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Sure:
awk '
{
ORS=(ORS==RS)?FS:RS # If the output record separator is equal to RS ("\n") then set it to a FS ( " " ) else set it to RS ("\n"), thus alternating between newline and space.
...

A perl:
perl -ne '/Policy Name:\s*(\S+)/;$pol=$1;print $pol." ".$1."\n" if /Active:\s*(\S+)/' infile

Using cat, cut, tr and paste:

cat filename|cut -d':' -f2|tr -d ' '|paste -s -d" \n" -

awk '{ORS=(ORS==RS)?FS:RS; print $NF}' infile

Hi.

An alternate with sed , cut , paste:
#!/usr/bin/env bash

# @(#) s1 Demonstrate combine lines fro specific column (field).

pe() { for _i;do printf "%s" "$_i";done; printf "\n"; }
pl() {...

Or if you are having problems with awk.

while read a b
do
read c d
echo $b $d
done <inputfile

awk 'NR%2 {keep=$2; next}
!NR%2 {print keep, $2} ' inputfile > outputfile