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Employee Benefits
 3 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
The following table provides the components of the net periodic (benefit) cost recognized in the Condensed Consolidated Statements of Income for Aon’s material U.K., U.S., and other significant international pension plans located in the Netherlands and Canada. Service cost is reported in Compensation and benefits and all other components are reported in Other income (expense) as follows (in millions):
 
Three Months Ended March 31
 
U.K.
 
U.S.
 
Other
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Interest cost
$
28

 
$
29

 
$
27

 
$
25

 
$
7

 
$
7

Expected return on plan assets, net of administration expenses
(49
)
 
(51
)
 
(34
)
 
(36
)
 
(10
)
 
(12
)
Amortization of prior-service cost
1

 
—

 
1

 
—

 
—

 
—

Amortization of net actuarial loss
7

 
8

 
13

 
15

 
3

 
3

Net periodic (benefit) cost
(13
)
 
(14
)
 
7

 
4

 
—

 
(2
)
Loss on pension settlement
—

 
7

 
—

 
—

 
—

 
—

Total net periodic (benefit) cost
$
(13
)

$
(7
)

$
7


$
4


$
—


$
(2
)

In March 2017, the Company approved a plan to offer a voluntary one-time lump sum payment option to certain eligible employees of the Company’s U.K. pension plans that, if accepted, would settle the Company’s pension obligations to them. The lump sum cash payment offer closed during 2018. For the three months ended March 31, 2018, lump sum payments from plan assets of £48 million ($68 million using March 31, 2018 exchange rates) were paid. As a result of this settlement, the Company remeasured the assets and liabilities of the U.K. pension plan during the first quarter of 2018, which in aggregate resulted in a reduction to the projected benefit obligation of £44 million ($63 million using March 31, 2018 exchange rates), as well as a non-cash settlement charge of £5 million ($7 million using average March 31, 2018 exchange rates) in the first quarter of 2018.
Contributions
The Company expects to make cash contributions of approximately $80 million, $46 million, and $19 million, based on exchange rates as of December 31, 2018, to its significant U.K., U.S., and other significant international pension plans, respectively, during 2019. During the three months ended March 31, 2019, cash contributions of $23 million, $17 million, and $7 million were made to the Company’s significant U.K., U.S., and other significant international pension plans, respectively.
During the three months ended March 31, 2018, cash contributions of $23 million, $17 million, and $8 million were made to the Company’s significant U.K., U.S., and other significant international pension plans, respectively.