v3.24.2
Retirement Benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Retirement Benefits

Note 12 — Retirement Benefits

Defined Benefit Plans

WTW sponsors both qualified and non-qualified defined benefit pension plans throughout the world. The majority of our plan assets and obligations are in the U.S. and the U.K. We have also included disclosures related to defined benefit plans in certain other countries, including Canada, France, Germany, Switzerland and Ireland. Together, these disclosed funded and unfunded plans represent 98% of WTW’s pension obligations and are disclosed herein.

Components of Net Periodic Benefit (Income)/Cost for Defined Benefit Pension Plans

The following tables set forth the components of net periodic benefit (income)/cost for the Company’s defined benefit pension plans for the three and six months ended June 30, 2024 and 2023:

 

 

 

Three Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

U.S.

 

 

U.K.

 

 

Other

 

Service cost

 

$

10

 

 

$

2

 

 

$

4

 

 

$

14

 

 

$

2

 

 

$

4

 

Interest cost

 

 

49

 

 

 

29

 

 

 

6

 

 

 

49

 

 

 

30

 

 

 

7

 

Expected return on plan assets

 

 

(75

)

 

 

(40

)

 

 

(11

)

 

 

(76

)

 

 

(41

)

 

 

(10

)

Settlements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

(1

)

Amortization of net loss

 

 

9

 

 

 

13

 

 

 

1

 

 

 

3

 

 

 

12

 

 

 

—

 

Amortization of prior service credit

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

1

 

Net periodic benefit (income)/cost

 

$

(7

)

 

$

1

 

 

$

—

 

 

$

(9

)

 

$

—

 

 

$

1

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

U.S.

 

 

U.K.

 

 

Other

 

Service cost

 

$

21

 

 

$

3

 

 

$

8

 

 

$

28

 

 

$

3

 

 

$

7

 

Interest cost

 

 

98

 

 

 

57

 

 

 

13

 

 

 

98

 

 

 

59

 

 

 

14

 

Expected return on plan assets

 

 

(151

)

 

 

(79

)

 

 

(21

)

 

 

(152

)

 

 

(80

)

 

 

(19

)

Settlement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

(1

)

Amortization of net loss

 

 

18

 

 

 

27

 

 

 

1

 

 

 

6

 

 

 

24

 

 

 

—

 

Amortization of prior service credit

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

1

 

Net periodic benefit (income)/cost

 

$

(14

)

 

$

2

 

 

$

1

 

 

$

(19

)

 

$

—

 

 

$

2

 

 

Employer Contributions to Defined Benefit Pension Plans

The Company did not make any contributions to its U.S. plans during the six months ended June 30, 2024 and currently does not anticipate making contributions over the remainder of the fiscal year. The Company made contributions of $1 million to its U.K. plans for the six months ended June 30, 2024 and anticipates making additional contributions of $1 million for the remainder of the fiscal year. The Company made contributions of $11 million to its other plans for the six months ended June 30, 2024 and anticipates making additional contributions of $4 million for the remainder of the fiscal year.

Defined Contribution Plans

The Company had contribution expense related to its defined contribution plans of $42 million and $85 million during the three and six months ended June 30, 2024, respectively, and $41 million and $81 million during the three and six months ended June 30, 2023, respectively.