Hillsborough races to plan $709M in hurricane relief spending
Hillsborough County leaders are racing against the clock to create a plan by July 20 for spending millions in federal disaster relief funding.
The Department of Housing and Urban Development will allocate more than $709.32 million of Community Development Block Grant-Disaster Recovery funds to Hillsborough County for hurricane relief. HUD is also allocating $813.8 million to Pinellas County and $585.7 million to Pasco County.
The funds must be allocated to disaster relief, long-term recovery, restoration of infrastructure and housing, economic revitalization and mitigation in the 'most impacted and distressed' areas, according to the county.
Hillsborough hired Indelible Solutions to draft the Action Plan and requested an extension in March. The extension pushed the HUD grant deadline back to July 20.
A draft plan is expected to be presented on June 4, when a 30-day public comment period will begin. Once the action plan is approved, the $709 million can begin being allocated. The county will then have six years to spend the funds.
Though Hillsborough is ultimately responsible for the federal funding, it can choose to distribute portions of the pot to the municipalities within the county for approved projects.
Commissioner Christine Miller asked staff for details on how they are identifying which areas have the most need to ensure that areas outside of Tampa, like Plant City, are not forgotten.
Three areas identified as top categories for the funds are housing, economic revitalization and infrastructure. Some of the types of infrastructure projects that could be selected include road and bridge repair, water and wastewater facilities, stormwater, public facilities and the elevating and hardening of facilities.
Of the $700 million, 70% must be used to benefit low to moderate-income individuals or areas.
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Effective tax rate was 15.5% in the second quarter compared to 22.9% in the prior year period. After adjusting to exclude the applicable tax impact associated with certain non-GAAP adjustments, the adjusted effective tax rate for the second quarter of 2025 was 16.5% compared to 22.2% in the prior year period. The primary drivers of the change in adjusted effective tax rate were the net favorable impact from discrete items and changes in the geographical distribution of income. Weighted average diluted shares outstanding increased to 217.3 million in the second quarter compared to 213.3 million in the prior year period. The Company repurchased 0.7 million class A ordinary shares for approximately $250 million in the second quarter. As of June 30, 2025, the Company had approximately $1.8 billion of remaining authorization under its share repurchase program. 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Adjusted other expense was $32 million compared to $15 million in the prior year period, primarily due to the unfavorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies and an increase in non-cash pension expense. Net income attributable to Aon shareholders increased 10% to $579 million compared to $524 million in the prior year period. Adjusted net income attributable to Aon shareholders increased 22% to $759 million compared to $624 million in the prior year period. Conference Call, Presentation Slides, and Webcast Details The Company will host a conference call on Friday, July 25, 2025 at 7:30 a.m., central time. Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at About AonAon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook, and Instagram. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts Safe Harbor StatementThis communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. 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. These forward-looking statements include information about possible or assumed future results of Aon's operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as our outlook, market and industry conditions, including competitive and pricing trends, the development and performance of our services and products, our cost structure and the outcome of cost-saving or restructuring initiatives, including the impacts of the Accelerating Aon United Program, the integration of NFP, actual or anticipated legal settlement expenses, future capital expenditures, growth in commissions and fees, changes to the composition or level of our revenues, cash flow and liquidity, expected tax rates, expected foreign currency translation impacts, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans, references to future successes, and expectations with respect to the benefits of the acquisition of NFP are forward-looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential", "opportunity", "commit", "probably", "project", "positioned", "should", "will", "would" or similar expressions, it is making forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward looking statements: changes in the competitive environment, due to macroeconomic conditions or otherwise, or damage to Aon's reputation; fluctuations in currency exchange, interest, or inflation 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 Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon's debt and the terms thereof reducing Aon's flexibility or increasing borrowing costs; rating agency actions that could limit Aon's access to capital and our competitive position; volatility in Aon's global tax rate due to being subject to a variety of different factors, including the adoption and implementation in the European Union, the United States, the United Kingdom, or other countries of the Organization for Economic Co-operation and Development tax proposals or other pending proposals in those and other countries, which could create volatility in that tax rate; changes in Aon's accounting estimates or assumptions on Aon's financial statements; limits on Aon's subsidiaries' ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from acquisition or disposition transactions, errors and omissions and other claims against Aon (including proceeding and contingencies relating to transactions for which capital was arranged by Vesttoo Ltd. or related to actions we may take in being responsible for making decisions on behalf of clients in our investment business or in other advisory services that we currently provide, or may provide in the future); the impact of, and potential challenges in complying with, laws and regulations in the jurisdictions in which Aon operates, particularly given the global nature of Aon's operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of others; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with our global operations, including geopolitical conflicts, tariffs, or changes in trade policies; the effects of natural or human-caused disasters, including the effects of health pandemics and the impacts of climate related events; any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation; Aon's ability to develop, implement, update and enhance new technology; the actions taken by third parties that perform aspects of Aon's business operations and client services; Aon's 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; Aon's ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; Aon's ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings (including the Accelerating Aon United Program), and the ability to achieve such growth or cost savings; the effects of Irish law on Aon's operating flexibility and the enforcement of judgments against Aon; adverse effects on the market price of Aon's securities and/or operating results for any reason, including, without limitation, because of a failure to realize the expected benefits of the acquisition of NFP (including anticipated revenue and growth synergies) in the expected timeframe, or at all; and significant integration costs or difficulties in connection with the acquisition of NFP or unknown or inestimable liabilities. Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that could materially affect Aon's financial results, is contained in Aon's filings with the SEC. See Aon's Annual Report on Form 10-K for the year ended December 31, 2024 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. Explanation of Non-GAAP MeasuresThis communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including Organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin, adjusted earnings per share (EPS), adjusted net income attributable to Aon shareholders, adjusted diluted net income per share, adjusted effective tax rate, adjusted other income (expense), and adjusted income before income taxes that exclude the effects of intangible asset amortization and impairment, Accelerating Aon United Program expenses, contingent consideration, NFP transaction and integration costs, certain pension settlements, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions (provided that Organic revenue growth includes Organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, if any), transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this communication are provided in the attached appendices. Supplemental Organic revenue growth information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flows from operating activity less capital expenditures. The adjusted effective tax rate excludes the applicable tax impact associated with adjustments previously described, generally at the estimated annual effective tax rate or jurisdictional rate, where appropriate. Beginning in the third quarter of 2024, the adjusted effective tax rate also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon's Condensed Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments. Aon does not provide a reconciliation of forward-looking non-GAAP measures, where Aon believes such a reconciliation would imply a degree of precision and certainty that could be misleading and is unable to reasonably predict certain items contained in the corresponding GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Aon's control, or cannot be reasonably predicted. For these reasons, Aon is also unable to address the probable significance of the unavailable information. Investor Contact:Media Contact: Hallie MillerWill Dunn +1 847 442 0622Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114 +1 312 381 3024 mediainquiries@ Aon plcCondensed Consolidated Statements of Income (Unaudited)Three Months Ended June 30,Six Months Ended June 30, (millions, except per share data)20252024% Change20252024% Change Revenue Total revenue$ 4,155$ 3,76011 %$ 8,884$ 7,83013 % Expenses Compensation and benefits2,3602,13011 %4,6094,01315 % Information technology1361323 %2722566 % Premises85824 %1671539 % Depreciation of fixed assets47454 %93894 % Amortization and impairment of intangible assets20112857 %400144178 % Other general expense373455(18) %8198032 % Accelerating Aon United Program expenses94132(29) %204251(19) % Total operating expenses3,2963,1046 %6,5645,70915 % Operating income85965631 %2,3202,1219 % Interest income—31(100) %559(92) % Interest expense(212)(225)(6) %(418)(369)13 % Other income (expense)56236(76) %4631185 % Income before income taxes7036981 %1,9532,122(8) % Income tax expense (1)109160(32) %377491(23) % Net income59453810 %1,5761,631(3) % Less: Net income attributable to redeemable and nonredeemable noncontrolling interests15147 %3236(11) % Net income attributable to Aon shareholders$ 579$ 52410 %$ 1,544$ 1,595(3) %Basic net income per share attributable to Aon shareholders$ 2.68$ 2.479 %$ 7.14$ 7.75(8) % Diluted net income per share attributable to Aon shareholders$ 2.66$ 2.468 %$ 7.10$ 7.72(8) % Weighted average ordinary shares outstanding - basic216.2212.52 %216.3205.85 % Weighted average ordinary shares outstanding - diluted217.3213.32 %217.6206.75 % (1) The effective tax rate was 15.5% and 22.9% for the three months ended June 30, 2025 and 2024, respectively, and 19.3% and 23.1% for the six months ended June 30, 2025 and 2024, respectively. Aon plcSegment Results (Unaudited) Three Months Ended June 30,Risk CapitalHuman CapitalCorporate/Eliminations (1)Total Consolidated20252024202520242025202420252024 RevenueTotal revenue $ 2,866$ 2,650$ 1,291$ 1,125$ (2)$ (15)$ 4,155$ 3,760 ExpensesCompensation and benefits 1,5411,39079671023302,3602,130 Information technology 889345393—136132 Premises 545430281—8582 Other expenses (2) 31932930325893173715760 Total operating expenses 2,0021,8661,1741,0351202033,2963,104 Operating income $ 864$ 784$ 117$ 90$ (122)$ (218)$ 859$ 656 Operating margin 30.1 %29.6 %9.1 %8.0 %20.7 %17.4 %Six Months Ended June 30,Risk CapitalHuman CapitalCorporate/Eliminations (1)Total Consolidated20252024202520242025202420252024 RevenueTotal revenue $ 6,057$ 5,625$ 2,836$ 2,228$ (9)$ (23)$ 8,884$ 7,830 ExpensesCompensation and benefits 3,0022,7441,5701,23737324,6094,013 Information technology 17818290744—272256 Premises 10610459492—167153 Other expenses (2) 7106265973912092701,5161,287 Total operating expenses 3,9963,6562,3161,7512523026,5645,709 Operating income $ 2,061$ 1,969$ 520$ 477$ (261)$ (325)$ 2,320$ 2,121 Operating margin 34.0 %35.0 %18.3 %21.4 %26.1 %27.1 % (1) Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment. (2) Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses. Aon plcReconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow (Unaudited)Organic Revenue Growth (Unaudited) Three Months Ended June 30, 20252024% ChangeLess: Currency Impact (1)Less: Fiduciary Investment Income (2)Less: Acquisitions, Divestitures & Other Organic Revenue Growth (3) Risk Capital Revenue: Commercial Risk Solutions$ 2,178$ 2,0158 %1 %— %1 %6 % Reinsurance Solutions68863581—16 Human Capital Revenue: Health Solutions77266217——116 Wealth Solutions519463122—73 ...Eliminations(2)(15)N/AN/AN/AN/AN/A Total revenue$ 4,155$ 3,76011 %1 %— %4 %6 %Six Months Ended June 30, 20252024% ChangeLess: Currency Impact (1)Less: Fiduciary Investment Income (2)Less: Acquisitions, Divestitures & Other Organic Revenue Growth (3) Risk Capital Revenue: Commercial Risk Solutions$ 4,180$ 3,8239 %(1) %— %5 %5 % Reinsurance Solutions1,8771,8024———4 Human Capital Revenue: Health Solutions1,7981,39529(1)—246 Wealth Solutions1,038833251—186 Eliminations(9)(23)N/AN/AN/AN/AN/A Total revenue$ 8,884$ 7,83013 %(1) %— %9 %5 % (1) Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. (2) Fiduciary investment income for the three months ended June 30, 2025 and 2024 was $66 million and $75 million, respectively. Fiduciary investment income for the six months ended June 30, 2025 and 2024 was $133 million and $154 million, respectively. (3) Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that Organic revenue growth includes Organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges. Free Cash Flow (Unaudited)Three Months Ended June 30, (millions)20252024% Change Cash Provided by Operating Activities$ 796$ 51355 % Capital Expenditures(64)(53)21 % Free Cash Flow (1)$ 732$ 46059 % Six Months Ended June 30, (millions)20252024% Change Cash Provided by Operating Activities$ 936$ 82214 % Capital Expenditures(120)(101)19 % Free Cash Flow (1)$ 816$ 72113 % (1) Free cash flow is defined as cash flows from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation of residual cash flow available for discretionary expenditures. Aon plcReconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited) (1) Three Months Ended June 30,Risk CapitalHuman CapitalCorporate/Eliminations (2)Total Consolidated (millions, except percentages) 20252024202520242025202420252024 Revenue $ 2,866$ 2,650$ 1,291$ 1,125$ (2)$ (15)$ 4,155$ 3,760 Operating income $ 864$ 784$ 117$ 90$ (122)$ (218)$ 859$ 656 Amortization and impairment of intangible assets 865311575——201128 Change in the fair value of contingent consideration (9)3(1)15——(10)18 Accelerating Aon United Program expenses (3) 3248612567294132 Transaction and integration costs (4)(5) 3391815742795 Adjusted operating income $ 976$ 891$ 246$ 210$ (51)$ (72)$ 1,171$ 1,029 Operating margin 30.1 %29.6 %9.1 %8.0 %20.7 %17.4 % Adjusted operating margin 34.1 %33.6 %19.1 %18.7 %28.2 %27.4 %Six Months Ended June 30,Risk CapitalHuman CapitalCorporate/Eliminations (2)Total Consolidated (millions, except percentages) 20252024202520242025202420252024 Revenue $ 6,057$ 5,625$ 2,836$ 2,228$ (9)$ (23)$ 8,884$ 7,830 Operating income $ 2,061$ 1,969$ 520$ 477$ (261)$ (325)$ 2,320$ 2,121 Amortization and impairment of intangible assets 1706523079——400144 Change in the fair value of contingent consideration (3)31015——718 Accelerating Aon United Program expenses (3) 51921023143136204251 Transaction and integration costs (4)(5) 1432118218956110 Adjusted operating income $ 2,293$ 2,132$ 791$ 612$ (97)$ (100)$ 2,987$ 2,644 Operating margin 34.0 %35.0 %18.3 %21.4 %26.1 %27.1 % Adjusted operating margin 37.9 %37.9 %27.9 %27.5 %33.6 %33.8 % (1) Certain noteworthy items impacting operating income in the three and six months ended June 30, 2025 and 2024 are described in this schedule. The items shown with the caption "adjusted" are non-GAAP measures. (2) Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment. (3) Total charges include technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation. (4) Transaction costs include advisory, legal, accounting, regulatory, and other professional or consulting fees required to complete the NFP Transaction. No transaction costs were recognized for the three and six months ended June 30, 2025. $85 million and $96 million of transaction costs were recognized for the three and six months ended June 30, 2024, respectively. Of these amounts, $79 million and $90 million were recognized, respectively, in Total operating expenses and $6 million were recognized in Other income (expense) related to the extinguishment of acquired NFP debt for the three and six months ended June 30, 2024. (5) The NFP Transaction has and will continue to result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. Aon incurred $27 million and $16 million of integration costs in the three months ended June 30, 2025 and 2024, respectively, and $56 million and $20 million of integration costs in the six months ended June 30, 2025 and 2024, respectively. Aon plcReconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited) (1)Three Months Ended June 30,Six Months Ended June 30, (millions, except percentages)20252024% Change20252024% Change Adjusted operating income$ 1,171$ 1,02914 %$ 2,987$ 2,64413 % Interest income—31(100) %559(92) % Interest expense(212)(225)(6) %(418)(369)13 % Other income (expense): Other income (expense) - pensions(21)(11)91 %(44)(21)110 % Adjusted other income (expense) - other (2)(3)(4)(11)(4)175 %(18)(1)1,700 % Adjusted other income (expense)(32)(15)113 %(62)(22)182 % Adjusted income before income taxes 92782013 %2,5122,3129 % Adjusted income tax expense (5)153182(16) %485519(7) % Adjusted net income77463821 %2,0271,79313 % Less: Net income attributable to redeemable and nonredeemable noncontrolling interests15147 %3236(11) % Adjusted net income attributable to Aon shareholders$ 759$ 62422 %$ 1,995$ 1,75714 % Adjusted diluted net income per share attributable to Aon shareholders$ 3.49$ 2.9319 %$ 9.17$ 8.508 % Weighted average ordinary shares outstanding - diluted 217.3213.32 %217.6206.75 % Effective tax rates (5) U.S. GAAP15.5 %22.9 %19.3 %23.1 % Non-GAAP16.5 %22.2 %19.3 %22.4 % (1) Certain noteworthy items impacting operating income in the three and six months ended June 30, 2025 and 2024 are described in this schedule. The items shown with the caption "adjusted" are non-GAAP measures. (2) Adjusted Other income (expense) excluded gains from dispositions of $257 million related to the sale of a business for the three and six months ended June 30, 2024. (3) Adjusted Other income (expense) excluded approximately $6 million of debt extinguishment charges related to the repayment of NFP debt, which is considered a transaction related cost incurred in the second quarter of 2024. (4) For the three months ended June 30, 2025 and 2024, Other income was $56 million and $236 million, respectively. For the six months ended June 30, 2025 and 2024, Other income was $46 million and $311 million, respectively. During the three and six months ended June 30, 2025, gains of $88 million and $108 million were recognized, respectively, compared to $82 million recognized for the six months ended June 30, 2024, all of which was recognized in the first quarter of 2024. These gains related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior year period and were excluded from Adjusted other income (expense). Adjusted other expense for the three months ended June 30, 2025 and 2024 was $32 million and $15 million, respectively. Adjusted other expense for the six months ended June 30, 2025 and 2024 was $62 million and $22 million, respectively. (5) Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with Accelerating Aon United Program expenses, deferred consideration from a prior year sale of business, certain gains from dispositions, certain transaction and integration costs related to the acquisition of NFP, and changes in the fair value of contingent consideration, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Aon plcCondensed Consolidated Statements of Financial PositionAs of (Unaudited) (millions) June 30,2025December 31,2024 Assets Current assets Cash and cash equivalents$ 1,008$ 1,085 Short-term investments379219 Receivables, net4,9053,803 Fiduciary assets (1)20,67717,566 Other current assets854759 Total current assets27,82323,432 Goodwill16,02415,234 Intangible assets, net6,7336,743 Fixed assets, net664637 Operating lease right-of-use assets735711 Deferred tax assets861654 Prepaid pension598556 Other non-current assets572998 Total assets$ 54,010$ 48,965Liabilities, redeemable noncontrolling interests, and equity Liabilities Current liabilities Accounts payable and accrued liabilities$ 2,294$ 2,905 Short-term debt and current portion of long-term debt1,837751 Fiduciary liabilities20,67717,566 Other current liabilities2,2671,773 Total current liabilities27,07522,995 Long-term debt15,45116,265 Non-current operating lease liabilities705685 Deferred tax liabilities363319 Pension, other postretirement, and postemployment liabilities1,0781,127 Other non-current liabilities1,2491,144 Total liabilities45,92142,535Redeemable noncontrolling interests81125Equity Ordinary shares - $0.01 nominal value Authorized: 500 shares (issued: 2025 – 215.7; 2024 - 216.0)22 Additional paid-in capital13,25813,173 Accumulated deficit(1,574)(2,309) Accumulated other comprehensive loss(3,843)(4,745) Total Aon shareholders' equity7,8436,121 Nonredeemable noncontrolling interests165184 Total equity8,0086,305 Total liabilities, redeemable noncontrolling interests and equity $ 54,010$ 48,965 (1) Includes cash and short-term investments of $8.3 billion and $7.2 billion as of June 30, 2025 and December 31, 2024, respectively. Aon plcCondensed Consolidated Statements of Cash Flows (Unaudited)Six Months Ended June 30, (millions) 20252024 Cash flows from operating activities Net income$ 1,576$ 1,631 Adjustments to reconcile net income to cash provided by operating activities: Gain from sales of businesses—(257) Depreciation of fixed assets9389 Amortization and impairment of intangible assets400144 Share-based compensation expense266247 Deferred income taxes(242)(122) Other, net(111)(112) Change in assets and liabilities: Receivables, net(902)(959) Accounts payable and accrued liabilities(738)(251) Accelerating Aon United Program liabilities1561 Current income taxes(73)60 Pension, other postretirement and postemployment liabilities(12)(17) Other assets and liabilities664308 Cash provided by operating activities936822 Cash flows from investing activities Proceeds from investments71146 Purchases of investments(42)(91) Net purchases (sales) of short-term investments - non fiduciary(153)189 Acquisition of businesses, net of cash and funds held on behalf of clients(143)(2,780) Sale of businesses, net of cash and funds held on behalf of clients119352 Capital expenditures(120)(101) Cash used for investing activities(268)(2,285) Cash flows from financing activities Share repurchase(500)(500) Proceeds from issuance of shares3327 Cash paid for employee taxes on withholding shares(194)(176) Commercial paper issuances, net of repayments480(591) Issuance of debt—7,926 Repayment of debt(300)(4,328) Increase in fiduciary liabilities, net of fiduciary receivables569283 Cash dividends to shareholders(308)(269) Redeemable and nonredeemable noncontrolling interests, and other financing activities(153)(108) Cash provided by (used for) financing activities(373)2,264 Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients696(202) Net increase in cash and cash equivalents and funds held on behalf of clients991599 Cash, cash equivalents and funds held on behalf of clients at beginning of period8,3337,722 Cash, cash equivalents and funds held on behalf of clients at end of period$ 9,324$ 8,321 Reconciliation of cash and cash equivalents and funds held on behalf of clients: Cash and cash equivalents$ 1,008$ 974 Cash and cash equivalents and funds held on behalf of clients classified as held for sale138 Funds held on behalf of clients8,3157,309 Total cash and cash equivalents and funds held on behalf of clients$ 9,324$ 8,321 View original content: SOURCE Aon plc
New York Post
a day ago
- New York Post
This charming city has quickly become a haven for luxury second-home buyers — and it's far from both coasts
For deep-pocketed home buyers in search of a second home, they're increasingly looking to the high desert. Instead of dealing with the humidity, hurricanes and skyrocketing prices of Florida, Santa Fe, New Mexico is offering a Western alternative that's quietly gaining ground. This quarter, the New Mexico capital cracked the top 10 of the Wall Street Journal/ luxury housing market index for the first time, landing in the No. 2 spot — just behind St. Louis and ahead of many legacy markets traditionally associated with second-home prestige. Advertisement 6 Looking for a second home that doesn't come with hurricanes, humidity or hoards of tourists? Santa Fe might be the answer. SeanPavonePhoto – The index, released Thursday, evaluates high-end markets based not just on property values, but also on lifestyle perks, economic vitality and long-term growth potential. 'There's not much traffic in Santa Fe and prices are still pretty affordable per square foot compared to other luxury markets such as Aspen, Palm Beach and the Hamptons,' Darlene Streit, a broker with Sotheby's International Realty, told Mansion Global. Advertisement 'We're a small town with a big town feeling. We have a lot of world-class restaurants, museums and an arts and cultural scene.' Indeed, that is true, as Santa Fe — which has been especially popular among film-industry retirees from Los Angeles — is also replete with art galleries and home to the Georgia O'Keeffe Museum. It's also impossible to ignore its wide selection of restaurants and bars — the latter of which will always serve up strong margaritas, and chips and queso. At a median luxury listing price of $2.7 million, Santa Fe isn't exactly a bargain, but it's proving to be a value compared to more saturated resort markets. 6 The New Mexico capital just cracked the top 10 in the Wall Street Journal/ Luxury Housing Market Ranking for the first time — thanks to its rare blend of affordability, mild climate and quality of life. Alexey Stiop – Advertisement And unlike Palm Beach or Naples, it offers a dry, temperate climate that rarely reaches sweltering heights — and isn't on a first-name basis with every tropical storm. However, those prone to altitude sensitivity may want to prep in advance, as Santa Fe is at a higher elevation than the city of Denver. 'We have a lot of Texans who tend to spend their summers here because we rarely break 90 degrees, compared to many of the metros in Texas,' Kyle Klain, co-leader at Barker Realty, told the outlet. 'Come the holiday season and the winter, they tend to come to those second homes and use them for their family gatherings for Christmas or an excuse to go skiing.' 6 Storm damage seen in Florida following Hurricane Milton. Mike Lang / Sarasota Herald-Tribune / USA TODAY NETWORK via Imagn Images Advertisement The area's appeal is especially strong among second-home buyers and retirees — particularly those coming from California, Arizona and Texas — many of whom are seeking stability and comfort without sacrificing access to nature and culture. 'We've had some people come because of the fires and different natural disasters that have happened in California,' said Streit. 'It's pretty stable in Santa Fe, we haven't had, thankfully, a big natural disaster in town. Perhaps, it feels a little safer.' According to 9.2% of homes in Santa Fe are vacation properties, more than triple the national average. 6 With a median luxury listing price of $2.7 million, the city offers a lower barrier to entry compared to hotspots like Aspen or Palm Beach. But it's not just a bargain — it's a lifestyle play. Andriy Blokhin – 6 Santa Fe's downtown is equal parts charming and walkable. SeanPavonePhoto – And even as inventory has grown, prices have remained flat — something Klain says is new for a market that experienced steady appreciation over the past five years. Anthony Smith, senior economist at noted that Santa Fe's strong 'amenities' score played a major role in its jump up the rankings, thanks to its blend of cultural offerings and family-friendly appeal. 6 It's become a magnet for second-home buyers and retirees, especially from Texas, California and Arizona, many of whom are weary of natural disasters and sticker shock elsewhere. SeanPavonePhoto – Advertisement 'Santa Fe really stands apart from other cities within New Mexico and is one of the biggest hidden gems within the Southwest,' he told Mansion Global. It's also easy to access via its own airport, though that's smaller than the Albuquerque airport located less than an hour away. And while Florida was once the default choice for those looking to retire or relax in luxury, rising costs and climate volatility are sending buyers elsewhere. 'It's perhaps an easier place to retire than some other places,' Streit said. 'Florida used to be a great, easy, inexpensive place to retire, but it's become fairly costly. Santa Fe is still a pretty good price in comparison, and it's not overrun with people.'
