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v3.25.3

Revenue | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Note 4 — Revenue Disaggregation of Revenue The Company reports revenue by segment in Note 5 — Segment Information. 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 Balances 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 |
During the three and nine months ended September 30, 2025, revenue of $51 million and $513 million, respectively, was recognized that was reflected as deferred revenue at December 31, 2024. During the three months ended September 30, 2025, revenue of $314 million was recognized that was reflected as deferred revenue at June 30, 2025. During the three and nine months ended September 30, 2025, the Company recognized revenue of $4 million and $5 million, respectively, related to performance obligations satisfied prior to 2025. Performance Obligations The Company has contracts for which performance obligations have not been satisfied as of September 30, 2025 or have been partially satisfied as of this date. The following table shows the expected timing for the satisfaction of the remaining performance obligations. This table does not include contract renewals or variable consideration, which was excluded from the transaction prices in accordance with the guidance on constraining estimates of variable consideration. 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 |
Since most of the Company’s contracts are cancellable with less than one year’s notice and have no substantive penalty for cancellation, the majority of the Company’s remaining performance obligations as of September 30, 2025 have been excluded from the table above.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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