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Revenues and Trade Accounts Receivable (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue |
|  | Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(in millions) |  | HS |  | FS |  | P&R |  | CMT |  | Total |  | HS |  | FS |  | P&R |  | CMT |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geography: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,331 |  |  | $ | 1,115 |  |  | $ | 978 |  |  | $ | 604 |  |  | $ | 4,028 |  |  | $ | 3,959 |  |  | $ | 3,254 |  |  | $ | 2,807 |  |  | $ | 1,774 |  |  | $ | 11,794 |
United Kingdom |  | 56 |  |  | 166 |  |  | 156 |  |  | 125 |  |  | 503 |  |  | 156 |  |  | 478 |  |  | 441 |  |  | 367 |  |  | 1,442 |
Continental Europe |  | 174 |  |  | 164 |  |  | 167 |  |  | 34 |  |  | 539 |  |  | 500 |  |  | 471 |  |  | 479 |  |  | 102 |  |  | 1,552 |
Europe - Total |  | 230 |  |  | 330 |  |  | 323 |  |  | 159 |  |  | 1,042 |  |  | 656 |  |  | 949 |  |  | 920 |  |  | 469 |  |  | 2,994 |
Rest of World |  | 43 |  |  | 133 |  |  | 82 |  |  | 87 |  |  | 345 |  |  | 111 |  |  | 384 |  |  | 240 |  |  | 252 |  |  | 987 |
Total |  | $ | 1,604 |  |  | $ | 1,578 |  |  | $ | 1,383 |  |  | $ | 850 |  |  | $ | 5,415 |  |  | $ | 4,726 |  |  | $ | 4,587 |  |  | $ | 3,967 |  |  | $ | 2,495 |  |  | $ | 15,775 |
Service line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consulting and technology services |  | $ | 929 |  |  | $ | 1,118 |  |  | $ | 981 |  |  | $ | 466 |  |  | $ | 3,494 |  |  | $ | 2,707 |  |  | $ | 3,237 |  |  | $ | 2,786 |  |  | $ | 1,379 |  |  | $ | 10,109 |
Outsourcing services |  | 675 |  |  | 460 |  |  | 402 |  |  | 384 |  |  | 1,921 |  |  | 2,019 |  |  | 1,350 |  |  | 1,181 |  |  | 1,116 |  |  | 5,666 |
Total |  | $ | 1,604 |  |  | $ | 1,578 |  |  | $ | 1,383 |  |  | $ | 850 |  |  | $ | 5,415 |  |  | $ | 4,726 |  |  | $ | 4,587 |  |  | $ | 3,967 |  |  | $ | 2,495 |  |  | $ | 15,775 |
Type of contract: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time and materials |  | $ | 506 |  |  | $ | 829 |  |  | $ | 589 |  |  | $ | 446 |  |  | $ | 2,370 |  |  | $ | 1,482 |  |  | $ | 2,405 |  |  | $ | 1,725 |  |  | $ | 1,334 |  |  | $ | 6,946 |
Fixed-price |  | 791 |  |  | 697 |  |  | 704 |  |  | 355 |  |  | 2,547 |  |  | 2,332 |  |  | 2,035 |  |  | 1,976 |  |  | 1,027 |  |  | 7,370 |
Transaction or volume-based |  | 307 |  |  | 52 |  |  | 90 |  |  | 49 |  |  | 498 |  |  | 912 |  |  | 147 |  |  | 266 |  |  | 134 |  |  | 1,459 |
Total |  | $ | 1,604 |  |  | $ | 1,578 |  |  | $ | 1,383 |  |  | $ | 850 |  |  | $ | 5,415 |  |  | $ | 4,726 |  |  | $ | 4,587 |  |  | $ | 3,967 |  |  | $ | 2,495 |  |  | $ | 15,775 |
|  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(in millions) |  | HS |  | FS |  | P&R |  | CMT |  | Total |  | HS |  | FS |  | P&R |  | CMT |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geography: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,295 |  |  | $ | 1,048 |  |  | $ | 828 |  |  | $ | 564 |  |  | $ | 3,735 |  |  | $ | 3,756 |  |  | $ | 3,064 |  |  | $ | 2,362 |  |  | $ | 1,694 |  |  | $ | 10,876 |
United Kingdom |  | 47 |  |  | 147 |  |  | 157 |  |  | 131 |  |  | 482 |  |  | 138 |  |  | 428 |  |  | 415 |  |  | 401 |  |  | 1,382 |
Continental Europe |  | 143 |  |  | 156 |  |  | 154 |  |  | 32 |  |  | 485 |  |  | 413 |  |  | 457 |  |  | 447 |  |  | 121 |  |  | 1,438 |
Europe - Total |  | 190 |  |  | 303 |  |  | 311 |  |  | 163 |  |  | 967 |  |  | 551 |  |  | 885 |  |  | 862 |  |  | 522 |  |  | 2,820 |
Rest of World |  | 29 |  |  | 135 |  |  | 89 |  |  | 89 |  |  | 342 |  |  | 84 |  |  | 369 |  |  | 263 |  |  | 242 |  |  | 958 |
Total |  | $ | 1,514 |  |  | $ | 1,486 |  |  | $ | 1,228 |  |  | $ | 816 |  |  | $ | 5,044 |  |  | $ | 4,391 |  |  | $ | 4,318 |  |  | $ | 3,487 |  |  | $ | 2,458 |  |  | $ | 14,654 |
Service line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consulting and technology services |  | $ | 895 |  |  | $ | 1,051 |  |  | $ | 833 |  |  | $ | 447 |  |  | $ | 3,226 |  |  | $ | 2,560 |  |  | $ | 3,025 |  |  | $ | 2,297 |  |  | $ | 1,373 |  |  | $ | 9,255 |
Outsourcing services |  | 619 |  |  | 435 |  |  | 395 |  |  | 369 |  |  | 1,818 |  |  | 1,831 |  |  | 1,293 |  |  | 1,190 |  |  | 1,085 |  |  | 5,399 |
Total |  | $ | 1,514 |  |  | $ | 1,486 |  |  | $ | 1,228 |  |  | $ | 816 |  |  | $ | 5,044 |  |  | $ | 4,391 |  |  | $ | 4,318 |  |  | $ | 3,487 |  |  | $ | 2,458 |  |  | $ | 14,654 |
Type of contract: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time and materials |  | $ | 499 |  |  | $ | 833 |  |  | $ | 511 |  |  | $ | 439 |  |  | $ | 2,282 |  |  | $ | 1,486 |  |  | $ | 2,421 |  |  | $ | 1,428 |  |  | $ | 1,336 |  |  | $ | 6,671 |
Fixed-price |  | 738 |  |  | 608 |  |  | 627 |  |  | 327 |  |  | 2,300 |  |  | 2,111 |  |  | 1,761 |  |  | 1,803 |  |  | 994 |  |  | 6,669 |
Transaction or volume-based |  | 277 |  |  | 45 |  |  | 90 |  |  | 50 |  |  | 462 |  |  | 794 |  |  | 136 |  |  | 256 |  |  | 128 |  |  | 1,314 |
Total |  | $ | 1,514 |  |  | $ | 1,486 |  |  | $ | 1,228 |  |  | $ | 816 |  |  | $ | 5,044 |  |  | $ | 4,391 |  |  | $ | 4,318 |  |  | $ | 3,487 |  |  | $ | 2,458 |  |  | $ | 14,654 |
Capitalized Costs to Fulfill Contract with Customer | The following table shows significant movements in the capitalized costs to fulfill for the nine months ended September 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 209 |  |  | $ | 245 |
Costs capitalized |  | 31 |  |  | 43 |
Amortization expense |  | (59) |  |  | (67) |
Impairment charge |  | (7) |  |  | (2) |
Ending balance |  | $ | 174 |  |  | $ | 219 |
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 nine months ended September 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 386 |  |  | $ | 316 |
Revenues recognized during the period but not billed |  | 482 |  |  | 377 |
Amounts reclassified to trade accounts receivable |  | (351) |  |  | (270) |
Ending balance |  | $ | 517 |  |  | $ | 423 |
The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the nine months ended September 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 480 |  |  | $ | 427 |
Amounts billed but not recognized as revenues |  | 299 |  |  | 298 |
Revenues recognized related to the beginning balance of deferred revenue |  | (360) |  |  | (354) |
Amounts acquired in business combinations |  | — |  |  | 12 |
Ending balance |  | $ | 419 |  |  | $ | 383 |
Reinsurance Recoverable, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for trade accounts receivable for the nine months ended September 30:
(in millions) |  | 2025 |  | 2024
Beginning balance |  | $ | 26 |  |  | $ | 32 |
Credit loss expense (1) |  | 12 |  |  | 7 |
Write-offs charged against the allowance |  | (12) |  |  | (9) |
Ending balance |  | $ | 26 |  |  | $ | 30 |
(1)Reported in "Selling, general and administrative expenses" in our unaudited consolidated statements of operations.

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