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Contracts with Customers (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers
Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions):
March 31,
2026
December 31,
2025
Unbilled receivables$2,753 $1,858 
Deferred contract costs220 338 
Deferred revenue986 892 
Summary of Changes in Deferred Revenue Balances
Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions):
BrokerageRisk
Management
Total
Deferred revenue at December 31, 2025$693 $199 $892 
Incremental deferred revenue353 26 379 
Revenue recognized during the three-month period ended March 31, 2026 included in deferred revenue at December 31, 2025(248)(24)(272)
Net change in collected billings/deposits received from customers(26)(20)
Impact of change in foreign exchange rates(1)— 
Deferred revenue recognized from business acquisitions— 
Deferred revenue at March 31, 2026$778 $208 $986 
Summary of Expected Revenue Related to Performance Obligations The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions):
BrokerageRisk
Management
Total
2026 (remaining nine months)$716 $119 $835 
202756 42 98 
202820 25 
202910 11 
2030— 
Thereafter— 12 12 
Total$778 $208 $986