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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Expense Recognized for Defined Contribution Savings Plans, Included in Compensation and Benefits and Discontinued Operations in the Consolidated Statements of Income The expense for the significant plans in the U.S., U.K., Netherlands, and Canada is as follows (in millions):
Years ended December 31202020192018
U.S.$87 $98 $98 
U.K.42 41 45 
Netherlands and Canada26 25 25 
Total$155 $164 $168 
Changes in Projected Benefit Obligations Fair Value of Plan Assets, Funded Status and Amount Recognized
The following tables provide a reconciliation of the changes in the projected benefit obligations and fair value of assets for the years ended December 31, 2020 and 2019, and a statement of the funded status as of December 31, 2020 and 2019, for Aon’s significant U.K., U.S., and other major pension plans, which are located in the Netherlands and Canada. These plans represent approximately 91% of the Company’s projected benefit obligations.
 U.K.U.S.Other
(millions)202020192020201920202019
Change in projected benefit obligation    
At January 1$4,779 $4,129 $3,192 $2,877 $1,425 $1,271 
Service cost— — — — — — 
Interest cost88 109 85 108 19 27 
Plan amendment3 10 — — — — 
Settlements(7)(22)— — — — 
Actuarial loss (gain)520 594 274 373 112 177 
Benefit payments(209)(168)(171)(166)(44)(42)
Foreign currency impact232 127 — — 113 (8)
As of December 31$5,406 $4,779 $3,380 $3,192 $1,625 $1,425 
Accumulated benefit obligation at end of year$5,406 $4,779 $3,380 $3,192 $1,592 $1,391 
Change in fair value of plan assets   
At January 1$5,959 $5,225 $2,066 $1,796 $1,303 $1,155 
Actual return on plan assets618 687 289 398 109 182 
Employer contributions8 78 92 38 20 19 
Settlements(7)(22)— — — — 
Benefit payments(209)(168)(171)(166)(44)(42)
Foreign currency impact283 159 — — 109 (11)
As of December 31$6,652 $5,959 $2,276 $2,066 $1,497 $1,303 
Market related value at end of year$6,652 $5,959 $2,076 $1,969 $1,497 $1,303 
Amount recognized in Statement of Financial Position as of December 31   
Funded status$1,246 $1,180 $(1,104)$(1,126)$(128)$(122)
Unrecognized prior-service cost43 40 — 1 (7)(6)
Unrecognized loss1,286 1,204 1,812 1,762 521 460 
Net amount recognized$2,575 $2,424 $708 $637 $386 $332 
The following table provides an overview of the accumulated projected benefit obligation, fair value of plan assets, funded status and net amount recognized as of December 31, 2020 and 2019 for the Company’s other significant postretirement benefit plans located in the U.S. and Canada (in millions):
20202019
Accumulated projected benefit obligation$117 $103 
Fair value of plan assets17 16 
Funded status(100)(87)
Unrecognized prior-service credit(1)(1)
Unrecognized loss13 3 
Net amount recognized$(88)$(85)
Amounts Recognized in the Consolidated Statements of Financial Position
Amounts recognized in the Consolidated Statements of Financial Position consist of (in millions):
 U.K.U.S.Other
 202020192020201920202019
Prepaid benefit cost (1)
$1,268 $1,200 $— $— $— $— 
Accrued benefit liability - current (2)
(1)(1)(52)(50)(5)(5)
Accrued benefit liability - non-current (3)
(21)(19)(1,052)(1,076)(123)(117)
Accumulated other comprehensive loss 1,329 1,244 1,812 1,763 514 454 
Net amount recognized$2,575 $2,424 $708 $637 $386 $332 
(1)Included in Prepaid pension
(2)Included in Other current liabilities
(3)Included in Pension, other postretirement, and postemployment liabilities
Amounts Recognized in Accumulated Other Comprehensive Loss that have not yet been Recognized as Components of net Periodic Benefit Cost
Amounts recognized in Accumulated other comprehensive loss (income) that have not yet been recognized as components of net periodic benefit cost at December 31, 2020 and 2019 consist of (in millions):
 U.K.U.S.Other
 202020192020201920202019
Net loss$1,286 $1,204 $1,812 $1,762 $521 $460 
Prior service cost (income)43 40 — 1 (7)(6)
Total$1,329 $1,244 $1,812 $1,763 $514 $454 
Components of Net Periodic Benefit Cost for the Pension Plans
Service cost is reported in Compensation and benefits and all other components are reported in Other income (expense) as follows (in millions):
 U.K.U.S.Other
 202020192018202020192018202020192018
Service cost$— $— $— $— $— $— $— $— $— 
Interest cost88 109 109 85 108 99 19 27 27 
Expected return on plan assets, net of administration expenses(159)(191)(192)(134)(136)(144)(34)(40)(45)
Amortization of prior-service cost2 1 1 1 2 2 — — — 
Amortization of net actuarial loss30 29 28 68 53 59 12 12 12 
Net periodic benefit (income) cost(39)(52)(54)20 27 16 (3)(1)(6)
Settlement expense2 5 37 — — — — — — 
Total net periodic benefit cost (income)$(37)$(47)$(17)$20 $27 $16 $(3)$(1)$(6)
Weighted-Average Assumptions Used to Determine Future Benefit Obligations and Net Periodic Benefit Cost
The weighted-average assumptions used to determine benefit obligations are as follows:
 U.K.
U.S. (1)
Other
 202020192020201920202019
Discount rate1.45%2.09%
1.74 - 2.45%
2.72 - 3.17%
0.38 - 2.47%
0.91 - 3.10%
Rate of compensation increase
3.22 - 3.72%
3.24 - 3.74%
N/AN/A
1.00 - 3.00%
1.00 - 3.00%
Underlying price inflation2.12%1.78%N/AN/A2.00%2.00%
(1)U.S. pension plans are frozen and therefore not impacted by compensation increases or price inflation.
The weighted-average assumptions used to determine the net periodic benefit cost are as follows:
 U.K.U.S.Other
 202020192018202020192018202020192018
Discount rate1.89%2.95%2.63%
2.36 - 2.76%
3.92 - 4.26%
3.27 - 3.61%
0.74 - 2.90%
1.89 - 3.88%
1.78 - 3.39%
Expected return on plan assets, net of administration expenses2.74%3.64%3.34%
3.30 - 7.04%
7.05%7.71%
2.10 - 3.10%
2.50 - 4.10%
1.70 - 4.85%
Rate of compensation increase
3.24 - 3.74%
3.73 - 4.23%
3.70 - 4.20%
N/AN/AN/A
1.00 - 3.00%
1.00 - 3.00%
1.00 - 3.00%
Fair Values of Pension Plan Assets
The fair values of the Company’s U.S. pension plan assets at December 31, 2020 and December 31, 2019, by asset category, are as follows (in millions):
  Fair Value Measurements Using
Asset CategoryBalance at December 31, 2020Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$79 $79 $— $— 
Equity investments:  
Equity securities207 207 — — 
Equity derivatives62 — 62 — 
Pooled funds (2)
640 90 — — 
Fixed income investments: 
Corporate bonds167 — 167 — 
Government and agency bonds233 200 33 — 
Pooled funds (2)
543 212 — — 
Other investments: 
Real estate (2) (3)
163 — — — 
Alternative investments (2) (4)
182 — — — 
Total$2,276 $788 $262 $— 
(1)Consists of cash and institutional short-term investment funds.
(2)Certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above table are intended to permit reconciliation of the fair values to the amounts presented in the plan assets contained in this Note.
(3)Consists of property funds and trusts holding direct real estate investments.
(4)Consists of limited partnerships, private equity, and hedge funds.
  Fair Value Measurements Using
Asset CategoryBalance at December 31, 2019Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$77 $77 $— $— 
Equity investments:  
Equity securities195 195 — — 
Equity derivatives22 — 22 — 
Pooled funds (2)
583 — — — 
Fixed income investments: 
Corporate bonds128 — 128 — 
Government and agency bonds199 162 37 — 
Asset-backed securities3 — 3 — 
Pooled funds (2)
545 — — — 
Other investments: 
Real estate and REITs (3)
133 — — — 
Alternative investments (2) (4)
181 — — — 
Total$2,066 $434 $190 $— 
(1)Consists of cash and institutional short-term investment funds.
(2)Certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above table are intended to permit reconciliation of the fair values to the amounts presented in the plan assets contained in this Note.
(3)Consists of property funds and trusts holding direct real estate investments.
(4)Consists of limited partnerships, private equity, and hedge funds.
The fair values of the Company’s major U.K. pension plan assets at December 31, 2020 and December 31, 2019, by asset category, are as follows (in millions):
  Fair Value Measurements Using
 Balance at December 31, 2020Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$182 $182 $— $— 
Equity investments: 
Pooled funds (2)
4 — — — 
Fixed income investments: 
Derivatives (3)
(1,424)— (1,424)— 
Corporate bonds4 4 
Government and agency bonds2,872 2,872 — — 
Annuities2,625 — — 2,625 
Pooled funds (2)
875 — — — 
Other investments:
Real estate (2) (4)
117— — — 
Pooled funds (2) (5)
1,397 4 — — 
Total$6,652 $3,062 $(1,424)$2,625 
(1)Consists of cash and institutional short-term investment funds.
(2)Certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above table are intended to permit reconciliation of the fair values to the amounts presented in the plan assets contained in this Note.
(3)Consists of equity securities and equity derivatives, including repurchase agreements.
(4)Consists of property funds and trusts holding direct real estate investments.
(5)Consists of multi-strategy limited partnerships, private equity, hedge funds, and collective investment schemes with a diversified portfolio of cash, equities, equity related securities, derivatives, and/or fixed income securities.
  Fair Value Measurements Using
 Balance at December 31, 2019Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$81 $81 $— $— 
Equity investments: 
Pooled funds (2)
119 — — — 
Fixed income investments: 
Derivatives (3)
(1,205)— (1,205)— 
Government and agency bonds2,667 2,667 — — 
Annuities1,849 — — 1,849 
Pooled funds (2)
1,486 — — — 
Other investments: 
Real estate (2) (4)
180 — — — 
Pooled funds (2) (5)
782 — — — 
Total$5,959 $2,748 $(1,205)$1,849 
(1)Consists of cash and institutional short-term investment funds.
(2)Certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above table are intended to permit reconciliation of the fair values to the amounts presented in the plan assets contained in this Note.
(3)Consists of equity securities and equity derivatives, including repurchase agreements.
(4)Consists of property funds and trusts holding direct real estate investments.
(5)Consists of multi-strategy limited partnerships, private equity, hedge funds, and collective investment schemes with a diversified portfolio of cash, equities, equity related securities, derivatives, and/or fixed income securities.
The fair values of the Company’s other major pension plan assets at December 31, 2020 and December 31, 2019, by asset category, are as follows (in millions):
  Fair Value Measurements Using
 Balance at December 31, 2020Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$37 $37 $— $— 
Equity investments: 
Equity securities75 75 — — 
Pooled funds (2)
290 — — — 
Fixed income investments: 
Government and agency bonds395 395 — — 
Pooled funds (2)
627 — — — 
Other investments: 
Alternative investments (2) (3)
63 — — — 
Real estate (2) (4)
10 — — — 
Total$1,497 $507 $— $— 
(1)Consists of cash and institutional short-term investment funds.
(2)Certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above table are intended to permit reconciliation of the fair values to the amounts presented in the plan assets contained in this Note.
(3)Consists of limited partnerships, private equity, and hedge funds.
(4)Consists of property funds and trusts holding direct real estate investments.
  Fair Value Measurements Using
 Balance at December 31, 2019Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$5 $5 $— $— 
Equity investments: 
Pooled funds (2)
323 — — — 
Fixed income investments: 
Pooled funds (2)
907 — — — 
Other investments: 
Alternative investments (2) (3)
62 — — — 
Real estate (2) (4)
6 — — — 
Total $1,303 $5 $— $— 
(1)Consists of cash and institutional short-term investment funds.
(2)Certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above table are intended to permit reconciliation of the fair values to the amounts presented in the plan assets contained in this Note.
(3)Consists of limited partnerships, private equity, and hedge funds.
(4)Consists of property funds and trusts holding direct real estate investments.
Changes in the Level 3 Fair-Value Category
The following table presents the changes in the Level 3 fair-value category in the Company’s U.K. pension plans for the years ended December 31, 2020 and December 31, 2019 (in millions):
Fair Value Measurements Using Level 3 InputsAnnuities
Balance at January 1, 2019$1,688 
Actual return on plan assets:
Relating to assets still held at December 31, 2019113 
Foreign exchange48 
Balance at December 31, 20191,849 
Actual return on plan assets:
Relating to assets still held at December 31, 202013 
Purchases, sales and settlements-net682 
Foreign exchange81 
Balance at December 31, 2020$2,625 
Estimated Future Benefit Payments
Estimated future benefit payments for plans, not including voluntary one-time lump sum payments, are as follows at December 31, 2020 (in millions):
U.K.U.S.Other
2021$161 $192 $48 
2022$167 $193 $49 
2023$174 $190 $50 
2024$180 $192 $51 
2025$185 $183 $52 
2026 – 2030$1,007 $893 $274 
Other Information Related to the Company's Other Post-Retirement Benefit Plans
Other information related to the Company’s other postretirement benefit plans are as follows:
202020192018
Net periodic benefit cost recognized (millions)$4$3$3
Weighted-average discount rate used to determine future benefit obligations
2.10 - 2.58%
2.93 - 3.25%
3.91 - 4.26%
Weighted-average discount rate used to determine net periodic benefit costs
2.93 - 3.25%
3.91 - 4.26%
3.32 - 3.64%