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Revenues and Trade Accounts Receivable (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue |
|  | Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
(in millions) |  | HS |  | FS |  | P&R |  | CMT |  | Total |  | HS |  | FS |  | P&R |  | CMT |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geography: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,298 |  |  | $ | 1,096 |  |  | $ | 918 |  |  | $ | 600 |  |  | $ | 3,912 |  |  | $ | 2,628 |  |  | $ | 2,139 |  |  | $ | 1,829 |  |  | $ | 1,170 |  |  | $ | 7,766 |
United Kingdom |  | 51 |  |  | 159 |  |  | 148 |  |  | 124 |  |  | 482 |  |  | 100 |  |  | 312 |  |  | 285 |  |  | 242 |  |  | 939 |
Continental Europe |  | 166 |  |  | 160 |  |  | 159 |  |  | 35 |  |  | 520 |  |  | 326 |  |  | 307 |  |  | 312 |  |  | 68 |  |  | 1,013 |
Europe - Total |  | 217 |  |  | 319 |  |  | 307 |  |  | 159 |  |  | 1,002 |  |  | 426 |  |  | 619 |  |  | 597 |  |  | 310 |  |  | 1,952 |
Rest of World |  | 36 |  |  | 132 |  |  | 81 |  |  | 82 |  |  | 331 |  |  | 68 |  |  | 251 |  |  | 158 |  |  | 165 |  |  | 642 |
Total |  | $ | 1,551 |  |  | $ | 1,547 |  |  | $ | 1,306 |  |  | $ | 841 |  |  | $ | 5,245 |  |  | $ | 3,122 |  |  | $ | 3,009 |  |  | $ | 2,584 |  |  | $ | 1,645 |  |  | $ | 10,360 |
Service line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consulting and technology services |  | $ | 908 |  |  | $ | 1,099 |  |  | $ | 918 |  |  | $ | 464 |  |  | $ | 3,389 |  |  | $ | 1,778 |  |  | $ | 2,119 |  |  | $ | 1,805 |  |  | $ | 913 |  |  | $ | 6,615 |
Outsourcing services |  | 643 |  |  | 448 |  |  | 388 |  |  | 377 |  |  | 1,856 |  |  | 1,344 |  |  | 890 |  |  | 779 |  |  | 732 |  |  | 3,745 |
Total |  | $ | 1,551 |  |  | $ | 1,547 |  |  | $ | 1,306 |  |  | $ | 841 |  |  | $ | 5,245 |  |  | $ | 3,122 |  |  | $ | 3,009 |  |  | $ | 2,584 |  |  | $ | 1,645 |  |  | $ | 10,360 |
Type of contract: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time and materials |  | $ | 495 |  |  | $ | 812 |  |  | $ | 580 |  |  | $ | 454 |  |  | $ | 2,341 |  |  | $ | 976 |  |  | $ | 1,576 |  |  | $ | 1,136 |  |  | $ | 888 |  |  | $ | 4,576 |
Fixed-price |  | 750 |  |  | 687 |  |  | 638 |  |  | 338 |  |  | 2,413 |  |  | 1,541 |  |  | 1,338 |  |  | 1,272 |  |  | 672 |  |  | 4,823 |
Transaction or volume-based |  | 306 |  |  | 48 |  |  | 88 |  |  | 49 |  |  | 491 |  |  | 605 |  |  | 95 |  |  | 176 |  |  | 85 |  |  | 961 |
Total |  | $ | 1,551 |  |  | $ | 1,547 |  |  | $ | 1,306 |  |  | $ | 841 |  |  | $ | 5,245 |  |  | $ | 3,122 |  |  | $ | 3,009 |  |  | $ | 2,584 |  |  | $ | 1,645 |  |  | $ | 10,360 |
|  | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
(in millions) |  | HS |  | FS |  | P&R |  | CMT |  | Total |  | HS |  | FS |  | P&R |  | CMT |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geography: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,252 |  |  | $ | 1,039 |  |  | $ | 761 |  |  | $ | 568 |  |  | $ | 3,620 |  |  | $ | 2,461 |  |  | $ | 2,016 |  |  | $ | 1,534 |  |  | $ | 1,130 |  |  | $ | 7,141 |
United Kingdom |  | 47 |  |  | 138 |  |  | 127 |  |  | 132 |  |  | 444 |  |  | 91 |  |  | 281 |  |  | 258 |  |  | 270 |  |  | 900 |
Continental Europe |  | 135 |  |  | 150 |  |  | 148 |  |  | 37 |  |  | 470 |  |  | 270 |  |  | 301 |  |  | 293 |  |  | 89 |  |  | 953 |
Europe - Total |  | 182 |  |  | 288 |  |  | 275 |  |  | 169 |  |  | 914 |  |  | 361 |  |  | 582 |  |  | 551 |  |  | 359 |  |  | 1,853 |
Rest of World |  | 27 |  |  | 120 |  |  | 90 |  |  | 79 |  |  | 316 |  |  | 55 |  |  | 234 |  |  | 174 |  |  | 153 |  |  | 616 |
Total |  | $ | 1,461 |  |  | $ | 1,447 |  |  | $ | 1,126 |  |  | $ | 816 |  |  | $ | 4,850 |  |  | $ | 2,877 |  |  | $ | 2,832 |  |  | $ | 2,259 |  |  | $ | 1,642 |  |  | $ | 9,610 |
Service line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consulting and technology services |  | $ | 863 |  |  | $ | 1,021 |  |  | $ | 728 |  |  | $ | 462 |  |  | $ | 3,074 |  |  | $ | 1,665 |  |  | $ | 1,974 |  |  | $ | 1,464 |  |  | $ | 926 |  |  | $ | 6,029 |
Outsourcing services |  | 598 |  |  | 426 |  |  | 398 |  |  | 354 |  |  | 1,776 |  |  | 1,212 |  |  | 858 |  |  | 795 |  |  | 716 |  |  | 3,581 |
Total |  | $ | 1,461 |  |  | $ | 1,447 |  |  | $ | 1,126 |  |  | $ | 816 |  |  | $ | 4,850 |  |  | $ | 2,877 |  |  | $ | 2,832 |  |  | $ | 2,259 |  |  | $ | 1,642 |  |  | $ | 9,610 |
Type of contract: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time and materials |  | $ | 497 |  |  | $ | 805 |  |  | $ | 447 |  |  | $ | 430 |  |  | $ | 2,179 |  |  | $ | 987 |  |  | $ | 1,588 |  |  | $ | 917 |  |  | $ | 897 |  |  | $ | 4,389 |
Fixed-price |  | 703 |  |  | 597 |  |  | 594 |  |  | 339 |  |  | 2,233 |  |  | 1,373 |  |  | 1,153 |  |  | 1,176 |  |  | 667 |  |  | 4,369 |
Transaction or volume-based |  | 261 |  |  | 45 |  |  | 85 |  |  | 47 |  |  | 438 |  |  | 517 |  |  | 91 |  |  | 166 |  |  | 78 |  |  | 852 |
Total |  | $ | 1,461 |  |  | $ | 1,447 |  |  | $ | 1,126 |  |  | $ | 816 |  |  | $ | 4,850 |  |  | $ | 2,877 |  |  | $ | 2,832 |  |  | $ | 2,259 |  |  | $ | 1,642 |  |  | $ | 9,610 |
Capitalized Costs to Fulfill Contract with Customer | The following table shows significant movements in the capitalized costs to fulfill for the six months ended June 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 209 |  |  | $ | 245 |
Costs capitalized |  | 20 |  |  | 35 |
Amortization expense |  | (40) |  |  | (44) |
Impairment charge |  | (7) |  |  | (2) |
Ending balance |  | $ | 182 |  |  | $ | 234 |
Costs to obtain contracts were immaterial for the periods disclosed.
Contract with Customer, Asset and Liability | The table below shows significant movements in contract assets (current and noncurrent) for the six months ended June 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 386 |  |  | $ | 316 |
Revenues recognized during the period but not billed |  | 426 |  |  | 304 |
Amounts reclassified to trade accounts receivable |  | (323) |  |  | (245) |
Ending balance |  | $ | 489 |  |  | $ | 375 |
The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the six months ended June 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 480 |  |  | $ | 427 |
Amounts billed but not recognized as revenues |  | 332 |  |  | 300 |
Revenues recognized related to the beginning balance of deferred revenue |  | (338) |  |  | (316) |
Amounts acquired in business combinations |  | — |  |  | 9 |
Ending balance |  | $ | 474 |  |  | $ | 420 |
Reinsurance Recoverable, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for trade accounts receivable for the six months ended June 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 26 |  |  | $ | 32 |
Credit loss expense (1) |  | 5 |  |  | 5 |
Write-offs charged against the allowance |  | (5) |  |  | (4) |
Ending balance |  | $ | 26 |  |  | $ | 33 |
(1)Reported in "Selling, general and administrative expenses" in our unaudited consolidated statements of operations.

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