Retirement Benefits

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,
	2022											2021
	U.S.			U.K.			Other			PRW		U.S.			U.K.			Other			PRW
Service cost	$	20		$	2		$	6		$	—	$	19		$	4		$	6		$	—
Interest cost		29			18			4			—		24			14			3			—
Expected return on plan assets		(83	)		(34	)		(10	)		—		(79	)		(42	)		(9	)		—
Settlement		3			1			—			—		—			1			2			—
Amortization of net loss		4			7			—			—		8			7			1			1
Amortization of prior service credit		—			(3	)		1			—		—			(4	)		1			(1	)
Net periodic benefit (income)/cost	$	(27	)	$	(9	)	$	1		$	—	$	(28	)	$	(20	)	$	4		$	—

	Nine Months Ended September 30,
	2022												2021
	U.S.			U.K.			Other			PRW			U.S.			U.K.			Other			PRW
Service cost	$	58		$	9		$	17		$	—		$	59		$	13		$	18		$	—
Interest cost		88			54			12			1			71			42			9			1
Expected return on plan assets		(248	)		(110	)		(29	)		—			(233	)		(128	)		(28	)		—
Settlement		3			1			—			—			1			2			2			—
Amortization of net loss		11			22			2			1			30			21			4			2
Amortization of prior service credit		—			(9	)		1			(2	)		—			(13	)		1			(3	)
Net periodic benefit (income)/cost	$	(88	)	$	(33	)	$	3		$	—		$	(72	)	$	(63	)	$	6		$	—

Employer Contributions to Defined Benefit Pension Plans

The Company did not make any contributions to its U.S. plans during the nine months ended September 30, 2022 and currently does not anticipate making contributions over the remainder of the fiscal year. The Company made contributions of $23 million to its U.K. plans for the nine months ended September 30, 2022 and anticipates making additional contributions of $13 million for the remainder of the fiscal year. The Company made contributions of $22 million to its other plans for the nine months ended September 30, 2022 and anticipates making additional contributions of $2 million for the remainder of the fiscal year.

Defined Contribution Plans

The Company made contributions to its defined contribution plans of $34 million and $114 million during the three and nine months ended September 30, 2022, respectively, and $36 million and $118 million during the three and nine months ended September 30, 2021, respectively.