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BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Revenues | The following tables present our revenues (disaggregated by segment and major revenue stream), segment expenses, and segment profits for the 2025 third quarter, 2024 third quarter, 2025 first three quarters, and 2024 first three quarters:
| Three Months Ended September 30, 2025
(in millions) | U.S. & Canada |  | EMEA |  |  |  | Greater China |  | APEC
Gross fee revenues | $ | 740 |  |  | $ | 172 |  |  |  |  | $ | 64 |  |  | $ | 86 |
Contract investment amortization | (19) |  |  | (5) |  |  |  |  | (1) |  |  | (1) |
Net fee revenues | 721 |  |  | 167 |  |  |  |  | 63 |  |  | 85 |
Owned, leased, and other revenue | 130 |  |  | 161 |  |  |  |  | 4 |  |  | 32 |
Cost reimbursement revenue | 3,890 |  |  | 285 |  |  |  |  | 75 |  |  | 130 |
Total reportable segment revenue | 4,741 |  |  | 613 |  |  |  |  | 142 |  |  | 247 |
Less: |  |  |  |  |  |  |  |  |
Owned, leased, and other - direct | 96 |  |  | 132 |  |  |  |  | 5 |  |  | 32 |
Depreciation, amortization, and other | 23 |  |  | 9 |  |  |  |  | 5 |  |  | 2 |
General, administrative, and other | 40 |  |  | 32 |  |  |  |  | 15 |  |  | 19 |
Reimbursed expenses | 3,903 |  |  | 284 |  |  |  |  | 74 |  |  | 131 |
Other segment items (primarily non-operating income and expenses) | (1) |  |  | (2) |  |  |  |  | (1) |  |  | — |
Total reportable segment profit | $ | 680 |  |  | $ | 158 |  |  |  |  | $ | 44 |  |  | $ | 63 |
| Three Months Ended September 30, 2024
(in millions) | U.S. & Canada |  | EMEA |  |  |  | Greater China |  | APEC
Gross fee revenues | $ | 747 |  |  | $ | 153 |  |  |  |  | $ | 62 |  |  | $ | 82 |
Contract investment amortization | (19) |  |  | (3) |  |  |  |  | — |  |  | (2) |
Net fee revenues | 728 |  |  | 150 |  |  |  |  | 62 |  |  | 80 |
Owned, leased, and other revenue | 95 |  |  | 169 |  |  |  |  | 5 |  |  | 30 |
Cost reimbursement revenue | 3,773 |  |  | 316 |  |  |  |  | 75 |  |  | 120 |
Total reportable segment revenue | 4,596 |  |  | 635 |  |  |  |  | 142 |  |  | 230 |
Less: |  |  |  |  |  |  |  |  |
Owned, leased, and other - direct | 82 |  |  | 132 |  |  |  |  | 3 |  |  | 27 |
Depreciation, amortization, and other | 21 |  |  | 9 |  |  |  |  | 2 |  |  | 2 |
General, administrative, and other | 59 |  |  | 25 |  |  |  |  | 14 |  |  | 15 |
Reimbursed expenses | 3,820 |  |  | 317 |  |  |  |  | 76 |  |  | 120 |
Other segment items (primarily non-operating income and expenses) | (3) |  |  | — |  |  |  |  | 1 |  |  | — |
Total reportable segment profit | $ | 617 |  |  | $ | 152 |  |  |  |  | $ | 46 |  |  | $ | 66 |
| Nine Months Ended September 30, 2025
(in millions) | U.S. & Canada |  | EMEA |  | Greater China |  | APEC
Gross fee revenues | $ | 2,249 |  |  | $ | 458 |  |  | $ | 188 |  |  | $ | 267 |
Contract investment amortization | (60) |  |  | (13) |  |  | (1) |  |  | (4) |
Net fee revenues | 2,189 |  |  | 445 |  |  | 187 |  |  | 263 |
Owned, leased, and other revenue | 390 |  |  | 439 |  |  | 21 |  |  | 110 |
Cost reimbursement revenue | 11,822 |  |  | 898 |  |  | 222 |  |  | 393 |
Total reportable segment revenue | 14,401 |  |  | 1,782 |  |  | 430 |  |  | 766 |
Less: |  |  |  |  |  |  |
Owned, leased, and other - direct | 292 |  |  | 373 |  |  | 13 |  |  | 93 |
Depreciation, amortization, and other | 77 |  |  | 28 |  |  | 10 |  |  | 6 |
General, administrative, and other | 120 |  |  | 99 |  |  | 46 |  |  | 53 |
Reimbursed expenses | 11,806 |  |  | 895 |  |  | 221 |  |  | 394 |
Other segment items (primarily non-operating income and expenses) | (4) |  |  | (2) |  |  | (2) |  |  | 1 |
Total reportable segment profit | $ | 2,110 |  |  | $ | 389 |  |  | $ | 142 |  |  | $ | 219 |
| Nine Months Ended September 30, 2024
(in millions) | U.S. & Canada |  | EMEA |  | Greater China |  | APEC
Gross fee revenues | $ | 2,227 |  |  | $ | 425 |  |  | $ | 186 |  |  | $ | 243 |
Contract investment amortization | (57) |  |  | (10) |  |  | — |  |  | (4) |
Net fee revenues | 2,170 |  |  | 415 |  |  | 186 |  |  | 239 |
Owned, leased, and other revenue | 314 |  |  | 444 |  |  | 18 |  |  | 98 |
Cost reimbursement revenue | 11,367 |  |  | 916 |  |  | 226 |  |  | 359 |
Total reportable segment revenue | 13,851 |  |  | 1,775 |  |  | 430 |  |  | 696 |
Less: |  |  |  |  |  |  |
Owned, leased, and other - direct | 240 |  |  | 369 |  |  | 10 |  |  | 84 |
Depreciation, amortization, and other | 63 |  |  | 28 |  |  | 7 |  |  | 6 |
General, administrative, and other | 145 |  |  | 80 |  |  | 41 |  |  | 47 |
Reimbursed expenses | 11,379 |  |  | 915 |  |  | 228 |  |  | 361 |
Other segment items (primarily non-operating income and expenses) | (5) |  |  | (3) |  |  | — |  |  | (2) |
Total reportable segment profit | $ | 2,029 |  |  | $ | 386 |  |  | $ | 144 |  |  | $ | 200 |
Schedule of Segment Profits | The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for the 2025 third quarter, 2024 third quarter, 2025 first three quarters, and 2024 first three quarters:
| Three Months Ended |  | Nine Months Ended
(in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Reconciliation of revenue |  |  |  |  |  |  |
Total reportable segment revenue | $ | 5,743 |  |  | $ | 5,603 |  |  | $ | 17,379 |  |  | $ | 16,752 |
Unallocated corporate and other | 746 |  |  | 652 |  |  | 2,117 |  |  | 1,919 |
Consolidated revenue | $ | 6,489 |  |  | $ | 6,255 |  |  | $ | 19,496 |  |  | $ | 18,671 |
Reconciliation of income before income taxes |  |  |  |  |  |  |
Total reportable segment profit | $ | 945 |  |  | $ | 881 |  |  | $ | 2,860 |  |  | $ | 2,759 |
Unallocated corporate and other | 243 |  |  | 73 |  |  | 520 |  |  | 279 |
Interest expense, net of interest income | (194) |  |  | (168) |  |  | (568) |  |  | (485) |
Consolidated income before income taxes | $ | 994 |  |  | $ | 786 |  |  | $ | 2,812 |  |  | $ | 2,553 |

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