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Retirement Benefits
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Retirement Benefits

Note 12 — Retirement Benefits

Defined Benefit Plans and Post-retirement Welfare Plans

WTW sponsors both qualified and non-qualified defined benefit pension plans and other post-retirement welfare (‘PRW’) plans throughout the world. The majority of our plan assets and obligations are in the U.S. and the U.K. We have also included disclosures related to defined benefit plans in certain other countries, including Canada, France, Germany, Switzerland and Ireland. Together, these disclosed funded and unfunded plans represent 99% of WTW’s pension and PRW obligations and are disclosed herein.

Components of Net Periodic Benefit (Income)/Cost for Defined Benefit Pension and Post-retirement Welfare Plans

The following tables set forth the components of net periodic benefit (income)/cost for the Company’s defined benefit pension and PRW plans for the three and six months ended June 30, 2022 and 2021:

 

 

 

Three Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

PRW

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

PRW

 

Service cost

 

$

19

 

 

$

4

 

 

$

5

 

 

$

—

 

 

$

20

 

 

$

5

 

 

$

6

 

 

$

—

 

Interest cost

 

 

30

 

 

 

17

 

 

 

4

 

 

 

—

 

 

 

24

 

 

 

14

 

 

 

3

 

 

 

1

 

Expected return on plan assets

 

 

(82

)

 

 

(37

)

 

 

(9

)

 

 

—

 

 

 

(77

)

 

 

(43

)

 

 

(10

)

 

 

—

 

Settlement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

Amortization of net loss

 

 

3

 

 

 

7

 

 

 

1

 

 

 

1

 

 

 

11

 

 

 

7

 

 

 

2

 

 

 

1

 

Amortization of prior service credit

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(5

)

 

 

—

 

 

 

(1

)

Net periodic benefit (income)/cost

 

$

(30

)

 

$

(12

)

 

$

1

 

 

$

—

 

 

$

(22

)

 

$

(21

)

 

$

1

 

 

$

1

 

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

PRW

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

PRW

 

Service cost

 

$

38

 

 

$

7

 

 

$

11

 

 

$

—

 

 

$

40

 

 

$

9

 

 

$

12

 

 

$

—

 

Interest cost

 

 

59

 

 

 

36

 

 

 

8

 

 

 

1

 

 

 

47

 

 

 

28

 

 

 

6

 

 

 

1

 

Expected return on plan assets

 

 

(165

)

 

 

(76

)

 

 

(19

)

 

 

—

 

 

 

(154

)

 

 

(86

)

 

 

(19

)

 

 

—

 

Settlement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

—

 

 

 

—

 

Amortization of net loss

 

 

7

 

 

 

15

 

 

 

2

 

 

 

1

 

 

 

22

 

 

 

14

 

 

 

3

 

 

 

1

 

Amortization of prior service credit

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(9

)

 

 

—

 

 

 

(2

)

Net periodic benefit (income)/cost

 

$

(61

)

 

$

(24

)

 

$

2

 

 

$

—

 

 

$

(44

)

 

$

(43

)

 

$

2

 

 

$

—

 

 

Employer Contributions to Defined Benefit Pension Plans

The Company did not make any contributions to its U.S. plans during the six months ended June 30, 2022 and currently does not anticipate making contributions over the remainder of the fiscal year. The Company made contributions of $16 million to its U.K. plans for the six months ended June 30, 2022 and anticipates making additional contributions of $23 million for the remainder of the fiscal year. The Company made contributions of $18 million to its other plans for the six months ended June 30, 2022 and anticipates making additional contributions of $6 million for the remainder of the fiscal year.

Defined Contribution Plans

The Company made contributions to its defined contribution plans of $38 million and $80 million during the three and six months ended June 30, 2022, respectively, and $39 million and $82 million during the three and six months ended June 30, 2021, respectively.