“Interest Expense, net ⇑ $5 million Other non-operating income ⇓ $5 million Interest expense increase is primarily due to: Decrease in income is primarily due to: — interest related to a reserve for an international non-income tax obligation of $12 million; and — accrued penalties related to a reserve for an international non-income tax obligation of $7 million — a decrease in interest income of $12 million, reflecting lower cash balances resulting from higher share repurchase activity coupled with lower interest rates; partially offset by — lower interest expense on borrowings of $17 million primarily related to the maturity of both debt and related interest rate swaps 42 Table of Contents ETR ⇑ 170 BPS The ETR was higher than the prior year primarily reflecting a decrease in Excess Tax Benefits related to stock-based compensation.”
“Constant currency revenue (1) decline for FIG was 1%. – Recurring revenue increased by $7 million, primarily reflecting the impact of annual price increases and higher monitored credits; partially offset by: – a decrease in Transaction Revenue of $4 million compared to the first quarter of 2025, primarily reflecting lower volumes from infrequent issuers, particularly in the insurance sector.”