XML 152 R19.htm IDEA: XBRL DOCUMENT
v3.23.2

Employee Benefits | 6 Months Ended
--- | ---
Jun. 30, 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 June 30,
| U.K. |  | U.S. |  | Other
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 36 |  |  | 21 |  |  | 26 |  |  | 17 |  |  | 10 |  |  | 4 |
Expected return on plan assets, net of administration expenses | (48) |  |  | (34) |  |  | (30) |  |  | (27) |  |  | (12) |  |  | (8) |
Amortization of prior-service cost | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | 19 |  |  | 8 |  |  | 8 |  |  | 17 |  |  | 4 |  |  | 3 |
Net periodic (benefit) cost | 8 |  |  | (5) |  |  | 4 |  |  | 7 |  |  | 2 |  |  | (1) |
Loss on pension settlement | — |  |  | — |  |  | — |  |  | — |  |  | 27 |  |  | — |
Total net periodic (benefit) cost | $ | 8 |  |  | $ | (5) |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 29 |  |  | $ | (1) |
| Six Months Ended June 30,
| U.K. |  | U.S. |  | Other
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 72 |  |  | 44 |  |  | 52 |  |  | 34 |  |  | 20 |  |  | 9 |
Expected return on plan assets, net of administration expenses | (94) |  |  | (70) |  |  | (60) |  |  | (54) |  |  | (24) |  |  | (17) |
Amortization of prior-service cost | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | 37 |  |  | 15 |  |  | 17 |  |  | 33 |  |  | 7 |  |  | 7 |
Net periodic (benefit) cost | 16 |  |  | (10) |  |  | 9 |  |  | 13 |  |  | 3 |  |  | (1) |
Loss on pension settlement | — |  |  | — |  |  | — |  |  | 1 |  |  | 27 |  |  | — |
Total net periodic (benefit) cost | $ | 16 |  |  | $ | (10) |  |  | $ | 9 |  |  | $ | 14 |  |  | $ | 30 |  |  | $ | (1) |
In May 2023, to further its pension de-risking strategy, the Company settled certain pension obligations in the Netherlands through the purchase of annuities, where certain pension assets were liquidated to purchase the annuities. A non-cash settlement charge totaling $27 million was recognized in the second quarter of 2023. 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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Contributions to U.K. pension plans | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 5 |
Contributions to U.S. pension plans | 5 |  |  | 7 |  |  | 21 |  |  | 25 |
Contributions to other major pension plans | 2 |  |  | 2 |  |  | 8 |  |  | 10 |
Total contributions | $ | 8 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 40 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration