Aon plc Leases Disclosure
| As of December 31 | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Operating lease assets | Operating lease right-of-use assets | $ | 677 | $ | 711 | ||||||
| Finance lease assets | — | 9 | |||||||||
| Total lease assets | $ | 677 | $ | 720 | |||||||
| Liabilities | |||||||||||
| Current lease liabilities | |||||||||||
| Operating | $ | 181 | $ | 176 | |||||||
| Finance | — | 15 | |||||||||
| Non-current lease liabilities | |||||||||||
| Operating | Non-current operating lease liabilities | 641 | 685 | ||||||||
| Finance | — | — | |||||||||
| Total lease liabilities | $ | 822 | $ | 876 | |||||||
| Years Ended December 31 | ||||||||
| 2025 | 2024 | |||||||
| Operating lease cost | $ | 223 | $ | 225 | ||||
| Finance lease costs | ||||||||
| Amortization of leased assets | — | 9 | ||||||
| Interest on lease liabilities | — | — | ||||||
| Variable lease cost | 37 | 39 | ||||||
Short-term lease cost (1) | 15 | 15 | ||||||
| Sublease income | (5) | (5) | ||||||
| Net lease cost | $ | 270 | $ | 283 | ||||
| As of December 31 | 2025 | 2024 | ||||||
| Weighted average remaining lease term (years) | ||||||||
| Operating leases | 5.6 | 6.0 | ||||||
| Finance leases | — | 0.5 | ||||||
| Weighted average discount rate | ||||||||
| Operating leases | 4.5 | % | 4.2 | % | ||||
| Finance leases | — | % | 1.0 | % | ||||
| Years Ended December 31 | ||||||||
| 2025 | 2024 | |||||||
| Cash paid for amounts included in the measurement of lease liabilities | ||||||||
| Operating cash flows for operating leases | $ | 241 | $ | 193 | ||||
| Financing cash flows for finance leases | $ | 15 | $ | 18 | ||||
| Non-cash related activities | ||||||||
| ROU assets obtained in exchange for new operating lease liabilities | $ | 133 | $ | 116 | ||||
Operating lease ROU asset expense (1) | $ | 160 | $ | 186 | ||||
Changes in Non-current operating lease liabilities (1) | $ | (44) | $ | 44 | ||||
| 2026 | $ | 206 | |||
| 2027 | 195 | ||||
| 2028 | 164 | ||||
| 2029 | 118 | ||||
| 2030 | 75 | ||||
| Thereafter | 172 | ||||
| Total undiscounted future minimum lease payments | 930 | ||||
| Less: Imputed interest | (108) | ||||
| Present value of lease liabilities | $ | 822 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 22, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.