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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Financial Information by Segment | The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
| Three Months Ended September 30,
| 2025 |  | 2024
| MA |  | MIS |  | Eliminations |  | Consolidated |  | MA |  | MIS |  | Eliminations |  | Consolidated
Total external revenue | $ | 909 |  |  | $ | 1,098 |  |  | $ | — |  |  | $ | 2,007 |  |  | $ | 831 |  |  | $ | 982 |  |  | $ | — |  |  | $ | 1,813 |
Intersegment revenue | 3 |  |  | 50 |  |  | (53) |  |  | — |  |  | 3 |  |  | 48 |  |  | (51) |  |  | — |
Revenue | 912 |  |  | 1,148 |  |  | (53) |  |  | 2,007 |  |  | 834 |  |  | 1,030 |  |  | (51) |  |  | 1,813 |
Compensation expense | 352 |  |  | 283 |  |  | — |  |  | 635 |  |  | 350 |  |  | 318 |  |  | — |  |  | 668 |
Non-compensation expense | 197 |  |  | 113 |  |  | — |  |  | 310 |  |  | 183 |  |  | 95 |  |  | — |  |  | 278 |
Intersegment expense | 50 |  |  | 3 |  |  | (53) |  |  | — |  |  | 48 |  |  | 3 |  |  | (51) |  |  | — |
Operating, SG&A | 599 |  |  | 399 |  |  | (53) |  |  | 945 |  |  | 581 |  |  | 416 |  |  | (51) |  |  | 946 |
Adjusted Operating Income | $ | 313 |  |  | $ | 749 |  |  | $ | — |  |  | $ | 1,062 |  |  | $ | 253 |  |  | $ | 614 |  |  | $ | — |  |  | $ | 867 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 101 |  |  | 22 |  |  | — |  |  | 123 |  |  | 88 |  |  | 20 |  |  | — |  |  | 108 |
Restructuring | 15 |  |  | 6 |  |  | — |  |  | 21 |  |  | 4 |  |  | 2 |  |  | — |  |  | 6 |
Charges related to asset abandonment | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Operating Income |  |  |  |  |  |  | $ | 917 |  |  |  |  |  |  |  |  | $ | 738 |
Non-operating (expense) income, net |  |  |  |  |  |  | $ | (50) |  |  |  |  |  |  |  |  | $ | (35) |
Income before provision for income taxes |  |  |  |  |  |  | $ | 867 |  |  |  |  |  |  |  |  | $ | 703 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| MA |  | MIS |  | Eliminations |  | Consolidated |  | MA |  | MIS |  | Eliminations |  | Consolidated
Total external revenue | $ | 2,656 |  |  | $ | 3,173 |  |  | $ | — |  |  | $ | 5,829 |  |  | $ | 2,432 |  |  | $ | 2,984 |  |  | $ | — |  |  | $ | 5,416 |
Intersegment revenue | 9 |  |  | 149 |  |  | (158) |  |  | — |  |  | 10 |  |  | 144 |  |  | (154) |  |  | — |
Revenue | 2,665 |  |  | 3,322 |  |  | (158) |  |  | 5,829 |  |  | 2,442 |  |  | 3,128 |  |  | (154) |  |  | 5,416 |
Compensation expense | 1,069 |  |  | 843 |  |  | — |  |  | 1,912 |  |  | 1,023 |  |  | 867 |  |  | — |  |  | 1,890 |
Non-compensation expense | 589 |  |  | 306 |  |  | — |  |  | 895 |  |  | 554 |  |  | 297 |  |  | — |  |  | 851 |
Intersegment expense | 149 |  |  | 9 |  |  | (158) |  |  | — |  |  | 144 |  |  | 10 |  |  | (154) |  |  | — |
Operating, SG&A | 1,807 |  |  | 1,158 |  |  | (158) |  |  | 2,807 |  |  | 1,721 |  |  | 1,174 |  |  | (154) |  |  | 2,741 |
Adjusted Operating Income | $ | 858 |  |  | $ | 2,164 |  |  | $ | — |  |  | $ | 3,022 |  |  | $ | 721 |  |  | $ | 1,954 |  |  | $ | — |  |  | $ | 2,675 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 292 |  |  | 64 |  |  | — |  |  | 356 |  |  | 260 |  |  | 58 |  |  | — |  |  | 318 |
Restructuring | 59 |  |  | 22 |  |  | — |  |  | 81 |  |  | 7 |  |  | 6 |  |  | — |  |  | 13 |
Charges related to asset abandonment | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
Operating Income |  |  |  |  |  |  | $ | 2,581 |  |  |  |  |  |  |  |  | $ | 2,314 |
Non-operating (expense) income, net |  |  |  |  |  |  | $ | (138) |  |  |  |  |  |  |  |  | $ | (140) |
Income before provision for income taxes |  |  |  |  |  |  | $ | 2,443 |  |  |  |  |  |  |  |  | $ | 2,174 |
Restructuring Expenses Included in Consolidated Statements of Operations | Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
| Three months ended September 30, |  | Nine months ended September 30, |  | Cumulative expense incurred
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1) | $ | 21 |  |  | $ | — |  |  | $ | 75 |  |  | $ | — |  |  | $ | 120 |
Real estate related costs (2) | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Internally developed software-related charges (3) | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total Restructuring | $ | 21 |  |  | $ | — |  |  | $ | 81 |  |  | $ | — |  |  | $ | 126 |
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program. (2) Includes the non-cash acceleration of amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods. (3) Includes the non-cash acceleration of amortization of internally developed software that has been abandoned. The table below shows cumulative restructuring expense incurred through September 30, 2025 by reportable segment.
| MA |  | MIS |  | Total
Strategic and Operational Efficiency Restructuring Program | $ | 93 |  |  | $ | 33 |  |  | $ | 126 |
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region | The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
MA: |  |  |  |  |  |  |
U.S. | $ | 386 |  |  | $ | 346 |  |  | $ | 1,142 |  |  | $ | 1,021 |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 358 |  |  | 334 |  |  | 1,036 |  |  | 969 |
Asia-Pacific | 96 |  |  | 84 |  |  | 276 |  |  | 251 |
Americas | 69 |  |  | 67 |  |  | 202 |  |  | 191 |
Total Non-U.S. | 523 |  |  | 485 |  |  | 1,514 |  |  | 1,411 |
Total MA | 909 |  |  | 831 |  |  | 2,656 |  |  | 2,432 |
MIS: |
U.S. | 732 |  |  | 653 |  |  | 2,033 |  |  | 1,921 |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 236 |  |  | 212 |  |  | 740 |  |  | 685 |
Asia-Pacific | 84 |  |  | 73 |  |  | 245 |  |  | 225 |
Americas | 46 |  |  | 44 |  |  | 155 |  |  | 153 |
Total Non-U.S. | 366 |  |  | 329 |  |  | 1,140 |  |  | 1,063 |
Total MIS | 1,098 |  |  | 982 |  |  | 3,173 |  |  | 2,984 |
Total MCO | $ | 2,007 |  |  | $ | 1,813 |  |  | $ | 5,829 |  |  | $ | 5,416 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 1,118 |  |  | $ | 999 |  |  | $ | 3,175 |  |  | $ | 2,942 |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 594 |  |  | 546 |  |  | 1,776 |  |  | 1,654 |
Asia-Pacific | 180 |  |  | 157 |  |  | 521 |  |  | 476 |
Americas | 115 |  |  | 111 |  |  | 357 |  |  | 344 |
Total Non-U.S. | 889 |  |  | 814 |  |  | 2,654 |  |  | 2,474 |
Total | $ | 2,007 |  |  | $ | 1,813 |  |  | $ | 5,829 |  |  | $ | 5,416 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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