Lease Commitments

12 Months Ended

Dec. 31, 2014

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 November 2011, the Company entered into an agreement to lease 190,000 square feet in a building to be constructed at 122 Leadenhall in London, United Kingdom. In August 2014, upon practical completion of the construction, the Company entered into the leases. Aon expects to move into the new building in 2015 when it exercises an early break option at the Devonshire Square location.

Rental expenses (including amounts applicable to taxes, insurance and maintenance) for operating leases are as follows (in millions):



Years ended December 31	2014		2013		2012
Rental expense	$	455	$	520	$	536
Sub lease rental income	75		77		72
Net rental expense	$	380	$	443	$	464

At December 31, 2014, 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):



2015	$	362
2016	333
2017	297
2018	270
2019	240
Thereafter	876
Total minimum payments required	$	2,378

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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