v3.26.3
Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers
Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions):
September 30,
2026		December 31,
2025
Unbilled receivables$2,564 $1,858 
Deferred contract costs237 338 
Deferred revenue1,028 892 
Summary of Changes in Deferred Revenue Balances
Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions):
BrokerageRisk
Management		Total
Deferred revenue at December 31, 2025$693 $199 $892 
Incremental deferred revenue471 97 568 
Revenue recognized during the nine-month period ended September 30, 2026 included in deferred revenue at December 31, 2025(405)(86)(491)
Net change in collected billings/deposits received from customers40 9 49 
Impact of change in foreign exchange rates(2)1 (1)
Deferred revenue recognized from business acquisitions11 — 11 
Deferred revenue at September 30, 2026$808 $220 $1,028 
Summary of Expected Revenue Related to Performance Obligations The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions):
BrokerageRisk
Management		Total
2026 (remaining three months)$640 $85 $725 
2027159 63 222 
20286 29 35 
20291 15 16 
20301 11 12 
Thereafter1 17 18 
Total$808 $220 $1,028