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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission file number 1-7933

Aon plc
(Exact Name of Registrant as Specified in Its Charter)
 
IRELAND 98-1539969
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
Metropolitan Building, James Joyce Street, Dublin 1, Ireland                  D01 K0Y8
     (Address of principal executive offices)                      (Zip Code)

+353 1 266 6000
(Registrant’s Telephone Number,
Including Area Code)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
 
Number of class A ordinary shares of Aon plc, $0.01 nominal value, outstanding as of October 28, 2021: 220,332,406





Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Class A Ordinary Shares $0.01 nominal valueAONNew York Stock Exchange
Guarantees of Aon plc’s 4.00% Senior Notes due 2023AON23New York Stock Exchange
Guarantees of Aon plc’s 3.50% Senior Notes due 2024AON24New York Stock Exchange
Guarantees of Aon plc’s 3.875% Senior Notes due 2025AON25New York Stock Exchange
Guarantees of Aon plc’s 2.875% Senior Notes due 2026AON26New York Stock Exchange
Guarantees of Aon plc’s 2.05% Senior Notes due 2031AON31New York Stock Exchange
Guarantees of Aon plc’s 4.25% Senior Notes due 2042AON42New York Stock Exchange
Guarantees of Aon plc’s 4.45% Senior Notes due 2043AON43New York Stock Exchange
Guarantees of Aon plc’s 4.60% Senior Notes due 2044AON44New York Stock Exchange
Guarantees of Aon plc’s 4.75% Senior Notes due 2045AON45New York Stock Exchange
Guarantees of Aon plc’s 2.90% Senior Notes due 2051AON51New York Stock Exchange




INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS 
This report contains certain statements related to future results, or states our intentions, beliefs, and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent management’s expectations or forecasts of future events. Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “project,” “intend,” “plan,” “probably,” “potential,” “looking forward,” “continue,” and other similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will,” and “would.” You can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. For example, we may use forward-looking statements when addressing topics such as: market and industry conditions, including competitive and pricing trends; changes in our business strategies and methods of generating revenue; the development and performance of our services and products; changes in the composition or level of our revenues; our cost structure and the outcome of cost-saving or restructuring initiatives; the outcome of contingencies; dividend policy; the expected impact of acquisitions, dispositions, and other significant transactions or the termination thereof, such as the termination of the Combination (as defined in Note 6 “Acquisitions and Dispositions of Businesses” of this report) and the divestitures planned in connection with the Combination; litigation and regulatory matters, including potential litigation relating to the Combination; pension obligations; cash flow and liquidity; expected effective tax rate; future actions by regulators; and the impact of changes in accounting rules. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors, which may be revised or supplemented in subsequent reports filed or furnished with the Securities and Exchange Commission (the “SEC”), that could impact results include:
changes in the competitive environment or damage to our reputation;
fluctuations in currency exchange and interest rates that could impact our financial condition or results;
changes in global equity and fixed income markets that could affect the return on invested assets;
changes in the funded status of our various defined benefit pension plans and the impact of any increased pension funding resulting from those changes;
the level of our debt and the terms thereof reducing our flexibility or increasing borrowing costs;
rating agency actions that could limit our access to capital and our competitive position;
our global tax rate being subject to a variety of different factors, which could create volatility in that tax rate;
changes in our accounting estimates and assumptions on our financial statements;
limits on our subsidiaries’ ability to pay dividends or otherwise make payments to us;
the impact of legal proceedings and other contingencies, including those arising from the termination of the Combination and divestitures planned in connection with the Combination, errors and omissions and other claims against us;
the impact of, and potential challenges in complying with, laws and regulations of the jurisdictions in which we operate, particularly given the global nature of operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across such jurisdictions;
the impact of any regulatory investigations brought in Ireland, the United Kingdom (the “U.K.”), the United States (the “U.S.”). and other countries;
failure to protect intellectual property rights or allegations that we have infringed on the intellectual property rights of others;
general economic and political conditions in the countries in which we do business around the world, including the withdrawal of the U.K. from the European Union (the “E.U.”);
the failure to retain, attract and develop experienced and qualified personnel;
international risks associated with our global operations;
the effects of natural or man-made disasters, including the effects of the COVID-19 and other health pandemics;
the potential for a system or network disruption or breach to result in operational interruption or improper disclosure of confidential, personal, or proprietary data;
our ability to develop and implement new technology;



damage to our reputation among clients, colleagues, markets or third parties;
the actions taken by third parties that perform aspects of our business operations and client services;
the extent to which we are exposed to certain risks, including lawsuits, related to our actions we may take in acting in a being responsible for making decisions on behalf of clients in our investment consulting business or in other advisory services that we currently provide, or will provide in the future;
our ability to continue, and the costs and risks associated with, growing, developing and integrating acquired business, and entering into new lines of business or products;
changes in commercial property and casualty markets, commercial premium rates or methods of compensation;
our ability to implement initiatives intended to yield cost savings and the ability to achieve those cost savings;
the effects of Irish law on our operating flexibility and the enforcement of judgments against us; and
the impact of the termination of the Combination and divestitures planned in connection with the Combination, the resolution of potential litigation relating to the termination of the Combination and divestitures planned in connection with the Combination, the inability to realize the expected benefits from the Combination, the payment of the Termination Fee (as defined in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations) in connection with the termination of the Combination, significant transaction costs in connection with the terminated Combination, and divestitures that had been planned in connection with the Combination; the potential impact of the termination of the Combination, and divestitures planned in connection with the Combination, on relationships, including with suppliers, customers, employees and regulators.
Any or all of our forward-looking statements may turn out to be inaccurate, and there are no guarantees about our performance. The factors identified above are not exhaustive. We and our subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, readers should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statement that we may make from time to time, whether as a result of new information, future events or otherwise. Further information about factors that could materially affect Aon, including our results of operations and financial condition, is contained in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020.
These factors may be revised or supplemented in our subsequent periodic filings with the SEC.



Table of Contents



Part I Financial Information
Item 1. Financial Statements

Aon plc
Condensed Consolidated Statements of Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(millions, except per share data)2021202020212020
Revenue    
Total revenue$2,702 $2,385 $9,113 $8,101 
Expenses  
Compensation and benefits1,835 1,387 5,182 4,270 
Information technology130 107 359 325 
Premises98 70 251 217 
Depreciation of fixed assets56 42 138 124 
Amortization and impairment of intangible assets36 50 112 205 
Other general expense1,348 288 1,955 892 
Total operating expenses3,503 1,944 7,997 6,033 
Operating income (loss)(801)441 1,116 2,068 
Interest income3 3 9 5 
Interest expense(80)(80)(237)(252)
Other income (expense)10  7 19 
Income (loss) before income taxes(868)364 895 1,840 
Income tax expense23 82 460 356 
Net income (loss)(891)282 435 1,484 
Less: Net income attributable to noncontrolling interests9 7 43 39 
Net income (loss) attributable to Aon shareholders$(900)$275 $392 $1,445 
Basic net income (loss) per share attributable to Aon shareholders$(3.99)$1.18 $1.73 $6.21 
Diluted net income (loss) per share attributable to Aon shareholders$(3.99)$1.18 $1.72 $6.18 
Weighted average ordinary shares outstanding - basic225.4 232.6 226.5 232.8 
Weighted average ordinary shares outstanding - diluted225.4 233.5 227.7 233.9 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
6


Aon plc
Condensed Consolidated Statements of Comprehensive Income
(Unaudited) 
 Three Months Ended September 30,Nine Months Ended September 30,
(millions)2021202020212020
Net income (loss)$(891)$282 $435 $1,484 
Less: Net income attributable to noncontrolling interests9 7 43 39 
Net income (loss) attributable to Aon shareholders(900)275 392 1,445 
Other comprehensive income (loss), net of tax:    
Change in fair value of financial instruments(5)6 5 4 
Foreign currency translation adjustments(153)173 (108)(136)
Postretirement benefit obligation25 20 87 67 
Total other comprehensive income (loss)(133)199 (16)(65)
Less: Other comprehensive income attributable to noncontrolling interests 2  1 
Total other comprehensive income (loss) attributable to Aon shareholders(133)197 (16)(66)
Comprehensive income (loss) attributable to Aon shareholders$(1,033)$472 $376 $1,379 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
7


Aon plc
Condensed Consolidated Statements of Financial Position
(Unaudited)
(millions, except nominal value)September 30,
2021
December 31,
2020
Assets  
Current assets  
Cash and cash equivalents$609 $884 
Short-term investments310 308 
Receivables, net3,117 3,070 
Fiduciary assets
14,017 13,798 
Other current assets687 624 
Total current assets18,740 18,684 
Goodwill8,547 8,666 
Intangible assets, net529 640 
Fixed assets, net541 599 
Operating lease right-of-use assets823 911 
Deferred tax assets761 724 
Prepaid pension1,350 1,280 
Other non-current assets525 610 
Total assets$31,816 $32,114 
Liabilities and equity  
Liabilities  
Current liabilities  
Accounts payable and accrued liabilities$1,995 $2,016 
Short-term debt and current portion of long-term debt150 448 
Fiduciary liabilities14,017 13,798 
Other current liabilities1,348 1,171 
Total current liabilities17,510 17,433 
Long-term debt8,250 7,281 
Non-current operating lease liabilities817 897 
Deferred tax liabilities414 262 
Pension, other postretirement, and postemployment liabilities1,607 1,763 
Other non-current liabilities919 895 
Total liabilities29,517 28,531 
Equity  
Ordinary shares - $0.01 nominal value
     Authorized: 500.0 shares (issued: 2021 - 221.4; 2020 - 225.5)
2 2 
Additional paid-in capital6,529 6,312 
Retained earnings (accumulated deficit)(445)1,042 
Accumulated other comprehensive loss(3,877)(3,861)
Total Aon shareholders' equity2,209 3,495 
Noncontrolling interests90 88 
Total equity2,299 3,583 
Total liabilities and equity$31,816 $32,114 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
8


Aon plc
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited) 
(millions)SharesOrdinary
Shares and
Additional
Paid-in Capital
Retained
Earnings (Accumulated Deficit)
Accumulated 
Other
Comprehensive
Loss, Net of Tax
Non-
controlling
Interests
Total
Balance at January 1, 2021225.5 $6,314 $1,042 $(3,861)$88 $3,583 
Net income— — 913 — 20 933 
Shares issued - employee stock compensation plans0.9 (87)— — — (87)
Shares purchased(0.2)— (50)— — (50)
Share-based compensation expense— 131 — — — 131 
Dividends to shareholders ($0.46 per share)
— — (104)— — (104)
Net change in fair value of financial instruments— — — 11 — 11 
Net foreign currency translation adjustments— — — (70)— (70)
Net postretirement benefit obligation— — — 29 — 29 
Purchases of subsidiary shares from noncontrolling interests— (8)— — (6)(14)
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (1)(1)
Balance at March 31, 2021226.2 $6,350 $1,801 $(3,891)$101 $4,361 
Net income— — 379 — 14 393 
Shares issued - employee stock compensation plans0.5 (52)— — — (52)
Shares purchased(1.1)— (242)— — (242)
Share-based compensation expense— 85 — — — 85 
Dividends to shareholders ($0.51 per share)
— — (115)— — (115)
Net change in fair value of financial instruments— — — (1)— (1)
Net foreign currency translation adjustments— — — 115 — 115 
Net postretirement benefit obligation— — — 33 — 33 
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (10)(10)
Balance at June 30, 2021225.6 $6,383 $1,823 $(3,744)$105 $4,567 
Net income (loss)— — (900)— 9 (891)
Shares issued - employee stock compensation plans0.2 18 (1)— — 17 
Shares purchased(4.4)— (1,251)— — (1,251)
Share-based compensation expense— 130 — — — 130 
Dividends to shareholders ($0.51 per share)
— — (116)— — (116)
Net change in fair value of financial instruments— — — (5)— (5)
Net foreign currency translation adjustments— — — (153)— (153)
Net postretirement benefit obligation— — — 25 — 25 
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (24)(24)
Balance at September 30, 2021221.4 $6,531 $(445)$(3,877)$90 $2,299 
9


 
(millions)SharesOrdinary
Shares and
Additional
Paid-in Capital
Retained
Earnings (Accumulated Deficit)
Accumulated Other
Comprehensive
Loss, Net of Tax
Non-
controlling
Interests
Total
Balance at January 1, 2020232.1 $6,154 $1,248 $(4,033)$74 $3,443 
Net income— — 772 — 19 791 
Shares issued - employee stock compensation plans1.2 (112)— — — (112)
Shares purchased(2.2)— (463)— — (463)
Share-based compensation expense— 81 — — — 81 
Dividends to shareholders ($0.44 per share)
— — (102)— — (102)
Net change in fair value of financial instruments— — — (5)— (5)
Net foreign currency translation adjustments— — — (395)(2)(397)
Net postretirement benefit obligation— — — 24 — 24 
Balance at March 31, 2020231.1 $6,123 $1,455 $(4,409)$91 $3,260 
Net income— — 398 — 13 411 
Shares issued - employee stock compensation plans0.4 (45)— — — (45)
Share-based compensation expense— 64 — — — 64 
Dividends to shareholders ($0.44 per share)
— — (102)— — (102)
Net change in fair value of financial instruments— — — 3 — 3 
Net foreign currency translation adjustments— — — 87 1 88 
Net postretirement benefit obligation— — — 23 — 23 
Purchases of shares from noncontrolling interests— 4 — — (4) 
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (7)(7)
Balance at June 30, 2020231.5 $6,146 $1,751 $(4,296)$94 $3,695 
Net income— — 275 — 7 282 
Shares issued - employee stock compensation plans0.1 12 — — 12 
Shares purchased(2.4)— (500)— — (500)
Share-based compensation expense— 67 — — — 67 
Dividends to shareholders ($0.44 per share)
— — (103)— — (103)
Net change in fair value of financial instruments— — — 6 — 6 
Net foreign currency translation adjustments— — — 171 2 173 
Net postretirement benefit obligation— — — 20 — 20 
Purchases of shares from noncontrolling interests— (7)— — (2)(9)
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (23)(23)
Balance at September 30, 2020229.2 $6,218 $1,423 $(4,099)$78 $3,620 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
10


Aon plc
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended September 30,
(millions)20212020
Cash flows from operating activities  
Net income$435 $1,484 
Adjustments to reconcile net income to cash provided by operating activities:  
Gain from sales of businesses(2)(25)
Depreciation of fixed assets138 124 
Amortization and impairment of intangible assets112 205 
Share-based compensation expense346 207 
Deferred income taxes83 (4)
Change in assets and liabilities:  
Fiduciary receivables359 (1,051)
Short-term investments — funds held on behalf of clients(786)(706)
Fiduciary liabilities427 1,757 
Receivables, net(79)193 
Accounts payable and accrued liabilities22 (191)
Current income taxes47 34 
Pension, other postretirement and postemployment liabilities(101)(117)
Other assets and liabilities250 113 
Cash provided by operating activities1,251 2,023 
Cash flows from investing activities  
Proceeds from investments51 34 
Payments for investments(68)(80)
Net sales (purchases) of short-term investments — non-fiduciary(2)(312)
Acquisition of businesses, net of cash acquired(3)(368)
Sale of businesses, net of cash sold8 30 
Capital expenditures(102)(119)
Cash used for investing activities(116)(815)
Cash flows from financing activities  
Share repurchase(1,543)(963)
Issuance of shares for employee benefit plans(122)(141)
Issuance of debt3,173 4,153 
Repayment of debt(2,436)(3,857)
Cash dividends to shareholders(335)(307)
Noncontrolling interests and other financing activities(117)(31)
Cash used for financing activities(1,380)(1,146)
Effect of exchange rates on cash and cash equivalents(30)(31)
Net increase (decrease) in cash and cash equivalents(275)31 
Cash and cash equivalents at beginning of period884 790 
Cash and cash equivalents at end of period$609 $821 
Supplemental disclosures:  
Interest paid$193 $214 
Income taxes paid, net of refunds$330 $326 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
11


Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements and Notes thereto (the “Financial Statements”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Financial Statements include the accounts of Aon plc, an Irish public limited company (the “Company” or “Aon”), and all of its controlled subsidiaries. Intercompany accounts and transactions have been eliminated. The 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.
Certain information and disclosures normally included in the Financial Statements prepared in accordance with U.S. GAAP have been condensed or omitted. The Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results for the three and nine months ended September 30, 2021 are not necessarily indicative of operating results that may be expected for the full year ending December 31, 2021, particularly in light of the COVID-19 pandemic.
Reclassification
Certain amounts in the prior year's Condensed Consolidated Financial Statements have been reclassified to conform to the current year’s presentation. For both the three and nine months ended September 30, 2020, there was $1 million of income, including the related tax effect, from discontinued operations recognized in Net Income from discontinued operations in the Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Cash Flows. This amount is now included in Other income (expense) in the Condensed Consolidated Statement of Income and Other assets and liabilities in the Condensed Consolidated Statement of Cash Flows for the three and nine months ended September 30, 2020. There was no earnings per share impact.
In the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, the Company reported an effective tax rate on Net income from continuing operations of 22.6% and 19.4% for the three and nine months ended September 30, 2020, respectively. As a result of the reclassification noted above, the effective tax rate on Net income was 22.5% and 19.3% for the three and nine months ended September 30, 2020.
Additionally, for the nine months ended September 30, 2020, a $112 million cash outflow was classified as an adjustment to Net income from Restructuring reserves in the Condensed Consolidated Statement of Cash Flows. This amount is now included in Other assets and liabilities in the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2020. There was no impact on Cash provided by operating activities.
Disaggregation of Revenue
In the third quarter of 2021, the Company announced steps to further accelerate its Aon United strategy, which now includes four solution lines: Commercial Risk Solutions, Reinsurance Solutions, Health Solutions, and Wealth Solutions. This new solution line structure is reflected in Note 3 “Revenue from Contracts with Customers”, where prior period amounts have been reclassified to conform to the current periods’ presentation. The changes in the solution line structure affect only the manner in which the Company's revenue results for the Company’s principal service lines were previously reported and have no impact on the Company's previously reported Condensed Consolidated Financial Statements, results of operations, or total organic revenue growth. Refer to Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information about the changes in the presentation of our principal service line reporting. The Company continues to operate as one segment that includes all of the Company’s operations, refer to Note 16 “Segment Information” for further information.
Use of Estimates
The preparation of the Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Management believes its estimates to be reasonable given the current facts available. Aon adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets, foreign currency exchange rate movements, and the COVID-19 pandemic 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
12


resulting from continuing changes in the economic environment would, if applicable, be reflected in the Financial Statements in future periods.
2. Accounting Principles and Practices
All issued, but not yet effective, guidance has been deemed not applicable or not significant to the Financial Statements.
3. Revenue from Contracts with Customers
Disaggregation of Revenue
The following table summarizes revenue from contracts with customers by principal service line (in millions). Prior year amounts from the Condensed Consolidated Financial Statements have been reclassified to conform to the current year’s presentation. Refer to Note 1 “Basis of Presentation” for further information regarding the changes to the Company’s principal service lines.
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Commercial Risk Solutions$1,505 $1,320 $4,788 $4,197 
Reinsurance Solutions353 321 1,775 1,617 
Health Solutions497 423 1,503 1,316 
Wealth Solutions351 327 1,062 984 
Eliminations(4)(6)(15)(13)
Total revenue$2,702 $2,385 $9,113 $8,101 
Consolidated revenue from contracts with customers by geographic area, which is attributed on the basis of where the services are performed, is as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
United States$1,329 $1,169 $3,900 $3,503 
Americas other than United States230 200 748 647 
United Kingdom340 332 1,368 1,276 
Ireland22 19 94 63 
Europe, Middle East, & Africa other than United Kingdom and Ireland438 372 2,028 1,731 
Asia Pacific343 293 975 881 
Total revenue$2,702 $2,385 $9,113 $8,101 

Contract Costs
An analysis of the changes in the net carrying amount of costs to fulfill contracts with customers are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Balance at beginning of period$222 $193 $339 $335 
Additions340 291 1,022 883 
Amortization(310)(266)(1,110)(995)
Impairment    
Foreign currency translation and other(3)2 (2)(3)
Balance at end of period$249 $220 $249 $220 
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