Revenue (Tables)

6 Months Ended

Jun. 30, 2019

Revenue From Contract With Customer [Abstract]

The following tables present revenue by service offering and segment, as well as reconciliations to total revenue for the three and six months ended June 30, 2019 and 2018. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.

	Three Months Ended June 30,
	HCB				CRB				IRR				BDA				Corporate ⁽ⁱⁱ⁾				Total
	2019		2018		2019		2018		2019		2018		2019		2018		2019		2018		2019		2018
Broking	$	64	$	61	$	633	$	610	$	249	$	224	$	9	$	4	$	—	$	—	$	955	$	899
Consulting ⁽ⁱ⁾		571		558		36		39		100		107		—		—		3		3		710		707
Outsourced administration ⁽ⁱ⁾		101		116		13		16		3		—		117		115		—		—		234		247
Other ⁽ⁱ⁾		56		40		1		2		52		45		—		—		1		2		110		89
Total revenue by service offering		792		775		683		667		404		376		126		119		4		5		2,009		1,942
Reimbursable expenses and other ⁽ⁱⁱ⁾		15		17		—		—		2		1		2		2		2		4		21		24
Total revenue from customer contracts	$	807	$	792	$	683	$	667	$	406	$	377	$	128	$	121	$	6	$	9	$	2,030	$	1,966
Interest and other income ⁽ⁱⁱⁱ⁾		5		5		7		7		5		9		—		—		1		3		18		24
Total revenue	$	812	$	797	$	690	$	674	$	411	$	386	$	128	$	121	$	7	$	12	$	2,048	$	1,990

	Six Months Ended June 30,
	HCB				CRB				IRR				BDA				Corporate ⁽ⁱⁱ⁾				Total
	2019		2018		2019		2018		2019		2018		2019		2018		2019		2018		2019		2018
Broking	$	137	$	137	$	1,293	$	1,274	$	654	$	615	$	12	$	8	$	—	$	—	$	2,096	$	2,034
Consulting ⁽ⁱ⁾		1,151		1,135		67		83		214		224		—		—		6		6		1,438		1,448
Outsourced administration ⁽ⁱ⁾		224		248		40		39		5		—		249		233		—		—		518		520
Other ⁽ⁱ⁾		103		83		2		5		110		104		—		—		2		3		217		195
Total revenue by service offering		1,615		1,603		1,402		1,401		983		943		261		241		8		9		4,269		4,197
Reimbursable expenses and other ⁽ⁱⁱ⁾		29		31		—		—		4		3		5		4		9		5		47		43
Total revenue from customer contracts	$	1,644	$	1,634	$	1,402	$	1,401	$	987	$	946	$	266	$	245	$	17	$	14	$	4,316	$	4,240
Interest and other income ⁽ⁱⁱⁱ⁾		11		9		16		13		15		16		—		—		2		4		44		42
Total revenue	$	1,655	$	1,643	$	1,418	$	1,414	$	1,002	$	962	$	266	$	245	$	19	$	18	$	4,360	$	4,282

______________

(i)

Amounts presented for HCB Outsourced administration revenue include corrections of approximately $48 million and $106 million of revenue that was previously classified as HCB Consulting revenue or HCB Other revenue in our quarterly report on Form 10-Q for the three and six months ended June 30, 2018, respectively.

(ii)	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.

(iii)

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.

Individual revenue streams aggregating to approximately 5% of total revenue from customer contracts for the three and six months ended June 30, 2019 and 2018, respectively, have been included within the Other line in the tables above.

The following tables present revenue by the geography where our work is performed for the three and six months ended June 30, 2019 and 2018. Reconciliations to total revenue on our condensed consolidated statements of comprehensive income and to segment revenue are shown in the tables above.

	Three Months Ended June 30,
	HCB				CRB				IRR				BDA				Corporate				Total
	2019		2018		2019		2018		2019		2018		2019		2018		2019		2018		2019		2018
North America	$	478	$	467	$	274	$	259	$	117	$	105	$	126	$	119	$	4	$	5	$	999	$	955
Great Britain		120		120		172		170		196		182		—		—		—		—		488		472
Western Europe		124		124		128		121		51		51		—		—		—		—		303		296
International		70		64		109		117		40		38		—		—		—		—		219		219
Total revenue by geography	$	792	$	775	$	683	$	667	$	404	$	376	$	126	$	119	$	4	$	5	$	2,009	$	1,942

	Six Months Ended June 30,
	HCB				CRB				IRR				BDA				Corporate				Total
	2019		2018		2019		2018		2019		2018		2019		2018		2019		2018		2019		2018
North America	$	949	$	929	$	494	$	474	$	281	$	258	$	261	$	241	$	8	$	9	$	1,993	$	1,911
Great Britain		238		249		314		318		496		477		—		—		—		—		1,048		1,044
Western Europe		279		278		367		360		120		122		—		—		—		—		766		760
International		149		147		227		249		86		86		—		—		—		—		462		482
Total revenue by geography	$	1,615	$	1,603	$	1,402	$	1,401	$	983	$	943	$	261	$	241	$	8	$	9	$	4,269	$	4,197

Contract with Customer, Asset and Liability

The Company reports accounts receivable, net on the condensed 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 June 30, 2019 and December 31, 2018:

	June 30, 2019		December 31, 2018
Billed receivables, net of allowance for doubtful accounts of $43 million and $40 million	$	1,865	$	1,702
Unbilled receivables		398		356
Current contract assets		198		321
Accounts receivable, net	$	2,461	$	2,379
Non-current accounts receivable, net	$	17	$	20
Non-current contract assets	$	6	$	3
Deferred revenue	$	512	$	448

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 2019				2020				2021 onward				Total
Revenue expected to be recognized on contracts as of June 30, 2019		$	242			$	371			$	489			$	1,102