Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Note 4 — Revenue

Disaggregation of Revenue

The Company reports revenue by segment in Note 5 — Segment Information. The following tables present revenue by service offering and segment, as well as reconciliations to total revenue for the three and nine months ended September 30, 2022 and 2021. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts. The prior year segment information has been retrospectively adjusted to conform to the current year presentation.

	Three Months Ended September 30,
	HWC				R&B				Divested Businesses				Corporate (i)					Total
	2022		2021		2022		2021		2022		2021		2022		2021			2022		2021
Broking	$	207	$	189	$	606	$	621	$	—	$	8	$	1	$	—		$	814	$	818
Consulting		616		621		85		92		—		—		2		2			703		715
Outsourced administration		222		245		18		21		—		—		—		—			240		266
Other		111		109		38		38		—		—		—		1			149		148
Total revenue by service offering		1,156		1,164		747		772		—		8		3		3			1,906		1,947
Reimbursable expenses and other (i)		16		13		2		2		—		—		4		(10	)		22		5
Total revenue from customer contracts	$	1,172	$	1,177	$	749	$	774	$	—	$	8	$	7	$	(7	)	$	1,928	$	1,952
Interest and other income (ii)		6		4		18		15		—		—		1		2			25		21
Total revenue	$	1,178	$	1,181	$	767	$	789	$	—	$	8	$	8	$	(5	)	$	1,953	$	1,973

	Nine Months Ended September 30,
	HWC				R&B				Divested Businesses				Corporate (i)					Total
	2022		2021		2022		2021		2022		2021		2022		2021			2022		2021
Broking	$	714	$	645	$	1,963	$	2,026	$	—	$	62	$	8	$	—		$	2,685	$	2,733
Consulting		1,886		1,910		280		292		—		6		7		6			2,173		2,214
Outsourced administration		696		754		61		69		—		—		—		—			757		823
Other		237		257		147		140		—		—		—		3			384		400
Total revenue by service offering		3,533		3,566		2,451		2,527		—		68		15		9			5,999		6,170
Reimbursable expenses and other (i)		43		40		7		5		—		—		3		(10	)		53		35
Total revenue from customer contracts	$	3,576	$	3,606	$	2,458	$	2,532	$	—	$	68	$	18	$	(1	)	$	6,052	$	6,205
Interest and other income (ii)		32		14		57		69		—		—		3		4			92		87
Total revenue	$	3,608	$	3,620	$	2,515	$	2,601	$	—	$	68	$	21	$	3		$	6,144	$	6,292

(i)Reimbursable expenses and other, as well as Corporate revenue, are excluded from segment revenue, but included in total revenue on the condensed consolidated statements of comprehensive income. Amounts included in Corporate revenue may include eliminations and impacts from hedged revenue transactions.

(ii)Interest and other income is included in segment revenue and total revenue, however it has been presented separately in the above tables because it does not arise directly from contracts with customers. In 2022, both HWC’s and R&B’s interest and other income resulted primarily from book-of-business settlements. For HWC, these amounts totaled $2 million and $19 million, respectively, for the three and nine months ended September 30, 2022. For R&B, these amounts totaled $11 million and $41 million, respectively, for the three and nine months ended September 30, 2022. In the three and nine months ended September 30, 2021, HWC had no material settlements, and R&B had settlements totaling $12 million and $59 million, respectively.

The following tables present revenue by the geography where our work is performed for the three and nine months ended September 30, 2022 and 2021. Reconciliations to total revenue on our condensed consolidated statements of comprehensive income and to segment revenue are shown in the table above. The prior year geographic information has been retrospectively adjusted to conform to the current year presentation.

	Three Months Ended September 30,
	HWC				R&B				Divested Businesses				Corporate				Total
	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
North America	$	766	$	748	$	326	$	329	$	—	$	5	$	2	$	2	$	1,094	$	1,084
Europe		285		312		297		319		—		3		1		1		583		635
International		105		104		124		124		—		—		—		—		229		228
Total revenue by geography	$	1,156	$	1,164	$	747	$	772	$	—	$	8	$	3	$	3	$	1,906	$	1,947

	Nine Months Ended September 30,
	HWC				R&B				Divested Businesses				Corporate				Total
	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
North America	$	2,301	$	2,258	$	936	$	922	$	—	$	15	$	6	$	6	$	3,243	$	3,201
Europe		931		1,018		1,128		1,201		—		53		8		3		2,067		2,275
International		301		290		387		404		—		—		1		—		689		694
Total revenue by geography	$	3,533	$	3,566	$	2,451	$	2,527	$	—	$	68	$	15	$	9	$	5,999	$	6,170

Contract Balances

The Company reports accounts receivable, net on the condensed consolidated balance sheet, which includes billed and unbilled receivables and current contract assets. In addition to accounts receivable, net, the Company had the following non-current contract assets and deferred revenue balances at September 30, 2022 and December 31, 2021:

	September 30, 2022		December 31, 2021
Billed receivables, net of allowance for doubtful accounts of $47 million and $45 million	$	1,207	$	1,504
Unbilled receivables		451		431
Current contract assets		226		435
Accounts receivable, net	$	1,884	$	2,370
Non-current accounts receivable, net	$	44	$	23
Non-current contract assets	$	620	$	532
Deferred revenue	$	604	$	576

During the three and nine months ended September 30, 2022, revenue of $53 million and $363 million, respectively, was recognized that was reflected as deferred revenue at December 31, 2021. During the three months ended September 30, 2022, revenue of $232 million was recognized that was reflected as deferred revenue at June 30, 2022.

During the three and nine months ended September 30, 2022, the Company recognized revenue of $1 million and $6 million, respectively, related to performance obligations satisfied prior to 2022.

Performance Obligations

The Company has contracts for which performance obligations have not been satisfied as of September 30, 2022 or have been partially satisfied as of this date. The following table shows the expected timing for the satisfaction of the remaining performance obligations. This table does not include contract renewals or variable consideration, which was excluded from the transaction prices in accordance with the guidance on constraining estimates of variable consideration.

In addition, in accordance with ASC 606, Revenue From Contracts With Customers (‘ASC 606’), the Company has elected not to disclose the remaining performance obligations when one or both of the following circumstances apply:

•Performance obligations which are part of a contract that has an original expected duration of less than one year, and

•Performance obligations satisfied in accordance with ASC 606-10-55-18 (‘right to invoice’).

	Remainder of 2022		2023		2024 onward		Total
Revenue expected to be recognized on contracts as of September 30, 2022	$	181	$	695	$	900	$	1,776

Since most of the Company’s contracts are cancellable with less than one year’s notice, and have no substantive penalty for cancellation, the majority of the Company’s remaining performance obligations as of September 30, 2022 have been excluded from the table above.