“Operating expenses increased $51 million, or 2%, compared to the prior-year period, due primarily to the increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and $25 million of net restructuring savings. ◦ Risk Capital operating expenses increased $126 million, or 6%, compared to the prior-year period; and ◦ Human Capital operating expenses decreased $46 million, or 4%, compared to the prior-year period.”
“Interest expense - The increase in interest expense in 2025 compared to 2024 was due to the following (in millions): Change in interest expense related to: 2025 / 2024 Interest on borrowings from our Credit Agreement $ 4 Interest on the maturity of the Series H notes (2) Interest on the maturity of the Series O notes (4) Interest on the maturity of the Series HH notes (1) Interest on the $1,000 million senior notes funded on February 15, 2024 7 Interest on the $5,000 million senior notes funded on December 19, 2024 254 Net change in interest expense $ 258 Depreciation - Depreciation expense in 2025 was flat compared to 2024, and includes capital improvements made at our corporate headquarters and Gallagher Centers of Excellence in 2025 and 2024 and to the acquisition of other corporate related fixed assets in 2025.”
“The aggregate estimated fair value of these borrowings at March 31, 2026 was $11,543 million due to their long‑term duration and fixed interest rates associated with these debt obligations.”