SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

The table below presents revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is also used in our budgeting and forecasting processes, enabling the allocation of capital resources across the Company's strategic initiatives.


	Year Ended December 31,
	2025								2024
	MA		MIS		Eliminations		Consolidated		MA		MIS		Eliminations		Consolidated
Total external revenue	$	3,599	$	4,119	$	—	$	7,718	$	3,295	$	3,793	$	—	$	7,088
Intersegment revenue	12		198		(210)		—		13		193		(206)		—
Revenue	3,611		4,317		(210)		7,718		3,308		3,986		(206)		7,088
Compensation expense	1,438		1,136		—		2,574		1,370		1,169		—		2,539
Non-compensation expense	779		423		—		1,202		731		410		—		1,141
Intersegment expense	198		12		(210)		—		193		13		(206)		—
Operating, SG&A	2,415		1,571		(210)		3,776		2,294		1,592		(206)		3,680
Adjusted Operating Income	1,196		2,746		—		3,942		1,014		2,394		—		3,408
Add:
Depreciation and amortization	393		87		—		480		353		78		—		431
Restructuring	77		31		—		108		42		17		—		59
Charges related to asset abandonment	3		—		—		3		43		—		—		43



Operating Income							$	3,351							$	2,875
Non-operating expense, net							$	(221)							$	(176)
Income before provision for income taxes							$	3,130							$	2,699


	Year Ended December 31, 2023
	MA		MIS		Eliminations		Consolidated
Total external revenue	$	3,056	$	2,860	$	—	$	5,916
Intersegment revenue	13		186		(199)		—
Revenue	3,069		3,046		(199)		5,916
Compensation expense	1,238		1,003		—		2,241
Non-compensation expense	708		370		—		1,078
Intersegment expense	186		13		(199)		—
Operating, SG&A	2,132		1,386		(199)		3,319
Adjusted Operating Income	937		1,660		—		2,597
Add:
Depreciation and amortization	298		75		—		373
Restructuring	59		28		—		87
Operating income							$	2,137
Non-operating expense, net							$	(202)
Income before provision for income taxes							$	1,935

Restructuring Expenses Included in Consolidated Statements of Operations

Total expenses included in the accompanying consolidated statements of operations related to the aforementioned restructuring programs are outlined below:


	Year ended December 31,						Cumulative expense incurred
	2025		2024		2023
2022 - 2023 Geolocation Restructuring Program
Employee Termination Costs (1)	$	—	$	14	$	51	$	151
Real Estate Related Costs (2)	—		—		36		63
Total 2022-2023 Geolocation Restructuring Program Costs	$	—	$	14	$	87	$	214
Strategic and Operational Efficiency Restructuring Program
Employee Termination Costs (1)	$	101	$	45	$	—	$	146


Real Estate Related Costs (3)	4		—		—		4
Internally developed software-related charges (4)	3		—		—		3
Total Strategic and Operational Efficiency Restructuring Program Costs	$	108	$	45	$	—	$	153
Total Restructuring	$	108	$	59	$	87

(1)Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.

(2)For the year ended December 31, 2023, primarily includes ROU Asset impairment charges. The fair value of the impaired assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of those assets subsequent to the impairment for the year ended December 31, 2023 was $4 million and was categorized as Level 3 within the ASC Topic 820 fair value hierarchy.

(3)Includes the incremental amortization in the period of ROU Assets that have been abandoned or for which abandonment is planned in future periods.

(4)Includes the incremental amortization in the period relating to a change in estimated useful lives for certain internally developed software that has been abandoned or for which abandonment is planned in future periods.

The table below shows cumulative restructuring expense incurred through December 31, 2025 by reportable segment.


	MA		MIS		Total



2022 - 2023 Geolocation Restructuring Program	$	116	$	98	$	214
Strategic and Operational Efficiency Restructuring Program	$	111	$	42	$	153

Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region

CONSOLIDATED REVENUE AND LONG-LIVED ASSETS INFORMATION BY GEOGRAPHIC AREA


	Year Ended December 31,
	2025		2024		2023
Revenue:
U.S.	$	4,171	$	3,836	$	3,071
Non-U.S.:
EMEA	2,376		2,174		1,886
Asia-Pacific	699		629		570
Americas	472		449		389
Total Non-U.S.	3,547		3,252		2,845
Total	$	7,718	$	7,088	$	5,916

Long-lived assets at December 31:
U.S.	$	4,516	$	4,395	$	4,323
Non-U.S.	4,722		4,361		4,562
Total	$	9,238	$	8,756	$	8,885