Share-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense Recognized in Continuing Operations

The following table summarizes share-based compensation expense recognized in the Condensed Consolidated Statements of Income in Compensation and benefits (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Restricted share units (“RSUs”)	$	46	$	43	$	156	$	145
Performance share awards (“PSAs”)	36		21		136		54
Employee share purchase plans and other (1)	48		3		54		8
Total share-based compensation expense	$	130	$	67	$	346	$	207

(1) Includes expenses related to the Aon United Growth Ownership Plan.

Schedule of Restricted Share Unit Activity

The following table summarizes the status of the Company’s RSUs (shares in thousands, except fair value):

	Nine Months Ended September 30,
	2021			2020
	Shares	Fair Value (1)		Shares	Fair Value (1)
Non-vested at beginning of period	3,309	$	163	3,634	$	143
Granted	1,164	$	250	1,221	$	185
Vested	(1,147)	$	151	(1,316)	$	133
Forfeited	(166)	$	176	(138)	$	152
Non-vested at end of period	3,160	$	199	3,401	$	162

(1)Represents per share weighted average fair value of award at date of grant.

Schedule of Performance Share Awards

The following table summarizes the Company’s target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the nine months ended September 30, 2021 and the years ended December 31, 2020 and 2019, respectively (shares in thousands and dollars in millions, except fair value per share):

	September 30, 2021		December 31, 2020		December 31, 2019
Target PSAs granted during period	382		500		467
Weighted average fair value per share at date of grant	$	225	$	163	$	165
Number of shares that would be issued based on current performance levels	376		978		890
Unamortized expense, based on current performance levels	$	70	$	65	$	11