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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

The following table presents segment revenue and segment operating income for our reportable segments for the three months ended September 30, 2022 and 2021. The prior year information has been retrospectively adjusted to conform to the current year presentation.

 

 

 

Three Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Total

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Segment revenue

 

$

1,162

 

 

$

1,168

 

 

$

765

 

 

$

787

 

 

$

1,927

 

 

$

1,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income

 

$

236

 

 

$

241

 

 

$

105

 

 

$

138

 

 

$

341

 

 

$

379

 

 

The following table presents segment revenue and segment operating income for our reportable segments for the nine months ended September 30, 2022 and 2021. The prior year information has been retrospectively adjusted to conform to the current year presentation.

 

 

Nine Months Ended September 30,

 

 

 

HWC

 

 

R&B

 

 

Total

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Segment revenue

 

$

3,565

 

 

$

3,580

 

 

$

2,508

 

 

$

2,596

 

 

$

6,073

 

 

$

6,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income

 

$

710

 

 

$

701

 

 

$

465

 

 

$

545

 

 

$

1,175

 

 

$

1,246

 

 
Net Operating Income of the Reported Segments

The following table presents reconciliations of the information reported by segment to the Company’s condensed consolidated statements of comprehensive income amounts reported for the three and nine months ended September 30, 2022 and 2021.

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Total segment revenue

 

$

1,927

 

 

$

1,955

 

 

$

6,073

 

 

$

6,176

 

Divested businesses (i)

 

 

—

 

 

 

8

 

 

 

—

 

 

 

68

 

Reimbursable expenses and other

 

 

26

 

 

 

10

 

 

 

71

 

 

 

48

 

Revenue

 

$

1,953

 

 

$

1,973

 

 

$

6,144

 

 

$

6,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment operating income

 

$

341

 

 

$

379

 

 

$

1,175

 

 

$

1,246

 

Divested businesses (i)

 

 

—

 

 

 

(20

)

 

 

—

 

 

 

(49

)

Impairment (ii)

 

 

—

 

 

 

—

 

 

 

(81

)

 

 

—

 

Amortization

 

 

(71

)

 

 

(85

)

 

 

(239

)

 

 

(285

)

Restructuring costs

 

 

(9

)

 

 

—

 

 

 

(71

)

 

 

—

 

Transaction and transformation, net (iii)

 

 

(50

)

 

 

952

 

 

 

(108

)

 

 

877

 

Unallocated, net (iv)

 

 

(57

)

 

 

(95

)

 

 

(206

)

 

 

(277

)

Income from operations

 

 

154

 

 

 

1,131

 

 

 

470

 

 

 

1,512

 

Interest expense

 

 

(54

)

 

 

(50

)

 

 

(154

)

 

 

(161

)

Other income, net

 

 

85

 

 

 

105

 

 

 

205

 

 

 

617

 

Income from continuing operations before income taxes

 

$

185

 

 

$

1,186

 

 

$

521

 

 

$

1,968

 

 

(i)
Represents the revenue and income from operations of certain Investment, Risk and Reinsurance businesses which were divested in 2021 and not classified as discontinued operations.
(ii)
Represents the impairment related to the net assets of our Russian business that are held outside of our Russian entities (see Note 3 — Acquisitions and Divestitures for further information).
(iii)
In 2022, in addition to legal fees and other transaction costs, includes primarily consulting fees related to the Transformation program (see Note 6 — Restructuring Costs). In 2021, includes the $1 billion income receipt related to the termination of, and fees related to, our then-proposed Aon combination.
(iv)
Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.