XML 38 R24.htm IDEA: XBRL DOCUMENT
v3.26.1

BUSINESS SEGMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
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 2026 second quarter, 2025 second quarter, 2026 first half, and 2025 first half:
| Three Months Ended June 30, 2026
(in millions) | U.S. & Canada |  | EMEA |  |  |  | Greater China |  | APEC
Gross fee revenues | $ | 906 |  |  | $ | 159 |  |  |  |  | $ | 68 |  |  | $ | 86 |
Contract investment amortization | (23) |  |  | (5) |  |  |  |  | — |  |  | (1) |
Net fee revenues | 883 |  |  | 154 |  |  |  |  | 68 |  |  | 85 |
Owned, leased, and other revenue | 148 |  |  | 158 |  |  |  |  | 12 |  |  | 47 |
Cost reimbursement revenue | 4,232 |  |  | 298 |  |  |  |  | 84 |  |  | 141 |
Total reportable segment revenue | 5,263 |  |  | 610 |  |  |  |  | 164 |  |  | 273 |
Less: |  |  |  |  |  |  |  |  |
Owned, leased, and other expense | 131 |  |  | 135 |  |  |  |  | 10 |  |  | 47 |
Depreciation, amortization, and other | 90 |  |  | 9 |  |  |  |  | 2 |  |  | 2 |
General and administrative | 33 |  |  | 25 |  |  |  |  | 13 |  |  | 15 |
Reimbursed expenses | 4,241 |  |  | 298 |  |  |  |  | 84 |  |  | 142 |
Other segment items (primarily non-operating income and expenses) | (2) |  |  | (1) |  |  |  |  | — |  |  | (2) |
Total reportable segment profit | $ | 770 |  |  | $ | 144 |  |  |  |  | $ | 55 |  |  | $ | 69 |
| Three Months Ended June 30, 2025
(in millions) | U.S. & Canada |  | EMEA |  |  |  | Greater China |  | APEC
Gross fee revenues | $ | 800 |  |  | $ | 168 |  |  |  |  | $ | 64 |  |  | $ | 83 |
Contract investment amortization | (21) |  |  | (4) |  |  |  |  | — |  |  | (2) |
Net fee revenues | 779 |  |  | 164 |  |  |  |  | 64 |  |  | 81 |
Owned, leased, and other revenue | 140 |  |  | 164 |  |  |  |  | 10 |  |  | 43 |
Cost reimbursement revenue | 4,043 |  |  | 327 |  |  |  |  | 78 |  |  | 132 |
Total reportable segment revenue | 4,962 |  |  | 655 |  |  |  |  | 152 |  |  | 256 |
Less: |  |  |  |  |  |  |  |  |
Owned, leased, and other expense | 107 |  |  | 142 |  |  |  |  | 7 |  |  | 34 |
Depreciation, amortization, and other | 27 |  |  | 9 |  |  |  |  | 3 |  |  | 2 |
General and administrative | 29 |  |  | 26 |  |  |  |  | 12 |  |  | 15 |
Reimbursed expenses | 4,015 |  |  | 323 |  |  |  |  | 77 |  |  | 130 |
Other segment items (primarily non-operating income and expenses) | (2) |  |  | (2) |  |  |  |  | — |  |  | (1) |
Total reportable segment profit | $ | 786 |  |  | $ | 157 |  |  |  |  | $ | 53 |  |  | $ | 76 |
| Six Months Ended June 30, 2026
(in millions) | U.S. & Canada |  | EMEA |  | Greater China |  | APEC
Gross fee revenues | $ | 1,679 |  |  | $ | 291 |  |  | $ | 137 |  |  | $ | 190 |
Contract investment amortization | (44) |  |  | (10) |  |  | (1) |  |  | (3) |
Net fee revenues | 1,635 |  |  | 281 |  |  | 136 |  |  | 187 |
Owned, leased, and other revenue | 288 |  |  | 274 |  |  | 20 |  |  | 86 |
Cost reimbursement revenue | 8,295 |  |  | 562 |  |  | 160 |  |  | 287 |
Total reportable segment revenue | 10,218 |  |  | 1,117 |  |  | 316 |  |  | 560 |
Less: |  |  |  |  |  |  |
Owned, leased, and other expense | 252 |  |  | 255 |  |  | 20 |  |  | 88 |
Depreciation, amortization, and other | 114 |  |  | 19 |  |  | 5 |  |  | 4 |
General and administrative | 63 |  |  | 52 |  |  | 25 |  |  | 31 |
Reimbursed expenses | 8,375 |  |  | 577 |  |  | 168 |  |  | 297 |
Other segment items (primarily non-operating income and expenses) | (2) |  |  | (2) |  |  | (2) |  |  | — |
Total reportable segment profit | $ | 1,416 |  |  | $ | 216 |  |  | $ | 100 |  |  | $ | 140 |
| Six Months Ended June 30, 2025
(in millions) | U.S. & Canada |  | EMEA |  | Greater China |  | APEC
Gross fee revenues | $ | 1,509 |  |  | $ | 286 |  |  | $ | 124 |  |  | $ | 181 |
Contract investment amortization | (41) |  |  | (8) |  |  | — |  |  | (3) |
Net fee revenues | 1,468 |  |  | 278 |  |  | 124 |  |  | 178 |
Owned, leased, and other revenue | 260 |  |  | 278 |  |  | 17 |  |  | 78 |
Cost reimbursement revenue | 7,932 |  |  | 613 |  |  | 147 |  |  | 263 |
Total reportable segment revenue | 9,660 |  |  | 1,169 |  |  | 288 |  |  | 519 |
Less: |  |  |  |  |  |  |
Owned, leased, and other expense | 217 |  |  | 257 |  |  | 15 |  |  | 66 |
Depreciation, amortization, and other | 54 |  |  | 19 |  |  | 5 |  |  | 4 |
General and administrative | 59 |  |  | 51 |  |  | 24 |  |  | 29 |
Reimbursed expenses | 7,903 |  |  | 611 |  |  | 147 |  |  | 263 |
Other segment items (primarily non-operating income and expenses) | (3) |  |  | — |  |  | (1) |  |  | 1 |
Total reportable segment profit | $ | 1,430 |  |  | $ | 231 |  |  | $ | 98 |  |  | $ | 156 |
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 2026 second quarter, 2025 second quarter, 2026 first half, and 2025 first half:
| Three Months Ended |  | Six Months Ended
(in millions) | June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025
Reconciliation of revenue |  |  |  |  |  |  |
Total reportable segment revenue | $ | 6,310 |  |  | $ | 6,025 |  |  | $ | 12,211 |  |  | $ | 11,636 |
Unallocated corporate and other | 761 |  |  | 719 |  |  | 1,514 |  |  | 1,371 |
Consolidated revenue | $ | 7,071 |  |  | $ | 6,744 |  |  | $ | 13,725 |  |  | $ | 13,007 |
Reconciliation of income before income taxes |  |  |  |  |  |  |
Total reportable segment profit | $ | 1,038 |  |  | $ | 1,072 |  |  | $ | 1,872 |  |  | $ | 1,915 |
Unallocated corporate and other | 207 |  |  | 173 |  |  | 435 |  |  | 277 |
Interest expense, net of interest income | (201) |  |  | (191) |  |  | (405) |  |  | (374) |
Consolidated income before income taxes | $ | 1,044 |  |  | $ | 1,054 |  |  | $ | 1,902 |  |  | $ | 1,818 |

X
- Definition Tabular disclosure of reconciliation of profit (loss) by reportable segment to consolidated profit (loss). Includes, but is not limited to, reconciliation of income (loss) before income tax expense (benefit) and after income tax if income tax is allocated to reportable segment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of revenue by reportable segment to consolidated revenue. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration