Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

The following table presents revenue by service offering and segment, as well as a reconciliation to total revenue for the three months ended March 31, 2026 and 2025. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts.


	Three Months Ended March 31,
	HWC				R&B				Corporate (i)				Total
	2026		2025		2026		2025		2026		2025		2026		2025
Broking	$	184	$	146	$	849	$	790	$	—	$	—	$	1,033	$	936
Consulting		731		679		128		119		2		—		861		798
Outsourced administration		278		268		20		21		—		—		298		289
Other		63		63		86		73		—		—		149		136
Total revenue by service offering		1,256		1,156		1,083		1,003		2		—		2,341		2,159
Reimbursable expenses and other (i)		19		17		3		3		—		1		22		21
Total revenue from customer contracts	$	1,275	$	1,173	$	1,086	$	1,006	$	2	$	1	$	2,363	$	2,180
Interest and other income		9		9		33		24		7		10		49		43
Total revenue	$	1,284	$	1,182	$	1,119	$	1,030	$	9	$	11	$	2,412	$	2,223

(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 table 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 March 31,
	HWC				R&B				Corporate				Total
	2026		2025		2026		2025		2026		2025		2026		2025
Book-of-business settlements	$	1	$	2	$	7	$	—	$	—	$	—	$	8	$	2
Interest income		8		7		25		22		7		10		40		39
Other income		—		—		1		2		—		—		1		2
Total interest and other income	$	9	$	9	$	33	$	24	$	7	$	10	$	49	$	43

The following table presents revenue from service offerings by the geography where our work was performed for the three months ended March 31, 2026 and 2025. The reconciliation to total revenue on our condensed consolidated statements of comprehensive income and to segment revenue is shown in the table above.


	Three Months Ended March 31,
	HWC				R&B				Corporate				Total
	2026		2025		2026		2025		2026		2025		2026		2025
North America	$	673	$	645	$	347	$	326	$	—	$	—	$	1,020	$	971
Europe		444		391		592		538		2		—		1,038		929
International		139		120		144		139		—		—		283		259
Total revenue by geography	$	1,256	$	1,156	$	1,083	$	1,003	$	2	$	—	$	2,341	$	2,159

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 accounts receivable and deferred revenue balances at March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Billed receivables, net of allowance for doubtful accounts of $34 million and $30 million	$	1,836	$	1,833
Unbilled receivables		579		543
Current contract assets		233		326
Accounts receivable, net	$	2,648	$	2,702
Non-current accounts receivable, net	$	32	$	42
Deferred revenue	$	813	$	700

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 2026		2027		2028 onward		Total
Revenue expected to be recognized on contracts as of March 31, 2026	$	526	$	484	$	503	$	1,513