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v3.25.3

Revenue (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2025 and 2024. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.
|  | Three Months Ended September 30, |
|  | HWC |  |  | R&B |  |  | Corporate (i) |  |  | Total |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Broking |  | $ | 121 |  |  | $ | 262 |  |  | $ | 794 |  |  | $ | 744 |  |  | $ | — |  |  | $ | — |  |  | $ | 915 |  |  | $ | 1,006 |
Consulting |  |  | 714 |  |  |  | 653 |  |  |  | 104 |  |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | 818 |  |  |  | 746 |
Outsourced administration |  |  | 282 |  |  |  | 268 |  |  |  | 17 |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 299 |  |  |  | 284 |
Other |  |  | 136 |  |  |  | 134 |  |  |  | 58 |  |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | 194 |  |  |  | 187 |
Total revenue by service offering |  |  | 1,253 |  |  |  | 1,317 |  |  |  | 973 |  |  |  | 906 |  |  |  | — |  |  |  | — |  |  |  | 2,226 |  |  |  | 2,223 |
Reimbursable expenses and other (i) |  |  | 16 |  |  |  | 17 |  |  |  | 3 |  |  |  | 3 |  |  |  | (5 | ) |  |  | (5 | ) |  |  | 14 |  |  |  | 15 |
Total revenue from customer contracts |  | $ | 1,269 |  |  | $ | 1,334 |  |  | $ | 976 |  |  | $ | 909 |  |  | $ | (5 | ) |  | $ | (5 | ) |  | $ | 2,240 |  |  | $ | 2,238 |
Interest and other income |  |  | 8 |  |  |  | 11 |  |  |  | 34 |  |  |  | 34 |  |  |  | 6 |  |  |  | 6 |  |  |  | 48 |  |  |  | 51 |
Total revenue |  | $ | 1,277 |  |  | $ | 1,345 |  |  | $ | 1,010 |  |  | $ | 943 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2,288 |  |  | $ | 2,289 |
|  | Nine Months Ended September 30, |
|  | HWC |  |  | R&B |  |  | Corporate (i) |  |  | Total |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Broking |  | $ | 417 |  |  | $ | 876 |  |  | $ | 2,430 |  |  | $ | 2,264 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,847 |  |  | $ | 3,140 |
Consulting |  |  | 2,097 |  |  |  | 1,966 |  |  |  | 322 |  |  |  | 294 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2,420 |  |  |  | 2,261 |
Outsourced administration |  |  | 790 |  |  |  | 791 |  |  |  | 55 |  |  |  | 63 |  |  |  | — |  |  |  | — |  |  |  | 845 |  |  |  | 854 |
Other |  |  | 277 |  |  |  | 262 |  |  |  | 188 |  |  |  | 180 |  |  |  | — |  |  |  | — |  |  |  | 465 |  |  |  | 442 |
Total revenue by service offering |  |  | 3,581 |  |  |  | 3,895 |  |  |  | 2,995 |  |  |  | 2,801 |  |  |  | 1 |  |  |  | 1 |  |  |  | 6,577 |  |  |  | 6,697 |
Reimbursable expenses and other (i) |  |  | 51 |  |  |  | 49 |  |  |  | 9 |  |  |  | 9 |  |  |  | (2 | ) |  |  | (3 | ) |  |  | 58 |  |  |  | 55 |
Total revenue from customer contracts |  | $ | 3,632 |  |  | $ | 3,944 |  |  | $ | 3,004 |  |  | $ | 2,810 |  |  | $ | (1 | ) |  | $ | (2 | ) |  | $ | 6,635 |  |  | $ | 6,752 |
Interest and other income |  |  | 25 |  |  |  | 29 |  |  |  | 86 |  |  |  | 96 |  |  |  | 26 |  |  |  | 18 |  |  |  | 137 |  |  |  | 143 |
Total revenue |  | $ | 3,657 |  |  | $ | 3,973 |  |  | $ | 3,090 |  |  | $ | 2,906 |  |  | $ | 25 |  |  | $ | 16 |  |  | $ | 6,772 |  |  | $ | 6,895 |
(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 September 30, |
|  | HWC |  |  | R&B |  |  | Corporate |  |  | Total |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Book-of-business settlements |  | $ | — |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 7 |
Interest income |  |  | 8 |  |  |  | 8 |  |  |  | 28 |  |  |  | 29 |  |  |  | 6 |  |  |  | 6 |  |  |  | 42 |  |  |  | 43 |
Other income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Total interest and other income |  | $ | 8 |  |  | $ | 11 |  |  | $ | 34 |  |  | $ | 34 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 48 |  |  | $ | 51 |
|  | Nine Months Ended September 30, |
|  | HWC |  |  | R&B |  |  | Corporate |  |  | Total |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Book-of-business settlements |  | $ | 2 |  |  | $ | 3 |  |  | $ | 9 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 11 |
Interest income |  |  | 22 |  |  |  | 26 |  |  |  | 73 |  |  |  | 86 |  |  |  | 26 |  |  |  | 18 |  |  |  | 121 |  |  |  | 130 |
Other income |  |  | 1 |  |  |  | — |  |  |  | 4 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 2 |
Total interest and other income |  | $ | 25 |  |  | $ | 29 |  |  | $ | 86 |  |  | $ | 96 |  |  | $ | 26 |  |  | $ | 18 |  |  | $ | 137 |  |  | $ | 143 |
The following tables present revenue from service offerings by the geography where our work was performed for the three and nine months ended September 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 September 30, |
|  | HWC |  |  | R&B |  |  | Corporate |  |  | Total |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
North America |  | $ | 719 |  |  | $ | 830 |  |  | $ | 365 |  |  | $ | 364 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,084 |  |  | $ | 1,194 |
Europe |  |  | 400 |  |  |  | 362 |  |  |  | 457 |  |  |  | 397 |  |  |  | — |  |  |  | — |  |  |  | 857 |  |  |  | 759 |
International |  |  | 134 |  |  |  | 125 |  |  |  | 151 |  |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | 285 |  |  |  | 270 |
Total revenue by geography |  | $ | 1,253 |  |  | $ | 1,317 |  |  | $ | 973 |  |  | $ | 906 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,226 |  |  | $ | 2,223 |
|  | Nine Months Ended September 30, |
|  | HWC |  |  | R&B |  |  | Corporate |  |  | Total |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
North America |  | $ | 2,029 |  |  | $ | 2,480 |  |  | $ | 1,092 |  |  | $ | 1,056 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3,122 |  |  | $ | 3,536 |
Europe |  |  | 1,183 |  |  |  | 1,069 |  |  |  | 1,449 |  |  |  | 1,317 |  |  |  | — |  |  |  | 1 |  |  |  | 2,632 |  |  |  | 2,387 |
International |  |  | 369 |  |  |  | 346 |  |  |  | 454 |  |  |  | 428 |  |  |  | — |  |  |  | — |  |  |  | 823 |  |  |  | 774 |
Total revenue by geography |  | $ | 3,581 |  |  | $ | 3,895 |  |  | $ | 2,995 |  |  | $ | 2,801 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 6,577 |  |  | $ | 6,697 |
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 September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  |  | December 31, 2024 |
Billed receivables, net of allowance for doubtful accounts of $33 million and $36 million |  | $ | 1,538 |  |  | $ | 1,604 |
Unbilled receivables |  |  | 557 |  |  |  | 569 |
Current contract assets |  |  | 94 |  |  |  | 321 |
Accounts receivable, net |  | $ | 2,189 |  |  | $ | 2,494 |
Non-current accounts receivable, net |  | $ | 37 |  |  | $ | 18 |
Deferred revenue |  | $ | 717 |  |  | $ | 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 September 30, 2025 |  | $ | 179 |  |  | $ | 631 |  |  | $ | 807 |  |  | $ | 1,617 |

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