Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 5 — Segment Information

WTW has two reportable operating segments or business areas:

•Health, Wealth & Career (‘HWC’); and

•Risk & Broking (‘R&B’).

WTW’s chief operating decision maker is its chief executive officer. We determined that the operational data used by the chief operating decision maker is at the segment level. Management bases strategic goals and decisions on these segments and the data presented below is used to assess the adequacy of strategic decisions and the methods of achieving these strategies and related financial results. Management evaluates the performance of its segments and allocates resources to them based on net operating income on a pre-tax basis.

The Company experiences seasonal fluctuations of its revenue. Revenue is typically higher during the Company’s first and fourth quarters due primarily to the timing of broking-related activities.

Under the segment structure and for internal and segment reporting, WTW segment revenue includes commissions and fees, interest and other income. U.S. GAAP revenue also includes amounts that were directly incurred on behalf of our clients and reimbursed by

them (reimbursable expenses), which are removed from segment revenue. Segment operating income excludes certain costs, including (i) amortization of intangibles; (ii) restructuring costs; (iii) certain transaction and transformation expenses; and (iv) to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses that we report for U.S. GAAP purposes.

The following table presents segment revenue and segment operating income for our reportable segments for the years ended December 31, 2023, 2022 and 2021.

	Segment revenue						Segment operating income
	Years ended December 31						Years ended December 31
	2023		2022		2021		2023		2022		2021
HWC	$	5,582	$	5,287	$	5,268	$	1,565	$	1,382	$	1,346
R&B		3,735		3,460		3,564		813		734		835
Total	$	9,317	$	8,747	$	8,832	$	2,378	$	2,116	$	2,181

The following table presents reconciliations of the information reported by segment to the Company’s consolidated amounts reported for the years ended December 31, 2023, 2022 and 2021.

	Years ended December 31,
	2023			2022			2021
Revenue:
Total segment revenue	$	9,317		$	8,747		$	8,832
Divested businesses (i)		—			—			106
Reimbursable expenses and other		166			119			60
Revenue	$	9,483		$	8,866		$	8,998
Total segment operating income	$	2,378		$	2,116		$	2,181
Divested businesses (i)		—			—			(24	)
Impairment (ii)		—			(81	)		—
Amortization		(263	)		(312	)		(369	)
Restructuring costs (iii)		(68	)		(99	)		(26	)
Transaction and transformation, net (iv)		(386	)		(181	)		806
Unallocated, net (v)		(296	)		(265	)		(366	)
Income from operations		1,365			1,178			2,202
Interest expense		(235	)		(208	)		(211	)
Other income, net		149			288			701
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME    TAXES	$	1,279		$	1,258		$	2,692

(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)See Note 6 — Restructuring Costs for the composition of costs for 2023, 2022 and 2021.

(iv)In 2023 and 2022, in addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program (see Note 6 — Restructuring Costs). For the year ended December 31, 2021, includes the $1 billion income receipt related to the termination of, and fees related to, the then-proposed Aon combination.

(v)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.

The Company does not currently provide asset information by reportable segment as it does not routinely evaluate the total asset position by segment.

None of the Company’s customers individually represented more than 10% of its consolidated revenue for the years ended December 31, 2023, 2022 and 2021.

Below are our revenue and tangible long-lived assets for Ireland, our country of domicile, countries with significant concentrations, and all other foreign countries as of and for the years ended as indicated:

	Revenue						Long-Lived Assets (i)
	Years ended December 31,						December 31,		December 31,
	2023		2022		2021		2023		2022
Ireland	$	118	$	130	$	197	$	10	$	11
United States		5,011		4,760		4,621		408		465
United Kingdom		1,723		1,563		1,632		512		496
Rest of World		2,631		2,413		2,548		355		332
Total Foreign Countries		9,365		8,736		8,801		1,275		1,293
	$	9,483	$	8,866	$	8,998	$	1,285	$	1,304

(i)Tangible long-lived assets consist of fixed assets and ROU assets.