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Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

The following table presents revenue by service offering and segment, as well as a reconciliation to total revenue for the years ended December 31, 2023, 2022 and 2021. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.


Year Ended December 31,	Broking		Consulting		Outsourced Administration		Other		Total revenue by service offering		Reimbursable expenses and other (i)			Total revenue from customer contracts			Interest and other income		Total revenue
HWC
2023	$	1,531	$	2,594	$	1,078	$	349	$	5,552	$	73		$	5,625		$	30	$	5,655
2022		1,415		2,522		979		332		5,248		64			5,312			39		5,351
2021		1,295		2,538		1,046		352		5,231		60			5,291			37		5,328
R&B
2023		2,947		378		81		222		3,628		13			3,641			107		3,748
2022		2,745		370		75		194		3,384		11			3,395			76		3,471
2021		2,822		384		88		175		3,469		7			3,476			95		3,571
Divested Businesses
2023		—		—		—		—		—		—			—			—		—
2022		—		—		—		—		—		—			—			—		—
2021		65		6		—		—		71		—			71			35		106
Corporate (i)
2023		8		14		—		—		22		16			38			42		80
2022		7		10		—		—		17		2			19			25		44
2021		—		8		—		4		12		(24	)		(12	)		5		(7	)
Total
2023	$	4,486	$	2,986	$	1,159	$	571	$	9,202	$	102		$	9,304		$	179	$	9,483
2022	$	4,167	$	2,902	$	1,054	$	526	$	8,649	$	77		$	8,726		$	140	$	8,866
2021	$	4,182	$	2,936	$	1,134	$	531	$	8,783	$	43		$	8,826		$	172	$	8,998

(i)

Reimbursable expenses and other, as well as Corporate revenue, are excluded from segment revenue, but included in total revenue on the 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 tables because it does not arise directly from contracts with customers. The significant components of interest and other income are as follows for the periods presented above:


	Year Ended December 31,
	Book-of-business settlements						Interest income							Other income							Total
	2023		2022		2021		2023		2022		2021			2023		2022			2021		2023		2022		2021
HWC	$	1	$	19	$	17	$	25	$	8	$	2		$	4	$	12		$	18	$	30	$	39	$	37
R&B		25		52		82		79		25		11			3		(1	)		2		107		76		95
Divested businesses		—		—		35		—		—		—			—		—			—		—		—		35
Corporate		—		—		—		41		22		(1	)		1		3			6		42		25		5
Total interest and other income	$	26	$	71	$	134	$	145	$	55	$	12		$	8	$	14		$	26	$	179	$	140	$	172

As a result of the cessation of the co-broking agreement, (see Note 3 — Acquisitions and Divestitures) interest income associated with fiduciary funds is now allocated more directly to the Risk and Broking segment beginning in the third quarter of 2023. These amounts were previously allocated to the Corporate segment following the disposal of Willis Re.

The following table presents revenue from service offerings by the geography where our work was performed for the years ended December 31, 2023, 2022 and 2021. The reconciliation to total revenue on our consolidated statements of comprehensive income and to segment revenue is shown in the table above.


Year Ended December 31,	North America		Europe		International		Total revenue by geography
HWC
2023	$	3,738	$	1,362	$	452	$	5,552
2022		3,569		1,266		413		5,248
2021		3,456		1,376		399		5,231
R&B
2023		1,400		1,668		560		3,628
2022		1,328		1,527		529		3,384
2021		1,295		1,623		551		3,469
Divested Businesses
2023		—		—		—		—
2022		—		—		—		—
2021		17		53		1		71
Corporate
2023		8		12		2		22
2022		7		9		1		17
2021		8		3		1		12
Total
2023	$	5,146	$	3,042	$	1,014	$	9,202
2022	$	4,904	$	2,802	$	943	$	8,649
2021	$	4,776	$	3,055	$	952	$	8,783

Contract with Customer, Asset and Liability

The Company reports accounts receivable, net on the 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 December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Billed receivables, net of allowance for doubtful accounts of $34 million and $46 million	$	1,581	$	1,464
Unbilled receivables		491		457
Current contract assets		500		466
Accounts receivable, net	$	2,572	$	2,387
Non-current accounts receivable, net	$	19	$	9
Non-current contract assets	$	909	$	745
Deferred revenue	$	677	$	646

Schedule of Changes in Allowance for Doubtful Accounts

Accounts receivable are stated at estimated net realizable values. The following table presents the changes in our allowance for doubtful accounts for the years ended December 31, 2023, 2022 and 2021.


	December 31, 2023			December 31, 2022			December 31, 2021
Balance at beginning of year	$	46		$	45		$	40
Additions charged to costs and expenses		6			14			16
Deductions/other movements		(21	)		(20	)		(18	)
Foreign exchange		3			7			7
Balance at end of year	$	34		$	46		$	45

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

In addition, in accordance with 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’).


	2024		2025		2026 onward		Total
Revenue expected to be recognized on contracts as of December 31, 2023	$	490	$	371	$	460	$	1,321

Capitalized Contract Cost

The following table shows the categories of costs that are capitalized and deferred over the expected life of a contract.


	Costs to fulfill
	December 31, 2023			December 31, 2022			December 31, 2021
Balance at beginning of the year	$	197		$	189		$	191
New capitalized costs		458			421			454
Amortization		(441	)		(407	)		(451	)
Disposals		—			—			(4	)
Impairments		—			—			(1	)
Foreign currency translation		4			(6	)		—
Balance at end of the year	$	218		$	197		$	189