v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment
Financial information relating to our segments for the three and nine-month periods ended September 30, 2026 and 2025 are as follows (in millions):
Three-Month Period Ended September 30, 2026BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$2,371 $— $— $2,371 
Fees776 448 — 1,224 
Supplemental revenues148 — — 148 
Contingent revenues74 — — 74 
Interest income, premium finance revenues and other income 104 9 — 113 
Revenues before reimbursements3,473 457 — 3,930 
Reimbursements— 46 — 46 
Total revenues3,473 503 — 3,976 
Compensation1,929 271 37 2,237 
Operating508 85 52 645 
Reimbursements— 46 — 46 
Interest— — 168 168 
Depreciation46 10 2 58 
Amortization284 7 — 291 
Change in estimated acquisition earnout payables15 1 — 16 
Total expenses2,782 420 259 3,461 
Earnings (loss) before income taxes691 83 (259)515 
Provision (benefit) for income taxes176 22 (89)109 
Net earnings (loss)515 61 (170)406 
Net earnings attributable to noncontrolling interests3 — — 3 
Net earnings (loss) attributable to controlling interests$512 $61 $(170)$403 
Net foreign exchange loss$3 $— $9 $12 
Revenues:
United States$2,422 $390 $— $2,812 
United Kingdom529 31 — 560 
Australia102 75 — 177 
Canada104 2 — 106 
New Zealand55 — — 55 
Other foreign261 5 — 266 
Total revenues$3,473 $503 $— $3,976 
Nine-Month Period Ended September 30, 2026BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$7,936 $— $— $7,936 
Fees2,306 1,313 — 3,619 
Supplemental revenues469 — — 469 
Contingent revenues280 — — 280 
Interest income, premium finance revenues and other income (loss)277 25 (5)297 
Revenues before reimbursements11,268 1,338 (5)12,601 
Reimbursements— 136 — 136 
Total revenues11,268 1,474 (5)12,737 
Compensation6,157 809 117 7,083 
Operating1,565 246 156 1,967 
Reimbursements— 136 — 136 
Interest— — 494 494 
Depreciation140 30 6 176 
Amortization849 21 — 870 
Change in estimated acquisition earnout payables36 3 — 39 
Total expenses8,747 1,245 773 10,765 
Earnings (loss) before income taxes2,521 229 (778)1,972 
Provision (benefit) for income taxes643 61 (285)419 
Net earnings (loss)1,878 168 (493)1,553 
Net earnings attributable to noncontrolling interests4 — — 4 
Net earnings (loss) attributable to controlling interests$1,874 $168 $(493)$1,549 
Net foreign exchange loss$6 $— $4 $10 
Revenues:
United States$7,682 $1,150 $(5)$8,827 
United Kingdom1,960 91 — 2,051 
Australia292 213 — 505 
Canada297 7 — 304 
New Zealand157 — — 157 
Other foreign880 13 — 893 
Total revenues$11,268 $1,474 $(5)$12,737 
At September 30, 2026
Identifiable assets:
United States$41,351 $1,420 $1,981 $44,752 
United Kingdom18,747 450 — 19,197 
Australia2,104 493 — 2,597 
Canada2,241 9 — 2,250 
New Zealand745 7 — 752 
Other foreign9,311 42 163 9,516 
Total identifiable assets$74,499 $2,421 $2,144 $79,064 
Goodwill - net$22,839 $530 $16 $23,385 
Amortizable intangible assets - net9,994 208 — 10,202 
Three-Month Period Ended September 30, 2025BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$1,908 $— $— $1,908 
Fees665 393 — 1,058 
Supplemental revenues117 — — 117 
Contingent revenues75 — — 75 
Interest income, premium finance revenues and other income157 9 1 167 
Revenues before reimbursements2,922 402 1 3,325 
Reimbursements— 40 — 40 
Total revenues2,922 442 1 3,365 
Compensation1,649 244 39 1,932 
Operating434 76 71 581 
Reimbursements— 40 — 40 
Interest— — 161 161 
Depreciation42 10 2 54 
Amortization218 4 — 222 
Change in estimated acquisition earnout payables29 — — 29 
Total expenses2,372 374 273 3,019 
Earnings (loss) before income taxes550 68 (272)346 
Provision (benefit) for income taxes141 18 (86)73 
Net earnings (loss)409 50 (186)273 
Net earnings attributable to noncontrolling interests1 — — 1 
Net earnings (loss) attributable to controlling interests$408 $50 $(186)$272 
Net foreign exchange loss (gain)$2 $— $(4)$(2)
Revenues:
United States$2,021 $349 $1 $2,371 
United Kingdom485 27 — 512 
Australia89 62 — 151 
Canada88 2 — 90 
New Zealand54 — — 54 
Other foreign185 2 — 187 
Total revenues$2,922 $442 $1 $3,365