XML 85 R74.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Revenues before reimbursements $ 4,716 $ 3,688  
Reimbursements 42 39  
Total revenues 4,758 3,727  
Compensation 2,516 1,897  
Operating 643 490  
Reimbursements 42 39  
Interest 158 158  
Depreciation 61 45  
Amortization 278 210  
Change in estimated acquisition earnout payables 17 15  
Total expenses 3,715 2,854  
Earnings before income taxes 1,043 873  
Provision (benefit) for income taxes 220 164  
Net earnings 823 709  
Net earnings attributable to noncontrolling interests 1 5  
Net earnings attributable to controlling interests 822 704  
Net foreign exchange (loss) gain (4) 25  
Assets 78,301 74,096 $ 70,665
Goodwill 22,958 12,715 22,593
Amortizable intangible assets - net 10,366 4,532  
United States      
Segment Reporting Information [Line Items]      
Total revenues 3,317 2,463  
Assets 52,259 41,142  
Goodwill 15,777   16,537
United Kingdom      
Segment Reporting Information [Line Items]      
Total revenues 775 697  
Assets 13,711 21,263  
Goodwill 3,607   3,031
Australia      
Segment Reporting Information [Line Items]      
Total revenues 146 125  
Assets 2,214 1,963  
Goodwill 879   829
Canada      
Segment Reporting Information [Line Items]      
Total revenues 93 101  
Assets 1,460 1,689  
Goodwill 624   628
New Zealand      
Segment Reporting Information [Line Items]      
Total revenues 42 40  
Assets 714 672  
Goodwill 234   233
Other foreign      
Segment Reporting Information [Line Items]      
Total revenues 385 301  
Assets 7,943 7,367  
Goodwill 1,837   1,335
Commissions      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 3,123 2,249  
Fees      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 1,212 985  
Supplemental revenues      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 180 114  
Contingent revenues      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 115 93  
Interest income, premium finance revenues and other income (loss)      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 86 247  
Brokerage      
Segment Reporting Information [Line Items]      
Goodwill 22,424   22,078
Brokerage | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 4,293 3,314  
Reimbursements 0 0  
Total revenues 4,293 3,314  
Compensation 2,211 1,617  
Operating 520 346  
Reimbursements 0 0  
Interest 0 0  
Depreciation 49 33  
Amortization 271 204  
Change in estimated acquisition earnout payables 16 15  
Total expenses 3,067 2,215  
Earnings before income taxes 1,226 1,099  
Provision (benefit) for income taxes 313 283  
Net earnings 913 816  
Net earnings attributable to noncontrolling interests 1 5  
Net earnings attributable to controlling interests 912 811  
Net foreign exchange (loss) gain 2 1  
Assets 73,879 54,428  
Goodwill 22,424 12,277 22,078
Amortizable intangible assets - net 10,154 4,335  
Brokerage | Operating Segments | United States      
Segment Reporting Information [Line Items]      
Total revenues 2,955 2,131  
Assets 48,944 22,461  
Goodwill 15,668   16,428
Brokerage | Operating Segments | United Kingdom      
Segment Reporting Information [Line Items]      
Total revenues 745 675  
Assets 13,279 20,826  
Goodwill 3,468   2,889
Brokerage | Operating Segments | Australia      
Segment Reporting Information [Line Items]      
Total revenues 79 69  
Assets 1,738 1,583  
Goodwill 632   591
Brokerage | Operating Segments | Canada      
Segment Reporting Information [Line Items]      
Total revenues 91 99  
Assets 1,452 1,685  
Goodwill 624   628
Brokerage | Operating Segments | New Zealand      
Segment Reporting Information [Line Items]      
Total revenues 42 40  
Assets 706 659  
Goodwill 225   225
Brokerage | Operating Segments | Other foreign      
Segment Reporting Information [Line Items]      
Total revenues 381 300  
Assets 7,760 7,214  
Goodwill 1,807   1,317
Brokerage | Commissions | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 3,123 2,249  
Brokerage | Fees | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 792 620  
Brokerage | Supplemental revenues | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 180 114  
Brokerage | Contingent revenues | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 115 93  
Brokerage | Interest income, premium finance revenues and other income (loss) | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 83 238  
Risk Management      
Segment Reporting Information [Line Items]      
Goodwill 517   497
Risk Management | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 428 374  
Reimbursements 42 39  
Total revenues 470 413  
Compensation 264 231  
Operating 78 71  
Reimbursements 42 39  
Interest 0 0  
Depreciation 10 10  
Amortization 7 6  
Change in estimated acquisition earnout payables 1 0  
Total expenses 402 357  
Earnings before income taxes 68 56  
Provision (benefit) for income taxes 18 15  
Net earnings 50 41  
Net earnings attributable to noncontrolling interests 0 0  
Net earnings attributable to controlling interests 50 41  
Net foreign exchange (loss) gain (6) 0  
Assets 2,236 1,982  
Goodwill 517 419 497
Amortizable intangible assets - net 212 197  
Risk Management | Operating Segments | United States      
Segment Reporting Information [Line Items]      
Total revenues 367 332  
Assets 1,272 1,130  
Goodwill 109   109
Risk Management | Operating Segments | United Kingdom      
Segment Reporting Information [Line Items]      
Total revenues 30 22  
Assets 432 427  
Goodwill 139   142
Risk Management | Operating Segments | Australia      
Segment Reporting Information [Line Items]      
Total revenues 67 56  
Assets 476 380  
Goodwill 247   238
Risk Management | Operating Segments | Canada      
Segment Reporting Information [Line Items]      
Total revenues 2 2  
Assets 8 4  
Goodwill 0   0
Risk Management | Operating Segments | New Zealand      
Segment Reporting Information [Line Items]      
Total revenues 0 0  
Assets 8 13  
Goodwill 9   8
Risk Management | Operating Segments | Other foreign      
Segment Reporting Information [Line Items]      
Total revenues 4 1  
Assets 40 28  
Goodwill 13   0
Risk Management | Commissions | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 0 0  
Risk Management | Fees | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 420 365  
Risk Management | Supplemental revenues | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 0 0  
Risk Management | Contingent revenues | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 0 0  
Risk Management | Interest income, premium finance revenues and other income (loss) | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 8 9  
Corporate      
Segment Reporting Information [Line Items]      
Goodwill 17   18
Corporate | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements (5) 0  
Reimbursements 0 0  
Total revenues (5) 0  
Compensation 41 49  
Operating 45 73  
Reimbursements 0 0  
Interest 158 158  
Depreciation 2 2  
Amortization 0 0  
Change in estimated acquisition earnout payables 0 0  
Total expenses 246 282  
Earnings before income taxes (251) (282)  
Provision (benefit) for income taxes (111) (134)  
Net earnings (140) (148)  
Net earnings attributable to noncontrolling interests 0 0  
Net earnings attributable to controlling interests (140) (148)  
Net foreign exchange (loss) gain 0 24  
Assets 2,186 17,686  
Goodwill 17 19 18
Amortizable intangible assets - net 0 0  
Corporate | Operating Segments | United States      
Segment Reporting Information [Line Items]      
Total revenues (5) 0  
Assets 2,043 17,551  
Goodwill 0   0
Corporate | Operating Segments | United Kingdom      
Segment Reporting Information [Line Items]      
Total revenues 0 0  
Assets 0 10  
Goodwill 0   0
Corporate | Operating Segments | Australia      
Segment Reporting Information [Line Items]      
Total revenues 0 0  
Assets 0 0  
Goodwill 0   0
Corporate | Operating Segments | Canada      
Segment Reporting Information [Line Items]      
Total revenues 0 0  
Assets 0 0  
Goodwill 0   0
Corporate | Operating Segments | New Zealand      
Segment Reporting Information [Line Items]      
Total revenues 0 0  
Assets 0 0  
Goodwill 0   0
Corporate | Operating Segments | Other foreign      
Segment Reporting Information [Line Items]      
Total revenues 0 0  
Assets 143 125  
Goodwill 17   $ 18
Corporate | Commissions | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 0 0  
Corporate | Fees | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 0 0  
Corporate | Supplemental revenues | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 0 0  
Corporate | Contingent revenues | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements 0 0  
Corporate | Interest income, premium finance revenues and other income (loss) | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues before reimbursements $ (5) $ 0