Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Changes in Projected Benefit Obligations

The following schedules provide information concerning the defined benefit pension plans as of and for the years ended December 31, 2025 and 2024:


	2025									2024
	U.S.			U.K.			Other			U.S.			U.K.			Other
Change in Benefit Obligation
Benefit obligation, beginning of year	$	3,812		$	2,236		$	712		$	4,098		$	2,558		$	762
Service cost		40			5			13			42			6			16
Interest cost		173			121			26			196			115			27
Employee contributions		25			—			1			26			—			1
Actuarial losses/(gains)		152			(10	)		(36	)		(194	)		(280	)		(7	)
Settlements		(459	)		(13	)		—			(118	)		(11	)		(1	)
Benefits paid		(193	)		(114	)		(37	)		(238	)		(110	)		(33	)
Plan amendments		—			45			—			—			—			—
Other		—			—			4			—			—			2
Foreign currency changes		—			168			65			—			(42	)		(55	)
Benefit obligation, end of year	$	3,550		$	2,438		$	748		$	3,812		$	2,236		$	712
Change in Plan Assets
Fair value of plan assets, beginning of year	$	3,441		$	2,652		$	679		$	3,803		$	3,069		$	673
Actual return on plan assets		302			89			30			(48	)		(250	)		67
Employer contributions		27			2			19			16			3			22
Employee contributions		25			—			1			26			—			1
Settlements		(459	)		(13	)		—			(118	)		(11	)		(1	)
Benefits paid		(193	)		(114	)		(37	)		(238	)		(110	)		(33	)
Other		—			—			4			—			—			2
Foreign currency changes		—			199			63			—			(49	)		(52	)
Fair value of plan assets, end of year	$	3,143		$	2,815		$	759		$	3,441		$	2,652		$	679
Funded status at end of year	$	(407	)	$	377		$	11		$	(371	)	$	416		$	(33	)
Accumulated Benefit Obligation	$	3,550		$	2,438		$	726		$	3,812		$	2,236		$	688
Components on the Consolidated Balance Sheet
Pension benefits assets	$	—		$	381		$	130		$	—		$	420		$	91
Current liability for pension benefits	$	(19	)	$	—		$	(5	)	$	(22	)	$	—		$	(5	)
Non-current liability for pension benefits	$	(388	)	$	(4	)	$	(114	)	$	(349	)	$	(4	)	$	(119	)
	$	(407	)	$	377		$	11		$	(371	)	$	416		$	(33	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive loss as of December 31, 2025 and 2024 consist of:


	2025						2024
	U.S.		U.K.		Other		U.S.		U.K.		Other
Net actuarial loss	$	982	$	1,850	$	29	$	1,013	$	1,715	$	45
Net prior service loss		—		84		7		—		31		7
Accumulated other comprehensive loss	$	982	$	1,934	$	36	$	1,013	$	1,746	$	52

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table presents the projected benefit obligation and fair value of plan assets for our plans that have a projected benefit obligation in excess of plan assets as of December 31, 2025 and 2024:


	2025						2024
	U.S.		U.K.		Other		U.S.		U.K.		Other
Projected benefit obligation at end of year	$	3,550	$	4	$	331	$	3,812	$	4	$	303
Fair value of plan assets at end of year	$	3,143	$	—	$	212	$	3,441	$	—	$	179

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table presents the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for our plans that have an accumulated benefit obligation in excess of plan assets as of December 31, 2025 and 2024.


	2025						2024
	U.S.		U.K.		Other		U.S.		U.K.		Other
Projected benefit obligation at end of year	$	3,550	$	4	$	331	$	3,812	$	4	$	303
Accumulated benefit obligation at end of year	$	3,550	$	4	$	319	$	3,812	$	4	$	289
Fair value of plan assets at end of year	$	3,143	$	—	$	212	$	3,441	$	—	$	179

Schedule of Net Periodic Benefit Cost

The components of the net periodic benefit income and other amounts recognized in other comprehensive (income)/loss for the years ended December 31, 2025, 2024 and 2023 for the defined benefit pension plans are as follows:


	2025									2024									2023
	U.S.			U.K.			Other			U.S.			U.K.			Other			U.S.			U.K.			Other
Components of net periodic benefit cost/(credit):
Service cost	$	40		$	5		$	13		$	42		$	6		$	16		$	56		$	6		$	14
Interest cost		173			121			26			196			115			27			195			120			28
Expected return on plan assets		(254	)		(175	)		(46	)		(302	)		(159	)		(42	)		(304	)		(162	)		(38	)
Amortization of unrecognized prior service (credit)/cost		—			(5	)		1			—			(13	)		1			—			(12	)		1
Amortization of unrecognized actuarial loss		46			62			1			36			55			1			13			48			—
Settlement		89			7			—			23			—			—			1			—			(1	)
Net periodic benefit cost/(credit)	$	94		$	15		$	(5	)	$	(5	)	$	4		$	3		$	(39	)	$	—		$	4
Other changes in plan assets and benefit obligations recognized in other comprehensive (income)/loss:
Net actuarial loss/(gain)	$	104		$	76		$	(20	)	$	156		$	129		$	(32	)	$	332		$	133		$	43
Amortization of unrecognized actuarial loss		(46	)		(62	)		(1	)		(36	)		(55	)		(1	)		(13	)		(48	)		—
Prior service cost		—			45			—			—			—			—			—			—			—
Amortization of unrecognized prior service credit/(cost)		—			5			(1	)		—			13			(1	)		—			12			(1	)
Settlement		(89	)		(7	)		—			(23	)		—			—			(1	)		—			1
Total recognized in other comprehensive loss/(income)		(31	)		57			(22	)		97			87			(34	)		318			97			43
Total recognized in net periodic benefit cost/(credit) and other comprehensive loss/(income)	$	63		$	72		$	(27	)	$	92		$	91		$	(31	)	$	279		$	97		$	47

Schedule of Assumptions Used

The assumptions used to determine net periodic benefit cost for the fiscal years ended December 31, 2025, 2024 and 2023 were as follows:


	Years ended December 31,
	2025			2024			2023
	U.S.	U.K.	Other	U.S.	U.K.	Other	U.S.	U.K.	Other
Discount rate - PBO	5.6%	5.6%	3.8%	5.1%	4.7%	3.8%	5.4%	5.0%	4.3%
Discount rate - service cost	5.8%	5.7%	3.6%	5.2%	4.8%	3.7%	5.5%	5.0%	4.3%
Discount rate - interest cost on PBO	5.3%	5.3%	3.6%	5.0%	4.6%	3.8%	5.2%	4.9%	4.3%
Expected long-term rate of return on assets	8.2%	6.4%	6.4%	8.2%	5.3%	6.5%	8.2%	5.3%	6.5%
Rate of increase in compensation levels	4.0%	3.4%	2.3%	4.3%	3.3%	2.4%	4.3%	3.4%	2.4%

The following tables present the assumptions used in the valuation to determine the projected benefit obligation for the fiscal years ended December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
	U.S.	U.K.	Other	U.S.	U.K.	Other
Discount rate	5.4%	5.6%	4.3%	5.6%	5.6%	3.8%
Rate of increase in compensation levels	4.0%	2.7%	2.3%	4.0%	3.4%	2.3%

Schedule of Allocation of Plan Assets

The Company’s pension plan asset target allocations as of December 31, 2025 were as follows (note the French plan is unfunded):


		U.K.					Ireland
Asset Category	U.S.	Broking	Consulting	Switzerland	Canada	Germany	Broking	Consulting
Equity securities	28%	—%	1%	49%	33%	35%	30%	40%
Debt securities	25%	90%	18%	15%	40%	63%	28%	30%
Real estate	20%	7%	1%	23%	10%	—%	3%	—%
Other (i)	27%	3%	80%	13%	17%	2%	39%	30%
Total	100%	100%	100%	100%	100%	100%	100%	100%

(i)

The Other asset category includes investments in private markets/equities, reinsurance, liability-driven investments, secure income and insurance contracts.

The fair values of our U.S. plan assets by asset category at December 31, 2025 and 2024 are as follows:


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Asset category:
Cash	$	3	$	—	$	—	$	3	$	18	$	—	$	—	$	18
Short-term securities		—		59		—		59		—		215		—		215
Pooled/commingled funds		—		—		—		2,114		—		—		—		2,215
Private equity		—		—		—		694		—		—		—		676
Hedge funds		—		—		—		158		—		—		—		316
Total assets	$	3	$	59	$	—	$	3,028	$	18	$	215	$	—	$	3,440

The fair values of our U.K. plan assets by asset category at December 31, 2025 and 2024 are as follows:


	December 31, 2025									December 31, 2024
	Level 1		Level 2			Level 3		Total		Level 1		Level 2		Level 3		Total
Asset category:
Cash	$	112	$	—		$	—	$	112	$	156	$	—	$	—	$	156
Government bonds		1,688		—			—		1,688		1,145		—		—		1,145
Corporate bonds		—		429			—		429		—		263		—		263
Other fixed income		—		—			—		—		—		311		—		311
Pooled/commingled funds		—		—			—		1,052		—		—		—		968
Private equity		—		—			—		20		—		—		—		18
Derivatives		—		285			—		285		—		161		—		161
Real estate		—		—			—		22		—		—		—		50
Insurance contracts		—		—			35		35		—		—		34		34
Total assets	$	1,800	$	714		$	35	$	3,643	$	1,301	$	735	$	34	$	3,106

Liability category:
Repurchase agreements		—		660			—		660		—		398		—		398
Derivatives		—		168			—		168		—		56		—		56
Net assets/(liabilities)	$	1,800	$	(114	)	$	35	$	2,815	$	1,301	$	281	$	34	$	2,652

The fair values of our Other plan assets by asset category at December 31, 2025 and 2024 are as follows:


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Asset category:
Cash	$	4	$	—	$	—	$	4	$	1	$	—	$	—	$	1
Pooled/commingled funds		—		—		—		624		—		—		—		569
Private equity		—		—		—		19		—		—		—		18
Hedge funds		—		—		—		27		—		—		—		25
Real estate		—		—		—		19		—		—		—		11
Insurance contracts		—		—		5		5		—		—		5		5
Investment in multiple- employer pension plan		—		—		61		61		—		—		50		50
Total assets	$	4	$	—	$	66	$	759	$	1	$	—	$	55	$	679

Schedule of Net Plan Investments Reconciliation To Total Fair Value Of Plan Assets

The following table reconciles the net plan investments to the total fair value of the plan assets:


	December 31,
	2025		2024
Net assets held in investments	$	6,602	$	6,771
Receivable for interest income and other		115		1
Fair value of plan assets	$	6,717	$	6,772

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the fiscal year ended December 31, 2025:


	Level 3 Roll Forward
Beginning balance at December 31, 2024	$	89
Purchases		2
Unrealized loss		(1	)
Foreign exchange		11
Ending balance at December 31, 2025	$	101

Schedule of Projected Pension Contributions

The following table sets forth our projected pension contributions to our qualified plans for fiscal year 2025, as well as the pension contributions to our qualified plans in fiscal years 2025 and 2024:


	2026 (Projected)		2025 (Actual)		2024 (Actual)
U.S.	$	—	$	—	$	—
U.K.	$	2	$	2	$	2
Other	$	1	$	9	$	13

Schedule of Expected Benefit Payments

Expected benefit payments from our defined benefit pension plans to current plan participants, including the effects of their expected future service, as appropriate, are as follows:


	Benefit Payments
Fiscal Year	U.S.		U.K.		Other		Total
2026	$	241	$	132	$	49	$	422
2027		247		138		34		419
2028		255		139		36		430
2029		261		145		38		444
2030		266		149		38		453
Years 2031 – 2035		1,356		792		228		2,376
	$	2,626	$	1,495	$	423	$	4,544

WILLIS TOWERS WATSON PLC 10-K