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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
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 31
202120202019
U.S.$103 $87 $98 
U.K.46 42 41 
Netherlands and Canada35 26 25 
Total$184 $155 $164 
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, 2021 and 2020, and a statement of the funded status as of December 31, 2021 and 2020, 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 90% of the Company’s projected benefit obligations.
 U.K.U.S.Other
(millions)202120202021202020212020
Change in projected benefit obligation    
At January 1$5,406 $4,779 $3,380 $3,192 $1,625 $1,425 
Service cost1 — — — — — 
Interest cost65 88 57 85 12 19 
Plan amendment— 3 — — — — 
Settlements(14)(7)— — — — 
Actuarial (gain) loss(292)520 (103)274 24 112 
Benefit payments(189)(209)(170)(171)(47)(44)
Foreign currency impact(58)232 — — (83)113 
As of December 31$4,919 $5,406 $3,164 $3,380 $1,531 $1,625 
Accumulated benefit obligation at end of year$4,919 $5,406 $3,164 $3,380 $1,504 $1,592 
Change in fair value of plan assets   
At January 1$6,652 $5,959 $2,276 $2,066 $1,497 $1,303 
Actual return on plan assets(136)618 211 289 46 109 
Employer contributions9 8 61 92 17 20 
Settlements(14)(7)— — — — 
Benefit payments(189)(209)(170)(171)(47)(44)
Foreign currency impact(76)283 — — (83)109 
As of December 31$6,246 $6,652 $2,378 $2,276 $1,430 $1,497 
Market related value at end of year$6,246 $6,652 $2,174 $2,076 $1,430 $1,497 
Amount recognized in Statement of Financial Position as of December 31   
Funded status$1,327 $1,246 $(786)$(1,104)$(101)$(128)
Unrecognized prior-service cost40 43 — — (6)(7)
Unrecognized loss1,215 1,286 1,551 1,812 489 521 
Net amount recognized$2,582 $2,575 $765 $708 $382 $386 
The following table provides an overview of the accumulated PBO, fair value of plan assets, funded status and net amount recognized as of December 31, 2021 and 2020 for the Company’s other significant postretirement benefit plans located in the U.S. and Canada (in millions):
20212020
Accumulated projected benefit obligation$109 $117 
Fair value of plan assets17 17 
Funded status(92)(100)
Unrecognized prior-service credit(1)(1)
Unrecognized loss2 13 
Net amount recognized$(91)$(88)
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
 202120202021202020212020
Prepaid benefit cost (1)
$1,344 $1,268 $— $— $— $— 
Accrued benefit liability - current (2)
(1)(1)(52)(52)(5)(5)
Accrued benefit liability - non-current (3)
(16)(21)(734)(1,052)(96)(123)
Accumulated other comprehensive loss 1,255 1,329 1,551 1,812 483 514 
Net amount recognized$2,582 $2,575 $765 $708 $382 $386 
(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, 2021 and 2020 consist of (in millions):
 U.K.U.S.Other
 202120202021202020212020
Net loss$1,215 $1,286 $1,551 $1,812 $489 $521 
Prior service cost (income)40 43 — — (6)(7)
Total$1,255 $1,329 $1,551 $1,812 $483 $514 
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
 202120202019202120202019202120202019
Service cost$1 $— $— $— $— $— $— $— $— 
Interest cost65 88 109 57 85 108 12 19 27 
Expected return on plan assets, net of administration expenses(137)(159)(191)(130)(134)(136)(32)(34)(40)
Amortization of prior-service cost2 2 1 — 1 2 — — — 
Amortization of net actuarial loss32 30 29 78 68 53 15 12 12 
Net periodic benefit (income) cost(37)(39)(52)5 20 27 (5)(3)(1)
Settlement expense5 2 5 — — — — — — 
Total net periodic benefit cost (income)$(32)$(37)$(47)$5 $20 $27 $(5)$(3)$(1)
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
 202120202021202020212020
Discount rate1.96%1.45%
2.23 - 2.80%
1.74 - 2.45%
1.00 - 2.97%
0.38 - 2.47%
Rate of compensation increase
3.62 - 4.12%
3.22 - 3.72%
N/AN/A
1.00 - 3.00%
1.00 - 3.00%
Underlying price inflation2.52%2.12%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
 202120202019202120202019202120202019
Discount rate1.20%1.89%2.95%
1.12 - 1.79%
2.36 - 2.76%
3.92 - 4.26%
0.28 - 2.00%
0.74 - 2.90%
1.89 - 3.88%
Expected return on plan assets, net of administration expenses2.04%2.74%3.64%
2.65 - 6.56%
3.30- 7.04%
7.05%
1.70 - 2.65%
2.10 - 3.10%
2.50 - 4.10%
Rate of compensation increase
3.22 - 3.72%
3.24 - 3.74%
3.73 - 4.23%
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, 2021 and December 31, 2020, by asset category, are as follows (in millions):
  Fair Value Measurements Using
Asset CategoryBalance at December 31, 2021Quoted 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)
$93 $93 $— $— 
Equity investments:  
Equity securities86 86 — — 
Equity derivatives19 — 19 — 
Pooled funds (2)
548 — — — 
Fixed income investments: 
Corporate bonds249 — 249 — 
Government and agency bonds230 192 38 — 
Pooled funds (2)
838 — — — 
Other investments: 
Real estate (2) (3)
156 — — — 
Alternative investments (2) (4)
159 — — — 
Total$2,378 $371 $306 $— 
  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.
The fair values of the Company’s major U.K. pension plan assets at December 31, 2021 and December 31, 2020, by asset category, are as follows (in millions):
  Fair Value Measurements Using
 Balance at December 31, 2021Quoted 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)
$872 $872 $— $— 
Equity investments: 
Pooled funds (2)
— — — — 
Fixed income investments: 
Derivatives (3)
(1,640)— (1,640)— 
Government and agency bonds2,969 2,969 — — 
Annuities2,305 — — 2,305 
Pooled funds (2)
463 — — — 
Other investments:
Real estate (2) (4)
130— — — 
Pooled funds (2) (5)
1,147 — — — 
Total$6,246 $3,841 $(1,640)$2,305 
  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.
The fair values of the Company’s other major pension plan assets at December 31, 2021 and December 31, 2020, by asset category, are as follows (in millions):
  Fair Value Measurements Using
 Balance at December 31, 2021Quoted 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)
$29 $29 $— $— 
Equity investments: 
Equity securities72 72 — — 
Pooled funds (2)
316 — — — 
Fixed income investments: 
Government and agency bonds350 350 — — 
Pooled funds (2)
597 — — — 
Other investments: 
Alternative investments (2) (3)
55 — — — 
Real estate (2) (4)
11 — — — 
Total$1,430 $451 $— $— 
  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.
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, 2021 and December 31, 2020 (in millions):
Fair Value Measurements Using Level 3 InputsAnnuities
Balance at January 1, 2020$1,849 
Actual return on plan assets:
Relating to assets still held at December 31, 202013 
Purchase, sales and settlements-net682 
Foreign exchange81 
Balance at December 31, 20202,625 
Actual return on plan assets:
Relating to assets still held at December 31, 2021(286)
Purchases, sales and settlements-net— 
Foreign exchange(34)
Balance at December 31, 2021$2,305 
Estimated Future Benefit Payments
Estimated future benefit payments for plans, not including voluntary one-time lump sum payments, are as follows at December 31, 2021 (in millions):
U.K.U.S.Other
2022$164 $193 $47 
2023$171 $191 $48 
2024$177 $193 $49 
2025$183 $193 $50 
2026$188 $183 $52 
2027 - 2031$1,017 $882 $275 
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:
202120202019
Net periodic benefit cost recognized (millions)$5$4$3
Weighted-average discount rate used to determine future benefit obligations
2.52 - 3.06%
2.10 - 2.58%
2.93 - 3.25%
Weighted-average discount rate used to determine net periodic benefit costs
1.45 - 2.68%
2.93 - 3.25%
3.91 - 4.26%