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Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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, 2025 and 2024. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.

		Three Months Ended June 30,
		HWC								R&B								Corporate (i)								Total
		2025				2024				2025				2024				2025				2024				2025				2024
Broking		$	150			$	279			$	846			$	778			$	—			$	—			$	996			$	1,057
Consulting			704				651				99				97				1				—				804				748
Outsourced administration			240				257				17				17				—				—				257				274
Other			78				64				57				56				—				—				135				120
Total revenue by service offering			1,172				1,251				1,019				948				1				—				2,192				2,199
Reimbursable expenses and other (i)			18				15				3				3				2				2				23				20
Total revenue from customer contracts		$	1,190			$	1,266			$	1,022			$	951			$	3			$	2			$	2,215			$	2,219
Interest and other income			8				9				28				31				10				6				46				46
Total revenue		$	1,198			$	1,275			$	1,050			$	982			$	13			$	8			$	2,261			$	2,265

		Six Months Ended June 30,
		HWC								R&B								Corporate (i)								Total
		2025				2024				2025				2024				2025				2024				2025				2024
Broking		$	296			$	614			$	1,636			$	1,520			$	—			$	—			$	1,932			$	2,134
Consulting			1,383				1,313				218				201				1				1				1,602				1,515
Outsourced administration			508				523				38				47				—				—				546				570
Other			141				128				130				127				—				—				271				255
Total revenue by service offering			2,328				2,578				2,022				1,895				1				1				4,351				4,474
Reimbursable expenses and other (i)			35				32				6				6				3				2				44				40
Total revenue from customer contracts		$	2,363			$	2,610			$	2,028			$	1,901			$	4			$	3			$	4,395			$	4,514
Interest and other income			17				18				52				62				20				12				89				92
Total revenue		$	2,380			$	2,628			$	2,080			$	1,963			$	24			$	15			$	4,484			$	4,606

(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 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:

		Three Months Ended June 30,
		HWC								R&B								Corporate								Total
		2025				2024				2025				2024				2025				2024				2025				2024
Book-of-business settlements		$	—			$	—			$	3			$	2			$	—			$	—			$	3			$	2
Interest income			7				9				23				29				10				6				40				44
Other income			1				—				2				—				—				—				3				—
Total interest and other income		$	8			$	9			$	28			$	31			$	10			$	6			$	46			$	46

		Six Months Ended June 30,
		HWC								R&B								Corporate								Total
		2025				2024				2025				2024				2025				2024				2025				2024
Book-of-business settlements		$	2			$	—			$	3			$	4			$	—			$	—			$	5			$	4
Interest income			14				18				45				57				20				12				79				87
Other income			1				—				4				1				—				—				5				1
Total interest and other income		$	17			$	18			$	52			$	62			$	20			$	12			$	89			$	92

The following tables present revenue from service offerings by the geography where our work was performed for the three and six months ended June 30, 2025 and 2024. 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,
		HWC								R&B								Corporate								Total
		2025				2024				2025				2024				2025				2024				2025				2024
North America		$	665			$	810			$	401			$	386			$	1			$	—			$	1,067			$	1,196
Europe			392				335				454				409				—				—				846				744
International			115				106				164				153				—				—				279				259
Total revenue by geography		$	1,172			$	1,251			$	1,019			$	948			$	1			$	—			$	2,192			$	2,199

		Six Months Ended June 30,
		HWC								R&B								Corporate								Total
		2025				2024				2025				2024				2025				2024				2025				2024
North America		$	1,310			$	1,650			$	727			$	692			$	1			$	—			$	2,038			$	2,342
Europe			783				707				992				920				—				1				1,775				1,628
International			235				221				303				283				—				—				538				504
Total revenue by geography		$	2,328			$	2,578			$	2,022			$	1,895			$	1			$	1			$	4,351			$	4,474

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 June 30, 2025 and December 31, 2024:

		June 30, 2025				December 31, 2024
Billed receivables, net of allowance for doubtful accounts of $34 million and $36 million		$	1,694			$	1,604
Unbilled receivables			527				569
Current contract assets			143				321
Accounts receivable, net		$	2,364			$	2,494
Non-current accounts receivable, net		$	27			$	18
Deferred revenue		$	765			$	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 June 30, 2025		$	331			$	583			$	717			$	1,631

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
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-Name Accounting Standards Codification
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-Publisher FASB
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