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Employee Benefits
 3 Months Ended
Mar. 31, 2023
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 significant U.K., U.S., and other major pension plans, which are 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
 202320222023202220232022
Service cost$— $— $— $— $— $— 
Interest cost36 23 26 17 10 5 
Expected return on plan assets, net of administration expenses(46)(36)(30)(27)(12)(9)
Amortization of prior-service cost— 1 — — — — 
Amortization of net actuarial loss18 7 9 16 3 4 
Net periodic (benefit) cost8 (5)5 6 1 — 
Loss on pension settlement— — — 1 — — 
Total net periodic (benefit) cost$8 $(5)$5 $7 $1 $— 
In the first quarter of 2022, the Company recognized a non-cash settlement charge of approximately $1 million. Settlements from a certain U.S. pension plan exceeded the plan’s service and interest cost. This triggered settlement accounting which required the immediate recognition of a portion of the accumulated losses associated with the plan.
Contributions
Assuming no additional contributions are agreed to with, or required by, the pension plan trustees, the Company expects to make total cash contributions of approximately $4 million, $43 million, and $14 million, (at December 31, 2022 exchange rates) to its significant U.K., U.S., and other major pension plans, respectively, during 2023. The following table summarizes contributions made to the Company’s significant pension plans (in millions):
Three Months Ended March 31,
20232022
Contributions to U.K. pension plans$1 $3 
Contributions to U.S. pension plans16 18 
Contributions to other major pension plans6 8 
Total contributions$23 $29