Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'Aon plc | ' | ' |
Entity Central Index Key | '0000315293 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 301,100,416 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Public Float | ' | ' | $19,785,131,502 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue | ' | ' | ' | |||
Commissions, fees and other | $11,787 | $11,476 | $11,235 | |||
Fiduciary investment income | 28 | 38 | 52 | |||
Total revenue | 11,815 | 11,514 | 11,287 | |||
Expenses | ' | ' | ' | |||
Compensation and benefits | 6,945 | 6,709 | 6,567 | |||
Other general expenses | 3,199 | 3,209 | 3,124 | |||
Total operating expenses | 10,144 | 9,918 | 9,691 | |||
Operating income | 1,671 | 1,596 | 1,596 | |||
Interest income | 9 | 10 | 18 | |||
Interest expense | -210 | -228 | -245 | |||
Other income | 68 | 2 | 19 | |||
Income before income taxes | 1,538 | 1,380 | 1,388 | |||
Income taxes | 390 | 360 | 378 | |||
Net income | 1,148 | 1,020 | 1,010 | |||
Less: Net income attributable to noncontrolling interests | 35 | 27 | 31 | |||
Net income attributable to Aon shareholders | $1,113 | $993 | $979 | |||
Basic net income per share attributable to Aon shareholders (in dollars per share) | $3.57 | $3.02 | $2.92 | |||
Diluted net income per share attributable to Aon shareholders (in dollars per share) | $3.53 | $2.99 | $2.87 | |||
Cash dividends per share paid on ordinary shares (in dollars per share) | $0.68 | $0.62 | $0.60 | |||
Weighted average ordinary shares outstanding - basic (in shares) | 311.4 | [1] | 328.5 | [1] | 335.5 | [1] |
Weighted average ordinary shares outstanding - diluted (in shares) | 315.4 | 332.6 | 340.9 | |||
[1] | Includes 3.9 million, 4.7 million and 7.6 million shares of participating securities for the years ended December 31, 2013, 2012, and 2011 respectively. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $360 | $264 | $252 | $272 | $307 | $210 | $254 | $249 | $1,148 | $1,020 | $1,010 |
Less: Net income attributable to noncontrolling interests | 5 | 8 | 11 | 11 | 2 | 6 | 8 | 11 | 35 | 27 | 31 |
Net income attributable to Aon shareholders | 355 | 256 | 241 | 261 | 305 | 204 | 246 | 238 | 1,113 | 993 | 979 |
Other comprehensive gain (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 9 | -13 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -65 | 109 | -43 |
Post-retirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | 293 | -358 | -396 |
Total other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 235 | -240 | -452 |
Less: Other comprehensive (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | 1 |
Total other comprehensive gain (loss) attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 236 | -240 | -453 |
Comprehensive income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $1,349 | $753 | $526 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $477 | $291 |
Short-term investments | 523 | 346 |
Receivables, net | 2,896 | 3,101 |
Fiduciary assets | 11,871 | 12,214 |
Other current assets | 563 | 430 |
Total Current Assets | 16,330 | 16,382 |
Goodwill | 8,997 | 8,943 |
Intangible assets, net | 2,578 | 2,975 |
Fixed assets, net | 791 | 820 |
Investments | 132 | 165 |
Non-current deferred tax assets | 193 | 285 |
Other non-current assets | 1,230 | 916 |
TOTAL ASSETS | 30,251 | 30,486 |
CURRENT LIABILITIES | ' | ' |
Fiduciary liabilities | 11,871 | 12,214 |
Short-term debt and current portion of long-term debt | 703 | 452 |
Accounts payable and accrued liabilities | 1,931 | 1,853 |
Other current liabilities | 906 | 831 |
Total Current Liabilities | 15,411 | 15,350 |
Long-term debt | 3,686 | 3,713 |
Non-current deferred tax liabilities | 420 | 306 |
Pension, other post retirement, and post employment liabilities | 1,607 | 2,276 |
Other non-current liabilities | 932 | 1,036 |
TOTAL LIABILITIES | 22,056 | 22,681 |
EQUITY | ' | ' |
Ordinary shares - $0.01 nominal value Authorized: 750 shares (issued: 2013 - 300.7; 2012 - 310.9) | 3 | 3 |
Additional paid-in capital | 4,785 | 4,436 |
Retained earnings | 5,731 | 5,933 |
Accumulated other comprehensive loss | -2,374 | -2,610 |
TOTAL AON SHAREHOLDERS' EQUITY | 8,145 | 7,762 |
Noncontrolling interests | 50 | 43 |
TOTAL EQUITY | 8,195 | 7,805 |
TOTAL LIABILITIES AND EQUITY | $30,251 | $30,486 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Ordinary shares, nominal or par value | $0.01 | $0.01 |
Ordinary shares, Authorized shares | 750 | 750 |
Ordinary shares, issued shares | 300.7 | 310.9 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Ordinary Shares and Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss, Net of Tax [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $8,306 | $4,386 | $7,861 | ($2,079) | ($1,917) | $55 |
Balance (in shares) at Dec. 31, 2010 | ' | 385.9 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | 1,010 | ' | 979 | ' | ' | 31 |
Shares issued - employee benefit plans (in shares) | ' | 0.5 | ' | ' | ' | ' |
Shares issued b employee benefit plans | 112 | 113 | -1 | ' | ' | ' |
Shares purchased | -828 | ' | ' | -828 | ' | ' |
Shares reissued b employee benefit plans | -45 | -354 | -45 | 354 | ' | ' |
Tax benefit b employee benefit plans | 36 | 36 | ' | ' | ' | ' |
Share-based compensation expense | 235 | 235 | ' | ' | ' | ' |
Dividends to shareholders | -200 | ' | -200 | ' | ' | ' |
Net change in fair value of investments | 0 | ' | ' | ' | ' | ' |
Change in net derivative gains/losses | -13 | ' | ' | ' | -13 | ' |
Net foreign currency translation adjustments | -43 | ' | ' | ' | -44 | 1 |
Net post-retirement benefit obligation | -396 | ' | ' | ' | -396 | ' |
Purchase of subsidiary shares from non-controlling interest | -24 | -9 | ' | ' | ' | -15 |
Dividends paid to non-controlling interests on subsidiary common stock | -30 | ' | ' | ' | ' | -30 |
Balance at Dec. 31, 2011 | 8,120 | 4,407 | 8,594 | -2,553 | -2,370 | 42 |
Balance (in shares) at Dec. 31, 2011 | ' | 386.4 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | 1,020 | ' | 993 | ' | ' | 27 |
Retirement of treasury shares (in shares) | ' | -60 | ' | ' | ' | ' |
Retirement of treasury shares | ' | -60 | -2,412 | 2,472 | ' | ' |
Shares issued - employee benefit plans (in shares) | ' | 4 | ' | ' | ' | ' |
Shares issued b employee benefit plans | 29 | 29 | ' | ' | ' | ' |
Shares purchased (in shares) | ' | -20 | ' | ' | ' | ' |
Shares purchased | -1,125 | ' | -1,025 | -100 | ' | ' |
Shares reissued b employee benefit plans | -13 | -181 | -13 | 181 | ' | ' |
Tax benefit b employee benefit plans | 33 | 33 | ' | ' | ' | ' |
Share-based compensation expense | 212 | 212 | ' | ' | ' | ' |
Dividends to shareholders | -204 | ' | -204 | ' | ' | ' |
Net change in fair value of investments | 0 | ' | ' | ' | ' | ' |
Change in net derivative gains/losses | 9 | ' | ' | ' | 9 | ' |
Net foreign currency translation adjustments | 109 | ' | ' | ' | 109 | ' |
Net post-retirement benefit obligation | -358 | ' | ' | ' | -358 | ' |
Purchase of subsidiary shares from non-controlling interest | ' | -1 | ' | ' | ' | 1 |
Dividends paid to non-controlling interests on subsidiary common stock | -27 | ' | ' | ' | ' | -27 |
Balance at Dec. 31, 2012 | 7,805 | 4,439 | 5,933 | 0 | -2,610 | 43 |
Balance (in shares) at Dec. 31, 2012 | 310.9 | 310.9 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | 1,148 | ' | 1,113 | ' | ' | 35 |
Shares issued - employee benefit plans (in shares) | ' | 0.7 | ' | ' | ' | ' |
Shares issued b employee benefit plans | 27 | 28 | -1 | ' | ' | ' |
Shares issued - employee compensation (in shares) | ' | 5.9 | ' | ' | ' | ' |
Shares issued b employee compensation | -50 | -50 | ' | ' | ' | ' |
Shares purchased (in shares) | ' | -16.8 | ' | ' | ' | ' |
Shares purchased | -1,102 | ' | -1,102 | ' | ' | ' |
Tax benefit b employee benefit plans | 74 | 74 | ' | ' | ' | ' |
Share-based compensation expense | 300 | 300 | ' | ' | ' | ' |
Dividends to shareholders | -212 | ' | -212 | ' | ' | ' |
Net change in fair value of investments | 1 | ' | ' | ' | 1 | ' |
Change in net derivative gains/losses | 6 | ' | ' | ' | 6 | ' |
Net foreign currency translation adjustments | -65 | ' | ' | ' | -64 | -1 |
Net post-retirement benefit obligation | 293 | ' | ' | ' | 293 | ' |
Purchase of subsidiary shares from non-controlling interest | -11 | -3 | ' | ' | ' | -8 |
Dividends paid to non-controlling interests on subsidiary common stock | -19 | ' | ' | ' | ' | -19 |
Balance at Dec. 31, 2013 | $8,195 | $4,788 | $5,731 | $0 | ($2,374) | $50 |
Balance (in shares) at Dec. 31, 2013 | 300.7 | 300.7 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $1,148 | $1,020 | $1,010 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Gain from sales of businesses, net | -65 | 0 | -6 |
Depreciation of fixed assets | 240 | 232 | 220 |
Amortization of intangible assets | 395 | 423 | 362 |
Share-based compensation expense | 300 | 212 | 235 |
Deferred income taxes | -14 | -95 | 146 |
Change in assets and liabilities: | ' | ' | ' |
Fiduciary receivables | -4 | -1,402 | -14 |
Short-term investments b funds held on behalf of clients | 156 | 239 | -713 |
Fiduciary liabilities | -152 | 1,163 | 727 |
Receivables, net | 141 | 106 | -494 |
Accounts payable and accrued liabilities | 48 | -37 | 0 |
Restructuring reserves | 15 | -46 | -73 |
Current income taxes | -116 | 185 | 120 |
Pension and other post employment liabilities | -502 | -585 | -399 |
Other assets and liabilities | 43 | 4 | -103 |
CASH PROVIDED BY OPERATING ACTIVITIES | 1,633 | 1,419 | 1,018 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from sales of long-term investments | 93 | 178 | 190 |
Purchases of long-term investments | -15 | -12 | -30 |
Net (purchases) sales of short-term investments b non-fiduciary | -174 | 440 | -8 |
Acquisition of businesses, net of cash acquired | -54 | -162 | -106 |
Proceeds from sale of businesses | 40 | 2 | 9 |
Capital expenditures | -229 | -269 | -241 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -339 | 177 | -186 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Share repurchase | -1,102 | -1,125 | -828 |
Issuance of shares for employee benefit plans | 98 | 118 | 201 |
Issuance of debt | 4,906 | 733 | 1,673 |
Repayment of debt | -4,679 | -1,077 | -1,688 |
Cash dividends to shareholders | -212 | -204 | -200 |
Purchases of shares from noncontrolling interests | -8 | -4 | -24 |
Dividends paid to noncontrolling interests | -19 | -27 | -30 |
CASH USED FOR FINANCING ACTIVITIES | -1,016 | -1,586 | -896 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -92 | 9 | -10 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 186 | 19 | -74 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 291 | 272 | 346 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 477 | 291 | 272 |
Supplemental disclosures: | ' | ' | ' |
Interest paid | 206 | 232 | 240 |
Income taxes paid, net of refunds | $445 | $238 | $77 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying Consolidated Financial Statements and Notes thereto have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of Aon plc and all controlled subsidiaries ("Aon" or the "Company"). All intercompany accounts and transactions have been eliminated. The Consolidated Financial Statements include, in the opinion of management, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly the Company's consolidated financial position, results of operations and cash flows for all periods presented. | |
Reclassification | |
Certain amounts in prior year's consolidated financial statements and related notes have been reclassified to conform to the 2013 presentation. In prior periods, income or losses from discontinued operations and its related tax expense was recognized in Income (loss) from discontinued operations in the Consolidated Statements of Income. These amounts are now included in Other income in the Consolidated Statements of Income. The amounts reclassified were $1 million loss and $4 million income for the years ended December 31, 2012 and 2011, respectively. There was no earnings per share impact in 2012, and a $0.01 diluted per share impact in 2011. | |
Use of Estimates | |
The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of reserves and expenses. These estimates and assumptions are based on management's best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Aon adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets, and foreign currency movements increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Summary_of_Significant_Account
Summary of Significant Accounting Principles and Practices | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Principles and Practices | ' | ||
Summary of Significant Accounting Principles and Practices | |||
Revenue Recognition | |||
Risk Solutions segment revenues primarily include insurance commissions and fees for services rendered and investment income on funds held on behalf of clients. Revenues are recognized when they are earned and realized or realizable. The Company considers revenues to be earned and realized or realizable when all of the following four conditions are met: (1) persuasive evidence of an arrangement exists, (2) the arrangement fee is fixed or determinable, (3) delivery or performance has occurred, and (4) collectability is reasonably assured. For brokerage commissions, revenue is typically recognized at the completion of the placement process, assuming all other criteria required to recognize revenue have been met. The placement process is typically considered complete on the effective date of the related policy. Commission revenues are recorded net of allowances for estimated policy cancellations, which are determined based on an evaluation of historical and current cancellation data. | |||
HR Solutions segment revenues consist primarily of fees paid by clients for consulting advice and outsourcing contracts. Fees paid by clients for consulting services are typically charged on an hourly, project or fixed-fee basis. Revenues from time-and-materials or cost-plus arrangements are recognized as services are performed, assuming all other criteria to recognize revenue have been met. Revenues from fixed-fee contracts are recognized as services are provided using a proportional-performance model or at the completion of a project based on facts and circumstances of the client arrangement. Revenues from health care exchange arrangements are typically recognized upon successful enrollment of participants, net of a reserve for estimated cancellations, assuming all other criteria to recognize revenue have been met. Reimbursements received for out-of-pocket expenses are recorded as a component of revenues. The Company's outsourcing contracts typically have three-to-five year terms for benefits services and five-to-ten year terms for human resources business process outsourcing ("HR BPO") services. The Company recognizes revenues as services are performed, assuming all other criteria to recognize revenue have been met. The Company may also receive implementation fees from clients either up-front or over the ongoing services period as a component of the fee per participant. Lump sum implementation fees received from a client are typically deferred and recognized ratably over the ongoing contract services period. If a client terminates an outsourcing services arrangement prior to the end of the contract, a loss on the contract may be recorded, if necessary, and any remaining deferred implementation revenues would typically be recognized over the remaining service period through the termination date. | |||
In connection with the Company's long-term outsourcing service agreements, highly customized implementation efforts are often necessary to set up clients and their human resource or benefit programs on the Company's systems and operating processes. For outsourcing services sold separately or accounted for as a separate unit of accounting, specific, incremental and direct costs of implementation incurred prior to the services commencing are generally deferred and amortized over the period that the related ongoing services revenue is recognized. Deferred costs are assessed for recoverability on a periodic basis to the extent the deferred cost exceeds related deferred revenue. | |||
Share-Based Compensation Costs | |||
Share-based payments to employees, including grants of employee share options, restricted shares and restricted share units ("RSUs"), performance share awards ("PSAs") as well as employee share purchases related to the Employee Share Purchase Plan, are measured based on estimated grant date fair value. The Company recognizes compensation expense over the requisite service period for awards expected to ultimately vest. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture activity differs materially from original estimates. | |||
Pension and Other Post-Retirement Benefits | |||
The Company has net period cost relating to its pension and other post-retirement benefit plans based on calculations that include various actuarial assumptions, including discount rates, assumed rates of return on plan assets, inflation rates, mortality rates, compensation increases, and turnover rates. The Company reviews its actuarial assumptions on an annual basis and modifies these assumptions based on current rates and trends. The effects of gains, losses, and prior service costs and credits are amortized over future service periods or future estimated lives if the plans are frozen. The funded status of each plan, calculated as the fair value of plan assets less the benefit obligation, is reflected in the Company's Consolidated Statements of Financial Position using a December 31 measurement date. | |||
Net Income per Share | |||
Basic net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, including participating securities, which consist of unvested share awards with non-forfeitable rights to dividends. Diluted net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, which have been adjusted for the dilutive effect of potentially issuable ordinary shares (excluding those that are considered participating securities), including certain contingently issuable shares. The diluted earnings per share calculation reflects the more dilutive effect of either (1) the two-class method that assumes that the participating securities have not been exercised, or (2) the treasury stock method. | |||
Certain ordinary share equivalents, related primarily to options, were not included in the computation of diluted income per share because their inclusion would have been antidilutive. | |||
Cash and Cash Equivalents and Short-term Investments | |||
Cash and cash equivalents include cash balances and all highly liquid investments with initial maturities of three months or less. Short-term investments include certificates of deposit, money market funds and highly liquid debt instruments purchased with initial maturities in excess of three months but less than one year and are carried at amortized cost, which approximates fair value. | |||
The Company is required to hold £77 million of operating funds in the U.K. as required by the Financial Conduct Authority, which were included in Short-term investments. These operating funds, when translated to U.S. dollars, were $126 million and $124 million at December 31, 2013 and 2012, respectively. Cash and cash equivalents included restricted balances of $88 million and $76 million at December 31, 2013 and 2012, respectively. The restricted balances primarily relate to cash required to be held as collateral. | |||
Fiduciary Assets and Liabilities | |||
In its capacity as an insurance agent and broker, Aon collects premiums from insureds and, after deducting its commission, remits the premiums to the respective insurers. Aon also collects claims or refunds from insurers on behalf of insureds. Uncollected premiums from insureds and uncollected claims or refunds from insurers are recorded as Fiduciary assets in the Company's Consolidated Statements of Financial Position. Unremitted insurance premiums and claims are held in a fiduciary capacity and the obligation to remit these funds is recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position. Some of the Company's outsourcing agreements also require it to hold funds to pay certain obligations on behalf of clients. These funds are also recorded as Fiduciary assets with the related obligation recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position. | |||
Aon maintained premium trust balances for premiums collected from insureds but not yet remitted to insurance companies of $3.8 billion and $4.0 billion at December 31, 2013 and 2012, respectively. These funds and a corresponding liability are included in Fiduciary assets and Fiduciary liabilities, respectively, in the accompanying Consolidated Statements of Financial Position. | |||
Allowance for Doubtful Accounts | |||
The Company's allowance for doubtful accounts with respect to receivables is based on a combination of factors, including evaluation of historical write-offs, aging of balances and other qualitative and quantitative analyses. Receivables included an allowance for doubtful accounts of $90 million and $118 million at December 31, 2013 and 2012, respectively. | |||
Fixed Assets | |||
Fixed assets are stated at cost, less accumulated depreciation. Included in this category is internal use software, which is software that is acquired, internally developed or modified solely to meet internal needs, with no plan to market externally. Costs related to directly obtaining, developing or upgrading internal use software are capitalized. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows: | |||
Asset Description | Asset Life | ||
Software | Lesser of the life of an associated license, or 4 to 7 years | ||
Leasehold improvements | Lesser of estimated useful life or lease term, not to exceed 10 years | ||
Furniture, fixtures and equipment | 4 to 10 years | ||
Computer equipment | 4 to 6 years | ||
Buildings | 35 years | ||
Automobiles | 6 years | ||
Investments | |||
The Company accounts for investments as follows: | |||
• | Equity method investments — Aon accounts for limited partnership and other investments using the equity method of accounting if Aon has the ability to exercise significant influence over, but not control of, an investee. Significant influence generally represents an ownership interest between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted for additional capital contributions, distributions, and Aon's proportionate share of earnings or losses. | ||
• | Cost method investments — Investments where Aon does not have an ownership interest of greater than 20% or the ability to exert significant influence over the operations of the investee are carried at cost. | ||
• | Fixed-maturity securities are classified as available for sale and are reported at fair value with any resulting unrealized gain or loss recorded directly to shareholders' equity as a component of Accumulated other comprehensive loss in the Company's Consolidated Statement of Financial Position, net of deferred income taxes. Interest on fixed-maturity securities is recorded in Interest income in the Company's Consolidated Statements of Income when earned and is adjusted for any amortization of premium or accretion of discount. | ||
The Company assesses any declines in the fair value of investments to determine whether such declines are other-than-temporary. This assessment is made considering all available evidence, including changes in general market conditions, specific industry and individual company data, the length of time and the extent to which the fair value has been less than cost, the financial condition and the near-term prospects of the entity issuing the security, and the Company's ability and intent to hold the investment until recovery of its cost basis. Other-than-temporary impairments of investments are recorded as part of Other income (expense) in the Consolidated Statements of Income in the period in which the determination is made. | |||
Goodwill and Intangible Assets | |||
Goodwill represents the excess of acquisition cost over the fair value of the net assets in the acquisition of a business. Goodwill is allocated to various reporting units, which are one reporting level below the operating segment. Upon disposition of a business entity, goodwill is allocated to the disposed entity based on the fair value of that entity compared to the fair value of the reporting unit in which it was included. Goodwill is not amortized, but instead is tested for impairment at least annually. The goodwill impairment test is performed at the reporting unit level. The Company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance is impaired. If such a determination is made, then the Company will perform a two-step quantitative analysis. First, the fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the Company performs a hypothetical purchase price allocation based on the reporting unit's fair value to determine the fair value of the reporting unit's goodwill. Fair value is determined using a combination of present value techniques and market prices of comparable businesses. | |||
Intangible assets include customer related and contract based assets representing primarily client relationships and non-compete covenants, tradenames, and marketing and technology related assets. These intangible assets, with the exception of tradenames, are amortized over periods ranging from 1 to 13 years, with a weighted average original life of 10 years. Tradenames are generally not amortized as such assets have been determined to have indefinite useful lives, and are tested at least annually for impairments using an analysis of expected future cash flows. Interim impairment testing may be performed when events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. | |||
Derivatives | |||
Derivative instruments are recognized in the Consolidated Statements of Financial Position at fair value. Where the Company has entered into master netting agreements with counterparties, the derivative positions are netted by counterparty and are reported accordingly in other assets or other liabilities. Changes in the fair value of derivative instruments are recognized in earnings each period, unless the derivative is designated as a hedge and qualifies for hedge accounting. | |||
The Company has historically designated the following hedging relationships for certain transactions: (i) a hedge of the change in fair value of a recognized asset or liability or firm commitment ("fair value hedge"), (ii) a hedge of the variability in cash flows from a recognized variable-rate asset or liability or forecasted transaction ("cash flow hedge"), and (iii) a hedge of the net investment in a foreign operation ("net investment hedge"). | |||
In order for a derivative to qualify for hedge accounting, the derivative must be formally designated as a fair value, cash flow, or a net investment hedge by documenting the relationship between the derivative and the hedged item. The documentation must include a description of the hedging instrument, the hedged item, the risk being hedged, Aon's risk management objective and strategy for undertaking the hedge, the method for assessing the effectiveness of the hedge, and the method for measuring hedge ineffectiveness. Additionally, the hedge relationship must be expected to be highly effective at offsetting changes in either the fair value or cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. Aon assesses the ongoing effectiveness of its hedges and measures and records hedge ineffectiveness, if any, at the end of each quarter or more frequently if facts and circumstances require. | |||
For a derivative designated as hedging the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (a fair value hedge), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect is to reflect in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For a cash flow hedge that qualifies for hedge accounting, the effective portion of the change in fair value of a hedging instrument is recognized in Other Comprehensive Income ("OCI") and subsequently reclassified to earnings in the same period the hedged item impacts earnings. The ineffective portion of the change in fair value is recognized immediately in earnings. For a net investment hedge, the effective portion of the change in fair value of the hedging instrument is recognized in OCI as part of the cumulative translation adjustment, while the ineffective portion is recognized immediately in earnings. | |||
Changes in the fair value of a derivative that is not designated as part of a hedging relationship (commonly referred to as an "economic hedge") are recorded in other income (expense) in the Consolidated Statements of Income. | |||
The Company discontinues hedge accounting prospectively when (1) the derivative expires or is sold, terminated, or exercised, (2) the qualifying criteria are no longer met, or (3) management removes the designation of the hedging relationship. | |||
When hedge accounting is discontinued because the derivative no longer qualifies as a fair value hedge, the Company continues to carry the derivative in the Consolidated Statements of Financial Position at its fair value, recognizes subsequent changes in the fair value of the derivative in the Consolidated Statements of Income, ceases to adjust the hedged asset or liability for changes in its fair value and accounts for the carrying amount (including the basis adjustment caused by designating the item as a hedged item) of the hedged asset, liability or firm commitment in accordance with GAAP applicable to those assets or liabilities. | |||
When hedge accounting is discontinued and the derivative continues to exist but the forecasted transaction is no longer probable of occurrence, the Company continues to carry the derivative in the Consolidated Statements of Financial Position at its fair value, recognizes subsequent changes in the fair value of the derivative in the Consolidated Statements of Income, and continues to defer the derivative gain or loss accumulated in OCI (unless the forecasted transaction is deemed probable not to occur, at which time it would be reclassified to earnings) until the hedged forecasted transaction affects earnings. | |||
Foreign Currency | |||
Certain of the Company's non-US operations use their respective local currency as their functional currency. These operations that do not have the U.S. dollar as their functional currency translate their financial statements at the current rates of exchange in effect at the balance sheet date and revenues and expenses using rates that approximate those in effect during the period. The resulting translation adjustments are included as a component of stockholders' equity in Accumulated other comprehensive loss in the Consolidated Statements of Financial Position. Gains and losses from the remeasurement of monetary assets and liabilities that are denominated in a non-functional currency are included in Other income within the Consolidated Statements of Income. The effect of foreign exchange gains and losses on the Consolidated Statements of Income was a gain of $3 million in 2013, a loss of $16 million in 2012 and a gain of $10 million in 2011. Included in these amounts were hedging losses of $10 million in 2013, hedging gains of $3 million in 2012, and hedging losses of $20 million in 2011. | |||
Income Taxes | |||
Deferred income taxes are recognized for the effect of temporary differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted marginal tax rates and laws that are currently in effect. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in the period when the rate change is enacted. | |||
Deferred tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. Deferred tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred tax assets are future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carry-forwards, taxable income in carry-back years and tax planning strategies that are both prudent and feasible. | |||
The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Tax positions that meet the more likely than not recognition threshold but are not highly certain are initially and subsequently measured based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement with the taxing authority. Only information that is available at the reporting date is considered in the Company’s recognition and measurement analysis, and events or changes in facts and circumstances are accounted for in the period in which the event or change in circumstance occurs. | |||
The Company records penalties and interest related to unrecognized tax benefits in Income taxes in the Company's Consolidated Statements of Income. | |||
Changes in Accounting Principles | |||
Accumulated Other Comprehensive Income | |||
In February 2013, the Financial Accounting Standards Board ("FASB") issued guidance on the disclosure of amounts to be reclassified out of accumulated other comprehensive income. The guidance requires that amounts reclassified out of accumulated other comprehensive income be presented either on the face of the statement of operations or in the notes to the financial statements by component. The guidance was effective for Aon beginning in the first quarter 2013. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. | |||
Indefinite-Lived Intangible Asset Impairment | |||
In July 2012, FASB issued guidance on the testing of indefinite-lived intangible assets for impairment that gives an entity the option to perform a qualitative assessment that may eliminate the requirement to perform the annual quantitative test. The guidance gives an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a an indefinite-lived intangible asset is less than its carrying amount. If an entity concludes that this is the case, it must perform the quantitative test. The guidance was effective for Aon beginning in the first quarter 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | |||
Balance Sheet Offsetting | |||
In December 2011, the FASB issued guidance on the disclosure of offsetting assets and liabilities to enable users of financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. The guidance requires certain derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and lending transactions to disclose both the gross and net position of these financial instruments. The guidance was effective for Aon beginning in the first quarter 2013. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements. | |||
Presentation of Unrecognized Tax Benefits | |||
In July 2013, the FASB issued guidance on the presentation of certain unrecognized tax benefits on the financial statements. The guidance requires, unless certain conditions exist, an unrecognized tax benefit to be presented as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance is effective for Aon in the first quarter of 2014. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. | |||
Foreign Currency | |||
In March 2013, the FASB issued new accounting guidance clarifying the accounting for the release of cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance is effective for Aon in the first quarter of 2014. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Other_Financial_Data
Other Financial Data | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Financial Data | ' | |||||||||||
Other Financial Data | ' | |||||||||||
Other Financial Data | ||||||||||||
Consolidated Statements of Income Information | ||||||||||||
Other Income | ||||||||||||
Other income consists of the following (in millions): | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Equity earnings | $ | 20 | $ | 13 | $ | 7 | ||||||
Gains on investments | 28 | 7 | 18 | |||||||||
Gain on disposal of business | 10 | 1 | — | |||||||||
Loss on extinguishment of debt | — | — | (19 | ) | ||||||||
Foreign currency remeasurement gains (losses) | 13 | (19 | ) | 30 | ||||||||
Derivative (losses) gains | (10 | ) | 3 | (20 | ) | |||||||
Other | 7 | (3 | ) | 3 | ||||||||
$ | 68 | $ | 2 | $ | 19 | |||||||
Consolidated Statements of Financial Position Information | ||||||||||||
Allowance for Doubtful Accounts | ||||||||||||
An analysis of the allowance for doubtful accounts is as follows (in millions): | ||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 118 | $ | 104 | $ | 102 | ||||||
Provision charged to operations | 9 | 45 | 43 | |||||||||
Accounts written off, net of recoveries | (38 | ) | (30 | ) | (42 | ) | ||||||
Effect of exchange rate changes and other | 1 | (1 | ) | 1 | ||||||||
Balance at end of year | $ | 90 | $ | 118 | $ | 104 | ||||||
Other Current Assets | ||||||||||||
The components of Other current assets are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Prepaid expenses | $ | 229 | $ | 231 | ||||||||
Taxes | 204 | 69 | ||||||||||
Deferred project costs | 98 | 95 | ||||||||||
Other | 32 | 35 | ||||||||||
$ | 563 | $ | 430 | |||||||||
Fixed Assets, net | ||||||||||||
The components of Fixed assets, net are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Software | $ | 997 | $ | 867 | ||||||||
Leasehold improvements | 434 | 426 | ||||||||||
Furniture, fixtures and equipment | 323 | 331 | ||||||||||
Computer equipment | 341 | 332 | ||||||||||
Construction in progress | 70 | 109 | ||||||||||
Other (1) | 124 | 124 | ||||||||||
2,289 | 2,189 | |||||||||||
Less: Accumulated depreciation | 1,498 | 1,369 | ||||||||||
Fixed assets, net | $ | 791 | $ | 820 | ||||||||
(1) Land and buildings and Automobiles, disclosed separately in 2012, are now presented in Other to conform with the current presentation. | ||||||||||||
Depreciation expense, which includes software amortization, was $240 million, $232 million, and $220 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
Other Non-Current Assets | ||||||||||||
The components of Other non-current assets are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Prepaid pension | $ | 567 | $ | 340 | ||||||||
Deferred project costs | 273 | 260 | ||||||||||
Taxes | 108 | 84 | ||||||||||
Other | 282 | 232 | ||||||||||
$ | 1,230 | $ | 916 | |||||||||
Other Current Liabilities | ||||||||||||
The components of Other current liabilities are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Deferred revenue | $ | 475 | $ | 435 | ||||||||
Taxes | 184 | 155 | ||||||||||
Other | 247 | 241 | ||||||||||
$ | 906 | $ | 831 | |||||||||
Other Non-Current Liabilities | ||||||||||||
The components of Other non-current liabilities are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Leases | $ | 204 | $ | 215 | ||||||||
Taxes | 184 | 178 | ||||||||||
Deferred revenue | 134 | 150 | ||||||||||
Compensation and benefits | 105 | 216 | ||||||||||
Other | 305 | 277 | ||||||||||
$ | 932 | $ | 1,036 | |||||||||
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations and Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Acquisitions and Dispositions | ' | |||||||
Acquisitions and Dispositions | ||||||||
In 2013, the Company completed the acquisition of eight businesses in the Risk Solutions segment and three businesses in the HR Solutions segment. | ||||||||
In 2012, the Company completed the acquisition of six businesses in the Risk Solutions segment and five businesses in the HR Solutions segment. | ||||||||
The following table includes the aggregate consideration transferred and the preliminary value of intangible assets recorded as a result of the Company's acquisitions (in millions): | ||||||||
Years ended December 31 | 2013 | 2012 | ||||||
Consideration | $ | 54 | $ | 175 | ||||
Intangible assets: | ||||||||
Goodwill | $ | 38 | $ | 90 | ||||
Other intangible assets | 28 | 100 | ||||||
Total | $ | 66 | $ | 190 | ||||
The results of operations of these acquisitions are included in the Consolidated Financial Statements as of the acquisition date. The results of operations of the Company would not have been materially different if these acquisitions had been reported from the beginning of the period in which they were acquired. | ||||||||
Dispositions | ||||||||
During 2013, the Company completed the disposition of seven businesses in the Risk Solutions segment and two businesses in the HR Solutions segment. Total pretax gains of $10 million were recognized on these sales, which are included in Other income in the Consolidated Statements of Income. | ||||||||
During 2012, the Company completed the disposition of three businesses in the Risk Solutions segment and one business in the HR Solutions segment. Total pretax gains of $1 million were recognized on these sales, which are included in Other income in the Consolidated Statements of Income. | ||||||||
During 2011, the Company completed the disposition of two businesses in the Risk Solutions segment. No pretax gains or losses were recognized on these sales. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The changes in the net carrying amount of goodwill by operating segment for the years ended December 31, 2013 and 2012, respectively, are as follows (in millions): | ||||||||||||||||||||||||
Risk | HR | Total | ||||||||||||||||||||||
Solutions | Solutions | |||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 5,557 | $ | 3,213 | $ | 8,770 | ||||||||||||||||||
Goodwill related to acquisitions | 49 | 47 | 96 | |||||||||||||||||||||
Goodwill related to disposals | (1 | ) | — | (1 | ) | |||||||||||||||||||
Goodwill related to other prior year acquisitions | (6 | ) | — | (6 | ) | |||||||||||||||||||
Transfers (1) | 313 | (313 | ) | — | ||||||||||||||||||||
Foreign currency translation | 70 | 14 | 84 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 5,982 | $ | 2,961 | $ | 8,943 | ||||||||||||||||||
Goodwill related to acquisitions | 36 | 2 | 38 | |||||||||||||||||||||
Goodwill related to disposals | (9 | ) | (3 | ) | (12 | ) | ||||||||||||||||||
Goodwill related to other prior year acquisitions | (2 | ) | 17 | 15 | ||||||||||||||||||||
Foreign currency translation | 13 | — | 13 | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 6,020 | $ | 2,977 | $ | 8,997 | ||||||||||||||||||
-1 | Effective January 1, 2012, the Health and Benefits Consulting business was transferred from the HR Solutions segment to the Risk Solutions segment. | |||||||||||||||||||||||
Other intangible assets by asset class are as follows (in millions): | ||||||||||||||||||||||||
As of December 31 | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||||||
Tradenames | $ | 1,019 | $ | — | $ | 1,019 | $ | 1,025 | $ | — | $ | 1,025 | ||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Customer related and contract based | 2,720 | 1,310 | 1,410 | 2,714 | 969 | 1,745 | ||||||||||||||||||
Marketing, technology and other (1) | 584 | 435 | 149 | 619 | 414 | 205 | ||||||||||||||||||
$ | 4,323 | $ | 1,745 | $ | 2,578 | $ | 4,358 | $ | 1,383 | $ | 2,975 | |||||||||||||
-1 | Tradenames with finite lives disclosed separately in prior years are now presented in Marketing, technology, and other. | |||||||||||||||||||||||
Amortization expense from finite-lived intangible assets was $395 million, $423 million and $362 million during 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
The estimated future amortization for intangible assets as of December 31, 2013 is as follows (in millions): | ||||||||||||||||||||||||
Risk | HR | Total | ||||||||||||||||||||||
Solutions | Solutions | |||||||||||||||||||||||
2014 | $ | 98 | $ | 243 | $ | 341 | ||||||||||||||||||
2015 | 83 | 212 | 295 | |||||||||||||||||||||
2016 | 72 | 177 | 249 | |||||||||||||||||||||
2017 | 59 | 141 | 200 | |||||||||||||||||||||
2018 | 42 | 94 | 136 | |||||||||||||||||||||
Thereafter | 76 | 262 | 338 | |||||||||||||||||||||
$ | 430 | $ | 1,129 | $ | 1,559 | |||||||||||||||||||
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring | ' | ||||||||||||||||||||
Restructuring | |||||||||||||||||||||
Aon Hewitt Restructuring Plan | |||||||||||||||||||||
On October 14, 2010, the Company announced a global restructuring plan ("Aon Hewitt Plan") in connection with the acquisition of Hewitt. The Aon Hewitt Plan was intended to streamline operations across the combined Aon Hewitt organization and included 2,960 job eliminations. Additionally, duplicate space and assets were abandoned. The Company incurred all remaining costs for the Aon Hewitt Plan and the plan was closed in 2013. The Aon Hewitt Plan resulted in cumulative costs of approximately $429 million, consisting of approximately $266 million in employee termination costs and approximately $163 million in real estate rationalization costs. | |||||||||||||||||||||
The Company recorded $174 million of restructuring related expenses for the year ended December 31, 2013. Charges related to the restructuring are included in Compensation and benefits and Other general expenses in the accompanying Consolidated Statements of Income. | |||||||||||||||||||||
The following summarizes restructuring and related costs by type that were incurred through the end of the restructuring initiative related to the Aon Hewitt Plan (in millions): | |||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | Completed Plan Total | |||||||||||||||||
Workforce reduction | $ | 49 | $ | 64 | $ | 74 | $ | 79 | $ | 266 | |||||||||||
Lease consolidation | 3 | 32 | 18 | 83 | 136 | ||||||||||||||||
Asset impairments | — | 7 | 4 | 7 | 18 | ||||||||||||||||
Other costs associated with restructuring (1) | — | 2 | 2 | 5 | 9 | ||||||||||||||||
Total restructuring and related expenses | $ | 52 | $ | 105 | $ | 98 | $ | 174 | $ | 429 | |||||||||||
-1 | Other costs associated with restructuring initiatives, including moving costs and consulting and legal fees, are recognized when incurred. | ||||||||||||||||||||
The following summarizes the restructuring and related expenses, by segment, that have been incurred through the end of the restructuring initiative related to the Aon Hewitt Plan (in millions): | |||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | Completed Plan Total | |||||||||||||||||
HR Solutions | $ | 52 | $ | 49 | $ | 66 | $ | 80 | $ | 247 | |||||||||||
Risk Solutions | — | 56 | 32 | 94 | 182 | ||||||||||||||||
Total restructuring and related expenses | $ | 52 | $ | 105 | $ | 98 | $ | 174 | $ | 429 | |||||||||||
-1 | Costs included in the Risk Solutions segment are due to the inclusion of the health and benefits consulting business in the Risk Solutions segment, which was transfered from HR Solutions effective January 1, 2012. Costs incurred in 2011 in the HR Solutions segment of $41 million related to the health and benefits consulting business have been reclassified and presented in the Risk Solutions segment. | ||||||||||||||||||||
As of December 31, 2013, the Company's liabilities for its restructuring plans are as follows (in millions): | |||||||||||||||||||||
Aon Hewitt | Aon Benfield | 2007 | Other | Total | |||||||||||||||||
Plan | Plan | Plan | |||||||||||||||||||
Balance at January 1, 2011 | $ | 88 | $ | 26 | $ | 113 | $ | 10 | $ | 237 | |||||||||||
Expensed | 98 | 19 | (11 | ) | — | 106 | |||||||||||||||
Cash payments | (93 | ) | (24 | ) | (59 | ) | (2 | ) | (178 | ) | |||||||||||
Foreign exchange translation and other | 2 | (1 | ) | 7 | — | 8 | |||||||||||||||
Balance at December 31, 2011 | $ | 95 | $ | 20 | $ | 50 | $ | 8 | $ | 173 | |||||||||||
Expensed | 94 | 6 | (3 | ) | — | 97 | |||||||||||||||
Cash payments | (95 | ) | (24 | ) | (18 | ) | (5 | ) | (142 | ) | |||||||||||
Stock compensation | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Foreign exchange translation and other | 2 | 2 | 6 | — | 10 | ||||||||||||||||
Balance at December 31, 2012 | $ | 96 | $ | 3 | $ | 35 | $ | 3 | $ | 137 | |||||||||||
Expensed | 167 | — | — | — | 167 | ||||||||||||||||
Cash payments | (125 | ) | (2 | ) | (24 | ) | (1 | ) | (152 | ) | |||||||||||
Foreign exchange and other | 5 | — | 9 | — | 14 | ||||||||||||||||
Balance at December 31, 2013 | $ | 143 | $ | 1 | $ | 20 | $ | 2 | $ | 166 | |||||||||||
The Company's unpaid restructuring liabilities are included in both Accounts payable and accrued liabilities and Other non-current liabilities in the Consolidated Statements of Financial Position. |
Investments
Investments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||
Investments | ' | |||||||
Investments | ||||||||
The Company earns income on cash balances and investments, as well as on premium trust balances that the Company maintains for premiums collected from insureds but not yet remitted to insurance companies, and funds held under the terms of certain outsourcing agreements to pay certain obligations on behalf of clients. Premium trust balances and a corresponding liability are included in Fiduciary assets and Fiduciary liabilities in the accompanying Consolidated Statements of Financial Position. | ||||||||
The Company's interest-bearing assets and other investments are included in the following categories in the Consolidated Statements of Financial Position (in millions): | ||||||||
As of December 31 | 2013 | 2012 | ||||||
Cash and cash equivalents | $ | 477 | $ | 291 | ||||
Short-term investments | 523 | 346 | ||||||
Fiduciary assets (1) | 3,778 | 4,029 | ||||||
Investments | 132 | 165 | ||||||
$ | 4,910 | $ | 4,831 | |||||
-1 | Fiduciary assets include funds held on behalf of clients but does not include fiduciary receivables. | |||||||
The Company's investments are as follows (in millions): | ||||||||
As of December 31 | 2013 | 2012 | ||||||
Equity method investments | $ | 113 | $ | 102 | ||||
Other investments, at cost (2) | 10 | 43 | ||||||
Fixed-maturity securities (2) | 9 | 20 | ||||||
$ | 132 | $ | 165 | |||||
-2 | The reductions in other investments and fixed-maturity securities are primarily due to sales. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The following is a summary of outstanding debt (in millions): | ||||||||
As of December 31 | 2013 | 2012 | ||||||
6.25% EUR 500 debt securities due July 2014 | $ | 685 | $ | 661 | ||||
5.00% senior notes due September 2020 | 599 | 598 | ||||||
3.50% senior notes due September 2015 | 599 | 598 | ||||||
8.205% junior subordinated deferrable interest debentures due January 2027 | 521 | 521 | ||||||
3.125% senior notes due May 2016 | 500 | 500 | ||||||
4.76% CAD 375 debt securities due March 2018 | 352 | 377 | ||||||
4.00% senior notes due November 2023 | 349 | — | ||||||
6.25% senior notes due September 2040 | 298 | 297 | ||||||
4.45 senior notes due May 2043 | 248 | — | ||||||
4.25% senior notes due December 2042 | 195 | 107 | ||||||
Term loan credit facility due October 2013 (LIBOR+1.38%) | — | 383 | ||||||
Other | 43 | 123 | ||||||
Total debt | 4,389 | 4,165 | ||||||
Less short-term and current portion of long-term debt | 703 | 452 | ||||||
Total long-term debt | $ | 3,686 | $ | 3,713 | ||||
The Company uses proceeds from the commercial paper market from time to time in order to meet short-term working capital needs. The Company had no commercial paper outstanding at December 31, 2013 and $50 million of commercial paper outstanding at December 31, 2012 which was included in Short-term debt in the Company's Consolidated Statements of Financial Position. The weighted average commercial paper outstanding for 2013 and 2012 was $339 million and $67 million, respectively. The weighted average interest rate of the commercial paper outstanding during 2013 and 2012 was 0.35% and 0.41%, respectively. | ||||||||
On November 21, 2013, the Company issued $350 million in aggregate principal amount of 4.00% Notes Due 2023. The 4.00% Notes Due 2023 were issued by Aon plc and fully and unconditionally guaranteed by Aon Corporation. The Company used the proceeds of the issuance to repay commercial paper borrowings and for general corporate purposes. | ||||||||
On May 21, 2013, the Company issued $250 million in aggregate principal amount of 4.45% Notes Due 2043. The 4.45% Notes Due 2043 were issued by Aon plc and fully and unconditionally guaranteed by Aon Corporation. The Company used the proceeds of the issuance to repay commercial paper borrowings and for general corporate purposes. | ||||||||
On April 29, 2013, the Company amended its Euro Facility agreement to add Aon plc as an additional borrower. On May 8, 2013, the Company established a multi-currency commercial paper program in aggregate principal amount of up to €650 million. Aon Corporation is a guarantor under the program. | ||||||||
On April 15, 2013, an S-4 registration statement registering $256 million in aggregate principal amount of 4.250% Notes Due 2042 (the "Exchange Notes") under the Securities Act of 1933, as amended (the "Securities Act"), was declared effective by the Securities and Exchange Commission. The Exchange Notes were exchanged for the Original Notes. The form and terms of the Exchange Notes are substantially identical in all material respects to those of the Original Notes except that the Exchange Notes are registered under the Securities Act and the transfer restrictions, registration rights and related additional interest provisions applicable to the Original Notes do not apply to the Exchange Notes. Like the Original Notes, the Exchange Notes were issued by Aon plc and unconditionally guaranteed by Aon Corporation. All Original Notes were exchanged for Exchange Notes in the second quarter 2013 | ||||||||
On March 8, 2013, the Company issued $90 million in aggregate principal amount of 4.250% Notes Due 2042. The 4.250% Notes Due 2042 constitute a further issuance of, and were consolidated to form a single series of debt securities with, the $166 million aggregate principal amount of the 4.250% Notes Due 2042 issued by Aon plc on December 12, 2012 (collectively, the "Original Notes"). The Original Notes were unconditionally guaranteed as to the payment of principal and interest by Aon Corporation. | ||||||||
On December 12, 2012, the Company issued $166 million aggregate principal amount of 4.250% Notes Due 2042 in connection with an exchange offer of Aon Corporation's outstanding 8.205% junior subordinated deferrable interest debentures due January 2027. In connection with this exchange, the Company paid a premium of $59 million which will be amortized into Interest expense over the life of the new notes. | ||||||||
On August 31, 2012, the Company filed a shelf registration statement with the SEC, registering the offer and sale from time to time of an indeterminate amount of, among other securities, debt, securities, preference shares, Class A Ordinary Shares and convertible securities. The availability of any potential liquidity for these types of securities is dependent on investor demand, market conditions and other factors. | ||||||||
On March 20, 2012, Aon entered into the U.S. Facility. Borrowings under the U.S. Facility will bear interest, at the Company's option, at a rate equal to either (a) the rate for eurodollar deposits as reflected on the applicable Reuters LIBOR01 page for the interest period relevant to such borrowing ("Eurodollar Rate"), plus the applicable margin or (b) the highest of (i) the rate of interest publicly announced by Citibank as its prime rate, (ii) the federal funds effective rate from time to time plus 0.5% and (iii) the one month Eurodollar rate plus 1.0%, in each case plus the applicable margin. The applicable margin for borrowings under the U.S. Facility may change depending on achievement of certain public debt ratings. The U.S. Facility has a maturity date of March 20, 2017. In conjunction with the Company entering into the U.S. Facility the prior revolving U.S. credit agreement dated December 4, 2009 was terminated. | ||||||||
On May 24, 2011, Aon entered into an underwriting agreement for the sale of $500 million of 3.125% unsecured Senior Notes due 2016 (the "Notes"). On June 15, 2011, Aon entered into a Term Credit Agreement for unsecured term loan financing of $450 million ("2011 Term Loan Facility") due on October 1, 2013. The 2011 Term Loan Facility is a variable rate loan that is based on LIBOR plus a margin and at December 31, 2012, the effective annualized rate was approximately 1.59%. The Company used the net proceeds from the Notes issuance and 2011 Term Loan Facility borrowings to repay all amounts outstanding under its $1.0 billion three-year credit agreement dated August 13, 2010 ("2010 Term Loan Facility"), which was entered into in connection with the acquisition of Hewitt. The Company recorded a $19 million loss on the extinguishment of the 2010 Term Loan Facility as a result of the write-off of the deferred financing costs, which is included in Other income (expense) in the Consolidated Statements of Income. | ||||||||
On March 8, 2011, an indirect wholly-owned subsidiary of Aon issued CAD 375 million ($377 at December 31, 2012 exchange rates) of 4.76% senior unsecured debt securities, which are due in March 2018 and are guaranteed by the Company. The Company used the net proceeds from this issuance to repay its CAD 375 million 5.05% debt securities upon their maturity on April 12, 2011. | ||||||||
On August 13, 2010, in connection with the acquisition of Hewitt, Aon entered into an unsecured three-year Term Credit Agreement (the "2010 Term Loan Credit Facility"), which provided unsecured term loan financing of up to $1.0 billion. This Term Loan Credit Facility has an interest rate of LIBOR+2.5%. The Company borrowed $1.0 billion under this facility on October 1, 2010 to finance a portion of the Hewitt purchase price. The Company incurred $26 million of deferred finance costs associated with the Term Loan Credit Facility that were to be amortized over the term of the loan. Concurrent with entering into the Term Loan Credit Facility, the Company also entered into a Senior Bridge Term Loan Credit Agreement which provided unsecured bridge financing of up to $1.5 billion (the "Bridge Loan Facility") to finance a portion of the Hewitt purchase price. | ||||||||
In lieu of drawing under the Bridge Loan Facility, on September 7, 2010, Aon entered into an Underwriting Agreement (the "Underwriting Agreement") with several underwriters with respect to the offering and sale by the Company of $600 million aggregate principal amount of its 3.50% Senior Notes due 2015 (the "2015 Notes"), $600 million aggregate principal amount of its 5.00% Senior Notes due 2020 (the "2020 Notes") and $300 million aggregate principal amount of its 6.25% Senior Notes due 2040 (the "2040 Notes" and, together with the 2015 Notes and 2020 Notes, the "Notes") under the Company's Registration Statement on Form S-3. All of these Notes are unsecured. Deferred financing costs associated with the Notes of $12 million were capitalized and are included in Other non-current assets, and will be amortized over the respective term of each note. Following the issuance of these Notes, on September 15, 2010, the Bridge Loan Facility was terminated and the Company recorded $14 million of related deferred financing costs in the Consolidated Statements of Income. | ||||||||
On October 15, 2010, the Company entered into a new €650 million ($860 million at December 31, 2012 exchange rates) multi-currency revolving loan credit facility (the "Euro Facility") used by certain of Aon's European subsidiaries. The Euro Facility replaced the previous facility which was entered into in October 2005 and matured in October 2010 (the "2005 Facility"). The Euro Facility expires in October 2015 and has commitment fees of 35 basis points payable on the unused portion of the facility. Aon has guaranteed the obligations of its subsidiaries with respect to this facility. The Company had no borrowings under the Euro Facility. | ||||||||
On July 1, 2009, an indirect wholly-owned subsidiary of Aon issued €500 million ($661 million at December 31, 2012 exchange rates) of 6.25% senior unsecured debentures due on July 1, 2014. The carrying value of the debt includes $11 million related to hedging activities. The payment of the principal and interest on the debentures is unconditionally and irrevocably guaranteed by Aon. Proceeds from the offering were used to repay the Company's $677 million outstanding indebtedness under its 2005 Facility. | ||||||||
In 1997, Aon created Aon Capital A, a wholly-owned statutory business trust ("Trust"), for the purpose of issuing mandatorily redeemable preferred capital securities ("Capital Securities"). Aon received cash and an investment in 100% of the common equity of Aon Capital A by issuing 8.205% Junior Subordinated Deferrable Interest Debentures (the "Debentures") to Aon Capital A. These transactions were structured such that the net cash flows from Aon to Aon Capital A matched the cash flows from Aon Capital A to the third party investors. Aon determined that it was not the primary beneficiary of Aon Capital A, a VIE, and, thus reflected the Debentures as long-term debt. During the first half of 2009, Aon repurchased $15 million face value of the Capital Securities for approximately $10 million, resulting in a $5 million gain, which was reported in Other income (expense) in the Consolidated Statements of Income. To facilitate the legal release of the obligation created through the Debentures associated with this repurchase and future repurchases, Aon dissolved the Trust effective June 25, 2009. This dissolution resulted in the exchange of the Capital Securities held by third parties for the Debentures. Also in connection with the dissolution of the Trust, the $24 million of common equity of Aon Capital A held by Aon was exchanged for $24 million of Debentures, which were then cancelled. Following these actions, $687 million of Debentures remain outstanding. The Debentures are subject to mandatory redemption on January 1, 2027 or are redeemable in whole, but not in part, at the option of Aon upon the occurrence of certain events. | ||||||||
There are a number of covenants associated with both the U.S. and Euro facilities, the most significant of which require Aon to maintain a ratio of consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted for Hewitt related transaction costs and up to $50 million in non-recurring cash charges ("Adjusted EBITDA"), to consolidated interest expense of 4 to 1 and a ratio of consolidated debt to Adjusted EBITDA, of not greater than 3 to 1. Aon was in compliance with all debt covenants during 2013. | ||||||||
Other than the Debentures, outstanding debt securities are not redeemable by Aon prior to maturity. There are no sinking fund provisions. Interest is payable semi-annually on most debt securities. | ||||||||
Repayments of total debt are as follows (in millions): | ||||||||
2014 | $ | 703 | ||||||
2015 | 609 | |||||||
2016 | 510 | |||||||
2017 | 4 | |||||||
2018 | 352 | |||||||
Thereafter | 2,211 | |||||||
$ | 4,389 | |||||||
Lease_Commitments
Lease Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases, Operating [Abstract] | ' | |||||||||||
Lease Commitments | ' | |||||||||||
Lease Commitments | ||||||||||||
The Company leases office facilities, equipment and automobiles under non-cancelable operating leases. These leases expire at various dates and may contain renewal and expansion options. In addition to base rental costs, occupancy lease agreements generally provide for rent escalations resulting from increased assessments for real estate taxes and other charges. The Company's lease obligations are primarily for the use of office space. | ||||||||||||
In September 2013, the Company entered into an agreement to lease up to 479,000 square feet in a new building to be constructed in Gurgaon, India. The agreement is contingent upon the completion of the building construction. Aon expects to move into the new building in phases during 2014 and 2015 upon the expiration of the existing leases at the Gurgaon locations. The Company has included the future minimum rental payments for this leased space in the schedule below. | ||||||||||||
In November 2011, the Company entered into an agreement to lease office space in a new building to be constructed in London, United Kingdom. The agreement is contingent upon the completion of the building construction. Aon expects to move into the new building in 2015 when the building is completed and it exercises an early break option at another leased facility. The Company has included the future minimum rental payments for this leased space in the schedule below and has excluded the future minimum rental payments for the existing lease beyond the expected date of the exercise of the break option. | ||||||||||||
Rental expenses (including amounts applicable to taxes, insurance and maintenance) for operating leases are as follows (in millions): | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Rental expense | $ | 520 | $ | 536 | $ | 525 | ||||||
Sub lease rental income | 77 | 72 | 71 | |||||||||
Net rental expense | $ | 443 | $ | 464 | $ | 454 | ||||||
At December 31, 2013, future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year, net of sublease rental income, are as follows (in millions): | ||||||||||||
2014 | $ | 409 | ||||||||||
2015 | 371 | |||||||||||
2016 | 334 | |||||||||||
2017 | 287 | |||||||||||
2018 | 250 | |||||||||||
Thereafter | 903 | |||||||||||
Total minimum payments required | $ | 2,554 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income before income tax and the provision for income tax consist of the following (in millions): | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Income before income taxes: | ||||||||||||
U.K. | $ | 96 | $ | 36 | $ | 222 | ||||||
U.S. | 349 | 468 | 305 | |||||||||
Other | 1,093 | 876 | 861 | |||||||||
Total | $ | 1,538 | $ | 1,380 | $ | 1,388 | ||||||
Income tax (benefit) expense: | ||||||||||||
Current: | ||||||||||||
U.K. | $ | (18 | ) | $ | (10 | ) | $ | 13 | ||||
U.S. federal | 111 | 170 | (17 | ) | ||||||||
U.S. state and local | 52 | 57 | 35 | |||||||||
Other | 259 | 238 | 204 | |||||||||
Total current | $ | 404 | $ | 455 | $ | 235 | ||||||
Deferred: | ||||||||||||
U.K. | $ | 43 | $ | 46 | $ | 32 | ||||||
U.S. federal | (48 | ) | (83 | ) | 109 | |||||||
U.S. state and local | 10 | (10 | ) | 14 | ||||||||
Other | (19 | ) | (48 | ) | (12 | ) | ||||||
Total deferred | $ | (14 | ) | $ | (95 | ) | $ | 143 | ||||
Total income tax expense | $ | 390 | $ | 360 | $ | 378 | ||||||
Income before income taxes shown above is based on the location of the business unit to which such earnings are attributable for tax purposes. In addition, because the earnings shown above may in some cases be subject to taxation in more than one country, the income tax provision shown above as U.K., U.S., or Other may not correspond to the geographic attribution of the earnings. | ||||||||||||
A reconciliation of the income tax provisions based on the Company's domicile and statutory rate at each reporting period is performed. Due to the Redomestication, the 2013 and 2012 reconciliations are based on the U.K. statutory corporate tax rate of 23% and 24%, respectively, and 2011 is based on the U.S. statutory rate of 35%, which was the statutory rate prior to the Redomestication. The reconciliation to the provisions reflected in the Consolidated Financial Statements is as follows: | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Statutory tax rate | 23.00% | 24.00% | 35.00% | |||||||||
U.S. state income taxes, net of U.S. federal benefit | 2.6 | 2.2 | 2.3 | |||||||||
Taxes on international operations (1) | -4.4 | 0.6 | -11.5 | |||||||||
Nondeductible expenses | 1.4 | 2 | 3.5 | |||||||||
Adjustments to prior year tax requirements | -1.6 | 0.4 | -1.1 | |||||||||
Deferred tax adjustments, including statutory rate changes | 1.4 | 0.7 | 0.9 | |||||||||
Deferred tax adjustments, international earnings | 3.3 | — | — | |||||||||
Adjustments to valuation allowances | -1.7 | -5.6 | -1.7 | |||||||||
Other — net | 1.4 | 1.8 | -0.1 | |||||||||
Effective tax rate | 25.40% | 26.10% | 27.30% | |||||||||
-1 | The Company determines the adjustment for taxes on international operations based on the difference between the statutory tax rate applicable to earnings in each foreign jurisdiction and the enacted rate of 23%, 24% and 35% at December 31, 2013, 2012 and 2011, respectively. | |||||||||||
The components of the Company's deferred tax assets and liabilities are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Employee benefit plans | $ | 623 | $ | 917 | ||||||||
Net operating/capital loss and tax credit carryforwards | 354 | 368 | ||||||||||
Other accrued expenses | 142 | 47 | ||||||||||
Investment basis differences | 50 | 13 | ||||||||||
Other | 58 | 77 | ||||||||||
Total | 1,227 | 1,422 | ||||||||||
Valuation allowance on deferred tax assets | (127 | ) | (154 | ) | ||||||||
Total | $ | 1,100 | $ | 1,268 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangibles and property, plant and equipment | $ | (1,074 | ) | $ | (1,128 | ) | ||||||
Unremitted earnings | (51 | ) | — | |||||||||
Deferred revenue | (27 | ) | (30 | ) | ||||||||
Other accrued expenses | (39 | ) | (62 | ) | ||||||||
Unrealized investment gains | — | (5 | ) | |||||||||
Unrealized foreign exchange gains | (27 | ) | (8 | ) | ||||||||
Other | (64 | ) | (29 | ) | ||||||||
Total | $ | (1,282 | ) | $ | (1,262 | ) | ||||||
Net deferred tax asset (liability) | $ | (182 | ) | $ | 6 | |||||||
Deferred income taxes (assets and liabilities have been netted by jurisdiction) have been classified in the Consolidated Statements of Financial Position as follows (in millions): | ||||||||||||
As of December 31, | 2013 | 2012 | ||||||||||
Deferred tax assets — current (1) | $ | 93 | $ | 44 | ||||||||
Deferred tax assets — non-current | 193 | 285 | ||||||||||
Deferred tax liabilities — current (1) | (48 | ) | (17 | ) | ||||||||
Deferred tax liabilities — non-current | (420 | ) | (306 | ) | ||||||||
Net deferred tax asset (liability) | $ | (182 | ) | $ | 6 | |||||||
-1 | Included in Other current assets and Other current liabilities. | |||||||||||
Valuation allowances have been established primarily with regard to the tax benefits of certain net operating loss and tax credit carryforwards. Valuation allowances decreased by $27 million in 2013, primarily attributable to the change in the valuation allowances for foreign tax credit carryforwards. | ||||||||||||
The Company recognized, as an adjustment to additional paid-in-capital, income tax benefits attributable to employee stock compensation of $74 million, $33 million and $36 million in 2013, 2012 and 2011, respectively. | ||||||||||||
During 2013 we changed our assertion on a portion of our undistributed earnings and U.S deferred income taxes of $51 million were accrued. Undistributed earnings of non-U.S. entities were approximately $3.8 billion at December 31, 2013. U.S. income taxes have not been provided on these undistributed earnings because they are considered to be permanently invested in those subsidiaries. It is not practicable to estimate the amount of unrecognized deferred tax liabilities, if any, for these undistributed foreign earnings. | ||||||||||||
At December 31, 2013, the Company had U.K. operating loss carryforwards of $660 million and capital loss carryforwards of $270 million, nearly all of which have an indefinite carryforward. In addition there are U.S. federal operating loss carryforwards of $25 million that will expire at various dates from 2020 to 2027 and U.S. state operating loss carryforwards of $412 million that will expire at various dates from 2014 to 2031. In other non-U.S. jurisdictions there are operating and capital loss carryforwards of $287 million and $86 million, respectively, which have various carryforward periods and will begin to expire in 2015. | ||||||||||||
During 2012, we were granted a tax holiday for the period from October 1, 2012 through September 30, 2022, with respect to withholding taxes and certain income derived from services in Singapore. This tax holiday and reduced withholding tax rate may be extended when certain conditions are met or may be terminated early if certain conditions are not met. The benefit realized during 2013 was approximately $3.9 million. | ||||||||||||
Uncertain Tax Positions | ||||||||||||
The following is a reconciliation of the Company's beginning and ending amount of uncertain tax positions (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Balance at January 1 | $ | 156 | $ | 118 | ||||||||
Additions based on tax positions related to the current year | 22 | 21 | ||||||||||
Additions for tax positions of prior years | 69 | 45 | ||||||||||
Reductions for tax positions of prior years | (70 | ) | (1 | ) | ||||||||
Settlements | (10 | ) | (22 | ) | ||||||||
Lapse of statute of limitations | (3 | ) | (5 | ) | ||||||||
Balance at December 31 | $ | 164 | $ | 156 | ||||||||
As of December 31, 2013, $141 million of uncertain tax positions would impact the effective tax rate if recognized. The Company does not expect the uncertain tax positions to change significantly over the next twelve months. | ||||||||||||
The Company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes. Aon accrued potential interest and penalties of $2 million and $6 million in 2013 and 2012, respectively. The Company has recorded a liability for interest and penalties of $27 million and $23 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
The Company and its subsidiaries file various income tax returns in their jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2006. Material U.S. state and local income tax jurisdiction examinations have been concluded for years through 2005. The Company has concluded income tax examinations in its primary non-U.S. jurisdictions through 2005. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||
Redomestication | ||||||||||||||||||||
Prior to the Redomestication, the Company accounted for purchases of its outstanding common stock using the treasury share method permitted under U.S. GAAP. Under this method, the Company recorded purchases of its own outstanding common stock as a reduction to Additional paid-in capital based on the cost of the shares acquired. Under U.K. law, when the Company repurchases its outstanding shares, those shares are treated as cancelled. In April 2012, the Company constructively cancelled 60 million shares of treasury stock related to the Redomestication. The impact of the cancellation of all outstanding treasury shares was a decrease in Ordinary shares and Retained earnings of $60 million and $2.4 billion, respectively. The balance of Treasury stock at cost of $2.5 billion was also eliminated as part of the cancellation. Additionally, effective upon the completion of the Redomestication, the par value of Aon's outstanding equity shares decreased from $1.00 to $0.01. The impact of this change was a decrease in Ordinary shares of $323 million, and an increase in Additional paid-in capital of $323 million. | ||||||||||||||||||||
As a U.K. incorporated company, Aon plc must have "distributable reserves" to make share repurchases or pay dividends to shareholders. Distributable reserves may be created through the earnings of the U.K. parent company and, amongst other methods, through a reduction in share capital approved by the English Companies Court. Distributable reserves are not linked to a U.S. GAAP reported amount. On April 4, 2012, the Company received approval from the English Companies Court to reduce its share premium and in connection with that approval, recognized distributable reserves in the amount of $8.0 billion. As of December 31, 2013 and 2012, the Company had distributable reserves of $5.9 billion and $7.0 billion, respectively. | ||||||||||||||||||||
Ordinary Shares | ||||||||||||||||||||
In January 2010, the Company's Board of Directors authorized a share repurchase program under which up to $2 billion of common stock may be repurchased ("2010 Stock Repurchase Plan"). Shares could be repurchased through the open market or in privately negotiated transactions, including structured repurchase programs, from time to time, based on prevailing market conditions, and were to be funded from available capital. Any repurchased shares were to be available for employee stock plans and for other corporate purposes. | ||||||||||||||||||||
The 2010 Stock Repurchase Program, which related to common stock of Aon Corporation and preceded the Redomestication, did not extend to shares of Aon plc. In April 2012, the Company's Board of Directors therefore authorized a share repurchase program under which up to $5.0 billion of Class A Ordinary Shares may be repurchased ("2012 Share Repurchase Program"). Under this program, shares may be repurchased through the open market or in privately negotiated transactions, from time to time, based on prevailing market conditions, and will be funded from available capital. | ||||||||||||||||||||
In 2013, the Company repurchased 16.8 million shares at an average price per share of $65.65 for a total cost of $1.1 billion. During 2012, the Company repurchased 21.6 million shares at an average price per share of $52.16 for a total cost of $1.1 billion under the 2012 Share Repurchase Program and the previously completed 2010 Share Repurchase Program. The remaining authorized amount for share repurchase under the 2012 Share Repurchase Program is $2.9 billion. Since the inception of the 2012 Share Repurchase Program, we repurchased a total of 36.3 million shares for an aggregate cost of $2.1 billion. | ||||||||||||||||||||
Participating Securities | ||||||||||||||||||||
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities, as defined, and therefore, should be included in computing basic and diluted earnings per share using the two class method. Certain of the Company's restricted share awards allow the holder to receive a non-forfeitable dividend equivalent. | ||||||||||||||||||||
Net income, attributable to participating securities were $11 million, $11 million, and $13 million for the years ended December 31, 2013, 2012, and 2011 respectively. | ||||||||||||||||||||
Weighted average shares outstanding are as follows (in millions): | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares for basic earnings per share (1) | 311.4 | 328.5 | 335.5 | |||||||||||||||||
Common stock equivalents | 4 | 4.1 | 5.4 | |||||||||||||||||
Shares for diluted earnings per share | 315.4 | 332.6 | 340.9 | |||||||||||||||||
-1 | Includes 3.9 million, 4.7 million and 7.6 million shares of participating securities for the years ended December 31, 2013, 2012, and 2011 respectively. | |||||||||||||||||||
Certain ordinary share equivalents were not included in the computation of diluted net income per share because their inclusion would have been antidilutive. The number of shares excluded from the calculation was 0.0 million in 2013, 0.2 million in 2012 and 0.1 million in 2011. | ||||||||||||||||||||
Dividends | ||||||||||||||||||||
During 2013, 2012, and 2011, the Company paid dividends on its Class A Ordinary Shares of $212 million, $204 million, and $200 million, respectively. Dividends paid per Class A Ordinary Share were $0.68, $0.62 and $0.60 for the years ended December 31, 2013, 2012, and 2011 respectively. | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions): | ||||||||||||||||||||
Change in Fair Value of Investments (1) | Change in Fair Value of Derivatives (1) | Foreign Currency Translation Adjustments | Post-Retirement Benefit Obligation (2) | Total | ||||||||||||||||
Balance at January 1, 2011 | $ | — | $ | (24 | ) | $ | 168 | $ | (2,061 | ) | $ | (1,917 | ) | |||||||
Other comprehensive loss before reclassifications: | ||||||||||||||||||||
Other comprehensive loss before reclassifications | — | (44 | ) | (47 | ) | (682 | ) | (773 | ) | |||||||||||
Tax benefit | — | 15 | 3 | 225 | 243 | |||||||||||||||
Other comprehensive loss before reclassifications, net | — | (29 | ) | (44 | ) | (457 | ) | (530 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 25 | — | 89 | 114 | |||||||||||||||
Tax benefit | — | (9 | ) | — | (28 | ) | (37 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 16 | — | 61 | 77 | |||||||||||||||
Net current period other comprehensive (loss) income | — | (13 | ) | (44 | ) | (396 | ) | (453 | ) | |||||||||||
Balance at December 31, 2011 | — | (37 | ) | 124 | (2,457 | ) | (2,370 | ) | ||||||||||||
Other comprehensive loss before reclassifications: | ||||||||||||||||||||
Other comprehensive loss before reclassifications | — | (19 | ) | 109 | (598 | ) | (508 | ) | ||||||||||||
Tax benefit | — | 7 | — | 164 | 171 | |||||||||||||||
Other comprehensive loss before reclassifications, net | — | (12 | ) | 109 | (434 | ) | (337 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 33 | — | 110 | 143 | |||||||||||||||
Tax benefit | — | (12 | ) | — | (34 | ) | (46 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 21 | — | 76 | 97 | |||||||||||||||
Net current period other comprehensive (loss) income | — | 9 | 109 | (358 | ) | (240 | ) | |||||||||||||
Balance at December 31, 2012 | — | (28 | ) | 233 | (2,815 | ) | (2,610 | ) | ||||||||||||
Other comprehensive loss before reclassifications: | ||||||||||||||||||||
Other comprehensive loss before reclassifications | 27 | (12 | ) | (65 | ) | 336 | 286 | |||||||||||||
Tax benefit | (13 | ) | 5 | 1 | (136 | ) | (143 | ) | ||||||||||||
Other comprehensive loss before reclassifications, net | 14 | (7 | ) | (64 | ) | 200 | 143 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (20 | ) | 21 | — | 131 | 132 | ||||||||||||||
Tax benefit | 7 | (8 | ) | — | (38 | ) | (39 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | (13 | ) | 13 | — | 93 | 93 | ||||||||||||||
Net current period other comprehensive (loss) income | 1 | 6 | (64 | ) | 293 | 236 | ||||||||||||||
Balance at December 31, 2013 | $ | 1 | $ | (22 | ) | $ | 169 | $ | (2,522 | ) | $ | (2,374 | ) | |||||||
______________________________________________ | ||||||||||||||||||||
(1) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income | ||||||||||||||||||||
(2) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Compensation and benefits |
Employee_Benefits
Employee Benefits | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Employee Benefits | ' | |||||||||||||||||||||||||||||||||||
Employee Benefits | ||||||||||||||||||||||||||||||||||||
Defined Contribution Savings Plans | ||||||||||||||||||||||||||||||||||||
Aon maintains defined contribution savings plans for the benefit of its U.S. and U.K. employees. The expense recognized for these plans is included in Compensation and benefits in the Consolidated Statements of Income, as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
U.S. | $ | 123 | $ | 115 | $ | 104 | ||||||||||||||||||||||||||||||
U.K. | 45 | 41 | 43 | |||||||||||||||||||||||||||||||||
$ | 168 | $ | 156 | $ | 147 | |||||||||||||||||||||||||||||||
Pension and Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||||
The Company sponsors defined benefit pension and post-retirement health and welfare plans that provide retirement, medical, and life insurance benefits. The post-retirement healthcare plans are contributory, with retiree contributions adjusted annually, and the life insurance and pension plans are generally noncontributory. The significant U.S, U.K. and Canadian pension plans are closed to new entrants. | ||||||||||||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||||||||||||
The following tables provide a reconciliation of the changes in the projected benefit obligations and fair value of assets for the years ended December 31, 2013 and 2012 and a statement of the funded status as of December 31, 2013 and 2012, for the material U.K. plans, U.S. plans and other plans, which are located in the Netherlands and Canada. These plans represent approximately 93% of the Company's projected benefit obligations. | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||||||||||
At January 1 | $ | 4,944 | $ | 4,520 | $ | 2,884 | $ | 2,657 | $ | 1,323 | $ | 1,063 | ||||||||||||||||||||||||
Service cost | 1 | 1 | 7 | — | 18 | 14 | ||||||||||||||||||||||||||||||
Interest cost | 210 | 217 | 114 | 119 | 45 | 48 | ||||||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||
Plan amendment | — | — | 12 | — | — | — | ||||||||||||||||||||||||||||||
Curtailments | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||
Plan transfer and acquisitions | — | — | 115 | — | — | — | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | 145 | (116 | ) | 17 | 29 | 1 | (23 | ) | ||||||||||||||||||||||||||||
Benefit payments | (186 | ) | (153 | ) | (128 | ) | (123 | ) | (44 | ) | (42 | ) | ||||||||||||||||||||||||
Actual expenses | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||
Change in discount rate | (95 | ) | 324 | (277 | ) | 202 | (85 | ) | 238 | |||||||||||||||||||||||||||
Foreign currency impact | 87 | 151 | — | — | (5 | ) | 24 | |||||||||||||||||||||||||||||
At December 31 | $ | 5,106 | $ | 4,944 | $ | 2,744 | $ | 2,884 | $ | 1,252 | $ | 1,323 | ||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 5,106 | $ | 4,944 | $ | 2,744 | $ | 2,884 | $ | 1,177 | $ | 1,241 | ||||||||||||||||||||||||
Change in fair value of plan assets | ||||||||||||||||||||||||||||||||||||
At January 1 | $ | 4,860 | $ | 4,245 | $ | 1,631 | $ | 1,325 | $ | 1,009 | $ | 853 | ||||||||||||||||||||||||
Actual return on plan assets | 304 | 281 | 199 | 203 | 34 | 111 | ||||||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||
Employer contributions | 316 | 341 | 153 | 226 | 55 | 71 | ||||||||||||||||||||||||||||||
Plan transfer and acquisitions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Benefit payments | (186 | ) | (153 | ) | (128 | ) | (123 | ) | (44 | ) | (42 | ) | ||||||||||||||||||||||||
Actual Expenses | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||
Foreign currency impact | 104 | 146 | — | — | 7 | 15 | ||||||||||||||||||||||||||||||
At December 31 | $ | 5,398 | $ | 4,860 | $ | 1,855 | $ | 1,631 | $ | 1,061 | $ | 1,009 | ||||||||||||||||||||||||
Market related value at end of year | $ | 5,398 | $ | 4,860 | $ | 1,765 | $ | 1,566 | $ | 1,061 | $ | 1,009 | ||||||||||||||||||||||||
Amount recognized in Statement of Financial Position at December 31 | ||||||||||||||||||||||||||||||||||||
Funded status | $ | 292 | $ | (84 | ) | $ | (889 | ) | $ | (1,253 | ) | $ | (191 | ) | $ | (314 | ) | |||||||||||||||||||
Unrecognized prior-service cost | 24 | 24 | 12 | — | 3 | 4 | ||||||||||||||||||||||||||||||
Unrecognized loss | 2,012 | 1,981 | 1,219 | 1,591 | 402 | 491 | ||||||||||||||||||||||||||||||
Net amount recognized | $ | 2,328 | $ | 1,921 | $ | 342 | $ | 338 | $ | 214 | $ | 181 | ||||||||||||||||||||||||
Amounts recognized in the Consolidated Statements of Financial Position consist of (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Prepaid benefit cost (1) | $ | 549 | $ | 301 | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||||||||||||||
Accrued benefit liability (2) | (257 | ) | (385 | ) | (889 | ) | (1,253 | ) | (192 | ) | (314 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive loss | 2,036 | 2,005 | 1,231 | 1,591 | 405 | 495 | ||||||||||||||||||||||||||||||
Net amount recognized | $ | 2,328 | $ | 1,921 | $ | 342 | $ | 338 | $ | 214 | $ | 181 | ||||||||||||||||||||||||
-1 | Included in Other non-current assets | |||||||||||||||||||||||||||||||||||
-2 | Included in Pension, other post retirement, and post employment liabilities | |||||||||||||||||||||||||||||||||||
Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2013 and 2012 consist of (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net loss | $ | 2,012 | $ | 1,981 | $ | 1,219 | $ | 1,591 | $ | 402 | $ | 491 | ||||||||||||||||||||||||
Prior service cost | 24 | 24 | 12 | — | 3 | 4 | ||||||||||||||||||||||||||||||
$ | 2,036 | $ | 2,005 | $ | 1,231 | $ | 1,591 | $ | 405 | $ | 495 | |||||||||||||||||||||||||
In 2013, U.S. plans with a projected benefit obligation ("PBO") and an accumulated benefit obligation ("ABO") in excess of the fair value of plan assets had a PBO of $2.7 billion, an ABO of $2.7 billion, and plan assets of $1.9 billion. U.K. plans with a PBO in excess of the fair value of plan assets had a PBO of $1.2 billion and plan assets with a fair value of $1.0 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $1.2 billion and plan assets with a fair value of $1.0 billion. Other plans with a PBO in excess of the fair value of plan assets had a PBO of $1.2 billion and plan assets with a fair value of $1.0 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $0.4 billion and plan assets with a fair value of $0.3 billion. | ||||||||||||||||||||||||||||||||||||
In 2012, U.S. plans with a with a PBO and an ABO in excess of the fair value of plan assets had a PBO of $2.9 billion, an ABO of $2.9 billion, and plan assets of $1.6 billion. U.K. plans with a PBO in excess of the fair value of plan assets had a PBO of $2.2 billion and plan assets with a fair value of $1.8 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $2.2 billion and plan assets with a fair value of $1.8 billion. Other plans with a PBO in excess of the fair value of plan assets had a PBO of $1.3 billion and plan assets with a fair value of $1.0 billion, and plans with an ABO in excess of the fair value of plan assets had an ABO of $1.3 billion and plan assets with a fair value of $1.0 billion. | ||||||||||||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the plans (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 4 | $ | 7 | $ | — | $ | — | $ | 18 | $ | 14 | $ | 15 | ||||||||||||||||||
Interest cost | 210 | 217 | 216 | 114 | 119 | 122 | 45 | 48 | 51 | |||||||||||||||||||||||||||
Expected return on plan assets | (302 | ) | (274 | ) | (238 | ) | (139 | ) | (127 | ) | (120 | ) | (59 | ) | (49 | ) | (49 | ) | ||||||||||||||||||
Amortization of prior-service cost | 1 | 1 | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of net actuarial loss | 49 | 43 | 39 | 52 | 43 | 31 | 23 | 17 | 14 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | (41 | ) | $ | (12 | ) | $ | 22 | $ | 34 | $ | 35 | $ | 33 | $ | 27 | $ | 30 | $ | 31 | ||||||||||||||||
The weighted-average assumptions used to determine future benefit obligations are as follows: | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Discount rate | 4.55% | 4.45% | 3.97-4.87% | 3.73 – 4.05% | 3.60 - 4.71% | 3.25 - 3.89% | ||||||||||||||||||||||||||||||
Rate of compensation increase | 3.70 - 4.40% | 3.85% | N/A | N/A | 2.25 - 3.50% | 2.25 - 3.50% | ||||||||||||||||||||||||||||||
Underlying price inflation | 2.40% | 2.25% | N/A | N/A | 1.50 - 2.50% | 2.00 - 2.50% | ||||||||||||||||||||||||||||||
The weighted-average assumptions used to determine the net periodic benefit cost are as follows: | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.45% | 4.80% | 5.30 - 5.50% | 3.73 - 4.05% | 4.33 – 4.60% | 4.35 – 5.34% | 3.25 - 3.89% | 4.40 - 4.94% | 4.70 - 5.45% | |||||||||||||||||||||||||||
Expected return on plan assets | 6.30% | 6.30% | 3.20 - 7.20% | 8.80% | 8.80% | 8.80% | 4.60 - 6.50% | 4.90 - 6.75% | 4.90 - 7.00% | |||||||||||||||||||||||||||
Rate of compensation increase | 3.25 - 3.85% | 3.55% | 4.00% | N/A | N/A | N/A | 2.25 - 3.50% | 2.25 - 3.50% | 2.00 - 3.50% | |||||||||||||||||||||||||||
The amounts in Accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014 are $44 million in the U.S. and $63 million outside the U.S. | ||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | ||||||||||||||||||||||||||||||||||||
To determine the expected long-term rate of return on plan assets, the historical performance, investment community forecasts and current market conditions are analyzed to develop expected returns for each asset class used by the plans. The expected returns for each asset class are weighted by the target allocations of the plans. The expected return on plan assets in the U.S. of 8.8% reflects a portfolio that is seeking asset growth through a higher equity allocation while maintaining prudent risk levels. The portfolio contains certain assets that have historically resulted in higher returns and other financial instruments to minimize downside risk. | ||||||||||||||||||||||||||||||||||||
No plan assets are expected to be returned to the Company during 2014. | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets | ||||||||||||||||||||||||||||||||||||
The Company determined the fair value of plan assets through numerous procedures based on the asset class and available information. See Note 15 "Fair Value Measurements and Financial Instruments" for a description of the procedures performed to determine the fair value of the plan assets. | ||||||||||||||||||||||||||||||||||||
The fair values of the Company's U.S. pension plan assets at December 31, 2013 and December 31, 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Asset Category | Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 53 | $ | 53 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: (2) | ||||||||||||||||||||||||||||||||||||
Large cap domestic | 303 | 303 | — | — | ||||||||||||||||||||||||||||||||
Small cap domestic | 66 | 5 | 61 | — | ||||||||||||||||||||||||||||||||
Large cap international | 212 | 66 | 146 | — | ||||||||||||||||||||||||||||||||
Equity derivatives | 361 | 146 | 215 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: (3) | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 395 | — | 395 | — | ||||||||||||||||||||||||||||||||
Government and agency bonds | 96 | — | 96 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 25 | — | 25 | — | ||||||||||||||||||||||||||||||||
Fixed income derivatives | 13 | — | 13 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Alternative investments (4) | 266 | — | — | 266 | ||||||||||||||||||||||||||||||||
Commodity derivatives (5) | 14 | — | 14 | — | ||||||||||||||||||||||||||||||||
Real estate and REITS (6) | 51 | 51 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,855 | $ | 624 | $ | 965 | $ | 266 | ||||||||||||||||||||||||||||
-1 | Consists of cash and institutional short-term investment funds. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities, equity derivatives, and pooled equity funds. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
-5 | Consists of long-dated options on a commodity index. | |||||||||||||||||||||||||||||||||||
-6 | Consists of exchange traded REITS. | |||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Asset Category | Balance at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 22 | $ | 22 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: (2) | ||||||||||||||||||||||||||||||||||||
Large cap domestic | 233 | 233 | — | — | ||||||||||||||||||||||||||||||||
Small cap domestic | 44 | — | 44 | — | ||||||||||||||||||||||||||||||||
Large cap international | 188 | 59 | 129 | — | ||||||||||||||||||||||||||||||||
Equity derivatives | 226 | 69 | 157 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: (3) | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 421 | — | 421 | — | ||||||||||||||||||||||||||||||||
Government and agency bonds | 97 | — | 97 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 18 | — | 18 | — | ||||||||||||||||||||||||||||||||
Fixed income derivatives | 52 | — | 52 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Alternative investments (4) | 262 | — | — | 262 | ||||||||||||||||||||||||||||||||
Commodity derivatives (5) | 17 | — | 17 | — | ||||||||||||||||||||||||||||||||
Real estate and REITS (6) | 51 | 51 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,631 | $ | 434 | $ | 935 | $ | 262 | ||||||||||||||||||||||||||||
-1 | Consists of cash and institutional short-term investment funds. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities, equity derivatives, and pooled equity funds. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
-5 | Consists of long-dated options on a commodity index. | |||||||||||||||||||||||||||||||||||
-6 | Consists of exchange traded REITS. | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 fair-value category in the Company's U.S. pension plans for the years ended December 31, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||||||||||||||
Using Level 3 Inputs | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 191 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2012 | 22 | |||||||||||||||||||||||||||||||||||
Relating to assets sold during 2012 | 1 | |||||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | 48 | |||||||||||||||||||||||||||||||||||
Transfer in/(out) of Level 3 | — | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 262 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | 26 | |||||||||||||||||||||||||||||||||||
Relating to assets sold during 2013 | 4 | |||||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | (26 | ) | ||||||||||||||||||||||||||||||||||
Transfer in/(out) of Level 3 | — | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 266 | ||||||||||||||||||||||||||||||||||
The fair values of the Company's major U.K. pension plan assets at December 31, 2013 and December 31, 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 555 | $ | 555 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 668 | 668 | — | |||||||||||||||||||||||||||||||||
Europe | 155 | — | 155 | — | ||||||||||||||||||||||||||||||||
Equity securities — global (2) | 171 | 171 | — | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 31 | — | 31 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 500 | — | 500 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (3) | 2,043 | 2,043 | — | — | ||||||||||||||||||||||||||||||||
Annuities | 564 | — | — | 564 | ||||||||||||||||||||||||||||||||
Derivatives (3) | 142 | — | 142 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Real estate (4) | 23 | — | — | 23 | ||||||||||||||||||||||||||||||||
Alternative investments (5) | 546 | — | — | 546 | ||||||||||||||||||||||||||||||||
Total | $ | 5,398 | $ | 2,769 | $ | 1,496 | $ | 1,133 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities and equity derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-5 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 298 | $ | 298 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 967 | — | 967 | — | ||||||||||||||||||||||||||||||||
Europe | 319 | — | 319 | — | ||||||||||||||||||||||||||||||||
Equity securities — global (2) | 137 | 137 | — | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 103 | — | 103 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 501 | — | 501 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (3) | 1,234 | 1,234 | — | — | ||||||||||||||||||||||||||||||||
Annuities | 568 | — | — | 568 | ||||||||||||||||||||||||||||||||
Derivatives (3) | 217 | — | 217 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Real estate (4) | 70 | — | — | 70 | ||||||||||||||||||||||||||||||||
Alternative investments (5) | 446 | — | — | 446 | ||||||||||||||||||||||||||||||||
Total | $ | 4,860 | $ | 1,669 | $ | 2,107 | $ | 1,084 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities and equity derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-5 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 fair-value category in the Company's U.K. pension plans for the years ended December 31, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Level 3 Inputs | ||||||||||||||||||||||||||||||||||||
Annuities | Real | Alternative | Total | |||||||||||||||||||||||||||||||||
Estate | Investments | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 419 | $ | 97 | $ | 335 | $ | 851 | ||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2012 | (4 | ) | 1 | 19 | 16 | |||||||||||||||||||||||||||||||
Relating to assets sold during 2012 | — | 1 | 11 | 12 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | 137 | (32 | ) | 68 | 173 | |||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange | 16 | 3 | 13 | 32 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 568 | 70 | 446 | 1,084 | ||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | (13 | ) | 1 | 32 | 20 | |||||||||||||||||||||||||||||||
Relating to assets sold during 2013 | — | 3 | 5 | 8 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | — | (50 | ) | 51 | 1 | |||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange | 9 | (1 | ) | 12 | 20 | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 564 | $ | 23 | $ | 546 | $ | 1,133 | ||||||||||||||||||||||||||||
The fair values of the Company's major other pension plan assets at December 31, 2013 and December 31, 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11 | $ | 11 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 318 | — | 318 | — | ||||||||||||||||||||||||||||||||
North America | 52 | — | 52 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 509 | — | 509 | — | ||||||||||||||||||||||||||||||||
Derivatives | 20 | — | 20 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (2) | 61 | — | 61 | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 14 | — | 14 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Commodities | 32 | — | 32 | — | ||||||||||||||||||||||||||||||||
REITS | 5 | — | 5 | — | ||||||||||||||||||||||||||||||||
Real estate (3) | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
Alternative investments (4) | 8 | — | — | 8 | ||||||||||||||||||||||||||||||||
Derivatives | 14 | — | 14 | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,061 | $ | 11 | $ | 1,025 | $ | 25 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 5 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 274 | — | 274 | — | ||||||||||||||||||||||||||||||||
North America | 65 | — | 65 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 472 | — | 472 | — | ||||||||||||||||||||||||||||||||
Derivatives | 23 | — | 23 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (2) | 64 | — | 64 | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 28 | — | 28 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Commodities | 30 | — | 30 | — | ||||||||||||||||||||||||||||||||
REITS | 5 | — | 5 | — | ||||||||||||||||||||||||||||||||
Real estate (3) | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
Alternative investments (4) | 11 | — | — | 11 | ||||||||||||||||||||||||||||||||
Derivatives | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,009 | $ | 5 | $ | 976 | $ | 28 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 fair-value category in the Company's other pension plans for the years ended December 31, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Level 3 Inputs | ||||||||||||||||||||||||||||||||||||
Real | Alternative | Total | ||||||||||||||||||||||||||||||||||
Estate | Investments | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 37 | $ | 11 | $ | 48 | ||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2012 | (2 | ) | — | (2 | ) | |||||||||||||||||||||||||||||||
Relating to assets sold during 2012 | — | — | — | |||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | — | — | — | |||||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | (18 | ) | — | (18 | ) | |||||||||||||||||||||||||||||||
Foreign exchange | — | — | — | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 17 | 11 | 28 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | (1 | ) | 1 | — | ||||||||||||||||||||||||||||||||
Relating to assets sold during 2013 | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | — | (4 | ) | (4 | ) | |||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | — | — | — | |||||||||||||||||||||||||||||||||
Foreign exchange | 1 | (1 | ) | — | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 17 | $ | 8 | $ | 25 | ||||||||||||||||||||||||||||||
Investment Policy and Strategy | ||||||||||||||||||||||||||||||||||||
The U.S. investment policy, as established by the Aon Retirement Plan Governance and Investment Committee ("RPGIC"), seeks reasonable asset growth at prudent risk levels within target allocations, which are 49% equity investments, 30% fixed income investments, and 21% other investments. Aon believes that plan assets are well-diversified and are of appropriate quality. The investment portfolio asset allocation is reviewed quarterly and re-balanced to be within policy target allocations. The investment policy is reviewed at least annually and revised, as deemed appropriate by the RPGIC. The investment policies for international plans are generally established by the local pension plan trustees and seek to maintain the plans' ability to meet liabilities and to comply with local minimum funding requirements. Plan assets are invested in diversified portfolios that provide adequate levels of return at an acceptable level of risk. The investment policies are reviewed at least annually and revised, as deemed appropriate to ensure that the objectives are being met. At December 31, 2013, the weighted average targeted allocation for the U.K. and non-U.S. plans was 31% for equity investments and 69% for fixed income investments. | ||||||||||||||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||||||
Based on current assumptions, the Company expects to contribute approximately $173 million and $212 million, respectively, to its U.S. and non-U.S. pension plans during 2014. | ||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||||||||||||
Estimated future benefit payments for plans are as follows at December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2014 | $ | 156 | $ | 152 | $ | 45 | ||||||||||||||||||||||||||||||
2015 | 157 | 158 | 46 | |||||||||||||||||||||||||||||||||
2016 | 168 | 166 | 48 | |||||||||||||||||||||||||||||||||
2017 | 181 | 173 | 49 | |||||||||||||||||||||||||||||||||
2018 | 190 | 171 | 51 | |||||||||||||||||||||||||||||||||
2019 – 2023 | 1,143 | 868 | 280 | |||||||||||||||||||||||||||||||||
U.S. and Canadian Other Post-Retirement Benefits | ||||||||||||||||||||||||||||||||||||
The following table provides an overview of the accumulated projected benefit obligation, fair value of plan assets, funded status and net amount recognized as of December 31, 2013 and 2012 for the Company's other material post-retirement benefit plans located in the U.S. and Canada (in millions): | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accumulated projected benefit obligation | $ | 118 | $ | 134 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 20 | 20 | ||||||||||||||||||||||||||||||||||
Funded status | (98 | ) | (114 | ) | ||||||||||||||||||||||||||||||||
Unrecognized prior-service credit | (9 | ) | (15 | ) | ||||||||||||||||||||||||||||||||
Unrecognized loss | 18 | 37 | ||||||||||||||||||||||||||||||||||
Net amount recognized | $ | (89 | ) | $ | (92 | ) | ||||||||||||||||||||||||||||||
Other information related to the Company's other post-retirement benefit plans are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost recognized (millions) | $4 | $1 | $6 | |||||||||||||||||||||||||||||||||
Weighted-average discount rate used to determine future benefit obligations | 4.44 - 4.95 | 3.67 – 4.00 | 4.33 – 5.00 | |||||||||||||||||||||||||||||||||
Weighted-average discount rate used to determine net periodic benefit costs | 3.67 - 4.00 | 4.33 – 5.00 | 4.92 – 6.00 | |||||||||||||||||||||||||||||||||
Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2013 are $18 million and $9 million of net loss and prior service credit, respectively. The amount in Accumulated other comprehensive income expected to be recognized as a component of net periodic benefit cost during 2014 is $1 million and $5 million of net loss and prior service credit, respectively. | ||||||||||||||||||||||||||||||||||||
Based on current assumptions, the Company expects: | ||||||||||||||||||||||||||||||||||||
• | To contribute $6 million to fund material other post-retirement benefit plans during 2014. | |||||||||||||||||||||||||||||||||||
• | Estimated future benefit payments will be approximately $8 million each year for 2014 through 2018, and $40 million in aggregate for 2019-2023. | |||||||||||||||||||||||||||||||||||
The accumulated post-retirement benefit obligation is increased by $5 million and decreased by $5 million by a respective 1% increase or decrease to the assumed health care trend rate. The service cost and interest cost components of net periodic benefits cost is increased by $0.5 million and decreased by $0.5 million by a respective 1% increase or decrease to the assumed healthcare trend rate. | ||||||||||||||||||||||||||||||||||||
For most of the participants in the U.S. plan, Aon's liability for future plan cost increases for pre-65 and Medical Supplement plan coverage is limited to 5% per annum. Although the net employer trend rates range from 8% to 5% per year, because of this cap, these plans are effectively limited to 5% per year in the future. During 2012, Aon recognized a plan amendment that phases out post-retirement coverage in its U.S. plan over the next two years. The amendment resulted in recognition of prior service credits of $5 million in 2012 in net periodic benefit cost. The impact of this amendment also resulted in a new prior service credit of $10 million which will impact net periodic benefit cost in future periods as it is recognized over the average remaining service life of the employees. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Share-Based Compensation Plans | ' | ||||||||||||||||||||
Share-Based Compensation Plans | |||||||||||||||||||||
The following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions): | |||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Restricted share units ("RSUs") | $ | 174 | $ | 154 | $ | 142 | |||||||||||||||
Performance share awards ("PSAs") | 117 | 46 | 78 | ||||||||||||||||||
Share options | 2 | 5 | 9 | ||||||||||||||||||
Employee share purchase plans | 7 | 7 | 6 | ||||||||||||||||||
Total share-based compensation expense | 300 | 212 | 235 | ||||||||||||||||||
Tax benefit | 81 | 62 | 77 | ||||||||||||||||||
Share-based compensation expense, net of tax | $ | 219 | $ | 150 | $ | 158 | |||||||||||||||
Restricted Share Units | |||||||||||||||||||||
RSUs generally vest between three and five years, but may vest up to ten years from the date of grant. The fair value of RSUs is based upon the market value of the Aon ordinary shares at the date of grant. With certain limited exceptions, any break in continuous employment will cause the forfeiture of all unvested awards. Compensation expense associated with RSUs is recognized over the requisite service period. Dividend equivalents are paid on certain RSUs, based on the initial grant amount. | |||||||||||||||||||||
A summary of the status of the Company's RSUs is as follows (shares in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Years ended December 31 | Shares | Fair | Shares | Fair | Shares | Fair | |||||||||||||||
Value (1) | Value (1) | Value (1) | |||||||||||||||||||
Non-vested at beginning of year | 10,432 | $ | 44 | 9,916 | $ | 42 | 10,674 | $ | 38 | ||||||||||||
Granted | 3,714 | 62 | 5,113 | 46 | 3,506 | 51 | |||||||||||||||
Vested | (3,945 | ) | 44 | (3,958 | ) | 42 | (3,773 | ) | 39 | ||||||||||||
Forfeited | (442 | ) | 47 | (639 | ) | 44 | (491 | ) | 39 | ||||||||||||
Non-vested at end of year | 9,759 | 51 | 10,432 | 44 | 9,916 | 42 | |||||||||||||||
-1 | Represents per share weighted average fair value of award at date of grant. | ||||||||||||||||||||
The fair value of RSUs that vested during 2013, 2012 and 2011 was $172 million, $180 million and $146 million, respectively. | |||||||||||||||||||||
Performance Share Awards | |||||||||||||||||||||
The vesting of PSAs is contingent upon meeting various individual, divisional or company-wide performance conditions, including revenue generation or growth in revenue, pretax income or earnings per share over a one to five-year period. The performance conditions are not considered in the determination of the grant date fair value for these awards. The fair value of PSAs is based upon the market price of an Aon ordinary share at the date of grant. Compensation expense is recognized over the performance period, and in certain cases an additional vesting period, based on management's estimate of the number of units expected to vest. Compensation expense is adjusted to reflect the actual number of shares issued at the end of the programs. The actual issue of shares may range from 0-200% of the target number of PSAs granted, based on the terms of the plan and level of achievement of the related performance target. Dividend equivalents are not paid on PSAs. | |||||||||||||||||||||
Information regarding the Company's target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the years ended December 31, 2013, 2012 and 2011, respectively, is as follows (shares in thousands, dollars in millions, except fair value): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Target PSAs granted | 1,135 | 1,369 | 1,715 | ||||||||||||||||||
Fair value (1) | $ | 58 | $ | 47 | $ | 50 | |||||||||||||||
Number of shares that would be issued based on current performance levels | 1,702 | 2,451 | 1,443 | ||||||||||||||||||
Unamortized expense, based on current performance levels | $ | 70 | $ | 40 | $ | — | |||||||||||||||
-1 | Represents per share weighted average fair value of award at date of grant. | ||||||||||||||||||||
During 2013, the Company issued approximately 1.1 million shares in connection with the 2010 Leadership Performance Plan ("LPP") cycle and 0.2 million shares related to other performance plans. During 2012, the Company issued approximately 1.4 million shares in connection with the 2009 LPP cycle and 0.9 million shares related to other performance plans. During 2011, the Company issued approximately 1.2 million shares in connection with the 2008 LPP cycle and 0.3 million shares related to a 2006 performance plan. | |||||||||||||||||||||
Share Options | |||||||||||||||||||||
In prior periods, options to purchase ordinary shares were granted to certain employees at fair value on the date of grant. Commencing in 2010, the Company ceased granting new share options with the exception of historical contractual commitments. Generally, employees are required to complete two continuous years of service before the options begin to vest in increments until the completion of a four-year period of continuous employment, although a number of options were granted that require five continuous years of service before the options are fully vested. Options issued under the LPP program vest ratably over three years with a six-year term. The maximum contractual term on share options is ten years from the date of grant. | |||||||||||||||||||||
The Company uses a lattice-binomial option-pricing model to value share options. Lattice-based option valuation models use a range of assumptions over the expected term of the options. Expected volatilities are based on the average of the historical volatility of the Company's share price and the implied volatility of traded options and the Company's shares. The valuation model stratifies employees between those receiving LPP options, Special Stock Plan ("SSP") options, and all other option grants. The Company believes that this stratification better represents prospective share option exercise patterns. The expected dividend yield assumption is based on the Company's historical and expected future dividend rate. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life of employee share options represents the weighted-average period stock options are expected to remain outstanding and is a derived output of the lattice-binomial model. | |||||||||||||||||||||
In connection with its incentive compensation plans, the Company granted no shares for the years ended December 31, 2013 and 2012 and 80,000 shares at $53 per share for the year ended December 31, 2011. The weighted average assumptions, the weighted average expected life and estimated fair value of employee share options granted are summarized as follows: | |||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Weighted average volatility | NA | NA | 26.10% | ||||||||||||||||||
Expected dividend yield | NA | NA | 1.30% | ||||||||||||||||||
Risk-free rate | NA | NA | 2.20% | ||||||||||||||||||
Weighted average expected life, in years | NA | NA | 5.5 | ||||||||||||||||||
Weighted average estimated fair value per share | NA | NA | $10.92 | ||||||||||||||||||
A summary of the status of the Company's share options and related information is as follows (shares in thousands): | |||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Weighted-Average Exercise Price Per Share | Shares | Weighted-Average Exercise Price Per Share | Shares | Weighted-Average Exercise Price Per Share | ||||||||||||||||
Beginning outstanding | 5,611 | $ | 32 | 9,116 | $ | 32 | 13,919 | $ | 32 | ||||||||||||
Granted | — | — | — | — | 80 | 53 | |||||||||||||||
Exercised | (2,116 | ) | 32 | (3,413 | ) | 31 | (4,546 | ) | 32 | ||||||||||||
Forfeited and expired | (33 | ) | 34 | (92 | ) | 37 | (337 | ) | 36 | ||||||||||||
Outstanding at end of year | 3,462 | 32 | 5,611 | 32 | 9,116 | 32 | |||||||||||||||
Exercisable at end of year | 3,270 | 32 | 5,117 | 31 | 7,833 | 30 | |||||||||||||||
Shares available for grant | 11,330 | 17,024 | 24,508 | ||||||||||||||||||
A summary of options outstanding and exercisable as of December 31, 2013 is as follows (shares in thousands): | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | Weighted-Average | Shares | Weighted-Average | Weighted-Average | |||||||||||||||
Outstanding | Remaining Contractual | Exercise Price | Exercisable | Remaining Contractual | Exercise Price | ||||||||||||||||
Life (years) | Per Share | Life (years) | Per Share | ||||||||||||||||||
$14.71 – 22.86 | 1,244 | 1.43 | $ | 22.45 | 1,244 | 1.43 | $ | 22.45 | |||||||||||||
22.87 – 25.51 | 174 | 1.5 | 25.44 | 174 | 1.5 | 25.44 | |||||||||||||||
25.52 – 32.53 | 304 | 0.9 | 27.41 | 304 | 0.9 | 27.41 | |||||||||||||||
32.54 – 36.88 | 392 | 2.32 | 35.89 | 323 | 2.09 | 35.77 | |||||||||||||||
36.89 – 43.44 | 830 | 2.55 | 39.49 | 760 | 2.31 | 39.54 | |||||||||||||||
43.45 – 52.93 | 518 | 3.5 | 47.05 | 465 | 3.09 | 46.38 | |||||||||||||||
3,462 | 3,270 | ||||||||||||||||||||
The aggregate intrinsic value represents the total pretax intrinsic value, based on options with an exercise price less than the Company's closing share price of $83.89 as of December 31, 2013, which would have been received by the option holders had those option holders exercised their options as of that date. At December 31, 2013, the aggregate intrinsic value of options outstanding was $179 million, of which $170 million was exercisable. | |||||||||||||||||||||
Other information related to the Company's share options is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 73 | $ | 67 | $ | 80 | |||||||||||||||
Cash received from the exercise of stock options | 61 | 105 | 153 | ||||||||||||||||||
Tax benefit realized from the exercise of stock options | 15 | 11 | 14 | ||||||||||||||||||
Unamortized deferred compensation expense, which includes both options and awards, amounted to $336 million as of December 31, 2013, with a remaining weighted-average amortization period of approximately 2.1 years. | |||||||||||||||||||||
Employee Share Purchase Plan | |||||||||||||||||||||
United States | |||||||||||||||||||||
The Company has an employee share purchase plan that provides for the purchase of a maximum of 7.5 million shares of the Company's ordinary shares by eligible U.S. employees. Prior to 2011, shares of the Company's common stock were purchased at 3-month intervals at 85% of the lower of the fair market value of the common stock on the first or the last day of each 3-month period. Beginning in 2011, the Company's ordinary shares were purchased at 6-month intervals at 85% of the lower of the fair market value of the ordinary shares on the first or last day of each 6-month period. In 2013, 2012, and 2011, 556,000 shares, 621,000 shares and 468,000 shares, respectively, were issued to employees under the plan. Compensation expense recognized was $6 million in both 2013 and 2012, and $5 million in 2011. | |||||||||||||||||||||
United Kingdom | |||||||||||||||||||||
The Company also has an employee share purchase plan for eligible U.K. employees that provides for the purchase of shares after a 3-year period and that is similar to the U.S. plan previously described. Three-year periods began in 2013 and 2010, allowing for the purchase of a maximum of 350,000 and 300,000 shares, respectively. In 2013, 2012, and 2011, 172,000 shares, 25,000 shares, and 63,000 shares, respectively, were issued under the plan. Compensation expense of $1 million was recognized in each of 2013, 2012, and 2011. |
Derivatives_and_Hedging
Derivatives and Hedging | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivatives and Hedging | ' | |||||||||||||||||||||||
Derivatives and Hedging | ||||||||||||||||||||||||
The Company is exposed to market risks, including changes in foreign currency exchange rates and interest rates. To manage the risk related to these exposures, the Company enters into various derivative instruments that reduce these risks by creating offsetting exposures. The Company does not enter into derivative transactions for trading or speculative purposes. | ||||||||||||||||||||||||
Foreign Exchange Risk Management | ||||||||||||||||||||||||
The Company is exposed to foreign exchange risk when it receives revenues, pays expenses, or enters into intercompany loans denominated in a currency that differs from its functional currency, or other transactions that are denominated in a currency other than its functional currency. The Company uses foreign exchange derivatives, typically forward contracts, options and cross currency swaps, to reduce its overall exposure to the effects of currency fluctuations on cash flows. These exposures are hedged, on average, for less than two years; however, in limited instances, the Company has hedged certain exposures up to five years in the future. | ||||||||||||||||||||||||
The Company also uses foreign exchange derivatives, typically forward contracts and options, to hedge its net investments in foreign operations for up to two years in the future. | ||||||||||||||||||||||||
The Company also uses foreign exchange derivatives, typically forward contracts and options, to manage the currency exposure of the Company's global liquidity profile, including monetary assets or liabilities that are denominated in a non-functional currency of an entity, for up to one year in the future. These derivatives are not accounted for as hedges, and changes in fair value are recorded each period in Other income in the Consolidated Statements of Income. | ||||||||||||||||||||||||
Interest Rate Risk Management | ||||||||||||||||||||||||
The Company holds variable-rate short-term brokerage and other operating deposits. The Company uses interest rate derivatives, typically swaps, to reduce its exposure to the effects of interest rate fluctuations on the forecasted interest receipts from these deposits for up to two years in the future. | ||||||||||||||||||||||||
Certain derivatives also give rise to credit risks from the possible non-performance by counterparties. The credit risk at the balance sheet date is generally limited to the fair value of those contracts that are favorable to the Company. The Company has reduced its credit risk by using International Swaps and Derivatives Association ("ISDA") master agreements, collateral and credit support arrangements, entering into non-exchange-traded derivatives with highly-rated major financial institutions and by using exchange-traded instruments. The Company monitors the creditworthiness of, and exposure to, its counterparties. As of December 31, 2013, all net derivative positions were free of credit risk contingent features. The Company has not received or pledged any collateral related to derivative arrangements as of December 31, 2013. | ||||||||||||||||||||||||
The notional and fair values of derivative instruments are as follows (in millions): | ||||||||||||||||||||||||
Derivative Assets (1) | Derivative Liabilities (2) | |||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | ||||||||||||||||||||||
As of December 31 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Derivatives accounted for as hedges: | ||||||||||||||||||||||||
Interest rate contracts | $ | 171 | $ | 336 | $ | 9 | $ | 17 | $ | — | $ | — | ||||||||||||
Foreign exchange contracts | 1,191 | 1,208 | 71 | 191 | 93 | 250 | ||||||||||||||||||
Total | 1,362 | 1,544 | 80 | 208 | 93 | 250 | ||||||||||||||||||
Derivatives not accounted for as hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | 215 | 305 | — | 2 | — | 1 | ||||||||||||||||||
Total | $ | 1,577 | $ | 1,849 | $ | 80 | $ | 210 | $ | 93 | $ | 251 | ||||||||||||
-1 | Included within Other current assets ($46 million in 2013 and $167 million in 2012) or Other non-current assets ($34 million in 2013 and $43 million in 2012) | |||||||||||||||||||||||
-2 | Included within Other liabilities $51 million in 2013 and $171 million in 2012) or Other non-current liabilities ($42 million in 2013 and $80 million in 2012) | |||||||||||||||||||||||
Offsetting of financial assets and derivatives assets are as follows (in millions): | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position (1) | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Derivatives accounted for as hedges: | ||||||||||||||||||||||||
Interest rate contracts | $ | 9 | $ | 17 | $ | — | $ | — | $ | 9 | $ | 17 | ||||||||||||
Foreign exchange contracts | 71 | 191 | (30 | ) | (160 | ) | 41 | 31 | ||||||||||||||||
Total | 80 | 208 | (30 | ) | (160 | ) | 50 | 48 | ||||||||||||||||
Derivatives not accounted for as hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | — | 2 | — | — | — | 2 | ||||||||||||||||||
Total | $ | 80 | $ | 210 | $ | (30 | ) | $ | (160 | ) | $ | 50 | $ | 50 | ||||||||||
______________________________________________ | ||||||||||||||||||||||||
(1) Included within Other current assets ($18 million in both 2013 and 2012) or Other non-current assets ($32 million in both 2013 and 2012) | ||||||||||||||||||||||||
Offsetting of financial liabilities and derivative liabilities are as follows (in millions): | ||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Derivatives accounted for as hedges: | ||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Foreign exchange contracts | 93 | 250 | (30 | ) | (160 | ) | 63 | 90 | ||||||||||||||||
Total | 93 | 250 | (30 | ) | (160 | ) | 63 | 90 | ||||||||||||||||
Derivatives not accounted for as hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | — | 1 | — | — | — | 1 | ||||||||||||||||||
Total | $ | 93 | $ | 251 | $ | (30 | ) | $ | (160 | ) | $ | 63 | $ | 91 | ||||||||||
______________________________________________ | ||||||||||||||||||||||||
(2) Included within Other current liabilities ($23 million in both 2013 and 2012) or Other non-current liabilities ($40 million in 2013 and $68 million in 2012) | ||||||||||||||||||||||||
The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Gain (Loss) recognized in Accumulated Other Comprehensive Loss: | 2013 | 2012 | 2011 | |||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts (1) | $ | 2 | $ | — | $ | (1 | ) | |||||||||||||||||
Foreign exchange contracts (2) | (4 | ) | (21 | ) | (54 | ) | ||||||||||||||||||
Total | (2 | ) | (21 | ) | (55 | ) | ||||||||||||||||||
Foreign net investment hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 4 | $ | (2 | ) | |||||||||||||||||
-1 | Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Interest Expense | |||||||||||||||||||||||
-2 | Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Compensation and benefits ($17 million loss for 2013, $8 million loss for 2012 and $6 million loss for 2011), Other general expenses (none for 2013, $19 million loss for 2012 and $34 million loss for 2011), and Other income ($13 million gain for 2013, $6 million gain for 2012 and $14 million loss for 2011) | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): | 2013 | 2012 | 2011 | |||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts (1) | $ | (1 | ) | $ | (1 | ) | $ | — | ||||||||||||||||
Foreign exchange contracts (2) | (10 | ) | (34 | ) | (36 | ) | ||||||||||||||||||
Total | (11 | ) | (35 | ) | (36 | ) | ||||||||||||||||||
Foreign net investment hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | — | $ | — | ||||||||||||||||||
-1 | Included within Interest Expense | |||||||||||||||||||||||
-2 | Included within Compensation and benefits ($12 million loss for 2013, $9 million loss for 2012 and $3 million loss for 2011), Interest Expense ($3 million loss for 2013 and none for both 2012 and 2011), Other general expenses ($9 million loss for 2013, $16 million loss for 2012 and $25 million loss for 2011), and Other income ($14 million gain for 2013, $9 million loss for 2012 and $8 million loss for 2011) | |||||||||||||||||||||||
The amount of gain (loss) recognized in the Consolidated Financial Statements is as follows (in millions): | ||||||||||||||||||||||||
Twelve months ended December 31, | ||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||
Recognized in Income on | Recognized in Income on | |||||||||||||||||||||||
Derivative(2) | Related Hedged Item | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Foreign exchange contracts(1) | $ | (8 | ) | $ | 1 | $ | 2 | $ | 8 | $ | (1 | ) | $ | (2 | ) | |||||||||
-1 | Relates to fixed rate debt | |||||||||||||||||||||||
-2 | Included in interest expense | |||||||||||||||||||||||
The Company estimates that approximately $20 million of pretax losses currently included within Accumulated other comprehensive loss will be reclassified into earnings in the next twelve months. | ||||||||||||||||||||||||
The amount of gain (loss) recognized in income on the ineffective portion of derivatives for 2013, 2012 and 2011 was not material. | ||||||||||||||||||||||||
The Company recorded a loss of $18 million and a gain of $13 million in Other income for foreign exchange derivatives not designated or qualifying as hedges for 2013 and 2012, respectively. |
Fair_Value_Measurements_and_Fi
Fair Value Measurements and Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements and Financial Instruments | ' | |||||||||||||||
Fair Value Measurements and Financial Instruments | ||||||||||||||||
Accounting standards establish a three tier fair value hierarchy that prioritizes the inputs used in measuring fair values as follows: | ||||||||||||||||
• | Level 1 — observable inputs such as quoted prices for identical assets in active markets; | |||||||||||||||
• | Level 2 — inputs other than quoted prices for identical assets in active markets, that are observable either directly or indirectly; and | |||||||||||||||
• | Level 3 — unobservable inputs in which there is little or no market data which requires the use of valuation techniques and the development of assumptions. | |||||||||||||||
The following methods and assumptions are used to estimate the fair values of the Company's financial instruments: | ||||||||||||||||
Money market funds and highly liquid debt securities are carried at cost and amortized cost, respectively, as an approximation of fair value. Based on market convention, the Company considers cost a practical and expedient measure of fair value. | ||||||||||||||||
Cash, cash equivalents, and highly liquid debt instruments consist of cash and institutional short-term investment funds. The Company independently reviews the short-term investment funds to obtain reasonable assurance the fund net asset value is $1 per share. | ||||||||||||||||
Equity investments consist of domestic and international equity securities and exchange traded equity derivatives valued using the closing stock price on a national securities exchange. Over the counter equity derivatives are valued using observable inputs such as underlying prices of the equity security and volatility. The Company independently reviews the listing of Level 1 equity securities in the portfolio and agrees the closing stock prices to a national securities exchange, and on a sample basis, independently verifies the observable inputs for Level 2 equity derivatives and securities. | ||||||||||||||||
Fixed income investments consist of certain categories of bonds and derivatives. Corporate, government, and agency bonds are valued by pricing vendors who estimate fair value using recently executed transactions and proprietary models based on observable inputs, such as interest rate spreads, yield curves and credit risk. Asset-backed securities are valued by pricing vendors who estimate fair value using discounted cash flow models utilizing observable inputs based on trade and quote activity of securities with similar features. Fixed income derivatives are valued by pricing vendors using observable inputs such as interest rates and yield curves. The Company obtains a detailed understanding of the models, inputs, and assumptions used in developing prices provided by its vendors. This understanding includes discussions with valuation resources at the vendor. During these discussions, the Company uses a fair value measurement questionnaire, which is part of the Company's internal controls over financial reporting, to obtain the information necessary to assert the model, inputs and assumptions used comply with U.S. GAAP, including disclosure requirements. The Company also obtains observable inputs from the pricing vendor and independently verifies the observable inputs, as well as assesses assumptions used for reasonableness based on relevant market conditions and internal Company guidelines. If an assumption is deemed unreasonable, based on the Company's guidelines, it is then reviewed by a member of management and the fair value estimate provided by the vendor is adjusted, if deemed appropriate. These adjustments do not occur frequently and have not historically been material to the fair value estimates used in the Consolidated Financial Statements. | ||||||||||||||||
Pooled funds consist of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. Pooled investment funds fair value is estimated based on the proportionate share ownership in the underlying net assets of the investment, which is based on the fair value of the underlying securities that trade on a national securities exchange. Where possible, the Company independently reviews the listing securities in the portfolio and agrees the closing stock prices to a national securities exchange. The Company gains an understanding of the investment guidelines and valuation policies of the fund and discusses fund performance with pooled fund managers. The Company obtains audited fund manager financial statements, when available. If the pooled fund is designed to replicate a publicly traded index, the Company compares the performance of the fund to the index to assess the reasonableness of the fair value measurement. | ||||||||||||||||
Alternative investments consist of limited partnerships, private equity and hedge funds. Alternative investment fair value is generally estimated based on the proportionate share ownership in the underlying net assets of the investment as determined by the general partner or investment manager. The valuations are based on various factors depending on investment strategy, proprietary models, and specific financial data or projections. The Company obtains audited fund manager financial statements, when available. The Company obtains a detailed understanding of the models, inputs and assumptions used in developing prices provided by the investment managers (or appropriate party) through regular discussions. During these discussions with the investment managers, the Company uses a fair value measurement questionnaire, which is part of the Company's internal controls over financial reporting, to obtain the information necessary to assert the model, inputs and assumptions used comply with U.S. GAAP, including disclosure requirements. The Company also obtains observable inputs from the investment manager and independently verifies the observable inputs, as well as assesses assumptions used for reasonableness based on relevant market conditions and internal Company guidelines. If an assumption is deemed unreasonable, based on the Company's guidelines, it is then reviewed by a member of management and the fair value estimate provided by the vendor is adjusted, if deemed appropriate. These adjustments do not occur frequently and have not historically been material to the fair value estimates in the Consolidated Financial Statements. | ||||||||||||||||
Derivatives are carried at fair value, based upon industry standard valuation techniques that use, where possible, current market-based or independently sourced pricing inputs, such as interest rates, currency exchange rates, or implied volatilities. | ||||||||||||||||
Annuity contracts consist of insurance group annuity contracts purchased to match the pension benefit payment stream owed to certain selected plan participant demographics within a few major United Kingdom defined benefit plans. Annuity contracts are valued using a discounted cash flow model utilizing assumptions such as discount rate, mortality, and inflation. The Company independently verifies the observable inputs. | ||||||||||||||||
Real estate and REITs consist of publicly traded REITs and direct real estate investments. Level 1 REITs are valued using the closing stock price on a national securities exchange. The Level 3 values are based on the proportionate share of ownership in the underlying net asset value as determined by the investment manager. The Company independently reviews the listing of Level 1 REIT securities in the portfolio and agrees the closing stock prices to a national securities exchange. The Company gains an understanding of the investment guidelines and valuation policies of the Level 3 real estate funds and discusses performance with the fund managers. The Company obtains audited fund manager financial statements, when available. See the description of "Alternative investments" for further detail on valuation procedures surrounding Level 3 REITs. | ||||||||||||||||
Guarantees are carried at fair value, which is based on discounted estimated cash flows using published historical cumulative default rates and discount rates commensurate with the underlying exposure. | ||||||||||||||||
Debt is carried at outstanding principal balance, less any unamortized discount or premium. Fair value is based on quoted market prices or estimates using discounted cash flow analyses based on current borrowing rates for similar types of borrowing arrangements. | ||||||||||||||||
The following tables present the categorization of the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012, respectively (in millions): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Assets: | ||||||||||||||||
Money market funds and highly liquid debt securities (1) | $ | 2,079 | $ | 2,054 | $ | 25 | $ | — | ||||||||
Other investments | ||||||||||||||||
Fixed maturity securities | ||||||||||||||||
Corporate bonds | 2 | — | — | 2 | ||||||||||||
Government bonds | 7 | — | 7 | — | ||||||||||||
Equity securities | 13 | 6 | 7 | — | ||||||||||||
Derivatives | ||||||||||||||||
Interest rate contracts | 9 | — | 9 | — | ||||||||||||
Foreign exchange contracts | 71 | — | 71 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives | ||||||||||||||||
Foreign exchange contracts | 93 | — | 93 | — | ||||||||||||
-1 | Includes $2,054 million of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See Note 7 "Investments" for additional information regarding the Company's investments. | |||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Balance at December 31, 2012 | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Assets: | ||||||||||||||||
Money market funds and highly liquid debt securities (1) | $ | 2,133 | $ | 2,108 | $ | 25 | $ | — | ||||||||
Other investments | ||||||||||||||||
Fixed maturity securities | ||||||||||||||||
Corporate bonds | 12 | — | — | 12 | ||||||||||||
Government bonds | 8 | — | 8 | — | ||||||||||||
Equity securities | 5 | 5 | — | — | ||||||||||||
Derivatives | ||||||||||||||||
Interest rate contracts | 17 | — | 17 | — | ||||||||||||
Foreign exchange contracts | 193 | — | 193 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives | ||||||||||||||||
Foreign exchange contracts | 251 | — | 251 | — | ||||||||||||
-1 | Includes $2,108 million of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See Note 7 "Investments" for additional information regarding the Company's investments. | |||||||||||||||
There were no transfers of assets or liabilities between fair value hierarchy levels during 2013 or 2012. The Company recognized $6 million of realized gains and no unrealized gains or losses recognized in the Consolidated Statements of Income during 2013 related to assets and liabilities measured at fair value using unobservable inputs. There were no realized or unrealized gains or losses recognized in the Consolidated Statements of Income during 2012 or 2011 related to assets and liabilities measured at fair value using unobservable inputs. | ||||||||||||||||
The fair value of all long-term debt instruments is classified as Level 2. The following table discloses the Company's financial instruments where the carrying amounts and fair values differ (in millions): | ||||||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Long-term debt | $ | 3,686 | $ | 3,894 | $ | 3,713 | $ | 4,162 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal | |
Aon and its subsidiaries are subject to numerous claims, tax assessments, lawsuits and proceedings that arise in the ordinary course of business, which frequently include errors and omissions ("E&O") claims. The damages claimed in these matters are or may be substantial, including, in many instances, claims for punitive, treble or extraordinary damages. Aon has historically purchased E&O insurance and other insurance to provide protection against certain losses that arise in such matters. Aon has exhausted or materially depleted its coverage under some of the policies that protect the Company and, consequently, is self-insured or materially self-insured for some historical claims. Accruals for these exposures, and related insurance receivables, when applicable, have been provided to the extent that losses are deemed probable and are reasonably estimable. These amounts are adjusted from time to time as developments warrant. Amounts related to settlement provisions are recorded in Other general expenses in the Consolidated Statements of Income. | |
A retail insurance brokerage subsidiary of Aon provides insurance brokerage services to Northrop Grumman Corporation ("Northrop"). This Aon subsidiary placed Northrop's excess property insurance program for the period covering 2005. Northrop suffered a substantial loss in August 2005 when Hurricane Katrina damaged Northrop's facilities in the Gulf states. Northrop's excess insurance carrier, Factory Mutual Insurance Company ("Factory Mutual"), denied coverage for the claim pursuant to a flood exclusion. Northrop sued Factory Mutual in the United States District Court for the Central District of California and later sought to add this Aon subsidiary as a defendant, asserting that if Northrop's policy with Factory Mutual does not cover the losses suffered by Northrop stemming from Hurricane Katrina, then this Aon subsidiary will be responsible for Northrop's losses. On August 26, 2010, the court granted in large part Factory Mutual's motion for partial summary judgment regarding the applicability of the flood exclusion and denied Northrop's motion to add this Aon subsidiary as a defendant in the federal lawsuit. On January 27, 2011, Northrop filed suit against this Aon subsidiary in state court in Los Angeles, California, pleading claims for negligence, breach of contract and negligent misrepresentation. Northrop has since settled with Factory Mutual. Aon believes that it has meritorious defenses and intends to vigorously defend itself against these claims. The outcome of this lawsuit, and the amount of any losses or other payments that may result, cannot be estimated at this time. | |
Another retail insurance brokerage subsidiary of Aon has been sued in Tennessee state court by a client, Opry Mills Mall Limited Partnership ("Opry Mills") that sustained flood damage to its property in May 2010. The lawsuit seeks $200 million from numerous insurers with whom this Aon subsidiary placed the client's property insurance coverage. The insurers contend that only $50 million in coverage is available for the loss because the flood event occurred on property in a high hazard flood zone. Opry Mills is seeking full coverage from the insurers for the loss and has sued this Aon subsidiary in the alternative for the same $150 million difference on various theories of professional liability if the court determines there is not full coverage. In addition, Opry Mills seeks prejudgment interest, attorneys' fees and enhanced damages which could substantially increase Aon's exposure. Aon believes it has meritorious defenses and intends to vigorously defend itself against these claims. The outcome of this lawsuit, and the amount of any losses or other payments that may result, cannot be estimated at this time. | |
A pensions consulting and administration subsidiary of Hewitt before its acquisition by Aon provided advisory services to the Trustees of the Philips UK pension fund and the relevant employer of fund beneficiaries (together, "Philips"). In January 2014, the Aon subsidiary was served with a High Court lawsuit alleging negligence and breach of duty. The proceeding assert Philips' right to claim damages related to Philips' use of a credit default swap hedging strategy pursuant to the supply of the advisory services, which is said to have resulted in substantial damages to Philips. Aon believes that it has meritorious defenses and intends to vigorously defend itself against these allegations. The outcome of this circumstance, and the amount of any losses or other payments that may result, cannot be estimated at this time. | |
Mazeikiu Nafta ("MN"), which operates an oil refinery in Lithuania, has sued an insurance brokerage subsidiary of Aon in London. Aon placed property damage and business interruption coverage for MN. There was a fire at the refinery in 2006. MN settled with insurers in November 2011 and claimed against Aon in December 2012. The claim is for $125 million, which is the shortfall alleged by MN to have been caused by Aon's failure to obtain appropriate business interruption coverage. Aon believes that it has meritorious defenses and intends to vigorously defend itself against these allegations. The outcome of this lawsuit, and the amount of any losses or other payments that may result, cannot be estimated at this time. | |
The International Road Transport Union ("IRU") sued Aon in a court in Switzerland. IRU alleges, among other things, that, between 1995 and 2004, a predecessor of Aon and, later, an Aon subsidiary (1) accepted commissions for certain insurance placements that violated a fee agreement entered between the parties and (2) negligently failed to ask certain insurance carriers to contribute to the IRU's risk management costs. Aon believes that it has meritorious defenses and intends to vigorously defend itself against these claims. The outcome of these proceedings, and the amount of any losses or other payments that may result, cannot be estimated at this time. | |
AXA Versicherung Aktiengesellschaft ("AXA") started arbitral proceedings against an insurance and reinsurance brokerage subsidiary of Aon in Germany. Predecessors of AXA granted predecessors of the Aon subsidiary a mandate to underwrite non-proportional reinsurance business from 1975 through 1999. AXA alleges, among other things, that the Aon-related entities intentionally exceeded their mandate and that, if AXA had known of this intention, it would not have granted a mandate. Aon believes that it has meritorious defenses and intends to vigorously defend itself against these claims. The outcome of these proceedings, and the amount of any losses or other payments that may result, cannot be estimated at this time. | |
From time to time, Aon's clients may bring claims and take legal action pertaining to the performance of fiduciary responsibilities. Whether client claims and legal action related to the Company's performance of fiduciary responsibilities are founded or unfounded, if such claims and legal actions are resolved in a manner unfavorable to the Company, they may adversely affect Aon's financial results and materially impair the market perception of the Company and that of its products and services. | |
Although the ultimate outcome of all matters referred to above cannot be ascertained, and liabilities in indeterminate amounts may be imposed on Aon or its subsidiaries, on the basis of present information, amounts already provided, availability of insurance coverages and legal advice received, it is the opinion of management that the disposition or ultimate determination of such claims will not have a material adverse effect on the consolidated financial position of Aon. However, it is possible that future results of operations or cash flows for any particular quarterly or annual period could be materially affected by an unfavorable resolution of these matters. | |
Guarantees and Indemnifications | |
In connection with the redomicile of Aon's headquarters ("the Redomestication"), the Company on April 2, 2012 entered various agreements pursuant to which it agreed to guarantee the obligations of its subsidiaries arising under issued and outstanding debt securities. Those agreements included the (1) Amended and Restated Indenture, dated as of April 2, 2012, among Aon Corporation, Aon plc, and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee") (amending and restating the Indenture, dated as of September 10, 2010, between Aon Corporation and the Trustee), (2) Amended and Restated Indenture, dated as of April 2, 2012, among Aon Corporation, Aon plc and the Trustee (amending and restating the Indenture, dated as of December 16, 2002, between Aon Corporation and the Trustee), (3) Amended and Restated Indenture, dated as of April 2, 2012, among Aon Corporation, Aon plc and the Trustee (amending and restating the Indenture, dated as of January 13, 1997, as supplemented by the First Supplemental Indenture, dated as of January 13, 1997) (4) First Supplemental Indenture, dated as of April 2, 2012, among Aon Finance N.S. 1, ULC, as issuer, Aon Corporation, as guarantor, Aon plc, as guarantor, and Computershare Trust Company of Canada, as trustee, and (5) Amended and Restated Trust Deed, among Aon Corporation, Aon plc, Aon Services Luxembourg & Co S.C.A. (formerly known as Aon Financial Services Luxembourg S.A.) ("Aon Luxembourg") and BNY Mellon Corporate Trustee Services Limited, as trustee (the "Luxembourg Trustee") (amending and restating the Trust Deed, dated as of July 1, 2009, as amended and restated on January 12, 2011, among Aon Delaware, Aon Luxembourg and the Luxembourg Trustee). | |
Effective as of the same date, the Company also entered into agreements pursuant to which it agreed to guarantee the obligations of its subsidiaries arising under the (1) $450,000,000 Term Credit Agreement dated June 15, 2011, among Aon Corporation, as borrower, Bank of America, N.A., as administrative agent and the other agents and lenders party thereto, (2) $400,000,000 five-Year Agreement dated March 20, 2012, among Aon Corporation, as borrower, Citibank, N.A., as administrative agent and the other agents and lenders party thereto and (3) €650,000,000 Facility Agreement, dated October 15, 2010, among Aon Corporation, the subsidiaries of Aon Corporation party thereto as borrowers, Citibank International plc, as agent, and the other agents and lenders party thereto, as amended on July 18, 2011. | |
The Company provides a variety of guarantees and indemnifications to its customers and others. The maximum potential amount of future payments represents the notional amounts that could become payable under the guarantees and indemnifications if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or other methods. These amounts may bear no relationship to the expected future payments, if any, for these guarantees and indemnifications. Any anticipated amounts payable that are deemed to be probable and reasonably estimable are included in the Company's Consolidated Financial Statements, and are recorded at fair value. | |
The Company expects that, as prudent business interests dictate, additional guarantees and indemnifications may be issued from time to time. | |
Letters of Credit | |
The Company had total letters of credit ("LOCs") outstanding for approximately $71 million at December 31, 2013, compared to $74 million at December 31, 2012. These letters of credit cover the beneficiaries related to certain of Aon's U.S. and Canadian non-qualified pension plan schemes and secure deductible retentions for Aon's own workers compensation program. The Company has also issued LOCs to cover contingent payments for taxes and other business obligations to third parties, and other guarantees for miscellaneous purposes at its international subsidiaries. Amounts are accrued in the Consolidated Financial Statements to the extent the guarantees are probable and estimable, and are recorded at fair value. | |
Commitments | |
The Company has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding. Some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $34 million at December 31, 2013. During 2013, the Company funded $15 million of these commitments. | |
Premium Payments | |
The Company has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies. Costs associated with these guarantees, to the extent estimable and probable, are provided in Aon's allowance for doubtful accounts. The maximum exposure with respect to such contractual contingent guarantees was approximately $98 million at December 31, 2013 compared to $104 million at December 31, 2012. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||
The Company has two reportable segments: Risk Solutions and HR Solutions. Unallocated income and expenses, when combined with the operating segments and after the elimination of intersegment revenues and expenses, equal the amounts in the Consolidated Financial Statements. | ||||||||||||||||||||||||
Reportable operating segments have been determined using a management approach, which is consistent with the basis and manner in which Aon's chief operating decision maker ("CODM") uses financial information for the purposes of allocating resources and evaluating performance. The CODM assesses performance based on operating income and generally accounts for inter-segment revenue as if the revenue were from third parties and at what management believes are current market prices. The Company does not present net assets by segment as this information is not reviewed by the CODM. | ||||||||||||||||||||||||
Risk Solutions acts as an advisor and insurance and reinsurance broker, helping clients manage their risks, via consultation, as well as negotiation and placement of insurance risk with insurance carriers through Aon's global distribution network. | ||||||||||||||||||||||||
HR Solutions partners with organizations to solve their most complex benefits, talent and related financial challenges, and improve business performance by designing, implementing, communicating and administering a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. | ||||||||||||||||||||||||
Aon's total revenue is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Risk Solutions | $ | 7,789 | $ | 7,632 | $ | 7,537 | ||||||||||||||||||
HR Solutions | 4,057 | 3,925 | 3,781 | |||||||||||||||||||||
Intersegment elimination | (31 | ) | (43 | ) | (31 | ) | ||||||||||||||||||
Total revenue | $ | 11,815 | $ | 11,514 | $ | 11,287 | ||||||||||||||||||
Commissions, fees and other revenues by product are as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Retail brokerage | $ | 6,256 | $ | 6,089 | $ | 6,022 | ||||||||||||||||||
Reinsurance brokerage | 1,505 | 1,505 | 1,463 | |||||||||||||||||||||
Total Risk Solutions Segment | 7,761 | 7,594 | 7,485 | |||||||||||||||||||||
Consulting services | 1,626 | 1,585 | 1,546 | |||||||||||||||||||||
Outsourcing | 2,469 | 2,372 | 2,258 | |||||||||||||||||||||
Intrasegment | (38 | ) | (32 | ) | (23 | ) | ||||||||||||||||||
Total HR Solutions Segment | 4,057 | 3,925 | 3,781 | |||||||||||||||||||||
Intersegment | (31 | ) | (43 | ) | (31 | ) | ||||||||||||||||||
Total commissions, fees and other revenue | $ | 11,787 | $ | 11,476 | $ | 11,235 | ||||||||||||||||||
Fiduciary investment income by segment is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Risk Solutions | $ | 28 | $ | 38 | $ | 52 | ||||||||||||||||||
HR Solutions | — | — | — | |||||||||||||||||||||
Total fiduciary investment income | $ | 28 | $ | 38 | $ | 52 | ||||||||||||||||||
A reconciliation of segment operating income before tax to income before income taxes is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Risk Solutions | $ | 1,540 | $ | 1,493 | $ | 1,413 | ||||||||||||||||||
HR Solutions | 318 | 289 | 336 | |||||||||||||||||||||
Segment income before income taxes | 1,858 | 1,782 | 1,749 | |||||||||||||||||||||
Unallocated expenses | (187 | ) | (186 | ) | (153 | ) | ||||||||||||||||||
Interest income | 9 | 10 | 18 | |||||||||||||||||||||
Interest expense | (210 | ) | (228 | ) | (245 | ) | ||||||||||||||||||
Other income | 68 | 2 | 19 | |||||||||||||||||||||
Income before income taxes | $ | 1,538 | $ | 1,380 | $ | 1,388 | ||||||||||||||||||
Unallocated expenses include administrative or other costs not attributable to the operating segments, such as corporate governance costs. Interest income represents income earned primarily on operating cash balances and certain income producing securities. Interest expense represents the cost of worldwide debt obligations. | ||||||||||||||||||||||||
Other income consists of equity earnings, realized gains or losses on the sale of investments, gains or losses on the disposal of businesses, gains or losses on derivatives, and gains or losses on foreign currency transactions. | ||||||||||||||||||||||||
Revenues are generally attributed to geographic areas based on the location of the resources producing the revenues. Intercompany revenues and expenses are eliminated in consolidated results. | ||||||||||||||||||||||||
Consolidated revenue by geographic area is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | Total | United | Americas | United | Europe, | Asia | ||||||||||||||||||
States | other than | Kingdom | Middle East, | Pacific | ||||||||||||||||||||
U.S. | & Africa | |||||||||||||||||||||||
2013 | $ | 11,815 | $ | 5,574 | $ | 1,214 | $ | 1,544 | $ | 2,304 | $ | 1,179 | ||||||||||||
2012 | 11,514 | 5,336 | 1,190 | 1,541 | 2,271 | 1,176 | ||||||||||||||||||
2011 | 11,287 | 5,134 | 1,176 | 1,519 | 2,377 | 1,081 | ||||||||||||||||||
Consolidated non-current assets by geographic area are as follows (in millions): | ||||||||||||||||||||||||
As of December 31 | Total | United | Americas | United | Europe, | Asia | ||||||||||||||||||
States | other than | Kingdom | Middle East, | Pacific | ||||||||||||||||||||
U.S. | & Africa | |||||||||||||||||||||||
2013 | $ | 13,728 | $ | 7,720 | $ | 559 | $ | 2,392 | $ | 2,440 | $ | 617 | ||||||||||||
2012 | 13,819 | 8,355 | 599 | 1,721 | 2,462 | 682 | ||||||||||||||||||
Guarantee_of_Registered_Securi
Guarantee of Registered Securities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantee of Registered Securities | ' | |||||||||||||||||||
Guarantee of Registered Securities | ' | |||||||||||||||||||
Guarantee of Registered Securities | ||||||||||||||||||||
As described in Note 16, in connection with the Redomestication, Aon plc entered into various agreements pursuant to which it agreed to guarantee the obligations of Aon Corporation arising under issued and outstanding debt securities. Aon Corporation is a 100% directly owned subsidiary of Aon plc. The debt securities that are subject to Rule 3-10 of Regulation S-X are the 3.50% senior notes due September 2015, the 3.125% senior notes due May 2016, the 5.00% senior notes due September 2020, the 8.205% junior subordinated deferrable interest debentures due January 2027 and the 6.25% senior notes due September 2040. All guarantees of Aon plc are full and unconditional. There are no other subsidiaries of Aon plc that are guarantors of the debt. | ||||||||||||||||||||
Aon Corporation entered into an agreement pursuant to which it agreed to guarantee the obligations of Aon plc arising under the 4.250% Notes Due 2042 exchanged for Aon Corporation's outstanding 8.205% junior subordinated deferrable interest debentures due January 2027 in both Original Notes and Exchange Notes form as described in Note 8. Those notes are subject to Rule 3-10 of Regulation S-X. Aon Corporation also agreed to guarantee the obligations of Aon plc arising under the 4.45% Notes Due 2043 issued on May 21, 2013 and the 4.00% Notes Due November 2023 issued on November 21, 2013. In each case, the guarantee of Aon Corporation is full and unconditional. There are no subsidiaries of Aon plc, other than Aon Corporation, that are guarantors of the 4.250% Notes Due 2042, the 4.45% Notes Due 2043 or the 4.00% Notes Due 2023. | ||||||||||||||||||||
The following tables set forth condensed consolidating statements of income, comprehensive income and cash flows for the years ended December 31, 2013, 2012, and 2011, and condensed consolidating statements of financial position as of December 31, 2013 and December 31, 2012 in accordance with Rule 3-10 of Regulation S-X. The condensed consolidating financial information includes the accounts of Aon plc, the accounts of Aon Corporation, and the combined accounts of the non-guarantor subsidiaries. The condensed consolidating financial statements are presented in all periods as a merger under common control, with Aon plc presented as the parent company in all periods prior and subsequent to the Redomestication. The principal consolidating adjustments are to eliminate the investment in subsidiaries and intercompany balances and transactions. | ||||||||||||||||||||
In July 2013, Aon Holdings LLC, an intermediate holding company and the direct parent of Aon Corporation, transferred its ownership of Aon Corporation to Aon plc via distribution. The financial results of Aon Holdings LLC were included in the Other Non-Guarantor Subsidiaries column of the Condensed Consolidating Financial Statements. The Company has reflected the transfer of Aon Corporation from Aon Holdings LLC to Aon plc below for all periods presented. | ||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustments | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Commissions, fees and other | $ | 3 | $ | — | $ | 11,784 | $ | — | $ | 11,787 | ||||||||||
Fiduciary investment income | — | — | 28 | — | 28 | |||||||||||||||
Total revenue | 3 | — | 11,812 | — | 11,815 | |||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | 69 | 183 | 6,693 | — | 6,945 | |||||||||||||||
Other general expenses | 4 | 35 | 3,160 | — | 3,199 | |||||||||||||||
Total operating expenses | 73 | 218 | 9,853 | — | 10,144 | |||||||||||||||
Operating income | (70 | ) | (218 | ) | 1,959 | — | 1,671 | |||||||||||||
Interest income | — | 3 | 6 | — | 9 | |||||||||||||||
Interest expense | (20 | ) | (138 | ) | (52 | ) | — | (210 | ) | |||||||||||
Intercompany interest (expense) income | 120 | 24 | (144 | ) | — | — | ||||||||||||||
Other Income | — | 19 | 49 | — | 68 | |||||||||||||||
Income (loss) before taxes | 30 | (310 | ) | 1,818 | — | 1,538 | ||||||||||||||
Income tax expense (benefit) | 12 | (64 | ) | 442 | — | 390 | ||||||||||||||
(Income) loss before equity in earnings of subsidiaries | 18 | (246 | ) | 1,376 | — | 1,148 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 1,095 | 1,061 | — | (2,156 | ) | — | ||||||||||||||
Net income | 1,113 | 815 | 1,376 | (2,156 | ) | 1,148 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 35 | — | 35 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 1,113 | $ | 815 | $ | 1,341 | $ | (2,156 | ) | $ | 1,113 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustments | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Commissions, fees and other | $ | 2 | $ | 1 | $ | 11,474 | $ | (1 | ) | $ | 11,476 | |||||||||
Fiduciary investment income | — | 1 | 37 | — | 38 | |||||||||||||||
Total revenue | 2 | 2 | 11,511 | (1 | ) | 11,514 | ||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | 117 | 24 | 6,568 | — | 6,709 | |||||||||||||||
Other general expenses | 18 | 47 | 3,145 | (1 | ) | 3,209 | ||||||||||||||
Total operating expenses | 135 | 71 | 9,713 | (1 | ) | 9,918 | ||||||||||||||
Operating (loss) income | (133 | ) | (69 | ) | 1,798 | — | 1,596 | |||||||||||||
Interest income | — | 1 | 9 | — | 10 | |||||||||||||||
Interest expense | — | (164 | ) | (64 | ) | — | (228 | ) | ||||||||||||
Intercompany interest (expense) income | (19 | ) | 190 | (171 | ) | — | — | |||||||||||||
Other income (expense) | — | 57 | (55 | ) | — | 2 | ||||||||||||||
(Loss) income before taxes | (152 | ) | 15 | 1,517 | — | 1,380 | ||||||||||||||
Income tax (benefit) expense | (37 | ) | 8 | 389 | — | 360 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (115 | ) | 7 | 1,128 | — | 1,020 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 1,108 | 932 | — | (2,040 | ) | — | ||||||||||||||
Net income | 993 | 939 | 1,128 | (2,040 | ) | 1,020 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 27 | — | 27 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 993 | $ | 939 | $ | 1,101 | $ | (2,040 | ) | $ | 993 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustment | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Commissions, fees and other | $ | — | $ | — | $ | 11,236 | $ | (1 | ) | $ | 11,235 | |||||||||
Fiduciary investment income | — | 2 | 50 | — | 52 | |||||||||||||||
Total revenue | — | 2 | 11,286 | (1 | ) | 11,287 | ||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | — | 118 | 6,449 | — | 6,567 | |||||||||||||||
Other general expenses | — | 47 | 3,078 | (1 | ) | 3,124 | ||||||||||||||
Total operating expenses | — | 165 | 9,527 | (1 | ) | 9,691 | ||||||||||||||
Operating income | — | (163 | ) | 1,759 | — | 1,596 | ||||||||||||||
Interest income | — | 4 | 14 | — | 18 | |||||||||||||||
Interest expense | — | (171 | ) | (74 | ) | — | (245 | ) | ||||||||||||
Intercompany interest income (expense) | — | 180 | (180 | ) | — | — | ||||||||||||||
Other income (expense) | — | 36 | (17 | ) | — | 19 | ||||||||||||||
(Loss) income before taxes | — | (114 | ) | 1,502 | — | 1,388 | ||||||||||||||
Income tax (benefit) expense | — | (43 | ) | 421 | — | 378 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries | — | (71 | ) | 1,081 | — | 1,010 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 979 | 868 | — | (1,847 | ) | — | ||||||||||||||
Net income | 979 | 797 | 1,081 | (1,847 | ) | 1,010 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 31 | — | 31 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 979 | $ | 797 | $ | 1,050 | $ | (1,847 | ) | $ | 979 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustments | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net income | $ | 1,113 | $ | 815 | $ | 1,376 | $ | (2,156 | ) | $ | 1,148 | |||||||||
Less: Net income attributable to noncontrolling interests | — | — | 35 | — | 35 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 1,113 | $ | 815 | $ | 1,341 | $ | (2,156 | ) | $ | 1,113 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Change in fair value of investments | — | — | 1 | — | 1 | |||||||||||||||
Change in fair value of derivatives | — | 5 | 1 | — | 6 | |||||||||||||||
Foreign currency translation adjustments | — | (60 | ) | (5 | ) | — | (65 | ) | ||||||||||||
Post-retirement benefit obligation | — | 223 | 70 | — | 293 | |||||||||||||||
Total other comprehensive income | — | 168 | 67 | — | 235 | |||||||||||||||
Equity in other comprehensive income of subsidiaries, net of tax | 236 | 69 | — | (305 | ) | — | ||||||||||||||
Less: Other comprehensive loss attributable to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total other comprehensive income attributable to Aon shareholders | 236 | 237 | 68 | (305 | ) | 236 | ||||||||||||||
Comprehensive income attributable to Aon shareholders | $ | 1,349 | $ | 1,052 | $ | 1,409 | $ | (2,461 | ) | $ | 1,349 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating Adjustments | Consolidated | |||||||||||||||
Non-Guarantor | ||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net income | $ | 993 | $ | 939 | $ | 1,128 | $ | (2,040 | ) | $ | 1,020 | |||||||||
Less: Net income attributable to noncontrolling interests | — | — | 27 | — | 27 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 993 | $ | 939 | $ | 1,101 | $ | (2,040 | ) | $ | 993 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Change in fair value of derivatives | — | 2 | 7 | — | 9 | |||||||||||||||
Foreign currency translation adjustments | — | 24 | 85 | — | 109 | |||||||||||||||
Post-retirement benefit obligation | — | (68 | ) | (290 | ) | — | (358 | ) | ||||||||||||
Total other comprehensive loss | — | (42 | ) | (198 | ) | — | (240 | ) | ||||||||||||
Equity in other comprehensive loss of subsidiaries, net of tax | (240 | ) | (187 | ) | — | 427 | — | |||||||||||||
Less: Other comprehensive income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Total other comprehensive loss attributable to Aon shareholders | (240 | ) | (229 | ) | (198 | ) | 427 | (240 | ) | |||||||||||
Comprehensive income attributable to Aon shareholders | $ | 753 | $ | 710 | $ | 903 | $ | (1,613 | ) | $ | 753 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net income | $ | 979 | $ | 797 | $ | 1,081 | $ | (1,847 | ) | $ | 1,010 | |||||||||
Less: Net income attributable to noncontrolling interests | — | — | 31 | — | 31 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 979 | $ | 797 | $ | 1,050 | $ | (1,847 | ) | $ | 979 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Change in fair value of derivatives | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Foreign currency translation adjustments | — | (6 | ) | (37 | ) | — | (43 | ) | ||||||||||||
Post-retirement benefit obligation | — | (173 | ) | (223 | ) | — | (396 | ) | ||||||||||||
Total other comprehensive loss | — | (179 | ) | (273 | ) | — | (452 | ) | ||||||||||||
Equity in other comprehensive loss of subsidiaries, net of tax | (453 | ) | (277 | ) | — | 730 | — | |||||||||||||
Less: Other comprehensive income attributable to noncontrolling interests | — | — | 1 | — | 1 | |||||||||||||||
Total other comprehensive loss attributable to Aon shareholders | (453 | ) | (456 | ) | (274 | ) | 730 | (453 | ) | |||||||||||
Comprehensive income attributable to Aon shareholders | $ | 526 | $ | 341 | $ | 776 | $ | (1,117 | ) | $ | 526 | |||||||||
Condensed Consolidating Statement of Financial Position | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 247 | $ | 1,246 | $ | (1,016 | ) | $ | 477 | |||||||||
Short-term investments | — | 163 | 360 | — | 523 | |||||||||||||||
Receivables, net | — | 4 | 2,892 | — | 2,896 | |||||||||||||||
Fiduciary assets | — | — | 11,871 | — | 11,871 | |||||||||||||||
Intercompany receivables | 186 | 3,503 | 5,452 | (9,141 | ) | — | ||||||||||||||
Other current assets | — | 69 | 513 | (19 | ) | 563 | ||||||||||||||
Total Current Assets | 186 | 3,986 | 22,334 | (10,176 | ) | 16,330 | ||||||||||||||
Goodwill | — | — | 8,997 | — | 8,997 | |||||||||||||||
Intangible assets, net | — | — | 2,578 | — | 2,578 | |||||||||||||||
Fixed assets, net | — | — | 791 | — | 791 | |||||||||||||||
Investments | — | 57 | 75 | — | 132 | |||||||||||||||
Deferred tax assets | 140 | 465 | 193 | (605 | ) | 193 | ||||||||||||||
Intercompany receivables | 7,166 | 2,178 | 2,201 | (11,545 | ) | — | ||||||||||||||
Other non-current assets | 6 | 95 | 1,228 | (99 | ) | 1,230 | ||||||||||||||
Investment in subsidiary | 4,607 | 11,694 | — | (16,301 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 12,105 | $ | 18,475 | $ | 38,397 | $ | (38,726 | ) | $ | 30,251 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | 11,871 | $ | — | $ | 11,871 | ||||||||||
Short-term debt and current portion of long-term debt | — | — | 707 | (4 | ) | 703 | ||||||||||||||
Accounts payable and accrued liabilities | 1,036 | 62 | 1,849 | (1,016 | ) | 1,931 | ||||||||||||||
Intercompany payables | 15 | 5,449 | 3,677 | (9,141 | ) | — | ||||||||||||||
Other current liabilities | 12 | 47 | 866 | (19 | ) | 906 | ||||||||||||||
Total Current Liabilities | 1,063 | 5,558 | 18,970 | (10,180 | ) | 15,411 | ||||||||||||||
Long-term debt | 792 | 2,512 | 378 | 4 | 3,686 | |||||||||||||||
Deferred tax liabilities | — | — | 1,025 | (605 | ) | 420 | ||||||||||||||
Pension, other post-retirement and other post-employment liabilities | — | 925 | 682 | — | 1,607 | |||||||||||||||
Intercompany payables | 2,100 | 7,267 | 2,178 | (11,545 | ) | — | ||||||||||||||
Other non-current liabilities | 5 | 159 | 867 | (99 | ) | 932 | ||||||||||||||
TOTAL LIABILITIES | 3,960 | 16,421 | 24,100 | (22,425 | ) | 22,056 | ||||||||||||||
TOTAL AON SHAREHOLDERS’ EQUITY | 8,145 | 2,054 | 14,247 | (16,301 | ) | 8,145 | ||||||||||||||
Noncontrolling interests | — | — | 50 | — | 50 | |||||||||||||||
TOTAL EQUITY | 8,145 | 2,054 | 14,297 | (16,301 | ) | 8,195 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 12,105 | $ | 18,475 | $ | 38,397 | $ | (38,726 | ) | $ | 30,251 | |||||||||
Condensed Consolidating Statement of Financial Position | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 131 | $ | 199 | $ | — | $ | (39 | ) | $ | 291 | |||||||||
Short-term investments | — | 89 | 257 | — | 346 | |||||||||||||||
Receivables, net | 5 | 1 | 3,095 | — | 3,101 | |||||||||||||||
Fiduciary assets | — | — | 12,214 | — | 12,214 | |||||||||||||||
Intercompany receivables | — | 2,092 | 3,545 | (5,637 | ) | — | ||||||||||||||
Other current assets | 7 | 53 | 370 | — | 430 | |||||||||||||||
Total Current Assets | 143 | 2,434 | 19,481 | (5,676 | ) | 16,382 | ||||||||||||||
Goodwill | — | — | 8,943 | — | 8,943 | |||||||||||||||
Intangible assets, net | — | — | 2,975 | — | 2,975 | |||||||||||||||
Fixed assets, net | — | — | 820 | — | 820 | |||||||||||||||
Investments | — | 49 | 116 | — | 165 | |||||||||||||||
Deferred tax assets | 117 | 620 | 266 | (718 | ) | 285 | ||||||||||||||
Intercompany receivables | 166 | 1,997 | 2,350 | (4,513 | ) | — | ||||||||||||||
Other non-current assets | — | 115 | 908 | (107 | ) | 916 | ||||||||||||||
Investment in subsidiary | 10,398 | 10,208 | — | (20,606 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 10,824 | $ | 15,423 | $ | 35,859 | $ | (31,620 | ) | $ | 30,486 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | 12,214 | $ | — | $ | 12,214 | ||||||||||
Short-term debt and current portion of long-term debt | — | 429 | 23 | — | 452 | |||||||||||||||
Accounts payable and accrued liabilities | 10 | 71 | 1,811 | (39 | ) | 1,853 | ||||||||||||||
Intercompany payables | 51 | 2,637 | 2,162 | (4,850 | ) | — | ||||||||||||||
Other current liabilities | — | 49 | 779 | 3 | 831 | |||||||||||||||
Total Current Liabilities | 61 | 3,186 | 16,989 | (4,886 | ) | 15,350 | ||||||||||||||
Long-term debt | 107 | 2,515 | 1,091 | — | 3,713 | |||||||||||||||
Deferred tax liabilities | — | — | 1,024 | (718 | ) | 306 | ||||||||||||||
Pension, other post-retirement and other post-employment liabilities | — | 1,294 | 982 | — | 2,276 | |||||||||||||||
Intercompany payables | 2,890 | 166 | 2,247 | (5,303 | ) | — | ||||||||||||||
Other non-current liabilities | 4 | 254 | 885 | (107 | ) | 1,036 | ||||||||||||||
TOTAL LIABILITIES | 3,062 | 7,415 | 23,218 | (11,014 | ) | 22,681 | ||||||||||||||
TOTAL AON SHAREHOLDERS’ EQUITY | 7,762 | 8,008 | 12,598 | (20,606 | ) | 7,762 | ||||||||||||||
Noncontrolling interests | — | — | 43 | — | 43 | |||||||||||||||
TOTAL EQUITY | 7,762 | 8,008 | 12,641 | (20,606 | ) | 7,805 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 10,824 | $ | 15,423 | $ | 35,859 | $ | (31,620 | ) | $ | 30,486 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $ | (50 | ) | $ | (441 | ) | $ | 2,124 | $ | — | $ | 1,633 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Sales of long-term investments | — | 8 | 85 | — | 93 | |||||||||||||||
Purchase of long-term investments | — | (15 | ) | — | — | (15 | ) | |||||||||||||
Net (purchases) sales of short-term investments - non-fiduciary | — | (74 | ) | (100 | ) | — | (174 | ) | ||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (54 | ) | — | (54 | ) | |||||||||||||
Proceeds from sale of businesses | — | 7 | 33 | — | 40 | |||||||||||||||
Capital expenditures | — | (229 | ) | — | (229 | ) | ||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (74 | ) | (265 | ) | — | (339 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Share repurchase | (1,102 | ) | — | — | — | (1,102 | ) | |||||||||||||
Advances from (to) affiliates | 460 | 996 | (479 | ) | (977 | ) | — | |||||||||||||
Issuance of shares for employee benefit plans | 98 | — | — | — | 98 | |||||||||||||||
Issuance of debt | 1,730 | 2,944 | 232 | — | 4,906 | |||||||||||||||
Repayment of debt | (1,055 | ) | (3,377 | ) | (247 | ) | — | (4,679 | ) | |||||||||||
Cash dividends to shareholders | (212 | ) | — | — | — | (212 | ) | |||||||||||||
Purchase of shares from noncontrolling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (19 | ) | — | (19 | ) | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (81 | ) | 563 | (521 | ) | (977 | ) | (1,016 | ) | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (92 | ) | — | (92 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (131 | ) | 48 | 1,246 | (977 | ) | 186 | |||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 131 | 199 | — | (39 | ) | 291 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 247 | $ | 1,246 | $ | (1,016 | ) | $ | 477 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $ | (87 | ) | $ | (105 | ) | $ | 1,611 | $ | — | $ | 1,419 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Sales of long-term investments | — | 79 | 99 | — | 178 | |||||||||||||||
Purchase of long-term investments | — | (12 | ) | — | — | (12 | ) | |||||||||||||
Net (purchases) sales of short-term investments - non-fiduciary | — | 232 | 208 | — | 440 | |||||||||||||||
Acquisition of businesses, net of cash acquired | (50 | ) | (55 | ) | (57 | ) | — | (162 | ) | |||||||||||
Proceeds from sale of businesses | — | — | 2 | — | 2 | |||||||||||||||
Capital expenditures | — | — | (269 | ) | — | (269 | ) | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (50 | ) | 244 | (17 | ) | — | 177 | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Share repurchase | (1,025 | ) | (100 | ) | — | — | (1,125 | ) | ||||||||||||
Advances from (to) affiliates | 1,379 | 489 | (1,850 | ) | (18 | ) | — | |||||||||||||
Issuance of shares for employee benefit plans | 69 | 49 | — | — | 118 | |||||||||||||||
Issuance of debt | — | 732 | 1 | — | 733 | |||||||||||||||
Repayment of debt | — | (1,061 | ) | (16 | ) | — | (1,077 | ) | ||||||||||||
Cash dividends to shareholders | (155 | ) | (49 | ) | — | — | (204 | ) | ||||||||||||
Purchase of shares from noncontrolling interests | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (27 | ) | — | (27 | ) | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 268 | 60 | (1,896 | ) | (18 | ) | (1,586 | ) | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 9 | — | 9 | |||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 131 | 199 | (293 | ) | (18 | ) | 19 | |||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 293 | (21 | ) | 272 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 131 | $ | 199 | $ | — | $ | (39 | ) | $ | 291 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $ | — | $ | (201 | ) | $ | 1,219 | $ | — | $ | 1,018 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Sales of long-term investments | — | 133 | 57 | — | 190 | |||||||||||||||
Purchase of long-term investments | — | (20 | ) | (10 | ) | — | (30 | ) | ||||||||||||
Net (purchases) sales of short-term investments - non-fiduciary | — | 115 | (123 | ) | — | (8 | ) | |||||||||||||
Acquisition of businesses, net of cash acquired | — | (10 | ) | (96 | ) | — | (106 | ) | ||||||||||||
Proceeds from sale of businesses | — | 5 | 4 | — | 9 | |||||||||||||||
Capital expenditures | — | — | (241 | ) | — | (241 | ) | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | 223 | (409 | ) | — | (186 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Share repurchase | — | (828 | ) | — | — | (828 | ) | |||||||||||||
Advances from (to) affiliates | — | 789 | (768 | ) | (21 | ) | — | |||||||||||||
Issuance of shares for employee benefit plans | — | 201 | — | — | 201 | |||||||||||||||
Issuance of debt | — | 1,290 | 383 | — | 1,673 | |||||||||||||||
Repayment of debt | — | (1,288 | ) | (400 | ) | — | (1,688 | ) | ||||||||||||
Cash dividends to shareholders | — | (200 | ) | — | — | (200 | ) | |||||||||||||
Purchase of shares from noncontrolling interests | — | — | (24 | ) | — | (24 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (30 | ) | — | (30 | ) | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | — | (36 | ) | (839 | ) | (21 | ) | (896 | ) | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (10 | ) | — | (10 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (14 | ) | (39 | ) | (21 | ) | (74 | ) | |||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | 14 | 332 | — | 346 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 293 | $ | (21 | ) | $ | 272 | |||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
Selected quarterly financial data for the years ended December 31, 2013 and 2012 as follows (in millions, except per share data): | ||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | 2013 | ||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Commissions, fees and other revenue | $ | 2,908 | $ | 2,891 | $ | 2,786 | $ | 3,202 | $ | 11,787 | ||||||||||
Fiduciary investment income | 7 | 6 | 8 | 7 | 28 | |||||||||||||||
Total revenue | $ | 2,915 | $ | 2,897 | $ | 2,794 | $ | 3,209 | $ | 11,815 | ||||||||||
Operating income | $ | 410 | $ | 382 | $ | 364 | 515 | $ | 1,671 | |||||||||||
Net income | 272 | 252 | 264 | 360 | 1,148 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 11 | 11 | 8 | 5 | 35 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 261 | $ | 241 | $ | 256 | $ | 355 | $ | 1,113 | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic net income per share attributable to Aon shareholders | $ | 0.82 | $ | 0.77 | $ | 0.83 | $ | 1.16 | $ | 3.57 | ||||||||||
Diluted net income per share attributable to Aon shareholders | $ | 0.82 | $ | 0.76 | $ | 0.82 | $ | 1.14 | $ | 3.53 | ||||||||||
CLASS A ORDINARY SHARE DATA | ||||||||||||||||||||
Dividends paid per share | $ | 0.16 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.68 | ||||||||||
Price range: | ||||||||||||||||||||
High | $ | 61.87 | $ | 67.26 | $ | 76.3 | $ | 84.33 | $ | 84.33 | ||||||||||
Low | $ | 54.65 | $ | 58.48 | $ | 64.2 | $ | 70.72 | $ | 54.65 | ||||||||||
Shares outstanding | 309.1 | 307.5 | 301 | 300.7 | 300.7 | |||||||||||||||
Average monthly trading volume | 46.4 | 34.9 | 30.9 | 37.6 | 37.5 | |||||||||||||||
1Q | 2Q | 3Q | 4Q | 2012 | ||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Commissions, fees and other revenue | $ | 2,829 | $ | 2,813 | $ | 2,726 | $ | 3,108 | $ | 11,476 | ||||||||||
Fiduciary investment income | 12 | 8 | 11 | 7 | 38 | |||||||||||||||
Total revenue | $ | 2,841 | $ | 2,821 | $ | 2,737 | $ | 3,115 | $ | 11,514 | ||||||||||
Operating income | $ | 402 | $ | 394 | $ | 339 | $ | 461 | $ | 1,596 | ||||||||||
Net income | 249 | 254 | 210 | 307 | 1,020 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 11 | 8 | 6 | 2 | 27 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 238 | $ | 246 | $ | 204 | $ | 305 | $ | 993 | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic net income per share attributable to Aon shareholders | $ | 0.72 | $ | 0.74 | $ | 0.62 | $ | 0.95 | $ | 3.02 | ||||||||||
Diluted net income per share attributable to Aon shareholders | $ | 0.71 | $ | 0.73 | $ | 0.62 | $ | 0.93 | $ | 2.99 | ||||||||||
CLASS A ORDINARY SHARE DATA | ||||||||||||||||||||
Dividends paid per share | $ | 0.15 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.62 | ||||||||||
Price range: | ||||||||||||||||||||
High | $ | 49.51 | $ | 52.61 | $ | 53.35 | $ | 57.92 | $ | 57.92 | ||||||||||
Low | $ | 45.58 | $ | 45.04 | $ | 45.87 | $ | 51.78 | $ | 45.04 | ||||||||||
Shares outstanding | 326.4 | 322.4 | 318.7 | 310.9 | 310.9 | |||||||||||||||
Average monthly trading volume | 47 | 47.6 | 30.1 | 33.7 | 39.6 | |||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Principles and Practices (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Risk Solutions segment revenues primarily include insurance commissions and fees for services rendered and investment income on funds held on behalf of clients. Revenues are recognized when they are earned and realized or realizable. The Company considers revenues to be earned and realized or realizable when all of the following four conditions are met: (1) persuasive evidence of an arrangement exists, (2) the arrangement fee is fixed or determinable, (3) delivery or performance has occurred, and (4) collectability is reasonably assured. For brokerage commissions, revenue is typically recognized at the completion of the placement process, assuming all other criteria required to recognize revenue have been met. The placement process is typically considered complete on the effective date of the related policy. Commission revenues are recorded net of allowances for estimated policy cancellations, which are determined based on an evaluation of historical and current cancellation data. | |||
HR Solutions segment revenues consist primarily of fees paid by clients for consulting advice and outsourcing contracts. Fees paid by clients for consulting services are typically charged on an hourly, project or fixed-fee basis. Revenues from time-and-materials or cost-plus arrangements are recognized as services are performed, assuming all other criteria to recognize revenue have been met. Revenues from fixed-fee contracts are recognized as services are provided using a proportional-performance model or at the completion of a project based on facts and circumstances of the client arrangement. Revenues from health care exchange arrangements are typically recognized upon successful enrollment of participants, net of a reserve for estimated cancellations, assuming all other criteria to recognize revenue have been met. Reimbursements received for out-of-pocket expenses are recorded as a component of revenues. The Company's outsourcing contracts typically have three-to-five year terms for benefits services and five-to-ten year terms for human resources business process outsourcing ("HR BPO") services. The Company recognizes revenues as services are performed, assuming all other criteria to recognize revenue have been met. The Company may also receive implementation fees from clients either up-front or over the ongoing services period as a component of the fee per participant. Lump sum implementation fees received from a client are typically deferred and recognized ratably over the ongoing contract services period. If a client terminates an outsourcing services arrangement prior to the end of the contract, a loss on the contract may be recorded, if necessary, and any remaining deferred implementation revenues would typically be recognized over the remaining service period through the termination date. | |||
In connection with the Company's long-term outsourcing service agreements, highly customized implementation efforts are often necessary to set up clients and their human resource or benefit programs on the Company's systems and operating processes. For outsourcing services sold separately or accounted for as a separate unit of accounting, specific, incremental and direct costs of implementation incurred prior to the services commencing are generally deferred and amortized over the period that the related ongoing services revenue is recognized. Deferred costs are assessed for recoverability on a periodic basis to the extent the deferred cost exceeds related deferred revenue. | |||
Stock-Based Compensation Costs | ' | ||
Share-Based Compensation Costs | |||
Share-based payments to employees, including grants of employee share options, restricted shares and restricted share units ("RSUs"), performance share awards ("PSAs") as well as employee share purchases related to the Employee Share Purchase Plan, are measured based on estimated grant date fair value. The Company recognizes compensation expense over the requisite service period for awards expected to ultimately vest. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture activity differs materially from original estimates. | |||
Pension and Other Post-Retirement Benefits | ' | ||
Pension and Other Post-Retirement Benefits | |||
The Company has net period cost relating to its pension and other post-retirement benefit plans based on calculations that include various actuarial assumptions, including discount rates, assumed rates of return on plan assets, inflation rates, mortality rates, compensation increases, and turnover rates. The Company reviews its actuarial assumptions on an annual basis and modifies these assumptions based on current rates and trends. The effects of gains, losses, and prior service costs and credits are amortized over future service periods or future estimated lives if the plans are frozen. The funded status of each plan, calculated as the fair value of plan assets less the benefit obligation, is reflected in the Company's Consolidated Statements of Financial Position using a December 31 measurement date. | |||
Net Income per Share | ' | ||
Net Income per Share | |||
Basic net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, including participating securities, which consist of unvested share awards with non-forfeitable rights to dividends. Diluted net income per share is computed by dividing net income available to ordinary shareholders by the weighted-average number of ordinary shares outstanding, which have been adjusted for the dilutive effect of potentially issuable ordinary shares (excluding those that are considered participating securities), including certain contingently issuable shares. The diluted earnings per share calculation reflects the more dilutive effect of either (1) the two-class method that assumes that the participating securities have not been exercised, or (2) the treasury stock method. | |||
Certain ordinary share equivalents, related primarily to options, were not included in the computation of diluted income per share because their inclusion would have been antidilutive. | |||
Cash and Cash Equivalents and Short-term Investments | ' | ||
Cash and Cash Equivalents and Short-term Investments | |||
Cash and cash equivalents include cash balances and all highly liquid investments with initial maturities of three months or less. Short-term investments include certificates of deposit, money market funds and highly liquid debt instruments purchased with initial maturities in excess of three months but less than one year and are carried at amortized cost, which approximates fair value. | |||
The Company is required to hold £77 million of operating funds in the U.K. as required by the Financial Conduct Authority, which were included in Short-term investments. These operating funds, when translated to U.S. dollars, were $126 million and $124 million at December 31, 2013 and 2012, respectively. Cash and cash equivalents included restricted balances of $88 million and $76 million at December 31, 2013 and 2012, respectively. The restricted balances primarily relate to cash required to be held as collateral. | |||
Fiduciary Assets and Liabilities | ' | ||
Fiduciary Assets and Liabilities | |||
In its capacity as an insurance agent and broker, Aon collects premiums from insureds and, after deducting its commission, remits the premiums to the respective insurers. Aon also collects claims or refunds from insurers on behalf of insureds. Uncollected premiums from insureds and uncollected claims or refunds from insurers are recorded as Fiduciary assets in the Company's Consolidated Statements of Financial Position. Unremitted insurance premiums and claims are held in a fiduciary capacity and the obligation to remit these funds is recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position. Some of the Company's outsourcing agreements also require it to hold funds to pay certain obligations on behalf of clients. These funds are also recorded as Fiduciary assets with the related obligation recorded as Fiduciary liabilities in the Company's Consolidated Statements of Financial Position. | |||
Aon maintained premium trust balances for premiums collected from insureds but not yet remitted to insurance companies of $3.8 billion and $4.0 billion at December 31, 2013 and 2012, respectively. These funds and a corresponding liability are included in Fiduciary assets and Fiduciary liabilities, respectively, in the accompanying Consolidated Statements of Financial Position. | |||
Allowance for Doubtful Accounts | ' | ||
Allowance for Doubtful Accounts | |||
The Company's allowance for doubtful accounts with respect to receivables is based on a combination of factors, including evaluation of historical write-offs, aging of balances and other qualitative and quantitative analyses. Receivables included an allowance for doubtful accounts of $90 million and $118 million at December 31, 2013 and 2012, respectively. | |||
Fixed Assets | ' | ||
Fixed Assets | |||
Fixed assets are stated at cost, less accumulated depreciation. Included in this category is internal use software, which is software that is acquired, internally developed or modified solely to meet internal needs, with no plan to market externally. Costs related to directly obtaining, developing or upgrading internal use software are capitalized. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows: | |||
Asset Description | Asset Life | ||
Software | Lesser of the life of an associated license, or 4 to 7 years | ||
Leasehold improvements | Lesser of estimated useful life or lease term, not to exceed 10 years | ||
Furniture, fixtures and equipment | 4 to 10 years | ||
Computer equipment | 4 to 6 years | ||
Buildings | 35 years | ||
Automobiles | 6 years | ||
Investments | ' | ||
Investments | |||
The Company accounts for investments as follows: | |||
• | Equity method investments — Aon accounts for limited partnership and other investments using the equity method of accounting if Aon has the ability to exercise significant influence over, but not control of, an investee. Significant influence generally represents an ownership interest between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted for additional capital contributions, distributions, and Aon's proportionate share of earnings or losses. | ||
• | Cost method investments — Investments where Aon does not have an ownership interest of greater than 20% or the ability to exert significant influence over the operations of the investee are carried at cost. | ||
• | Fixed-maturity securities are classified as available for sale and are reported at fair value with any resulting unrealized gain or loss recorded directly to shareholders' equity as a component of Accumulated other comprehensive loss in the Company's Consolidated Statement of Financial Position, net of deferred income taxes. Interest on fixed-maturity securities is recorded in Interest income in the Company's Consolidated Statements of Income when earned and is adjusted for any amortization of premium or accretion of discount. | ||
The Company assesses any declines in the fair value of investments to determine whether such declines are other-than-temporary. This assessment is made considering all available evidence, including changes in general market conditions, specific industry and individual company data, the length of time and the extent to which the fair value has been less than cost, the financial condition and the near-term prospects of the entity issuing the security, and the Company's ability and intent to hold the investment until recovery of its cost basis. Other-than-temporary impairments of investments are recorded as part of Other income (expense) in the Consolidated Statements of Income in the period in which the determination is made. | |||
Goodwill and Intangible Assets | ' | ||
Goodwill and Intangible Assets | |||
Goodwill represents the excess of acquisition cost over the fair value of the net assets in the acquisition of a business. Goodwill is allocated to various reporting units, which are one reporting level below the operating segment. Upon disposition of a business entity, goodwill is allocated to the disposed entity based on the fair value of that entity compared to the fair value of the reporting unit in which it was included. Goodwill is not amortized, but instead is tested for impairment at least annually. The goodwill impairment test is performed at the reporting unit level. The Company initially performs a qualitative analysis to determine if it is more likely than not that the goodwill balance is impaired. If such a determination is made, then the Company will perform a two-step quantitative analysis. First, the fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the Company performs a hypothetical purchase price allocation based on the reporting unit's fair value to determine the fair value of the reporting unit's goodwill. Fair value is determined using a combination of present value techniques and market prices of comparable businesses. | |||
Intangible assets include customer related and contract based assets representing primarily client relationships and non-compete covenants, tradenames, and marketing and technology related assets. These intangible assets, with the exception of tradenames, are amortized over periods ranging from 1 to 13 years, with a weighted average original life of 10 years. Tradenames are generally not amortized as such assets have been determined to have indefinite useful lives, and are tested at least annually for impairments using an analysis of expected future cash flows. Interim impairment testing may be performed when events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. | |||
Derivatives | ' | ||
Derivatives | |||
Derivative instruments are recognized in the Consolidated Statements of Financial Position at fair value. Where the Company has entered into master netting agreements with counterparties, the derivative positions are netted by counterparty and are reported accordingly in other assets or other liabilities. Changes in the fair value of derivative instruments are recognized in earnings each period, unless the derivative is designated as a hedge and qualifies for hedge accounting. | |||
The Company has historically designated the following hedging relationships for certain transactions: (i) a hedge of the change in fair value of a recognized asset or liability or firm commitment ("fair value hedge"), (ii) a hedge of the variability in cash flows from a recognized variable-rate asset or liability or forecasted transaction ("cash flow hedge"), and (iii) a hedge of the net investment in a foreign operation ("net investment hedge"). | |||
In order for a derivative to qualify for hedge accounting, the derivative must be formally designated as a fair value, cash flow, or a net investment hedge by documenting the relationship between the derivative and the hedged item. The documentation must include a description of the hedging instrument, the hedged item, the risk being hedged, Aon's risk management objective and strategy for undertaking the hedge, the method for assessing the effectiveness of the hedge, and the method for measuring hedge ineffectiveness. Additionally, the hedge relationship must be expected to be highly effective at offsetting changes in either the fair value or cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. Aon assesses the ongoing effectiveness of its hedges and measures and records hedge ineffectiveness, if any, at the end of each quarter or more frequently if facts and circumstances require. | |||
For a derivative designated as hedging the exposure to changes in the fair value of a recognized asset or liability or a firm commitment (a fair value hedge), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect is to reflect in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For a cash flow hedge that qualifies for hedge accounting, the effective portion of the change in fair value of a hedging instrument is recognized in Other Comprehensive Income ("OCI") and subsequently reclassified to earnings in the same period the hedged item impacts earnings. The ineffective portion of the change in fair value is recognized immediately in earnings. For a net investment hedge, the effective portion of the change in fair value of the hedging instrument is recognized in OCI as part of the cumulative translation adjustment, while the ineffective portion is recognized immediately in earnings. | |||
Changes in the fair value of a derivative that is not designated as part of a hedging relationship (commonly referred to as an "economic hedge") are recorded in other income (expense) in the Consolidated Statements of Income. | |||
The Company discontinues hedge accounting prospectively when (1) the derivative expires or is sold, terminated, or exercised, (2) the qualifying criteria are no longer met, or (3) management removes the designation of the hedging relationship. | |||
When hedge accounting is discontinued because the derivative no longer qualifies as a fair value hedge, the Company continues to carry the derivative in the Consolidated Statements of Financial Position at its fair value, recognizes subsequent changes in the fair value of the derivative in the Consolidated Statements of Income, ceases to adjust the hedged asset or liability for changes in its fair value and accounts for the carrying amount (including the basis adjustment caused by designating the item as a hedged item) of the hedged asset, liability or firm commitment in accordance with GAAP applicable to those assets or liabilities. | |||
When hedge accounting is discontinued and the derivative continues to exist but the forecasted transaction is no longer probable of occurrence, the Company continues to carry the derivative in the Consolidated Statements of Financial Position at its fair value, recognizes subsequent changes in the fair value of the derivative in the Consolidated Statements of Income, and continues to defer the derivative gain or loss accumulated in OCI (unless the forecasted transaction is deemed probable not to occur, at which time it would be reclassified to earnings) until the hedged forecasted transaction affects earnings. | |||
Foreign Currency | ' | ||
Foreign Currency | |||
Certain of the Company's non-US operations use their respective local currency as their functional currency. These operations that do not have the U.S. dollar as their functional currency translate their financial statements at the current rates of exchange in effect at the balance sheet date and revenues and expenses using rates that approximate those in effect during the period. The resulting translation adjustments are included as a component of stockholders' equity in Accumulated other comprehensive loss in the Consolidated Statements of Financial Position. Gains and losses from the remeasurement of monetary assets and liabilities that are denominated in a non-functional currency are included in Other income within the Consolidated Statements of Income. The effect of foreign exchange gains and losses on the Consolidated Statements of Income was a gain of $3 million in 2013, a loss of $16 million in 2012 and a gain of $10 million in 2011. Included in these amounts were hedging losses of $10 million in 2013, hedging gains of $3 million in 2012, and hedging losses of $20 million in 2011. | |||
Income Taxes | ' | ||
Income Taxes | |||
Deferred income taxes are recognized for the effect of temporary differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted marginal tax rates and laws that are currently in effect. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in the period when the rate change is enacted. | |||
Deferred tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. Deferred tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred tax assets are future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carry-forwards, taxable income in carry-back years and tax planning strategies that are both prudent and feasible. | |||
The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. Tax positions that meet the more likely than not recognition threshold but are not highly certain are initially and subsequently measured based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement with the taxing authority. Only information that is available at the reporting date is considered in the Company’s recognition and measurement analysis, and events or changes in facts and circumstances are accounted for in the period in which the event or change in circumstance occurs. | |||
The Company records penalties and interest related to unrecognized tax benefits in Income taxes in the Company's Consolidated Statements of Income. | |||
Reclassification | ' | ||
Reclassification | |||
Certain amounts in prior year's consolidated financial statements and related notes have been reclassified to conform to the 2013 presentation. In prior periods, income or losses from discontinued operations and its related tax expense was recognized in Income (loss) from discontinued operations in the Consolidated Statements of Income. These amounts are now included in Other income in the Consolidated Statements of Income. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of reserves and expenses. These estimates and assumptions are based on management's best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Aon adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets, and foreign currency movements increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |||
Changes in Accounting Policy | ' | ||
Changes in Accounting Principles | |||
Accumulated Other Comprehensive Income | |||
In February 2013, the Financial Accounting Standards Board ("FASB") issued guidance on the disclosure of amounts to be reclassified out of accumulated other comprehensive income. The guidance requires that amounts reclassified out of accumulated other comprehensive income be presented either on the face of the statement of operations or in the notes to the financial statements by component. The guidance was effective for Aon beginning in the first quarter 2013. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. | |||
Indefinite-Lived Intangible Asset Impairment | |||
In July 2012, FASB issued guidance on the testing of indefinite-lived intangible assets for impairment that gives an entity the option to perform a qualitative assessment that may eliminate the requirement to perform the annual quantitative test. The guidance gives an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a an indefinite-lived intangible asset is less than its carrying amount. If an entity concludes that this is the case, it must perform the quantitative test. The guidance was effective for Aon beginning in the first quarter 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | |||
Balance Sheet Offsetting | |||
In December 2011, the FASB issued guidance on the disclosure of offsetting assets and liabilities to enable users of financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. The guidance requires certain derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and lending transactions to disclose both the gross and net position of these financial instruments. The guidance was effective for Aon beginning in the first quarter 2013. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements. | |||
Presentation of Unrecognized Tax Benefits | |||
In July 2013, the FASB issued guidance on the presentation of certain unrecognized tax benefits on the financial statements. The guidance requires, unless certain conditions exist, an unrecognized tax benefit to be presented as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance is effective for Aon in the first quarter of 2014. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. | |||
Foreign Currency | |||
In March 2013, the FASB issued new accounting guidance clarifying the accounting for the release of cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance is effective for Aon in the first quarter of 2014. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Principles and Practices (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Schedule of estimated useful lives of assets | ' | ||
Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows: | |||
Asset Description | Asset Life | ||
Software | Lesser of the life of an associated license, or 4 to 7 years | ||
Leasehold improvements | Lesser of estimated useful life or lease term, not to exceed 10 years | ||
Furniture, fixtures and equipment | 4 to 10 years | ||
Computer equipment | 4 to 6 years | ||
Buildings | 35 years | ||
Automobiles | 6 years |
Other_Financial_Data_Tables
Other Financial Data (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Financial Data | ' | |||||||||||
Other income (Expense) | ' | |||||||||||
Other income consists of the following (in millions): | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Equity earnings | $ | 20 | $ | 13 | $ | 7 | ||||||
Gains on investments | 28 | 7 | 18 | |||||||||
Gain on disposal of business | 10 | 1 | — | |||||||||
Loss on extinguishment of debt | — | — | (19 | ) | ||||||||
Foreign currency remeasurement gains (losses) | 13 | (19 | ) | 30 | ||||||||
Derivative (losses) gains | (10 | ) | 3 | (20 | ) | |||||||
Other | 7 | (3 | ) | 3 | ||||||||
$ | 68 | $ | 2 | $ | 19 | |||||||
Schedule of Allowance for Doubtful Accounts | ' | |||||||||||
An analysis of the allowance for doubtful accounts is as follows (in millions): | ||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 118 | $ | 104 | $ | 102 | ||||||
Provision charged to operations | 9 | 45 | 43 | |||||||||
Accounts written off, net of recoveries | (38 | ) | (30 | ) | (42 | ) | ||||||
Effect of exchange rate changes and other | 1 | (1 | ) | 1 | ||||||||
Balance at end of year | $ | 90 | $ | 118 | $ | 104 | ||||||
Schedule of Other Current Assets | ' | |||||||||||
The components of Other current assets are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Prepaid expenses | $ | 229 | $ | 231 | ||||||||
Taxes | 204 | 69 | ||||||||||
Deferred project costs | 98 | 95 | ||||||||||
Other | 32 | 35 | ||||||||||
$ | 563 | $ | 430 | |||||||||
Components of Fixed assets, net | ' | |||||||||||
The components of Fixed assets, net are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Software | $ | 997 | $ | 867 | ||||||||
Leasehold improvements | 434 | 426 | ||||||||||
Furniture, fixtures and equipment | 323 | 331 | ||||||||||
Computer equipment | 341 | 332 | ||||||||||
Construction in progress | 70 | 109 | ||||||||||
Other (1) | 124 | 124 | ||||||||||
2,289 | 2,189 | |||||||||||
Less: Accumulated depreciation | 1,498 | 1,369 | ||||||||||
Fixed assets, net | $ | 791 | $ | 820 | ||||||||
(1) Land and buildings and Automobiles, disclosed separately in 2012, are now presented in Other to conform with the current presentation. | ||||||||||||
Schedule of Other Non-current Assets | ' | |||||||||||
The components of Other non-current assets are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Prepaid pension | $ | 567 | $ | 340 | ||||||||
Deferred project costs | 273 | 260 | ||||||||||
Taxes | 108 | 84 | ||||||||||
Other | 282 | 232 | ||||||||||
$ | 1,230 | $ | 916 | |||||||||
Schedule of Other Current Liabilities | ' | |||||||||||
The components of Other current liabilities are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Deferred revenue | $ | 475 | $ | 435 | ||||||||
Taxes | 184 | 155 | ||||||||||
Other | 247 | 241 | ||||||||||
$ | 906 | $ | 831 | |||||||||
Schedule of Other Non-current Liabilities | ' | |||||||||||
The components of Other non-current liabilities are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Leases | $ | 204 | $ | 215 | ||||||||
Taxes | 184 | 178 | ||||||||||
Deferred revenue | 134 | 150 | ||||||||||
Compensation and benefits | 105 | 216 | ||||||||||
Other | 305 | 277 | ||||||||||
$ | 932 | $ | 1,036 | |||||||||
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations and Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Consideration transferred and preliminary value of intangible assets | ' | |||||||
The following table includes the aggregate consideration transferred and the preliminary value of intangible assets recorded as a result of the Company's acquisitions (in millions): | ||||||||
Years ended December 31 | 2013 | 2012 | ||||||
Consideration | $ | 54 | $ | 175 | ||||
Intangible assets: | ||||||||
Goodwill | $ | 38 | $ | 90 | ||||
Other intangible assets | 28 | 100 | ||||||
Total | $ | 66 | $ | 190 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of changes in the net carrying amount of goodwill by operating segment | ' | |||||||||||||||||||||||
The changes in the net carrying amount of goodwill by operating segment for the years ended December 31, 2013 and 2012, respectively, are as follows (in millions): | ||||||||||||||||||||||||
Risk | HR | Total | ||||||||||||||||||||||
Solutions | Solutions | |||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 5,557 | $ | 3,213 | $ | 8,770 | ||||||||||||||||||
Goodwill related to acquisitions | 49 | 47 | 96 | |||||||||||||||||||||
Goodwill related to disposals | (1 | ) | — | (1 | ) | |||||||||||||||||||
Goodwill related to other prior year acquisitions | (6 | ) | — | (6 | ) | |||||||||||||||||||
Transfers (1) | 313 | (313 | ) | — | ||||||||||||||||||||
Foreign currency translation | 70 | 14 | 84 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 5,982 | $ | 2,961 | $ | 8,943 | ||||||||||||||||||
Goodwill related to acquisitions | 36 | 2 | 38 | |||||||||||||||||||||
Goodwill related to disposals | (9 | ) | (3 | ) | (12 | ) | ||||||||||||||||||
Goodwill related to other prior year acquisitions | (2 | ) | 17 | 15 | ||||||||||||||||||||
Foreign currency translation | 13 | — | 13 | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 6,020 | $ | 2,977 | $ | 8,997 | ||||||||||||||||||
-1 | Effective January 1, 2012, the Health and Benefits Consulting business was transferred from the HR Solutions segment to the Risk Solutions segment. | |||||||||||||||||||||||
Schedule of other intangible assets by asset class | ' | |||||||||||||||||||||||
Other intangible assets by asset class are as follows (in millions): | ||||||||||||||||||||||||
As of December 31 | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||||||
Tradenames | $ | 1,019 | $ | — | $ | 1,019 | $ | 1,025 | $ | — | $ | 1,025 | ||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||||||
Customer related and contract based | 2,720 | 1,310 | 1,410 | 2,714 | 969 | 1,745 | ||||||||||||||||||
Marketing, technology and other (1) | 584 | 435 | 149 | 619 | 414 | 205 | ||||||||||||||||||
$ | 4,323 | $ | 1,745 | $ | 2,578 | $ | 4,358 | $ | 1,383 | $ | 2,975 | |||||||||||||
-1 | Tradenames with finite lives disclosed separately in prior years are now presented in Marketing, technology, and other. | |||||||||||||||||||||||
Schedule of estimated future amortization expense on intangible assets | ' | |||||||||||||||||||||||
The estimated future amortization for intangible assets as of December 31, 2013 is as follows (in millions): | ||||||||||||||||||||||||
Risk | HR | Total | ||||||||||||||||||||||
Solutions | Solutions | |||||||||||||||||||||||
2014 | $ | 98 | $ | 243 | $ | 341 | ||||||||||||||||||
2015 | 83 | 212 | 295 | |||||||||||||||||||||
2016 | 72 | 177 | 249 | |||||||||||||||||||||
2017 | 59 | 141 | 200 | |||||||||||||||||||||
2018 | 42 | 94 | 136 | |||||||||||||||||||||
Thereafter | 76 | 262 | 338 | |||||||||||||||||||||
$ | 430 | $ | 1,129 | $ | 1,559 | |||||||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of changes in company's liabilities for its restructuring plans | ' | ||||||||||||||||||||
As of December 31, 2013, the Company's liabilities for its restructuring plans are as follows (in millions): | |||||||||||||||||||||
Aon Hewitt | Aon Benfield | 2007 | Other | Total | |||||||||||||||||
Plan | Plan | Plan | |||||||||||||||||||
Balance at January 1, 2011 | $ | 88 | $ | 26 | $ | 113 | $ | 10 | $ | 237 | |||||||||||
Expensed | 98 | 19 | (11 | ) | — | 106 | |||||||||||||||
Cash payments | (93 | ) | (24 | ) | (59 | ) | (2 | ) | (178 | ) | |||||||||||
Foreign exchange translation and other | 2 | (1 | ) | 7 | — | 8 | |||||||||||||||
Balance at December 31, 2011 | $ | 95 | $ | 20 | $ | 50 | $ | 8 | $ | 173 | |||||||||||
Expensed | 94 | 6 | (3 | ) | — | 97 | |||||||||||||||
Cash payments | (95 | ) | (24 | ) | (18 | ) | (5 | ) | (142 | ) | |||||||||||
Stock compensation | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Foreign exchange translation and other | 2 | 2 | 6 | — | 10 | ||||||||||||||||
Balance at December 31, 2012 | $ | 96 | $ | 3 | $ | 35 | $ | 3 | $ | 137 | |||||||||||
Expensed | 167 | — | — | — | 167 | ||||||||||||||||
Cash payments | (125 | ) | (2 | ) | (24 | ) | (1 | ) | (152 | ) | |||||||||||
Foreign exchange and other | 5 | — | 9 | — | 14 | ||||||||||||||||
Balance at December 31, 2013 | $ | 143 | $ | 1 | $ | 20 | $ | 2 | $ | 166 | |||||||||||
Aon Hewitt Restructuring Plan [Member] | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of restructuring and related expenses by type | ' | ||||||||||||||||||||
The following summarizes restructuring and related costs by type that were incurred through the end of the restructuring initiative related to the Aon Hewitt Plan (in millions): | |||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | Completed Plan Total | |||||||||||||||||
Workforce reduction | $ | 49 | $ | 64 | $ | 74 | $ | 79 | $ | 266 | |||||||||||
Lease consolidation | 3 | 32 | 18 | 83 | 136 | ||||||||||||||||
Asset impairments | — | 7 | 4 | 7 | 18 | ||||||||||||||||
Other costs associated with restructuring (1) | — | 2 | 2 | 5 | 9 | ||||||||||||||||
Total restructuring and related expenses | $ | 52 | $ | 105 | $ | 98 | $ | 174 | $ | 429 | |||||||||||
-1 | Other costs associated with restructuring initiatives, including moving costs and consulting and legal fees, are recognized when incurred. | ||||||||||||||||||||
Aon Hewitt Restructuring Plan [Member] | Total operating segments [Member] | ' | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||
Schedule of restructuring and related expenses by type | ' | ||||||||||||||||||||
The following summarizes the restructuring and related expenses, by segment, that have been incurred through the end of the restructuring initiative related to the Aon Hewitt Plan (in millions): | |||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | Completed Plan Total | |||||||||||||||||
HR Solutions | $ | 52 | $ | 49 | $ | 66 | $ | 80 | $ | 247 | |||||||||||
Risk Solutions | — | 56 | 32 | 94 | 182 | ||||||||||||||||
Total restructuring and related expenses | $ | 52 | $ | 105 | $ | 98 | $ | 174 | $ | 429 | |||||||||||
-1 | Costs included in the Risk Solutions segment are due to the inclusion of the health and benefits consulting business in the Risk Solutions segment, which was transfered from HR Solutions effective January 1, 2012. Costs incurred in 2011 in the HR Solutions segment of $41 million related to the health and benefits consulting business have been reclassified and presented in the Risk Solutions segment. |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||
Schedule of interest bearing assets | ' | |||||||
The Company's interest-bearing assets and other investments are included in the following categories in the Consolidated Statements of Financial Position (in millions): | ||||||||
As of December 31 | 2013 | 2012 | ||||||
Cash and cash equivalents | $ | 477 | $ | 291 | ||||
Short-term investments | 523 | 346 | ||||||
Fiduciary assets (1) | 3,778 | 4,029 | ||||||
Investments | 132 | 165 | ||||||
$ | 4,910 | $ | 4,831 | |||||
-1 | Fiduciary assets include funds held on behalf of clients but does not include fiduciary receivables. | |||||||
Schedule of investments | ' | |||||||
The Company's investments are as follows (in millions): | ||||||||
As of December 31 | 2013 | 2012 | ||||||
Equity method investments | $ | 113 | $ | 102 | ||||
Other investments, at cost (2) | 10 | 43 | ||||||
Fixed-maturity securities (2) | 9 | 20 | ||||||
$ | 132 | $ | 165 | |||||
-2 | The reductions in other investments and fixed-maturity securities are primarily due to sales. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of outstanding debt | ' | |||||||
The following is a summary of outstanding debt (in millions): | ||||||||
As of December 31 | 2013 | 2012 | ||||||
6.25% EUR 500 debt securities due July 2014 | $ | 685 | $ | 661 | ||||
5.00% senior notes due September 2020 | 599 | 598 | ||||||
3.50% senior notes due September 2015 | 599 | 598 | ||||||
8.205% junior subordinated deferrable interest debentures due January 2027 | 521 | 521 | ||||||
3.125% senior notes due May 2016 | 500 | 500 | ||||||
4.76% CAD 375 debt securities due March 2018 | 352 | 377 | ||||||
4.00% senior notes due November 2023 | 349 | — | ||||||
6.25% senior notes due September 2040 | 298 | 297 | ||||||
4.45 senior notes due May 2043 | 248 | — | ||||||
4.25% senior notes due December 2042 | 195 | 107 | ||||||
Term loan credit facility due October 2013 (LIBOR+1.38%) | — | 383 | ||||||
Other | 43 | 123 | ||||||
Total debt | 4,389 | 4,165 | ||||||
Less short-term and current portion of long-term debt | 703 | 452 | ||||||
Total long-term debt | $ | 3,686 | $ | 3,713 | ||||
Repayments of long-term debt | ' | |||||||
Repayments of total debt are as follows (in millions): | ||||||||
2014 | $ | 703 | ||||||
2015 | 609 | |||||||
2016 | 510 | |||||||
2017 | 4 | |||||||
2018 | 352 | |||||||
Thereafter | 2,211 | |||||||
$ | 4,389 | |||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases, Operating [Abstract] | ' | |||||||||||
Rental expenses for operating leases | ' | |||||||||||
Rental expenses (including amounts applicable to taxes, insurance and maintenance) for operating leases are as follows (in millions): | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Rental expense | $ | 520 | $ | 536 | $ | 525 | ||||||
Sub lease rental income | 77 | 72 | 71 | |||||||||
Net rental expense | $ | 443 | $ | 464 | $ | 454 | ||||||
Future minimum rental payments under operating leases for continuing operations that have initial or remaining noncancelable lease terms in excess of one year, net of sublease rental income | ' | |||||||||||
At December 31, 2013, future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year, net of sublease rental income, are as follows (in millions): | ||||||||||||
2014 | $ | 409 | ||||||||||
2015 | 371 | |||||||||||
2016 | 334 | |||||||||||
2017 | 287 | |||||||||||
2018 | 250 | |||||||||||
Thereafter | 903 | |||||||||||
Total minimum payments required | $ | 2,554 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income from continuing operations before income tax | ' | |||||||||||
Income before income tax and the provision for income tax consist of the following (in millions): | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Income before income taxes: | ||||||||||||
U.K. | $ | 96 | $ | 36 | $ | 222 | ||||||
U.S. | 349 | 468 | 305 | |||||||||
Other | 1,093 | 876 | 861 | |||||||||
Total | $ | 1,538 | $ | 1,380 | $ | 1,388 | ||||||
Income tax (benefit) expense: | ||||||||||||
Current: | ||||||||||||
U.K. | $ | (18 | ) | $ | (10 | ) | $ | 13 | ||||
U.S. federal | 111 | 170 | (17 | ) | ||||||||
U.S. state and local | 52 | 57 | 35 | |||||||||
Other | 259 | 238 | 204 | |||||||||
Total current | $ | 404 | $ | 455 | $ | 235 | ||||||
Deferred: | ||||||||||||
U.K. | $ | 43 | $ | 46 | $ | 32 | ||||||
U.S. federal | (48 | ) | (83 | ) | 109 | |||||||
U.S. state and local | 10 | (10 | ) | 14 | ||||||||
Other | (19 | ) | (48 | ) | (12 | ) | ||||||
Total deferred | $ | (14 | ) | $ | (95 | ) | $ | 143 | ||||
Total income tax expense | $ | 390 | $ | 360 | $ | 378 | ||||||
Reconciliation of the income tax provisions based on the U.S. statutory corporate tax rate to the provisions reflected in the Consolidated Financial Statements | ' | |||||||||||
The reconciliation to the provisions reflected in the Consolidated Financial Statements is as follows: | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
Statutory tax rate | 23.00% | 24.00% | 35.00% | |||||||||
U.S. state income taxes, net of U.S. federal benefit | 2.6 | 2.2 | 2.3 | |||||||||
Taxes on international operations (1) | -4.4 | 0.6 | -11.5 | |||||||||
Nondeductible expenses | 1.4 | 2 | 3.5 | |||||||||
Adjustments to prior year tax requirements | -1.6 | 0.4 | -1.1 | |||||||||
Deferred tax adjustments, including statutory rate changes | 1.4 | 0.7 | 0.9 | |||||||||
Deferred tax adjustments, international earnings | 3.3 | — | — | |||||||||
Adjustments to valuation allowances | -1.7 | -5.6 | -1.7 | |||||||||
Other — net | 1.4 | 1.8 | -0.1 | |||||||||
Effective tax rate | 25.40% | 26.10% | 27.30% | |||||||||
-1 | The Company determines the adjustment for taxes on international operations based on the difference between the statutory tax rate applicable to earnings in each foreign jurisdiction and the enacted rate of 23%, 24% and 35% at December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Components of Aon's deferred tax assets and liabilities | ' | |||||||||||
The components of the Company's deferred tax assets and liabilities are as follows (in millions): | ||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Employee benefit plans | $ | 623 | $ | 917 | ||||||||
Net operating/capital loss and tax credit carryforwards | 354 | 368 | ||||||||||
Other accrued expenses | 142 | 47 | ||||||||||
Investment basis differences | 50 | 13 | ||||||||||
Other | 58 | 77 | ||||||||||
Total | 1,227 | 1,422 | ||||||||||
Valuation allowance on deferred tax assets | (127 | ) | (154 | ) | ||||||||
Total | $ | 1,100 | $ | 1,268 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangibles and property, plant and equipment | $ | (1,074 | ) | $ | (1,128 | ) | ||||||
Unremitted earnings | (51 | ) | — | |||||||||
Deferred revenue | (27 | ) | (30 | ) | ||||||||
Other accrued expenses | (39 | ) | (62 | ) | ||||||||
Unrealized investment gains | — | (5 | ) | |||||||||
Unrealized foreign exchange gains | (27 | ) | (8 | ) | ||||||||
Other | (64 | ) | (29 | ) | ||||||||
Total | $ | (1,282 | ) | $ | (1,262 | ) | ||||||
Net deferred tax asset (liability) | $ | (182 | ) | $ | 6 | |||||||
Deferred income taxes (assets and liabilities netted by jurisdiction) as classified in the Consolidated Statements of Financial Position | ' | |||||||||||
Deferred income taxes (assets and liabilities have been netted by jurisdiction) have been classified in the Consolidated Statements of Financial Position as follows (in millions): | ||||||||||||
As of December 31, | 2013 | 2012 | ||||||||||
Deferred tax assets — current (1) | $ | 93 | $ | 44 | ||||||||
Deferred tax assets — non-current | 193 | 285 | ||||||||||
Deferred tax liabilities — current (1) | (48 | ) | (17 | ) | ||||||||
Deferred tax liabilities — non-current | (420 | ) | (306 | ) | ||||||||
Net deferred tax asset (liability) | $ | (182 | ) | $ | 6 | |||||||
-1 | Included in Other current assets and Other current liabilities. | |||||||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | |||||||||||
The following is a reconciliation of the Company's beginning and ending amount of uncertain tax positions (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Balance at January 1 | $ | 156 | $ | 118 | ||||||||
Additions based on tax positions related to the current year | 22 | 21 | ||||||||||
Additions for tax positions of prior years | 69 | 45 | ||||||||||
Reductions for tax positions of prior years | (70 | ) | (1 | ) | ||||||||
Settlements | (10 | ) | (22 | ) | ||||||||
Lapse of statute of limitations | (3 | ) | (5 | ) | ||||||||
Balance at December 31 | $ | 164 | $ | 156 | ||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Schedule of components of weighted average number of shares outstanding | ' | |||||||||||||||||||
Weighted average shares outstanding are as follows (in millions): | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares for basic earnings per share (1) | 311.4 | 328.5 | 335.5 | |||||||||||||||||
Common stock equivalents | 4 | 4.1 | 5.4 | |||||||||||||||||
Shares for diluted earnings per share | 315.4 | 332.6 | 340.9 | |||||||||||||||||
-1 | Includes 3.9 million, 4.7 million and 7.6 million shares of participating securities for the years ended December 31, 2013, 2012, and 2011 respectively. | |||||||||||||||||||
Components of Accumulated other comprehensive loss, net of related tax | ' | |||||||||||||||||||
Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions): | ||||||||||||||||||||
Change in Fair Value of Investments (1) | Change in Fair Value of Derivatives (1) | Foreign Currency Translation Adjustments | Post-Retirement Benefit Obligation (2) | Total | ||||||||||||||||
Balance at January 1, 2011 | $ | — | $ | (24 | ) | $ | 168 | $ | (2,061 | ) | $ | (1,917 | ) | |||||||
Other comprehensive loss before reclassifications: | ||||||||||||||||||||
Other comprehensive loss before reclassifications | — | (44 | ) | (47 | ) | (682 | ) | (773 | ) | |||||||||||
Tax benefit | — | 15 | 3 | 225 | 243 | |||||||||||||||
Other comprehensive loss before reclassifications, net | — | (29 | ) | (44 | ) | (457 | ) | (530 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 25 | — | 89 | 114 | |||||||||||||||
Tax benefit | — | (9 | ) | — | (28 | ) | (37 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 16 | — | 61 | 77 | |||||||||||||||
Net current period other comprehensive (loss) income | — | (13 | ) | (44 | ) | (396 | ) | (453 | ) | |||||||||||
Balance at December 31, 2011 | — | (37 | ) | 124 | (2,457 | ) | (2,370 | ) | ||||||||||||
Other comprehensive loss before reclassifications: | ||||||||||||||||||||
Other comprehensive loss before reclassifications | — | (19 | ) | 109 | (598 | ) | (508 | ) | ||||||||||||
Tax benefit | — | 7 | — | 164 | 171 | |||||||||||||||
Other comprehensive loss before reclassifications, net | — | (12 | ) | 109 | (434 | ) | (337 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 33 | — | 110 | 143 | |||||||||||||||
Tax benefit | — | (12 | ) | — | (34 | ) | (46 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | — | 21 | — | 76 | 97 | |||||||||||||||
Net current period other comprehensive (loss) income | — | 9 | 109 | (358 | ) | (240 | ) | |||||||||||||
Balance at December 31, 2012 | — | (28 | ) | 233 | (2,815 | ) | (2,610 | ) | ||||||||||||
Other comprehensive loss before reclassifications: | ||||||||||||||||||||
Other comprehensive loss before reclassifications | 27 | (12 | ) | (65 | ) | 336 | 286 | |||||||||||||
Tax benefit | (13 | ) | 5 | 1 | (136 | ) | (143 | ) | ||||||||||||
Other comprehensive loss before reclassifications, net | 14 | (7 | ) | (64 | ) | 200 | 143 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (20 | ) | 21 | — | 131 | 132 | ||||||||||||||
Tax benefit | 7 | (8 | ) | — | (38 | ) | (39 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net | (13 | ) | 13 | — | 93 | 93 | ||||||||||||||
Net current period other comprehensive (loss) income | 1 | 6 | (64 | ) | 293 | 236 | ||||||||||||||
Balance at December 31, 2013 | $ | 1 | $ | (22 | ) | $ | 169 | $ | (2,522 | ) | $ | (2,374 | ) | |||||||
______________________________________________ | ||||||||||||||||||||
(1) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income | ||||||||||||||||||||
(2) Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Compensation and benefits |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Defined Contribution Savings Plans | ' | |||||||||||||||||||||||||||||||||||
Expense recognized for defined contribution savings plans, included in compensation and benefits and discontinued operations in the consolidated statements of income | ' | |||||||||||||||||||||||||||||||||||
The expense recognized for these plans is included in Compensation and benefits in the Consolidated Statements of Income, as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
U.S. | $ | 123 | $ | 115 | $ | 104 | ||||||||||||||||||||||||||||||
U.K. | 45 | 41 | 43 | |||||||||||||||||||||||||||||||||
$ | 168 | $ | 156 | $ | 147 | |||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit | ' | |||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status | ' | |||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||||||||||
At January 1 | $ | 4,944 | $ | 4,520 | $ | 2,884 | $ | 2,657 | $ | 1,323 | $ | 1,063 | ||||||||||||||||||||||||
Service cost | 1 | 1 | 7 | — | 18 | 14 | ||||||||||||||||||||||||||||||
Interest cost | 210 | 217 | 114 | 119 | 45 | 48 | ||||||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||
Plan amendment | — | — | 12 | — | — | — | ||||||||||||||||||||||||||||||
Curtailments | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||
Plan transfer and acquisitions | — | — | 115 | — | — | — | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | 145 | (116 | ) | 17 | 29 | 1 | (23 | ) | ||||||||||||||||||||||||||||
Benefit payments | (186 | ) | (153 | ) | (128 | ) | (123 | ) | (44 | ) | (42 | ) | ||||||||||||||||||||||||
Actual expenses | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||
Change in discount rate | (95 | ) | 324 | (277 | ) | 202 | (85 | ) | 238 | |||||||||||||||||||||||||||
Foreign currency impact | 87 | 151 | — | — | (5 | ) | 24 | |||||||||||||||||||||||||||||
At December 31 | $ | 5,106 | $ | 4,944 | $ | 2,744 | $ | 2,884 | $ | 1,252 | $ | 1,323 | ||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 5,106 | $ | 4,944 | $ | 2,744 | $ | 2,884 | $ | 1,177 | $ | 1,241 | ||||||||||||||||||||||||
Change in fair value of plan assets | ||||||||||||||||||||||||||||||||||||
At January 1 | $ | 4,860 | $ | 4,245 | $ | 1,631 | $ | 1,325 | $ | 1,009 | $ | 853 | ||||||||||||||||||||||||
Actual return on plan assets | 304 | 281 | 199 | 203 | 34 | 111 | ||||||||||||||||||||||||||||||
Participant contributions | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||
Employer contributions | 316 | 341 | 153 | 226 | 55 | 71 | ||||||||||||||||||||||||||||||
Plan transfer and acquisitions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Benefit payments | (186 | ) | (153 | ) | (128 | ) | (123 | ) | (44 | ) | (42 | ) | ||||||||||||||||||||||||
Actual Expenses | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||
Foreign currency impact | 104 | 146 | — | — | 7 | 15 | ||||||||||||||||||||||||||||||
At December 31 | $ | 5,398 | $ | 4,860 | $ | 1,855 | $ | 1,631 | $ | 1,061 | $ | 1,009 | ||||||||||||||||||||||||
Market related value at end of year | $ | 5,398 | $ | 4,860 | $ | 1,765 | $ | 1,566 | $ | 1,061 | $ | 1,009 | ||||||||||||||||||||||||
Amount recognized in Statement of Financial Position at December 31 | ||||||||||||||||||||||||||||||||||||
Funded status | $ | 292 | $ | (84 | ) | $ | (889 | ) | $ | (1,253 | ) | $ | (191 | ) | $ | (314 | ) | |||||||||||||||||||
Unrecognized prior-service cost | 24 | 24 | 12 | — | 3 | 4 | ||||||||||||||||||||||||||||||
Unrecognized loss | 2,012 | 1,981 | 1,219 | 1,591 | 402 | 491 | ||||||||||||||||||||||||||||||
Net amount recognized | $ | 2,328 | $ | 1,921 | $ | 342 | $ | 338 | $ | 214 | $ | 181 | ||||||||||||||||||||||||
Amounts recognized in the Consolidated Statements of Financial Position | ' | |||||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Statements of Financial Position consist of (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Prepaid benefit cost (1) | $ | 549 | $ | 301 | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||||||||||||||
Accrued benefit liability (2) | (257 | ) | (385 | ) | (889 | ) | (1,253 | ) | (192 | ) | (314 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive loss | 2,036 | 2,005 | 1,231 | 1,591 | 405 | 495 | ||||||||||||||||||||||||||||||
Net amount recognized | $ | 2,328 | $ | 1,921 | $ | 342 | $ | 338 | $ | 214 | $ | 181 | ||||||||||||||||||||||||
-1 | Included in Other non-current assets | |||||||||||||||||||||||||||||||||||
-2 | Included in Pension, other post retirement, and post employment liabilities | |||||||||||||||||||||||||||||||||||
Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost | ' | |||||||||||||||||||||||||||||||||||
Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2013 and 2012 consist of (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net loss | $ | 2,012 | $ | 1,981 | $ | 1,219 | $ | 1,591 | $ | 402 | $ | 491 | ||||||||||||||||||||||||
Prior service cost | 24 | 24 | 12 | — | 3 | 4 | ||||||||||||||||||||||||||||||
$ | 2,036 | $ | 2,005 | $ | 1,231 | $ | 1,591 | $ | 405 | $ | 495 | |||||||||||||||||||||||||
Components of net periodic benefit cost for the pension plans | ' | |||||||||||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the plans (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 4 | $ | 7 | $ | — | $ | — | $ | 18 | $ | 14 | $ | 15 | ||||||||||||||||||
Interest cost | 210 | 217 | 216 | 114 | 119 | 122 | 45 | 48 | 51 | |||||||||||||||||||||||||||
Expected return on plan assets | (302 | ) | (274 | ) | (238 | ) | (139 | ) | (127 | ) | (120 | ) | (59 | ) | (49 | ) | (49 | ) | ||||||||||||||||||
Amortization of prior-service cost | 1 | 1 | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of net actuarial loss | 49 | 43 | 39 | 52 | 43 | 31 | 23 | 17 | 14 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | (41 | ) | $ | (12 | ) | $ | 22 | $ | 34 | $ | 35 | $ | 33 | $ | 27 | $ | 30 | $ | 31 | ||||||||||||||||
Weighted-average assumptions used to determine future benefit obligations and net periodic benefit cost | ' | |||||||||||||||||||||||||||||||||||
The weighted-average assumptions used to determine future benefit obligations are as follows: | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Discount rate | 4.55% | 4.45% | 3.97-4.87% | 3.73 – 4.05% | 3.60 - 4.71% | 3.25 - 3.89% | ||||||||||||||||||||||||||||||
Rate of compensation increase | 3.70 - 4.40% | 3.85% | N/A | N/A | 2.25 - 3.50% | 2.25 - 3.50% | ||||||||||||||||||||||||||||||
Underlying price inflation | 2.40% | 2.25% | N/A | N/A | 1.50 - 2.50% | 2.00 - 2.50% | ||||||||||||||||||||||||||||||
The weighted-average assumptions used to determine the net periodic benefit cost are as follows: | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.45% | 4.80% | 5.30 - 5.50% | 3.73 - 4.05% | 4.33 – 4.60% | 4.35 – 5.34% | 3.25 - 3.89% | 4.40 - 4.94% | 4.70 - 5.45% | |||||||||||||||||||||||||||
Expected return on plan assets | 6.30% | 6.30% | 3.20 - 7.20% | 8.80% | 8.80% | 8.80% | 4.60 - 6.50% | 4.90 - 6.75% | 4.90 - 7.00% | |||||||||||||||||||||||||||
Rate of compensation increase | 3.25 - 3.85% | 3.55% | 4.00% | N/A | N/A | N/A | 2.25 - 3.50% | 2.25 - 3.50% | 2.00 - 3.50% | |||||||||||||||||||||||||||
Changes in the Level 3 fair-value category | ' | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 fair-value category in the Company's U.S. pension plans for the years ended December 31, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||||||||||||||
Using Level 3 Inputs | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 191 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2012 | 22 | |||||||||||||||||||||||||||||||||||
Relating to assets sold during 2012 | 1 | |||||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | 48 | |||||||||||||||||||||||||||||||||||
Transfer in/(out) of Level 3 | — | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 262 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | 26 | |||||||||||||||||||||||||||||||||||
Relating to assets sold during 2013 | 4 | |||||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | (26 | ) | ||||||||||||||||||||||||||||||||||
Transfer in/(out) of Level 3 | — | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 266 | ||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ' | |||||||||||||||||||||||||||||||||||
Estimated future benefit payments for plans are as follows at December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||
U.K. | U.S. | Other | ||||||||||||||||||||||||||||||||||
2014 | $ | 156 | $ | 152 | $ | 45 | ||||||||||||||||||||||||||||||
2015 | 157 | 158 | 46 | |||||||||||||||||||||||||||||||||
2016 | 168 | 166 | 48 | |||||||||||||||||||||||||||||||||
2017 | 181 | 173 | 49 | |||||||||||||||||||||||||||||||||
2018 | 190 | 171 | 51 | |||||||||||||||||||||||||||||||||
2019 – 2023 | 1,143 | 868 | 280 | |||||||||||||||||||||||||||||||||
U.S. Pension Plan [Member] | ' | |||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Fair values of pension plan assets | ' | |||||||||||||||||||||||||||||||||||
The fair values of the Company's U.S. pension plan assets at December 31, 2013 and December 31, 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Asset Category | Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 53 | $ | 53 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: (2) | ||||||||||||||||||||||||||||||||||||
Large cap domestic | 303 | 303 | — | — | ||||||||||||||||||||||||||||||||
Small cap domestic | 66 | 5 | 61 | — | ||||||||||||||||||||||||||||||||
Large cap international | 212 | 66 | 146 | — | ||||||||||||||||||||||||||||||||
Equity derivatives | 361 | 146 | 215 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: (3) | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 395 | — | 395 | — | ||||||||||||||||||||||||||||||||
Government and agency bonds | 96 | — | 96 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 25 | — | 25 | — | ||||||||||||||||||||||||||||||||
Fixed income derivatives | 13 | — | 13 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Alternative investments (4) | 266 | — | — | 266 | ||||||||||||||||||||||||||||||||
Commodity derivatives (5) | 14 | — | 14 | — | ||||||||||||||||||||||||||||||||
Real estate and REITS (6) | 51 | 51 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,855 | $ | 624 | $ | 965 | $ | 266 | ||||||||||||||||||||||||||||
-1 | Consists of cash and institutional short-term investment funds. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities, equity derivatives, and pooled equity funds. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
-5 | Consists of long-dated options on a commodity index. | |||||||||||||||||||||||||||||||||||
-6 | Consists of exchange traded REITS. | |||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Asset Category | Balance at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 22 | $ | 22 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: (2) | ||||||||||||||||||||||||||||||||||||
Large cap domestic | 233 | 233 | — | — | ||||||||||||||||||||||||||||||||
Small cap domestic | 44 | — | 44 | — | ||||||||||||||||||||||||||||||||
Large cap international | 188 | 59 | 129 | — | ||||||||||||||||||||||||||||||||
Equity derivatives | 226 | 69 | 157 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: (3) | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 421 | — | 421 | — | ||||||||||||||||||||||||||||||||
Government and agency bonds | 97 | — | 97 | — | ||||||||||||||||||||||||||||||||
Asset-backed securities | 18 | — | 18 | — | ||||||||||||||||||||||||||||||||
Fixed income derivatives | 52 | — | 52 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Alternative investments (4) | 262 | — | — | 262 | ||||||||||||||||||||||||||||||||
Commodity derivatives (5) | 17 | — | 17 | — | ||||||||||||||||||||||||||||||||
Real estate and REITS (6) | 51 | 51 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,631 | $ | 434 | $ | 935 | $ | 262 | ||||||||||||||||||||||||||||
-1 | Consists of cash and institutional short-term investment funds. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities, equity derivatives, and pooled equity funds. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
-5 | Consists of long-dated options on a commodity index. | |||||||||||||||||||||||||||||||||||
-6 | Consists of exchange traded REITS. | |||||||||||||||||||||||||||||||||||
U.K. [Member] | ' | |||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Fair values of pension plan assets | ' | |||||||||||||||||||||||||||||||||||
The fair values of the Company's major U.K. pension plan assets at December 31, 2013 and December 31, 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 555 | $ | 555 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 668 | 668 | — | |||||||||||||||||||||||||||||||||
Europe | 155 | — | 155 | — | ||||||||||||||||||||||||||||||||
Equity securities — global (2) | 171 | 171 | — | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 31 | — | 31 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 500 | — | 500 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (3) | 2,043 | 2,043 | — | — | ||||||||||||||||||||||||||||||||
Annuities | 564 | — | — | 564 | ||||||||||||||||||||||||||||||||
Derivatives (3) | 142 | — | 142 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Real estate (4) | 23 | — | — | 23 | ||||||||||||||||||||||||||||||||
Alternative investments (5) | 546 | — | — | 546 | ||||||||||||||||||||||||||||||||
Total | $ | 5,398 | $ | 2,769 | $ | 1,496 | $ | 1,133 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities and equity derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-5 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 298 | $ | 298 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 967 | — | 967 | — | ||||||||||||||||||||||||||||||||
Europe | 319 | — | 319 | — | ||||||||||||||||||||||||||||||||
Equity securities — global (2) | 137 | 137 | — | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 103 | — | 103 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 501 | — | 501 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (3) | 1,234 | 1,234 | — | — | ||||||||||||||||||||||||||||||||
Annuities | 568 | — | — | 568 | ||||||||||||||||||||||||||||||||
Derivatives (3) | 217 | — | 217 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Real estate (4) | 70 | — | — | 70 | ||||||||||||||||||||||||||||||||
Alternative investments (5) | 446 | — | — | 446 | ||||||||||||||||||||||||||||||||
Total | $ | 4,860 | $ | 1,669 | $ | 2,107 | $ | 1,084 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of equity securities and equity derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-4 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-5 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
Changes in the Level 3 fair-value category | ' | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 fair-value category in the Company's U.K. pension plans for the years ended December 31, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Level 3 Inputs | ||||||||||||||||||||||||||||||||||||
Annuities | Real | Alternative | Total | |||||||||||||||||||||||||||||||||
Estate | Investments | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 419 | $ | 97 | $ | 335 | $ | 851 | ||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2012 | (4 | ) | 1 | 19 | 16 | |||||||||||||||||||||||||||||||
Relating to assets sold during 2012 | — | 1 | 11 | 12 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | 137 | (32 | ) | 68 | 173 | |||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange | 16 | 3 | 13 | 32 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 568 | 70 | 446 | 1,084 | ||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | (13 | ) | 1 | 32 | 20 | |||||||||||||||||||||||||||||||
Relating to assets sold during 2013 | — | 3 | 5 | 8 | ||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | — | (50 | ) | 51 | 1 | |||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange | 9 | (1 | ) | 12 | 20 | |||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 564 | $ | 23 | $ | 546 | $ | 1,133 | ||||||||||||||||||||||||||||
U.S. and Canadian Other Post-Retirement Benefits [Member] | ' | |||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status | ' | |||||||||||||||||||||||||||||||||||
The following table provides an overview of the accumulated projected benefit obligation, fair value of plan assets, funded status and net amount recognized as of December 31, 2013 and 2012 for the Company's other material post-retirement benefit plans located in the U.S. and Canada (in millions): | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accumulated projected benefit obligation | $ | 118 | $ | 134 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 20 | 20 | ||||||||||||||||||||||||||||||||||
Funded status | (98 | ) | (114 | ) | ||||||||||||||||||||||||||||||||
Unrecognized prior-service credit | (9 | ) | (15 | ) | ||||||||||||||||||||||||||||||||
Unrecognized loss | 18 | 37 | ||||||||||||||||||||||||||||||||||
Net amount recognized | $ | (89 | ) | $ | (92 | ) | ||||||||||||||||||||||||||||||
Fair values of pension plan assets | ' | |||||||||||||||||||||||||||||||||||
The fair values of the Company's major other pension plan assets at December 31, 2013 and December 31, 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11 | $ | 11 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 318 | — | 318 | — | ||||||||||||||||||||||||||||||||
North America | 52 | — | 52 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 509 | — | 509 | — | ||||||||||||||||||||||||||||||||
Derivatives | 20 | — | 20 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (2) | 61 | — | 61 | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 14 | — | 14 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Commodities | 32 | — | 32 | — | ||||||||||||||||||||||||||||||||
REITS | 5 | — | 5 | — | ||||||||||||||||||||||||||||||||
Real estate (3) | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
Alternative investments (4) | 8 | — | — | 8 | ||||||||||||||||||||||||||||||||
Derivatives | 14 | — | 14 | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,061 | $ | 11 | $ | 1,025 | $ | 25 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 5 | $ | — | $ | — | ||||||||||||||||||||||||||||
Equity investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Global | 274 | — | 274 | — | ||||||||||||||||||||||||||||||||
North America | 65 | — | 65 | — | ||||||||||||||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Fixed income securities | 472 | — | 472 | — | ||||||||||||||||||||||||||||||||
Derivatives | 23 | — | 23 | — | ||||||||||||||||||||||||||||||||
Fixed income securities (2) | 64 | — | 64 | — | ||||||||||||||||||||||||||||||||
Derivatives (2) | 28 | — | 28 | — | ||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||
Pooled funds: (1) | ||||||||||||||||||||||||||||||||||||
Commodities | 30 | — | 30 | — | ||||||||||||||||||||||||||||||||
REITS | 5 | — | 5 | — | ||||||||||||||||||||||||||||||||
Real estate (3) | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
Alternative investments (4) | 11 | — | — | 11 | ||||||||||||||||||||||||||||||||
Derivatives | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,009 | $ | 5 | $ | 976 | $ | 28 | ||||||||||||||||||||||||||||
-1 | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||||||||||||||||||||||||||||||||||
-2 | Consists of corporate and government bonds and fixed income derivatives. | |||||||||||||||||||||||||||||||||||
-3 | Consists of property funds and trusts holding direct real estate investments. | |||||||||||||||||||||||||||||||||||
-4 | Consists of limited partnerships, private equity and hedge funds. | |||||||||||||||||||||||||||||||||||
Changes in the Level 3 fair-value category | ' | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 fair-value category in the Company's other pension plans for the years ended December 31, 2013 and December 31, 2012 (in millions): | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Level 3 Inputs | ||||||||||||||||||||||||||||||||||||
Real | Alternative | Total | ||||||||||||||||||||||||||||||||||
Estate | Investments | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 37 | $ | 11 | $ | 48 | ||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2012 | (2 | ) | — | (2 | ) | |||||||||||||||||||||||||||||||
Relating to assets sold during 2012 | — | — | — | |||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | — | — | — | |||||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | (18 | ) | — | (18 | ) | |||||||||||||||||||||||||||||||
Foreign exchange | — | — | — | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 17 | 11 | 28 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||
Relating to assets still held at December 31, 2013 | (1 | ) | 1 | — | ||||||||||||||||||||||||||||||||
Relating to assets sold during 2013 | — | 1 | 1 | |||||||||||||||||||||||||||||||||
Purchases, sales and settlements—net | — | (4 | ) | (4 | ) | |||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | — | — | — | |||||||||||||||||||||||||||||||||
Foreign exchange | 1 | (1 | ) | — | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 17 | $ | 8 | $ | 25 | ||||||||||||||||||||||||||||||
Other information related to the Company's other post-retirement benefit plans | ' | |||||||||||||||||||||||||||||||||||
Other information related to the Company's other post-retirement benefit plans are as follows: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost recognized (millions) | $4 | $1 | $6 | |||||||||||||||||||||||||||||||||
Weighted-average discount rate used to determine future benefit obligations | 4.44 - 4.95 | 3.67 – 4.00 | 4.33 – 5.00 | |||||||||||||||||||||||||||||||||
Weighted-average discount rate used to determine net periodic benefit costs | 3.67 - 4.00 | 4.33 – 5.00 | 4.92 – 6.00 |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Share-based compensation expense recognized in continuing operations | ' | ||||||||||||||||||||
The following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions): | |||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Restricted share units ("RSUs") | $ | 174 | $ | 154 | $ | 142 | |||||||||||||||
Performance share awards ("PSAs") | 117 | 46 | 78 | ||||||||||||||||||
Share options | 2 | 5 | 9 | ||||||||||||||||||
Employee share purchase plans | 7 | 7 | 6 | ||||||||||||||||||
Total share-based compensation expense | 300 | 212 | 235 | ||||||||||||||||||
Tax benefit | 81 | 62 | 77 | ||||||||||||||||||
Share-based compensation expense, net of tax | $ | 219 | $ | 150 | $ | 158 | |||||||||||||||
Restricted share unit activity | ' | ||||||||||||||||||||
A summary of the status of the Company's RSUs is as follows (shares in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Years ended December 31 | Shares | Fair | Shares | Fair | Shares | Fair | |||||||||||||||
Value (1) | Value (1) | Value (1) | |||||||||||||||||||
Non-vested at beginning of year | 10,432 | $ | 44 | 9,916 | $ | 42 | 10,674 | $ | 38 | ||||||||||||
Granted | 3,714 | 62 | 5,113 | 46 | 3,506 | 51 | |||||||||||||||
Vested | (3,945 | ) | 44 | (3,958 | ) | 42 | (3,773 | ) | 39 | ||||||||||||
Forfeited | (442 | ) | 47 | (639 | ) | 44 | (491 | ) | 39 | ||||||||||||
Non-vested at end of year | 9,759 | 51 | 10,432 | 44 | 9,916 | 42 | |||||||||||||||
-1 | Represents per share weighted average fair value of award at date of grant. | ||||||||||||||||||||
Performance-based plans | ' | ||||||||||||||||||||
Information regarding the Company's target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the years ended December 31, 2013, 2012 and 2011, respectively, is as follows (shares in thousands, dollars in millions, except fair value): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Target PSAs granted | 1,135 | 1,369 | 1,715 | ||||||||||||||||||
Fair value (1) | $ | 58 | $ | 47 | $ | 50 | |||||||||||||||
Number of shares that would be issued based on current performance levels | 1,702 | 2,451 | 1,443 | ||||||||||||||||||
Unamortized expense, based on current performance levels | $ | 70 | $ | 40 | $ | — | |||||||||||||||
-1 | Represents per share weighted average fair value of award at date of grant. | ||||||||||||||||||||
Weighted average assumptions, average expected life and estimated fair value of employee stock options | ' | ||||||||||||||||||||
The weighted average assumptions, the weighted average expected life and estimated fair value of employee share options granted are summarized as follows: | |||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Weighted average volatility | NA | NA | 26.10% | ||||||||||||||||||
Expected dividend yield | NA | NA | 1.30% | ||||||||||||||||||
Risk-free rate | NA | NA | 2.20% | ||||||||||||||||||
Weighted average expected life, in years | NA | NA | 5.5 | ||||||||||||||||||
Weighted average estimated fair value per share | NA | NA | $10.92 | ||||||||||||||||||
Share options and related information | ' | ||||||||||||||||||||
A summary of the status of the Company's share options and related information is as follows (shares in thousands): | |||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Weighted-Average Exercise Price Per Share | Shares | Weighted-Average Exercise Price Per Share | Shares | Weighted-Average Exercise Price Per Share | ||||||||||||||||
Beginning outstanding | 5,611 | $ | 32 | 9,116 | $ | 32 | 13,919 | $ | 32 | ||||||||||||
Granted | — | — | — | — | 80 | 53 | |||||||||||||||
Exercised | (2,116 | ) | 32 | (3,413 | ) | 31 | (4,546 | ) | 32 | ||||||||||||
Forfeited and expired | (33 | ) | 34 | (92 | ) | 37 | (337 | ) | 36 | ||||||||||||
Outstanding at end of year | 3,462 | 32 | 5,611 | 32 | 9,116 | 32 | |||||||||||||||
Exercisable at end of year | 3,270 | 32 | 5,117 | 31 | 7,833 | 30 | |||||||||||||||
Shares available for grant | 11,330 | 17,024 | 24,508 | ||||||||||||||||||
Summary of options outstanding and exercisable | ' | ||||||||||||||||||||
A summary of options outstanding and exercisable as of December 31, 2013 is as follows (shares in thousands): | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted-Average | Weighted-Average | Shares | Weighted-Average | Weighted-Average | |||||||||||||||
Outstanding | Remaining Contractual | Exercise Price | Exercisable | Remaining Contractual | Exercise Price | ||||||||||||||||
Life (years) | Per Share | Life (years) | Per Share | ||||||||||||||||||
$14.71 – 22.86 | 1,244 | 1.43 | $ | 22.45 | 1,244 | 1.43 | $ | 22.45 | |||||||||||||
22.87 – 25.51 | 174 | 1.5 | 25.44 | 174 | 1.5 | 25.44 | |||||||||||||||
25.52 – 32.53 | 304 | 0.9 | 27.41 | 304 | 0.9 | 27.41 | |||||||||||||||
32.54 – 36.88 | 392 | 2.32 | 35.89 | 323 | 2.09 | 35.77 | |||||||||||||||
36.89 – 43.44 | 830 | 2.55 | 39.49 | 760 | 2.31 | 39.54 | |||||||||||||||
43.45 – 52.93 | 518 | 3.5 | 47.05 | 465 | 3.09 | 46.38 | |||||||||||||||
3,462 | 3,270 | ||||||||||||||||||||
Other information related to the company's share options | ' | ||||||||||||||||||||
Other information related to the Company's share options is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 73 | $ | 67 | $ | 80 | |||||||||||||||
Cash received from the exercise of stock options | 61 | 105 | 153 | ||||||||||||||||||
Tax benefit realized from the exercise of stock options | 15 | 11 | 14 | ||||||||||||||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Notional and fair values of derivative instruments | ' | |||||||||||||||||||||||
The notional and fair values of derivative instruments are as follows (in millions): | ||||||||||||||||||||||||
Derivative Assets (1) | Derivative Liabilities (2) | |||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | ||||||||||||||||||||||
As of December 31 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Derivatives accounted for as hedges: | ||||||||||||||||||||||||
Interest rate contracts | $ | 171 | $ | 336 | $ | 9 | $ | 17 | $ | — | $ | — | ||||||||||||
Foreign exchange contracts | 1,191 | 1,208 | 71 | 191 | 93 | 250 | ||||||||||||||||||
Total | 1,362 | 1,544 | 80 | 208 | 93 | 250 | ||||||||||||||||||
Derivatives not accounted for as hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | 215 | 305 | — | 2 | — | 1 | ||||||||||||||||||
Total | $ | 1,577 | $ | 1,849 | $ | 80 | $ | 210 | $ | 93 | $ | 251 | ||||||||||||
-1 | Included within Other current assets ($46 million in 2013 and $167 million in 2012) or Other non-current assets ($34 million in 2013 and $43 million in 2012) | |||||||||||||||||||||||
-2 | Included within Other liabilities $51 million in 2013 and $171 million in 2012) or Other non-current liabilities ($42 million in 2013 and $80 million in 2012) | |||||||||||||||||||||||
Offsetting of financial assets and derivatives assets are as follows (in millions): | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position (1) | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Derivatives accounted for as hedges: | ||||||||||||||||||||||||
Interest rate contracts | $ | 9 | $ | 17 | $ | — | $ | — | $ | 9 | $ | 17 | ||||||||||||
Foreign exchange contracts | 71 | 191 | (30 | ) | (160 | ) | 41 | 31 | ||||||||||||||||
Total | 80 | 208 | (30 | ) | (160 | ) | 50 | 48 | ||||||||||||||||
Derivatives not accounted for as hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | — | 2 | — | — | — | 2 | ||||||||||||||||||
Total | $ | 80 | $ | 210 | $ | (30 | ) | $ | (160 | ) | $ | 50 | $ | 50 | ||||||||||
______________________________________________ | ||||||||||||||||||||||||
(1) Included within Other current assets ($18 million in both 2013 and 2012) or Other non-current assets ($32 million in both 2013 and 2012) | ||||||||||||||||||||||||
Offsetting of financial liabilities and derivative liabilities are as follows (in millions): | ||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Derivatives accounted for as hedges: | ||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Foreign exchange contracts | 93 | 250 | (30 | ) | (160 | ) | 63 | 90 | ||||||||||||||||
Total | 93 | 250 | (30 | ) | (160 | ) | 63 | 90 | ||||||||||||||||
Derivatives not accounted for as hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | — | 1 | — | — | — | 1 | ||||||||||||||||||
Total | $ | 93 | $ | 251 | $ | (30 | ) | $ | (160 | ) | $ | 63 | $ | 91 | ||||||||||
______________________________________________ | ||||||||||||||||||||||||
(2) Included within Other current liabilities ($23 million in both 2013 and 2012) or Other non-current liabilities ($40 million in 2013 and $68 million in 2012) | ||||||||||||||||||||||||
Derivative gains (losses) | ' | |||||||||||||||||||||||
The amounts of derivative gains (losses) recognized in the Consolidated Financial Statements are as follows (in millions): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Gain (Loss) recognized in Accumulated Other Comprehensive Loss: | 2013 | 2012 | 2011 | |||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts (1) | $ | 2 | $ | — | $ | (1 | ) | |||||||||||||||||
Foreign exchange contracts (2) | (4 | ) | (21 | ) | (54 | ) | ||||||||||||||||||
Total | (2 | ) | (21 | ) | (55 | ) | ||||||||||||||||||
Foreign net investment hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 4 | $ | (2 | ) | |||||||||||||||||
-1 | Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Interest Expense | |||||||||||||||||||||||
-2 | Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Compensation and benefits ($17 million loss for 2013, $8 million loss for 2012 and $6 million loss for 2011), Other general expenses (none for 2013, $19 million loss for 2012 and $34 million loss for 2011), and Other income ($13 million gain for 2013, $6 million gain for 2012 and $14 million loss for 2011) | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion): | 2013 | 2012 | 2011 | |||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts (1) | $ | (1 | ) | $ | (1 | ) | $ | — | ||||||||||||||||
Foreign exchange contracts (2) | (10 | ) | (34 | ) | (36 | ) | ||||||||||||||||||
Total | (11 | ) | (35 | ) | (36 | ) | ||||||||||||||||||
Foreign net investment hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | — | $ | — | ||||||||||||||||||
-1 | Included within Interest Expense | |||||||||||||||||||||||
-2 | Included within Compensation and benefits ($12 million loss for 2013, $9 million loss for 2012 and $3 million loss for 2011), Interest Expense ($3 million loss for 2013 and none for both 2012 and 2011), Other general expenses ($9 million loss for 2013, $16 million loss for 2012 and $25 million loss for 2011), and Other income ($14 million gain for 2013, $9 million loss for 2012 and $8 million loss for 2011) | |||||||||||||||||||||||
The amount of gain (loss) recognized in the Consolidated Financial Statements is as follows (in millions): | ||||||||||||||||||||||||
Twelve months ended December 31, | ||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||
Recognized in Income on | Recognized in Income on | |||||||||||||||||||||||
Derivative(2) | Related Hedged Item | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Foreign exchange contracts(1) | $ | (8 | ) | $ | 1 | $ | 2 | $ | 8 | $ | (1 | ) | $ | (2 | ) | |||||||||
-1 | Relates to fixed rate debt | |||||||||||||||||||||||
-2 | Included in interest exp |
Fair_Value_Measurements_and_Fi1
Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of assets and liabilities that are measured at fair value on a recurring basis | ' | |||||||||||||||
The following tables present the categorization of the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012, respectively (in millions): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Assets: | ||||||||||||||||
Money market funds and highly liquid debt securities (1) | $ | 2,079 | $ | 2,054 | $ | 25 | $ | — | ||||||||
Other investments | ||||||||||||||||
Fixed maturity securities | ||||||||||||||||
Corporate bonds | 2 | — | — | 2 | ||||||||||||
Government bonds | 7 | — | 7 | — | ||||||||||||
Equity securities | 13 | 6 | 7 | — | ||||||||||||
Derivatives | ||||||||||||||||
Interest rate contracts | 9 | — | 9 | — | ||||||||||||
Foreign exchange contracts | 71 | — | 71 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives | ||||||||||||||||
Foreign exchange contracts | 93 | — | 93 | — | ||||||||||||
-1 | Includes $2,054 million of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See Note 7 "Investments" for additional information regarding the Company's investments. | |||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Balance at December 31, 2012 | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||
Assets: | ||||||||||||||||
Money market funds and highly liquid debt securities (1) | $ | 2,133 | $ | 2,108 | $ | 25 | $ | — | ||||||||
Other investments | ||||||||||||||||
Fixed maturity securities | ||||||||||||||||
Corporate bonds | 12 | — | — | 12 | ||||||||||||
Government bonds | 8 | — | 8 | — | ||||||||||||
Equity securities | 5 | 5 | — | — | ||||||||||||
Derivatives | ||||||||||||||||
Interest rate contracts | 17 | — | 17 | — | ||||||||||||
Foreign exchange contracts | 193 | — | 193 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives | ||||||||||||||||
Foreign exchange contracts | 251 | — | 251 | — | ||||||||||||
-1 | Includes $2,108 million of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See Note 7 "Investments" for additional information regarding the Company's investments. | |||||||||||||||
Schedule of financial instruments where the carrying amounts and fair values differ | ' | |||||||||||||||
The fair value of all long-term debt instruments is classified as Level 2. The following table discloses the Company's financial instruments where the carrying amounts and fair values differ (in millions): | ||||||||||||||||
As of December 31 | 2013 | 2012 | ||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Long-term debt | $ | 3,686 | $ | 3,894 | $ | 3,713 | $ | 4,162 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of total revenue by business segments | ' | |||||||||||||||||||||||
Aon's total revenue is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Risk Solutions | $ | 7,789 | $ | 7,632 | $ | 7,537 | ||||||||||||||||||
HR Solutions | 4,057 | 3,925 | 3,781 | |||||||||||||||||||||
Intersegment elimination | (31 | ) | (43 | ) | (31 | ) | ||||||||||||||||||
Total revenue | $ | 11,815 | $ | 11,514 | $ | 11,287 | ||||||||||||||||||
Schedule of commissions, fees and other revenues by products | ' | |||||||||||||||||||||||
Commissions, fees and other revenues by product are as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Retail brokerage | $ | 6,256 | $ | 6,089 | $ | 6,022 | ||||||||||||||||||
Reinsurance brokerage | 1,505 | 1,505 | 1,463 | |||||||||||||||||||||
Total Risk Solutions Segment | 7,761 | 7,594 | 7,485 | |||||||||||||||||||||
Consulting services | 1,626 | 1,585 | 1,546 | |||||||||||||||||||||
Outsourcing | 2,469 | 2,372 | 2,258 | |||||||||||||||||||||
Intrasegment | (38 | ) | (32 | ) | (23 | ) | ||||||||||||||||||
Total HR Solutions Segment | 4,057 | 3,925 | 3,781 | |||||||||||||||||||||
Intersegment | (31 | ) | (43 | ) | (31 | ) | ||||||||||||||||||
Total commissions, fees and other revenue | $ | 11,787 | $ | 11,476 | $ | 11,235 | ||||||||||||||||||
Schedule of fiduciary investment income by business segments | ' | |||||||||||||||||||||||
Fiduciary investment income by segment is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Risk Solutions | $ | 28 | $ | 38 | $ | 52 | ||||||||||||||||||
HR Solutions | — | — | — | |||||||||||||||||||||
Total fiduciary investment income | $ | 28 | $ | 38 | $ | 52 | ||||||||||||||||||
Schedule of reconciliation of segment income before tax to income from continuing operations before income taxes | ' | |||||||||||||||||||||||
A reconciliation of segment operating income before tax to income before income taxes is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Risk Solutions | $ | 1,540 | $ | 1,493 | $ | 1,413 | ||||||||||||||||||
HR Solutions | 318 | 289 | 336 | |||||||||||||||||||||
Segment income before income taxes | 1,858 | 1,782 | 1,749 | |||||||||||||||||||||
Unallocated expenses | (187 | ) | (186 | ) | (153 | ) | ||||||||||||||||||
Interest income | 9 | 10 | 18 | |||||||||||||||||||||
Interest expense | (210 | ) | (228 | ) | (245 | ) | ||||||||||||||||||
Other income | 68 | 2 | 19 | |||||||||||||||||||||
Income before income taxes | $ | 1,538 | $ | 1,380 | $ | 1,388 | ||||||||||||||||||
Schedule of consolidated revenue by geographic area | ' | |||||||||||||||||||||||
Consolidated revenue by geographic area is as follows (in millions): | ||||||||||||||||||||||||
Years ended December 31 | Total | United | Americas | United | Europe, | Asia | ||||||||||||||||||
States | other than | Kingdom | Middle East, | Pacific | ||||||||||||||||||||
U.S. | & Africa | |||||||||||||||||||||||
2013 | $ | 11,815 | $ | 5,574 | $ | 1,214 | $ | 1,544 | $ | 2,304 | $ | 1,179 | ||||||||||||
2012 | 11,514 | 5,336 | 1,190 | 1,541 | 2,271 | 1,176 | ||||||||||||||||||
2011 | 11,287 | 5,134 | 1,176 | 1,519 | 2,377 | 1,081 | ||||||||||||||||||
Schedule of consolidated non-current assets by geographic area | ' | |||||||||||||||||||||||
Consolidated non-current assets by geographic area are as follows (in millions): | ||||||||||||||||||||||||
As of December 31 | Total | United | Americas | United | Europe, | Asia | ||||||||||||||||||
States | other than | Kingdom | Middle East, | Pacific | ||||||||||||||||||||
U.S. | & Africa | |||||||||||||||||||||||
2013 | $ | 13,728 | $ | 7,720 | $ | 559 | $ | 2,392 | $ | 2,440 | $ | 617 | ||||||||||||
2012 | 13,819 | 8,355 | 599 | 1,721 | 2,462 | 682 | ||||||||||||||||||
Guarantee_of_Registered_Securi1
Guarantee of Registered Securities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantee of Registered Securities | ' | |||||||||||||||||||
Condensed Consolidating Statement of Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustments | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Commissions, fees and other | $ | 3 | $ | — | $ | 11,784 | $ | — | $ | 11,787 | ||||||||||
Fiduciary investment income | — | — | 28 | — | 28 | |||||||||||||||
Total revenue | 3 | — | 11,812 | — | 11,815 | |||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | 69 | 183 | 6,693 | — | 6,945 | |||||||||||||||
Other general expenses | 4 | 35 | 3,160 | — | 3,199 | |||||||||||||||
Total operating expenses | 73 | 218 | 9,853 | — | 10,144 | |||||||||||||||
Operating income | (70 | ) | (218 | ) | 1,959 | — | 1,671 | |||||||||||||
Interest income | — | 3 | 6 | — | 9 | |||||||||||||||
Interest expense | (20 | ) | (138 | ) | (52 | ) | — | (210 | ) | |||||||||||
Intercompany interest (expense) income | 120 | 24 | (144 | ) | — | — | ||||||||||||||
Other Income | — | 19 | 49 | — | 68 | |||||||||||||||
Income (loss) before taxes | 30 | (310 | ) | 1,818 | — | 1,538 | ||||||||||||||
Income tax expense (benefit) | 12 | (64 | ) | 442 | — | 390 | ||||||||||||||
(Income) loss before equity in earnings of subsidiaries | 18 | (246 | ) | 1,376 | — | 1,148 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 1,095 | 1,061 | — | (2,156 | ) | — | ||||||||||||||
Net income | 1,113 | 815 | 1,376 | (2,156 | ) | 1,148 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 35 | — | 35 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 1,113 | $ | 815 | $ | 1,341 | $ | (2,156 | ) | $ | 1,113 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustments | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Commissions, fees and other | $ | 2 | $ | 1 | $ | 11,474 | $ | (1 | ) | $ | 11,476 | |||||||||
Fiduciary investment income | — | 1 | 37 | — | 38 | |||||||||||||||
Total revenue | 2 | 2 | 11,511 | (1 | ) | 11,514 | ||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | 117 | 24 | 6,568 | — | 6,709 | |||||||||||||||
Other general expenses | 18 | 47 | 3,145 | (1 | ) | 3,209 | ||||||||||||||
Total operating expenses | 135 | 71 | 9,713 | (1 | ) | 9,918 | ||||||||||||||
Operating (loss) income | (133 | ) | (69 | ) | 1,798 | — | 1,596 | |||||||||||||
Interest income | — | 1 | 9 | — | 10 | |||||||||||||||
Interest expense | — | (164 | ) | (64 | ) | — | (228 | ) | ||||||||||||
Intercompany interest (expense) income | (19 | ) | 190 | (171 | ) | — | — | |||||||||||||
Other income (expense) | — | 57 | (55 | ) | — | 2 | ||||||||||||||
(Loss) income before taxes | (152 | ) | 15 | 1,517 | — | 1,380 | ||||||||||||||
Income tax (benefit) expense | (37 | ) | 8 | 389 | — | 360 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (115 | ) | 7 | 1,128 | — | 1,020 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 1,108 | 932 | — | (2,040 | ) | — | ||||||||||||||
Net income | 993 | 939 | 1,128 | (2,040 | ) | 1,020 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 27 | — | 27 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 993 | $ | 939 | $ | 1,101 | $ | (2,040 | ) | $ | 993 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustment | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Commissions, fees and other | $ | — | $ | — | $ | 11,236 | $ | (1 | ) | $ | 11,235 | |||||||||
Fiduciary investment income | — | 2 | 50 | — | 52 | |||||||||||||||
Total revenue | — | 2 | 11,286 | (1 | ) | 11,287 | ||||||||||||||
Expenses | ||||||||||||||||||||
Compensation and benefits | — | 118 | 6,449 | — | 6,567 | |||||||||||||||
Other general expenses | — | 47 | 3,078 | (1 | ) | 3,124 | ||||||||||||||
Total operating expenses | — | 165 | 9,527 | (1 | ) | 9,691 | ||||||||||||||
Operating income | — | (163 | ) | 1,759 | — | 1,596 | ||||||||||||||
Interest income | — | 4 | 14 | — | 18 | |||||||||||||||
Interest expense | — | (171 | ) | (74 | ) | — | (245 | ) | ||||||||||||
Intercompany interest income (expense) | — | 180 | (180 | ) | — | — | ||||||||||||||
Other income (expense) | — | 36 | (17 | ) | — | 19 | ||||||||||||||
(Loss) income before taxes | — | (114 | ) | 1,502 | — | 1,388 | ||||||||||||||
Income tax (benefit) expense | — | (43 | ) | 421 | — | 378 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries | — | (71 | ) | 1,081 | — | 1,010 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 979 | 868 | — | (1,847 | ) | — | ||||||||||||||
Net income | 979 | 797 | 1,081 | (1,847 | ) | 1,010 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 31 | — | 31 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 979 | $ | 797 | $ | 1,050 | $ | (1,847 | ) | $ | 979 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating | Consolidated | |||||||||||||||
Non-Guarantor | Adjustments | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net income | $ | 1,113 | $ | 815 | $ | 1,376 | $ | (2,156 | ) | $ | 1,148 | |||||||||
Less: Net income attributable to noncontrolling interests | — | — | 35 | — | 35 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 1,113 | $ | 815 | $ | 1,341 | $ | (2,156 | ) | $ | 1,113 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Change in fair value of investments | — | — | 1 | — | 1 | |||||||||||||||
Change in fair value of derivatives | — | 5 | 1 | — | 6 | |||||||||||||||
Foreign currency translation adjustments | — | (60 | ) | (5 | ) | — | (65 | ) | ||||||||||||
Post-retirement benefit obligation | — | 223 | 70 | — | 293 | |||||||||||||||
Total other comprehensive income | — | 168 | 67 | — | 235 | |||||||||||||||
Equity in other comprehensive income of subsidiaries, net of tax | 236 | 69 | — | (305 | ) | — | ||||||||||||||
Less: Other comprehensive loss attributable to noncontrolling interests | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Total other comprehensive income attributable to Aon shareholders | 236 | 237 | 68 | (305 | ) | 236 | ||||||||||||||
Comprehensive income attributable to Aon shareholders | $ | 1,349 | $ | 1,052 | $ | 1,409 | $ | (2,461 | ) | $ | 1,349 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon Corporation | Other | Consolidating Adjustments | Consolidated | |||||||||||||||
Non-Guarantor | ||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net income | $ | 993 | $ | 939 | $ | 1,128 | $ | (2,040 | ) | $ | 1,020 | |||||||||
Less: Net income attributable to noncontrolling interests | — | — | 27 | — | 27 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 993 | $ | 939 | $ | 1,101 | $ | (2,040 | ) | $ | 993 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Change in fair value of derivatives | — | 2 | 7 | — | 9 | |||||||||||||||
Foreign currency translation adjustments | — | 24 | 85 | — | 109 | |||||||||||||||
Post-retirement benefit obligation | — | (68 | ) | (290 | ) | — | (358 | ) | ||||||||||||
Total other comprehensive loss | — | (42 | ) | (198 | ) | — | (240 | ) | ||||||||||||
Equity in other comprehensive loss of subsidiaries, net of tax | (240 | ) | (187 | ) | — | 427 | — | |||||||||||||
Less: Other comprehensive income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
Total other comprehensive loss attributable to Aon shareholders | (240 | ) | (229 | ) | (198 | ) | 427 | (240 | ) | |||||||||||
Comprehensive income attributable to Aon shareholders | $ | 753 | $ | 710 | $ | 903 | $ | (1,613 | ) | $ | 753 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net income | $ | 979 | $ | 797 | $ | 1,081 | $ | (1,847 | ) | $ | 1,010 | |||||||||
Less: Net income attributable to noncontrolling interests | — | — | 31 | — | 31 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 979 | $ | 797 | $ | 1,050 | $ | (1,847 | ) | $ | 979 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Change in fair value of derivatives | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Foreign currency translation adjustments | — | (6 | ) | (37 | ) | — | (43 | ) | ||||||||||||
Post-retirement benefit obligation | — | (173 | ) | (223 | ) | — | (396 | ) | ||||||||||||
Total other comprehensive loss | — | (179 | ) | (273 | ) | — | (452 | ) | ||||||||||||
Equity in other comprehensive loss of subsidiaries, net of tax | (453 | ) | (277 | ) | — | 730 | — | |||||||||||||
Less: Other comprehensive income attributable to noncontrolling interests | — | — | 1 | — | 1 | |||||||||||||||
Total other comprehensive loss attributable to Aon shareholders | (453 | ) | (456 | ) | (274 | ) | 730 | (453 | ) | |||||||||||
Comprehensive income attributable to Aon shareholders | $ | 526 | $ | 341 | $ | 776 | $ | (1,117 | ) | $ | 526 | |||||||||
Condensed Consolidating Statement of Financial Position | ' | |||||||||||||||||||
Condensed Consolidating Statement of Financial Position | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 247 | $ | 1,246 | $ | (1,016 | ) | $ | 477 | |||||||||
Short-term investments | — | 163 | 360 | — | 523 | |||||||||||||||
Receivables, net | — | 4 | 2,892 | — | 2,896 | |||||||||||||||
Fiduciary assets | — | — | 11,871 | — | 11,871 | |||||||||||||||
Intercompany receivables | 186 | 3,503 | 5,452 | (9,141 | ) | — | ||||||||||||||
Other current assets | — | 69 | 513 | (19 | ) | 563 | ||||||||||||||
Total Current Assets | 186 | 3,986 | 22,334 | (10,176 | ) | 16,330 | ||||||||||||||
Goodwill | — | — | 8,997 | — | 8,997 | |||||||||||||||
Intangible assets, net | — | — | 2,578 | — | 2,578 | |||||||||||||||
Fixed assets, net | — | — | 791 | — | 791 | |||||||||||||||
Investments | — | 57 | 75 | — | 132 | |||||||||||||||
Deferred tax assets | 140 | 465 | 193 | (605 | ) | 193 | ||||||||||||||
Intercompany receivables | 7,166 | 2,178 | 2,201 | (11,545 | ) | — | ||||||||||||||
Other non-current assets | 6 | 95 | 1,228 | (99 | ) | 1,230 | ||||||||||||||
Investment in subsidiary | 4,607 | 11,694 | — | (16,301 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 12,105 | $ | 18,475 | $ | 38,397 | $ | (38,726 | ) | $ | 30,251 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | 11,871 | $ | — | $ | 11,871 | ||||||||||
Short-term debt and current portion of long-term debt | — | — | 707 | (4 | ) | 703 | ||||||||||||||
Accounts payable and accrued liabilities | 1,036 | 62 | 1,849 | (1,016 | ) | 1,931 | ||||||||||||||
Intercompany payables | 15 | 5,449 | 3,677 | (9,141 | ) | — | ||||||||||||||
Other current liabilities | 12 | 47 | 866 | (19 | ) | 906 | ||||||||||||||
Total Current Liabilities | 1,063 | 5,558 | 18,970 | (10,180 | ) | 15,411 | ||||||||||||||
Long-term debt | 792 | 2,512 | 378 | 4 | 3,686 | |||||||||||||||
Deferred tax liabilities | — | — | 1,025 | (605 | ) | 420 | ||||||||||||||
Pension, other post-retirement and other post-employment liabilities | — | 925 | 682 | — | 1,607 | |||||||||||||||
Intercompany payables | 2,100 | 7,267 | 2,178 | (11,545 | ) | — | ||||||||||||||
Other non-current liabilities | 5 | 159 | 867 | (99 | ) | 932 | ||||||||||||||
TOTAL LIABILITIES | 3,960 | 16,421 | 24,100 | (22,425 | ) | 22,056 | ||||||||||||||
TOTAL AON SHAREHOLDERS’ EQUITY | 8,145 | 2,054 | 14,247 | (16,301 | ) | 8,145 | ||||||||||||||
Noncontrolling interests | — | — | 50 | — | 50 | |||||||||||||||
TOTAL EQUITY | 8,145 | 2,054 | 14,297 | (16,301 | ) | 8,195 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 12,105 | $ | 18,475 | $ | 38,397 | $ | (38,726 | ) | $ | 30,251 | |||||||||
Condensed Consolidating Statement of Financial Position | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 131 | $ | 199 | $ | — | $ | (39 | ) | $ | 291 | |||||||||
Short-term investments | — | 89 | 257 | — | 346 | |||||||||||||||
Receivables, net | 5 | 1 | 3,095 | — | 3,101 | |||||||||||||||
Fiduciary assets | — | — | 12,214 | — | 12,214 | |||||||||||||||
Intercompany receivables | — | 2,092 | 3,545 | (5,637 | ) | — | ||||||||||||||
Other current assets | 7 | 53 | 370 | — | 430 | |||||||||||||||
Total Current Assets | 143 | 2,434 | 19,481 | (5,676 | ) | 16,382 | ||||||||||||||
Goodwill | — | — | 8,943 | — | 8,943 | |||||||||||||||
Intangible assets, net | — | — | 2,975 | — | 2,975 | |||||||||||||||
Fixed assets, net | — | — | 820 | — | 820 | |||||||||||||||
Investments | — | 49 | 116 | — | 165 | |||||||||||||||
Deferred tax assets | 117 | 620 | 266 | (718 | ) | 285 | ||||||||||||||
Intercompany receivables | 166 | 1,997 | 2,350 | (4,513 | ) | — | ||||||||||||||
Other non-current assets | — | 115 | 908 | (107 | ) | 916 | ||||||||||||||
Investment in subsidiary | 10,398 | 10,208 | — | (20,606 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 10,824 | $ | 15,423 | $ | 35,859 | $ | (31,620 | ) | $ | 30,486 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | 12,214 | $ | — | $ | 12,214 | ||||||||||
Short-term debt and current portion of long-term debt | — | 429 | 23 | — | 452 | |||||||||||||||
Accounts payable and accrued liabilities | 10 | 71 | 1,811 | (39 | ) | 1,853 | ||||||||||||||
Intercompany payables | 51 | 2,637 | 2,162 | (4,850 | ) | — | ||||||||||||||
Other current liabilities | — | 49 | 779 | 3 | 831 | |||||||||||||||
Total Current Liabilities | 61 | 3,186 | 16,989 | (4,886 | ) | 15,350 | ||||||||||||||
Long-term debt | 107 | 2,515 | 1,091 | — | 3,713 | |||||||||||||||
Deferred tax liabilities | — | — | 1,024 | (718 | ) | 306 | ||||||||||||||
Pension, other post-retirement and other post-employment liabilities | — | 1,294 | 982 | — | 2,276 | |||||||||||||||
Intercompany payables | 2,890 | 166 | 2,247 | (5,303 | ) | — | ||||||||||||||
Other non-current liabilities | 4 | 254 | 885 | (107 | ) | 1,036 | ||||||||||||||
TOTAL LIABILITIES | 3,062 | 7,415 | 23,218 | (11,014 | ) | 22,681 | ||||||||||||||
TOTAL AON SHAREHOLDERS’ EQUITY | 7,762 | 8,008 | 12,598 | (20,606 | ) | 7,762 | ||||||||||||||
Noncontrolling interests | — | — | 43 | — | 43 | |||||||||||||||
TOTAL EQUITY | 7,762 | 8,008 | 12,641 | (20,606 | ) | 7,805 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 10,824 | $ | 15,423 | $ | 35,859 | $ | (31,620 | ) | $ | 30,486 | |||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $ | (50 | ) | $ | (441 | ) | $ | 2,124 | $ | — | $ | 1,633 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Sales of long-term investments | — | 8 | 85 | — | 93 | |||||||||||||||
Purchase of long-term investments | — | (15 | ) | — | — | (15 | ) | |||||||||||||
Net (purchases) sales of short-term investments - non-fiduciary | — | (74 | ) | (100 | ) | — | (174 | ) | ||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (54 | ) | — | (54 | ) | |||||||||||||
Proceeds from sale of businesses | — | 7 | 33 | — | 40 | |||||||||||||||
Capital expenditures | — | (229 | ) | — | (229 | ) | ||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (74 | ) | (265 | ) | — | (339 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Share repurchase | (1,102 | ) | — | — | — | (1,102 | ) | |||||||||||||
Advances from (to) affiliates | 460 | 996 | (479 | ) | (977 | ) | — | |||||||||||||
Issuance of shares for employee benefit plans | 98 | — | — | — | 98 | |||||||||||||||
Issuance of debt | 1,730 | 2,944 | 232 | — | 4,906 | |||||||||||||||
Repayment of debt | (1,055 | ) | (3,377 | ) | (247 | ) | — | (4,679 | ) | |||||||||||
Cash dividends to shareholders | (212 | ) | — | — | — | (212 | ) | |||||||||||||
Purchase of shares from noncontrolling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (19 | ) | — | (19 | ) | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (81 | ) | 563 | (521 | ) | (977 | ) | (1,016 | ) | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (92 | ) | — | (92 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (131 | ) | 48 | 1,246 | (977 | ) | 186 | |||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 131 | 199 | — | (39 | ) | 291 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 247 | $ | 1,246 | $ | (1,016 | ) | $ | 477 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $ | (87 | ) | $ | (105 | ) | $ | 1,611 | $ | — | $ | 1,419 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Sales of long-term investments | — | 79 | 99 | — | 178 | |||||||||||||||
Purchase of long-term investments | — | (12 | ) | — | — | (12 | ) | |||||||||||||
Net (purchases) sales of short-term investments - non-fiduciary | — | 232 | 208 | — | 440 | |||||||||||||||
Acquisition of businesses, net of cash acquired | (50 | ) | (55 | ) | (57 | ) | — | (162 | ) | |||||||||||
Proceeds from sale of businesses | — | — | 2 | — | 2 | |||||||||||||||
Capital expenditures | — | — | (269 | ) | — | (269 | ) | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (50 | ) | 244 | (17 | ) | — | 177 | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Share repurchase | (1,025 | ) | (100 | ) | — | — | (1,125 | ) | ||||||||||||
Advances from (to) affiliates | 1,379 | 489 | (1,850 | ) | (18 | ) | — | |||||||||||||
Issuance of shares for employee benefit plans | 69 | 49 | — | — | 118 | |||||||||||||||
Issuance of debt | — | 732 | 1 | — | 733 | |||||||||||||||
Repayment of debt | — | (1,061 | ) | (16 | ) | — | (1,077 | ) | ||||||||||||
Cash dividends to shareholders | (155 | ) | (49 | ) | — | — | (204 | ) | ||||||||||||
Purchase of shares from noncontrolling interests | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (27 | ) | — | (27 | ) | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 268 | 60 | (1,896 | ) | (18 | ) | (1,586 | ) | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 9 | — | 9 | |||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 131 | 199 | (293 | ) | (18 | ) | 19 | |||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 293 | (21 | ) | 272 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 131 | $ | 199 | $ | — | $ | (39 | ) | $ | 291 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
(millions) | Aon plc | Aon | Other | Consolidating | Consolidated | |||||||||||||||
Corporation | Non-Guarantor | Adjustments | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $ | — | $ | (201 | ) | $ | 1,219 | $ | — | $ | 1,018 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Sales of long-term investments | — | 133 | 57 | — | 190 | |||||||||||||||
Purchase of long-term investments | — | (20 | ) | (10 | ) | — | (30 | ) | ||||||||||||
Net (purchases) sales of short-term investments - non-fiduciary | — | 115 | (123 | ) | — | (8 | ) | |||||||||||||
Acquisition of businesses, net of cash acquired | — | (10 | ) | (96 | ) | — | (106 | ) | ||||||||||||
Proceeds from sale of businesses | — | 5 | 4 | — | 9 | |||||||||||||||
Capital expenditures | — | — | (241 | ) | — | (241 | ) | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | 223 | (409 | ) | — | (186 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Share repurchase | — | (828 | ) | — | — | (828 | ) | |||||||||||||
Advances from (to) affiliates | — | 789 | (768 | ) | (21 | ) | — | |||||||||||||
Issuance of shares for employee benefit plans | — | 201 | — | — | 201 | |||||||||||||||
Issuance of debt | — | 1,290 | 383 | — | 1,673 | |||||||||||||||
Repayment of debt | — | (1,288 | ) | (400 | ) | — | (1,688 | ) | ||||||||||||
Cash dividends to shareholders | — | (200 | ) | — | — | (200 | ) | |||||||||||||
Purchase of shares from noncontrolling interests | — | — | (24 | ) | — | (24 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (30 | ) | — | (30 | ) | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | — | (36 | ) | (839 | ) | (21 | ) | (896 | ) | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (10 | ) | — | (10 | ) | |||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | (14 | ) | (39 | ) | (21 | ) | (74 | ) | |||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | 14 | 332 | — | 346 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 293 | $ | (21 | ) | $ | 272 | |||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||||
Selected quarterly financial data for the years ended December 31, 2013 and 2012 as follows (in millions, except per share data): | ||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | 2013 | ||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Commissions, fees and other revenue | $ | 2,908 | $ | 2,891 | $ | 2,786 | $ | 3,202 | $ | 11,787 | ||||||||||
Fiduciary investment income | 7 | 6 | 8 | 7 | 28 | |||||||||||||||
Total revenue | $ | 2,915 | $ | 2,897 | $ | 2,794 | $ | 3,209 | $ | 11,815 | ||||||||||
Operating income | $ | 410 | $ | 382 | $ | 364 | 515 | $ | 1,671 | |||||||||||
Net income | 272 | 252 | 264 | 360 | 1,148 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 11 | 11 | 8 | 5 | 35 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 261 | $ | 241 | $ | 256 | $ | 355 | $ | 1,113 | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic net income per share attributable to Aon shareholders | $ | 0.82 | $ | 0.77 | $ | 0.83 | $ | 1.16 | $ | 3.57 | ||||||||||
Diluted net income per share attributable to Aon shareholders | $ | 0.82 | $ | 0.76 | $ | 0.82 | $ | 1.14 | $ | 3.53 | ||||||||||
CLASS A ORDINARY SHARE DATA | ||||||||||||||||||||
Dividends paid per share | $ | 0.16 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.68 | ||||||||||
Price range: | ||||||||||||||||||||
High | $ | 61.87 | $ | 67.26 | $ | 76.3 | $ | 84.33 | $ | 84.33 | ||||||||||
Low | $ | 54.65 | $ | 58.48 | $ | 64.2 | $ | 70.72 | $ | 54.65 | ||||||||||
Shares outstanding | 309.1 | 307.5 | 301 | 300.7 | 300.7 | |||||||||||||||
Average monthly trading volume | 46.4 | 34.9 | 30.9 | 37.6 | 37.5 | |||||||||||||||
1Q | 2Q | 3Q | 4Q | 2012 | ||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Commissions, fees and other revenue | $ | 2,829 | $ | 2,813 | $ | 2,726 | $ | 3,108 | $ | 11,476 | ||||||||||
Fiduciary investment income | 12 | 8 | 11 | 7 | 38 | |||||||||||||||
Total revenue | $ | 2,841 | $ | 2,821 | $ | 2,737 | $ | 3,115 | $ | 11,514 | ||||||||||
Operating income | $ | 402 | $ | 394 | $ | 339 | $ | 461 | $ | 1,596 | ||||||||||
Net income | 249 | 254 | 210 | 307 | 1,020 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 11 | 8 | 6 | 2 | 27 | |||||||||||||||
Net income attributable to Aon shareholders | $ | 238 | $ | 246 | $ | 204 | $ | 305 | $ | 993 | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic net income per share attributable to Aon shareholders | $ | 0.72 | $ | 0.74 | $ | 0.62 | $ | 0.95 | $ | 3.02 | ||||||||||
Diluted net income per share attributable to Aon shareholders | $ | 0.71 | $ | 0.73 | $ | 0.62 | $ | 0.93 | $ | 2.99 | ||||||||||
CLASS A ORDINARY SHARE DATA | ||||||||||||||||||||
Dividends paid per share | $ | 0.15 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.62 | ||||||||||
Price range: | ||||||||||||||||||||
High | $ | 49.51 | $ | 52.61 | $ | 53.35 | $ | 57.92 | $ | 57.92 | ||||||||||
Low | $ | 45.58 | $ | 45.04 | $ | 45.87 | $ | 51.78 | $ | 45.04 | ||||||||||
Shares outstanding | 326.4 | 322.4 | 318.7 | 310.9 | 310.9 | |||||||||||||||
Average monthly trading volume | 47 | 47.6 | 30.1 | 33.7 | 39.6 | |||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (loss) | $360 | $264 | $252 | $272 | $307 | $210 | $254 | $249 | $1,148 | $1,020 | $1,010 |
Earnings per share, diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.53 | $2.99 | $2.87 |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1) | $4 |
Earnings per share, diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0.01 |
Summary_of_Significant_Account3
Summary of Significant Accounting Principles and Practices (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | GBP (£) | Buildings [Member] | Automobiles [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted average [Member] | |
Software [Member] | Furniture, fixtures and equipment [Member] | Computer equipment [Member] | Software [Member] | Leasehold improvements [Member] | Furniture, fixtures and equipment [Member] | Computer equipment [Member] | ||||||||||
Revenue Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of outsourcing contracts for benefit services | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Term of outsourcing contracts for HR BPO services | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating funds in U.K. | $126,000,000 | $124,000,000 | ' | £ 77,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, restricted | 88,000,000 | 76,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiduciary Assets and Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium trust balances | 3,800,000,000 | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts receivable | 90,000,000 | 118,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets, original life, weighted-average | ' | ' | ' | ' | '35 years | '6 years | ' | '4 years | '4 years | '4 years | ' | '7 years | '10 years | '10 years | '6 years | ' |
Goodwill and Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of finite-lived intangible assets | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | '13 years | ' | ' | ' | ' | '10 years |
Foreign Currency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of foreign exchange gains (losses) on the consolidated statements of income | 3,000,000 | -16,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative (losses) gains | ($10,000,000) | $3,000,000 | ($20,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Financial_Data_Schedule_
Other Financial Data Schedule of Other Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Financial Data [Abstract] | ' | ' | ' |
Equity earnings | $20 | $13 | $7 |
Gains on investments | 28 | 7 | 18 |
Gain on disposal of business | 10 | 1 | 0 |
Loss on extinguishment of debt | 0 | 0 | -19 |
Foreign currency remeasurement gains (losses) | 13 | -19 | 30 |
Derivative (losses) gains | -10 | 3 | -20 |
Other | 7 | -3 | 3 |
Other income | $68 | $2 | $19 |
Other_Financial_Data_Schedule_1
Other Financial Data Schedule of Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of year | $118 | $104 | $102 | $90 |
Provision charged to operations | 9 | 45 | 43 | ' |
Accounts written off, net of recoveries | -38 | -30 | -42 | ' |
Effect of exchange rate changes and other | 1 | -1 | 1 | ' |
Balance at end of year | $90 | $118 | ' | ' |
Other_Financial_Data_Schedule_2
Other Financial Data Schedule of Other Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Financial Data [Abstract] | ' | ' |
Prepaid expenses | $229 | $231 |
Taxes | 204 | 69 |
Deferred project costs | 98 | 95 |
Other | 32 | 35 |
Total Other Current Assets | $563 | $430 |
Other_Financial_Data_Component
Other Financial Data Components of Fixed Assets, Net (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Fixed Assets, net | ' | ' | ' | ||
Fixed assets, gross | $2,289 | $2,189 | ' | ||
Less: Accumulated depreciation | 1,498 | 1,369 | ' | ||
Fixed assets, net | 791 | 820 | ' | ||
Depreciation expense including software amortization | 240 | 232 | 220 | ||
Software [Member] | ' | ' | ' | ||
Fixed Assets, net | ' | ' | ' | ||
Fixed assets, gross | 997 | 867 | ' | ||
Leasehold improvements [Member] | ' | ' | ' | ||
Fixed Assets, net | ' | ' | ' | ||
Fixed assets, gross | 434 | 426 | ' | ||
Furniture, fixtures and equipment [Member] | ' | ' | ' | ||
Fixed Assets, net | ' | ' | ' | ||
Fixed assets, gross | 323 | 331 | ' | ||
Computer equipment [Member] | ' | ' | ' | ||
Fixed Assets, net | ' | ' | ' | ||
Fixed assets, gross | 341 | 332 | ' | ||
Construction in progress [Member] | ' | ' | ' | ||
Fixed Assets, net | ' | ' | ' | ||
Fixed assets, gross | 70 | 109 | ' | ||
Other [Member] | ' | ' | ' | ||
Fixed Assets, net | ' | ' | ' | ||
Fixed assets, gross | $124 | [1] | $124 | [1] | ' |
[1] | Land and buildings and Automobiles, disclosed separately in 2012, are now presented in Other to conform with the current presentation. |
Other_Financial_Data_Schedule_3
Other Financial Data Schedule of Other Non-current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Financial Data [Abstract] | ' | ' |
Prepaid pension | $567 | $340 |
Deferred project costs | 273 | 260 |
Taxes | 108 | 84 |
Other | 282 | 232 |
Total Other Non-Current Assets | $1,230 | $916 |
Other_Financial_Data_Schedule_4
Other Financial Data Schedule of Other Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Financial Data [Abstract] | ' | ' |
Deferred revenue | $475 | $435 |
Taxes | 184 | 155 |
Other | 247 | 241 |
Total Other Current Liabilities | $906 | $831 |
Other_Financial_Data_Schedule_5
Other Financial Data Schedule of Other Non-Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Financial Data [Abstract] | ' | ' |
Leases | $204 | $215 |
Taxes | 184 | 178 |
Deferred revenue | 134 | 150 |
Compensation and benefits | 105 | 216 |
Other | 305 | 277 |
Total Other Non-Current Liabilities | $932 | $1,036 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Risk Solutions [Member] | Risk Solutions [Member] | Risk Solutions [Member] | HR Solutions [Member] | HR Solutions [Member] | HR Solutions [Member] | Business Acquisitions [Member] | Business Acquisitions [Member] | Business Acquisitions [Member] | Business Acquisitions [Member] | Business Acquisitions [Member] | Business Acquisitions [Member] | |||
Risk Solutions [Member] | Risk Solutions [Member] | HR Solutions [Member] | HR Solutions [Member] | ||||||||||||
business | business | business | business | ||||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business acquired under business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 6 | 3 | 5 |
Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54 | $175 | ' | ' | ' | ' |
Goodwill | 8,997 | 8,943 | 8,770 | 6,020 | 5,982 | 5,557 | 2,977 | 2,961 | 3,213 | 38 | 90 | ' | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 100 | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66 | $190 | ' | ' | ' | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions Dispositions (Details) (Disposal Groups [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dispositions | ' | ' | ' |
Pretax gain recognized on sale of businesses | $10 | $1 | $0 |
Risk Solutions [Member] | ' | ' | ' |
Dispositions | ' | ' | ' |
Number of dispositions | 7 | 3 | 2 |
HR Solutions [Member] | ' | ' | ' |
Dispositions | ' | ' | ' |
Number of dispositions | 2 | 1 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets Schedule of changes in the net carrying amount of goodwill by operating segment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in the net carrying amount of goodwill by operating segment (in millions) | ' | ' | |
Balance at the beginning of the period | $8,943 | $8,770 | |
Goodwill related to acquisitions | 38 | 96 | |
Goodwill related to disposals | -12 | -1 | |
Goodwill related to other prior year acquisitions | 15 | -6 | |
Transfers | ' | 0 | [1] |
Foreign currency translation | 13 | 84 | |
Balance at the end of the period | 8,997 | 8,943 | |
Risk Solutions [Member] | ' | ' | |
Changes in the net carrying amount of goodwill by operating segment (in millions) | ' | ' | |
Balance at the beginning of the period | 5,982 | 5,557 | |
Goodwill related to acquisitions | 36 | 49 | |
Goodwill related to disposals | -9 | -1 | |
Goodwill related to other prior year acquisitions | -2 | -6 | |
Transfers | ' | 313 | [1] |
Foreign currency translation | 13 | 70 | |
Balance at the end of the period | 6,020 | 5,982 | |
HR Solutions [Member] | ' | ' | |
Changes in the net carrying amount of goodwill by operating segment (in millions) | ' | ' | |
Balance at the beginning of the period | 2,961 | 3,213 | |
Goodwill related to acquisitions | 2 | 47 | |
Goodwill related to disposals | -3 | 0 | |
Goodwill related to other prior year acquisitions | 17 | 0 | |
Transfers | ' | -313 | [1] |
Foreign currency translation | 0 | 14 | |
Balance at the end of the period | $2,977 | $2,961 | |
[1] | Effective JanuaryB 1, 2012, the Health and Benefits Consulting business was transferred from the HR Solutions segment to the Risk Solutions segment. |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Schedule of other intangible assets by asset class (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ||
Intangible assets with finite lives, gross carrying amount | $4,323 | $4,358 | ' | ||
Intangible assets with finite lives, accumulated amortization | 1,745 | 1,383 | ' | ||
Intangible assets, net | 2,578 | 2,975 | ' | ||
Amortization expense on intangible assets | 395 | 423 | 362 | ||
Tradenames [Member] | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ||
Intangible assets with finite lives, gross carrying amount | 1,019 | 1,025 | ' | ||
Intangible assets with finite lives, accumulated amortization | 0 | 0 | ' | ||
Intangible assets, net | 1,019 | 1,025 | ' | ||
Customer related and contract based [Member] | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ||
Intangible assets with finite lives, gross carrying amount | 2,720 | 2,714 | ' | ||
Intangible assets with finite lives, accumulated amortization | 1,310 | 969 | ' | ||
Intangible assets, net | 1,410 | 1,745 | ' | ||
Marketing, technology and other [Member] | ' | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ||
Intangible assets with finite lives, gross carrying amount | 584 | [1] | 619 | [1] | ' |
Intangible assets with finite lives, accumulated amortization | 435 | [1] | 414 | [1] | ' |
Intangible assets, net | $149 | [1] | $205 | [1] | ' |
[1] | Tradenames with finite lives disclosed separately in prior years are now presented in Marketing, technology, and other. |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Schedule of estimated future amortization expense on intangible assets (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $341 |
2015 | 295 |
2016 | 249 |
2017 | 200 |
2018 | 136 |
Thereafter | 338 |
Total future amortization of intangible assets | 1,559 |
Risk Solutions [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 98 |
2015 | 83 |
2016 | 72 |
2017 | 59 |
2018 | 42 |
Thereafter | 76 |
Total future amortization of intangible assets | 430 |
HR Solutions [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 243 |
2015 | 212 |
2016 | 177 |
2017 | 141 |
2018 | 94 |
Thereafter | 262 |
Total future amortization of intangible assets | $1,129 |
Restructuring_Aon_Hewitt_Restr
Restructuring Aon Hewitt Restructuring Plan Narrative (Details) (Aon Hewitt Restructuring Plan [Member], USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Oct. 14, 2010 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Completed Plan Total | $429 | ' |
Restructuring and related charges | ' | 174 |
Workforce reduction [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Number of jobs eliminated to date under the plan | 2,960 | ' |
Completed Plan Total | 266 | ' |
Real estate lease rationalization [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Completed Plan Total | $163 | ' |
Restructuring_Schedule_of_rest
Restructuring Schedule of restructuring and related expenses by type (Details) (Aon Hewitt Restructuring Plan [Member], USD $) | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Completed Plan Total | $429 | ' | ' | ' | ||||
Restructuring and related charges | 174 | 98 | 105 | 52 | ||||
Restructuring charges reclassified from the HR Solutions segment to the Risk Solutions segment | ' | ' | 41 | ' | ||||
HR Solutions [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Completed Plan Total | 247 | ' | ' | ' | ||||
Restructuring and related charges | 80 | 66 | 49 | 52 | ||||
Risk Solutions [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Completed Plan Total | 182 | ' | ' | ' | ||||
Restructuring and related charges | 94 | 32 | 56 | 0 | ||||
Workforce reduction [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Completed Plan Total | 266 | ' | ' | ' | ||||
Restructuring and related charges | 79 | 74 | 64 | 49 | ||||
Lease consolidation [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Completed Plan Total | 136 | ' | ' | ' | ||||
Restructuring and related charges | 83 | 18 | 32 | 3 | ||||
Asset impairments [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Completed Plan Total | 18 | ' | ' | ' | ||||
Restructuring and related charges | 7 | 4 | 7 | 0 | ||||
Other costs associated with restructuring [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Completed Plan Total | 9 | [1] | ' | ' | ' | |||
Restructuring and related charges | $5 | [1] | $2 | [1] | $2 | [1] | $0 | [1] |
[1] | Other costs associated with restructuring initiatives, including moving costs and consulting and legal fees, are recognized when incurred. |
Restructuring_Schedule_of_chan
Restructuring Schedule of changes in company's liabilities for its restructuring plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Reserve | ' | ' | ' |
Beginning balance | $137 | $173 | $237 |
Expensed | 167 | 97 | 106 |
Cash payments | -152 | -142 | -178 |
Stock compensation | ' | -1 | ' |
Foreign exchange translation and other | 14 | 10 | 8 |
Ending balance | 166 | 137 | 173 |
Aon Hewitt Restructuring Plan [Member] | ' | ' | ' |
Restructuring Reserve | ' | ' | ' |
Beginning balance | 96 | 95 | 88 |
Expensed | 167 | 94 | 98 |
Cash payments | -125 | -95 | -93 |
Stock compensation | ' | 0 | ' |
Foreign exchange translation and other | 5 | 2 | 2 |
Ending balance | 143 | 96 | 95 |
Aon Benfield Restructuring Plan [Member] | ' | ' | ' |
Restructuring Reserve | ' | ' | ' |
Beginning balance | 3 | 20 | 26 |
Expensed | 0 | 6 | 19 |
Cash payments | -2 | -24 | -24 |
Stock compensation | ' | -1 | ' |
Foreign exchange translation and other | 0 | 2 | -1 |
Ending balance | 1 | 3 | 20 |
2007 Restructuring Plan [Member] | ' | ' | ' |
Restructuring Reserve | ' | ' | ' |
Beginning balance | 35 | 50 | 113 |
Expensed | 0 | -3 | -11 |
Cash payments | -24 | -18 | -59 |
Stock compensation | ' | 0 | ' |
Foreign exchange translation and other | 9 | 6 | 7 |
Ending balance | 20 | 35 | 50 |
Other Restructuring Plan [Member] | ' | ' | ' |
Restructuring Reserve | ' | ' | ' |
Beginning balance | 3 | 8 | 10 |
Expensed | 0 | 0 | 0 |
Cash payments | -1 | -5 | -2 |
Stock compensation | ' | 0 | ' |
Foreign exchange translation and other | 0 | 0 | 0 |
Ending balance | $2 | $3 | $8 |
Investments_Details
Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | ||||||
Interest-bearing Assets | ' | ' | ' | ' | ||
Cash and cash equivalents | $477 | $291 | $272 | $346 | ||
Short-term investments | 523 | 346 | ' | ' | ||
Fiduciary assets | 3,778 | [1] | 4,029 | [1] | ' | ' |
Investments | 132 | 165 | ' | ' | ||
Total interest-bearing assets | 4,910 | 4,831 | ' | ' | ||
Investments: | ' | ' | ' | ' | ||
Equity method investments | 113 | 102 | ' | ' | ||
Other investments, at cost | 10 | [2] | 43 | [2] | ' | ' |
Fixed-maturity securities | 9 | [2] | 20 | [2] | ' | ' |
Investments | $132 | $165 | ' | ' | ||
[1] | Fiduciary assets include funds held on behalf of clients but does not include fiduciary receivables. | |||||
[2] | The reductions in other investments and fixed-maturity securities are primarily due to sales. |
Debt_Summary_of_outstanding_de
Debt Summary of outstanding debt (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1997 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 07, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 07, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 24-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 08, 2011 | Dec. 31, 2013 | Nov. 21, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 07, 2010 | Dec. 31, 2013 | 21-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 15, 2013 | Mar. 08, 2013 | Dec. 31, 2012 | Dec. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | 6.25% EUR 500 debt securities due July 2014 [Member] | 6.25% EUR 500 debt securities due July 2014 [Member] | 6.25% EUR 500 debt securities due July 2014 [Member] | 6.25% EUR 500 debt securities due July 2014 [Member] | 5.00% Senior notes due September 2020 [Member] | 5.00% Senior notes due September 2020 [Member] | 5.00% Senior notes due September 2020 [Member] | 3.50% senior notes due September 2015 [Member] | 3.50% senior notes due September 2015 [Member] | 3.50% senior notes due September 2015 [Member] | 8.205% Junior subordinated deferrable interest debentures due January 2027 [Member] | 8.205% Junior subordinated deferrable interest debentures due January 2027 [Member] | 3.125% Senior notes due May 2016 [Member] | 3.125% Senior notes due May 2016 [Member] | 3.125% Senior notes due May 2016 [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 4.00% senior notes dues November 2023 [Member] | 4.00% senior notes dues November 2023 [Member] | 4.00% senior notes dues November 2023 [Member] | 6.25% Senior notes due September 2040 [Member] | 6.25% Senior notes due September 2040 [Member] | 6.25% Senior notes due September 2040 [Member] | 4.45% senior notes due May 2043 [Member] | 4.45% senior notes due May 2043 [Member] | 4.45% senior notes due May 2043 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | Term loan credit facility due October 2013 [Member] | Term loan credit facility due October 2013 [Member] | Term loan credit facility due October 2013 [Member] | Term loan credit facility due October 2013 [Member] | Other [Member] | Other [Member] | ||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | USD ($) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $4,389,000,000 | $4,165,000,000 | ' | $685,000,000 | ' | $661,000,000 | ' | $599,000,000 | $598,000,000 | ' | $599,000,000 | $598,000,000 | ' | $521,000,000 | $521,000,000 | $500,000,000 | $500,000,000 | ' | $352,000,000 | ' | $377,000,000 | ' | $349,000,000 | ' | $0 | $298,000,000 | $297,000,000 | ' | $248,000,000 | ' | $0 | $195,000,000 | ' | ' | $107,000,000 | ' | $0 | $383,000,000 | ' | ' | $43,000,000 | $123,000,000 |
Less short-term and current portion of long-term debt | 703,000,000 | 452,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 3,686,000,000 | 3,713,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt face value | ' | ' | ' | ' | € 500,000,000 | $661,000,000 | $500,000,000 | ' | ' | $600,000,000 | ' | ' | $600,000,000 | ' | ' | ' | ' | $500,000,000 | ' | 375,000,000 | ' | 375,000,000 | ' | $350,000,000 | ' | ' | ' | $300,000,000 | ' | $250,000,000 | ' | ' | $256,000,000 | $90,000,000 | ' | $166,000,000 | ' | ' | $450,000,000 | ' | ' | ' |
Interest rate on debt | ' | ' | 8.21% | 6.25% | 6.25% | ' | 6.25% | 5.00% | ' | 5.00% | 3.50% | ' | 3.50% | 8.21% | 8.21% | 3.13% | ' | 3.13% | 4.76% | 4.76% | ' | 4.76% | 4.00% | 4.00% | ' | 6.25% | ' | 6.25% | 4.45% | 4.45% | ' | 4.25% | 4.25% | 4.25% | ' | 4.25% | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.38% | ' | ' |
Debt_Repayments_of_longterm_de
Debt Repayments of long-term debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $703 | ' |
2015 | 609 | ' |
2016 | 510 | ' |
2017 | 4 | ' |
2018 | 352 | ' |
Thereafter | 2,211 | ' |
Total debt | $4,389 | $4,165 |
Debt_Narrative_Details
Debt Narrative (Details) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 1997 | 8-May-13 | Mar. 20, 2012 | Mar. 20, 2012 | Oct. 14, 2010 | Dec. 31, 2012 | Oct. 15, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 21, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 21-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 15, 2013 | Mar. 08, 2013 | Dec. 31, 2012 | Dec. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 24-May-11 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 15, 2011 | Oct. 02, 2010 | Aug. 13, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 08, 2011 | Apr. 12, 2011 | Sep. 15, 2010 | Aug. 13, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 07, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 07, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 07, 2010 | Sep. 07, 2010 | Jul. 02, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Prime Rate [Member] | Eurodollar [Member] | Euro Facility Agreement [Member] | Euro Facility Agreement [Member] | Euro Facility Agreement [Member] | US and Euro Line of Credit Facility [Member] | Commercial paper [Member] | Commercial paper [Member] | 4.00% senior notes dues November 2023 [Member] | 4.00% senior notes dues November 2023 [Member] | 4.00% senior notes dues November 2023 [Member] | 4.45% senior notes due May 2043 [Member] | 4.45% senior notes due May 2043 [Member] | 4.45% senior notes due May 2043 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | 4.25% senior notes due December 2042 [Member] | 8.205% Junior subordinated deferrable interest debentures due January 2027 [Member] | 8.205% Junior subordinated deferrable interest debentures due January 2027 [Member] | 3.125% Senior notes due May 2016 [Member] | 3.125% Senior notes due May 2016 [Member] | 3.125% Senior notes due May 2016 [Member] | Term loan credit facility due October 2013 [Member] | Term loan credit facility due October 2013 [Member] | Term loan credit facility due October 2013 [Member] | 2010 Term loan credit facility [Member] | 2010 Term loan credit facility [Member] | 2010 Term loan credit facility [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 4.768% CAD 375 debt securities due March 2018 [Member] | 5.05% CAD 375 debt securities due April 2011 | Bridge Loan Facility [Member] | Bridge Loan Facility [Member] | 3.50% senior notes due September 2015 [Member] | 3.50% senior notes due September 2015 [Member] | 3.50% senior notes due September 2015 [Member] | 5.00% Senior notes due September 2020 [Member] | 5.00% Senior notes due September 2020 [Member] | 5.00% Senior notes due September 2020 [Member] | 6.25% Senior notes due September 2040 [Member] | 6.25% Senior notes due September 2040 [Member] | 6.25% Senior notes due September 2040 [Member] | Notes [Member] | 6.25% EUR 500 debt securities due July 2014 [Member] | 6.25% EUR 500 debt securities due July 2014 [Member] | 6.25% EUR 500 debt securities due July 2014 [Member] | 6.25% EUR 500 debt securities due July 2014 [Member] | ||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | ' | $4,389,000,000 | $4,165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $50,000,000 | $349,000,000 | ' | $0 | $248,000,000 | ' | $0 | $195,000,000 | ' | ' | $107,000,000 | ' | $521,000,000 | $521,000,000 | $500,000,000 | $500,000,000 | ' | $383,000,000 | $0 | ' | ' | ' | ' | $352,000,000 | ' | $377,000,000 | ' | ' | ' | ' | $599,000,000 | $598,000,000 | ' | $599,000,000 | $598,000,000 | ' | $298,000,000 | $297,000,000 | ' | ' | ' | $685,000,000 | ' | $661,000,000 |
Weighted average commercial paper outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339,000,000 | 67,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 0.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | 250,000,000 | ' | ' | 256,000,000 | 90,000,000 | ' | 166,000,000 | ' | ' | ' | ' | 500,000,000 | ' | ' | 450,000,000 | ' | ' | ' | ' | 375,000,000 | ' | 375,000,000 | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | 600,000,000 | ' | ' | 300,000,000 | ' | 500,000,000 | ' | 500,000,000 | 661,000,000 |
Interest rate on debt | ' | ' | ' | ' | 8.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | 4.45% | 4.45% | ' | 4.25% | 4.25% | 4.25% | ' | 4.25% | 8.21% | 8.21% | 3.13% | ' | 3.13% | ' | ' | ' | ' | ' | ' | 4.76% | 4.76% | ' | 4.76% | 5.05% | ' | ' | 3.50% | ' | 3.50% | 5.00% | ' | 5.00% | 6.25% | ' | 6.25% | ' | 6.25% | 6.25% | 6.25% | ' |
New credit and loan facility | ' | ' | ' | ' | ' | 650,000,000 | ' | ' | ' | 860,000,000 | 650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annualized interest rate including LIBOR (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument base interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 677,000,000 | ' | ' | ' |
Term of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) gain on extinguishment of debt | ' | 0 | 0 | -19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed under five-year multi-currency foreign credit facility (Euro credit facility) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing cost amortization for Term Loan Credit Facility and Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' |
Deferred financing costs expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percent | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of debt related to hedging activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' |
Percentage of common equity in trust | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of repurchased Capital Securities | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Capital Securities | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on repurchase of Capital Securities | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investments exchanged for debentures | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures cancelled amount | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures outstanding | 687,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High-end adjustment limit of non-recurring cash charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated EBITDA less transaction costs to consolidated cash interest expense | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum ratio of consolidated indebtedness to consolidated EBITDA | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 |
sqft | ||||
Leases, Operating [Abstract] | ' | ' | ' | ' |
Area of real estate property | ' | ' | ' | 479,000 |
Rental expenses for operating leases | ' | ' | ' | ' |
Rental expense | $520 | $536 | $525 | ' |
Sub lease rental income | 77 | 72 | 71 | ' |
Net rental expense | 443 | 464 | 454 | ' |
Future minimum rental payments under operating leases | ' | ' | ' | ' |
2014 | 409 | ' | ' | ' |
2015 | 371 | ' | ' | ' |
2016 | 334 | ' | ' | ' |
2017 | 287 | ' | ' | ' |
2018 | 250 | ' | ' | ' |
Thereafter | 903 | ' | ' | ' |
Total minimum payments required | $2,554 | ' | ' | ' |
Income_Taxes_Income_from_conti
Income Taxes Income from continuing operations before income tax (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income taxes: | ' | ' | ' |
Income from continuing operations before income taxes | $1,538 | $1,380 | $1,388 |
Current: | ' | ' | ' |
Total current | 404 | 455 | 235 |
Deferred: | ' | ' | ' |
Total deferred | -14 | -95 | 143 |
Total income taxes expenses | 390 | 360 | 378 |
U.K. [Member] | ' | ' | ' |
Income before income taxes: | ' | ' | ' |
Income from continuing operations before income taxes | 96 | 36 | 222 |
Current: | ' | ' | ' |
Total current | -18 | -10 | 13 |
Deferred: | ' | ' | ' |
Total deferred | 43 | 46 | 32 |
U.S. [Member] | ' | ' | ' |
Income before income taxes: | ' | ' | ' |
Income from continuing operations before income taxes | 349 | 468 | 305 |
Current: | ' | ' | ' |
Total current | 111 | 170 | -17 |
Deferred: | ' | ' | ' |
Total deferred | -48 | -83 | 109 |
U.S. state and local [Member] | ' | ' | ' |
Current: | ' | ' | ' |
Total current | 52 | 57 | 35 |
Deferred: | ' | ' | ' |
Total deferred | 10 | -10 | 14 |
Other [Member] | ' | ' | ' |
Income before income taxes: | ' | ' | ' |
Income from continuing operations before income taxes | 1,093 | 876 | 861 |
Current: | ' | ' | ' |
Total current | 259 | 238 | 204 |
Deferred: | ' | ' | ' |
Total deferred | ($19) | ($48) | ($12) |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of the income tax provisions based on the U.S. statutory corporate tax rate to the provisions reflected in the Consolidated Financial Statements (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Reconciliation of the income tax provisions based on the statutory corporate tax rate to the provisions reflected in the Consolidated Financial Statements | ' | ' | ' | |||
Statutory tax rate | 23.00% | 24.00% | 35.00% | |||
U.S. state income taxes, net of U.S. federal benefit | 2.60% | 2.20% | 2.30% | |||
Taxes on international operations | -4.40% | [1] | 0.60% | [1] | -11.50% | [1] |
Nondeductible expenses | 1.40% | 2.00% | 3.50% | |||
Adjustments to prior year tax requirements | -1.60% | 0.40% | -1.10% | |||
Deferred tax adjustments, including statutory rate changes | 1.40% | 0.70% | 0.90% | |||
Deferred tax adjustments, international earnings | 3.30% | 0.00% | 0.00% | |||
Adjustments to valuation allowances | -1.70% | -5.60% | -1.70% | |||
Other b net | 1.40% | 1.80% | -0.10% | |||
Effective tax rate | 25.40% | 26.10% | 27.30% | |||
[1] | The Company determines the adjustment for taxes on international operations based on the difference between the statutory tax rate applicable to earnings in each foreign jurisdiction and the enacted rate of 23%, 24% and 35% at DecemberB 31, 2013, 2012 and 2011, respectively. |
Income_Taxes_Components_of_Aon
Income Taxes Components of Aon's deferred tax assets and liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Employee benefit plans | $623 | $917 |
Net operating/capital loss and tax credit carryforwards | 354 | 368 |
Other accrued expenses | 142 | 47 |
Investment basis differences | 50 | 13 |
Other | 58 | 77 |
Total | 1,227 | 1,422 |
Valuation allowance on deferred tax assets | -127 | -154 |
Total | 1,100 | 1,268 |
Deferred tax liabilities: | ' | ' |
Intangibles and property, plant and equipment | -1,074 | -1,128 |
Unremitted earnings | -51 | 0 |
Deferred revenue | -27 | -30 |
Other accrued expenses | -39 | -62 |
Unrealized investment gains | 0 | -5 |
Unrealized foreign exchange gains | -27 | -8 |
Other | -64 | -29 |
Total | -1,282 | -1,262 |
Net deferred tax asset (liability) | ($182) | $6 |
Income_Taxes_Deferred_income_t
Income Taxes Deferred income taxes (assets and liabilities netted by jurisdiction) as classified in the Consolidated Statements of Financial Position (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Deferred income taxes | ' | ' | ||
Deferred tax assets - current | $93 | [1] | $44 | [1] |
Deferred tax assets b non-current | 193 | 285 | ||
Deferred tax liabilities - current | -48 | [1] | -17 | [1] |
Deferred tax liabilities b non-current | -420 | -306 | ||
Net deferred tax asset (liability) | ($182) | $6 | ||
[1] | Included in Other current assets and Other current liabilities. |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Decrease in valuation allowance | $27,000,000 | ' | ' |
Adjustment to additional paid-in-capital for income tax benefits attributable to employee stock compensation | 74,000,000 | 33,000,000 | 36,000,000 |
Deferred tax liabilities from undistributed foreign earnings | 51,000,000 | 0 | ' |
Undistributed foreign earnings | 3,800,000,000 | ' | ' |
Benefit realized from tax holiday granted | 3,900,000 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 141,000,000 | ' | ' |
Accrued potential interest and penalties | 2,000,000 | 6,000,000 | ' |
Liability recorded for interest and penalties | 27,000,000 | 23,000,000 | ' |
U.K. [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 660,000,000 | ' | ' |
Capital loss carryforwards | 270,000,000 | ' | ' |
U.S. Federal [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 25,000,000 | ' | ' |
U.S. State [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 412,000,000 | ' | ' |
Other [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 287,000,000 | ' | ' |
Capital loss carryforwards | $86,000,000 | ' | ' |
Income_Taxes_Reconciliation_of1
Income Taxes Reconciliation of the beginning and ending amount of unrecognized tax benefits (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of the Company's beginning and ending amount of unrecognized tax benefits | ' | ' |
Balance at the beginning of the period | $156 | $118 |
Additions based on tax positions related to the current year | 22 | 21 |
Additions for tax positions of prior years | 69 | 45 |
Reductions for tax positions of prior years | -70 | -1 |
Settlements | -10 | -22 |
Lapse of statute of limitations | -3 | -5 |
Balance at the end of the period | $164 | $156 |
Shareholders_Equity_Redomestic
Shareholders' Equity Redomestication Narrative (Details) (USD $) | 1 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 04, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Treasury stock shares cancelled (in shares) | 60 | ' | ' | ' |
Impact of cancellation of treasury shares on ordinary shares | $60,000,000 | ' | ' | ' |
Impact of cancellation of treasury shares on Retained earnings | 2,400,000,000 | ' | ' | ' |
Cost of treasury stock shares eliminated | 2,500,000,000 | ' | ' | ' |
Common stock, par value before redomestication (in dollars per share) | $1 | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ' |
Impact of redomestication in ordinary shares | 323,000,000 | ' | ' | ' |
Impact of redomestication on additional paid-in-capital | 323,000,000 | ' | ' | ' |
Distributable reserves available amount | ' | $5,900,000,000 | $7,000,000,000 | $8,000,000,000 |
Shareholders_Equity_Ordinary_S
Shareholders' Equity Ordinary Shares (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2010 | Apr. 30, 2012 | Dec. 31, 2013 |
Share Repurchase Program [Member] | Share Repurchase Program [Member] | 2010 - Share Repurchase Program [Member] | 2012 - Share Repurchase Program [Member] | 2012 - Share Repurchase Program [Member] | ||||
Common Stock Programs | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase authorization limit | ' | ' | ' | ' | ' | $2,000,000,000 | $5,000,000,000 | ' |
Number of shares repurchased (in shares) | ' | ' | ' | 16.8 | 21.6 | ' | ' | 36.3 |
Average price per share of shares purchased under share repurchase program (in dollars per share) | ' | ' | ' | $65.65 | $52.16 | ' | ' | ' |
Cost of shares repurchased | 1,102,000,000 | 1,125,000,000 | 828,000,000 | 1,100,000,000 | 1,100,000,000 | ' | ' | 2,100,000,000 |
Share repurchase, remaining authorization limit | ' | ' | ' | ' | ' | ' | ' | $2,900,000,000 |
Shareholders_Equity_Participat
Shareholders' Equity Participating Securities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Income from continuing operations | $11 | $11 | $13 |
Number of shares excluded from the calculation of diluted earnings per share | 0 | 0.2 | 0.1 |
Shareholders_Equity_Schedule_o
Shareholders' Equity Schedule of weighted average shares outstanding (Details) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Equity [Abstract] | ' | ' | ' | |||
Shares for basic earnings per share | 311.4 | [1] | 328.5 | [1] | 335.5 | [1] |
Common stock equivalents | 4 | 4.1 | 5.4 | |||
Shares for diluted earnings per share | 315.4 | 332.6 | 340.9 | |||
Number of participating securities | 3.9 | 4.7 | 7.6 | |||
[1] | Includes 3.9 million, 4.7 million and 7.6 million shares of participating securities for the years ended DecemberB 31, 2013, 2012, and 2011 respectively. |
Shareholders_Equity_Dividends_
Shareholders' Equity Dividends (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid on ordinary shares | ' | ' | ' | ' | ' | ' | ' | ' | $212 | $204 | $200 |
Dividends paid per share (in dollars per share) | $0.18 | $0.18 | $0.18 | $0.16 | $0.16 | $0.16 | $0.16 | $0.15 | $0.68 | $0.62 | $0.60 |
Shareholders_Equity_Components
Shareholders' Equity Components of Accumulated other comprehensive loss, net of related tax (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |||
Beginning balance | ($2,610) | ($2,370) | ($1,917) | |||
Other comprehensive loss before reclassifications | 286 | -508 | -773 | |||
Tax benefit | -143 | 171 | 243 | |||
Other comprehensive loss before reclassifications, net | 143 | -337 | -530 | |||
Amounts reclassified from accumulated other comprehensive loss | 132 | 143 | 114 | |||
Tax benefit | -39 | -46 | -37 | |||
Amounts reclassified from accumulated other comprehensive loss, net | 93 | 97 | 77 | |||
Total other comprehensive gain (loss) attributable to Aon shareholders | 236 | -240 | -453 | |||
Ending balance | -2,374 | -2,610 | -2,370 | |||
Change in Fair Value of Investments [Member] | ' | ' | ' | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |||
Beginning balance | 0 | [1] | 0 | [1] | 0 | [1] |
Other comprehensive loss before reclassifications | 27 | [1] | 0 | [1] | 0 | [1] |
Tax benefit | -13 | [1] | 0 | [1] | 0 | [1] |
Other comprehensive loss before reclassifications, net | 14 | [1] | 0 | [1] | 0 | [1] |
Amounts reclassified from accumulated other comprehensive loss | -20 | [1] | 0 | [1] | 0 | [1] |
Tax benefit | 7 | [1] | 0 | [1] | 0 | [1] |
Amounts reclassified from accumulated other comprehensive loss, net | -13 | [1] | 0 | [1] | 0 | [1] |
Total other comprehensive gain (loss) attributable to Aon shareholders | 1 | [1] | 0 | [1] | 0 | [1] |
Ending balance | 1 | [1] | 0 | [1] | 0 | [1] |
Change in Fair Value of Derivatives [Member] | ' | ' | ' | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |||
Beginning balance | -28 | [1] | -37 | [1] | -24 | [1] |
Other comprehensive loss before reclassifications | -12 | [1] | -19 | [1] | -44 | [1] |
Tax benefit | 5 | [1] | 7 | [1] | 15 | [1] |
Other comprehensive loss before reclassifications, net | -7 | [1] | -12 | [1] | -29 | [1] |
Amounts reclassified from accumulated other comprehensive loss | 21 | [1] | 33 | [1] | 25 | [1] |
Tax benefit | -8 | [1] | -12 | [1] | -9 | [1] |
Amounts reclassified from accumulated other comprehensive loss, net | 13 | [1] | 21 | [1] | 16 | [1] |
Total other comprehensive gain (loss) attributable to Aon shareholders | 6 | [1] | 9 | [1] | -13 | [1] |
Ending balance | -22 | [1] | -28 | [1] | -37 | [1] |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |||
Beginning balance | 233 | 124 | 168 | |||
Other comprehensive loss before reclassifications | -65 | 109 | -47 | |||
Tax benefit | 1 | 0 | 3 | |||
Other comprehensive loss before reclassifications, net | -64 | 109 | -44 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | |||
Tax benefit | 0 | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, net | 0 | 0 | 0 | |||
Total other comprehensive gain (loss) attributable to Aon shareholders | -64 | 109 | -44 | |||
Ending balance | 169 | 233 | 124 | |||
Post-retirement Benefit Obligations [Member] | ' | ' | ' | |||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |||
Beginning balance | -2,815 | [2] | -2,457 | [2] | -2,061 | [2] |
Other comprehensive loss before reclassifications | 336 | [2] | -598 | [2] | -682 | |
Tax benefit | -136 | [2] | 164 | [2] | 225 | |
Other comprehensive loss before reclassifications, net | 200 | [2] | -434 | [2] | -457 | [2] |
Amounts reclassified from accumulated other comprehensive loss | 131 | [2] | 110 | [2] | 89 | [2] |
Tax benefit | -38 | [2] | -34 | [2] | -28 | [2] |
Amounts reclassified from accumulated other comprehensive loss, net | 93 | [2] | 76 | [2] | 61 | [2] |
Total other comprehensive gain (loss) attributable to Aon shareholders | 293 | [2] | -358 | [2] | -396 | [2] |
Ending balance | ($2,522) | [2] | ($2,815) | [2] | ($2,457) | [2] |
[1] | Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income | |||||
[2] | Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Compensation and benefits |
Employee_Benefits_Schedule_of_
Employee Benefits Schedule of expense recognized in Compensation and benefit in the Consolidated Statements of Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Savings Plans | ' | ' | ' |
U.S. | $123 | $115 | $104 |
U.K. | 45 | 41 | 43 |
Expense recognized for defined contribution savings plans | $168 | $156 | $147 |
Employee_Benefits_Pension_Plan
Employee Benefits Pension Plans Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Percentage of the Company's projected benefit obligation | 93.00% | ' |
U.S. Pension Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Future amortization of loss | ($44,000,000) | ' |
Plans with PBO in excess of the fair value of plan assets, PBO | 2,700,000,000 | 2,900,000,000 |
Plans with ABO in excess of the fair value of plan assets, ABO | 2,700,000,000 | 2,900,000,000 |
Plans with ABO in excess of the fair value of plan assets, fair value of plan assets | 1,900,000,000 | 1,600,000,000 |
U.K. [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Future amortization of loss | -63,000,000 | ' |
Plans with PBO in excess of the fair value of plan assets, PBO | 1,200,000,000 | 2,200,000,000 |
Plans with PBO in excess of the fair value of plan assets | 1,000,000,000 | 1,800,000,000 |
Plans with ABO in excess of the fair value of plan assets, ABO | 1,200,000,000 | 2,200,000,000 |
Plans with ABO in excess of the fair value of plan assets, fair value of plan assets | 1,000,000,000 | 1,800,000,000 |
Other [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Plans with PBO in excess of the fair value of plan assets, PBO | 1,200,000,000 | 1,300,000,000 |
Plans with PBO in excess of the fair value of plan assets | 1,000,000,000 | 1,000,000,000 |
Plans with ABO in excess of the fair value of plan assets, ABO | 400,000,000 | 1,300,000,000 |
Plans with ABO in excess of the fair value of plan assets, fair value of plan assets | $300,000,000 | $1,000,000,000 |
Employee_Benefits_Reconciliati
Employee Benefits Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.K. [Member] | ' | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Balance at the beginning of the Period | $4,944 | $4,520 | ' |
Service cost | 1 | 1 | 4 |
Interest cost | 210 | 217 | 216 |
Participant contributions | 0 | 0 | ' |
Plan amendment | 0 | 0 | ' |
Curtailments | 0 | 0 | ' |
Plan transfer and acquisitions | 0 | 0 | ' |
Actuarial loss (gain) | 145 | -116 | ' |
Benefit payments | -186 | -153 | ' |
Actual expenses | 0 | 0 | ' |
Change in discount rate | -95 | 324 | ' |
Foreign currency impact | 87 | 151 | ' |
Balance at the end of the period | 5,106 | 4,944 | 4,520 |
Accumulated benefit obligation at end of year | 5,106 | 4,944 | ' |
Change in fair value of plan assets | ' | ' | ' |
Balance at the beginning of the period | 4,860 | 4,245 | ' |
Actual return on plan assets | 304 | 281 | ' |
Participant contributions | 0 | 0 | ' |
Employer contributions | 316 | 341 | ' |
Plan transfer and acquisitions | 0 | 0 | ' |
Benefit payments | -186 | -153 | ' |
Actual expenses | 0 | 0 | ' |
Foreign currency impact | 104 | 146 | ' |
Balance at the end of the period | 5,398 | 4,860 | 4,245 |
Market related value at end of year | 5,398 | 4,860 | ' |
Funded status | 292 | -84 | ' |
Unrecognized prior-service cost | 24 | 24 | ' |
Unrecognized loss | 2,012 | 1,981 | ' |
Net amount recognized | 2,328 | 1,921 | ' |
U.S. [Member] | ' | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Balance at the beginning of the Period | 2,884 | 2,657 | ' |
Service cost | 7 | 0 | 0 |
Interest cost | 114 | 119 | 122 |
Participant contributions | 0 | 0 | ' |
Plan amendment | 12 | 0 | ' |
Curtailments | 0 | 0 | ' |
Plan transfer and acquisitions | 115 | 0 | ' |
Actuarial loss (gain) | 17 | 29 | ' |
Benefit payments | -128 | -123 | ' |
Actual expenses | 0 | 0 | ' |
Change in discount rate | -277 | 202 | ' |
Foreign currency impact | 0 | 0 | ' |
Balance at the end of the period | 2,744 | 2,884 | 2,657 |
Accumulated benefit obligation at end of year | 2,744 | 2,884 | ' |
Change in fair value of plan assets | ' | ' | ' |
Balance at the beginning of the period | 1,631 | 1,325 | ' |
Actual return on plan assets | 199 | 203 | ' |
Participant contributions | 0 | 0 | ' |
Employer contributions | 153 | 226 | ' |
Plan transfer and acquisitions | 0 | 0 | ' |
Benefit payments | -128 | -123 | ' |
Actual expenses | 0 | 0 | ' |
Foreign currency impact | 0 | 0 | ' |
Balance at the end of the period | 1,855 | 1,631 | 1,325 |
Market related value at end of year | 1,765 | 1,566 | ' |
Funded status | -889 | -1,253 | ' |
Unrecognized prior-service cost | 12 | 0 | ' |
Unrecognized loss | 1,219 | 1,591 | ' |
Net amount recognized | 342 | 338 | ' |
Other [Member] | ' | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Balance at the beginning of the Period | 1,323 | 1,063 | ' |
Service cost | 18 | 14 | 15 |
Interest cost | 45 | 48 | 51 |
Participant contributions | 1 | 1 | ' |
Plan amendment | 0 | 0 | ' |
Curtailments | -1 | 0 | ' |
Plan transfer and acquisitions | 0 | 0 | ' |
Actuarial loss (gain) | 1 | -23 | ' |
Benefit payments | -44 | -42 | ' |
Actual expenses | -1 | 0 | ' |
Change in discount rate | -85 | 238 | ' |
Foreign currency impact | -5 | 24 | ' |
Balance at the end of the period | 1,252 | 1,323 | 1,063 |
Accumulated benefit obligation at end of year | 1,177 | 1,241 | ' |
Change in fair value of plan assets | ' | ' | ' |
Balance at the beginning of the period | 1,009 | 853 | ' |
Actual return on plan assets | 34 | 111 | ' |
Participant contributions | 1 | 1 | ' |
Employer contributions | 55 | 71 | ' |
Plan transfer and acquisitions | 0 | 0 | ' |
Benefit payments | -44 | -42 | ' |
Actual expenses | -1 | 0 | ' |
Foreign currency impact | 7 | 15 | ' |
Balance at the end of the period | 1,061 | 1,009 | 853 |
Market related value at end of year | 1,061 | 1,009 | ' |
Funded status | -191 | -314 | ' |
Unrecognized prior-service cost | 3 | 4 | ' |
Unrecognized loss | 402 | 491 | ' |
Net amount recognized | $214 | $181 | ' |
Employee_Benefits_Amounts_reco
Employee Benefits Amounts recognized in the Consolidated Statements of Financial Position (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
U.K. [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Prepaid benefit cost | $549 | [1] | $301 | [1] |
Accrued benefit liability | -257 | [2] | -385 | [2] |
Accumulated other comprehensive loss | 2,036 | 2,005 | ||
Net amount recognized | 2,328 | 1,921 | ||
U.S. [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Prepaid benefit cost | 0 | [1] | 0 | [1] |
Accrued benefit liability | -889 | [2] | -1,253 | [2] |
Accumulated other comprehensive loss | 1,231 | 1,591 | ||
Net amount recognized | 342 | 338 | ||
Other [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Prepaid benefit cost | 1 | [1] | 0 | [1] |
Accrued benefit liability | -192 | [2] | -314 | [2] |
Accumulated other comprehensive loss | 405 | 495 | ||
Net amount recognized | $214 | $181 | ||
[1] | Included in Other non-current assets | |||
[2] | Included in Pension, other post retirement, and post employment liabilities |
Employee_Benefits_Amounts_reco1
Employee Benefits Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
U.K. [Member] | ' | ' |
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost | ' | ' |
Net loss | $2,012 | $1,981 |
Prior service cost | 24 | 24 |
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost | 2,036 | 2,005 |
U.S. [Member] | ' | ' |
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost | ' | ' |
Net loss | 1,219 | 1,591 |
Prior service cost | 12 | 0 |
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost | 1,231 | 1,591 |
Other [Member] | ' | ' |
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost | ' | ' |
Net loss | 402 | 491 |
Prior service cost | 3 | 4 |
Amounts recognized in Accumulated other comprehensive loss unrecognized as components of net periodic benefit cost | $405 | $495 |
Employee_Benefits_Components_o
Employee Benefits Components of net periodic benefit cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.K. [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | $1 | $1 | $4 |
Interest cost | 210 | 217 | 216 |
Expected return on plan assets | -302 | -274 | -238 |
Amortization of prior-service cost | 1 | 1 | 1 |
Amortization of net actuarial loss | 49 | 43 | 39 |
Net periodic benefit cost | -41 | -12 | 22 |
U.S. [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 7 | 0 | 0 |
Interest cost | 114 | 119 | 122 |
Expected return on plan assets | -139 | -127 | -120 |
Amortization of prior-service cost | 0 | 0 | 0 |
Amortization of net actuarial loss | 52 | 43 | 31 |
Net periodic benefit cost | 34 | 35 | 33 |
Other [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 18 | 14 | 15 |
Interest cost | 45 | 48 | 51 |
Expected return on plan assets | -59 | -49 | -49 |
Amortization of prior-service cost | 0 | 0 | 0 |
Amortization of net actuarial loss | 23 | 17 | 14 |
Net periodic benefit cost | $27 | $30 | $31 |
Employee_Benefits_Weightedaver
Employee Benefits Weighted-average assumptions used to determine future benefit obligations (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
U.K. [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 4.55% | 4.45% |
Rate of compensation increase | ' | 3.85% |
Underlying price inflation | 2.40% | 2.25% |
U.K. [Member] | Minimum [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Rate of compensation increase | 3.70% | ' |
U.K. [Member] | Maximum [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Rate of compensation increase | 4.40% | ' |
U.S. [Member] | Minimum [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 3.97% | 3.73% |
U.S. [Member] | Maximum [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 4.87% | 4.05% |
Other [Member] | Minimum [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 3.60% | 3.25% |
Rate of compensation increase | 2.25% | 2.25% |
Underlying price inflation | 1.50% | 2.00% |
Other [Member] | Maximum [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 4.71% | 3.89% |
Rate of compensation increase | 3.50% | 3.50% |
Underlying price inflation | 2.50% | 2.50% |
Employee_Benefits_Weightedaver1
Employee Benefits Weighted-average assumptions used to determine the net periodic benefit cost (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
U.K. [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.45% | 4.80% | ' |
Expected return on plan assets | 6.30% | 6.30% | ' |
Rate of compensation increase | ' | 3.55% | 4.00% |
U.K. [Member] | Minimum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | ' | ' | 5.30% |
Expected return on plan assets | ' | ' | 3.20% |
Rate of compensation increase | 3.25% | ' | ' |
U.K. [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | ' | ' | 5.50% |
Expected return on plan assets | ' | ' | 7.20% |
Rate of compensation increase | 3.85% | ' | ' |
U.S. [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Expected return on plan assets | 8.80% | 8.80% | 8.80% |
U.S. [Member] | Minimum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 3.73% | 4.33% | 4.35% |
U.S. [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.05% | 4.60% | 5.34% |
Other [Member] | Minimum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 3.25% | 4.40% | 4.70% |
Expected return on plan assets | 4.60% | 4.90% | 4.90% |
Rate of compensation increase | 2.25% | 2.25% | 2.00% |
Other [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 3.89% | 4.94% | 5.45% |
Expected return on plan assets | 6.50% | 6.75% | 7.00% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Employee_Benefits_Expected_Ret
Employee Benefits Expected Return on Plan Assets Narrative (Details) (U.S. [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
U.S. [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Expected return on plan assets | 8.80% | 8.80% | 8.80% |
Employee_Benefits_Schedule_of_1
Employee Benefits Schedule of Fair Value of U.S Plan Assets (Details) (U.S. Pension Plan [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | $1,855 | $1,631 | $1,325 | ||
Fair Value [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 1,855 | 1,631 | ' | ||
Fair Value [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 53 | [1] | 22 | [1] | ' |
Fair Value [Member] | Large cap domestic | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 303 | [2] | 233 | [2] | ' |
Fair Value [Member] | Small cap domestic [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 66 | [2] | 44 | [2] | ' |
Fair Value [Member] | Large cap international [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 212 | [2] | 188 | [2] | ' |
Fair Value [Member] | Equity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 361 | [2] | 226 | [2] | ' |
Fair Value [Member] | Corporate bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 395 | [3] | 421 | [3] | ' |
Fair Value [Member] | Government and agency bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 96 | [3] | 97 | [3] | ' |
Fair Value [Member] | Asset-backed securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 25 | [3] | 18 | [3] | ' |
Fair Value [Member] | Fixed income derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 13 | [3] | 52 | [3] | ' |
Fair Value [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 266 | [4] | 262 | [4] | ' |
Fair Value [Member] | Commodity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 14 | [5] | 17 | [5] | ' |
Fair Value [Member] | Real estate and REITS [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 51 | [6] | 51 | [6] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 624 | 434 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 53 | [1] | 22 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Large cap domestic | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 303 | [2] | 233 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Small cap domestic [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 5 | [2] | 0 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Large cap international [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 66 | [2] | 59 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 146 | [2] | 69 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government and agency bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-backed securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed income derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [4] | 0 | [4] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commodity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [5] | 0 | [5] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real estate and REITS [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 51 | [6] | 51 | [6] | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 965 | 935 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Large cap domestic | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Small cap domestic [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 61 | [2] | 44 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Large cap international [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 146 | [2] | 129 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 215 | [2] | 157 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 395 | [3] | 421 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Government and agency bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 96 | [3] | 97 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Asset-backed securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 25 | [3] | 18 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed income derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 13 | [3] | 52 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [4] | 0 | [4] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Commodity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 14 | [5] | 17 | [5] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Real estate and REITS [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [6] | 0 | [6] | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 266 | 262 | 191 | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Large cap domestic | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Small cap domestic [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Large cap international [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Government and agency bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Asset-backed securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fixed income derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 266 | [4] | 262 | [4] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Commodity derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | 0 | [5] | 0 | [5] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Real estate and REITS [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total | $0 | [6] | $0 | [6] | ' |
[1] | Consists of cash and institutional short-term investment funds. | ||||
[2] | Consists of equity securities, equity derivatives, and pooled equity funds. | ||||
[3] | Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives. | ||||
[4] | Consists of limited partnerships, private equity and hedge funds. | ||||
[5] | Consists of long-dated options on a commodity index. | ||||
[6] | Consists of exchange traded REITS. |
Employee_Benefits_Schedule_of_2
Employee Benefits Schedule of changes in Level 3 fair value for U.S. Pension Plans (Details) (U.S. [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in fair value of plan assets | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $1,855 | $1,631 | $1,325 | $262 | $191 |
Actual return on plan assets: | ' | ' | ' | ' | ' |
Relating to assets still held at the end of the year | ' | ' | ' | 26 | 22 |
Relating to assets sold during the year | ' | ' | ' | 4 | 1 |
Purchases, sales and settlementsbnet | ' | ' | ' | -26 | 48 |
Transfer in/(out) of Level 3 | ' | ' | ' | 0 | 0 |
Balance at the end of the period | $1,855 | $1,631 | $1,325 | $266 | $262 |
Employee_Benefits_Schedule_of_3
Employee Benefits Schedule of Fair Value of U.K. Plan Assets (Details) (U.K. [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | $5,398 | $4,860 | $4,245 | ||
Fair Value [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 5,398 | 4,860 | ' | ||
Fair Value [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 555 | 298 | ' | ||
Fair Value [Member] | Pooled funds - Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 668 | [1] | 967 | [1] | ' |
Fair Value [Member] | Pooled funds - Europe [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 155 | [1] | 319 | [1] | ' |
Fair Value [Member] | Equity securities - global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 171 | [2] | 137 | [2] | ' |
Fair Value [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 31 | [2] | 103 | [2] | ' |
Fair Value [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 500 | [1] | 501 | [1] | ' |
Fair Value [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 2,043 | [3] | 1,234 | [3] | ' |
Fair Value [Member] | Annuities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 564 | 568 | ' | ||
Fair Value [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 142 | [3] | 217 | [3] | ' |
Fair Value [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 23 | [1],[4] | 70 | [1],[4] | ' |
Fair Value [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 546 | [1],[5] | 446 | [1],[5] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 2,769 | 1,669 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 555 | 298 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | ' | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Europe [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity securities - global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 171 | [2] | 137 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 2,043 | [3] | 1,234 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Annuities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[4] | 0 | [1],[4] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[5] | 0 | [1],[5] | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 1,496 | 2,107 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 668 | [1] | 967 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Europe [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 155 | [1] | 319 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity securities - global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 31 | [2] | 103 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 500 | [1] | 501 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Annuities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 142 | [3] | 217 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[4] | 0 | [1],[4] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[5] | 0 | [1],[5] | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 1,133 | 1,084 | 851 | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Europe [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity securities - global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Annuities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 564 | 568 | 419 | ||
Significant Unobservable Inputs (Level 3) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [3] | 0 | [3] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 23 | [1],[4] | 70 | [1],[4] | 97 |
Significant Unobservable Inputs (Level 3) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | $546 | [1],[5] | $446 | [1],[5] | $335 |
[1] | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | ||||
[2] | Consists of equity securities and equity derivatives. | ||||
[3] | Consists of corporate and government bonds and fixed income derivatives. | ||||
[4] | Consists of property funds and trusts holding direct real estate investments. | ||||
[5] | Consists of limited partnerships, private equity and hedge funds. |
Employee_Benefits_Schedule_of_4
Employee Benefits Schedule of changes in Level 3 fair value for U.K. Pension Plans (Details) (U.K. [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | $4,860 | $4,245 | ||
Actual return on plan assets: | ' | ' | ||
Foreign exchange | 104 | 146 | ||
Balance at the end of the period | 5,398 | 4,860 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | 1,084 | 851 | ||
Actual return on plan assets: | ' | ' | ||
Relating to assets still held at the end of the year | 20 | 16 | ||
Relating to assets sold during the year | 8 | 12 | ||
Purchases, sales and settlementsbnet | 1 | 173 | ||
Transfer in/(out) of Level 3 | 0 | 0 | ||
Foreign exchange | 20 | 32 | ||
Balance at the end of the period | 1,133 | 1,084 | ||
Significant Unobservable Inputs (Level 3) [Member] | Global [Member] | ' | ' | ||
Actual return on plan assets: | ' | ' | ||
Balance at the end of the period | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Annuities [Member] | ' | ' | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | 568 | 419 | ||
Actual return on plan assets: | ' | ' | ||
Relating to assets still held at the end of the year | -13 | -4 | ||
Relating to assets sold during the year | 0 | 0 | ||
Purchases, sales and settlementsbnet | 0 | 137 | ||
Transfer in/(out) of Level 3 | 0 | 0 | ||
Foreign exchange | 9 | 16 | ||
Balance at the end of the period | 564 | 568 | ||
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Real estate [Member] | ' | ' | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | 70 | [1],[2] | 97 | |
Actual return on plan assets: | ' | ' | ||
Relating to assets still held at the end of the year | 1 | 1 | ||
Relating to assets sold during the year | 3 | 1 | ||
Purchases, sales and settlementsbnet | -50 | -32 | ||
Transfer in/(out) of Level 3 | 0 | 0 | ||
Foreign exchange | -1 | 3 | ||
Balance at the end of the period | 23 | [1],[2] | 70 | [1],[2] |
Significant Unobservable Inputs (Level 3) [Member] | Alternative investments [Member] | ' | ' | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | 446 | [1],[3] | 335 | |
Actual return on plan assets: | ' | ' | ||
Relating to assets still held at the end of the year | 32 | 19 | ||
Relating to assets sold during the year | 5 | 11 | ||
Purchases, sales and settlementsbnet | 51 | 68 | ||
Transfer in/(out) of Level 3 | 0 | 0 | ||
Foreign exchange | 12 | 13 | ||
Balance at the end of the period | $546 | [1],[3] | $446 | [1],[3] |
[1] | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||
[2] | Consists of property funds and trusts holding direct real estate investments. | |||
[3] | Consists of limited partnerships, private equity and hedge funds. |
Employee_Benefits_Schedule_of_5
Employee Benefits Schedule of Fair Value of Other Plan Assets (Details) (Other [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | $1,061 | $1,009 | $853 | ||
Fair Value [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 1,061 | 1,009 | ' | ||
Fair Value [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 11 | 5 | ' | ||
Fair Value [Member] | Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 318 | [1] | 274 | [1] | ' |
Fair Value [Member] | Pooled funds - North America [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 52 | [1] | 65 | [1] | ' |
Fair Value [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 509 | [1] | 472 | [1] | ' |
Fair Value [Member] | Pooled funds - Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 20 | [1] | 23 | [1] | ' |
Fair Value [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 61 | [2] | 64 | [2] | ' |
Fair Value [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 14 | [2] | 28 | [2] | ' |
Fair Value [Member] | Pooled funds - Commodities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 32 | [1] | 30 | [1] | ' |
Fair Value [Member] | Pooled funds - REITS [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 5 | [1] | 5 | [1] | ' |
Fair Value [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 17 | [1],[3] | 17 | [1],[3] | ' |
Fair Value [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 14 | 15 | ' | ||
Fair Value [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 8 | [1],[4] | 11 | [1],[4] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 11 | 5 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 11 | 5 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - North America [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Commodities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - REITS [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[3] | 0 | [1],[3] | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[4] | 0 | [1],[4] | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 1,025 | 976 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 318 | [1] | 274 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - North America [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 52 | [1] | 65 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 509 | [1] | 472 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 20 | [1] | 23 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 61 | [2] | 64 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 14 | [2] | 28 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Commodities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 32 | [1] | 30 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - REITS [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 5 | [1] | 5 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[3] | 0 | [1],[3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 14 | 15 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1],[4] | 0 | [1],[4] | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 25 | 28 | 48 | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Global [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - North America [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [2] | 0 | [2] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Commodities [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - REITS [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | [1] | 0 | [1] | ' |
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Real estate [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 17 | [1],[3] | 17 | [1],[3] | 37 |
Significant Unobservable Inputs (Level 3) [Member] | Derivatives [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Alternative investments [Member] | ' | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ||
Total | $8 | [1],[4] | $11 | [1],[4] | $11 |
[1] | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | ||||
[2] | Consists of corporate and government bonds and fixed income derivatives. | ||||
[3] | Consists of property funds and trusts holding direct real estate investments. | ||||
[4] | Consists of limited partnerships, private equity and hedge funds. |
Employee_Benefits_Schedule_of_6
Employee Benefits Schedule of changes in level 3 fair value for Other Plans (Details) (Other [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | $1,009 | $853 | ||
Actual return on plan assets: | ' | ' | ||
Foreign currency impact | 7 | 15 | ||
Balance at the end of the period | 1,061 | 1,009 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | 28 | 48 | ||
Actual return on plan assets: | ' | ' | ||
Relating to assets still held at the end of the year | 0 | -2 | ||
Relating to assets sold during the year | 1 | 0 | ||
Purchases, sales and settlementsbnet | -4 | 0 | ||
Transfer in/(out) of Level 3 | 0 | -18 | ||
Foreign currency impact | 0 | 0 | ||
Balance at the end of the period | 25 | 28 | ||
Significant Unobservable Inputs (Level 3) [Member] | Pooled funds - Real estate [Member] | ' | ' | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | 17 | [1],[2] | 37 | |
Actual return on plan assets: | ' | ' | ||
Relating to assets still held at the end of the year | -1 | -2 | ||
Relating to assets sold during the year | 0 | 0 | ||
Purchases, sales and settlementsbnet | 0 | 0 | ||
Transfer in/(out) of Level 3 | 0 | -18 | ||
Foreign currency impact | 1 | 0 | ||
Balance at the end of the period | 17 | [1],[2] | 17 | [1],[2] |
Significant Unobservable Inputs (Level 3) [Member] | Alternative investments [Member] | ' | ' | ||
Change in fair value of plan assets | ' | ' | ||
Balance at the beginning of the period | 11 | [1],[3] | 11 | |
Actual return on plan assets: | ' | ' | ||
Relating to assets still held at the end of the year | 1 | 0 | ||
Relating to assets sold during the year | 1 | 0 | ||
Purchases, sales and settlementsbnet | -4 | 0 | ||
Transfer in/(out) of Level 3 | 0 | 0 | ||
Foreign currency impact | -1 | 0 | ||
Balance at the end of the period | $8 | [1],[3] | $11 | [1],[3] |
[1] | Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles. | |||
[2] | Consists of property funds and trusts holding direct real estate investments. | |||
[3] | Consists of limited partnerships, private equity and hedge funds. |
Employee_Benefits_Investment_P
Employee Benefits Investment Policy and Strategy Narrative (Details) | 12 Months Ended |
Dec. 31, 2013 | |
U.S. Pension Plan [Member] | Equity investments [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target allocation percentage | 49.00% |
U.S. Pension Plan [Member] | Fixed income investments [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target allocation percentage | 30.00% |
U.S. Pension Plan [Member] | Other Investments | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target allocation percentage | 21.00% |
U.K. and Non-U.S. Pension Plan [Member] | Equity investments [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Actual allocation percentage | 31.00% |
U.K. and Non-U.S. Pension Plan [Member] | Fixed income investments [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Actual allocation percentage | 69.00% |
Employee_Benefits_Cash_Flows_N
Employee Benefits Cash Flows Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
U.S. Pension Plan [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Expected employer contributions during next fiscal year | $173 |
U.K. [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Expected employer contributions during next fiscal year | $212 |
Employee_Benefits_Estimated_Fu
Employee Benefits Estimated Future Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
U.K. [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | $156 |
2015 | 157 |
2016 | 168 |
2017 | 181 |
2018 | 190 |
2019 - 2023 | 1,143 |
U.S. Pension Plan [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 152 |
2015 | 158 |
2016 | 166 |
2017 | 173 |
2018 | 171 |
2019 - 2023 | 868 |
Other [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 45 |
2015 | 46 |
2016 | 48 |
2017 | 49 |
2018 | 51 |
2019 - 2023 | $280 |
Employee_Benefits_Overview_of_
Employee Benefits Overview of the accumulated benefit obligation, fair value of plan assets, funded status and net amount recognized for U.S. and Canadian Other Post-Retirement Benefits (Details) (U.S. and Canadian Other Post-Retirement Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
U.S. and Canadian Other Post-Retirement Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Accumulated benefit obligation at end of year | $118 | $134 |
Fair value of plan assets | 20 | 20 |
Funded status | -98 | -114 |
Unrecognized prior-service credit | -9 | -15 |
Unrecognized loss | 18 | 37 |
Net amount recognized | ($89) | ($92) |
Employee_Benefits_Schedule_of_7
Employee Benefits Schedule of Other information related to Company's other post-retirement plan's (Details) (U.S. and Canadian Other Post-Retirement Benefits [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net periodic benefit cost recognized (millions) | $4 | $1 | $6 |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.44% | 3.67% | 4.33% |
Discount rate | 3.67% | 4.33% | 4.92% |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate | 4.95% | 4.00% | 5.00% |
Discount rate | 4.00% | 5.00% | 6.00% |
Employee_Benefits_US_and_Canad
Employee Benefits U.S. and Canadian Other Post-Retirement Benefits Narrative (Details) (U.S. and Canadian Other Post-Retirement Benefits [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Unrecognized loss | $18 | $37 |
Prior service cost | 9 | 15 |
Future amortization of loss | -1 | ' |
Amortization of prior-service cost (credit) | 5 | ' |
Expected employer contributions during next fiscal year | 6 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 8 | ' |
2015 | 8 | ' |
2016 | 8 | ' |
2017 | 8 | ' |
2018 | 8 | ' |
2019 - 2023 | 40 | ' |
Effect of one percentage point increase on accumulated postretirement benefit obligation | 5 | ' |
Effect of one percentage point decrease on accumulated postretirement benefit obligation | 5 | ' |
Effect of one percentage point increase on service cost and interest cost components of net periodic benefit cost | 0.5 | ' |
Effect of one percentage point decrease on service cost and interest cost components of net periodic benefit cost | 0.5 | ' |
Maximum percentage of liability for future plan cost increases for pre-65 and medical supplement plan coverage | 5.00% | ' |
Maximum [Member] | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' |
Maximum percentage of liability for future plan cost increases for pre-65 and medical supplement plan coverage | 8.00% | ' |
Minimum [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Amortization of prior-service cost (credit) | 5 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' |
Maximum percentage of liability for future plan cost increases for pre-65 and medical supplement plan coverage | 5.00% | ' |
Recognition period of plan amendment which phases out post-retirement coverage | '2 years | ' |
New prior service credit | $10 | ' |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans Share-based compensation expense recognized in continuing operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | $300 | $212 | $235 |
Tax benefit | 81 | 62 | 77 |
Share-based compensation expense, net of tax | 219 | 150 | 158 |
Employee share purchase plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | 7 | 7 | 6 |
Restricted share units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | 174 | 154 | 142 |
Performance-based Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | 117 | 46 | 78 |
Share options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | $2 | $5 | $9 |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans Restricted Share Units Narrative (Details) (Restricted share units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period from grant date of award | '10 years | ' | ' |
Fair value of RSUs vested during the period | $172 | $180 | $146 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '5 years | ' | ' |
ShareBased_Compensation_Plans_3
Share-Based Compensation Plans Summary of the status of the Company's RSUs (Details) (Restricted share units (RSUs) [Member], USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restricted share units (RSUs) [Member] | ' | ' | ' | |||
Non-vested share awards | ' | ' | ' | |||
Non-vested at beginning of period (in shares) | 10,432 | 9,916 | 10,674 | |||
Target PSAs granted (in shares) | 3,714 | 5,113 | 3,506 | |||
Vested (in shares) | -3,945 | -3,958 | -3,773 | |||
Forfeited (in shares) | -442 | -639 | -491 | |||
Non-vested at end of period (in shares) | 9,759 | 10,432 | 9,916 | |||
Weighted Average Fair value | ' | ' | ' | |||
Non-vested at beginning of period (in dollars per share) | $44 | [1] | $42 | [1] | $38 | [1] |
Granted (in dollars per share) | $62 | [1] | $46 | [1] | $51 | [1] |
Vested (in dollars per share) | $44 | [1] | $42 | [1] | $39 | [1] |
Forfeited (in dollars per share) | $47 | [1] | $44 | [1] | $39 | [1] |
Non-vested at end of period (in dollars per share) | $51 | [1] | $44 | [1] | $42 | [1] |
[1] | Represents per share weighted average fair value of award at date of grant. |
ShareBased_Compensation_Plans_4
Share-Based Compensation Plans Performance Share Awards Narrative (Details) (Performance-based Awards [Member]) | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
Minimum [Member] | Maximum [Member] | 2010 Leadership Performance Plan [Member] | Other Performance Plans [Member] | Other Performance Plans [Member] | 2009 Leadership Performance Plan [Member] | 2008 Leadership Performance Plan [Member] | 2006 Performance Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting conditions period | '1 year | '5 years | ' | ' | ' | ' | ' | ' |
Shares issued percent | 0.00% | 200.00% | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | 1.1 | 0.2 | 0.9 | 1.4 | 1.2 | 0.3 |
ShareBased_Compensation_Plans_5
Share-Based Compensation Plans Schedule of Performance-based plans (Details) (Performance-based Awards [Member], USD $) | 12 Months Ended | |||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Performance-based Awards [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Target PSAs granted | 1,135 | 1,369 | 1,715 | |||
Fair value | $58 | [1] | $47 | [1] | $50 | [1] |
Number of shares that would be issued based on current performance levels | 1,702 | 2,451 | 1,443 | |||
Unamortized expense, based on current performance levels | $70 | $40 | $0 | |||
[1] | Represents per share weighted average fair value of award at date of grant. |
ShareBased_Compensation_Plans_6
Share-Based Compensation Plans Share Options Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Closing share price (in dollars per share) | $83.89 | ' | ' |
Aggregate intrinsic value of options outstanding | $179 | ' | ' |
Aggregate intrinsic value of exercisable options outstanding | 170 | ' | ' |
Unamortized deferred compensation expense | $336 | ' | ' |
Remaining weighted-average amortization period | '2 years 1 month 6 days | ' | ' |
Share options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Continuous years of service before options begin to vest | '2 years | ' | ' |
Vesting period | '4 years | ' | ' |
Continuous years of service before all options would vest for those options that do not vest incrementally | '5 years | ' | ' |
Maximum contractual term | '10 years | ' | ' |
Granted (in shares) | 0 | 0 | 80,000 |
Granted (in dollars per share) | $0 | $0 | $53 |
Leadership Performance Plan Cycle [Member] | Share options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Maximum contractual term | '6 years | ' | ' |
Incentive Compensation Plans [Member] | Share options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted (in shares) | 0 | 0 | 80,000 |
Granted (in dollars per share) | ' | ' | $53 |
ShareBased_Compensation_Plans_7
Share-Based Compensation Plans Summary of weighted average assumptions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Weighted average volatility | 26.10% |
Expected dividend yield | 1.30% |
Risk-free rate | 2.20% |
Weighted average expected life, in years | '5 years 6 months |
Weighted average estimated fair value per share | $10.92 |
Summary_of_the_status_of_the_C
Summary of the status of the Company's share options and related information (Details) (Share options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share options [Member] | ' | ' | ' |
Share Options | ' | ' | ' |
Outstanding at beginning of period (in shares) | 5,611,000 | 9,116,000 | 13,919,000 |
Granted (in shares) | 0 | 0 | 80,000 |
Exercised (in shares) | -2,116,000 | -3,413,000 | -4,546,000 |
Forfeited and expired (in shares) | -33,000 | -92,000 | -337,000 |
Outstanding at end of period (in shares) | 3,462,000 | 5,611,000 | 9,116,000 |
Exercisable at end of period (in shares) | 3,270,000 | 5,117,000 | 7,833,000 |
Shares available for grant (in shares) | 11,330,000 | 17,024,000 | 24,508,000 |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $32 | $32 | $32 |
Granted (in dollars per share) | $0 | $0 | $53 |
Exercised (in dollars per share) | $32 | $31 | $32 |
Forfeited and expired (in dollars per share) | $34 | $37 | $36 |
Outstanding at end of period (in dollars per share) | $32 | $32 | $32 |
Exercisable at end of period (in dollars per share) | $32 | $31 | $30 |
ShareBased_Compensation_Plans_8
Share-Based Compensation Plans Summary of options outstanding and exercisable (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share options outstanding and share options exercisable | ' |
Share options, outstanding (in shares) | 3,462 |
Share options exercisable (in shares) | 3,270 |
$14.71 - $22.86 [Member] | ' |
Share options outstanding and share options exercisable | ' |
Share options, range of exercise prices, low end of the range (in dollars per share) | $14.71 |
Share options, range of exercise prices, high end of the range (in dollars per share) | $22.86 |
Share options, outstanding (in shares) | 1,244 |
Weighted average remaining contractual life of share options outstanding | '1 year 5 months 5 days |
Weighted average exercise price of share options outstanding (in dollars per share) | $22.45 |
Share options exercisable (in shares) | 1,244 |
Weighted average remaining contractual life of share options exercisable (in years) | '1 year 5 months 5 days |
Weighted average exercise price of share options exercisable (in dollars per share) | $22.45 |
$22.87 - $25.51 [Member] | ' |
Share options outstanding and share options exercisable | ' |
Share options, range of exercise prices, low end of the range (in dollars per share) | $22.87 |
Share options, range of exercise prices, high end of the range (in dollars per share) | $25.51 |
Share options, outstanding (in shares) | 174 |
Weighted average remaining contractual life of share options outstanding | '1 year 6 months |
Weighted average exercise price of share options outstanding (in dollars per share) | $25.44 |
Share options exercisable (in shares) | 174 |
Weighted average remaining contractual life of share options exercisable (in years) | '1 year 6 months |
Weighted average exercise price of share options exercisable (in dollars per share) | $25.44 |
$25.52 - $32.53 [Member] | ' |
Share options outstanding and share options exercisable | ' |
Share options, range of exercise prices, low end of the range (in dollars per share) | $25.52 |
Share options, range of exercise prices, high end of the range (in dollars per share) | $32.53 |
Share options, outstanding (in shares) | 304 |
Weighted average remaining contractual life of share options outstanding | '10 months 24 days |
Weighted average exercise price of share options outstanding (in dollars per share) | $27.41 |
Share options exercisable (in shares) | 304 |
Weighted average remaining contractual life of share options exercisable (in years) | '10 months 24 days |
Weighted average exercise price of share options exercisable (in dollars per share) | $27.41 |
$32.54 - $36.88 [Member] | ' |
Share options outstanding and share options exercisable | ' |
Share options, range of exercise prices, low end of the range (in dollars per share) | $32.54 |
Share options, range of exercise prices, high end of the range (in dollars per share) | $36.88 |
Share options, outstanding (in shares) | 392 |
Weighted average remaining contractual life of share options outstanding | '2 years 3 months 26 days |
Weighted average exercise price of share options outstanding (in dollars per share) | $35.89 |
Share options exercisable (in shares) | 323 |
Weighted average remaining contractual life of share options exercisable (in years) | '2 years 1 month 2 days |
Weighted average exercise price of share options exercisable (in dollars per share) | $35.77 |
$36.89 - $43.44 [Member] | ' |
Share options outstanding and share options exercisable | ' |
Share options, range of exercise prices, low end of the range (in dollars per share) | $36.89 |
Share options, range of exercise prices, high end of the range (in dollars per share) | $43.44 |
Share options, outstanding (in shares) | 830 |
Weighted average remaining contractual life of share options outstanding | '2 years 6 months 18 days |
Weighted average exercise price of share options outstanding (in dollars per share) | $39.49 |
Share options exercisable (in shares) | 760 |
Weighted average remaining contractual life of share options exercisable (in years) | '2 years 3 months 22 days |
Weighted average exercise price of share options exercisable (in dollars per share) | $39.54 |
$43.45 - $52.93 [Member] | ' |
Share options outstanding and share options exercisable | ' |
Share options, range of exercise prices, low end of the range (in dollars per share) | $43.45 |
Share options, range of exercise prices, high end of the range (in dollars per share) | $52.93 |
Share options, outstanding (in shares) | 518 |
Weighted average remaining contractual life of share options outstanding | '3 years 6 months |
Weighted average exercise price of share options outstanding (in dollars per share) | $47.05 |
Share options exercisable (in shares) | 465 |
Weighted average remaining contractual life of share options exercisable (in years) | '3 years 1 month 2 days |
Weighted average exercise price of share options exercisable (in dollars per share) | $46.38 |
ShareBased_Compensation_Plans_9
Share-Based Compensation Plans Other information related to the Company's share options (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Options | ' | ' | ' |
Aggregate intrinsic value of stock options exercised | $73 | $67 | $80 |
Cash received from the exercise of stock options | 61 | 105 | 153 |
Tax benefit realized from the exercise of stock options | $15 | $11 | $14 |
Recovered_Sheet1
Share-Based Compensation Plans Employee Share Purchase Plan Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $300 | $212 | $235 | ' |
United States [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Period of interval for purchase of common stock | ' | ' | '6 months | '3 months |
Purchase price expressed as a percentage of the fair market value of common stock | ' | ' | 85.00% | 85.00% |
Stock issued to employees under the plan (in shares) | 556,000 | 621,000 | 468,000 | ' |
Total share-based compensation expense | 6 | 6 | 5 | ' |
United States [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Purchase of shares under plan | 7,500,000 | ' | ' | ' |
United Kingdom [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Purchase of shares under plan | 350,000 | ' | ' | 300,000 |
Stock issued to employees under the plan (in shares) | 172,000 | 25,000 | 63,000 | ' |
Waiting period before purchase of shares | '3 years | ' | ' | ' |
Total share-based compensation expense | $1 | $1 | $1 | ' |
Derivatives_and_Hedging_Foreig
Derivatives and Hedging Foreign Exchange Risk Management Narrative (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Not Designated as Hedging Instrument [Member] | ' |
Derivative [Line Items] | ' |
Maximum length of time hedged in foreign currency undesignated hedge | '1 year |
Cash Flow Hedging [Member] | ' |
Derivative [Line Items] | ' |
Foreign currency exposures, maximum average hedging period | '2 years |
Maximum length of time, foreign currency cash flow hedge | '5 years |
Net Investment Hedging [Member] | ' |
Derivative [Line Items] | ' |
Foreign currency exposures, maximum hedging period | '2 years |
Derivatives_and_Hedging_Intere
Derivatives and Hedging Interest Rate Risk Management (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Estimated pretax losses currently included within Accumulated Other Comprehensive Loss that will be reclassified to earnings in next twelve months | $20 | ' | ' |
Derivative (losses) gains | -10 | 3 | -20 |
Cash Flow Hedging [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Interest rate fluctuations, maximum hedging period | '2 years | ' | ' |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative (losses) gains | ($18) | $13 | ' |
Derivatives_and_Hedging_Notion
Derivatives and Hedging Notional and fair values of derivative instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative Assets | $80 | $210 | ||
Derivative Liabilities | 93 | 251 | ||
Other Current Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets | 46 | 167 | ||
Other Noncurrent Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets | 34 | 43 | ||
Other Current Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Liabilities | 51 | 171 | ||
Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Liabilities | 42 | 80 | ||
Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 1,362 | 1,544 | ||
Derivative Assets | 80 | [1] | 208 | [1] |
Derivative Liabilities | 93 | [2] | 250 | [2] |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 171 | 336 | ||
Derivative Assets | 9 | [1] | 17 | [1] |
Derivative Liabilities | 0 | [2] | 0 | [2] |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 1,191 | 1,208 | ||
Derivative Assets | 71 | [1] | 191 | [1] |
Derivative Liabilities | 93 | [2] | 250 | [2] |
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 1,577 | 1,849 | ||
Derivative Assets | 80 | [1] | 210 | [1] |
Derivative Liabilities | 93 | [2] | 251 | [2] |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional Amount | 215 | 305 | ||
Derivative Assets | 0 | [1] | 2 | [1] |
Derivative Liabilities | $0 | [2] | $1 | [2] |
[1] | Included within Other current assets ($46 million in 2013 and $167 million in 2012) or Other non-current assets ($34 million in 2013 and $43 million in 2012) | |||
[2] | Included within Other liabilities $51 million in 2013 and $171 million in 2012) or Other non-current liabilities ($42 million in 2013 and $80 million in 2012) |
Derivatives_and_Hedging_Offset
Derivatives and Hedging Offsetting of financial assets and derivatives assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | $80 | $210 | ||
Gross Amounts Offset in the Statement of Financial Position | -30 | -160 | ||
Net Amounts of Assets Presented in the Statement of Financial Position | 50 | [1] | 50 | [1] |
Other Current Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 46 | 167 | ||
Net Amounts of Assets Presented in the Statement of Financial Position | 18 | 18 | ||
Other Noncurrent Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 34 | 43 | ||
Net Amounts of Assets Presented in the Statement of Financial Position | 32 | 32 | ||
Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 80 | [2] | 208 | [2] |
Gross Amounts Offset in the Statement of Financial Position | -30 | -160 | ||
Net Amounts of Assets Presented in the Statement of Financial Position | 50 | [1] | 48 | [1] |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 9 | [2] | 17 | [2] |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | ||
Net Amounts of Assets Presented in the Statement of Financial Position | 9 | [1] | 17 | [1] |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 71 | [2] | 191 | [2] |
Gross Amounts Offset in the Statement of Financial Position | -30 | -160 | ||
Net Amounts of Assets Presented in the Statement of Financial Position | 41 | [1] | 31 | [1] |
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 80 | [2] | 210 | [2] |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 0 | [2] | 2 | [2] |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | ||
Net Amounts of Assets Presented in the Statement of Financial Position | $0 | [1] | $2 | [1] |
[1] | Included within Other current assets ($18 million in both 2013 and 2012) or Other non-current assets ($32 million in both 2013 and 2012) | |||
[2] | Included within Other current assets ($46 million in 2013 and $167 million in 2012) or Other non-current assets ($34 million in 2013 and $43 million in 2012) |
Derivatives_and_Hedging_Offset1
Derivatives and Hedging Offsetting of financial liabilities and derivative liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | $93 | $251 | ||
Gross Amounts Offset in the Statement of Financial Position | -30 | -160 | ||
Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | 63 | [1] | 91 | [1] |
Other Current Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 51 | 171 | ||
Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | 23 | 23 | ||
Other Noncurrent Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 42 | 80 | ||
Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | 40 | 68 | ||
Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 93 | [2] | 250 | [2] |
Gross Amounts Offset in the Statement of Financial Position | -30 | -160 | ||
Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | 63 | [1] | 90 | [1] |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 0 | [2] | 0 | [2] |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | ||
Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | 0 | [1] | 0 | [1] |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 93 | [2] | 250 | [2] |
Gross Amounts Offset in the Statement of Financial Position | -30 | -160 | ||
Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | 63 | [1] | 90 | [1] |
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 93 | [2] | 251 | [2] |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 0 | [2] | 1 | [2] |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | ||
Net Amounts of Liabilities Presented in the Statement of Financial Position (2) | $0 | [1] | $1 | [1] |
[1] | Included within Other current liabilities ($23 million in both 2013 and 2012) or Other non-current liabilities ($40 million in 2013 and $68 million in 2012) | |||
[2] | Included within Other liabilities $51 million in 2013 and $171 million in 2012) or Other non-current liabilities ($42 million in 2013 and $80 million in 2012) |
Derivatives_and_Hedging_Schedu
Derivatives and Hedging Schedule of amounts of derivative gains (losses) recognized in the Consolidated Financial Statements (Details) (Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Foreign Exchange Contract [Member] | Interest Expense [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | ($3,000,000) | $0 | $0 | |||
Foreign Exchange Contract [Member] | Compensation and Benefits [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in Accumulated Other Comprehensive Loss | 17,000,000 | 8,000,000 | 6,000,000 | |||
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | -12,000,000 | -9,000,000 | -3,000,000 | |||
Foreign Exchange Contract [Member] | Other General Expenses [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in Accumulated Other Comprehensive Loss | 0 | -19,000,000 | -34,000,000 | |||
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | -9,000,000 | -16,000,000 | -25,000,000 | |||
Foreign Exchange Contract [Member] | Other Income [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in Accumulated Other Comprehensive Loss | 13,000,000 | 6,000,000 | -14,000,000 | |||
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | 14,000,000 | -9,000,000 | -8,000,000 | |||
Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in Accumulated Other Comprehensive Loss | -2,000,000 | -21,000,000 | -55,000,000 | |||
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | -11,000,000 | -35,000,000 | -36,000,000 | |||
Cash Flow Hedging [Member] | Interest rate contracts [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in Accumulated Other Comprehensive Loss | 2,000,000 | [1] | 0 | [1] | -1,000,000 | [1] |
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | -1,000,000 | [2] | -1,000,000 | [2] | 0 | [2] |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in Accumulated Other Comprehensive Loss | -4,000,000 | [3] | -21,000,000 | [3] | -54,000,000 | [3] |
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | -10,000,000 | [4] | -34,000,000 | [4] | -36,000,000 | [4] |
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) recognized in Accumulated Other Comprehensive Loss | 0 | 4,000,000 | -2,000,000 | |||
Amount of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into income (effective portion) | $0 | $0 | $0 | |||
[1] | Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Interest Expense | |||||
[2] | Included within Interest Expense | |||||
[3] | Location of future reclassification from Accumulated Other Comprehensive Loss will be included within Compensation and benefits ($17 million loss for 2013, $8 million loss for 2012 and $6 million loss for 2011), Other general expenses (none for 2013, $19 million loss for 2012 and $34 million loss for 2011), and Other income ($13 million gain for 2013, $6 million gain for 2012 and $14 million loss for 2011)B DecemberB 31,Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion):2013B 2012B 2011Cash flow hedges: Interest rate contracts (1)$(1)B $(1)B $bForeign exchange contracts (2)(10)B (34)B (36)Total(11)B (35)B (36)Foreign net investment hedges: Foreign exchange contracts$bB $bB $b | |||||
[4] | Included within Compensation and benefits ($12 million loss for 2013, $9 million loss for 2012 and $3 million loss for 2011), Interest Expense ($3 million loss for 2013 and none for both 2012 and 2011), Other general expenses ($9 million loss for 2013, $16 million loss for 2012 and $25 million loss for 2011), and Other income ($14 million gain for 2013, $9 million loss for 2012 and $8 million loss for 2011) |
Derivatives_and_Hedging_Schedu1
Derivatives and Hedging Schedule of the amount of gain (loss) recognized in the Consolidated Financial Statements (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivative | ($10) | $3 | ($20) | |||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivative | -8 | [1],[2] | 1 | [1],[2] | 2 | [1],[2] |
Amount of Gain (Loss) Recognized in Income on Related Hedged Item | $8 | [1] | ($1) | [1] | ($2) | [1] |
[1] | Relates to fixed rate debt | |||||
[2] | Included in interest expense |
Fair_Value_Measurements_and_Fi2
Fair Value Measurements and Financial Instruments Schedule of assets and liabilities that are measured at fair value on a recurring basis (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||
Money market funds and highly liquid debt securities [Member] | Money market funds and highly liquid debt securities [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Government bonds [Member] | Government bonds [Member] | Equity securities [Member] | Equity securities [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Money market funds and highly liquid debt securities [Member] | Money market funds and highly liquid debt securities [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Government bonds [Member] | Government bonds [Member] | Equity securities [Member] | Equity securities [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Money market funds and highly liquid debt securities [Member] | Money market funds and highly liquid debt securities [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Government bonds [Member] | Government bonds [Member] | Equity securities [Member] | Equity securities [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | Money market funds and highly liquid debt securities [Member] | Money market funds and highly liquid debt securities [Member] | Corporate bonds [Member] | Corporate bonds [Member] | Government bonds [Member] | Government bonds [Member] | Equity securities [Member] | Equity securities [Member] | Interest rate contracts [Member] | Interest rate contracts [Member] | Foreign exchange contracts [Member] | Foreign exchange contracts [Member] | ||||||||||
Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | ||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net assets value (in dollar per share) | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Money market funds and highly liquid debt securities | ' | $2,079 | [1] | $2,133 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,054 | [1] | $2,108 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | [1] | $25 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1] | $0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other investments | ' | ' | ' | 2 | 12 | 7 | 8 | 13 | 5 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 6 | 5 | ' | ' | ' | ' | ' | ' | 0 | 0 | 7 | 8 | 7 | 0 | ' | ' | ' | ' | ' | ' | 2 | 12 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||
Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 17 | 71 | 193 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 17 | 71 | 193 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ||||||||
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $93 | $251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $93 | $251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ||||||||
[1] | Includes $2,054 million of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See NoteB 7 "Investments" for additional information regarding the Company's investments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes $2,108 millionB of money market funds and $25 million of highly liquid debt securities that are classified as Fiduciary assets, Short-term investments or Cash equivalents in the Consolidated Statements of Financial Position, depending on their nature and initial maturity. See NoteB 7 "Investments" for additional information regarding the Company's investments. |
Fair_Value_Measurements_and_Fi3
Fair Value Measurements and Financial Instruments Schedule of financial instruments where the carrying amounts and fair values differ (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair value of financial instrument | ' | ' |
Total long-term debt | $3,686 | $3,713 |
Fair value of total debt | $3,894 | $4,162 |
Fair_Value_Measurements_and_Fi4
Fair Value Measurements and Financial Instruments Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Realized gain | $6 | $0 |
Unrealized gain | $0 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies Legal Narrative (Details) (USD $) | 1 Months Ended | |
31-May-10 | Dec. 31, 2012 | |
Opry Mills Mall Limited Partnership [Member] | Mazeikiu Nafta [Member] | |
Loss Contingencies [Line Items] | ' | ' |
Value of damages sought | $200,000,000 | $125,000,000 |
Amount of coverage for damages contended by the insurers | 50,000,000 | ' |
Difference amount of damages sought by the client | $150,000,000 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Guarantees and Indemnifications Narrative (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 15, 2011 | Mar. 20, 2012 | Oct. 15, 2010 |
USD ($) | USD ($) | Commitments to fund certain limited partnerships or subsidiaries [Member] | Commitments to fund certain limited partnerships or subsidiaries [Member] | Commitments to fund certain limited partnerships or subsidiaries [Member] | Commitments to fund certain limited partnerships or subsidiaries [Member] | |
USD ($) | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | |||
Term Credit Agreement [Member] | Five-Year Agreement [Member] | Euro Facility Agreement [Member] | ||||
USD ($) | USD ($) | EUR (€) | ||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' |
Maximum potential funding under commitments | $98,000,000 | $104,000,000 | $34,000,000 | $450,000,000 | $400,000,000 | € 650,000,000 |
Term of credit agreement | ' | ' | ' | ' | '5 years | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies Letters of Credit Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Letters of credit outstanding | $71 | $74 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Commitments to fund certain limited partnerships or subsidiaries [Member] | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Maximum potential funding under commitments | $98,000,000 | $104,000,000 | $34,000,000 |
Commitments funded | ' | ' | $15,000,000 |
Commitments_and_Contingencies_4
Commitments and Contingencies Premium Payments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Maximum potential funding under commitments | $98 | $104 |
Segment_Information_Narrative_
Segment Information Narrative (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Information_Schedule_o
Segment Information Schedule of total revenue by business segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $3,209 | $2,794 | $2,897 | $2,915 | $3,115 | $2,737 | $2,821 | $2,841 | $11,815 | $11,514 | $11,287 |
Total operating segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,815 | 11,514 | 11,287 |
Risk Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 7,789 | 7,632 | 7,537 |
HR Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,057 | 3,925 | 3,781 |
Intersegment elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ($31) | ($43) | ($31) |
Segment_Information_Schedule_o1
Segment Information Schedule of commissions, fees, and other revenue by products (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | $3,202 | $2,786 | $2,891 | $2,908 | $3,108 | $2,726 | $2,813 | $2,829 | $11,787 | $11,476 | $11,235 |
Risk Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 7,761 | 7,594 | 7,485 |
Retail brokerage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 6,256 | 6,089 | 6,022 |
Reinsurance brokerage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 1,505 | 1,505 | 1,463 |
HR Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 4,057 | 3,925 | 3,781 |
Consulting services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 1,626 | 1,585 | 1,546 |
Outsourcing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 2,469 | 2,372 | 2,258 |
Intrasegment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | -38 | -32 | -23 |
Intersegment elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | ($31) | ($43) | ($31) |
Segment_Information_Schedule_o2
Segment Information Schedule of fiduciary investment income by business segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiduciary investment income | $7 | $8 | $6 | $7 | $7 | $11 | $8 | $12 | $28 | $38 | $52 |
Risk Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiduciary investment income | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 38 | 52 |
HR Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiduciary investment income | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Segment_Information_Schedule_o3
Segment Information Schedule of reconciliation of segment income before tax to income from continuing operations before income taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income from continuing operations before income taxes | $515 | $364 | $382 | $410 | $461 | $339 | $394 | $402 | $1,671 | $1,596 | $1,596 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 10 | 18 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -210 | -228 | -245 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 2 | 19 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,538 | 1,380 | 1,388 |
Risk Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,540 | 1,493 | 1,413 |
HR Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 318 | 289 | 336 |
Total operating segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,858 | 1,782 | 1,749 |
Unallocated expense [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ($187) | ($186) | ($153) |
Segment_Information_Schedule_o4
Segment Information Schedule of consolidated revenue by geographic area (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $3,209 | $2,794 | $2,897 | $2,915 | $3,115 | $2,737 | $2,821 | $2,841 | $11,815 | $11,514 | $11,287 |
UNITED STATES [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,574 | 5,336 | 5,134 |
Americas other than U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,214 | 1,190 | 1,176 |
UNITED KINGDOM [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,544 | 1,541 | 1,519 |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,304 | 2,271 | 2,377 |
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $1,179 | $1,176 | $1,081 |
Segment_Information_Schedule_o5
Segment Information Schedule of consolidated non-current assets by geographic area (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $13,728 | $13,819 |
UNITED STATES [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 7,720 | 8,355 |
Europe, Middle East and Africa [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 2,440 | 2,462 |
Americas other than U.S. [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 559 | 599 |
UNITED KINGDOM [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 2,392 | 1,721 |
Asia Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $617 | $682 |
Guarantee_of_Registered_Securi2
Guarantee of Registered Securities Narrative (Details) | Dec. 31, 1997 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 07, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 07, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 07, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 21, 2013 |
Aon plc [Member] | 3.50% senior notes due September 2015 [Member] | 3.50% senior notes due September 2015 [Member] | Senior Notes 3point125 Percent Due 2016 [Member] | 5.00% Senior notes due September 2020 [Member] | 5.00% Senior notes due September 2020 [Member] | Junior Subordinated Deferrable Interest Debentures 8point205 Percent Due 2027 [Member] | 6.25% Senior notes due September 2040 [Member] | 6.25% Senior notes due September 2040 [Member] | Notes Due 2042 at 4.250 Percent [Member] | Notes Due at 2043 at 4.45 Percent [Member] | 4.00% senior notes dues November 2023 [Member] | 4.00% senior notes dues November 2023 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company's percentage ownership of guarantors | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest rate | 8.21% | ' | 3.50% | 3.50% | 3.13% | 5.00% | 5.00% | 8.21% | 6.25% | 6.25% | 4.25% | 4.45% | 4.00% | 4.00% |
Guarantee_of_Registered_Securi3
Guarantee of Registered Securities Condensed Consolidating Statement of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | $3,202 | $2,786 | $2,891 | $2,908 | $3,108 | $2,726 | $2,813 | $2,829 | $11,787 | $11,476 | $11,235 |
Fiduciary investment income | 7 | 8 | 6 | 7 | 7 | 11 | 8 | 12 | 28 | 38 | 52 |
Total revenue | 3,209 | 2,794 | 2,897 | 2,915 | 3,115 | 2,737 | 2,821 | 2,841 | 11,815 | 11,514 | 11,287 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 6,945 | 6,709 | 6,567 |
Other general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,199 | 3,209 | 3,124 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,144 | 9,918 | 9,691 |
Operating income | 515 | 364 | 382 | 410 | 461 | 339 | 394 | 402 | 1,671 | 1,596 | 1,596 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 10 | 18 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -210 | -228 | -245 |
Intercompany interest (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 2 | 19 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,538 | 1,380 | 1,388 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 390 | 360 | 378 |
(Income) loss before equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,148 | 1,020 | 1,010 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | 360 | 264 | 252 | 272 | 307 | 210 | 254 | 249 | 1,148 | 1,020 | 1,010 |
Less: Net income attributable to noncontrolling interests | 5 | 8 | 11 | 11 | 2 | 6 | 8 | 11 | 35 | 27 | 31 |
Net income attributable to Aon shareholders | 355 | 256 | 241 | 261 | 305 | 204 | 246 | 238 | 1,113 | 993 | 979 |
Aon plc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 0 |
Fiduciary investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 0 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 69 | 117 | 0 |
Other general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 18 | 0 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 73 | 135 | 0 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -70 | -133 | 0 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -20 | 0 | 0 |
Intercompany interest (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | 120 | -19 | 0 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 30 | -152 | 0 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 12 | -37 | 0 |
(Income) loss before equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 18 | -115 | 0 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,095 | 1,108 | 979 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,113 | 993 | 979 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,113 | 993 | 979 |
Aon Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 0 |
Fiduciary investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 2 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 2 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 183 | 24 | 118 |
Other general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 47 | 47 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 218 | 71 | 165 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -218 | -69 | -163 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | 4 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -138 | -164 | -171 |
Intercompany interest (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | 24 | 190 | 180 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 57 | 36 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -310 | 15 | -114 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -64 | 8 | -43 |
(Income) loss before equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -246 | 7 | -71 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,061 | 932 | 868 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 815 | 939 | 797 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 815 | 939 | 797 |
Other Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 11,784 | 11,474 | 11,236 |
Fiduciary investment income | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 37 | 50 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,812 | 11,511 | 11,286 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 6,693 | 6,568 | 6,449 |
Other general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,160 | 3,145 | 3,078 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,853 | 9,713 | 9,527 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 1,959 | 1,798 | 1,759 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 9 | 14 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -52 | -64 | -74 |
Intercompany interest (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -144 | -171 | -180 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 49 | -55 | -17 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,818 | 1,517 | 1,502 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 442 | 389 | 421 |
(Income) loss before equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,376 | 1,128 | 1,081 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,376 | 1,128 | 1,081 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 27 | 31 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,341 | 1,101 | 1,050 |
Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | -1 |
Fiduciary investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | -1 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | -1 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | -1 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(Income) loss before equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,156 | -2,040 | -1,847 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -2,156 | -2,040 | -1,847 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($2,156) | ($2,040) | ($1,847) |
Guarantee_of_Registered_Securi4
Guarantee of Registered Securities Condensed Consolidating Statement of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $360 | $264 | $252 | $272 | $307 | $210 | $254 | $249 | $1,148 | $1,020 | $1,010 |
Less: Net income attributable to noncontrolling interests | 5 | 8 | 11 | 11 | 2 | 6 | 8 | 11 | 35 | 27 | 31 |
Net income attributable to Aon shareholders | 355 | 256 | 241 | 261 | 305 | 204 | 246 | 238 | 1,113 | 993 | 979 |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 9 | -13 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -65 | 109 | -43 |
Post-retirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | 293 | -358 | -396 |
Total other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 235 | -240 | -452 |
Equity in other comprehensive income of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Less: Other comprehensive (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | 1 |
Total other comprehensive gain (loss) attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 236 | -240 | -453 |
Comprehensive income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,349 | 753 | 526 |
Aon plc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,113 | 993 | 979 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,113 | 993 | 979 |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Post-retirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in other comprehensive income of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 236 | -240 | -453 |
Less: Other comprehensive (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive gain (loss) attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 236 | -240 | -453 |
Comprehensive income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,349 | 753 | 526 |
Aon Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 815 | 939 | 797 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 815 | 939 | 797 |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | 0 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -60 | 24 | -6 |
Post-retirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | 223 | -68 | -173 |
Total other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 168 | -42 | -179 |
Equity in other comprehensive income of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 69 | -187 | -277 |
Less: Other comprehensive (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive gain (loss) attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 237 | -229 | -456 |
Comprehensive income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,052 | 710 | 341 |
Other Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,376 | 1,128 | 1,081 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 27 | 31 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,341 | 1,101 | 1,050 |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 7 | -13 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -5 | 85 | -37 |
Post-retirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | 70 | -290 | -223 |
Total other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 67 | -198 | -273 |
Equity in other comprehensive income of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Less: Other comprehensive (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | 1 |
Total other comprehensive gain (loss) attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 68 | -198 | -274 |
Comprehensive income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,409 | 903 | 776 |
Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -2,156 | -2,040 | -1,847 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -2,156 | -2,040 | -1,847 |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Post-retirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in other comprehensive income of subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -305 | 427 | 730 |
Less: Other comprehensive (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other comprehensive gain (loss) attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -305 | 427 | 730 |
Comprehensive income attributable to Aon shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($2,461) | ($1,613) | ($1,117) |
Guarantee_of_Registered_Securi5
Guarantee of Registered Securities Condensed Consolidating Statement of Financial Position (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS : | ' | ' | ' | ' |
Cash and cash equivalents | $477 | $291 | $272 | $346 |
Short-term investments | 523 | 346 | ' | ' |
Receivables, net | 2,896 | 3,101 | ' | ' |
Fiduciary assets | 11,871 | 12,214 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Other current assets | 563 | 430 | ' | ' |
Total Current Assets | 16,330 | 16,382 | ' | ' |
Goodwill | 8,997 | 8,943 | 8,770 | ' |
Intangible assets, net | 2,578 | 2,975 | ' | ' |
Fixed assets, net | 791 | 820 | ' | ' |
Investments | 132 | 165 | ' | ' |
Non-current deferred tax assets | 193 | 285 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Other non-current assets | 1,230 | 916 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
TOTAL ASSETS | 30,251 | 30,486 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 11,871 | 12,214 | ' | ' |
Short-term debt and current portion of long-term debt | 703 | 452 | ' | ' |
Accounts payable and accrued liabilities | 1,931 | 1,853 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Other current liabilities | 906 | 831 | ' | ' |
Total Current Liabilities | 15,411 | 15,350 | ' | ' |
Long-term debt | 3,686 | 3,713 | ' | ' |
Non-current deferred tax liabilities | 420 | 306 | ' | ' |
Pension, other post-retirement and other post-employment liabilities | 1,607 | 2,276 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Other non-current liabilities | 932 | 1,036 | ' | ' |
TOTAL LIABILITIES | 22,056 | 22,681 | ' | ' |
TOTAL AON SHAREHOLDERSb EQUITY | 8,145 | 7,762 | ' | ' |
Noncontrolling interests | 50 | 43 | ' | ' |
TOTAL EQUITY | 8,195 | 7,805 | 8,120 | 8,306 |
TOTAL LIABILITIES AND EQUITY | 30,251 | 30,486 | ' | ' |
Aon plc [Member] | ' | ' | ' | ' |
CURRENT ASSETS : | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 131 | 0 | 0 |
Short-term investments | 0 | 0 | ' | ' |
Receivables, net | 0 | 5 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Intercompany receivables | 186 | 0 | ' | ' |
Other current assets | 0 | 7 | ' | ' |
Total Current Assets | 186 | 143 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Non-current deferred tax assets | 140 | 117 | ' | ' |
Intercompany receivables | 7,166 | 166 | ' | ' |
Other non-current assets | 6 | 0 | ' | ' |
Investment in subsidiary | 4,607 | 10,398 | ' | ' |
TOTAL ASSETS | 12,105 | 10,824 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 1,036 | 10 | ' | ' |
Intercompany payables | 15 | 51 | ' | ' |
Other current liabilities | 12 | 0 | ' | ' |
Total Current Liabilities | 1,063 | 61 | ' | ' |
Long-term debt | 792 | 107 | ' | ' |
Non-current deferred tax liabilities | 0 | 0 | ' | ' |
Pension, other post-retirement and other post-employment liabilities | 0 | 0 | ' | ' |
Intercompany payables | 2,100 | 2,890 | ' | ' |
Other non-current liabilities | 5 | 4 | ' | ' |
TOTAL LIABILITIES | 3,960 | 3,062 | ' | ' |
TOTAL AON SHAREHOLDERSb EQUITY | 8,145 | 7,762 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
TOTAL EQUITY | 8,145 | 7,762 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 12,105 | 10,824 | ' | ' |
Aon Corporation [Member] | ' | ' | ' | ' |
CURRENT ASSETS : | ' | ' | ' | ' |
Cash and cash equivalents | 247 | 199 | 0 | 14 |
Short-term investments | 163 | 89 | ' | ' |
Receivables, net | 4 | 1 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Intercompany receivables | 3,503 | 2,092 | ' | ' |
Other current assets | 69 | 53 | ' | ' |
Total Current Assets | 3,986 | 2,434 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Investments | 57 | 49 | ' | ' |
Non-current deferred tax assets | 465 | 620 | ' | ' |
Intercompany receivables | 2,178 | 1,997 | ' | ' |
Other non-current assets | 95 | 115 | ' | ' |
Investment in subsidiary | 11,694 | 10,208 | ' | ' |
TOTAL ASSETS | 18,475 | 15,423 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 429 | ' | ' |
Accounts payable and accrued liabilities | 62 | 71 | ' | ' |
Intercompany payables | 5,449 | 2,637 | ' | ' |
Other current liabilities | 47 | 49 | ' | ' |
Total Current Liabilities | 5,558 | 3,186 | ' | ' |
Long-term debt | 2,512 | 2,515 | ' | ' |
Non-current deferred tax liabilities | 0 | 0 | ' | ' |
Pension, other post-retirement and other post-employment liabilities | 925 | 1,294 | ' | ' |
Intercompany payables | 7,267 | 166 | ' | ' |
Other non-current liabilities | 159 | 254 | ' | ' |
TOTAL LIABILITIES | 16,421 | 7,415 | ' | ' |
TOTAL AON SHAREHOLDERSb EQUITY | 2,054 | 8,008 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
TOTAL EQUITY | 2,054 | 8,008 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 18,475 | 15,423 | ' | ' |
Other Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CURRENT ASSETS : | ' | ' | ' | ' |
Cash and cash equivalents | 1,246 | 0 | 293 | 332 |
Short-term investments | 360 | 257 | ' | ' |
Receivables, net | 2,892 | 3,095 | ' | ' |
Fiduciary assets | 11,871 | 12,214 | ' | ' |
Intercompany receivables | 5,452 | 3,545 | ' | ' |
Other current assets | 513 | 370 | ' | ' |
Total Current Assets | 22,334 | 19,481 | ' | ' |
Goodwill | 8,997 | 8,943 | ' | ' |
Intangible assets, net | 2,578 | 2,975 | ' | ' |
Fixed assets, net | 791 | 820 | ' | ' |
Investments | 75 | 116 | ' | ' |
Non-current deferred tax assets | 193 | 266 | ' | ' |
Intercompany receivables | 2,201 | 2,350 | ' | ' |
Other non-current assets | 1,228 | 908 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
TOTAL ASSETS | 38,397 | 35,859 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 11,871 | 12,214 | ' | ' |
Short-term debt and current portion of long-term debt | 707 | 23 | ' | ' |
Accounts payable and accrued liabilities | 1,849 | 1,811 | ' | ' |
Intercompany payables | 3,677 | 2,162 | ' | ' |
Other current liabilities | 866 | 779 | ' | ' |
Total Current Liabilities | 18,970 | 16,989 | ' | ' |
Long-term debt | 378 | 1,091 | ' | ' |
Non-current deferred tax liabilities | 1,025 | 1,024 | ' | ' |
Pension, other post-retirement and other post-employment liabilities | 682 | 982 | ' | ' |
Intercompany payables | 2,178 | 2,247 | ' | ' |
Other non-current liabilities | 867 | 885 | ' | ' |
TOTAL LIABILITIES | 24,100 | 23,218 | ' | ' |
TOTAL AON SHAREHOLDERSb EQUITY | 14,247 | 12,598 | ' | ' |
Noncontrolling interests | 50 | 43 | ' | ' |
TOTAL EQUITY | 14,297 | 12,641 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 38,397 | 35,859 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
CURRENT ASSETS : | ' | ' | ' | ' |
Cash and cash equivalents | -1,016 | -39 | -21 | 0 |
Short-term investments | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Intercompany receivables | -9,141 | -5,637 | ' | ' |
Other current assets | -19 | 0 | ' | ' |
Total Current Assets | -10,176 | -5,676 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Non-current deferred tax assets | -605 | -718 | ' | ' |
Intercompany receivables | -11,545 | -4,513 | ' | ' |
Other non-current assets | -99 | -107 | ' | ' |
Investment in subsidiary | -16,301 | -20,606 | ' | ' |
TOTAL ASSETS | -38,726 | -31,620 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | -4 | 0 | ' | ' |
Accounts payable and accrued liabilities | -1,016 | -39 | ' | ' |
Intercompany payables | -9,141 | -4,850 | ' | ' |
Other current liabilities | -19 | 3 | ' | ' |
Total Current Liabilities | -10,180 | -4,886 | ' | ' |
Long-term debt | 4 | 0 | ' | ' |
Non-current deferred tax liabilities | -605 | -718 | ' | ' |
Pension, other post-retirement and other post-employment liabilities | 0 | 0 | ' | ' |
Intercompany payables | -11,545 | -5,303 | ' | ' |
Other non-current liabilities | -99 | -107 | ' | ' |
TOTAL LIABILITIES | -22,425 | -11,014 | ' | ' |
TOTAL AON SHAREHOLDERSb EQUITY | -16,301 | -20,606 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
TOTAL EQUITY | -16,301 | -20,606 | ' | ' |
TOTAL LIABILITIES AND EQUITY | ($38,726) | ($31,620) | ' | ' |
Guarantee_of_Registered_Securi6
Guarantee of Registered Securities Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | $1,633 | $1,419 | $1,018 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from sales of long-term investments | 93 | 178 | 190 |
Purchases of long-term investments | -15 | -12 | -30 |
Net (purchases) sales of short-term investments - non-fiduciary | -174 | 440 | -8 |
Acquisition of businesses, net of cash acquired | -54 | -162 | -106 |
Proceeds from sale of businesses | 40 | 2 | 9 |
Capital expenditures | -229 | -269 | -241 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -339 | 177 | -186 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Share repurchase | -1,102 | -1,125 | -828 |
Advances from (to) affiliates | 0 | 0 | 0 |
Issuance of shares for employee benefit plans | 98 | 118 | 201 |
Issuance of debt | 4,906 | 733 | 1,673 |
Repayment of debt | -4,679 | -1,077 | -1,688 |
Cash dividends to shareholders | -212 | -204 | -200 |
Purchases of shares from noncontrolling interests | -8 | -4 | -24 |
Dividends paid to noncontrolling interests | -19 | -27 | -30 |
CASH USED FOR FINANCING ACTIVITIES | -1,016 | -1,586 | -896 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -92 | 9 | -10 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 186 | 19 | -74 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 291 | 272 | 346 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 477 | 291 | 272 |
Aon plc [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | -50 | -87 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from sales of long-term investments | 0 | 0 | 0 |
Purchases of long-term investments | 0 | 0 | 0 |
Net (purchases) sales of short-term investments - non-fiduciary | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | -50 | 0 |
Proceeds from sale of businesses | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | 0 | -50 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Share repurchase | -1,102 | -1,025 | 0 |
Advances from (to) affiliates | 460 | 1,379 | 0 |
Issuance of shares for employee benefit plans | 98 | 69 | 0 |
Issuance of debt | 1,730 | 0 | 0 |
Repayment of debt | -1,055 | 0 | 0 |
Cash dividends to shareholders | -212 | -155 | 0 |
Purchases of shares from noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
CASH USED FOR FINANCING ACTIVITIES | -81 | 268 | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -131 | 131 | 0 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 131 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 0 | 131 | 0 |
Aon Corporation [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | -441 | -105 | -201 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from sales of long-term investments | 8 | 79 | 133 |
Purchases of long-term investments | -15 | -12 | -20 |
Net (purchases) sales of short-term investments - non-fiduciary | -74 | 232 | 115 |
Acquisition of businesses, net of cash acquired | 0 | -55 | -10 |
Proceeds from sale of businesses | 7 | 0 | 5 |
Capital expenditures | ' | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -74 | 244 | 223 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Share repurchase | 0 | -100 | -828 |
Advances from (to) affiliates | 996 | 489 | 789 |
Issuance of shares for employee benefit plans | 0 | 49 | 201 |
Issuance of debt | 2,944 | 732 | 1,290 |
Repayment of debt | -3,377 | -1,061 | -1,288 |
Cash dividends to shareholders | 0 | -49 | -200 |
Purchases of shares from noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
CASH USED FOR FINANCING ACTIVITIES | 563 | 60 | -36 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 48 | 199 | -14 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 199 | 0 | 14 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 247 | 199 | 0 |
Other Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 2,124 | 1,611 | 1,219 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from sales of long-term investments | 85 | 99 | 57 |
Purchases of long-term investments | 0 | 0 | -10 |
Net (purchases) sales of short-term investments - non-fiduciary | -100 | 208 | -123 |
Acquisition of businesses, net of cash acquired | -54 | -57 | -96 |
Proceeds from sale of businesses | 33 | 2 | 4 |
Capital expenditures | -229 | -269 | -241 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -265 | -17 | -409 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Share repurchase | 0 | 0 | 0 |
Advances from (to) affiliates | -479 | -1,850 | -768 |
Issuance of shares for employee benefit plans | 0 | 0 | 0 |
Issuance of debt | 232 | 1 | 383 |
Repayment of debt | -247 | -16 | -400 |
Cash dividends to shareholders | 0 | 0 | 0 |
Purchases of shares from noncontrolling interests | -8 | -4 | -24 |
Dividends paid to noncontrolling interests | -19 | -27 | -30 |
CASH USED FOR FINANCING ACTIVITIES | -521 | -1,896 | -839 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -92 | 9 | -10 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,246 | -293 | -39 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 0 | 293 | 332 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,246 | 0 | 293 |
Consolidating Adjustments [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from sales of long-term investments | 0 | 0 | 0 |
Purchases of long-term investments | 0 | 0 | 0 |
Net (purchases) sales of short-term investments - non-fiduciary | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of businesses | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Share repurchase | 0 | 0 | 0 |
Advances from (to) affiliates | -977 | -18 | -21 |
Issuance of shares for employee benefit plans | 0 | 0 | 0 |
Issuance of debt | 0 | 0 | 0 |
Repayment of debt | 0 | 0 | 0 |
Cash dividends to shareholders | 0 | 0 | 0 |
Purchases of shares from noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
CASH USED FOR FINANCING ACTIVITIES | -977 | -18 | -21 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -977 | -18 | -21 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | -39 | -21 | 0 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | ($1,016) | ($39) | ($21) |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions, fees and other revenue | $3,202 | $2,786 | $2,891 | $2,908 | $3,108 | $2,726 | $2,813 | $2,829 | $11,787 | $11,476 | $11,235 |
Fiduciary investment income | 7 | 8 | 6 | 7 | 7 | 11 | 8 | 12 | 28 | 38 | 52 |
Total revenue | 3,209 | 2,794 | 2,897 | 2,915 | 3,115 | 2,737 | 2,821 | 2,841 | 11,815 | 11,514 | 11,287 |
Operating income | 515 | 364 | 382 | 410 | 461 | 339 | 394 | 402 | 1,671 | 1,596 | 1,596 |
Net income | 360 | 264 | 252 | 272 | 307 | 210 | 254 | 249 | 1,148 | 1,020 | 1,010 |
Less: Net income attributable to noncontrolling interests | 5 | 8 | 11 | 11 | 2 | 6 | 8 | 11 | 35 | 27 | 31 |
Net income attributable to Aon shareholders | $355 | $256 | $241 | $261 | $305 | $204 | $246 | $238 | $1,113 | $993 | $979 |
PER SHARE DATA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income per share attributable to Aon shareholders | $1.16 | $0.83 | $0.77 | $0.82 | $0.95 | $0.62 | $0.74 | $0.72 | $3.57 | $3.02 | ' |
Diluted net income per share attributable to Aon shareholders | $1.14 | $0.82 | $0.76 | $0.82 | $0.93 | $0.62 | $0.73 | $0.71 | $3.53 | $2.99 | ' |
CLASS A ORDINARY SHARE DATA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid per share (in dollars per share) | $0.18 | $0.18 | $0.18 | $0.16 | $0.16 | $0.16 | $0.16 | $0.15 | $0.68 | $0.62 | $0.60 |
Price range: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High (in dollars per share) | $84.33 | $76.30 | $67.26 | $61.87 | $57.92 | $53.35 | $52.61 | $49.51 | $84.33 | $57.92 | ' |
Low (in dollars per share) | $70.72 | $64.20 | $58.48 | $54.65 | $51.78 | $45.87 | $45.04 | $45.58 | $54.65 | $45.04 | ' |
Shares outstanding (in shares) | 300.7 | 301 | 307.5 | 309.1 | 310.9 | 318.7 | 322.4 | 326.4 | 300.7 | 310.9 | ' |
Average monthly trading volume (in shares) | 37.6 | 30.9 | 34.9 | 46.4 | 33.7 | 30.1 | 47.6 | 47 | 37.5 | 39.6 | ' |