“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.”
“Due to these acquisitions, our net income (loss) has included significant charges for amortization of acquired intangible assets; depreciation and other amortization; acquisition- and integration-related costs, including gains or losses on equity investments acquired in prospective targets and related to deal-contingent financial instruments; restructuring and related costs, including certain advisory fees; and loss on debt extinguishment.”
“Net new bookings is calculated based on the annualized amount of change in our sales bookings resulting from new subscription-based contracts, changes to existing subscription-based contracts, and cancellations of subscription-based contracts for the period reported.”