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Fair Value Measurements and Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024:
|  |  |  | Fair Value Measurements on a Recurring Basis at September 30, 2025 |
|  | Balance Sheet Location |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds/exchange traded funds (i) |  | Prepaid and other current assets and Other non-current assets |  | $ | 144 |  |  | $ | — |  |  | $ | — |  |  | $ | 144 |
|  | Fiduciary assets |  |  | 423 |  |  |  | — |  |  |  | — |  |  |  | 423 |
Commingled funds (i) (ii) |  | Prepaid and other current assets and Other non-current assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30 |
Hedge funds (i) (iii) |  | Prepaid and other current assets and Other non-current assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (iv) |  | Prepaid and other current assets and Other non-current assets |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration (v) (vi) |  | Other current liabilities and Other non-current liabilities |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | 13 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (iv) |  | Other current liabilities and Other non-current liabilities |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
|  |  |  | Fair Value Measurements on a Recurring Basis at December 31, 2024 |
|  | Balance Sheet Location |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds/exchange traded funds (i) |  | Prepaid and other current assets and Other non-current assets |  | $ | 108 |  |  | $ | — |  |  | $ | — |  |  | $ | 108 |
|  | Fiduciary assets |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | 337 |
Commingled funds (i) (ii) |  | Other non-current assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |
Hedge funds (i) (iii) |  | Other non-current assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (iv) |  | Prepaid and other current assets and Other non-current assets |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration (v) |  | Other current liabilities and Other non-current liabilities |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | $ | 39 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (iv) |  | Other current liabilities and Other non-current liabilities |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
(i) With the exception of the funds included in fiduciary assets, the majority of these balances are held as part of deferred compensation plans with related liabilities in other current liabilities and other non-current liabilities on the condensed consolidated balance sheets. (ii) Consists of the Towers Watson Global Equity Focus Fund, for which redemptions can occur on any business day, and require a minimum of one business day’s notice. (iii) Consists of the Towers Watson Alternative Credit Fund, for which the redemption period is generally quarterly, however requires a 50-day notice. (iv) See Note 9 — Derivative Financial Instruments for further information on our derivative investments. (v) Probability weightings are based on our knowledge of the past and planned performance of the acquired entity to which the contingent consideration applies. The fair value weighted-average discount rates used in our material contingent consideration calculations were 11.00% and 13.43% at September 30, 2025 and December 31, 2024, respectively. Using different probability weightings and discount rates could result in an increase or decrease of the contingent consideration payable. (vi) Consideration due to be paid across multiple years until 2029.
Schedule of Change in Fair Value of Level 3 Liabilities | The following table summarizes the change in fair value of the Level 3 liabilities:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |  | September 30, 2025 |
Balance at December 31, 2024 |  | $ | 39 |
Obligations assumed |  |  | 4 |
Payments |  |  | (33 | )
Realized and unrealized losses (i) |  |  | 1 |
Foreign exchange |  |  | 2 |
Balance at September 30, 2025 |  | $ | 13 |
(i) Realized and unrealized losses include accretion and adjustments to contingent consideration liabilities, which are included within Interest expense and Other operating expenses, respectively, on the condensed consolidated statements of comprehensive income.
Summarizes the Types of Holdings and Related Values | The following table summarizes the types of holdings and related values:
Held-to-Maturity Securities |  | Corporate securities |
Amortized cost basis |  | $ | 50 |
Allowance for credit losses |  |  | — |
Net carrying amount |  |  | 50 |
Gross unrealized gains |  |  | 1 |
Gross unrealized losses |  |  | — |
Aggregate fair value |  | $ | 51 |
Schedule of Assets and Liabilities Whose Carrying Values Differ From the Fair Value and are Not Measured on a Recurring Basis | The following tables present our assets and liabilities not measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Note receivable (i) |  | $ | — |  |  | $ | — |  |  | $ | 74 |  |  | $ | 70 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 5 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Due in one year through five years |  | $ | 44 |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |
Due in greater than five years |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current debt |  | $ | 550 |  |  | $ | 550 |  |  | $ | — |  |  | $ | — |
Long-term debt |  | $ | 4,763 |  |  | $ | 4,653 |  |  | $ | 5,309 |  |  | $ | 5,052 |
(i) The note receivable was settled with the Company on April 30, 2025.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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