Revenue

3 Months Ended

Mar. 31, 2023

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 table presents revenue by service offering and segment, as well as reconciliations to total revenue for the three months ended March 31, 2023 and 2022. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.

	Three Months Ended March 31,
	HWC				R&B				Corporate (i)				Total
	2023		2022		2023		2022		2023		2022		2023		2022
Broking	$	289	$	271	$	691	$	696	$	5	$	4	$	985	$	971
Consulting		661		653		98		104		4		2		763		759
Outsourced administration		262		250		29		27		—		—		291		277
Other		69		64		67		61		—		—		136		125
Total revenue by service offering		1,281		1,238		885		888		9		6		2,175		2,132
Reimbursable expenses and other (i)		15		13		3		3		10		2		28		18
Total revenue from customer contracts	$	1,296	$	1,251	$	888	$	891	$	19	$	8	$	2,203	$	2,150
Interest and other income		6		6		19		3		16		1		41		10
Total revenue	$	1,302	$	1,257	$	907	$	894	$	35	$	9	$	2,244	$	2,160

(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, adjustments to reserves and impacts from hedged revenue transactions.

Interest and other income is included in segment revenue and total revenue, however it has been presented separately in the above table because it does not arise directly from contracts with customers. The significant components of interest and other income are as follows:

	Three Months Ended March 31,
	HWC				R&B				Corporate				Total
	2023		2022		2023		2022		2023		2022		2023		2022
Book-of-business settlements	$	—	$	3	$	7	$	—	$	—	$	—	$	7	$	3
Interest income		5		1		12		3		15		—		32		4
Other income		1		2		—		—		1		1		2		3
Total interest and other income	$	6	$	6	$	19	$	3	$	16	$	1	$	41	$	10

The following table presents revenue from service offerings by the geography where our work was performed for the three months ended March 31, 2023 and 2022. The reconciliation to total revenue on our condensed consolidated statements of comprehensive income and to segment revenue is shown in the table above.

	Three Months Ended March 31,
	HWC				R&B				Corporate				Total
	2023		2022		2023		2022		2023		2022		2023		2022
North America	$	823	$	779	$	291	$	277	$	1	$	2	$	1,115	$	1,058
Europe		346		353		471		480		7		4		824		837
International		112		106		123		131		1		—		236		237
Total revenue by geography	$	1,281	$	1,238	$	885	$	888	$	9	$	6	$	2,175	$	2,132

Contract Balances

The Company reports accounts receivable, net on the condensed consolidated balance sheets, 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 March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
Billed receivables, net of allowance for doubtful accounts of $44 million and $46 million	$	1,412	$	1,464
Unbilled receivables		494		457
Current contract assets		355		466
Accounts receivable, net	$	2,261	$	2,387
Non-current accounts receivable, net	$	7	$	9
Non-current contract assets	$	787	$	745
Deferred revenue	$	684	$	646

During the three months ended March 31, 2023, revenue of approximately $327 million was recognized that was reflected as deferred revenue at December 31, 2022.

During the three months ended March 31, 2023, the Company recognized revenue of approximately $4 million related to performance obligations satisfied in a prior period.

Performance Obligations

The Company has contracts for which performance obligations have not been satisfied as of March 31, 2023 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 2023		2024		2025 onward		Total
Revenue expected to be recognized on contracts as of March 31, 2023	$	589	$	514	$	625	$	1,728

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 March 31, 2023 have been excluded from the table above.