||||||||
The Townsend Group, LLC | USA | Ohio | ||||||||||||
Townsend Alpha Manager I, LLC | USA | Delaware | ||||||||||||
Townsend Alpha Manager II, LLC | USA | Delaware | ||||||||||||
Townsend Alpha Manager III, LLC | USA | Delaware | ||||||||||||
Townsend Great Lakes and Plains GP, LLC | USA | Delaware | ||||||||||||
Townsend Group Advisors, LLC | USA | Delaware | ||||||||||||
Townsend Holdings LLC | USA | Delaware | ||||||||||||
Townsend REF GP, LLC | USA | Delaware | ||||||||||||
TownSquare Alpha Manager I-A, LLC | USA | Delaware | ||||||||||||
TTG Core Plus Investments, LLC | USA | Delaware | ||||||||||||
TTG German Investments I, LLC | USA | Ohio | ||||||||||||
TTG Manager, LLC | USA | Delaware | ||||||||||||
Underwriters Marine Services, Inc. | USA | Louisiana | ||||||||||||
Ward Financial Group, Inc. | USA | Ohio | ||||||||||||
West Lake General Partner, LLC | USA | Delaware | ||||||||||||
West Lake II GP, LLC | USA | Delaware | ||||||||||||
White Rock (District of Columbia) PCC Ltd. | USA | District of Columbia | ||||||||||||
White Rock USA Ltd. | USA | Vermont | ||||||||||||
Worldwide Integrated Services Company | USA | Texas | ||||||||||||
Wrapid Specialty, Inc. | USA | California | ||||||||||||
WT Government Services, LLC | USA | Delaware | ||||||||||||
WT Technologies, LLC | USA | Delaware | ||||||||||||
Administradora Aon, C.A. | Venezuela | |||||||||||||
Aon Group Venezuela, Corretaje de Reaseguros, C.A. | Venezuela | |||||||||||||
Aon Risk Services Venezuela, Corretaje de Seguros C.A. | Venezuela | |||||||||||||
Aon Vietnam Limited | Vietnam |
/s/ GREGORY C. CASE | |||||||||||
Date: | February 19, 2021 |
Gregory C. Case
Chief Executive Officer |
/s/ CHRISTA DAVIES
|
|||||||||||
Date: | February 19, 2021 |
Christa Davies
Chief Financial Officer |
/s/ GREGORY C. CASE | ||||||||
Gregory C. Case
Chief Executive Officer |
||||||||
February 19, 2021 |
/s/ CHRISTA DAVIES
|
||||||||
Christa Davies
Chief Financial Officer |
||||||||
February 19, 2021 |