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Employee Benefits | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Employee Benefits | Employee Benefits Defined Contribution Savings Plans Aon maintains defined contribution savings plans for the benefit of its employees. The expense recognized for these plans is included in Compensation and benefits 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
| 2021 |  | 2020 |  | 2019
U.S. | $ | 103 |  |  | $ | 87 |  |  | $ | 98 |
U.K. | 46 |  |  | 42 |  |  | 41 |
Netherlands and Canada | 35 |  |  | 26 |  |  | 25 |
Total | $ | 184 |  |  | $ | 155 |  |  | $ | 164 |
Pension and Other Postretirement Benefits The Company sponsors defined benefit pension and postretirement health and welfare plans that provide retirement, medical, and life insurance benefits. The postretirement health care plans are contributory, with retiree contributions adjusted annually, and the life insurance and pension plans are generally noncontributory. The significant U.S., U.K., Netherlands, and Canada pension plans are closed to new entrants. Pension Plans 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) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |  |
At January 1 | $ | 5,406 |  |  | $ | 4,779 |  |  | $ | 3,380 |  |  | $ | 3,192 |  |  | $ | 1,625 |  |  | $ | 1,425 |
Service cost | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest cost | 65 |  |  | 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 contributions | 9 |  |  | 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 cost | 40 |  |  | 43 |  |  | — |  |  | — |  |  | (6) |  |  | (7) |
Unrecognized loss | 1,215 |  |  | 1,286 |  |  | 1,551 |  |  | 1,812 |  |  | 489 |  |  | 521 |
Net amount recognized | $ | 2,582 |  |  | $ | 2,575 |  |  | $ | 765 |  |  | $ | 708 |  |  | $ | 382 |  |  | $ | 386 |
Net actuarial gains decreased the benefit obligation in 2021 primarily due to the increase in the discount rates. During 2020, the net actuarial losses increased the benefit obligation primarily due to the decrease in discount rates. In November 2020, the Company entered into an insurance contract that covers a portion of the assets within a select U.K. pension scheme. The transaction resulted in a decrease in Prepaid pension assets and Accumulated other comprehensive income of $94 million. Amounts recognized in the Consolidated Statements of Financial Position consist of (in millions):
| U.K. |  | U.S. |  | Other
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
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 (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
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
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 |
In 2021, U.S. plans with a PBO and an ABO in excess of the fair value of plan assets had a PBO of $3.2 billion, an ABO of $3.2 billion, and plan assets with a fair value of $2.4 billion. U.K. plans with a PBO and an ABO in excess of the fair value of plan assets had a PBO of $17 million, an ABO of $17 million and no plan assets. Other plans with a PBO in excess of the fair value of plan assets had a PBO of $1.5 billion and plan assets with a fair value of $1.4 billion, and other plans with an ABO in excess of the fair value of plan assets had an ABO of $409 million and plan assets with a fair value of $326 million. In 2020, U.S. plans with a PBO and an ABO in excess of the fair value of plan assets had a PBO of $3.3 billion, an ABO of $3.3 billion, and plan assets with a fair value of $2.2 billion. U.K. plans with a PBO and an ABO in excess of the fair value of plan assets had a PBO of $54 million, an ABO of $54 million and plan assets with a fair value of $32 million. Other plans with a PBO in excess of the fair value of plan assets had a PBO of $1.6 billion and plan assets with a fair value of $1.4 billion, and other plans with an ABO in excess of the fair value of plan assets had an ABO of $443 million and plan assets with a fair value of $342 million. 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
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 65 |  |  | 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 cost | 2 |  |  | 2 |  |  | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | 32 |  |  | 30 |  |  | 29 |  |  | 78 |  |  | 68 |  |  | 53 |  |  | 15 |  |  | 12 |  |  | 12 |
Net periodic benefit (income) cost | (37) |  |  | (39) |  |  | (52) |  |  | 5 |  |  | 20 |  |  | 27 |  |  | (5) |  |  | (3) |  |  | (1) |
Settlement expense | 5 |  |  | 2 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost (income) | $ | (32) |  |  | $ | (37) |  |  | $ | (47) |  |  | $ | 5 |  |  | $ | 20 |  |  | $ | 27 |  |  | $ | (5) |  |  | $ | (3) |  |  | $ | (1) |
The Company uses a full-yield curve approach in the estimation of the service and interest cost components of net periodic pension and postretirement benefit cost for its major pension and other postretirement benefit plans. This estimation was obtained by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. Transfer payments from certain U.K. pension plans exceeded the plan’s service and interest cost in 2021, 2020, and 2019. This triggered settlement accounting which required immediate recognition of a portion of the accumulated losses associated with the plan. Consequently, the Company recognized a non-cash settlement charge for approximately £3 million in 2021 ($5 million using December 31, 2021 exchange rates), approximately £2 million in 2020 ($2 million using December 31, 2020 exchange rates), and approximately £4 million in 2019 ($5 million using December 31, 2019 exchange rates). The weighted-average assumptions used to determine benefit obligations are as follows:
| U.K. |  | U.S. (1) |  | Other
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate | 1.96% |  | 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/A |  | N/A |  | 1.00 - 3.00% |  | 1.00 - 3.00%
Underlying price inflation | 2.52% |  | 2.12% |  | N/A |  | N/A |  | 2.00% |  | 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
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate | 1.20% |  | 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 expenses | 2.04% |  | 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/A |  | N/A |  | N/A |  | 1.00 - 3.00% |  | 1.00 - 3.00% |  | 1.00 - 3.00%
Expected Return on Plan Assets To determine the expected long-term rate of return on plan assets, the historical performance, investment community forecasts, and current market conditions are analyzed to develop expected returns for each asset class used by the plans. The expected returns for each asset class are weighted by the target allocations of the plans. The expected return of 6.56% on U.S. plan assets reflects a portfolio that is seeking asset growth through a higher equity allocation while maintaining prudent risk levels. The portfolio contains certain assets that have historically resulted in higher returns, as well as other financial instruments to minimize downside risk. No plan assets are expected to be returned to the Company during 2022. Fair value of plan assets The Company determined the fair value of plan assets through numerous procedures based on the asset class and available information. Refer to Note 14 “Fair Value Measurements and Financial Instruments” for a description of the procedures performed to determine the fair value of the 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 Category | Balance at December 31, 2021 |  | Quoted 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 securities | 86 |  |  | 86 |  |  | — |  |  | — |
Equity derivatives | 19 |  |  | — |  |  | 19 |  |  | — |
Pooled funds (2) | 548 |  |  | — |  |  | — |  |  | — |
Fixed income investments: |  |  |  |  |  |  |
Corporate bonds | 249 |  |  | — |  |  | 249 |  |  | — |
Government and agency bonds | 230 |  |  | 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 Category | Balance at December 31, 2020 |  | Quoted 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 securities | 207 |  |  | 207 |  |  | — |  |  | — |
Equity derivatives | 62 |  |  | — |  |  | 62 |  |  | — |
Pooled funds (2) | 640 |  |  | 90 |  |  | — |  |  | — |
Fixed income investments: |  |  |  |  |  |  |
Corporate bonds | 167 |  |  | — |  |  | 167 |  |  | — |
Government and agency bonds | 233 |  |  | 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, 2021 |  | Quoted 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 bonds | 2,969 |  |  | 2,969 |  |  | — |  |  | — |
Annuities | 2,305 |  |  | — |  |  | — |  |  | 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, 2020 |  | Quoted 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 bonds | 4 |  |  | 4 |  |  | — |  |  | — |
Government and agency bonds | 2,872 |  |  | 2,872 |  |  | — |  |  | — |
Annuities | 2,625 |  |  | — |  |  | — |  |  | 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 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 Inputs | Annuities
Balance at January 1, 2020 | $ | 1,849 |
Actual return on plan assets: |
Relating to assets still held at December 31, 2020 | 13 |
Purchase, sales and settlements-net | 682 |
Foreign exchange | 81 |
Balance at December 31, 2020 | 2,625 |
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 |
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, 2021 |  | Quoted 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 securities | 72 |  |  | 72 |  |  | — |  |  | — |
Pooled funds (2) | 316 |  |  | — |  |  | — |  |  | — |
Fixed income investments: |  |  |  |  |  |  |
Government and agency bonds | 350 |  |  | 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, 2020 |  | Quoted 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 securities | 75 |  |  | 75 |  |  | — |  |  | — |
Pooled funds (2) | 290 |  |  | — |  |  | — |  |  | — |
Fixed income investments: |  |  |  |  |  |  |
Government and agency bonds | 395 |  |  | 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. Investment Policy and Strategy The U.S. investment policy, as established by the RPGIC, seeks reasonable asset growth at prudent risk levels within weighted average target allocations. At December 31, 2021, the weighted average targeted allocation for the U.S. plans was 31% for equity investments, 54% for fixed income investments, and 15% for other investments. Aon believes that plan assets are well-diversified and are of appropriate quality. The investment portfolio asset allocation is reviewed quarterly and re-balanced to be within policy target allocations. The investment policy is reviewed at least annually and revised, as deemed appropriate by the RPGIC. The investment policies for international plans are generally established by the local pension plan trustees and seek to maintain the plans’ ability to meet liabilities and to comply with local minimum funding requirements. Plan assets are invested in diversified portfolios that provide adequate levels of return at an acceptable level of risk. The investment policies are reviewed at least annually and revised, as deemed appropriate to ensure that the objectives are being met. At December 31, 2021, the weighted average targeted allocation for the U.K. and non-U.S. plans was 6% for equity investments, 88% for fixed income investments, and 6% for other investments. Cash Flows Contributions Based on current assumptions, in 2022, the Company expects to contribute approximately $7 million, $52 million, and $15 million to its significant U.K., U.S., and other major pension plans, respectively. 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 |
U.S. and Canadian Other Postretirement Benefits 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):
| 2021 |  | 2020
Accumulated projected benefit obligation | $ | 109 |  |  | $ | 117 |
Fair value of plan assets | 17 |  |  | 17 |
Funded status | (92) |  |  | (100) |
Unrecognized prior-service credit | (1) |  |  | (1) |
Unrecognized loss | 2 |  |  | 13 |
Net amount recognized | $ | (91) |  |  | $ | (88) |
Other information related to the Company’s other postretirement benefit plans are as follows:
| 2021 |  | 2020 |  | 2019
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%
Based on current assumptions, the Company expects: •The amount in Accumulated other comprehensive income expected to be recognized as a component of net periodic benefit cost during 2022 is $0.9 million net gain and $0.2 million of prior-service credit. •To contribute $5 million to fund significant other postretirement benefit plans during 2022. •Estimated future benefit payments will be approximately $5 million each year for 2022 through 2026, and $25 million in aggregate for 2027-2031.

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