SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

The table below shows 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 used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.






















	Three Months Ended March 31,
	2026						2025
	MA		MIS		Eliminations		Consolidated		MA		MIS		Eliminations		Consolidated
Total external revenue	$	926	$	1,153	$	—	$	2,079	$	859	$	1,065	$	—	$	1,924
Intersegment revenue	3		51		(54)		—		3		49		(52)		—
Revenue	929		1,204		(54)		2,079		862		1,114		(52)		1,924
Compensation expense	374		307		—		681		362		280		—		642
Non-compensation expense	202		91		—		293		192		96		—		288
Intersegment expense	51		3		(54)		—		49		3		(52)		—
Total	627		401		(54)		974		603		379		(52)		930
Adjusted Operating Income	$	302	$	803	$	—	$	1,105	$	259	$	735	$	—	$	994
Less:
Depreciation and amortization	100		22		—		122		94		19		—		113
Restructuring	20		7		—		27		26		7		—		33
Reserve for international non-income tax obligation	34		—		—		34		—		—		—		—
Charges related to asset abandonment	—		—		—		—		2		—		—		2
Operating Income							$	922							$	846
Non-operating (expense) income, net							$	(52)							$	(42)
Income before provision for income taxes							$	870							$	804

Restructuring Expenses Included in Consolidated Statements of Operations

Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:


	Three months ended March 31,				Cumulative expense incurred
	2026		2025
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)	$	25	$	31		$	171
Real estate related costs (2)	1		2			5
Internally developed software-related charges (3)	1		—			4
Total Restructuring	$	27	$	33		$	180

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

(3) 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 March 31, 2026 by reportable segment.


	MA		MIS		Total




Strategic and Operational Efficiency Restructuring Program	$	131	$	49	$	180

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

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:


	Three Months Ended March 31,
		2026		2025
MA:
U.S.		$	399	$	375
Non-U.S.:
EMEA		374		331
Asia-Pacific		92		88
Americas		61		65
Total Non-U.S.		527		484
Total MA		926		859
MIS:
U.S.		781		690
Non-U.S.:
EMEA		241		238
Asia-Pacific		85		79
Americas		46		58
Total Non-U.S.		372		375
Total MIS		1,153		1,065
Total MCO		$	2,079	$	1,924


	Three Months Ended March 31,
		2026		2025
United States		$	1,180	$	1,065
Non-U.S.:
EMEA		615		569
Asia-Pacific		177		167
Americas		107		123
Total Non-U.S.		899		859
Total		$	2,079	$	1,924