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v3.26.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | Financial information relating to our segments for the three-month periods ended March 31, 2026 and 2025 as follows (in millions):
Three-Month Period Ended March 31, 2026 |  | Brokerage |  | Risk Management |  | Corporate |  | Total
Revenues: |  |  |  |  |  |  |  |
Commissions |  | $ | 3,123 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,123 |
Fees |  | 792 |  |  | 420 |  |  | — |  |  | 1,212 |
Supplemental revenues |  | 180 |  |  | — |  |  | — |  |  | 180 |
Contingent revenues |  | 115 |  |  | — |  |  | — |  |  | 115 |
Interest income, premium finance revenues and other income (loss) |  | 83 |  |  | 8 |  |  | (5) |  |  | 86 |
Revenues before reimbursements |  | 4,293 |  |  | 428 |  |  | (5) |  |  | 4,716 |
Reimbursements |  | — |  |  | 42 |  |  | — |  |  | 42 |
Total revenues |  | 4,293 |  |  | 470 |  |  | (5) |  |  | 4,758 |
Compensation |  | 2,211 |  |  | 264 |  |  | 41 |  |  | 2,516 |
Operating |  | 520 |  |  | 78 |  |  | 45 |  |  | 643 |
Reimbursements |  | — |  |  | 42 |  |  | — |  |  | 42 |
Interest |  | — |  |  | — |  |  | 158 |  |  | 158 |
Depreciation |  | 49 |  |  | 10 |  |  | 2 |  |  | 61 |
Amortization |  | 271 |  |  | 7 |  |  | — |  |  | 278 |
Change in estimated acquisition earnout payables |  | 16 |  |  | 1 |  |  | — |  |  | 17 |
Total expenses |  | 3,067 |  |  | 402 |  |  | 246 |  |  | 3,715 |
Earnings (loss) before income taxes |  | 1,226 |  |  | 68 |  |  | (251) |  |  | 1043 |
Provision (benefit) for income taxes |  | 313 |  |  | 18 |  |  | (111) |  |  | 220 |
Net earnings (loss) |  | 913 |  |  | 50 |  |  | (140) |  |  | 823 |
Net earnings attributable to noncontrolling interests |  | 1 |  |  | — |  |  | — |  |  | 1 |
Net earnings (loss) attributable to controlling interests |  | $ | 912 |  |  | $ | 50 |  |  | $ | (140) |  |  | $ | 822 |
Net foreign exchange (loss) gain |  | $ | 2 |  |  | $ | (6) |  |  | $ | — |  |  | $ | (4) |
Revenues: |  |  |  |  |  |  |  |
United States |  | $ | 2,955 |  |  | $ | 367 |  |  | $ | (5) |  |  | $ | 3,317 |
United Kingdom |  | 745 |  |  | 30 |  |  | — |  |  | 775 |
Australia |  | 79 |  |  | 67 |  |  | — |  |  | 146 |
Canada |  | 91 |  |  | 2 |  |  | — |  |  | 93 |
New Zealand |  | 42 |  |  | — |  |  | — |  |  | 42 |
Other foreign |  | 381 |  |  | 4 |  |  | — |  |  | 385 |
Total revenues |  | $ | 4,293 |  |  | $ | 470 |  |  | $ | (5) |  |  | $ | 4,758 |
At March 31, 2026 |  |  |  |  |  |  |  |
Identifiable assets: |  |  |  |  |  |  |  |
United States |  | $ | 48,944 |  |  | $ | 1,272 |  |  | $ | 2,043 |  |  | $ | 52,259 |
United Kingdom |  | 13,279 |  |  | 432 |  |  | — |  |  | 13,711 |
Australia |  | 1,738 |  |  | 476 |  |  | — |  |  | 2,214 |
Canada |  | 1,452 |  |  | 8 |  |  | — |  |  | 1,460 |
New Zealand |  | 706 |  |  | 8 |  |  | — |  |  | 714 |
Other foreign |  | 7,760 |  |  | 40 |  |  | 143 |  |  | 7,943 |
Total identifiable assets |  | $ | 73,879 |  |  | $ | 2,236 |  |  | $ | 2,186 |  |  | $ | 78,301 |
Goodwill - net |  | $ | 22,424 |  |  | $ | 517 |  |  | $ | 17 |  |  | $ | 22,958 |
Amortizable intangible assets - net |  | 10,154 |  |  | 212 |  |  | — |  |  | 10,366 |
Three-Month Period Ended March 31, 2025 |  | Brokerage |  | Risk Management |  | Corporate |  | Total
Revenues: |  |  |  |  |  |  |  |
Commissions |  | $ | 2,249 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,249 |
Fees |  | 620 |  |  | 365 |  |  | — |  |  | 985 |
Supplemental revenues |  | 114 |  |  | — |  |  | — |  |  | 114 |
Contingent revenues |  | 93 |  |  | — |  |  | — |  |  | 93 |
Interest income, premium finance revenues and other income |  | 238 |  |  | 9 |  |  | — |  |  | 247 |
Revenues before reimbursements |  | 3,314 |  |  | 374 |  |  | — |  |  | 3,688 |
Reimbursements |  | — |  |  | 39 |  |  | — |  |  | 39 |
Total revenues |  | 3,314 |  |  | 413 |  |  | — |  |  | 3,727 |
Compensation |  | 1,617 |  |  | 231 |  |  | 49 |  |  | 1,897 |
Operating |  | 346 |  |  | 71 |  |  | 73 |  |  | 490 |
Reimbursements |  | — |  |  | 39 |  |  | — |  |  | 39 |
Interest |  | — |  |  | — |  |  | 158 |  |  | 158 |
Depreciation |  | 33 |  |  | 10 |  |  | 2 |  |  | 45 |
Amortization |  | 204 |  |  | 6 |  |  | — |  |  | 210 |
Change in estimated acquisition earnout payables |  | 15 |  |  | — |  |  | — |  |  | 15 |
Total expenses |  | 2,215 |  |  | 357 |  |  | 282 |  |  | 2,854 |
Earnings (loss) before income taxes |  | 1,099 |  |  | 56 |  |  | (282) |  |  | 873 |
Provision (benefit) for income taxes |  | 283 |  |  | 15 |  |  | (134) |  |  | 164 |
Net earnings (loss) |  | 816 |  |  | 41 |  |  | (148) |  |  | 709 |
Net earnings attributable to noncontrolling interests |  | 5 |  |  | — |  |  | — |  |  | 5 |
Net earnings (loss) attributable to controlling interests |  | $ | 811 |  |  | $ | 41 |  |  | $ | (148) |  |  | $ | 704 |
Net foreign exchange gain |  | $ | 1 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 25 |
Revenues: |  |  |  |  |  |  |  | — |
United States |  | $ | 2,131 |  |  | $ | 332 |  |  | $ | — |  |  | $ | 2,463 |
United Kingdom |  | 675 |  |  | 22 |  |  | — |  |  | 697 |
Australia |  | 69 |  |  | 56 |  |  | — |  |  | 125 |
Canada |  | 99 |  |  | 2 |  |  | — |  |  | 101 |
New Zealand |  | 40 |  |  | — |  |  | — |  |  | 40 |
Other foreign |  | 300 |  |  | 1 |  |  | — |  |  | 301 |
Total revenues |  | $ | 3,314 |  |  | $ | 413 |  |  | $ | — |  |  | $ | 3,727 |
At March 31, 2025 |  |  |  |  |  |  |  |
Identifiable assets: |  |  |  |  |  |  |  |
United States |  | $ | 22,461 |  |  | $ | 1,130 |  |  | $ | 17,551 |  |  | $ | 41,142 |
United Kingdom |  | 20,826 |  |  | 427 |  |  | 10 |  |  | 21,263 |
Australia |  | 1,583 |  |  | 380 |  |  | — |  |  | 1,963 |
Canada |  | 1,685 |  |  | 4 |  |  | — |  |  | 1,689 |
New Zealand |  | 659 |  |  | 13 |  |  | — |  |  | 672 |
Other foreign |  | 7,214 |  |  | 28 |  |  | 125 |  |  | 7,367 |
Total identifiable assets |  | $ | 54,428 |  |  | $ | 1,982 |  |  | $ | 17,686 |  |  | $ | 74,096 |
Goodwill - net |  | $ | 12,277 |  |  | $ | 419 |  |  | $ | 19 |  |  | $ | 12,715 |
Amortizable intangible assets - net |  | 4,335 |  |  | 197 |  |  | — |  |  | 4,532 |

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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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