Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents revenue by service offering and segment, as well as a reconciliation to total revenue for the three months ended March 31, 2025 and 2024. 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
	2025		2024		2025		2024		2025		2024		2025		2024
Broking	$	146	$	335	$	790	$	742	$	—	$	—	$	936	$	1,077
Consulting		679		662		119		104		—		1		798		767
Outsourced administration		268		266		21		30		—		—		289		296
Other		63		64		73		71		—		—		136		135
Total revenue by service offering		1,156		1,327		1,003		947		—		1		2,159		2,275
Reimbursable expenses and other (i)		17		17		3		3		1		—		21		20
Total revenue from customer contracts	$	1,173	$	1,344	$	1,006	$	950	$	1	$	1	$	2,180	$	2,295
Interest and other income		9		9		24		31		10		6		43		46
Total revenue	$	1,182	$	1,353	$	1,030	$	981	$	11	$	7	$	2,223	$	2,341

(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 for the periods presented above:

	Three Months Ended March 31,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	2	$	—	$	—	$	2	$	—	$	—	$	2	$	2
Interest income		7		9		22		28		10		6		39		43
Other income		—		—		2		1		—		—		2		1
Total interest and other income	$	9	$	9	$	24	$	31	$	10	$	6	$	43	$	46

The following table presents revenue from service offerings by the geography where our work was performed for the three months ended March 31, 2025 and 2024. 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
	2025		2024		2025		2024		2025		2024		2025		2024
North America	$	645	$	840	$	326	$	306	$	—	$	—	$	971	$	1,146
Europe		391		372		538		511		—		1		929		884
International		120		115		139		130		—		—		259		245
Total revenue by geography	$	1,156	$	1,327	$	1,003	$	947	$	—	$	1	$	2,159	$	2,275

Contract with Customer, Asset and Liability

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, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
Billed receivables, net of allowance for doubtful accounts of $34 million and $36 million	$	1,606	$	1,604
Unbilled receivables		538		569
Current contract assets		222		321
Accounts receivable, net	$	2,366	$	2,494
Non-current accounts receivable, net	$	25	$	18
Deferred revenue	$	774	$	732

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

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 2025		2026		2027 onward		Total
Revenue expected to be recognized on contracts as of March 31, 2025	$	462	$	508	$	605	$	1,575