IQVIA HOLDINGS INC., 10-K filed on 2/13/2025
Annual Report
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Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 05, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-35907    
Entity Registrant Name IQVIA HOLDINGS INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-1341991    
Entity Address, Address Line One 2400 Ellis Rd.    
Entity Address, City or Town Durham    
Entity Address, State or Province NC    
Entity Address, Postal Zip Code 27703    
City Area Code 919    
Local Phone Number 998-2000    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol IQV    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 38,200
Entity Common Stock, Shares Outstanding   176,100,000  
Documents Incorporated by Reference Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001478242    
Document Financial Statement Error Correction [Flag] false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Raleigh, North Carolina
Auditor Firm ID 238
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenues $ 15,405 $ 14,984 $ 14,410
Cost of revenues, exclusive of depreciation and amortization 10,030 9,745 9,382
Selling, general and administrative expenses 1,992 2,053 2,071
Depreciation and amortization 1,114 1,125 1,130
Restructuring costs 67 84 28
Income from operations 2,202 1,977 1,799
Interest income (47) (36) (13)
Interest expense 670 672 416
Loss on extinguishment of debt 0 6 0
Other (income) expense, net (90) (124) 33
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates 1,669 1,459 1,363
Income tax expense 301 101 260
Income before equity in earnings (losses) of unconsolidated affiliates 1,368 1,358 1,103
Equity in earnings (losses) of unconsolidated affiliates 5 0 (12)
Net income $ 1,373 $ 1,358 $ 1,091
Earnings per share attributable to common stockholders:      
Basic (in dollars per share) $ 7.57 $ 7.39 $ 5.82
Diluted (in dollars per share) $ 7.49 $ 7.29 $ 5.72
Weighted average common shares outstanding:      
Basic (in shares) 181.3 183.8 187.6
Diluted (in shares) 183.4 186.3 190.6
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 1,373 $ 1,358 $ 1,091
Comprehensive income adjustments:      
Unrealized gains (losses) on derivative instruments, net of income tax expense (benefit) of $17, $(3) and $13 53 (7) 40
Defined benefit plan adjustments, net of income tax expense (benefit) of $5, $4 and $(3) 7 7 (10)
Foreign currency translation, net of income tax expense (benefit) of $77, $(55) and $106 (200) (89) (361)
Reclassification adjustments:      
Reclassifications on derivative instruments included in net income, net of income tax (expense) benefit of $(10), $(17) and $2 (31) (51) 10
Comprehensive income $ 1,202 $ 1,218 $ 770
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Unrealized (losses) gains on derivative instruments, income tax expense {benefit) $ 17 $ (3) $ 13
Defined benefit plan adjustments, income tax (benefit) expense 5 4 (3)
Foreign currency translation, income tax (benefit) expense 77 (55) 106
(Gain) losses on derivative instruments included in net income, income tax expense $ (10) $ (17) $ 2
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 1,702 $ 1,376
Trade accounts receivable and unbilled services, net 3,204 3,381
Prepaid expenses 154 141
Income taxes receivable 36 32
Investments in debt, equity and other securities 141 120
Other current assets and receivables 592 546
Total current assets 5,829 5,596
Property and equipment, net 535 523
Operating lease right-of-use assets 238 296
Investments in debt, equity and other securities 108 105
Investments in unconsolidated affiliates 266 134
Goodwill 14,710 14,567
Other identifiable intangibles, net 4,499 4,839
Deferred income taxes 194 166
Deposits and other assets, net 520 455
Total assets 26,899 26,681
Current liabilities:    
Accounts payable and accrued expenses 3,684 3,564
Unearned income 1,779 1,799
Income taxes payable 156 116
Current portion of long-term debt 1,145 718
Other current liabilities 193 294
Total current liabilities 6,957 6,491
Long-term debt, less current portion 12,838 12,955
Deferred income taxes 196 202
Operating lease liabilities 173 223
Other liabilities 668 698
Total liabilities 20,832 20,569
Commitments and contingencies (Note 1 and 12)
Stockholders’ equity:    
Common stock and additional paid-in capital, 400.0 shares authorized as of December 31, 2024 and 2023, $0.01 par value, 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024; 257.2 shares issued and 181.5 shares outstanding as of December 31, 2023 11,143 11,028
Retained earnings 6,065 4,692
Treasury stock, at cost, 82.1 and 75.7 shares as of December 31, 2024 and 2023, respectively (10,103) (8,741)
Accumulated other comprehensive loss (1,038) (867)
Total stockholders’ equity 6,067 6,112
Total liabilities and stockholders’ equity $ 26,899 $ 26,681
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock authorized (in shares) 400,000,000.0 400,000,000.0
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares issued (shares) 258,200,000 257,200,000
Common stock, shares outstanding (in shares) 176,100,000 181,500,000
Treasury stock (in shares) 82,100,000 75,700,000
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 1,373 $ 1,358 $ 1,091
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 1,114 1,125 1,130
Amortization of debt issuance costs and discount 21 18 15
Stock-based compensation 206 217 194
Gain on disposals of property and equipment, net 0 0 (10)
(Earnings) losses from unconsolidated affiliates (5) 0 12
(Gain) loss on investments, net (22) (20) 27
Benefit from deferred income taxes (129) (269) (115)
Changes in operating assets and liabilities:      
Accounts receivable and unbilled services 182 (388) (421)
Prepaid expenses and other assets 7 34 7
Accounts payable and accrued expenses 115 267 427
Unearned income 9 (29) 31
Income taxes payable and other liabilities (155) (164) (128)
Net cash provided by operating activities 2,716 2,149 2,260
Investing activities:      
Acquisition of property, equipment and software (602) (649) (674)
Acquisition of businesses, net of cash acquired (735) (876) (1,315)
Purchases of marketable securities, net 0 (6) (5)
Investments in unconsolidated affiliates, net of payments received (132) (39) (20)
Investments in debt and equity securities (2) (38) 0
Proceeds from Sale of Property, Plant, and Equipment 25 0 0
Other 2 5 8
Net cash used in investing activities (1,444) (1,603) (2,006)
Financing activities:      
Proceeds from issuance of debt 0 4,000 1,250
Payment of debt issuance costs (1) (50) (5)
Repayment of debt and principal payments on finance leases (172) (2,873) (634)
Proceeds from revolving credit facility 1,685 2,384 2,350
Repayment of revolving credit facility (960) (2,709) (2,025)
Payments related to employee stock incentive plans, net (64) (61) (71)
Repurchase of common stock (1,350) (992) (1,168)
Contingent consideration and deferred purchase price payments (16) (81) (26)
Net cash used in financing activities (878) (382) (329)
Effect of foreign currency exchange rate changes on cash (68) (4) (75)
Increase (decrease) in cash and cash equivalents 326 160 (150)
Cash and cash equivalents at beginning of period 1,376 1,216 1,366
Cash and cash equivalents at end of period $ 1,702 $ 1,376 $ 1,216
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2021   255.8 65.2      
Beginning balance at Dec. 31, 2021 $ 6,042 $ 3 $ (6,572) $ 10,774 $ 2,243 $ (406)
Increase (Decrease) in Stockholders' Equity            
Issuance of common stock (in shares)   0.6        
Issuance of common stock (71) $ 0   (71)    
Repurchase of common stock (in shares)     (5.5)      
Repurchase of common stock (1,168)   $ (1,168)      
Stock-based compensation 192     192    
Net income 1,091       1,091 0
Unrealized gains on derivative instruments, net of tax 40         40
Defined benefit plan adjustments, net of tax 10         10
Foreign currency translation, net of tax (361)         (361)
Reclassification adjustments, net of tax (10)         (10)
Ending balance (in shares) at Dec. 31, 2022   256.4 70.7      
Ending balance at Dec. 31, 2022 5,765 $ 3 $ (7,740) 10,895 3,334 (727)
Increase (Decrease) in Stockholders' Equity            
Issuance of common stock (in shares)   0.8        
Issuance of common stock (61)     (61)    
Repurchase of common stock (in shares)     (5.0)      
Repurchase of common stock (1,001)   $ (1,001)      
Stock-based compensation 191     191    
Net income 1,358       1,358  
Unrealized gains on derivative instruments, net of tax (7)         (7)
Defined benefit plan adjustments, net of tax 7         7
Foreign currency translation, net of tax (89)         (89)
Reclassification adjustments, net of tax $ (51)         (51)
Ending balance (in shares) at Dec. 31, 2023 181.5 257.2 75.7      
Ending balance at Dec. 31, 2023 $ 6,112 $ 3 $ (8,741) 11,025 4,692 (867)
Increase (Decrease) in Stockholders' Equity            
Issuance of common stock (in shares)   1.0        
Issuance of common stock (66)     (66)    
Repurchase of common stock (in shares)     (6.4)      
Repurchase of common stock (1,362)   $ (1,362)      
Stock-based compensation 181     181    
Net income 1,373       1,373  
Unrealized gains on derivative instruments, net of tax 53         53
Defined benefit plan adjustments, net of tax 7         7
Foreign currency translation, net of tax (200)         (200)
Reclassification adjustments, net of tax $ (31)         (31)
Ending balance (in shares) at Dec. 31, 2024 176.1 258.2 (82.1)      
Ending balance at Dec. 31, 2024 $ 6,067 $ 3 $ (10,103) $ 11,140 $ 6,065 $ (1,038)
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The Company

IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI™, advanced analytics, the latest technologies and extensive domain expertise. IQVIA is committed to using AI responsibly, ensuring that its AI-powered capabilities are grounded in privacy, regulatory compliance, and patient safety. With approximately 88,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

IQVIA is a global leader in protecting individual patient privacy. The Company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts and operations of the Company, its subsidiaries and investments in which the Company has control. Amounts pertaining to the non-controlling ownership interests held by third parties, if any, in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as non-controlling interests. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results may differ from those estimates.

Foreign Currencies

The Company’s consolidated financial statements are reported in United States dollars and, accordingly, the Company’s results of operations are impacted by fluctuations in exchange rates that affect the translation of its revenues and expenses denominated in foreign currencies into United States dollars for purposes of reporting its consolidated financial results. Assets and liabilities recorded in foreign currencies on the books of foreign subsidiaries are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange during the year. Translation adjustments resulting from this process are charged or credited to the accumulated other comprehensive (loss) income (“AOCI”) component of stockholders’ equity. The Company is subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of a transaction. The Company earns revenues from its service contracts over a period of several months and, in some cases, over a period of several years. Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts.

For operations outside the United States that are considered to be highly inflationary or where the United States dollar is designated as the functional currency, monetary assets and liabilities are remeasured using end-of-period exchange rates, whereas nonmonetary accounts are remeasured using historical exchange rates, and all remeasurement and transaction adjustments are recognized in other (income) expense, net.
Cash Equivalents

The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents.

Derivatives

The Company uses derivative instruments to manage exposures to interest rates and foreign currencies. Derivatives are recorded on the balance sheet at fair value at each balance sheet date utilizing pricing models for non-exchange-traded contracts.

At inception, the Company designates whether or not the derivative instrument is an effective hedge of an asset, liability or firm commitment which is then classified as either a cash flow hedge or a fair value hedge. If determined to be an effective cash flow hedge, changes in the fair value of the derivative instrument are recorded as a component of AOCI until realized. The Company includes the impact from these hedges in the same line item as the hedged item on the consolidated statements of cash flows. Changes in fair value of effective fair value hedges are recorded in earnings as an offset to the changes in the fair value of the related hedged item. Hedge ineffectiveness, if any, is immediately recognized in earnings. Changes in the fair values of derivative instruments that are not an effective hedge are recognized in earnings. When it is probable that a hedged forecasted transaction will not occur, the Company discontinues hedge accounting for the affected portion of the forecasted transaction and reclassifies gains or losses that were accumulated in AOCI to earnings for foreign exchange derivatives and interest expense for interest rate derivatives on the consolidated statements of income. Cash flows are classified consistent with the underlying hedged item. The Company has entered, and may in the future enter, into derivative contracts (caps, swaps, forwards, calls or puts, warrants, for example) related to its debt and forecasted foreign currency transactions. The Company does not enter into derivative instruments for investment or speculative purposes.

The Company designates its cross-currency swaps and a portion of its foreign currency denominated debt as a hedge of its net investment in certain foreign subsidiaries to reduce the volatility in stockholders’ equity caused by changes in the Euro exchange rate with respect to the United States dollar. Foreign exchange gains or losses on the remeasurement of the debt designated as part of a hedge of net investments is recognized in the cumulative translation adjustment component of AOCI with the related offset in long-term debt. Those amounts would be reclassified from AOCI to earnings upon the sale or substantial liquidation of the net investments. The change in fair value of the cross-currency swaps are also recognized in the cumulative translation adjustment component of AOCI and would be reclassified from AOCI to earnings upon the sale or substantial liquidation of the net investments. The interest rate component of the cross-currency swaps is excluded from the assessment of hedge effectiveness and, thus, is recognized as a reduction to interest expense over the life of the cross-currency swaps.    

Business Combinations and Goodwill

The Company uses the acquisition method to account for business combinations, and accordingly, the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition. The Company uses significant judgments, estimates and assumptions in determining the estimated fair value of assets acquired, liabilities assumed and non-controlling interests including expected future cash flows, and discount rates that reflect the risk associated with the expected future cash flows and estimated useful lives.

The Company records and allocates to its reporting units the excess of the cost over the fair value of the net assets acquired, known as goodwill. On an annual basis, and if a triggering event occurs, the Company performs a qualitative analysis to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. This includes a qualitative analysis of macroeconomic conditions, industry and market considerations, cost factors, financial performance, fair value history and other company specific events. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value for the respective reporting unit, the Company would then need to calculate the fair value of the reporting unit. The Company may also choose to bypass the qualitative assessment for any or all reporting units and proceed directly to a quantitative assessment, which involves estimating the fair value of the Company's reporting units and comparing to the carrying value of the reporting units. If the reporting unit calculated fair value is less than the carrying amount, the Company would record an impairment charge for the difference, with the impairment charge not to exceed the carrying amount of goodwill.

The Company reviews the carrying values of other identifiable definite-lived intangible assets if the facts and circumstances indicate a possible impairment.
Long-Lived Assets

Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows:

Buildings and leasehold improvements3-40 years
Equipment3-10 years
Furniture and fixtures5-10 years
Transportation equipment3-20 years

Definite-lived other identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows:

Client relationships and backlog1-25 years
Software and related assets1-10 years
Trademarks, trade names and other1-17 years
Databases1-9 years
Non-compete agreements2-5 years

Included in software and related assets is the capitalized cost of internal-use software used in supporting the Company’s business. Qualifying costs incurred during the application development stage are capitalized and amortized over their estimated useful lives. Costs are capitalized from completion of the preliminary project stage and when it is considered probable that the software will be used to perform its intended function, up until the time the software is placed into service. The Company recognized $472 million, $475 million and $419 million of amortization expense for the years ended December 31, 2024, 2023 and 2022, respectively, related to software and related assets.

The carrying values of property, equipment and intangible and other long-lived assets are reviewed for recoverability at the asset grouping level to determine if the facts and circumstances suggest that a potential impairment may have occurred. If this review indicates that carrying values will not be recoverable, as determined based on undiscounted cash flow projections, the Company will record an impairment charge to reduce carrying values to estimated fair value. There were no significant impairments recognized in the years ended December 31, 2024, 2023 and 2022.

Revenue Recognition

The Company’s arrangements are primarily service contracts that range in duration from a few months to several years. The Company recognizes revenues when control of these services is transferred to the customer for an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those goods or services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenues when, or as, the Company transfers control of the product or service for each performance obligation. Cash payments made to customers as incentives to induce customers to enter into service agreements with the Company are amortized as a reduction of revenues over the period the services are performed. The Company records revenues net of any tax assessments by governmental authorities, such as value added and sales taxes, that are imposed on and concurrent with specific revenues generating transactions.
The Company derives the majority of its revenues in the Technology & Analytics Solutions segment from various information and technology service offerings. Information offerings (primarily under fixed-price contracts) typically include multiple performance obligations including an ongoing subscription-based deliverable for which revenues are recognized ratably as earned over the contract period, and/or a one-time deliverable of data offerings for which revenues are recognized upon delivery. The customer is able to benefit from the provision of data as it is received. The Company’s subscription arrangements typically have terms ranging from one to three years and are generally non-cancelable and do not contain refund-type provisions. Technology services offerings may contain multiple performance obligations consisting of a mix of small and large-scale services and consulting projects, multi-year outsourcing contracts and Software-as-a-Service (“SaaS”) arrangements. These arrangements typically have terms ranging from several weeks to three years, with a majority having terms of one year or less. For arrangements that include multiple performance obligations, the transaction price is allocated to the identified performance obligations based on their relative standalone selling prices. For these contracts, the standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics and geographic location. Revenues for services engagements where the transfer of control occurs ratably over time are recognized on a straight-line basis over the term of the arrangement. Revenues from time and material contracts are recognized based on hours as the services are provided. Revenues from fixed price ad hoc services and consulting contracts are recognized over the contract term based on the ratio of the number of hours incurred for services provided during the period compared to the total estimated hours to be incurred over the entire arrangement (hours-based). Technology services offerings meet the over time criterion, as another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated.

The majority of the Company’s contracts within the Research & Development Solutions segment are service contracts for clinical research that represent a single performance obligation. The Company provides a significant integration service resulting in a combined output, which is clinical trial data that meets the relevant regulatory standards and can be used by the customer to progress to the next phase of a clinical trial or solicit approval of a treatment by the applicable regulatory body. The performance obligation is satisfied over time as the output is captured in data and documentation that is available for the customer to consume over the course of the arrangement and furthers progress of the clinical trial. The Company recognizes revenues over time using a cost-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Progress on the performance obligation is measured by the proportion of actual costs incurred to the total costs expected to complete the contract. Costs included in the measure of progress include direct labor and third-party costs (such as payments to investigators and other reimbursed expenses for the Company’s clinical monitors). This cost-based method of revenue recognition requires the Company to make estimates of costs to complete its projects on an ongoing basis. Significant judgment is required to evaluate assumptions related to these estimates. The effect of revisions to estimates related to the transaction price or costs to complete a project are recorded in the period in which the estimate is revised. Most contracts may be terminated upon 30 to 90 days' notice by the customer; however, in the event of termination, most contracts require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract.

The majority of revenues in the Company's Contract Sales & Medical Solutions segment is from contract sales force to the biopharmaceutical industry and broader healthcare market and recognized over time using a single measure of progress dependent on the performance obligation. Some of the Company's Contract Sales & Medical Solutions contracts contain multiple performance obligations with distinct promises including recruiting, sales force automation and deployment of sales representatives. The Company utilizes a single measure of progress for each performance obligation to recognize revenues, which includes deployment of sales representatives based on employee days worked; recruiting based on candidates recruited; sales force automation set-up based on hours worked; and sales force automation hosting and maintenance based on usage. These services meet the over time criterion as the customer consumes the benefit as activities are performed and another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated to another party.

Variable Consideration

In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as performance incentives (including royalty payments, bonuses, or penalty clauses that can either increase or decrease the transaction price). Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenues recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company and reevaluated each reporting period.
Reimbursed Expenses

The Company includes reimbursed expenses in revenues and cost of revenues as the Company is primarily responsible for fulfilling the promise to provide the specified service, including the integration of the related services into a combined output to the customer, which are inseparable from the integrated service. These costs include such items as payments to investigators and travel expenses for the Company’s clinical monitors and sales representatives, over which the Company has discretion in establishing prices. The Company controls the good or service and has inventory risk on contractually reimbursable expenses, as sometimes the Company is unable to obtain reimbursement from the customer for costs incurred.

Change Orders

Changes in the scope of work are common, especially under long-term contracts, and generally result in a change in transaction price. Change orders are evaluated on a contract-by-contract basis to determine if they should be accounted for as a new contract or as part of the existing contract. Generally, services from change orders are not distinct from the original performance obligation. As a result, the effect that the contract modification has on the contract revenues, and measure of progress, is recognized as an adjustment to revenues when it occurs.

Cost of Revenues

Cost of revenues include (i) compensation and benefits for billable employees and personnel involved in production, data management and delivery, and the costs of acquiring and processing data for the Company’s information offerings; (ii) costs of staff directly involved with delivering technology-related services offerings and engagements, and the costs of data purchased specifically for technology services engagements; (iii) reimbursed expenses that are comprised principally of payments to investigators who oversee clinical trials and travel expenses for the Company’s clinical monitors and sales representatives; and (iv) other expenses directly related to service contracts such as courier fees, laboratory supplies, professional services and travel expenses.

Trade Receivables, Unbilled Services and Unearned Income

In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company’s services under the contract. In general, the Company’s intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Generally, the payment terms are 30 to 90 days based on contracts. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from long-term contracts when a cost-based or hours-based input method of revenue recognition is utilized and revenues recognized exceeds the amount billed to the customer.

Unearned income consists of advance payments and billings in excess of revenues recognized. As the contracted services are subsequently performed and the associated revenues are recognized, the unearned income balance is reduced by the amount of the revenue recognized during the period. Unearned income is classified as a current liability on our consolidated balance sheets as the Company expects to recognize the associated revenues in less than one year.

Restructuring Costs

Restructuring costs, which primarily include termination benefits, are recorded at estimated value. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of employees leaving the Company.

Debt Fees

Fees incurred to issue debt are generally deferred and amortized as a component of interest expense over the estimated term of the related debt using the effective interest rate method.
Contingencies

The Company records accruals for claims, suits, investigations and proceedings when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews claims, suits, investigations and proceedings at least quarterly and records or adjusts accruals related to such matters to reflect the impact and status of any settlements, rulings, advice of counsel or other information pertinent to a particular matter. Legal costs associated with contingencies are charged to expense as incurred.

The Company is party to legal proceedings incidental to its business. While the outcome of these matters could differ from management’s expectations, the Company does not believe the resolution of these matters will have a material adverse effect to the Company’s financial statements. See Note 12 for additional information.

Income Taxes

The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. The Company records U.S. deferred taxes based on the Federal corporate income tax rate of 21%. The Company accounts for tax related to Global Intangible Low-Taxed Income (“GILTI”) and Qualified Domestic Minimum Top-up Taxes ("QDMTT") in relation to the Organization for Economic Co-operation and Development's ("OECD") Pillar Two global corporate minimum tax rate of 15%, as period costs when and if incurred. Recognition of deferred income tax assets is based on management’s belief that it is more likely than not that the income tax benefit associated with certain temporary differences, income tax operating loss, capital loss carryforwards, and income tax credits, will be realized. The Company records a valuation allowance to reduce its deferred income tax assets for those deferred income tax items for which it was more likely than not that realization would not occur. The Company determines the amount of the valuation allowance based, in part, on the Company’s assessment of future taxable income and in light of the Company’s ongoing income tax strategies. If the estimate of future taxable income or tax strategies changes at any time in the future, the Company would record an adjustment to its valuation allowance. Recording such an adjustment could have a material effect on the Company’s financial condition or results of operations.

Income tax expense is based on the distribution of profit before income tax among the various taxing jurisdictions in which the Company operates, adjusted as required by the income tax laws of each taxing jurisdiction. Changes in the distribution of profits and losses among taxing jurisdictions may have a significant impact on the Company's effective income tax rate. The Company does not consider the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested outside of the United States.

Pensions and Other Postretirement Benefits

The Company provides retirement benefits to certain employees, including defined benefit pension plans. The determination of benefit obligations and expense is based on actuarial models. In order to measure benefit costs and obligations using these models, assumptions are made with regard to the discount rate, expected return on plan assets, cash balance crediting rate, lump sum conversion rate and the assumed rate of compensation increases.

Stock-based Compensation

The Company accounts for stock-based compensation for stock options and stock appreciation rights under the fair value method and uses the Black-Scholes-Merton model to estimate the value of such stock-based awards granted to its employees and non-executive directors. Expected volatility is based on an analysis that incorporates the historical volatility of the Company's stock since the Merger in October 2016 and reported data for selected reasonably similar publicly traded companies for which the historical information is available. The Company does not currently anticipate paying dividends. The expected term represents the period of time the grants are expected to be outstanding. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of the grant.
The Company values its stock-based compensation for restricted stock awards and restricted stock units based on the closing market price of the Company’s common stock on the date of grant. The Company accounts for its stock-based compensation for performance awards related to compound annual earnings per share (“EPS”) growth based on the closing market price of the Company’s common stock on the date of grant, and for performance awards related to relative total shareholder return (“TSR”) based on a Monte Carlo simulation model.

Leases

The Company determines if an arrangement is a lease at inception and reassesses if there are changes in terms and conditions of the contract. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on the Company's consolidated balance sheets. Finance leases are included in deposits and other assets, net, other current liabilities, and other liabilities on the Company's consolidated balance sheets. Lease assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Lease assets also include any lease payments made before lease commencement and initial direct costs and excludes lease incentives. In determining the lease term at lease commencement, the Company includes the noncancellable term and the periods, which the Company deems it is reasonably certain to exercise or not to exercise a renewal or cancellation option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Finance lease expense is recognized as a combination of depreciation expense for the leased asset and interest expense for the outstanding lease liabilities using the discount rate discussed above.

The Company has lease agreements with lease and non-lease components that the Company has elected to account for as single lease components.

Earnings Per Share

The calculation of earnings per share is based on the weighted average number of common shares or common stock equivalents outstanding during the applicable period. The dilutive effect of common stock equivalents is excluded from basic earnings per share and is included in the calculation of diluted earnings per share. Potentially dilutive securities include outstanding stock options and unvested restricted stock units, restricted stock, performance awards and other stock-based awards. Diluted shares outstanding are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, and the amount of compensation cost for future service that the Company has not yet recognized are assumed to be used to repurchase shares.

Investments in Unconsolidated Affiliates

The Company’s investments in unconsolidated affiliates are accounted for under the equity method if the Company exercises significant influence or has an investment in a limited partnership that is considered to be greater than minor. These investments are classified as investments in unconsolidated affiliates on the accompanying consolidated balance sheets. The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings (losses) of unconsolidated affiliates on the accompanying consolidated statements of income. The Company reviews its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

Treasury Stock

The Company records treasury stock purchases under the cost method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital. If the Company reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this shortfall is recorded in retained earnings.
Recently Issued Accounting Standards

Accounting pronouncements recently adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The Company adopted this new accounting guidance effective for the annual period beginning January 1, 2024, and will adopt it in 2025 for interim periods. The adoption of this new accounting guidance for the annual period beginning January 1, 2024 did not have a material effect on the Company's disclosures within the consolidated financial statements.

Accounting pronouncements issued but not adopted as of December 31, 2024
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance will be effective for the Company in the annual period beginning January 1, 2025. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), to improve the disclosures about an entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, and will be effective for the Company in the annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.
v3.25.0.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations
The Company attributes revenues to geographical region based upon where the services are performed. The following tables represent revenues by geographical region and reportable segment for the years ended December 31, 2024, 2023 and 2022:

December 31, 2024
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$3,182 $3,894 $280 $7,356 
Europe and Africa2,397 2,304 219 4,920 
Asia-Pacific581 2,329 219 3,129 
Total revenues$6,160 $8,527 $718 $15,405 

December 31, 2023
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$3,091 $4,157 $304 $7,552 
Europe and Africa2,156 2,103 200 4,459 
Asia-Pacific615 2,135 223 2,973 
Total revenues$5,862 $8,395 $727 $14,984 
December 31, 2022
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$2,947 $3,747 $354 $7,048 
Europe and Africa2,175 2,016 175 4,366 
Asia-Pacific624 2,158 214 2,996 
Total revenues$5,746 $7,921 $743 $14,410 

When attributing revenues to individual countries based upon where the services are performed, no individual country, except for the United States, accounted for 10% or more of total revenues for the years ended December 31, 2024, 2023 and 2022. For the years ended December 31, 2024, 2023 and 2022, revenues in the United States accounted for approximately 42%, 45%, and 42% of total revenues, respectively, using this revenue attribution approach.

No individual customer represented 10% or more of total revenues for the years ended December 31, 2024, 2023 and 2022.

Transaction Price Allocated to the Remaining Performance Obligations

As of December 31, 2024, approximately $33.5 billion of revenues are expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenues on approximately 30% of these remaining performance obligations over the next twelve months, on approximately 85% over the next five years, with the balance recognized thereafter. Most of the Company's remaining performance obligations where revenues are expected to be recognized beyond the next twelve months are for service contracts for clinical research in the Company's Research & Development Solutions segment. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement.
v3.25.0.1
Trade Accounts Receivable, Unbilled Services and Unearned Income
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Trade Accounts Receivable, Unbilled Services and Unearned Income Trade Accounts Receivable, Unbilled Services and Unearned Income
Trade accounts receivables and unbilled services consist of the following:
December 31,
(in millions)20242023
Trade accounts receivable$1,390 $1,473 
Unbilled services1,856 1,942 
Trade accounts receivable and unbilled services3,246 3,415 
Allowance for doubtful accounts(42)(34)
Trade accounts receivable and unbilled services, net$3,204 $3,381 

Unbilled services and unearned income were as follows:
December 31,
(in millions)20242023
Change
Unbilled services$1,856 $1,942 $(86)
Unearned income(1,779)(1,799)20 
Net balance$77 $143 $(66)
Unbilled services, which is comprised of approximately 69% and 68% of unbilled receivables and 31% and 32% of contract assets as of December 31, 2024 and December 31, 2023, respectively, decreased by $86 million as compared to December 31, 2023. Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time. Unearned income decreased by $20 million over the same period resulting in a decrease of $66 million in the net balance of unbilled services and unearned income between December 31, 2024 and 2023. The change in the net balance is driven by the difference in timing of revenue recognition in accordance with ASC 606, Revenue from Contracts with Customers, primarily related to the Company’s Research & Development Solutions contracts (which is based on the percentage of costs incurred) versus the timing of invoicing, which is primarily based on certain milestones.

The majority of the unearned income balance as of the beginning of the year was recognized in revenues during the year ended December 31, 2024.

Bad debt expense recognized on the Company’s receivables and unbilled services was immaterial for the years ended December 31, 2024, 2023 and 2022.

Accounts Receivable Factoring Arrangements
The Company has accounts receivable factoring agreements to sell certain eligible unsecured trade accounts receivable, either based on automatic arrangements or at its option, without recourse, to unrelated third-party financial institutions for cash. For the year ended December 31, 2024, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $678 million of customer invoices on a non-recourse basis and received approximately $666 million in cash proceeds from the sales. For the year ended December 31, 2023, through these same accounts receivable factoring arrangements, the Company factored approximately $699 million of customer invoices on a non-recourse basis and received approximately $686 million in cash proceeds from the sales. The fees associated with these transactions were immaterial. The Company has other accounts receivable arrangements for which the activity associated with them is immaterial.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Debt, Equity and Other Securities

Current

The Company’s short-term investments in debt, equity and other securities consist primarily of trading investments in mutual funds and are measured at fair value with realized and unrealized gains and losses recorded in other (income) expense, net on the accompanying consolidated statements of income.

Long-term

The Company’s long-term debt and equity investments (except those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) are measured at fair value and any changes in fair value are recognized in net income at the end of each reporting period. For debt and equity investments that do not have readily determinable fair values and do not qualify for the existing practical expedient in ASC 820, Fair Value Measurement, to estimate fair value using the net asset value per share of the investment, the Company applies the measurement alternative and measures those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer at each reporting period.
Unconsolidated Affiliates

The Company accounts for its investments in unconsolidated affiliates under the equity method of accounting and records its pro rata share of its losses or earnings from these investments in equity in earnings (losses) of unconsolidated affiliates. The following is a summary of the Company’s investments in unconsolidated affiliates:
December 31,
(in millions)20242023
NovaQuest Pharma Opportunities Fund V, L.P. (“NQ Fund V”)$36 $35 
NostraData Pty Ltd. (“NostraData”) 1718
NovaQuest Private Equity Fund I, L.P. (“NQ PE Fund I”)1110
NovaQuest Pharma Opportunities Fund IV, L.P. (“NQ Fund IV”)46
Longwood Fund V, L.P. ("Longwood")6 7 
RxWare (formerly "Helparound")22
NovaQuest Pharma Opportunities Fund III, L.P. (“NQ Fund III”)—1
Other190 55 
$266 $134 

Variable Interest Entities

As of December 31, 2024, the Company’s investments in unconsolidated variable interest entities (“VIEs”) and its estimated maximum exposure to loss were as follows:
(in millions)Investments in Unconsolidated VIEsMaximum Exposure to Loss
NQ Fund V$36 $43 
NQ PE Fund I11 12 
Longwood6 8 
NQ Fund IV4 5 
NQ Fund III— 5 
Other179506
$236 $579 
v3.25.0.1
Derivatives
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Interest Rate Risk Management

The Company has entered into interest rate swaps for purposes of managing its exposure to interest rate fluctuations. The Company does not enter into interest rate swaps for investment or speculative purposes.

On July 19, 2018, the Company entered into forward starting interest rate swaps with a total notional value of $500 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information). Interest on the swaps began accruing on June 28, 2019 and the swaps expired on June 28, 2024. The Company paid an average fixed rate of 2.75% and received a variable rate of interest equal to the three-month Term SOFR on these swaps.
On June 4, 2020, the Company entered into an interest rate swap with a notional value of $300 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information). Interest on the swap began accruing on June 30, 2020 and the swap expired on June 28, 2024. The Company paid a fixed rate of 0.32% and received a variable rate of interest equal to the three-month Term SOFR on the swap.

On January 3, 2023, the Company entered into interest rate swaps with a combined notional value of $1,000 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information). Interest on the swaps began accruing on December 30, 2022 and the swaps expire on December 31, 2025. The Company pays a fixed rate of 4.10% and receives a variable rate of interest equal to one-month Term SOFR on the swaps.

On November 17, 2023, the Company entered into interest rate swaps with a combined notional value of $1,500 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information). Interest on the swaps began accruing on November 28, 2023 and the swaps expire on January 2, 2031. The Company pays a fixed rate of 6.11% and receives a variable rate of interest equal to three-month Term SOFR plus 2.00% on the swaps.

The critical terms of the interest rate swaps noted above are substantially the same as the underlying borrowings. These interest rate swaps are accounted for as cash flow hedges as these transactions were executed to hedge the Company's interest payments and for accounting purposes are considered highly effective. As such, changes in the fair value of the interest rate swaps are recorded as unrealized gains (losses) on derivatives included in AOCI.

The fair value of these interest rate swaps represents the present value of the anticipated net payments the Company will make to the counterparty, which, when they occur, are reflected as interest expense on the consolidated statements of income. These interest rate swaps result in a total debt mix of approximately 75% fixed rate debt and 25% variable rate debt.

Foreign Exchange Risk Management

The Company transacts business in more than 100 countries and is subject to risks associated with fluctuating foreign exchange rates. Accordingly, the Company enters into foreign currency forward contracts to hedge certain forecasted foreign exchange cash flows arising from service contracts (“Service Contract Hedging”). It is the Company’s policy to enter into foreign currency forward contracts only to the extent necessary to reduce earnings and cash flow volatility associated with foreign exchange rate movements. The Company does not enter into foreign currency forward contracts for investment or speculative purposes. The principal currency hedged in 2024 was the British Pound.

Service Contract Hedging contracts are designated as cash flow hedges and are carried at fair value, with changes in the fair value recorded to AOCI. The change in fair value is reclassified from AOCI to earnings in the period in which the hedged transaction occurs. These contracts have various expiration dates through September 2025.

As of December 31, 2024 and 2023, the Company had open Service Contract Hedging contracts to hedge certain forecasted foreign currency cash flow transactions occurring in 2025 and 2024 with notional amounts totaling $108 million and $121 million, respectively. For accounting purposes these hedges are considered highly effective. As of December 31, 2024 and 2023, the Company had recorded gross unrealized gains (losses) of $— million and $(2) million, and $2 million and $— million, respectively, related to these contracts. Upon expiration of the hedge instruments in 2024, the Company reclassified the unrealized holding gains and losses on the derivative instruments included in AOCI into earnings. The unrealized gains (losses) are included in other current assets and other current liabilities on the accompanying consolidated balance sheets as of December 31, 2024 and 2023.
Net Investment Risk Management, Euro Denominated Notes

As of December 31, 2024, the portion of the Company's foreign currency denominated debt balance that was designated as a hedge of its net investment in certain foreign subsidiaries totaled approximately €2,732 million ($2,837 million). The amount of foreign exchange gains (losses) related to this net investment hedge included in the cumulative translation adjustment component of AOCI was $186 million, $(102) million, and $332 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Net Investment Risk Management, Cross-Currency Swaps
On November 15, 2023, in connection with the issuance of the 2029 Senior Secured Notes (see Note 10 for additional information), the Company entered into cross-currency swaps with a combined notional value of $1,250 million to effectively convert $1,250 million of the 2029 Senior Secured Notes into euro-denominated borrowings at prevailing euro interest rates through February 2029. The Company designated these agreements as a hedge of its net investment in certain foreign subsidiaries. These cross-currency swaps expire in February 2029. The Company will receive semiannual interest payments on February 1 and August 1 from the counterparties based on a fixed interest rate until maturity of these agreements. The effective net borrowing rate to the Company is approximately 4.8555%, inclusive of the yield on the notes and the impact of the cross-currency swaps.
On November 17, 2023, in connection with the allocation of the Term B-4 Dollar Loans (see Note 10 for additional information), the Company entered into cross-currency swaps with a combined notional value of $1,500 million to effectively convert $1,500 million of the Term B-4 Dollar Loans into euro-denominated borrowings at prevailing euro interest rates through January 2031. These cross-currency swaps expire in January 2031. The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of these agreements. The effective net borrowing rate to the Company is approximately 4.9015%, inclusive of the yield on the loans, the impact of the cross-currency swaps and of the interest rate swaps entered on November 17, 2023 as noted above.
The Company does not enter into cross-currency swaps for investment or speculative purposes. For the years ended December 31, 2024 and 2023, the Company recorded gains (losses) of $147 million and $(108) million, respectively, within AOCI as a result of these cross-currency swaps. The Company recognized $36 million and $3 million related to the excluded component as a reduction of interest expense for the years ended December 31, 2024 and 2023, respectively.

The fair values of the Company’s derivative instruments, on a gross basis, and the line items on the accompanying consolidated balance sheets to which they were recorded are summarized in the following table:
December 31, 2024December 31, 2023
(in millions)Balance Sheet ClassificationAssetsLiabilitiesNotionalAssetsLiabilitiesNotional
Derivatives designated as hedging instruments:
Interest rate swapsOther current assets, other assets and other current liabilities$— $5 $2,485 $13 $51 $3,300 
Cross-currency swapsOther assets and other current liabilities39 — 2,735 — 108 2,750 
Foreign exchange forward contractsOther current assets and other current liabilities— 2 108 2 — 121 
Total derivatives$39 $7 $15 $159 

The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:
Year Ended December 31,
(in millions)202420232022
Interest rate swaps$33 $(80)$62 
Foreign exchange forward contracts(4)2 3 
Total$29 $(78)$65 
The Company expects $3 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in AOCI as of December 31, 2024 to be reclassified into earnings within the next twelve months. The total amount, net of income taxes, of the cash flow hedge effect on the accompanying consolidated statements of income was $31 million, $51 million, and $(10) million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•    Level 1—Quoted prices in active markets for identical assets or liabilities.

•    Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•    Level 3—Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of December 31, 2024 and 2023 due to their short-term nature. As of December 31, 2024 and 2023, the fair value of total debt was $13,966 million and $13,597 million, respectively, as determined under Level 2 measurements for these financial instruments.

Recurring Fair Value Measurements

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2024:

(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$170 $— $— $170 
Derivatives— 39 — 39 
Total$170 $39 $— $209 
Liabilities:
Derivatives$— $7 $— $7 
Contingent consideration— — 102 102 
Total$— $7 $102 $109 
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2023:

(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$146 $— $— $146 
Derivatives— 15 — 15 
Total$146 $15 $— $161 
Liabilities:
Derivatives$— $159 $— $159 
Contingent consideration— — 106 106 
Total$— $159 $106 $265 

Below is a summary of the valuation techniques used in determining fair value:

Marketable securities—The Company values trading and available-for-sale securities using the quoted market value of the securities held.

Derivatives—Derivatives consist of foreign exchange contracts, interest rate swaps, and cross-currency swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable inputs. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. The fair value of the cross-currency swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account the effective interest rates, foreign exchange rates and the remaining time to maturities.

Contingent consideration—The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenues performance targets and operating forecasts) and the probability of achieving the specific targets. Based on the assessments of the probability of achieving specific targets, as of December 31, 2024 the Company has accrued approximately 61% of the maximum contingent consideration payments that could potentially become payable.

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the year ended December 31:
Contingent Consideration
(in millions)202420232022
Balance as of January 1$106 $173 $76 
Business combinations7764 134 
Contingent consideration paid(10)(73)(22)
Revaluations included in earnings and foreign currency translation adjustments(71)(58)(15)
Balance as of December 31$102$106$173 

The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying consolidated balance sheets. Revaluations of contingent consideration are recognized in other (income) expense, net on the accompanying consolidated statements of income. A change in significant unobservable inputs could result in a higher or lower fair value measurement of contingent consideration.
Non-recurring Fair Value Measurements

Certain assets are carried on the accompanying consolidated balance sheets at cost and are not remeasured to fair value on a recurring basis. As of December 31, 2024, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $19,554 million and were identified as Level 3. These assets are comprised of debt investments and cost and equity method investments of $345 million, goodwill of $14,710 million and other identifiable intangibles, net of $4,499 million.

Cost and Equity Method Investments and Debt Investments—The inputs available for valuing investments in non-public portfolio companies are generally not easily observable. The valuation of non-public investments requires judgment by the Company due to the absence of quoted market values, inherent lack of liquidity and the long-term nature of such assets. When a triggering event occurs, the Company considers a wide range of available market data when assessing the estimated fair value. Such market data includes observations of the trading multiples of public companies considered comparable to the private companies being valued as well as publicly disclosed merger transactions involving comparable private companies. In addition, valuations are adjusted to account for company-specific issues, the lack of liquidity inherent in a non-public investment, and the fact that comparable public companies are not identical to the companies being valued. Such valuation adjustments are necessary because in the absence of a committed buyer and completion of due diligence similar to that performed in an actual negotiated sale process, there may be company-specific issues that are not fully known that may affect value. Further, a variety of additional factors are reviewed by the Company, including, but not limited to, financing and sales transactions with third parties, current operating performance and future expectations of the particular investment, changes in market outlook, and the third-party financing environment. Because of the inherent uncertainty of valuations, estimated valuations may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.

Goodwill—Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets resulting from business combinations. The recoverability of goodwill is evaluated annually for impairment, or if and when events or circumstances indicate a possible impairment. For the year ended December 31, 2024, the Company elected to perform a qualitative impairment assessment. This includes a qualitative analysis of macroeconomic conditions, industry and market considerations, cost factors, financial performance, fair value history and other company specific events. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value for the respective reporting unit, the Company would then need to calculate the fair value of the reporting unit. If the reporting unit calculated fair value is less than the carrying amount, the Company would record an impairment charge for the difference, with the impairment charge not to exceed the carrying amount of Goodwill. See Note 8 for additional information.

Other Identifiable Intangibles, Net—If a triggering event occurs, the Company determines the estimated fair value of definite-lived intangible assets by determining the present value of the expected cash flows. See Note 8 for additional information.
v3.25.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
The major classes of property and equipment were as follows:
December 31,
(in millions)20242023
Land, buildings and leasehold improvements$367 $376 
Equipment840 803 
Transportation equipment85 81 
Furniture and fixtures62 66 
Property and equipment, gross1,354 1,326 
Less accumulated depreciation(819)(803)
Property and equipment, net$535 $523 

Property and equipment depreciation expense was as follows:
Year Ended December 31,
(in millions)
202420232022
Depreciation expense$149 $151 $160 
v3.25.0.1
Goodwill and Identifiable Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Identifiable Intangible Assets Goodwill and Other Identifiable Intangible Assets
As of December 31, 2024, the Company has $4,499 million of other identifiable intangible assets. Amortization expense associated with other identifiable definite-lived intangible assets was as follows:
Year Ended December 31,
(in millions)
202420232022
Amortization expense$965 $974 $970 

Estimated amortization expense for existing other identifiable intangible assets is expected to be approximately $881 million, $738 million, $606 million, $485 million and $371 million for the years ending December 31, 2025, 2026, 2027, 2028 and 2029, respectively. Estimated amortization expense can be affected by various factors such as future acquisitions, divestitures, abandonments or impairments.

The following is a summary of other identifiable intangible assets:
December 31, 2024December 31, 2023
(in millions)Gross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
Definite-lived identifiable intangible assets:
Client relationships and backlog$5,690 $(2,966)$2,724 $5,688 $(2,724)$2,964 
Software and related assets3,914 (2,358)1,556 3,629 (2,005)1,624 
Trademarks, trade names and other539 (350)189 548 (320)228 
Databases1,773 (1,751)22 1,837 (1,819)18 
Non-compete agreements14 (6)8 16 (11)5 
$11,930 $(7,431)$4,499 $11,718 $(6,879)$4,839 

The following is a summary of goodwill by reportable segment for the years ended December 31, 2024 and 2023:

(in millions)		Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsConsolidated
Balance as of December 31, 2022$11,520 $2,247 $154 $13,921 
Business combinations352 181 — 533 
Impact of foreign currency fluctuations and other104 11 (2)113 
Balance as of December 31, 202311,976 2,439 152 14,567 
Business combinations346 186 — 532 
Impact of foreign currency fluctuations and other(365)(17)(7)(389)
Balance as of December 31, 2024$11,957 $2,608 $145 $14,710 

There were no goodwill impairment losses for the years ended December 31, 2024, 2023 and 2022.
v3.25.0.1
Accrued Expenses
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following:
December 31,
(in millions)20242023
Client contract related$1,458 $1,315 
Compensation, including bonuses, fringe benefits and payroll taxes905 968 
Professional fees75 112 
Contingent consideration and deferred purchase price49 27 
Interest81 66 
Restructuring21 36 
Other359 331 
$2,948 $2,855 
v3.25.0.1
Credit Arrangements
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
The following is a summary of the Company’s revolving credit facilities as of December 31, 2024:
FacilityInterest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of December 31, 2024
$110 million (receivables financing facility)
U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of December 31, 2024
The following table summarizes the Company’s debt at the dates indicated:
December 31,
(dollars in millions)20242023
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 5.71%
$825 $100 
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of 5.71%
1,197 1,270 
Term A Loan due 2026—Euribor at floating rates of 3.93%
272 306 
Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of 5.86%
1,094 1,156 
Term B Loan due 2025—Euribor at floating rates of 4.68%
542 576 
Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of 6.33%
1,485 1,500 
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated
750 750 
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated
1,250 1,250 
5.0% Senior Notes due 2027—U.S. Dollar denominated
1,100 1,100 
5.0% Senior Notes due 2026—U.S. Dollar denominated
1,050 1,050 
6.500% Senior Notes due 2030—U.S. Dollar denominated
500 500 
2.875% Senior Notes due 2025—Euro denominated
436 464 
2.25% Senior Notes due 2028—Euro denominated
748 795 
2.875% Senior Notes due 2028—Euro denominated
739 785 
1.750% Senior Notes due 2026—Euro denominated
572 607 
2.250% Senior Notes due 2029—Euro denominated
935 993 
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.69%
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt14,045 13,752 
Less: unamortized discount and debt issuance costs(62)(79)
Less: current portion(1,145)(718)
Long-term debt$12,838 $12,955 

Contractual maturities of long-term debt as of December 31, 2024 are as follows:
(in millions)
2025$1,145 
20263,904 
20272,634 
20282,252 
20292,200 
Thereafter1,910 
$14,045 

Senior Secured Credit Facilities

As of December 31, 2024, the Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) provided financing through several senior secured credit facilities of up to $6,585 million, which consisted of $5,415 million principal amounts of debt outstanding (as detailed in the table above), and $1,170 million of available borrowing capacity on the $2,000 million revolving credit facility and standby letters of credit. The revolving credit facility is comprised of a $1,175 million senior secured revolving facility available in U.S. dollars, a $600 million senior secured revolving facility available in U.S. dollars, Euros, Swiss Francs and other foreign currencies, and a $225 million senior secured revolving facility available in U.S. dollars and Yen.
2023 Financing Transactions

On November 28, 2023, the Company entered into an amendment (the “Amendment”) to its Credit Agreement, among IQVIA Inc., a wholly owned subsidiary of the Company, the Company, IQVIA RDS Inc., a wholly owned subsidiary of the Company, the other guarantors party thereto, Bank of America, N.A. as administrative agent and as collateral agent, and the Lenders (as defined therein) party thereto. Pursuant to the Amendment, the Company borrowed $1,500 million in incremental Term B-4 Dollar Loans (as defined in the Credit Agreement) due January 2, 2031. The net proceeds from the Term B-4 Dollar Loans were used to repay certain of the outstanding term loans due in 2024 and in 2025 under the Company’s senior secured credit facilities, and to pay fees and expenses related to the Amendment and the offering of 2029 Senior Secured Notes (as defined below). In connection with this Amendment, the Company recognized a $6 million loss on extinguishment of debt, which includes fees and expenses.

On April 17, 2023, the Company increased the capacity of the senior secured revolving credit facility by $500 million U.S. dollars, bringing the total capacity of the revolving credit facility to $2,000 million. At the same time, the Company also amended the benchmark rate of the U.S dollar revolving credit facility and the U.S dollar Term A Loans from U.S dollar LIBOR to U.S. dollar Secured Overnight Financing Rate term rates ("Term SOFR"), plus a 10 basis point Credit Spread Adjustment.

Senior Secured Notes

2023 Financing Transactions

On November 28, 2023, IQVIA Inc. (the “Issuer”), completed the issuance and sale of $1,250 million in gross proceeds of 6.250% senior secured notes due 2029 (the “2029 Senior Secured Notes”). The 2029 Senior Secured Notes were issued pursuant to an Indenture, dated November 28, 2023, among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the 2029 Senior Secured Notes and as collateral agent, and the Company and certain subsidiaries of the Issuer as guarantors. The net proceeds from the 2029 Senior Secured Notes offering were used to repay certain of the outstanding term loans under the Company’s senior secured credit facilities due in 2024 and in 2025, and to pay fees and expenses related to the 2029 Senior Secured Notes offering and the Amendment.

The 2029 Senior Secured Notes are secured obligations of the Company, will mature on February 1, 2029, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 6.250% per year, with interest payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2024. The Company may redeem the 2029 Senior Secured Notes prior to January 1, 2029 subject to a customary make-whole premium, and thereafter subject to a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

On May 23, 2023, IQVIA Inc. (the “Issuer”) completed the issuance and sale of $750 million in gross proceeds of 5.700% senior secured notes due 2028 (the “2028 Senior Secured Notes”). The 2028 Senior Secured Notes were issued pursuant to an Indenture, dated May 23, 2023, among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the 2028 Senior Secured Notes and as collateral agent, and the Company and certain subsidiaries of the Issuer as guarantors. The net proceeds from the 2028 Senior Secured Notes offering were used to repay existing borrowings under the Company’s revolving credit facility and to pay fees and expenses related to the 2028 Senior Secured Notes offering and offering of 2030 Senior Notes (as defined below).

The 2028 Senior Secured Notes are secured obligations of the Company, will mature on May 15, 2028, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 5.700% per year, with interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2023. The Company may redeem the 2028 Senior Secured Notes prior to April 15, 2028 subject to a customary make-whole premium, and thereafter subject to a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

Each of the Company's current direct and indirect material U.S. wholly owned restricted subsidiaries (excluding IQVIA Solutions Japan LLC and IQVIA Services Japan LLC) and IQVIA Holdings Inc., have jointly and severally, irrevocably and unconditionally, on a senior secured basis, guaranteed the obligations under the 2028 Senior Secured Notes and the 2029 Senior Secured Notes.
In February 2024, the Issuer completed an exchange offer in which it issued $1,250 million aggregate principal amount of 6.250% Senior Secured Notes due 2029 registered under the Securities Act (the “2029 Registered Notes”) and $750 million aggregate principal amount of 5.700% Senior Secured Notes due 2028 registered under the Securities Act (the “2028 Registered Notes” and, together with the 2029 Registered Notes, the 2029 Senior Secured Notes, and the 2028 Senior Secured Notes, the “Notes”) in exchange for the same principal amount and substantially identical terms of the 2029 Senior Secured Notes and 2028 Senior Secured Notes, respectively.

Senior Notes

2023 Financing Transactions

On May 23, 2023, IQVIA Inc. (the “Issuer”) completed the issuance and sale of $500 million in gross proceeds of 6.500% senior notes due 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued pursuant to an Indenture, dated May 23, 2023, among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the 2030 Senior Notes, and certain subsidiaries of the Issuer as guarantors. The net proceeds from the 2030 Senior Notes offering were used to repay existing borrowings under the Company’s revolving credit facility, and to pay fees and expenses related to the 2030 Senior Notes offering and 2028 Senior Secured Notes offering.

The 2030 Senior Notes are unsecured obligations of the Company, will mature on May 15, 2030, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 6.500% per year, with interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2023. The Company may redeem the 2030 Senior Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to May 15, 2026 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 3.250% to 0.000%.

Receivables Financing Facility

On October 1, 2024, the Company amended its receivables financing facility to extend the term of the $550 million facility to October 1, 2027. Under the receivables financing facility, certain of the Company's accounts receivable are sold on a non-recourse basis by certain of the Company's consolidated subsidiaries (each, an “Originator”) to another of the Company's consolidated subsidiaries, a bankruptcy-remote special purpose entity (the “SPE”). The SPE obtained a term loan and revolving loan commitment from a third-party lender, secured by liens on the assets of the SPE, to finance the purchase of the accounts receivable, which includes a $440 million term loan and a $110 million revolving loan commitment. As of December 31, 2024, no additional amounts of revolving loans were available under the receivables financing facility. The Company has guaranteed the performance of the obligations of existing and future subsidiaries that sell and service the accounts receivable under the receivables financing facility. The assets of the SPE are not available to satisfy any of the Company’s obligations or any obligations of its subsidiaries. As of December 31, 2024, approximately $1,609 million of the Company's trade accounts receivable and unbilled services were pledged as collateral to secure the facility.

Restrictive Covenants

The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of December 31, 2024, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company has operating leases for corporate offices, data centers, motor vehicles and certain equipment, many of which contain renewal and escalation clauses. These operating leases expire at various dates through 2037 with options to cancel certain leases at various intervals. The Company also has finance leases for offices and lab spaces that expire at various dates through 2048.

The components of lease expense were as follows:
Year Ended December 31,
(in millions)
Classification
202420232022
Operating lease cost (1)
Selling, general and administrative expenses
$158 $160 $171 
Finance lease cost (1)
Depreciation and amortization, and Interest expense18 18 12 
Total lease cost
$176 $178 $183 
(1) Includes variable lease costs, which are immaterial.

Other information related to leases was as follows:
Year Ended December 31,
(in millions)202420232022
Supplemental Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$160 $175 $173 
Operating cash flows for finance leases$8 $8 $5 
Financing cash flows for finance leases$5 $3 $4 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$58 $59 $79 
Finance leases
$— $— $54 
Weighted Average Remaining Lease Term:
Operating leases
4.58 years4.61 years4.72 years
Finance leases
19.73 years20.67 years21.64 years
Weighted Average Discount Rate:
Operating leases
4.57 %3.81 %3.12 %
Finance leases
3.90 %3.88 %3.87 %
Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:
(in millions)Operating LeasesFinance Leases
2025$109 $13 
202671 13 
202749 14 
202833 14 
202914 14 
Thereafter22 269 
Total future minimum lease payments298 337 
Less imputed interest(26)(113)
Total$272 $224 
Reported as of December 31, 2024:
Other current liabilities$99 $6 
Operating lease liabilities173 — 
Other liabilities— 218 
Total$272 $224 
Leases Leases
The Company has operating leases for corporate offices, data centers, motor vehicles and certain equipment, many of which contain renewal and escalation clauses. These operating leases expire at various dates through 2037 with options to cancel certain leases at various intervals. The Company also has finance leases for offices and lab spaces that expire at various dates through 2048.

The components of lease expense were as follows:
Year Ended December 31,
(in millions)
Classification
202420232022
Operating lease cost (1)
Selling, general and administrative expenses
$158 $160 $171 
Finance lease cost (1)
Depreciation and amortization, and Interest expense18 18 12 
Total lease cost
$176 $178 $183 
(1) Includes variable lease costs, which are immaterial.

Other information related to leases was as follows:
Year Ended December 31,
(in millions)202420232022
Supplemental Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$160 $175 $173 
Operating cash flows for finance leases$8 $8 $5 
Financing cash flows for finance leases$5 $3 $4 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$58 $59 $79 
Finance leases
$— $— $54 
Weighted Average Remaining Lease Term:
Operating leases
4.58 years4.61 years4.72 years
Finance leases
19.73 years20.67 years21.64 years
Weighted Average Discount Rate:
Operating leases
4.57 %3.81 %3.12 %
Finance leases
3.90 %3.88 %3.87 %
Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:
(in millions)Operating LeasesFinance Leases
2025$109 $13 
202671 13 
202749 14 
202833 14 
202914 14 
Thereafter22 269 
Total future minimum lease payments298 337 
Less imputed interest(26)(113)
Total$272 $224 
Reported as of December 31, 2024:
Other current liabilities$99 $6 
Operating lease liabilities173 — 
Other liabilities— 218 
Total$272 $224 
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
The Company and its subsidiaries are involved in legal and tax proceedings, claims and litigation arising in the ordinary course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For those matters where management currently believes it is probable that the Company will incur a loss and that the probable loss or range of loss can be reasonably estimated, the Company has recorded an accrual in the consolidated financial statements based on its best estimates of such loss. In other instances, because of the uncertainties related to either the probable outcome or the amount or range of loss, management is unable to make a reasonable estimate of a liability, if any.

However, even in many instances where the Company has recorded an estimated liability, the Company is unable to predict with certainty the final outcome of the matter or whether resolution of the matter will materially affect the Company’s results of operations, financial position or cash flows. As additional information becomes available, the Company adjusts its assessments and estimates of such liabilities accordingly.

The Company routinely enters into agreements with third parties, including its clients and suppliers, all in the normal course of business. In these agreements, the Company sometimes agrees to indemnify and hold harmless the other party for any damages such other party may suffer as a result of potential intellectual property infringement and other claims. The Company has not accrued a liability with respect to these matters generally, as the exposure is considered remote.

Based on its review of the latest information available, management does not expect the impact of pending legal and tax proceedings, claims and litigation, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or financial position. However, one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect for the period in which it is resolved. The following is a summary of certain legal matters involving the Company.
On January 10, 2017, Quintiles IMS Health Incorporated and IMS Software Services Ltd. (collectively “IQVIA Parties”), filed a lawsuit in the U.S. District Court for the District of New Jersey against Veeva Systems, Inc. (“Veeva”) alleging Veeva unlawfully used IQVIA Parties intellectual property to improve Veeva data offerings, to promote and market Veeva data offerings and to improve Veeva technology offerings. IQVIA Parties seek injunctive relief, appointment of a monitor, the award of compensatory and punitive damages and reimbursement of all litigation expenses, including reasonable attorneys’ fees and costs. On March 13, 2017, Veeva filed counterclaims alleging anticompetitive business practices in violation of the Sherman Act and state laws. Veeva claims damages in excess of $200 million, and is seeking punitive damages and litigation costs, including attorneys’ fees. The Company believes the counterclaims are without merit, rejects all counterclaims raised by Veeva and intends to vigorously defend IQVIA Parties’ position and pursue its claims against Veeva. Since the initial filings, the parties have filed additional litigations against each other, primarily concerning the use of IQVIA data with various other Veeva products. Trial has been continued from an early 2025 setting to a date to be determined by the Court.

On May 7, 2021, the Court issued an order and opinion (the “Order”) in which it found significant evidence that Veeva had (1) misappropriated IQVIA data and unlawfully used it to improve Veeva data offerings, (2) engaged in a cover-up by deleting significant evidence of its theft of IQVIA’s trade secrets, and (3) improperly withheld certain evidence under privilege in furtherance of a crime and/or fraud against IQVIA. The Court imposed five sanctions against Veeva, including ordering three separate adverse inference instructions be issued to the jury and that IQVIA be permitted to present evidence to the jury of Veeva’s destruction efforts. Veeva appealed the Order. On March 30, 2024, the Court denied Veeva’s appeal with regard to its rejected privilege claims, while reserving ruling on the appropriate sanctions to be imposed for a later time.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock

The Company is authorized to issue 1.0 million shares of preferred stock, $0.01 per share par value. No shares of preferred stock were issued and outstanding as of December 31, 2024 or 2023.

Equity Repurchase Program

On October 30, 2013, the Company’s Board of Directors (the “Board”) first approved the Company's equity repurchase program (the “Repurchase Program”), authorizing the repurchase of up to $125 million of the Company’s common stock. The Board increased the stock repurchase authorization under the Repurchase Program with respect to the repurchase of the Company's common stock by $600 million, $1.5 billion, $2.0 billion, $1.5 billion, $2.0 billion, $2.0 billion, and $2.0 billion in 2015, 2016, 2017, 2018, 2019, 2022, and 2023, respectively. On February 5, 2025, the Board increased the stock repurchase authorization under the Repurchase Program with respect to the repurchase of the Company's common stock by an additional $2,000 million, which increased the total amount that has been authorized under the Repurchase Program to $13,725 million. The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time.

As of December 31, 2024, the Company had remaining authorization to repurchase up to $1,013 million of its common stock under the Repurchase Program. In addition, from time to time, the Company has repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

There were no equity offerings during the years ended December 31, 2024, 2023 and 2022.

Summary

Below is a summary of the share repurchases made under the Repurchase Program:
Year Ended December 31,
(in millions, except per share data)202420232022
Number of shares of common stock repurchased6.4 5.0 5.5 
Aggregate purchase price$1,350 $992 $1,168 
Average price per share$209.68 $196.89 $213.06 
v3.25.0.1
Business Combinations
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
The Company completed several individually immaterial acquisitions during the years ended December 31, 2024 and 2023. The Company’s assessment of fair value, including the valuation of certain acquired intangibles and the purchase price allocation related to the acquisitions that occurred during the year ended December 31, 2024 is preliminary and subject to change upon completion. Further adjustments, largely related to acquired intangible assets and related deferred taxes, may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date). The Company recorded goodwill from these acquisitions, primarily attributable to assembled workforce, expected synergies and new client relationships. The consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates. Pro forma information is not presented as pro forma results of operations would not be materially different to the actual results of operations of the Company.

The following table provides certain preliminary financial information for these acquisitions:
Year Ended December 31,
(in millions)20242023
Assets acquired:
Cash and cash equivalents$28 $28 
Accounts receivable68 44 
Other assets60 9 
Goodwill532 533 
Other identifiable intangibles313 425 
Liabilities assumed:
Other liabilities(114)(44)
Deferred income taxes, long-term(40)(18)
Net assets acquired (1)
$847 $977 
(1) Net assets acquired include contingent consideration and deferred purchase price of $84 million and $73 million, respectively.

The portion of goodwill deductible for income tax purposes was preliminarily assessed as $343 million and $379 million for the years ended December 31, 2024 and 2023, respectively.

The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:
Year Ended December 31,
(in millions)Amortization Period20242023
Other identifiable intangibles:
Client relationships9-16years$257 $324 
Backlog1-4years28 51 
Software and related assets3-5years10 44 
Non-compete agreements3-5years7 — 
Trade names5years6 2 
Databases4-5years5 4 
Total Other identifiable intangibles$313 $425 
v3.25.0.1
Restructuring
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
The Company has continued to take restructuring actions in the year ended December 31, 2024 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. These restructuring actions are expected to continue into 2025.
The management approved plans resulted in $67 million, $84 million and $28 million of restructuring expense, net of reversals, which consisted primarily of severance and other exit-related costs in the years ended December 31, 2024, 2023 and 2022, respectively.

The following amounts were recorded for the restructuring plans:
(in millions)Severance and Related Costs
Balance as of December 31, 2022$26 
Expense, net of reversals84 
Payments(74)
Balance as of December 31, 2023$36 
Expense, net of reversals67 
Payments(81)
Foreign currency translation and other(1)
Balance as of December 31, 2024$21 

The reversals were due to changes in estimates primarily resulting from the redeployment of staff and higher than expected voluntary terminations. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. The Company expects the majority of the restructuring accruals as of December 31, 2024 will be paid in 2025.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income before income taxes and equity in earnings (losses) of unconsolidated affiliates are as follows:
Year Ended December 31,
(in millions)202420232022
Domestic$214 $108 $(45)
Foreign1,4551,3511,408
$1,669$1,459$1,363

The components of income tax expense attributable to continuing operations are as follows:
Year Ended December 31,
(in millions) 202420232022
Current expense:
Federal and state
$44$21$24 
Foreign386 349 358 
430 370 382 
Deferred (benefit) expense:
Federal and state(116)(236)(94)
Foreign(13)(33)(28)
(129)(269)(122)
$301 $101 $260 
The differences between the Company’s consolidated income tax expense attributable to continuing operations and the expense computed at the United States statutory income tax rate of 21% were as follows:
Year Ended December 31,
(in millions)202420232022
Federal income tax expense at statutory rate$351 $306 $286 
State and local income taxes, net of federal effect9 16 (15)
Research and development(28)(25)(19)
United States taxes recorded on foreign earnings(*)(79)(41)(4)
Tax contingencies14 17 14 
Foreign Derived Intangible Income (“FDII”)(56)(53)(41)
Foreign rate differential87 45 38 
Equity compensation3 — 2 
Valuation Allowance Release— (102)— 
Basis Difference Reversal— (61)— 
Other— (1)(1)
$301 $101 $260 
(*) Includes impact of GILTI, and other U.S. taxes on foreign earnings.

The Company's effective income tax rate was 18.0%, 6.9%, and 19.1% for the years ending December 31, 2024, 2023, and 2022, respectively. The Company's effective income tax rate for December 31, 2023, was favorably impacted due to the completion of an internal legal entity restructuring that resulted in a benefit of $125 million. Historically, the Company recorded deferred tax assets related to certain foreign tax credits, and a full valuation allowance in relation to these foreign tax credits was established as it was not expected the credits would be utilized prior to expiration. The Company now believes it is reasonably possible that these foreign tax credits will be utilized and therefore recorded a tax benefit of $64 million related to the valuation allowance release and establishing related uncertain tax positions. Additionally, due to the restructuring the Company also reversed a deferred tax liability of $61 million due to a basis difference that was recovered in a tax-free manner. The effective tax rate was also favorably impacted by a reversal of uncertain tax positions relating to tax credit carryforwards in the amount of $21 million due to an audit settlement.

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least $790 million, which went into effect in 2024. The Company has continued to evaluate the effect of this through the end of 2024 and determined that it did not have any material impacts for the current year. The Company will continue to assess the impact of this proposal as countries are actively considering changes to their tax laws to adopt certain parts of the OCED's proposal.

Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $5,117 million as of December 31, 2024. The Company does not consider any of its foreign earnings as indefinitely reinvested.
The income tax effects of temporary differences from continuing operations that give rise to significant portions of deferred income tax assets (liabilities) are presented below:
December 31,
(in millions)
20242023
Deferred income tax assets:
Net operating loss and other loss carryforwards$176 $132 
Tax credit carryforwards292 254 
Accrued expenses and unearned income106 103 
Employee benefits180 202 
Lease liability34 65 
U.S. interest expense limitation93 59 
Other52 81 
Total deferred income tax assets933 896 
Valuation allowance for deferred income tax assets(196)(166)
Total deferred income tax assets (net of valuation allowance)737 730 
Deferred income tax liabilities:
Amortization and depreciation(545)(590)
Lease right-of-use assets(19)(56)
Foreign exchange on debt instruments(104)(48)
Other(71)(72)
Total deferred income tax liabilities(739)(766)
Net deferred income tax assets (liabilities)$(2)$(36)

During the year ended December 31, 2024, the net deferred income tax liabilities decreased due to amortization of intangibles related to the merger between Quintiles and IMS Health.

The Company had federal, state and local, and foreign tax loss carryforwards and tax credits, the tax effect of which was $541 million as of December 31, 2024. Of this amount, $57 million has an indefinite carryforward period, and the remaining $484 million expires at various times beginning in 2025. Some of the federal losses are subject to limitations under the Internal Revenue Code, however, management expects these losses to be utilized during the carryforward periods.

In the year ended December 31, 2024, the Company increased its valuation allowance by $30 million to $196 million as of December 31, 2024 from $166 million as of December 31, 2023. On December 10, 2024, the US Department of Treasury published final regulations related to foreign currency gains and losses that are effective as of January 1, 2025. These regulations require computation of pre-transition foreign currency gain or loss to be included in the determination of future taxable income or loss. The valuation allowance increased primarily as a result of these regulations. We recorded a one-time, non-cash deferred tax benefit related to the pre-transition foreign currency losses in the current year that will be fully offset by a valuation allowance.

A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below:
Year Ended December 31,
(in millions)202420232022
Balance as of January 1$140 $122 $116 
Additions based on tax positions related to the current year15 53 13 
Additions for income tax positions of prior years17 8 20 
Impact of changes in exchange rates(2)1 (2)
Settlements with tax authorities(1)(6)(4)
Reductions for income tax positions of prior years(18)(25)(11)
Reductions due to the lapse of the applicable statute of limitations(5)(13)(10)
Balance as of December 31$146 $140 $122 
As of December 31, 2024, the Company had total gross unrecognized income tax benefits of $132 million associated with over 100 jurisdictions in which the Company conducts business that, if recognized, would reduce the Company’s effective income tax rate.

The Company’s policy for recording interest and penalties relating to uncertain income tax positions is to record them as a component of income tax expense in the accompanying consolidated statements of income. In the years ended December 31, 2024, 2023 and 2022, the amount of interest and penalties recorded as an addition to income tax expense in the accompanying consolidated statements of income was $6 million, $— million and $2 million, respectively. As of December 31, 2024, and 2023, the Company had accrued approximately $26 million and $20 million, respectively, of interest and penalties.

The Company believes that it is reasonably possible that a decrease of up to $8 million in gross unrecognized income tax benefits for federal, state and foreign exposure items may be necessary within the next 12 months due to lapse of statutes of limitations or uncertain tax positions being effectively settled. The Company believes that it is reasonably possible that a decrease of up to $13 million in gross unrecognized income tax benefits for foreign items may be necessary within the next 12 months due to payments. For the remaining uncertain income tax positions, it is difficult at this time to estimate the timing of the resolution.

The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the tax years that remain open for examination by tax authorities in the most significant jurisdictions in which the Company operates:

United States
2020-2023
India
2006-2024
Japan
2018-2023
United Kingdom
2022-2023
Switzerland
2020-2023

In certain of the jurisdictions noted above, the Company operates through more than one legal entity, each of which has different open years subject to examination. The table above presents the open years subject to examination for the most material of the legal entities in each jurisdiction. Additionally, it is important to note that tax years are technically not closed until the statute of limitations in each jurisdiction expires. In the jurisdictions noted above, the statute of limitations can extend beyond the open years subject to examination.

Due to the geographic breadth of the Company’s operations, numerous tax audits may be ongoing throughout the world at any point in time. Income tax liabilities are recorded based on estimates of additional income taxes that may be due upon the conclusion of these audits. Estimates of these income tax liabilities are made based upon prior experience and are updated in light of changes in facts and circumstances. However, due to the uncertain and complex application of income tax regulations, it is possible that the ultimate resolution of audits may result in liabilities that could be materially different from these estimates. In such an event, the Company will record additional income tax expense or income tax benefit in the period in which such resolution occurs.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Pension and Postretirement Benefit Plans

The Company sponsors both funded and unfunded defined benefit pension plans. These plans provide benefits based on various criteria, including, but not limited to, years of service and salary. The Company also sponsors an unfunded postretirement benefit plan in the United States that provides health and prescription drug benefits to retirees who meet the eligibility requirements. The Company uses a December 31 measurement date for all pension and postretirement benefit plans.
The following table summarizes changes in the benefit obligation, the plan assets and the funded status of the pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Obligation and funded status:
Change in benefit obligation:
Projected benefit obligation at beginning of year$434 $400 $525 $461 
Service costs10 10 35 35 
Interest cost22 22 17 17 
Actuarial (gains) losses(9)15 (2)5 
Benefits paid(14)(13)(26)(20)
Contributions— — 3 3 
Settlements— — (3)(3)
Foreign currency fluctuations and other— — 4 27 
Projected benefit obligation at end of year443 434 553 525 
Change in plan assets:
Fair value of plan assets at beginning of year486 419 379 355 
Actual return on plan assets62 75 (9)2 
Contributions4 5 29 27 
Benefits paid(14)(13)(26)(20)
Settlements— — (3)(3)
Foreign currency fluctuations and other— — 14 18 
Fair value of plan assets at end of year538 486 384 379 
Funded status$95 $52 $(169)$(146)

The following table summarizes the amounts recognized in the consolidated balance sheets related to the pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Deposits and other assets, net$121$87$43 $49 
Accounts payable and accrued expenses$3$4$14 $12 
Other liabilities$23$31$198$183 
Accumulated other comprehensive loss$64$28$(49)$(25)

As of December 31, 2024, the benefit obligation and amount recognized in AOCI for other postretirement benefits were immaterial.

The following table summarizes the accumulated benefit obligation for all pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Accumulated benefit obligation$441 $430 $500$480 
The following table provides the information for pension plans with an accumulated benefit obligation in excess of plan assets and projected benefit obligations in excess of plan assets:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation
$34$41$287$251 
Fair value of plan assets$8$7$129$101 
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation
$34 $41 $340 $295
Fair value of plan assets
$8 $7 $129 $101

The components of net periodic benefit cost changes in plan assets and benefit obligations recognized in comprehensive income were as follows:
Pension Benefits
United States PlansNon-United States Plans
Year Ended December 31,
(in millions)202420232022202420232022
Service cost$10 $10 $13 $35 $35 $29
Interest cost22 22 13 17178 
Expected return on plan assets(34)(30)(38)(15)(17)(18)
Amortization of actuarial losses— — 1 — (2)1 
Settlement gain— — 1 — — (1)
Net periodic benefit cost(2)2 (10)37 33 19 
Other changes in plan assets and benefit obligations recognized in other comprehensive loss:
Actuarial (gain) loss – current year(36)(30)31 24 19 (18)
Total recognized in other comprehensive income
(36)(30)31 24 19 (18)
Total recognized in net periodic benefit cost and other comprehensive income$(38)$(28)$21 $61 $52 $1 

All components of net periodic benefit cost other than service cost are recorded in other (income) expense, net on the accompanying consolidated statements of income. Gains (losses) affecting the benefit obligation for the year ending December 31, 2024 were primarily related to the changes in discount rates, as well as changes in other actuarial assumptions which are driven by changing market conditions.

Assumptions

The weighted average assumptions used to determine net periodic benefit cost were as follows for the years ended December 31:
Pension Benefits
United States PlansNon-United States Plans
202420232022202420232022
Discount rate
5.35 %5.65 %3.08 %3.52 %3.59 %1.46 %
Rate of compensation increases
3.00 %3.00 %3.00 %2.78 %2.93 %2.57 %
Expected return on plan assets
7.20 %7.20 %7.23 %3.70 %4.53 %4.22 %
The weighted average assumptions used to determine benefit obligations were as follows as of December 31:
Pension Benefits
United States PlansNon-United States Plans
2024202320242023
Discount rate
5.83 %5.35 %3.67 %3.52 %
Rate of compensation increases
3.00 %3.00 %3.50 %2.78 %

The discount rate represents the interest rate used to determine the present value of the future cash flows currently expected to be required to settle the Company’s defined benefit plan obligations. The discount rates are derived using weighted average yield curves on AA-rated corporate bonds. The cash flows from the Company’s expected benefit obligation payments are then matched to the yield curve to derive the discount rates.

The Company’s assumption for the expected return on plan assets was determined by the weighted average of the long-term expected rate of return on each of the asset classes invested as of the balance sheet date. For plan assets invested in government bonds, the expected return was based on the yields on the relevant indices as of the balance sheet date. There is considerable uncertainty for the expected return on plan assets invested in equity and diversified growth funds.

Under the Company’s United States qualified retirement plan, participants have a notional retirement account that increases with pay and investment credits. The rate used to determine the investment credit (cash balance crediting rate) varies monthly and is equal to 1/12th of the yield on 30-year U.S. Government Treasury Bonds, with a minimum of 0.25%. At retirement, the account is converted to a monthly retirement benefit.

Plan Assets

The Company’s pension plan target asset allocations and weighted average asset allocations, by asset category, were as follows:
Plan Assets as of December 31,
TargetUnited States PlansNon-United States PlansTotal
Asset CategoryAllocation202420232024202320242023
Equity securities
40-65%
76 %73 %— %— %45 %42 %
Debt securities
10-40%
20 21 49 56 32 36 
Real estate
0-5%
4 4 — — 2 2 
Other
10-30%
— 2 51 44 21 20 
Total100 %100 %100 %100 %100 %100 %

The following table summarizes United States plan assets measured at fair value:
December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2TotalLevel 1Level 2Total
(in millions)
Domestic equities$37 $— $37 $33 $— $33 
International equities11 — 11 11 — 11 
Corporate bonds64 — 64 65 — 65 
Real estate21 — 21 21 — 21 
Total assets in the fair value hierarchy133 — 133 130 — 130 
Assets measured at net asset value (“NAV”)(1)
— — 405 — — 356 
Total$133 $— $538 $130 $— $486 
(1) Certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above plan asset tables are intended to permit reconciliation of the fair value of plan assets in the fair value hierarchy to the plan asset amounts presented in the above funded status table as of December 31, 2024 and 2023.
The following table summarizes non-United States plan assets measured at fair value:

December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2TotalLevel 1Level 2Total
(in millions)
International equities$— $1 $1 $1 $1 $2 
Debt issued by national, state or local government2 170 172 2 210 212 
Corporate bonds— 18 18 — — — 
Investments funds— 10 10 — 10 10 
Insurance contracts— 168 168 — 145 145 
Other8 7 15 3 7 10 
Total$10 $374 $384 $6 $373 $379 

Investments in mutual funds are valued at quoted market prices. Investments in common/collective trusts and pooled funds are valued at the NAV as reported by the trust. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. Insurance contracts are valued at the amount of the benefit liability. The Company has no Level 3 assets that rely on unobservable inputs to measure fair value.

Investment Policies and Strategies

The Company invests primarily in a diversified portfolio of debt and equity securities that provide for long-term growth within reasonable and prudent levels of risk. The asset allocation targets established by the Company are strategic and applicable to the plan’s long-term investing horizon. The portfolio is constructed and maintained to provide adequate liquidity to meet associated liabilities and minimize long-term expense and provide prudent diversification among asset classes in accordance with the principles of modern portfolio theory. The plan employs a diversified mix of actively managed investments around a core of passively managed index exposures in each asset class. Within each asset class, rapid market shifts, changes in economic conditions or an individual fund manager’s outlook may cause the asset allocation to fall outside the prescribed targets. The majority of the Company’s plan assets are measured quarterly against benchmarks established by the Company’s investment manager and the Company’s Investment Committee, who review actual plan performance and have the authority to recommend changes as deemed appropriate. Assets are rebalanced periodically to their strategic targets to maintain the plan’s strategic risk/reward characteristics. The Company periodically conducts asset liability modeling studies to ensure that the investment strategy is aligned with the obligations of the plans and that the assets will generate income and capital growth to meet the cost of current and future benefits that the plans provide. The pension plans did not have investments in Company stock as of December 31, 2024 and 2023.

The portfolio for the Company’s United Kingdom pension plans seek to invest in a range of suitable assets of appropriate liquidity that will generate in the most effective manner possible, income and capital growth to ensure that there are sufficient assets to meet benefit payments when they fall due, while controlling the long-term costs of the plans, avoiding short-term volatility of investment returns, and managing risks in accordance with plan investment strategies. The plans seek to achieve these objectives by investing in a mixture of real (equities) and monetary (fixed interest) assets, which is expected to provide the level of returns required by the plans. The trustee periodically conducts asset liability modeling exercises to ensure the investments are aligned with the appropriate benchmark to better reflect the plans’ liabilities. The trustee also undertakes to review this benchmark on a regular basis.

Cash Flows

Contributions

The Company expects to contribute approximately $30 million in required contributions to its pension and postretirement benefit plans during 2025. The Company may make additional contributions into its pension plans in 2025 depending on, among other factors, how the funded status of those plans change or in order to meet minimum funding requirements as set forth in employee benefit and tax laws, plus additional amounts the Company may deem to be appropriate.
Estimated future benefit payments

The following benefit payments (net of expected participant contributions) for pension benefits are expected to be paid as follows:
(in millions)
2025$55 
202656 
202760 
202862 
202965 
Years 2030 through 2034361 
$659 

Benefit payments (net of expected participant contributions) for other postretirement benefits are expected to be immaterial over the years presented.

Defined Contribution Plans

Defined contribution or profit sharing plans are offered in various countries in which the Company operates. In some cases, these plans are required by local laws or regulations.

In the United States, the Company has a 401(k) plan under which the Company matches employee deferrals at varying percentages and specified limits of the employee’s salary. For the years ended December 31, 2024, 2023 and 2022, the Company expensed $80 million, $81 million and $74 million, respectively, related to matching contributions.

Certain key executives of the Company participate in an unfunded defined contribution executive retirement plan, assumed in the merger between Quintiles and IMS Health, which was frozen to additional accruals for future service contributions in 2012. Participants continue to receive an annual investment credit based on the average of the annual yields at the end of each month on the AA-AAA rated 10 plus year maturity component of the Merrill Lynch United States Corporate Bond Master Index.

Plans Accounted for as Postretirement Benefits

The Company provides certain executives with postretirement medical, dental and life insurance benefits. These benefits are individually negotiated arrangements in accordance with their individual employment arrangements. The above tables do not include the Company’s expense or obligation associated with providing these benefits. The obligation related to these benefits as of December 31, 2024 and 2023, and the Company’s expense for the years then ended, were not material.

Stock Incentive Plans

Stock incentive plans provide incentives to eligible employees, officers and directors in the form of non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted stock awards, restricted stock units (“RSUs”), performance awards, covered annual incentive awards, cash-based awards and other stock-based awards, in each case subject to the terms of the stock incentive plans.

In April 2017, the Company’s 2017 Incentive and Stock Award Plan (the “2017 Plan”) was approved by the Company’s stockholders. The 2017 Plan provides for the grant of stock options, SARs, restricted and deferred stock (including RSUs), performance awards, dividend equivalents, other stock-based awards and cash-based awards.

The Company recognized stock-based compensation expense of $206 million, $217 million and $194 million in the years ended December 31, 2024, 2023 and 2022, respectively. Stock-based compensation expense is included in selling, general and administrative expenses on the accompanying consolidated statements of income. The associated future income tax benefit recognized was $36 million, $34 million and $28 million in the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, there was approximately $215 million of total unrecognized stock-based compensation expense related to outstanding non-vested stock-based compensation arrangements, which the Company expects to recognize over a weighted average period of 1.2 years.
As of December 31, 2024, there were 7.6 million shares available for future grants under all of the Company’s stock incentive plans.

The Company used the following assumptions when estimating the value of the stock-based compensation for Stock Settled SARs granted as follows:
Year Ended December 31,
202420232022
Expected volatility
28 – 35%
29 – 35%
28 – 34%
Weighted average expected volatility32%32%30%
Expected dividends0.0%0.0%0.0%
Expected term (in years)
2.6 – 5.6
2.4 – 5.4
3.3 – 6.3
Risk-free interest rate
4.07 – 4.56%
3.38 –4.75%
1.84 – 4.22%

Stock Appreciation Rights – Stock Settled

The exercise price of the stock-settled SARs (“SSRs”) is equal to the closing market price of the Company’s common stock as of the grant date and expire on the tenth anniversary of the date of grant. The SSRs are eligible to vest in three equal annual installments on each of the first three anniversaries of the date of grant.

The Company’s SSR activity in the year ended December 31, 2024 is as follows:
(in millions, except number of SSRs and exercise price)
Number of SSRs
Weighted Average Exercise PriceAggregate Intrinsic Value
Outstanding as of December 31, 20233,862,710$144.79 $342 
Granted426,430 214.37 
Exercised(754,235)120.01 
Canceled(41,593)233.29 
Outstanding as of December 31, 20243,493,312$157.58 $175 

The weighted average fair value per share of SSRs granted in the year ended December 31, 2024 was $70.63. The total intrinsic value of SSRs exercised was approximately $88 million, $51 million and $25 million in the years ended December 31, 2024, 2023 and 2022, respectively.

The weighted average remaining contractual life of the SSRs outstanding and exercisable as of December 31, 2024 is 5.2 years and 4.2 years, respectively. The total aggregate intrinsic value of the exercisable SSRs and the SSRs expected to vest as of December 31, 2024 was approximately $175 million.

Stock Options

The option price is determined by the Board at the date of grant and the options expire 10 years from the date of grant. All outstanding stock options are fully vested.

The Company’s stock option activity in the year ended December 31, 2024 is as follows:
(in millions, except number of options and exercise price)
Number of Options
Weighted Average Exercise PriceAggregate Intrinsic Value
Outstanding as of December 31, 2023174,971 $62.35 $30 
Exercised(88,006)60.10
Outstanding as of December 31, 202486,965 $64.63 $11 
The total intrinsic value of options exercised was approximately $15 million, $23 million and $9 million in the years ended December 31, 2024, 2023 and 2022, respectively. The Company received cash of approximately $5 million, $7 million and $2 million in 2024, 2023, and 2022, respectively, from options exercised.

The weighted average remaining contractual life of the options outstanding and exercisable as of December 31, 2024 is 1.0 years. The total aggregate intrinsic value of the exercisable stock options as of December 31, 2024 was approximately $11 million.

Performance Awards

The Company awarded performance awards that contain service, performance-based and/or market-based vesting criteria. Vesting occurs if the recipient remains employed and depends on the degree to which performance goals are achieved during the three-year performance period (as defined in the award agreements).

The Company’s performance award activity in the year ended December 31, 2024 is as follows:
Number of Performance AwardsWeighted Average Grant-Date Fair Value
Outstanding as of December 31, 2023746,070$232.13 
Granted493,729217.83 
Additional goal achievement shares
172,658189.94 
Vested(387,288)197.10 
Canceled(32,691)241.33 
Outstanding as of December 31, 2024992,478$231.04 

As of December 31, 2024, there are 992,478 performance awards outstanding with an intrinsic value of approximately $195 million.

Restricted Stock Units – Stock Settled

The Company’s RSUs will settle in shares of the Company’s common stock within 30 days of the applicable vesting date. In general, RSUs granted to employees vest either (i) one-third per year beginning on the first anniversary of the grant date or (ii) 100% at the end of the three-year period following the grant date. Members of the Company’s Board receive RSUs that are fully vested when granted.

The Company’s RSU activity in the year ended December 31, 2024 is as follows:


Number of RSUs		Weighted Average Grant-Date
Fair Value
Outstanding as of December 31, 2023888,856 $228.55 
Granted (1)
594,957 216.78 
Vested(415,766)223.45 
Canceled(67,719)225.00 
Outstanding as of December 31, 20241,000,328 $223.91 
(1) Pursuant to the IQVIA Holdings Inc. Non-Employee Director Deferral Plan (the “Director Deferral Plan”), non-employee directors may elect to defer receipt of their cash and/or equity retainers. If a director elects to defer his or her retainer, he or she will instead be credited with that value in deferred shares under the Director Deferral Plan. Deferred shares become payable in Company common stock following a termination of the director’s Board service or the director’s death, or upon a change in control of the Company. The Company granted 6,482 deferred RSUs in 2024.

As of December 31, 2024, there are 1,000,328 RSUs outstanding with an intrinsic value of approximately $197 million.
Stock Appreciation Rights – Cash Settled

The Company’s cash settled SARs (“CSRs”) require the Company to settle in cash an amount equal to the difference between the fair value of the Company’s common stock on the date of exercise and the grant price, multiplied by the number of CSRs being exercised. All outstanding CSRs are fully vested.

As of December 31, 2024, 2023 and 2022, the weighted average fair value per share of the CSRs outstanding was $109.83, $152.17 and $147.41, respectively. The Company paid approximately $3 million, $11 million and $1 million to settle exercised CSRs in the years ended December 31, 2024, 2023 and 2022, respectively.

The weighted average remaining contractual life of the CSRs outstanding and exercisable as of December 31, 2024 is 3.1 years. The total aggregate intrinsic value of the exercisable CSRs as of December 31, 2024 was approximately $4 million.

Restricted Stock Units – Cash Settled

The Company’s cash settled RSUs (“Cash RSUs”) require the Company to settle in cash an amount equal to the fair value of the Company’s common stock on the vest date multiplied by the number of vested Cash RSUs. These awards vest either (i) 100% at the end of the three-year period following the date of grant, or (ii) one-third per year beginning on the first grant date anniversary. As of December 31, 2024, there are 5,808 Cash RSUs outstanding with an intrinsic value of approximately $1 million.

Long Term Incentive Awards - Stock Settled

During the year ended December 31, 2022, the Company entered into long term incentive award agreements with certain employees totaling a fixed monetary amount of $80 million to issue a variable number of common shares based on the fair market value when the awards vest on the third anniversary of the grant date. The Company accounts for the awards as liability-classified awards with the liability recorded in other current liabilities in the consolidated balance sheets as of December 31, 2024. The Company recorded approximately $26 million, $22 million and $9 million of stock-based compensation expense for these awards during the years ended December 31, 2024, 2023 and 2022, respectively.

Other

The Company sponsors a supplemental non-qualified deferred compensation plan, covering certain management employees, and maintains other statutory indemnity plans as required by local laws or regulations.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has entered into transactions with related parties that are not deemed to be material, including investments in unconsolidated affiliates that are discussed in Note 4.
v3.25.0.1
Property, Equipment and Software by Geography
 12 Months Ended
Dec. 31, 2024
Property Equipment And Software By Geography [Abstract]  
Property, Equipment and Software by Geography Property, Equipment and Software by Geography
The following table represents the Company’s property, equipment and software, net, by geographic region, which is further broken down to show each country that accounts for 10% or more of the totals:
December 31,
(in millions)20242023
Property, equipment and software, net:
Americas:
United States$1,803 $1,820 
Other54 97 
Americas1,857 1,917 
Europe and Africa184 193 
Asia-Pacific50 36 
Total property, equipment and software, net$2,091 $2,146 
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Technology & Analytics Solutions provides mission critical information, technology solutions and real world insights and services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research and clinical trial related services. Contract Sales & Medical Solutions provides health care provider (including contract sales) and patient engagement services to both biopharmaceutical customers and the broader healthcare market.

Certain costs are not allocated to the Company's segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation and expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses. The Company also does not allocate restructuring costs, depreciation and amortization or impairment charges, if any, to its segments. Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the chief operating decision maker ("CODM"), to assess the Company’s performance.

For all segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
The Company’s reportable segment information is presented below:
Year Ended December 31,
(in millions)202420232022
Revenues
Technology & Analytics Solutions$6,160 $5,862 $5,746 
Research & Development Solutions8,527 8,395 7,921 
Contract Sales & Medical Solutions718 727 743 
Total revenues15,405 14,984 14,410 
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions3,721 3,496 3,348 
Research & Development Solutions5,698 5,629 5,395 
Contract Sales & Medical Solutions611 620 639 
Total cost of revenues, exclusive of depreciation and amortization10,030 9,745 9,382 
Selling, general and administrative expenses
Technology & Analytics Solutions917 876 848 
Research & Development Solutions881 851 831 
Contract Sales & Medical Solutions60 58 62 
Total selling, general and administrative expenses reportable segments1,858 1,785 1,741 
Segment profit
Technology & Analytics Solutions1,522 1,490 1,550 
Research & Development Solutions1,948 1,915 1,695 
Contract Sales & Medical Solutions47 49 42 
Total segment profit3,517 3,454 3,287 
General corporate and unallocated expenses(134)(268)(330)
Depreciation and amortization(1,114)(1,125)(1,130)
Restructuring costs(67)(84)(28)
Total income from operations2,202 1,977 1,799 
Interest income(47)(36)(13)
Interest expense670 672 416 
Loss on extinguishment of debt— 6 — 
Other (income) expense, net(90)(124)33 
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates$1,669 $1,459 $1,363 
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents the computation of basic and diluted earnings per share:
Year Ended December 31,
(in millions, except per share data)202420232022
Numerator:
Net income$1,373 $1,358 $1,091 
Denominator:
Basic weighted average common shares outstanding181.3 183.8 187.6 
Effect of dilutive stock options and share awards2.1 2.5 3 
Diluted weighted average common shares outstanding183.4 186.3 190.6 
Earnings per share attributable to common stockholders:
Basic $7.57 $7.39 $5.82 
Diluted$7.49 $7.29 $5.72 

Stock-based awards will have a dilutive effect under the treasury method when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. Performance awards are included in diluted earnings per share based on if the performance targets have been met at the end of the reporting period.

For the years ended December 31, 2024, 2023 and 2022 the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions that have not been met at the end of the reporting period or the effect of including such stock-based awards in the computation would be anti-dilutive was 1.0 million, 1.0 million, and 0.5 million, million, respectively.
v3.25.0.1
Accumulated Other Comprehensive (Loss) Income
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income
Below is a summary of the components of AOCI:
(in millions)Foreign Currency TranslationDerivative InstrumentsDefined Benefit PlansIncome TaxesTotal
Balance as of December 31, 2021$(570)$(21)$5 $180 $(406)
Other comprehensive (loss) income before reclassifications(255)53 (13)(116)(331)
Reclassification adjustments— 12 — (2)10 
Balance as of December 31, 2022(825)44 (8)62 (727)
Other comprehensive (loss) income before reclassifications(144)(10)11 54 (89)
Reclassification adjustments— (68)— 17 (51)
Balance as of December 31, 2023(969)(34)3 133 (867)
Other comprehensive (loss) income before reclassifications(123)70 12 (99)(140)
Reclassification adjustments— (41)— 10 (31)
Balance as of December 31, 2024$(1,092)$(5)$15 $44 $(1,038)
Below is a summary of the adjustments for amounts reclassified from AOCI into the consolidated statements of income and the affected financial statement line item:
Year Ended December 31,

(in millions)
Affected Financial Statement Line Item202420232022
Derivative instruments:
Interest rate swaps Interest expense$41 $47 $(22)
Foreign exchange forward contractsRevenues— 21 10 
Total before income taxes41 68 (12)
Income taxes10 17 (2)
Total net of income taxes$31 $51 $(10)
v3.25.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The following table presents the Company’s supplemental cash flow information:
Year Ended December 31,
(in millions)202420232022
Supplemental Cash Flow Information:
Interest paid, net$589$556 $379
Income taxes paid, net of refunds$295$340 $255
v3.25.0.1
Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I-Condensed Financial Information of Registrant (2) Financial Statement Schedules
Schedule I—Condensed Financial Information of Registrant

IQVIA HOLDINGS INC. (PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Year Ended December 31,
(in millions)202420232022
Equity in earnings of subsidiary, net of tax$1,373 $1,358 $1,091 
Net income1,373 1,358 1,091 
Equity in other comprehensive (loss) income of subsidiary, net of tax(171)(140)(321)
Comprehensive income $1,202 $1,218 $770 
IQVIA HOLDINGS INC. (PARENT COMPANY ONLY)
CONDENSED BALANCE SHEETS
    
December 31,
(in millions, except per share data)20242023
ASSETS
Current assets:
Cash and cash equivalents$— $2 
Total current assets— 2 
Investment in subsidiary9,667 9,667 
Total assets$9,667 $9,669 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$9 $8 
Total current liabilities9 8 
Investment in subsidiary3,588 3,546 
Payable to subsidiary3 3 
Total liabilities3,600 3,557 
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of December 31, 2024 and 2023, $0.01 par value, 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024; 257.2 shares issued and 181.5 shares outstanding as of December 31, 2023
11,143 11,028 
Retained earnings6,065 4,692 
Treasury stock, at cost, 82.1 and 75.7 shares as of December 31, 2024 and 2023, respectively
(10,103)(8,741)
Accumulated other comprehensive loss(1,038)(867)
Total stockholders’ equity6,067 6,112 
Total liabilities and stockholders’ equity$9,667 $9,669 
IQVIA HOLDINGS INC. (PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(in millions)202420232022
Operating activities:
Net Income$1,373 $1,358 $1,091 
Adjustments to reconcile net income to cash provided by operating activities:
Equity in earnings of subsidiary(1,373)(1,358)(1,091)
Change in operating assets and liabilities:
Other operating assets and liabilities(11)— 1 
Net cash from operating activities(11)— 1 
Investing activities:
Investment in subsidiary, net of dividends received1,423 1,052 1,238 
Net cash from investing activities1,423 1,052 1,238 
Financing activities:
Payments related to employee stock incentive plans, net(64)(61)(71)
Repurchase of common stock(1,350)(992)(1,168)
Intercompany with subsidiary— 1 — 
Net cash from financing activities(1,414)(1,052)(1,239)
Change in cash and cash equivalents(2)— — 
Cash and cash equivalents at beginning of period2 2 2 
Cash and cash equivalents at end of period$— $2 $2
IQVIA HOLDINGS INC. (PARENT COMPANY ONLY)
NOTES TO CONDENSED FINANCIAL INFORMATION

The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of IQVIA Holdings Inc.’s (the “Company”) wholly owned subsidiary, IQVIA Incorporated exceed 25% of the consolidated net assets of the Company. These condensed parent company financial statements are not the general-purpose financial statements of the reporting entity. The ability of IQVIA Incorporated to pay dividends may be limited due to the restrictive covenants in the agreements governing its credit arrangements.

These condensed parent company financial statements include the accounts of IQVIA Holdings Inc. on a standalone basis (the “Parent”) and the equity method of accounting is used to reflect ownership interest in its subsidiary. Refer to the consolidated financial statements and notes presented elsewhere herein for additional information and disclosures with respect to these financial statements.

Below is a summary of the dividends paid to the Parent by IQVIA Incorporated in the years ended December 31, 2024, 2023 and 2022:
(in millions)Amount
Paid in December 2024$200 
Paid in November 2024952 
Paid in October 202411 
Paid in September 2024201 
Paid in August 20241 
Paid in February 202458 
Total paid in 2024$1,423 
Paid in November 2023$232 
Paid in September 202355 
Paid in August 202389 
Paid in May 2023490 
Paid in March 2023130 
Paid in February 202356 
Total paid in 2023$1,052 
Paid in December 2022$25 
Paid in November 20223
Paid in October 202240
Paid in September 2022110
Paid in August 20221 
Paid in July 2022100 
Paid in June 2022188 
Paid in May 2022303 
Paid in April 20222 
Paid in March 2022125 
Paid in February 2022322
Paid in January 202220 
Total paid in 2022$1,239 
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II-Valuation and Qualifying Accounts
Schedule II—Valuation and Qualifying Accounts

Deferred Tax Asset Valuation Allowance
Additions

(in millions)		Balance at Beginning of YearCharged to ExpensesCharged to Other Accounts(a)Additions (Deductions) (b)Balance at End of Year
December 31, 2024$166$(12)$— $42 $196
December 31, 2023$257$(99)$— $8 $166
December 31, 2022$294$(27)$— $(10)$257
(a)Recorded through purchase accounting transaction.
(b)Impact of additions or reductions recorded to expense and translation adjustments.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 1,373 $ 1,358 $ 1,091
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our Board actively oversees our enterprise risk management program. Our Board’s role in risk oversight is consistent with our overall leadership structure: management is responsible for assessing and managing our short- and long-term risk exposures, and our Board and its committees provide effective oversight through independent monitoring of strategic risks and regularly scheduled meetings with management to discuss in-depth the strategic objectives of the Company and associated risks. In connection with Board oversight across the entire enterprise risk management program, the Board delegates to the individual committees certain elements of its oversight function. The Audit Committee of the Board has oversight of cybersecurity risk and receives regular updates on any developments from our Chief Information Security Officer (“CISO”), including biannual updates on strategies and action plans, with periodic reports provided to our full Board.

We have an Enterprise Risk Council made up of leaders from our principal functional areas and business units that meets on a quarterly basis to update our enterprise risk framework used to identify and manage our key risks, including cybersecurity. Cybersecurity is a standing item on our Enterprise Risk Council agenda and our cybersecurity team regularly presents its work to the Enterprise Risk Council to enable evolving risks to be integrated into our management processes. The Global Information Security team, led by our CISO, create cybersecurity processes and frameworks for use throughout IQVIA. Our CISO is an experienced cybersecurity leader with over 25 years of experience in security, technology and risk management, and has previously served as a public company CISO for a global financial services firm, where he spent 18 years serving in roles of increasing responsibility, leading large cross functional security and technology teams.

The IQVIA cybersecurity program employs policies, procedures, guidelines, training, communications, tools, assessments and other methods and resources to identify and manage cybersecurity risks. Our Integrated Information Security Framework ("IISF") defines minimum controls and safeguards used to safeguard proprietary and confidential information. Our IISF is based on relevant industry frameworks and laws, including, but not limited to National Institute of Standards and Technology ("NIST"), Good Practices Quality Guidelines (GxP), Health Information Trust Alliance (HITRUST), the ISMS Family of Standards (ISO 27000 family), Control Objectives for Information Technologies (COBIT), the EU General Data Protection Regulation (GDPR), and the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The framework is integrated with IQVIA policies, standards, procedures, work instructions, documentation and development and oversight activities. Information is classified into four categories to help individuals apply the right level of controls and safeguards to information, applications and systems. In 2023, we conducted a mapping of the IISF with the NIST framework to make it easier for customers and other stakeholders to understand how IQVIA's cybersecurity program aligns with published frameworks. Our global data centers and IT controls are included in an annual SOC2 Type II attestation program carried out by an independent audit firm who performs control testing and issues reports. Our set of SOC2 controls is aligned with ISO27001 specification and therefore provides an equivalent level of assurance on a global level. Additionally, our cybersecurity controls are regularly assessed as part of our global Internal Audit plan, and the maturity of our Information Security program is also regularly assessed on at least an annual basis with the help of independent consultants.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our Board actively oversees our enterprise risk management program. Our Board’s role in risk oversight is consistent with our overall leadership structure: management is responsible for assessing and managing our short- and long-term risk exposures, and our Board and its committees provide effective oversight through independent monitoring of strategic risks and regularly scheduled meetings with management to discuss in-depth the strategic objectives of the Company and associated risks. In connection with Board oversight across the entire enterprise risk management program, the Board delegates to the individual committees certain elements of its oversight function. The Audit Committee of the Board has oversight of cybersecurity risk and receives regular updates on any developments from our Chief Information Security Officer (“CISO”), including biannual updates on strategies and action plans, with periodic reports provided to our full Board.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board actively oversees our enterprise risk management program. Our Board’s role in risk oversight is consistent with our overall leadership structure: management is responsible for assessing and managing our short- and long-term risk exposures, and our Board and its committees provide effective oversight through independent monitoring of strategic risks and regularly scheduled meetings with management to discuss in-depth the strategic objectives of the Company and associated risks. In connection with Board oversight across the entire enterprise risk management program, the Board delegates to the individual committees certain elements of its oversight function. The Audit Committee of the Board has oversight of cybersecurity risk and receives regular updates on any developments from our Chief Information Security Officer (“CISO”), including biannual updates on strategies and action plans, with periodic reports provided to our full Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board has oversight of cybersecurity risk and receives regular updates on any developments from our Chief Information Security Officer (“CISO”), including biannual updates on strategies and action plans, with periodic reports provided to our full Board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board actively oversees our enterprise risk management program. Our Board’s role in risk oversight is consistent with our overall leadership structure: management is responsible for assessing and managing our short- and long-term risk exposures, and our Board and its committees provide effective oversight through independent monitoring of strategic risks and regularly scheduled meetings with management to discuss in-depth the strategic objectives of the Company and associated risks. In connection with Board oversight across the entire enterprise risk management program, the Board delegates to the individual committees certain elements of its oversight function. The Audit Committee of the Board has oversight of cybersecurity risk and receives regular updates on any developments from our Chief Information Security Officer (“CISO”), including biannual updates on strategies and action plans, with periodic reports provided to our full Board.

We have an Enterprise Risk Council made up of leaders from our principal functional areas and business units that meets on a quarterly basis to update our enterprise risk framework used to identify and manage our key risks, including cybersecurity. Cybersecurity is a standing item on our Enterprise Risk Council agenda and our cybersecurity team regularly presents its work to the Enterprise Risk Council to enable evolving risks to be integrated into our management processes. The Global Information Security team, led by our CISO, create cybersecurity processes and frameworks for use throughout IQVIA. Our CISO is an experienced cybersecurity leader with over 25 years of experience in security, technology and risk management, and has previously served as a public company CISO for a global financial services firm, where he spent 18 years serving in roles of increasing responsibility, leading large cross functional security and technology teams.

The IQVIA cybersecurity program employs policies, procedures, guidelines, training, communications, tools, assessments and other methods and resources to identify and manage cybersecurity risks. Our Integrated Information Security Framework ("IISF") defines minimum controls and safeguards used to safeguard proprietary and confidential information. Our IISF is based on relevant industry frameworks and laws, including, but not limited to National Institute of Standards and Technology ("NIST"), Good Practices Quality Guidelines (GxP), Health Information Trust Alliance (HITRUST), the ISMS Family of Standards (ISO 27000 family), Control Objectives for Information Technologies (COBIT), the EU General Data Protection Regulation (GDPR), and the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The framework is integrated with IQVIA policies, standards, procedures, work instructions, documentation and development and oversight activities. Information is classified into four categories to help individuals apply the right level of controls and safeguards to information, applications and systems. In 2023, we conducted a mapping of the IISF with the NIST framework to make it easier for customers and other stakeholders to understand how IQVIA's cybersecurity program aligns with published frameworks. Our global data centers and IT controls are included in an annual SOC2 Type II attestation program carried out by an independent audit firm who performs control testing and issues reports. Our set of SOC2 controls is aligned with ISO27001 specification and therefore provides an equivalent level of assurance on a global level. Additionally, our cybersecurity controls are regularly assessed as part of our global Internal Audit plan, and the maturity of our Information Security program is also regularly assessed on at least an annual basis with the help of independent consultants.
Cybersecurity Risk Role of Management [Text Block]
Our Board actively oversees our enterprise risk management program. Our Board’s role in risk oversight is consistent with our overall leadership structure: management is responsible for assessing and managing our short- and long-term risk exposures, and our Board and its committees provide effective oversight through independent monitoring of strategic risks and regularly scheduled meetings with management to discuss in-depth the strategic objectives of the Company and associated risks. In connection with Board oversight across the entire enterprise risk management program, the Board delegates to the individual committees certain elements of its oversight function. The Audit Committee of the Board has oversight of cybersecurity risk and receives regular updates on any developments from our Chief Information Security Officer (“CISO”), including biannual updates on strategies and action plans, with periodic reports provided to our full Board.

We have an Enterprise Risk Council made up of leaders from our principal functional areas and business units that meets on a quarterly basis to update our enterprise risk framework used to identify and manage our key risks, including cybersecurity. Cybersecurity is a standing item on our Enterprise Risk Council agenda and our cybersecurity team regularly presents its work to the Enterprise Risk Council to enable evolving risks to be integrated into our management processes. The Global Information Security team, led by our CISO, create cybersecurity processes and frameworks for use throughout IQVIA. Our CISO is an experienced cybersecurity leader with over 25 years of experience in security, technology and risk management, and has previously served as a public company CISO for a global financial services firm, where he spent 18 years serving in roles of increasing responsibility, leading large cross functional security and technology teams.

The IQVIA cybersecurity program employs policies, procedures, guidelines, training, communications, tools, assessments and other methods and resources to identify and manage cybersecurity risks. Our Integrated Information Security Framework ("IISF") defines minimum controls and safeguards used to safeguard proprietary and confidential information. Our IISF is based on relevant industry frameworks and laws, including, but not limited to National Institute of Standards and Technology ("NIST"), Good Practices Quality Guidelines (GxP), Health Information Trust Alliance (HITRUST), the ISMS Family of Standards (ISO 27000 family), Control Objectives for Information Technologies (COBIT), the EU General Data Protection Regulation (GDPR), and the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The framework is integrated with IQVIA policies, standards, procedures, work instructions, documentation and development and oversight activities. Information is classified into four categories to help individuals apply the right level of controls and safeguards to information, applications and systems. In 2023, we conducted a mapping of the IISF with the NIST framework to make it easier for customers and other stakeholders to understand how IQVIA's cybersecurity program aligns with published frameworks. Our global data centers and IT controls are included in an annual SOC2 Type II attestation program carried out by an independent audit firm who performs control testing and issues reports. Our set of SOC2 controls is aligned with ISO27001 specification and therefore provides an equivalent level of assurance on a global level. Additionally, our cybersecurity controls are regularly assessed as part of our global Internal Audit plan, and the maturity of our Information Security program is also regularly assessed on at least an annual basis with the help of independent consultants.

Our internal Business Information Security Office ("BISO"), established in 2022, continues to streamline communications between our IT function and business units. The BISO connects several key functions, including the Chief Information Officer Business Partnership, business continuity, governance, risk management, and compliance.

Our cybersecurity program focuses on all areas of our business, including cloud-based environments, data centers, devices used by employees and contractors, facilities, networks, applications, vendors, disaster recovery / business continuity and controls and safeguards enabled through business processes and tools. We continuously monitor for threats and unauthorized access. We learn of security threats through automated detection solutions as well as reports from users and business partners. We draw on the knowledge and insight of external cybersecurity experts and vendors and employ an array of third party tools to secure IQVIA information infrastructure and protect systems and information from unauthorized access. We manage risk in our supply chain through engagement with suppliers and vendors, including vendor on-boarding risk assessments, ongoing oversight, and independent cyber-reputation score monitoring for key suppliers.
Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. To protect against such threats, we employ an array of data security technologies, processes and methods across our infrastructure to protect systems and sensitive information from unauthorized access. We maintain comprehensive identity and access management practices (e.g., roles and access privileges for each user; multi-factor authentication, privileged user accounts, single sign-on, user lifecycle management) and employ a variety of security information and event management tools. Non-technical safeguards also play an important role in our cybersecurity program. We provide standard operating procedures, work instructions, guidelines, communications, training programs, tools and other documentation and resources to help employees avoid risky practices, help us promptly identify potential or actual issues and employ cybersecurity requirements in their day-to-day work We also have global incident response procedures, global service tools to log incidents and issues for investigation, and an ethics line to report concerns and follow-up on matters already reported. For more information on our cybersecurity related risks, see Item 1A Risk Factors in this Annual Report on Form 10-K.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Audit Committee of the Board has oversight of cybersecurity risk and receives regular updates on any developments from our Chief Information Security Officer (“CISO”), including biannual updates on strategies and action plans, with periodic reports provided to our full Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO is an experienced cybersecurity leader with over 25 years of experience in security, technology and risk management, and has previously served as a public company CISO for a global financial services firm, where he spent 18 years serving in roles of increasing responsibility, leading large cross functional security and technology teams.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The IQVIA cybersecurity program employs policies, procedures, guidelines, training, communications, tools, assessments and other methods and resources to identify and manage cybersecurity risks. Our Integrated Information Security Framework ("IISF") defines minimum controls and safeguards used to safeguard proprietary and confidential information. Our IISF is based on relevant industry frameworks and laws, including, but not limited to National Institute of Standards and Technology ("NIST"), Good Practices Quality Guidelines (GxP), Health Information Trust Alliance (HITRUST), the ISMS Family of Standards (ISO 27000 family), Control Objectives for Information Technologies (COBIT), the EU General Data Protection Regulation (GDPR), and the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The framework is integrated with IQVIA policies, standards, procedures, work instructions, documentation and development and oversight activities. Information is classified into four categories to help individuals apply the right level of controls and safeguards to information, applications and systems. In 2023, we conducted a mapping of the IISF with the NIST framework to make it easier for customers and other stakeholders to understand how IQVIA's cybersecurity program aligns with published frameworks. Our global data centers and IT controls are included in an annual SOC2 Type II attestation program carried out by an independent audit firm who performs control testing and issues reports. Our set of SOC2 controls is aligned with ISO27001 specification and therefore provides an equivalent level of assurance on a global level. Additionally, our cybersecurity controls are regularly assessed as part of our global Internal Audit plan, and the maturity of our Information Security program is also regularly assessed on at least an annual basis with the help of independent consultants.
Our internal Business Information Security Office ("BISO"), established in 2022, continues to streamline communications between our IT function and business units. The BISO connects several key functions, including the Chief Information Officer Business Partnership, business continuity, governance, risk management, and compliance.

Our cybersecurity program focuses on all areas of our business, including cloud-based environments, data centers, devices used by employees and contractors, facilities, networks, applications, vendors, disaster recovery / business continuity and controls and safeguards enabled through business processes and tools. We continuously monitor for threats and unauthorized access. We learn of security threats through automated detection solutions as well as reports from users and business partners. We draw on the knowledge and insight of external cybersecurity experts and vendors and employ an array of third party tools to secure IQVIA information infrastructure and protect systems and information from unauthorized access. We manage risk in our supply chain through engagement with suppliers and vendors, including vendor on-boarding risk assessments, ongoing oversight, and independent cyber-reputation score monitoring for key suppliers.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation

The accompanying consolidated financial statements include the accounts and operations of the Company, its subsidiaries and investments in which the Company has control. Amounts pertaining to the non-controlling ownership interests held by third parties, if any, in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as non-controlling interests. Intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results may differ from those estimates.
Foreign Currencies
Foreign Currencies

The Company’s consolidated financial statements are reported in United States dollars and, accordingly, the Company’s results of operations are impacted by fluctuations in exchange rates that affect the translation of its revenues and expenses denominated in foreign currencies into United States dollars for purposes of reporting its consolidated financial results. Assets and liabilities recorded in foreign currencies on the books of foreign subsidiaries are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange during the year. Translation adjustments resulting from this process are charged or credited to the accumulated other comprehensive (loss) income (“AOCI”) component of stockholders’ equity. The Company is subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of a transaction. The Company earns revenues from its service contracts over a period of several months and, in some cases, over a period of several years. Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts.

For operations outside the United States that are considered to be highly inflationary or where the United States dollar is designated as the functional currency, monetary assets and liabilities are remeasured using end-of-period exchange rates, whereas nonmonetary accounts are remeasured using historical exchange rates, and all remeasurement and transaction adjustments are recognized in other (income) expense, net.
Cash Equivalents
Cash Equivalents

The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents.
Derivatives
Derivatives

The Company uses derivative instruments to manage exposures to interest rates and foreign currencies. Derivatives are recorded on the balance sheet at fair value at each balance sheet date utilizing pricing models for non-exchange-traded contracts.

At inception, the Company designates whether or not the derivative instrument is an effective hedge of an asset, liability or firm commitment which is then classified as either a cash flow hedge or a fair value hedge. If determined to be an effective cash flow hedge, changes in the fair value of the derivative instrument are recorded as a component of AOCI until realized. The Company includes the impact from these hedges in the same line item as the hedged item on the consolidated statements of cash flows. Changes in fair value of effective fair value hedges are recorded in earnings as an offset to the changes in the fair value of the related hedged item. Hedge ineffectiveness, if any, is immediately recognized in earnings. Changes in the fair values of derivative instruments that are not an effective hedge are recognized in earnings. When it is probable that a hedged forecasted transaction will not occur, the Company discontinues hedge accounting for the affected portion of the forecasted transaction and reclassifies gains or losses that were accumulated in AOCI to earnings for foreign exchange derivatives and interest expense for interest rate derivatives on the consolidated statements of income. Cash flows are classified consistent with the underlying hedged item. The Company has entered, and may in the future enter, into derivative contracts (caps, swaps, forwards, calls or puts, warrants, for example) related to its debt and forecasted foreign currency transactions. The Company does not enter into derivative instruments for investment or speculative purposes.
The Company designates its cross-currency swaps and a portion of its foreign currency denominated debt as a hedge of its net investment in certain foreign subsidiaries to reduce the volatility in stockholders’ equity caused by changes in the Euro exchange rate with respect to the United States dollar. Foreign exchange gains or losses on the remeasurement of the debt designated as part of a hedge of net investments is recognized in the cumulative translation adjustment component of AOCI with the related offset in long-term debt. Those amounts would be reclassified from AOCI to earnings upon the sale or substantial liquidation of the net investments. The change in fair value of the cross-currency swaps are also recognized in the cumulative translation adjustment component of AOCI and would be reclassified from AOCI to earnings upon the sale or substantial liquidation of the net investments. The interest rate component of the cross-currency swaps is excluded from the assessment of hedge effectiveness and, thus, is recognized as a reduction to interest expense over the life of the cross-currency swaps.
Business Combinations
Business Combinations and Goodwill

The Company uses the acquisition method to account for business combinations, and accordingly, the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition. The Company uses significant judgments, estimates and assumptions in determining the estimated fair value of assets acquired, liabilities assumed and non-controlling interests including expected future cash flows, and discount rates that reflect the risk associated with the expected future cash flows and estimated useful lives.
The Company records and allocates to its reporting units the excess of the cost over the fair value of the net assets acquired, known as goodwill. On an annual basis, and if a triggering event occurs, the Company performs a qualitative analysis to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. This includes a qualitative analysis of macroeconomic conditions, industry and market considerations, cost factors, financial performance, fair value history and other company specific events. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value for the respective reporting unit, the Company would then need to calculate the fair value of the reporting unit. The Company may also choose to bypass the qualitative assessment for any or all reporting units and proceed directly to a quantitative assessment, which involves estimating the fair value of the Company's reporting units and comparing to the carrying value of the reporting units. If the reporting unit calculated fair value is less than the carrying amount, the Company would record an impairment charge for the difference, with the impairment charge not to exceed the carrying amount of goodwill.
Property and Equipment
Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows:

Buildings and leasehold improvements3-40 years
Equipment3-10 years
Furniture and fixtures5-10 years
Transportation equipment3-20 years
Definite-lived Identifiable Intangible Assets
Definite-lived other identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows:

Client relationships and backlog1-25 years
Software and related assets1-10 years
Trademarks, trade names and other1-17 years
Databases1-9 years
Non-compete agreements2-5 years

Included in software and related assets is the capitalized cost of internal-use software used in supporting the Company’s business. Qualifying costs incurred during the application development stage are capitalized and amortized over their estimated useful lives. Costs are capitalized from completion of the preliminary project stage and when it is considered probable that the software will be used to perform its intended function, up until the time the software is placed into service. The Company recognized $472 million, $475 million and $419 million of amortization expense for the years ended December 31, 2024, 2023 and 2022, respectively, related to software and related assets.

The carrying values of property, equipment and intangible and other long-lived assets are reviewed for recoverability at the asset grouping level to determine if the facts and circumstances suggest that a potential impairment may have occurred. If this review indicates that carrying values will not be recoverable, as determined based on undiscounted cash flow projections, the Company will record an impairment charge to reduce carrying values to estimated fair value. There were no significant impairments recognized in the years ended December 31, 2024, 2023 and 2022.
Revenue Recognition
Revenue Recognition

The Company’s arrangements are primarily service contracts that range in duration from a few months to several years. The Company recognizes revenues when control of these services is transferred to the customer for an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those goods or services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenues when, or as, the Company transfers control of the product or service for each performance obligation. Cash payments made to customers as incentives to induce customers to enter into service agreements with the Company are amortized as a reduction of revenues over the period the services are performed. The Company records revenues net of any tax assessments by governmental authorities, such as value added and sales taxes, that are imposed on and concurrent with specific revenues generating transactions.
The Company derives the majority of its revenues in the Technology & Analytics Solutions segment from various information and technology service offerings. Information offerings (primarily under fixed-price contracts) typically include multiple performance obligations including an ongoing subscription-based deliverable for which revenues are recognized ratably as earned over the contract period, and/or a one-time deliverable of data offerings for which revenues are recognized upon delivery. The customer is able to benefit from the provision of data as it is received. The Company’s subscription arrangements typically have terms ranging from one to three years and are generally non-cancelable and do not contain refund-type provisions. Technology services offerings may contain multiple performance obligations consisting of a mix of small and large-scale services and consulting projects, multi-year outsourcing contracts and Software-as-a-Service (“SaaS”) arrangements. These arrangements typically have terms ranging from several weeks to three years, with a majority having terms of one year or less. For arrangements that include multiple performance obligations, the transaction price is allocated to the identified performance obligations based on their relative standalone selling prices. For these contracts, the standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics and geographic location. Revenues for services engagements where the transfer of control occurs ratably over time are recognized on a straight-line basis over the term of the arrangement. Revenues from time and material contracts are recognized based on hours as the services are provided. Revenues from fixed price ad hoc services and consulting contracts are recognized over the contract term based on the ratio of the number of hours incurred for services provided during the period compared to the total estimated hours to be incurred over the entire arrangement (hours-based). Technology services offerings meet the over time criterion, as another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated.

The majority of the Company’s contracts within the Research & Development Solutions segment are service contracts for clinical research that represent a single performance obligation. The Company provides a significant integration service resulting in a combined output, which is clinical trial data that meets the relevant regulatory standards and can be used by the customer to progress to the next phase of a clinical trial or solicit approval of a treatment by the applicable regulatory body. The performance obligation is satisfied over time as the output is captured in data and documentation that is available for the customer to consume over the course of the arrangement and furthers progress of the clinical trial. The Company recognizes revenues over time using a cost-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Progress on the performance obligation is measured by the proportion of actual costs incurred to the total costs expected to complete the contract. Costs included in the measure of progress include direct labor and third-party costs (such as payments to investigators and other reimbursed expenses for the Company’s clinical monitors). This cost-based method of revenue recognition requires the Company to make estimates of costs to complete its projects on an ongoing basis. Significant judgment is required to evaluate assumptions related to these estimates. The effect of revisions to estimates related to the transaction price or costs to complete a project are recorded in the period in which the estimate is revised. Most contracts may be terminated upon 30 to 90 days' notice by the customer; however, in the event of termination, most contracts require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract.

The majority of revenues in the Company's Contract Sales & Medical Solutions segment is from contract sales force to the biopharmaceutical industry and broader healthcare market and recognized over time using a single measure of progress dependent on the performance obligation. Some of the Company's Contract Sales & Medical Solutions contracts contain multiple performance obligations with distinct promises including recruiting, sales force automation and deployment of sales representatives. The Company utilizes a single measure of progress for each performance obligation to recognize revenues, which includes deployment of sales representatives based on employee days worked; recruiting based on candidates recruited; sales force automation set-up based on hours worked; and sales force automation hosting and maintenance based on usage. These services meet the over time criterion as the customer consumes the benefit as activities are performed and another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated to another party.

Variable Consideration

In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as performance incentives (including royalty payments, bonuses, or penalty clauses that can either increase or decrease the transaction price). Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenues recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company and reevaluated each reporting period.
Reimbursed Expenses

The Company includes reimbursed expenses in revenues and cost of revenues as the Company is primarily responsible for fulfilling the promise to provide the specified service, including the integration of the related services into a combined output to the customer, which are inseparable from the integrated service. These costs include such items as payments to investigators and travel expenses for the Company’s clinical monitors and sales representatives, over which the Company has discretion in establishing prices. The Company controls the good or service and has inventory risk on contractually reimbursable expenses, as sometimes the Company is unable to obtain reimbursement from the customer for costs incurred.

Change Orders

Changes in the scope of work are common, especially under long-term contracts, and generally result in a change in transaction price. Change orders are evaluated on a contract-by-contract basis to determine if they should be accounted for as a new contract or as part of the existing contract. Generally, services from change orders are not distinct from the original performance obligation. As a result, the effect that the contract modification has on the contract revenues, and measure of progress, is recognized as an adjustment to revenues when it occurs.

Cost of Revenues

Cost of revenues include (i) compensation and benefits for billable employees and personnel involved in production, data management and delivery, and the costs of acquiring and processing data for the Company’s information offerings; (ii) costs of staff directly involved with delivering technology-related services offerings and engagements, and the costs of data purchased specifically for technology services engagements; (iii) reimbursed expenses that are comprised principally of payments to investigators who oversee clinical trials and travel expenses for the Company’s clinical monitors and sales representatives; and (iv) other expenses directly related to service contracts such as courier fees, laboratory supplies, professional services and travel expenses.

Trade Receivables, Unbilled Services and Unearned Income

In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company’s services under the contract. In general, the Company’s intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Generally, the payment terms are 30 to 90 days based on contracts. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from long-term contracts when a cost-based or hours-based input method of revenue recognition is utilized and revenues recognized exceeds the amount billed to the customer.

Unearned income consists of advance payments and billings in excess of revenues recognized. As the contracted services are subsequently performed and the associated revenues are recognized, the unearned income balance is reduced by the amount of the revenue recognized during the period. Unearned income is classified as a current liability on our consolidated balance sheets as the Company expects to recognize the associated revenues in less than one year.
Restructuring Costs
Restructuring Costs

Restructuring costs, which primarily include termination benefits, are recorded at estimated value. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of employees leaving the Company.
Debt Fees
Debt Fees

Fees incurred to issue debt are generally deferred and amortized as a component of interest expense over the estimated term of the related debt using the effective interest rate method.
Contingencies
Contingencies

The Company records accruals for claims, suits, investigations and proceedings when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews claims, suits, investigations and proceedings at least quarterly and records or adjusts accruals related to such matters to reflect the impact and status of any settlements, rulings, advice of counsel or other information pertinent to a particular matter. Legal costs associated with contingencies are charged to expense as incurred.
The Company is party to legal proceedings incidental to its business. While the outcome of these matters could differ from management’s expectations, the Company does not believe the resolution of these matters will have a material adverse effect to the Company’s financial statements. See Note 12 for additional information.
Income Taxes
Income Taxes

The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. The Company records U.S. deferred taxes based on the Federal corporate income tax rate of 21%. The Company accounts for tax related to Global Intangible Low-Taxed Income (“GILTI”) and Qualified Domestic Minimum Top-up Taxes ("QDMTT") in relation to the Organization for Economic Co-operation and Development's ("OECD") Pillar Two global corporate minimum tax rate of 15%, as period costs when and if incurred. Recognition of deferred income tax assets is based on management’s belief that it is more likely than not that the income tax benefit associated with certain temporary differences, income tax operating loss, capital loss carryforwards, and income tax credits, will be realized. The Company records a valuation allowance to reduce its deferred income tax assets for those deferred income tax items for which it was more likely than not that realization would not occur. The Company determines the amount of the valuation allowance based, in part, on the Company’s assessment of future taxable income and in light of the Company’s ongoing income tax strategies. If the estimate of future taxable income or tax strategies changes at any time in the future, the Company would record an adjustment to its valuation allowance. Recording such an adjustment could have a material effect on the Company’s financial condition or results of operations.

Income tax expense is based on the distribution of profit before income tax among the various taxing jurisdictions in which the Company operates, adjusted as required by the income tax laws of each taxing jurisdiction. Changes in the distribution of profits and losses among taxing jurisdictions may have a significant impact on the Company's effective income tax rate. The Company does not consider the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested outside of the United States.
Pensions and Other Postretirement Benefits
Pensions and Other Postretirement Benefits

The Company provides retirement benefits to certain employees, including defined benefit pension plans. The determination of benefit obligations and expense is based on actuarial models. In order to measure benefit costs and obligations using these models, assumptions are made with regard to the discount rate, expected return on plan assets, cash balance crediting rate, lump sum conversion rate and the assumed rate of compensation increases.
Stock-based Compensation
Stock-based Compensation

The Company accounts for stock-based compensation for stock options and stock appreciation rights under the fair value method and uses the Black-Scholes-Merton model to estimate the value of such stock-based awards granted to its employees and non-executive directors. Expected volatility is based on an analysis that incorporates the historical volatility of the Company's stock since the Merger in October 2016 and reported data for selected reasonably similar publicly traded companies for which the historical information is available. The Company does not currently anticipate paying dividends. The expected term represents the period of time the grants are expected to be outstanding. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of the grant.
The Company values its stock-based compensation for restricted stock awards and restricted stock units based on the closing market price of the Company’s common stock on the date of grant. The Company accounts for its stock-based compensation for performance awards related to compound annual earnings per share (“EPS”) growth based on the closing market price of the Company’s common stock on the date of grant, and for performance awards related to relative total shareholder return (“TSR”) based on a Monte Carlo simulation model.
Leases
Leases

The Company determines if an arrangement is a lease at inception and reassesses if there are changes in terms and conditions of the contract. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on the Company's consolidated balance sheets. Finance leases are included in deposits and other assets, net, other current liabilities, and other liabilities on the Company's consolidated balance sheets. Lease assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Lease assets also include any lease payments made before lease commencement and initial direct costs and excludes lease incentives. In determining the lease term at lease commencement, the Company includes the noncancellable term and the periods, which the Company deems it is reasonably certain to exercise or not to exercise a renewal or cancellation option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Finance lease expense is recognized as a combination of depreciation expense for the leased asset and interest expense for the outstanding lease liabilities using the discount rate discussed above.

The Company has lease agreements with lease and non-lease components that the Company has elected to account for as single lease components.
Earnings Per Share
Earnings Per Share

The calculation of earnings per share is based on the weighted average number of common shares or common stock equivalents outstanding during the applicable period. The dilutive effect of common stock equivalents is excluded from basic earnings per share and is included in the calculation of diluted earnings per share. Potentially dilutive securities include outstanding stock options and unvested restricted stock units, restricted stock, performance awards and other stock-based awards. Diluted shares outstanding are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, and the amount of compensation cost for future service that the Company has not yet recognized are assumed to be used to repurchase shares.
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates

The Company’s investments in unconsolidated affiliates are accounted for under the equity method if the Company exercises significant influence or has an investment in a limited partnership that is considered to be greater than minor. These investments are classified as investments in unconsolidated affiliates on the accompanying consolidated balance sheets. The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings (losses) of unconsolidated affiliates on the accompanying consolidated statements of income. The Company reviews its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
Treasury Stock
Treasury Stock

The Company records treasury stock purchases under the cost method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital. If the Company reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this shortfall is recorded in retained earnings.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

Accounting pronouncements recently adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The Company adopted this new accounting guidance effective for the annual period beginning January 1, 2024, and will adopt it in 2025 for interim periods. The adoption of this new accounting guidance for the annual period beginning January 1, 2024 did not have a material effect on the Company's disclosures within the consolidated financial statements.

Accounting pronouncements issued but not adopted as of December 31, 2024
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance will be effective for the Company in the annual period beginning January 1, 2025. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), to improve the disclosures about an entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, and will be effective for the Company in the annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Major Classes of Property and Equipment
Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows:

Buildings and leasehold improvements3-40 years
Equipment3-10 years
Furniture and fixtures5-10 years
Transportation equipment3-20 years
The major classes of property and equipment were as follows:
December 31,
(in millions)20242023
Land, buildings and leasehold improvements$367 $376 
Equipment840 803 
Transportation equipment85 81 
Furniture and fixtures62 66 
Property and equipment, gross1,354 1,326 
Less accumulated depreciation(819)(803)
Property and equipment, net$535 $523 
Definite-Lived Identifiable Intangible Assets Amortized
Definite-lived other identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows:

Client relationships and backlog1-25 years
Software and related assets1-10 years
Trademarks, trade names and other1-17 years
Databases1-9 years
Non-compete agreements2-5 years
The following is a summary of other identifiable intangible assets:
December 31, 2024December 31, 2023
(in millions)Gross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
Definite-lived identifiable intangible assets:
Client relationships and backlog$5,690 $(2,966)$2,724 $5,688 $(2,724)$2,964 
Software and related assets3,914 (2,358)1,556 3,629 (2,005)1,624 
Trademarks, trade names and other539 (350)189 548 (320)228 
Databases1,773 (1,751)22 1,837 (1,819)18 
Non-compete agreements14 (6)8 16 (11)5 
$11,930 $(7,431)$4,499 $11,718 $(6,879)$4,839 
v3.25.0.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Revenues by Geographical Region and Reportable Segment
The Company attributes revenues to geographical region based upon where the services are performed. The following tables represent revenues by geographical region and reportable segment for the years ended December 31, 2024, 2023 and 2022:

December 31, 2024
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$3,182 $3,894 $280 $7,356 
Europe and Africa2,397 2,304 219 4,920 
Asia-Pacific581 2,329 219 3,129 
Total revenues$6,160 $8,527 $718 $15,405 

December 31, 2023
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$3,091 $4,157 $304 $7,552 
Europe and Africa2,156 2,103 200 4,459 
Asia-Pacific615 2,135 223 2,973 
Total revenues$5,862 $8,395 $727 $14,984 
December 31, 2022
(in millions)Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsTotal
Revenues:
Americas$2,947 $3,747 $354 $7,048 
Europe and Africa2,175 2,016 175 4,366 
Asia-Pacific624 2,158 214 2,996 
Total revenues$5,746 $7,921 $743 $14,410 
v3.25.0.1
Trade Accounts Receivable, Unbilled Services and Unearned Income (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Trade Accounts Receivable and Unbilled Services
Trade accounts receivables and unbilled services consist of the following:
December 31,
(in millions)20242023
Trade accounts receivable$1,390 $1,473 
Unbilled services1,856 1,942 
Trade accounts receivable and unbilled services3,246 3,415 
Allowance for doubtful accounts(42)(34)
Trade accounts receivable and unbilled services, net$3,204 $3,381 
Schedule of Net Contract Assets (Liabilities)
Unbilled services and unearned income were as follows:
December 31,
(in millions)20242023
Change
Unbilled services$1,856 $1,942 $(86)
Unearned income(1,779)(1,799)20 
Net balance$77 $143 $(66)
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments in and Advances to Unconsolidated Affiliates The following is a summary of the Company’s investments in unconsolidated affiliates:
December 31,
(in millions)20242023
NovaQuest Pharma Opportunities Fund V, L.P. (“NQ Fund V”)$36 $35 
NostraData Pty Ltd. (“NostraData”) 1718
NovaQuest Private Equity Fund I, L.P. (“NQ PE Fund I”)1110
NovaQuest Pharma Opportunities Fund IV, L.P. (“NQ Fund IV”)46
Longwood Fund V, L.P. ("Longwood")6 7 
RxWare (formerly "Helparound")22
NovaQuest Pharma Opportunities Fund III, L.P. (“NQ Fund III”)—1
Other190 55 
$266 $134 
Summary of Investments in Unconsolidated Variable Interest Entities and Estimated Maximum Exposure to Loss
As of December 31, 2024, the Company’s investments in unconsolidated variable interest entities (“VIEs”) and its estimated maximum exposure to loss were as follows:
(in millions)Investments in Unconsolidated VIEsMaximum Exposure to Loss
NQ Fund V$36 $43 
NQ PE Fund I11 12 
Longwood6 8 
NQ Fund IV4 5 
NQ Fund III— 5 
Other179506
$236 $579 
v3.25.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivative Instruments Designated as Hedges
The fair values of the Company’s derivative instruments, on a gross basis, and the line items on the accompanying consolidated balance sheets to which they were recorded are summarized in the following table:
December 31, 2024December 31, 2023
(in millions)Balance Sheet ClassificationAssetsLiabilitiesNotionalAssetsLiabilitiesNotional
Derivatives designated as hedging instruments:
Interest rate swapsOther current assets, other assets and other current liabilities$— $5 $2,485 $13 $51 $3,300 
Cross-currency swapsOther assets and other current liabilities39 — 2,735 — 108 2,750 
Foreign exchange forward contractsOther current assets and other current liabilities— 2 108 2 — 121 
Total derivatives$39 $7 $15 $159 
Pre-tax Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss)
The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:
Year Ended December 31,
(in millions)202420232022
Interest rate swaps$33 $(80)$62 
Foreign exchange forward contracts(4)2 3 
Total$29 $(78)$65 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2024:

(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$170 $— $— $170 
Derivatives— 39 — 39 
Total$170 $39 $— $209 
Liabilities:
Derivatives$— $7 $— $7 
Contingent consideration— — 102 102 
Total$— $7 $102 $109 
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2023:

(in millions)Level 1Level 2Level 3Total
Assets:
Marketable securities$146 $— $— $146 
Derivatives— 15 — 15 
Total$146 $15 $— $161 
Liabilities:
Derivatives$— $159 $— $159 
Contingent consideration— — 106 106 
Total$— $159 $106 $265 
Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis
The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the year ended December 31:
Contingent Consideration
(in millions)202420232022
Balance as of January 1$106 $173 $76 
Business combinations7764 134 
Contingent consideration paid(10)(73)(22)
Revaluations included in earnings and foreign currency translation adjustments(71)(58)(15)
Balance as of December 31$102$106$173 
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Summary of Major Classes of Property and Equipment
Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows:

Buildings and leasehold improvements3-40 years
Equipment3-10 years
Furniture and fixtures5-10 years
Transportation equipment3-20 years
The major classes of property and equipment were as follows:
December 31,
(in millions)20242023
Land, buildings and leasehold improvements$367 $376 
Equipment840 803 
Transportation equipment85 81 
Furniture and fixtures62 66 
Property and equipment, gross1,354 1,326 
Less accumulated depreciation(819)(803)
Property and equipment, net$535 $523 
Schedule of Property and Equipment Depreciation Expense
Property and equipment depreciation expense was as follows:
Year Ended December 31,
(in millions)
202420232022
Depreciation expense$149 $151 $160 
v3.25.0.1
Goodwill and Identifiable Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Amortization Expense Associated with Identifiable Definite-Lived Intangible Assets Amortization expense associated with other identifiable definite-lived intangible assets was as follows:
Year Ended December 31,
(in millions)
202420232022
Amortization expense$965 $974 $970 
Definite-Lived Identifiable Intangible Assets Amortized
Definite-lived other identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows:

Client relationships and backlog1-25 years
Software and related assets1-10 years
Trademarks, trade names and other1-17 years
Databases1-9 years
Non-compete agreements2-5 years
The following is a summary of other identifiable intangible assets:
December 31, 2024December 31, 2023
(in millions)Gross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
Definite-lived identifiable intangible assets:
Client relationships and backlog$5,690 $(2,966)$2,724 $5,688 $(2,724)$2,964 
Software and related assets3,914 (2,358)1,556 3,629 (2,005)1,624 
Trademarks, trade names and other539 (350)189 548 (320)228 
Databases1,773 (1,751)22 1,837 (1,819)18 
Non-compete agreements14 (6)8 16 (11)5 
$11,930 $(7,431)$4,499 $11,718 $(6,879)$4,839 
Schedule of Indefinite-Lived Intangible Assets
The following is a summary of other identifiable intangible assets:
December 31, 2024December 31, 2023
(in millions)Gross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
Definite-lived identifiable intangible assets:
Client relationships and backlog$5,690 $(2,966)$2,724 $5,688 $(2,724)$2,964 
Software and related assets3,914 (2,358)1,556 3,629 (2,005)1,624 
Trademarks, trade names and other539 (350)189 548 (320)228 
Databases1,773 (1,751)22 1,837 (1,819)18 
Non-compete agreements14 (6)8 16 (11)5 
$11,930 $(7,431)$4,499 $11,718 $(6,879)$4,839 
Summary of Goodwill by Segment
The following is a summary of goodwill by reportable segment for the years ended December 31, 2024 and 2023:

(in millions)		Technology & Analytics SolutionsResearch & Development SolutionsContract Sales & Medical SolutionsConsolidated
Balance as of December 31, 2022$11,520 $2,247 $154 $13,921 
Business combinations352 181 — 533 
Impact of foreign currency fluctuations and other104 11 (2)113 
Balance as of December 31, 202311,976 2,439 152 14,567 
Business combinations346 186 — 532 
Impact of foreign currency fluctuations and other(365)(17)(7)(389)
Balance as of December 31, 2024$11,957 $2,608 $145 $14,710 
v3.25.0.1
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses
Accrued expenses consist of the following:
December 31,
(in millions)20242023
Client contract related$1,458 $1,315 
Compensation, including bonuses, fringe benefits and payroll taxes905 968 
Professional fees75 112 
Contingent consideration and deferred purchase price49 27 
Interest81 66 
Restructuring21 36 
Other359 331 
$2,948 $2,855 
v3.25.0.1
Credit Arrangements (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Credit Facilities
The following is a summary of the Company’s revolving credit facilities as of December 31, 2024:
FacilityInterest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of December 31, 2024
$110 million (receivables financing facility)
U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of December 31, 2024
Summary of Debt
The following table summarizes the Company’s debt at the dates indicated:
December 31,
(dollars in millions)20242023
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 5.71%
$825 $100 
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of 5.71%
1,197 1,270 
Term A Loan due 2026—Euribor at floating rates of 3.93%
272 306 
Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of 5.86%
1,094 1,156 
Term B Loan due 2025—Euribor at floating rates of 4.68%
542 576 
Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of 6.33%
1,485 1,500 
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated
750 750 
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated
1,250 1,250 
5.0% Senior Notes due 2027—U.S. Dollar denominated
1,100 1,100 
5.0% Senior Notes due 2026—U.S. Dollar denominated
1,050 1,050 
6.500% Senior Notes due 2030—U.S. Dollar denominated
500 500 
2.875% Senior Notes due 2025—Euro denominated
436 464 
2.25% Senior Notes due 2028—Euro denominated
748 795 
2.875% Senior Notes due 2028—Euro denominated
739 785 
1.750% Senior Notes due 2026—Euro denominated
572 607 
2.250% Senior Notes due 2029—Euro denominated
935 993 
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.69%
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt14,045 13,752 
Less: unamortized discount and debt issuance costs(62)(79)
Less: current portion(1,145)(718)
Long-term debt$12,838 $12,955 
Contractual Maturities of Long-term Debt
Contractual maturities of long-term debt as of December 31, 2024 are as follows:
(in millions)
2025$1,145 
20263,904 
20272,634 
20282,252 
20292,200 
Thereafter1,910 
$14,045 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of Lease Expense
The components of lease expense were as follows:
Year Ended December 31,
(in millions)
Classification
202420232022
Operating lease cost (1)
Selling, general and administrative expenses
$158 $160 $171 
Finance lease cost (1)
Depreciation and amortization, and Interest expense18 18 12 
Total lease cost
$176 $178 $183 
(1) Includes variable lease costs, which are immaterial.
Other Information Related to Leases
Other information related to leases was as follows:
Year Ended December 31,
(in millions)202420232022
Supplemental Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$160 $175 $173 
Operating cash flows for finance leases$8 $8 $5 
Financing cash flows for finance leases$5 $3 $4 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$58 $59 $79 
Finance leases
$— $— $54 
Weighted Average Remaining Lease Term:
Operating leases
4.58 years4.61 years4.72 years
Finance leases
19.73 years20.67 years21.64 years
Weighted Average Discount Rate:
Operating leases
4.57 %3.81 %3.12 %
Finance leases
3.90 %3.88 %3.87 %
Future Minimum Lease Payments Under Non-cancellable Leases
Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:
(in millions)Operating LeasesFinance Leases
2025$109 $13 
202671 13 
202749 14 
202833 14 
202914 14 
Thereafter22 269 
Total future minimum lease payments298 337 
Less imputed interest(26)(113)
Total$272 $224 
Reported as of December 31, 2024:
Other current liabilities$99 $6 
Operating lease liabilities173 — 
Other liabilities— 218 
Total$272 $224 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Share Repurchases Made Both Under and Outside of Repurchase Program
Below is a summary of the share repurchases made under the Repurchase Program:
Year Ended December 31,
(in millions, except per share data)202420232022
Number of shares of common stock repurchased6.4 5.0 5.5 
Aggregate purchase price$1,350 $992 $1,168 
Average price per share$209.68 $196.89 $213.06 
v3.25.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table provides certain preliminary financial information for these acquisitions:
Year Ended December 31,
(in millions)20242023
Assets acquired:
Cash and cash equivalents$28 $28 
Accounts receivable68 44 
Other assets60 9 
Goodwill532 533 
Other identifiable intangibles313 425 
Liabilities assumed:
Other liabilities(114)(44)
Deferred income taxes, long-term(40)(18)
Net assets acquired (1)
$847 $977 
(1) Net assets acquired include contingent consideration and deferred purchase price of $84 million and $73 million, respectively.
Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:
Year Ended December 31,
(in millions)Amortization Period20242023
Other identifiable intangibles:
Client relationships9-16years$257 $324 
Backlog1-4years28 51 
Software and related assets3-5years10 44 
Non-compete agreements3-5years7 — 
Trade names5years6 2 
Databases4-5years5 4 
Total Other identifiable intangibles$313 $425 
v3.25.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Summary of Amounts Recorded for Restructuring Plans
The following amounts were recorded for the restructuring plans:
(in millions)Severance and Related Costs
Balance as of December 31, 2022$26 
Expense, net of reversals84 
Payments(74)
Balance as of December 31, 2023$36 
Expense, net of reversals67 
Payments(81)
Foreign currency translation and other(1)
Balance as of December 31, 2024$21 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Income Before Income Taxes and Equity in Earnings (Losses) of Unconsolidated Affiliates
The components of income before income taxes and equity in earnings (losses) of unconsolidated affiliates are as follows:
Year Ended December 31,
(in millions)202420232022
Domestic$214 $108 $(45)
Foreign1,4551,3511,408
$1,669$1,459$1,363
Components of Income Tax Expense Attributable to Continuing Operations
The components of income tax expense attributable to continuing operations are as follows:
Year Ended December 31,
(in millions) 202420232022
Current expense:
Federal and state
$44$21$24 
Foreign386 349 358 
430 370 382 
Deferred (benefit) expense:
Federal and state(116)(236)(94)
Foreign(13)(33)(28)
(129)(269)(122)
$301 $101 $260 
Effective Income Tax Rate Reconciliation
The differences between the Company’s consolidated income tax expense attributable to continuing operations and the expense computed at the United States statutory income tax rate of 21% were as follows:
Year Ended December 31,
(in millions)202420232022
Federal income tax expense at statutory rate$351 $306 $286 
State and local income taxes, net of federal effect9 16 (15)
Research and development(28)(25)(19)
United States taxes recorded on foreign earnings(*)(79)(41)(4)
Tax contingencies14 17 14 
Foreign Derived Intangible Income (“FDII”)(56)(53)(41)
Foreign rate differential87 45 38 
Equity compensation3 — 2 
Valuation Allowance Release— (102)— 
Basis Difference Reversal— (61)— 
Other— (1)(1)
$301 $101 $260 
(*) Includes impact of GILTI, and other U.S. taxes on foreign earnings.
Income Tax Effects of Temporary Differences from Continuing Operations that Give Rise to Significant Portions of Deferred Income Tax Assets (Liabilities)
The income tax effects of temporary differences from continuing operations that give rise to significant portions of deferred income tax assets (liabilities) are presented below:
December 31,
(in millions)
20242023
Deferred income tax assets:
Net operating loss and other loss carryforwards$176 $132 
Tax credit carryforwards292 254 
Accrued expenses and unearned income106 103 
Employee benefits180 202 
Lease liability34 65 
U.S. interest expense limitation93 59 
Other52 81 
Total deferred income tax assets933 896 
Valuation allowance for deferred income tax assets(196)(166)
Total deferred income tax assets (net of valuation allowance)737 730 
Deferred income tax liabilities:
Amortization and depreciation(545)(590)
Lease right-of-use assets(19)(56)
Foreign exchange on debt instruments(104)(48)
Other(71)(72)
Total deferred income tax liabilities(739)(766)
Net deferred income tax assets (liabilities)$(2)$(36)
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Income Tax Benefits
A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below:
Year Ended December 31,
(in millions)202420232022
Balance as of January 1$140 $122 $116 
Additions based on tax positions related to the current year15 53 13 
Additions for income tax positions of prior years17 8 20 
Impact of changes in exchange rates(2)1 (2)
Settlements with tax authorities(1)(6)(4)
Reductions for income tax positions of prior years(18)(25)(11)
Reductions due to the lapse of the applicable statute of limitations(5)(13)(10)
Balance as of December 31$146 $140 $122 
Summary of Tax Years Open for Examination
The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the tax years that remain open for examination by tax authorities in the most significant jurisdictions in which the Company operates:

United States
2020-2023
India
2006-2024
Japan
2018-2023
United Kingdom
2022-2023
Switzerland
2020-2023
v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of Changes in Benefit Obligation, Plan Assets and Funded Status of Pension Benefit Plans
The following table summarizes changes in the benefit obligation, the plan assets and the funded status of the pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Obligation and funded status:
Change in benefit obligation:
Projected benefit obligation at beginning of year$434 $400 $525 $461 
Service costs10 10 35 35 
Interest cost22 22 17 17 
Actuarial (gains) losses(9)15 (2)5 
Benefits paid(14)(13)(26)(20)
Contributions— — 3 3 
Settlements— — (3)(3)
Foreign currency fluctuations and other— — 4 27 
Projected benefit obligation at end of year443 434 553 525 
Change in plan assets:
Fair value of plan assets at beginning of year486 419 379 355 
Actual return on plan assets62 75 (9)2 
Contributions4 5 29 27 
Benefits paid(14)(13)(26)(20)
Settlements— — (3)(3)
Foreign currency fluctuations and other— — 14 18 
Fair value of plan assets at end of year538 486 384 379 
Funded status$95 $52 $(169)$(146)
Summary of Amounts Recognized in Consolidated Balance Sheets
The following table summarizes the amounts recognized in the consolidated balance sheets related to the pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Deposits and other assets, net$121$87$43 $49 
Accounts payable and accrued expenses$3$4$14 $12 
Other liabilities$23$31$198$183 
Accumulated other comprehensive loss$64$28$(49)$(25)
Summary of Accumulated Benefit Obligation for Pension Benefit Plans
The following table summarizes the accumulated benefit obligation for all pension benefit plans:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Accumulated benefit obligation$441 $430 $500$480 
Summary of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets and Projected Benefit Obligations in Excess of Plan Assets
The following table provides the information for pension plans with an accumulated benefit obligation in excess of plan assets and projected benefit obligations in excess of plan assets:
Pension Benefits
United States PlansNon-United States Plans
December 31,
(in millions)2024202320242023
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation
$34$41$287$251 
Fair value of plan assets$8$7$129$101 
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation
$34 $41 $340 $295
Fair value of plan assets
$8 $7 $129 $101
Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
The components of net periodic benefit cost changes in plan assets and benefit obligations recognized in comprehensive income were as follows:
Pension Benefits
United States PlansNon-United States Plans
Year Ended December 31,
(in millions)202420232022202420232022
Service cost$10 $10 $13 $35 $35 $29
Interest cost22 22 13 17178 
Expected return on plan assets(34)(30)(38)(15)(17)(18)
Amortization of actuarial losses— — 1 — (2)1 
Settlement gain— — 1 — — (1)
Net periodic benefit cost(2)2 (10)37 33 19 
Other changes in plan assets and benefit obligations recognized in other comprehensive loss:
Actuarial (gain) loss – current year(36)(30)31 24 19 (18)
Total recognized in other comprehensive income
(36)(30)31 24 19 (18)
Total recognized in net periodic benefit cost and other comprehensive income$(38)$(28)$21 $61 $52 $1 
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligations
The weighted average assumptions used to determine net periodic benefit cost were as follows for the years ended December 31:
Pension Benefits
United States PlansNon-United States Plans
202420232022202420232022
Discount rate
5.35 %5.65 %3.08 %3.52 %3.59 %1.46 %
Rate of compensation increases
3.00 %3.00 %3.00 %2.78 %2.93 %2.57 %
Expected return on plan assets
7.20 %7.20 %7.23 %3.70 %4.53 %4.22 %
The weighted average assumptions used to determine benefit obligations were as follows as of December 31:
Pension Benefits
United States PlansNon-United States Plans
2024202320242023
Discount rate
5.83 %5.35 %3.67 %3.52 %
Rate of compensation increases
3.00 %3.00 %3.50 %2.78 %
Schedule of Allocation of Pension Plan Assets
The Company’s pension plan target asset allocations and weighted average asset allocations, by asset category, were as follows:
Plan Assets as of December 31,
TargetUnited States PlansNon-United States PlansTotal
Asset CategoryAllocation202420232024202320242023
Equity securities
40-65%
76 %73 %— %— %45 %42 %
Debt securities
10-40%
20 21 49 56 32 36 
Real estate
0-5%
4 4 — — 2 2 
Other
10-30%
— 2 51 44 21 20 
Total100 %100 %100 %100 %100 %100 %
Summary of Plan Assets Measured at Fair Value
The following table summarizes United States plan assets measured at fair value:
December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2TotalLevel 1Level 2Total
(in millions)
Domestic equities$37 $— $37 $33 $— $33 
International equities11 — 11 11 — 11 
Corporate bonds64 — 64 65 — 65 
Real estate21 — 21 21 — 21 
Total assets in the fair value hierarchy133 — 133 130 — 130 
Assets measured at net asset value (“NAV”)(1)
— — 405 — — 356 
Total$133 $— $538 $130 $— $486 
(1) Certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above plan asset tables are intended to permit reconciliation of the fair value of plan assets in the fair value hierarchy to the plan asset amounts presented in the above funded status table as of December 31, 2024 and 2023.
The following table summarizes non-United States plan assets measured at fair value:

December 31, 2024December 31, 2023
Asset CategoryLevel 1Level 2TotalLevel 1Level 2Total
(in millions)
International equities$— $1 $1 $1 $1 $2 
Debt issued by national, state or local government2 170 172 2 210 212 
Corporate bonds— 18 18 — — — 
Investments funds— 10 10 — 10 10 
Insurance contracts— 168 168 — 145 145 
Other8 7 15 3 7 10 
Total$10 $374 $384 $6 $373 $379 
Schedule of Expected Benefit Payments, Net of Expected Participants Contributions for Pension Benefits
The following benefit payments (net of expected participant contributions) for pension benefits are expected to be paid as follows:
(in millions)
2025$55 
202656 
202760 
202862 
202965 
Years 2030 through 2034361 
$659 
Estimated Fair Value of Stock Options and SARs
The Company used the following assumptions when estimating the value of the stock-based compensation for Stock Settled SARs granted as follows:
Year Ended December 31,
202420232022
Expected volatility
28 – 35%
29 – 35%
28 – 34%
Weighted average expected volatility32%32%30%
Expected dividends0.0%0.0%0.0%
Expected term (in years)
2.6 – 5.6
2.4 – 5.4
3.3 – 6.3
Risk-free interest rate
4.07 – 4.56%
3.38 –4.75%
1.84 – 4.22%
Schedule of Stock Appreciation Rights Activity
The Company’s SSR activity in the year ended December 31, 2024 is as follows:
(in millions, except number of SSRs and exercise price)
Number of SSRs
Weighted Average Exercise PriceAggregate Intrinsic Value
Outstanding as of December 31, 20233,862,710$144.79 $342 
Granted426,430 214.37 
Exercised(754,235)120.01 
Canceled(41,593)233.29 
Outstanding as of December 31, 20243,493,312$157.58 $175 
Summary of Stock Option Activity
The Company’s stock option activity in the year ended December 31, 2024 is as follows:
(in millions, except number of options and exercise price)
Number of Options
Weighted Average Exercise PriceAggregate Intrinsic Value
Outstanding as of December 31, 2023174,971 $62.35 $30 
Exercised(88,006)60.10
Outstanding as of December 31, 202486,965 $64.63 $11 
Summary of Performance Award Activity
The Company’s performance award activity in the year ended December 31, 2024 is as follows:
Number of Performance AwardsWeighted Average Grant-Date Fair Value
Outstanding as of December 31, 2023746,070$232.13 
Granted493,729217.83 
Additional goal achievement shares
172,658189.94 
Vested(387,288)197.10 
Canceled(32,691)241.33 
Outstanding as of December 31, 2024992,478$231.04 
Schedule of Restricted Stock Units Activity
The Company’s RSU activity in the year ended December 31, 2024 is as follows:


Number of RSUs		Weighted Average Grant-Date
Fair Value
Outstanding as of December 31, 2023888,856 $228.55 
Granted (1)
594,957 216.78 
Vested(415,766)223.45 
Canceled(67,719)225.00 
Outstanding as of December 31, 20241,000,328 $223.91 
(1) Pursuant to the IQVIA Holdings Inc. Non-Employee Director Deferral Plan (the “Director Deferral Plan”), non-employee directors may elect to defer receipt of their cash and/or equity retainers. If a director elects to defer his or her retainer, he or she will instead be credited with that value in deferred shares under the Director Deferral Plan. Deferred shares become payable in Company common stock following a termination of the director’s Board service or the director’s death, or upon a change in control of the Company. The Company granted 6,482 deferred RSUs in 2024.
v3.25.0.1
Property, Equipment and Software by Geography (Tables)
 12 Months Ended
Dec. 31, 2024
Property Equipment And Software By Geography [Abstract]  
Property, Equipment and Software, Net, by Geographic Region
The following table represents the Company’s property, equipment and software, net, by geographic region, which is further broken down to show each country that accounts for 10% or more of the totals:
December 31,
(in millions)20242023
Property, equipment and software, net:
Americas:
United States$1,803 $1,820 
Other54 97 
Americas1,857 1,917 
Europe and Africa184 193 
Asia-Pacific50 36 
Total property, equipment and software, net$2,091 $2,146 
v3.25.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reconciliation of Revenues and Income from Segments to Consolidated Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the chief operating decision maker ("CODM"), to assess the Company’s performance.
For all segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
The Company’s reportable segment information is presented below:
Year Ended December 31,
(in millions)202420232022
Revenues
Technology & Analytics Solutions$6,160 $5,862 $5,746 
Research & Development Solutions8,527 8,395 7,921 
Contract Sales & Medical Solutions718 727 743 
Total revenues15,405 14,984 14,410 
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions3,721 3,496 3,348 
Research & Development Solutions5,698 5,629 5,395 
Contract Sales & Medical Solutions611 620 639 
Total cost of revenues, exclusive of depreciation and amortization10,030 9,745 9,382 
Selling, general and administrative expenses
Technology & Analytics Solutions917 876 848 
Research & Development Solutions881 851 831 
Contract Sales & Medical Solutions60 58 62 
Total selling, general and administrative expenses reportable segments1,858 1,785 1,741 
Segment profit
Technology & Analytics Solutions1,522 1,490 1,550 
Research & Development Solutions1,948 1,915 1,695 
Contract Sales & Medical Solutions47 49 42 
Total segment profit3,517 3,454 3,287 
General corporate and unallocated expenses(134)(268)(330)
Depreciation and amortization(1,114)(1,125)(1,130)
Restructuring costs(67)(84)(28)
Total income from operations2,202 1,977 1,799 
Interest income(47)(36)(13)
Interest expense670 672 416 
Loss on extinguishment of debt— 6 — 
Other (income) expense, net(90)(124)33 
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates$1,669 $1,459 $1,363 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Reconciles the Basic to Diluted Weighted Average Shares Outstanding
The following table presents the computation of basic and diluted earnings per share:
Year Ended December 31,
(in millions, except per share data)202420232022
Numerator:
Net income$1,373 $1,358 $1,091 
Denominator:
Basic weighted average common shares outstanding181.3 183.8 187.6 
Effect of dilutive stock options and share awards2.1 2.5 3 
Diluted weighted average common shares outstanding183.4 186.3 190.6 
Earnings per share attributable to common stockholders:
Basic $7.57 $7.39 $5.82 
Diluted$7.49 $7.29 $5.72 
v3.25.0.1
Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Summary of Components of AOCI
Below is a summary of the components of AOCI:
(in millions)Foreign Currency TranslationDerivative InstrumentsDefined Benefit PlansIncome TaxesTotal
Balance as of December 31, 2021$(570)$(21)$5 $180 $(406)
Other comprehensive (loss) income before reclassifications(255)53 (13)(116)(331)
Reclassification adjustments— 12 — (2)10 
Balance as of December 31, 2022(825)44 (8)62 (727)
Other comprehensive (loss) income before reclassifications(144)(10)11 54 (89)
Reclassification adjustments— (68)— 17 (51)
Balance as of December 31, 2023(969)(34)3 133 (867)
Other comprehensive (loss) income before reclassifications(123)70 12 (99)(140)
Reclassification adjustments— (41)— 10 (31)
Balance as of December 31, 2024$(1,092)$(5)$15 $44 $(1,038)
Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item
Below is a summary of the adjustments for amounts reclassified from AOCI into the consolidated statements of income and the affected financial statement line item:
Year Ended December 31,

(in millions)
Affected Financial Statement Line Item202420232022
Derivative instruments:
Interest rate swaps Interest expense$41 $47 $(22)
Foreign exchange forward contractsRevenues— 21 10 
Total before income taxes41 68 (12)
Income taxes10 17 (2)
Total net of income taxes$31 $51 $(10)
v3.25.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information
The following table presents the Company’s supplemental cash flow information:
Year Ended December 31,
(in millions)202420232022
Supplemental Cash Flow Information:
Interest paid, net$589$556 $379
Income taxes paid, net of refunds$295$340 $255
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
Employee in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Employee
Country
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Summary Of Significant Accounting Policies      
Number of employees | Employee 88    
Capitalized and amortized expense related to software and related assets $ 472,000,000 $ 475,000,000 $ 419,000,000
Impairment charges recognized $ 0 $ 0 $ 0
Minimum      
Summary Of Significant Accounting Policies      
Number of countries | Country 100    
Subscription arrangements terms 1 year    
Maximum      
Summary Of Significant Accounting Policies      
Subscription arrangements terms 3 years    
v3.25.0.1
Summary of Significant Accounting Policies - Property and Equipment at Cost Using Straight-Line Method (Detail)
Dec. 31, 2024
Buildings and leasehold improvements | Minimum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 3 years
Buildings and leasehold improvements | Maximum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 40 years
Equipment | Minimum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 3 years
Equipment | Maximum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 10 years
Furniture and fixtures | Minimum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 5 years
Furniture and fixtures | Maximum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 10 years
Transportation equipment | Minimum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 3 years
Transportation equipment | Maximum  
Property, Plant and Equipment  
Property and equipment, Estimated useful life, Years 20 years
v3.25.0.1
Summary of Significant Accounting Policies - Definite-lived identifiable intangible assets amortized (Detail)
Dec. 31, 2024
Client relationships and backlog | Minimum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 1 year
Client relationships and backlog | Maximum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 25 years
Software and related assets | Minimum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 1 year
Software and related assets | Maximum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 10 years
Trademarks, trade names and other | Minimum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 1 year
Trademarks, trade names and other | Maximum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 17 years
Databases | Minimum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 1 year
Databases | Maximum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 9 years
Non-compete agreements | Minimum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 2 years
Non-compete agreements | Maximum  
Finite-Lived Intangible Assets  
Definite-lived intangible assets, Estimated useful life, Years 5 years
v3.25.0.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Summary of Revenues by Geographical Region and Reportable Segment (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue      
Total revenues $ 15,405 $ 14,984 $ 14,410
Americas      
Disaggregation of Revenue      
Total revenues 7,356 7,552 7,048
Europe and Africa      
Disaggregation of Revenue      
Total revenues 4,920 4,459 4,366
Asia-Pacific      
Disaggregation of Revenue      
Total revenues 3,129 2,973 2,996
Technology & Analytics Solutions      
Disaggregation of Revenue      
Total revenues 6,160 5,862 5,746
Technology & Analytics Solutions | Americas      
Disaggregation of Revenue      
Total revenues 3,182 3,091 2,947
Technology & Analytics Solutions | Europe and Africa      
Disaggregation of Revenue      
Total revenues 2,397 2,156 2,175
Technology & Analytics Solutions | Asia-Pacific      
Disaggregation of Revenue      
Total revenues 581 615 624
Research & Development Solutions      
Disaggregation of Revenue      
Total revenues 8,527 8,395 7,921
Research & Development Solutions | Americas      
Disaggregation of Revenue      
Total revenues 3,894 4,157 3,747
Research & Development Solutions | Europe and Africa      
Disaggregation of Revenue      
Total revenues 2,304 2,103 2,016
Research & Development Solutions | Asia-Pacific      
Disaggregation of Revenue      
Total revenues 2,329 2,135 2,158
Contract Sales & Medical Solutions      
Disaggregation of Revenue      
Total revenues 718 727 743
Contract Sales & Medical Solutions | Americas      
Disaggregation of Revenue      
Total revenues 280 304 354
Contract Sales & Medical Solutions | Europe and Africa      
Disaggregation of Revenue      
Total revenues 219 200 175
Contract Sales & Medical Solutions | Asia-Pacific      
Disaggregation of Revenue      
Total revenues $ 219 $ 223 $ 214
v3.25.0.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Credit Risk (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States | Geographic Concentration Risk | Revenue      
Disaggregation of Revenue      
Concentration risk 42.00% 45.00% 42.00%
v3.25.0.1
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Future Obligations (Detail)
$ in Billions
Dec. 31, 2024
USD ($)
Disaggregation of Revenue  
Revenue expected to be recognized in future from remaining performance obligations $ 33.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Disaggregation of Revenue  
Percentage of remaining performance obligations on which revenue is expected to be recognized 30.00%
Unearned income recognition period 12 months
v3.25.0.1
Trade Accounts Receivable, Unbilled Services and Unearned Income - Trade Accounts Receivable and Unbilled Services (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Receivables [Abstract]    
Trade accounts receivable $ 1,390 $ 1,473
Unbilled services 1,856 1,942
Trade accounts receivable and unbilled services 3,246 3,415
Allowance for doubtful accounts (42) (34)
Trade accounts receivable and unbilled services, net $ 3,204 $ 3,381
v3.25.0.1
Trade Accounts Receivable, Unbilled Services and Unearned Income - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unbilled services    
Unbilled services, beginning balance $ 1,942  
Change (86)  
Unbilled services, ending balance 1,856  
Unearned income    
Unearned income, beginning balance (1,799)  
Change 20  
Unearned income, ending balance (1,779)  
Net balance 77 $ 143
Decrease of net balance of unbilled services and unearned income $ (66)  
v3.25.0.1
Trade Accounts Receivable, Unbilled Services and Unearned Income - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Receivables [Abstract]    
Unbilled receivables (percentage) 69.00% 68.00%
Contract assets (percentage) 31.00% 32.00%
Increase in unbilled services $ (86)  
Increase in unearned income (20)  
Decrease of net balance of unbilled services and unearned income (66)  
Trade accounts receivable 678 $ 699
Cash proceeds from trade accounts $ 666 $ 686
v3.25.0.1
Investments - Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates $ 266 $ 134
NQ Fund V    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates 36 35
NostraData Pty Ltd. (“NostraData”)    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates 17 18
NQ Fund IV    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates 4 6
NQ PE Fund I    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates 11 10
Longwood Fund V, L.P. ("Longwood")    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates 6 7
RxWare (formerly "Helparound")    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates 2 2
NQ Fund III    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates 0 1
Other    
Investments in and Advances to Affiliates    
Investments in unconsolidated affiliates $ 190 $ 55
v3.25.0.1
Investments - Summary of Investments in Unconsolidated Variable Interest Entities and Estimated Maximum Exposure to Loss (Detail) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity    
Investments in Unconsolidated VIEs $ 26,899,000,000 $ 26,681,000,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity    
Investments in Unconsolidated VIEs 236,000,000  
Maximum Exposure to Loss 579,000,000  
Variable Interest Entity, Not Primary Beneficiary | NQ Fund III    
Variable Interest Entity    
Investments in Unconsolidated VIEs 0  
Maximum Exposure to Loss 5,000,000  
Variable Interest Entity, Not Primary Beneficiary | NQ Fund IV    
Variable Interest Entity    
Investments in Unconsolidated VIEs 4,000,000  
Maximum Exposure to Loss 5,000,000  
Variable Interest Entity, Not Primary Beneficiary | NQ Fund V    
Variable Interest Entity    
Investments in Unconsolidated VIEs 36,000,000  
Maximum Exposure to Loss 43,000,000  
Variable Interest Entity, Not Primary Beneficiary | NQ PE Fund I    
Variable Interest Entity    
Investments in Unconsolidated VIEs 11,000,000  
Maximum Exposure to Loss 12,000,000  
Variable Interest Entity, Not Primary Beneficiary | Longwood    
Variable Interest Entity    
Investments in Unconsolidated VIEs 6,000,000  
Maximum Exposure to Loss 8,000,000  
Variable Interest Entity, Not Primary Beneficiary | Other    
Variable Interest Entity    
Investments in Unconsolidated VIEs 179,000,000  
Maximum Exposure to Loss $ 506,000,000  
v3.25.0.1
Derivatives - Additional Information (Detail)
€ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Country
Dec. 31, 2023
USD ($)
Dec. 31, 2024
EUR (€)
Country
Nov. 17, 2023
USD ($)
Nov. 15, 2023
Jan. 03, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jun. 04, 2020
USD ($)
Jul. 19, 2018
USD ($)
Derivative Instruments and Hedging Activities Disclosures                  
Gains related to contracts $ 0 $ 2,000,000              
Losses related to contracts 2,000,000 0              
Foreign exchange losses related to net investment hedge 186,000,000 (102,000,000)         $ 332,000,000    
Foreign currency unrealized loss expected to be reclassified in the next 12 months 3,000,000                
Foreign currency denominated debt                  
Derivative Instruments and Hedging Activities Disclosures                  
Borrowings, net of original issue discount $ 2,837,000,000   € 2,732            
Senior Secured Notes Due 2029, 6.250% | USD | Senior Notes                  
Derivative Instruments and Hedging Activities Disclosures                  
Derivative variable interest rates         4.8555%        
Senior Secured Facilities, Term B-4 Dollar Loans | USD                  
Derivative Instruments and Hedging Activities Disclosures                  
Derivative variable interest rates       4.9015%          
Minimum                  
Derivative Instruments and Hedging Activities Disclosures                  
Number of countries | Country 100   100            
Foreign Exchange Risk                  
Derivative Instruments and Hedging Activities Disclosures                  
Notional amount $ 108,000,000 121,000,000              
2018 Swaps                  
Derivative Instruments and Hedging Activities Disclosures                  
Notional amount                 $ 500,000,000
Derivative fixed interest rate                 2.75%
Interest rate swaps                  
Derivative Instruments and Hedging Activities Disclosures                  
Notional amount       $ 1,500,000,000   $ 1,000,000,000   $ 300,000,000  
Derivative fixed interest rate       6.11%   4.10%   0.32%  
Variable rate       2.00%          
Interest rate swap, fixed interest rate debt percent 75.00%   75.00%            
Interest rate swaps, variable rate debt percent 25.00%   25.00%            
Cross Currency Interest Rate Contract                  
Derivative Instruments and Hedging Activities Disclosures                  
Losses related to contracts $ 147,000,000 108,000,000              
Interest rate reduction 36,000,000 3,000,000              
Cross Currency Interest Rate Contract | Derivatives designated as hedging instruments: | Other Current Liabilities                  
Derivative Instruments and Hedging Activities Disclosures                  
Notional amount $ 2,735,000,000 $ 2,750,000,000              
v3.25.0.1
Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Nov. 17, 2023
Jan. 03, 2023
Jun. 04, 2020
Derivatives, Fair Value          
Assets $ 39,000,000 $ 15,000,000      
Liabilities 7,000,000 159,000,000      
Interest rate swaps          
Derivatives, Fair Value          
Notional     $ 1,500,000,000 $ 1,000,000,000 $ 300,000,000
Derivatives designated as hedging instruments: | Other current assets, other assets and other current liabilities | Interest rate swaps          
Derivatives, Fair Value          
Assets 0 13,000,000      
Liabilities 5,000,000 51,000,000      
Notional 2,485,000,000 3,300,000,000      
Derivatives designated as hedging instruments: | Other Current Liabilities | Cross Currency Interest Rate Contract          
Derivatives, Fair Value          
Assets 39,000,000 0      
Liabilities 0 108,000,000      
Notional 2,735,000,000 2,750,000,000      
Derivatives designated as hedging instruments: | Other current assets and other current liabilities | Foreign exchange forward contracts          
Derivatives, Fair Value          
Assets 0 2,000,000      
Liabilities 2,000,000 0      
Notional $ 108,000,000 $ 121,000,000      
v3.25.0.1
Derivatives - Pre-tax Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures      
Effect of cash flow hedging instruments on other comprehensive income (loss) $ 29 $ (78) $ 65
Foreign exchange forward contracts      
Derivative Instruments and Hedging Activities Disclosures      
Effect of cash flow hedging instruments on other comprehensive income (loss) (4) 2 3
Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures      
Effect of cash flow hedging instruments on other comprehensive income (loss) $ 33 $ (80) $ 62
v3.25.0.1
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Percentage accrued of maximum consideration payments to become payable 61.00%  
Identifiable intangible assets $ 4,499 $ 4,839
Level 1 and Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value of total debt 13,966 $ 13,597
Level 3 | Non-recurring Fair Value Measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Total 19,554  
Cost and equity method investments 345  
Goodwill 14,710  
Identifiable intangible assets $ 4,499  
v3.25.0.1
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Marketable securities $ 141 $ 120
Derivatives $ 39 15
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities  
Recurring    
Assets:    
Marketable securities $ 170 146
Derivatives 39 15
Total 209 161
Liabilities:    
Derivatives 7 159
Contingent consideration 102 106
Total 109 265
Level 1 | Recurring    
Assets:    
Marketable securities 170 146
Derivatives 0 0
Total 170 146
Liabilities:    
Derivatives 0 0
Contingent consideration 0 0
Total 0 0
Level 2 | Recurring    
Assets:    
Marketable securities 0 0
Derivatives 39 15
Total 39 15
Liabilities:    
Derivatives 7 159
Contingent consideration 0 0
Total 7 159
Level 3 | Recurring    
Assets:    
Marketable securities 0 0
Derivatives 0 0
Total 0 0
Liabilities:    
Derivatives 0 0
Contingent consideration 102 106
Total $ 102 $ 106
v3.25.0.1
Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Contingent Consideration - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation      
Balance as of January 1 $ 106 $ 173 $ 76
Business combinations 77 64 134
Contingent consideration paid (10) (73) (22)
Revaluations included in earnings and foreign currency translation adjustments (71) (58) (15)
Balance as of December 31 $ 102 $ 106 $ 173
v3.25.0.1
Property and Equipment - Summary of Major Classes of Property and Equipment (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment    
Property and equipment, gross $ 1,354 $ 1,326
Less accumulated depreciation (819) (803)
Property and equipment, net 535 523
Land, buildings and leasehold improvements    
Property, Plant and Equipment    
Property and equipment, gross 367 376
Equipment    
Property, Plant and Equipment    
Property and equipment, gross 840 803
Furniture and fixtures    
Property, Plant and Equipment    
Property and equipment, gross 62 66
Transportation equipment    
Property, Plant and Equipment    
Property and equipment, gross $ 85 $ 81
v3.25.0.1
Property and Equipment -Schedule of Property and Equipment Depreciation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 149 $ 151 $ 160
v3.25.0.1
Goodwill and Identifiable Intangible Assets - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Identifiable intangible assets $ 4,499,000,000 $ 4,839,000,000  
Estimated amortization expense, 2022 881,000,000    
Estimated amortization expense, 2023 738,000,000    
Estimated amortization expense, 2024 606,000,000    
Estimated amortization expense, 2025 485,000,000    
Estimated amortization expense, 2026 371,000,000    
Goodwill impairment losses $ 0 $ 0 $ 0
v3.25.0.1
Goodwill and Identifiable Intangible Assets - Summary of Amortization Expense Associated with Identifiable Definite-Lived Intangible Assets (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 965 $ 974 $ 970
v3.25.0.1
Goodwill and Identifiable Intangible Assets - Summary of Identifiable Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Definite-lived identifiable intangible assets:    
Gross Amount $ 11,930 $ 11,718
Accumulated Amortization (7,431) (6,879)
Net Amount 4,499 4,839
Client relationships and backlog    
Definite-lived identifiable intangible assets:    
Gross Amount 5,690 5,688
Accumulated Amortization (2,966) (2,724)
Net Amount 2,724 2,964
Databases    
Definite-lived identifiable intangible assets:    
Gross Amount 1,773 1,837
Accumulated Amortization (1,751) (1,819)
Net Amount 22 18
Trademarks, trade names and other    
Definite-lived identifiable intangible assets:    
Gross Amount 539 548
Accumulated Amortization (350) (320)
Net Amount 189 228
Software and related assets    
Definite-lived identifiable intangible assets:    
Gross Amount 3,914 3,629
Accumulated Amortization (2,358) (2,005)
Net Amount 1,556 1,624
Non-compete agreements    
Definite-lived identifiable intangible assets:    
Gross Amount 14 16
Accumulated Amortization (6) (11)
Net Amount $ 8 $ 5
v3.25.0.1
Goodwill and Identifiable Intangible Assets - Summary of Goodwill by Segment (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill    
Beginning Balance $ 14,567 $ 13,921
Business combinations 532 533
Impact of foreign currency fluctuations and other (389) 113
Ending Balance 14,710 14,567
Technology & Analytics Solutions    
Goodwill    
Beginning Balance 11,976 11,520
Business combinations 346 352
Impact of foreign currency fluctuations and other (365) 104
Ending Balance 11,957 11,976
Research & Development Solutions    
Goodwill    
Beginning Balance 2,439 2,247
Business combinations 186 181
Impact of foreign currency fluctuations and other (17) 11
Ending Balance 2,608 2,439
Contract Sales & Medical Solutions    
Goodwill    
Beginning Balance 152 154
Business combinations 0 0
Impact of foreign currency fluctuations and other (7) (2)
Ending Balance $ 145 $ 152
v3.25.0.1
Accrued Expenses - Accrued Expenses (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Compensation, including bonuses, fringe benefits and payroll taxes $ 905 $ 968
Restructuring 21 36
Interest 81 66
Client contract related 1,458 1,315
Professional fees 75 112
Contingent consideration and deferred purchase price 49 27
Other 359 331
Total $ 2,948 $ 2,855
v3.25.0.1
Credit Arrangements - Summary of Credit Facilities (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Oct. 01, 2024
Revolving credit facility    
Line of Credit Facility    
Interest Rate Description U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of December 31, 2024  
USD Revolving Credit Facility | Revolving credit facility    
Line of Credit Facility    
Facility $ 2,000  
Rate 1.25%  
Interest rate spread on base rate 0.10%  
Term Loan    
Line of Credit Facility    
Interest Rate Description U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of December 31, 2024  
Facility   $ 550
Term Loan | Line of Credit    
Line of Credit Facility    
Facility $ 110  
Rate 1.00%  
Interest rate spread on base rate 0.10%  
v3.25.0.1
Credit Arrangements - Summary of Debt (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Nov. 28, 2023
May 23, 2023
Senior Secured Credit Facilities:        
Principal amount of debt $ 14,045 $ 13,752    
Less: unamortized discount and debt issuance costs (62) (79)    
Less: current portion (1,145) (718)    
Long-term debt, less current portion $ 12,838 12,955    
Senior Notes Due 2030, 6.500% | Senior Notes | USD        
Senior Secured Credit Facilities:        
Principal amount of debt   500   $ 500
Rate       6.50%
Senior Secured Notes Due 2028, 5.700% | Senior Notes | USD        
Senior Secured Credit Facilities:        
Principal amount of debt   750   $ 750
Rate       5.70%
Senior Secured Notes Due 2029, 6.250% | Senior Notes | USD        
Senior Secured Credit Facilities:        
Principal amount of debt   1,250 $ 1,250  
Rate     6.25%  
USD        
Senior Secured Credit Facilities:        
Average floating rate 5.69%      
USD | 5.0% Senior Notes | Senior Notes        
Senior Secured Credit Facilities:        
Rate 5.00%      
USD | Senior Secured Facilities, Term B-4 Dollar Loans        
Senior Secured Credit Facilities:        
Principal amount of debt   1,500 $ 1,485  
USD | Revolving credit facility        
Senior Secured Credit Facilities:        
Principal amount of debt $ 825 100    
USD | Revolving credit facility | Secured Overnight Financing Rate (SOFR)        
Senior Secured Credit Facilities:        
Average floating rate 5.71%      
USD | Due in 2024 | Receivables Financing Facility | LIBOR        
Senior Secured Credit Facilities:        
Principal amount of debt $ 440 440    
USD | Due in 2024 | Revolving credit facility | Receivables Financing Facility | LIBOR        
Senior Secured Credit Facilities:        
Principal amount of debt $ 110 110    
USD | Due in 2025 | Senior Secured Facilities, Term B-4 Dollar Loans | Secured Overnight Financing Rate (SOFR)        
Senior Secured Credit Facilities:        
Average floating rate 6.33%      
USD | Due in 2026 | Senior Secured Term A Loan At One Point Thirty Three Percent | Secured Overnight Financing Rate (SOFR)        
Senior Secured Credit Facilities:        
Principal amount of debt $ 1,197 1,270    
Average floating rate 5.71%      
USD | Due in 2026 | Senior Secured Term A Loan At One Point Twenty Five Pecent | EURO LIBOR        
Senior Secured Credit Facilities:        
Principal amount of debt $ 272 306    
USD | Due in 2026 | 5.0% Senior Notes | Senior Notes        
Senior Secured Credit Facilities:        
Principal amount of debt $ 1,050 1,050    
Rate 5.00%      
USD | Due in 2027 | Secured Overnight Financing Rate (SOFR)        
Senior Secured Credit Facilities:        
Average floating rate 5.86%      
USD | Due in 2027 | 5.0% Senior Notes | Senior Notes        
Senior Secured Credit Facilities:        
Principal amount of debt $ 1,100 1,100    
USD | Due in 2027 | Senior Secured Term A Loan At Five Point Six Seven Percent | Secured Overnight Financing Rate (SOFR)        
Senior Secured Credit Facilities:        
Principal amount of debt $ 1,094 1,156    
EUR | Due in 2025 | EURO LIBOR        
Senior Secured Credit Facilities:        
Average floating rate 4.68%      
EUR | Due in 2025 | Senior Secured Additional Term B Loan | EURO LIBOR        
Senior Secured Credit Facilities:        
Principal amount of debt $ 542 576    
EUR | Due in 2025 | 2.875% Senior Notes | Senior Notes        
Senior Secured Credit Facilities:        
Principal amount of debt $ 436 464    
Rate 2.875%      
EUR | Due in 2026 | Senior Secured Term A Loan At One Point Twenty Five Pecent | EURO LIBOR        
Senior Secured Credit Facilities:        
Average floating rate 3.93%      
EUR | Due in 2026 | 1.75% Senior Notes due 2026 | Senior Notes        
Senior Secured Credit Facilities:        
Principal amount of debt $ 572 607    
Rate 1.75%      
EUR | Due in 2028 | 2.875% Senior Notes | Senior Notes        
Senior Secured Credit Facilities:        
Principal amount of debt $ 739 785    
Rate 2.875%      
EUR | Due in 2028 | Three Point Five Percentage Senior Notes | Senior Notes        
Senior Secured Credit Facilities:        
Principal amount of debt $ 748 795    
Rate 2.25%      
EUR | Due in 2029 | 2.250% Senior Notes due 2029—Euro denominated | Senior Notes        
Senior Secured Credit Facilities:        
Principal amount of debt $ 935 $ 993    
Rate 2.25%      
v3.25.0.1
Credit Arrangements - Contractual Maturities of Long-term Debt (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Contractual Maturities    
2025 $ 1,145  
2026 3,904  
2027 2,634  
2028 2,252  
2029 2,200  
Thereafter 1,910  
Principal amount of debt $ 14,045 $ 13,752
v3.25.0.1
Credit Arrangements - Senior Credit Facilities (Details) - USD ($)
$ in Millions
 12 Months Ended
May 23, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nov. 28, 2023
Apr. 17, 2023
Debt Instrument [Line Items]            
Principal amount of debt   $ 14,045 $ 13,752      
Loss on extinguishment of debt   0 6 $ 0    
Revolving credit facility | USD            
Debt Instrument [Line Items]            
Principal amount of debt   825 100      
Senior Secured Credit Facilities            
Debt Instrument [Line Items]            
Principal amount of debt   5,415        
Facility   6,585        
Available borrowing capacity   1,170        
Current borrowing capacity   2,000        
Senior Secured Credit Facilities, Available in US Dollars, Euro, Swiss Francs, And Other Foreign Currencies            
Debt Instrument [Line Items]            
Facility           $ 2,000
Current borrowing capacity   600        
Senior Secured Credit Facilities, Available in US Dollars, Euro, Swiss Francs, And Other Foreign Currencies | USD            
Debt Instrument [Line Items]            
Current borrowing capacity   1,175        
Senior Secured Credit Facilities, Available In US Dollars And Yen            
Debt Instrument [Line Items]            
Current borrowing capacity   225        
Senior Secured Term B Loan 1.85% | USD | Due in 2024            
Debt Instrument [Line Items]            
Principal amount of debt           $ 500
USD Revolving Credit Facility | Revolving credit facility            
Debt Instrument [Line Items]            
Facility   $ 2,000        
Interest rate spread on base rate   0.10%        
Rate   1.25%        
Senior Secured Notes Due 2028, 5.700% | USD | Senior Notes            
Debt Instrument [Line Items]            
Principal amount of debt $ 750   750      
Rate 5.70%          
Senior Notes Due 2030, 6.500% | USD | Senior Notes            
Debt Instrument [Line Items]            
Principal amount of debt $ 500   500      
Rate 6.50%          
Senior Notes Due 2030, 6.500% | Minimum            
Debt Instrument [Line Items]            
Redemption price (as a percent) 0.00%          
Senior Notes Due 2030, 6.500% | Maximum            
Debt Instrument [Line Items]            
Redemption price (as a percent) 3.25%          
Senior Secured Notes Due 2029, 6.250% | USD | Senior Notes            
Debt Instrument [Line Items]            
Principal amount of debt     1,250   $ 1,250  
Rate         6.25%  
Senior Secured Facilities, Term B-4 Dollar Loans | USD            
Debt Instrument [Line Items]            
Principal amount of debt     $ 1,500   $ 1,485  
v3.25.0.1
Credit Arrangements - Senior Notes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Principal amount of debt $ 14,045 $ 13,752  
Loss on extinguishment of debt 0 6 $ 0
EUR | Senior Notes | 1.75% Senior Notes due 2026 | Due in 2026      
Debt Instrument [Line Items]      
Principal amount of debt $ 572 607  
Rate 1.75%    
EUR | Senior Notes | 2.250% Senior Notes due 2029—Euro denominated | Due in 2029      
Debt Instrument [Line Items]      
Principal amount of debt $ 935 993  
Rate 2.25%    
EUR | Senior Notes | 2.875% Senior Notes | Due in 2025      
Debt Instrument [Line Items]      
Principal amount of debt $ 436 464  
Rate 2.875%    
EUR | Senior Notes | 2.875% Senior Notes | Due in 2028      
Debt Instrument [Line Items]      
Principal amount of debt $ 739 785  
Rate 2.875%    
EUR | Senior Notes | Three Point Five Percentage Senior Notes | Due in 2028      
Debt Instrument [Line Items]      
Principal amount of debt $ 748 $ 795  
Rate 2.25%    
v3.25.0.1
Credit Arrangements - Receivables Financing Facility (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Oct. 01, 2024
Aug. 13, 2021
Term Loan      
Debt Instrument [Line Items]      
Facility   $ 550  
Accounts Receivable Financing Facility, Term Loan | Bankruptcy-remote Special Purpose Entity ("SPE")      
Debt Instrument [Line Items]      
Long-term line of credit     $ 440
Accounts Receivable Financing Facility, Revolving Loan Commitment | Bankruptcy-remote Special Purpose Entity ("SPE")      
Debt Instrument [Line Items]      
Long-term line of credit     $ 110
Pledged receivables to secure credit facility $ 1,609    
v3.25.0.1
Leases - Components of Lease Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description      
Total lease cost $ 176 $ 178 $ 183
Selling, general and administrative expenses      
Lessee, Lease, Description      
Operating lease cost 158 160 171
Depreciation and amortization, and Interest expense      
Lessee, Lease, Description      
Finance Lease Costs $ 18 $ 18 $ 12
v3.25.0.1
Leases - Other Information Related to Leases (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 160 $ 175 $ 173
Operating cash flows for finance leases 8 8 5
Financing cash flows for finance leases 5 3 4
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases 58 59 79
Finance leases $ 0 $ 0 $ 54
Weighted Average Remaining Lease Term:      
Operating leases 4 years 6 months 29 days 4 years 7 months 9 days 4 years 8 months 19 days
Finance leases 19 years 8 months 23 days 20 years 8 months 1 day 21 years 7 months 20 days
Weighted Average Discount Rate:      
Operating leases 4.57% 3.81% 3.12%
Finance leases 3.90% 3.88% 3.87%
v3.25.0.1
Leases - Future Minimum Lease Payments Under Non-cancellable Leases (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 109  
2026 71  
2027 49  
2028 33  
2029 14  
Thereafter 22  
Total future minimum lease payments 298  
Less imputed interest (26)  
Total 272  
Other current liabilities $ 99  
Operating Lease, Liability, Current, Statement of Financial Position Other current liabilities  
Operating lease liabilities $ 173 $ 223
Total 272  
Finance Leases    
2025 13  
2026 13  
2027 14  
2028 14  
2029 14  
Thereafter 269  
Total future minimum lease payments 337  
Less imputed interest (113)  
Total 224  
Other current liabilities $ 6  
Finance Lease, Liability, Current, Statement of Financial Position Other current liabilities  
Other liabilities $ 218  
Finance Lease, Liability, Noncurrent, Statement of Financial Position Other liabilities  
Total $ 224  
v3.25.0.1
Contingencies - Additional Information (Detail)
Mar. 13, 2017
USD ($)
Minimum | Veeva  
Loss Contingencies  
Amount of damages claimed $ 200,000,000
v3.25.0.1
Stockholders' Equity - Additional Information (Detail) - USD ($)
 12 Months Ended
Jul. 31, 2023
Feb. 10, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Feb. 05, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 30, 2013
Class of Stock                      
Preferred stock, authorized (shares)                 1,000,000    
Preferred stock, par value (usd per share)                 $ 0.01    
Preferred stock, shares issued (shares)                 0 0  
Preferred stock, shares outstanding (shares)                 0 0  
Equity Repurchase Program                      
Class of Stock                      
Equity repurchase program authorized amount   $ 13,725,000,000                 $ 125,000,000
Equity repurchase program increase in authorized amount $ 2,000,000,000 2,000,000,000 $ 2,000,000,000.0 $ 1,500,000,000 $ 2,000,000,000.0 $ 1,500,000,000 $ 600,000,000        
Equity available for repurchase under the repurchase program   $ 1,013,000,000                  
Equity Repurchase Program | Subsequent Event                      
Class of Stock                      
Increase in authorized amount               $ 2,000,000,000      
v3.25.0.1
Stockholders' Equity - Schedule of Share Repurchases Made Both Under and Outside of Repurchase Program (Detail) - Equity Repurchase Under and Outside of Repurchase Program - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class of Stock      
Number of shares of common stock repurchased (in shares) 6.4 5.0 5.5
Aggregate purchase price $ 1,350 $ 992 $ 1,168
Average price per share (in usd per share) $ 209.68 $ 196.89 $ 213.06
v3.25.0.1
Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets acquired:      
Goodwill $ 14,710 $ 14,567 $ 13,921
Several Individually Immaterial Acquisitions      
Assets acquired:      
Cash and cash equivalents 28 28  
Accounts receivable 68 44  
Other assets 60 9  
Goodwill 532 533  
Other identifiable intangibles 313 425  
Liabilities assumed:      
Other liabilities (114) (44)  
Deferred income taxes, long-term (40) (18)  
Net assets acquired 847 977  
Contingent consideration and deferred payments $ 84 $ 73  
v3.25.0.1
Business Combinations - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Several Individually Immaterial Acquisitions    
Business Acquisition    
Business Acquisition, Goodwill, Expected Tax Deductible Amount $ 343 $ 379
v3.25.0.1
Business Combinations - Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - Several Individually Immaterial Acquisitions - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition    
Total Other identifiable intangibles $ 313 $ 425
Client relationships    
Business Acquisition    
Total Other identifiable intangibles 257 324
Non-compete agreements    
Business Acquisition    
Total Other identifiable intangibles 7 0
Software and related assets    
Business Acquisition    
Total Other identifiable intangibles 10 44
Trademarks, trade names and other    
Business Acquisition    
Total Other identifiable intangibles $ 6 2
Backlog    
Business Acquisition    
Amortization Period 4 years  
Total Other identifiable intangibles $ 28 51
Databases    
Business Acquisition    
Total Other identifiable intangibles $ 5 $ 4
Minimum | Client relationships    
Business Acquisition    
Amortization Period 9 years  
Minimum | Non-compete agreements    
Business Acquisition    
Amortization Period 3 years  
Minimum | Software and related assets    
Business Acquisition    
Amortization Period 3 years  
Minimum | Trademarks, trade names and other    
Business Acquisition    
Amortization Period  
Minimum | Backlog    
Business Acquisition    
Amortization Period 1 year  
Minimum | Databases    
Business Acquisition    
Amortization Period 4 years  
Maximum | Client relationships    
Business Acquisition    
Amortization Period 16 years  
Maximum | Non-compete agreements    
Business Acquisition    
Amortization Period 5 years  
Maximum | Software and related assets    
Business Acquisition    
Amortization Period 5 years  
Maximum | Trademarks, trade names and other    
Business Acquisition    
Amortization Period 5 years  
Maximum | Databases    
Business Acquisition    
Amortization Period 5 years  
v3.25.0.1
Restructuring - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]      
Restructuring costs $ 67 $ 84 $ 28
v3.25.0.1
Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) - Severance and Related Costs - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve    
Restructuring reserves, beginning balance $ 36 $ 26
Expense, net of reversals 67 84
Payments (81) (74)
Foreign currency translation and other (1)  
Restructuring reserves, ending balance $ 21 $ 36
v3.25.0.1
Income Taxes - Components of Income Before Income Taxes and Equity in Earnings (Losses) of Unconsolidated Affiliates (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Examination      
Total before income taxes $ 1,669 $ 1,459 $ 1,363
Domestic      
Income Tax Examination      
Total before income taxes 214 108 (45)
Foreign      
Income Tax Examination      
Total before income taxes $ 1,455 $ 1,351 $ 1,408
v3.25.0.1
Income Taxes - Components of Income Tax Expense Attributable to Continuing Operations (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current expense:      
Federal and state $ 44 $ 21 $ 24
Foreign 386 349 358
Total 430 370 382
Deferred (benefit) expense:      
Federal and state (116) (236) (94)
Foreign (13) (33) (28)
Total (129) (269) (122)
Income tax expense (benefit) $ 301 $ 101 $ 260
v3.25.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Examination        
Effective income tax rate (as a percent) 18.00% 6.90% 19.10%  
Tax benefit related to FDII and GILTI tax credits   $ 125    
Tax expense (benefit) related to FDII $ 64      
Tax liability related to FDII 61      
Tax settlement amount 21      
Undistributed earnings of foreign subsidiaries 5,117      
Increase (decrease) in valuation allowances 30      
Valuation allowance 196 166    
Gross unrecognized income tax benefits 146 140 $ 122 $ 116
Unrecognized tax benefits that would impact effective tax rate 132      
Addition/(reduction) of interest and penalties recorded 6 0 $ 2  
Accrued interest and penalties 26 $ 20    
Federal, State And Foreign        
Income Tax Examination        
Tax credit and tax loss carryforwards, tax effect 541      
Gross unrecognized income tax benefits 8      
Foreign Tax        
Income Tax Examination        
Gross unrecognized income tax benefits 13      
Indefinite Carryforward Period | Federal, State And Foreign        
Income Tax Examination        
Tax credit and tax loss carryforwards, tax effect 57      
Earliest Tax Year | Federal, State And Foreign        
Income Tax Examination        
Tax credit and tax loss carryforwards, tax effect $ 484      
v3.25.0.1
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal income tax expense at statutory rate $ 351 $ 306 $ 286
State and local income taxes, net of federal effect 9 16 (15)
Research and development (28) (25) (19)
United States taxes recorded on foreign earnings (79) (41) (4)
Tax contingencies 14 17 14
Foreign Derived Intangible Income (“FDII”) (56) (53) (41)
Foreign rate differential 87 45 38
Equity compensation 3 0 2
Valuation Allowance Release 0 (102) 0
Basis Difference Reversal 0 (61) 0
Other 0 (1) (1)
Income tax expense (benefit) $ 301 $ 101 $ 260
v3.25.0.1
Income Taxes - Income Tax Effects of Temporary Differences from Continuing Operations that Give Rise to Significant Portions of Deferred Income Tax Assets (Liabilities) (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred income tax assets:    
Net operating loss and other loss carryforwards $ 176 $ 132
Tax credit carryforwards 292 254
Accrued expenses and unearned income 106 103
Employee benefits 180 202
Lease liability 34 65
U.S. interest expense limitation 93 59
Other 52 81
Total deferred income tax assets 933 896
Valuation allowance for deferred income tax assets (196) (166)
Total deferred income tax assets (net of valuation allowance) 737 730
Deferred income tax liabilities:    
Amortization and depreciation (545) (590)
Lease right-of-use assets (19) (56)
Foreign exchange on debt instruments (104) (48)
Other (71) (72)
Total deferred income tax liabilities (739) (766)
Net deferred income tax assets (liabilities) $ (2) $ (36)
v3.25.0.1
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Income Tax Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits      
Beginning balance $ 140 $ 122 $ 116
Additions based on tax positions related to the current year 15 53 13
Additions for income tax positions of prior years 17 8 20
Impact of changes in exchange rates (2) 1 (2)
Settlements with tax authorities (1) (6) (4)
Reductions for income tax positions of prior years (18) (25) (11)
Reductions due to the lapse of the applicable statute of limitations (5) (13) (10)
Ending balance $ 146 $ 140 $ 122
v3.25.0.1
Income Taxes - Summary of Tax Years Open for Examination (Detail)
 12 Months Ended
Dec. 31, 2024
United States | Minimum  
Schedule Of Income Taxes  
Open tax year 2020
United States | Maximum  
Schedule Of Income Taxes  
Open tax year 2023
India | Minimum  
Schedule Of Income Taxes  
Open tax year 2006
India | Maximum  
Schedule Of Income Taxes  
Open tax year 2024
Japan | Minimum  
Schedule Of Income Taxes  
Open tax year 2018
Japan | Maximum  
Schedule Of Income Taxes  
Open tax year 2023
United Kingdom | Minimum  
Schedule Of Income Taxes  
Open tax year 2022
United Kingdom | Maximum  
Schedule Of Income Taxes  
Open tax year 2023
Switzerland | Minimum  
Schedule Of Income Taxes  
Open tax year 2020
Switzerland | Maximum  
Schedule Of Income Taxes  
Open tax year 2023
v3.25.0.1
Employee Benefit Plans - Summary of Changes in Benefit Obligation, Plan Assets and Funded Status of Pension Benefit Plans (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States      
Change in plan assets:      
Fair value of plan assets at beginning of year $ 486    
Fair value of plan assets at end of year 538 $ 486  
Pension Benefits | United States      
Change in benefit obligation:      
Projected benefit obligation at beginning of year 434 400  
Service costs 10 10 $ 13
Interest cost 22 22 13
Actuarial (gains) losses (9) 15  
Benefits paid (14) (13)  
Contributions 0 0  
Settlements 0 0  
Foreign currency fluctuations and other 0 0  
Projected benefit obligation at end of year 443 434 400
Change in plan assets:      
Fair value of plan assets at beginning of year 486 419  
Actual return on plan assets 62 75  
Contributions 4 5  
Benefits paid (14) (13)  
Settlements 0 0  
Foreign currency fluctuations and other 0 0  
Fair value of plan assets at end of year 538 486 419
Funded status 95 52  
Pension Benefits | Non-United States Plans      
Change in benefit obligation:      
Projected benefit obligation at beginning of year 525 461  
Service costs 35 35 29
Interest cost 17 17 8
Actuarial (gains) losses (2) 5  
Benefits paid (26) (20)  
Contributions 3 3  
Settlements (3) (3)  
Foreign currency fluctuations and other 4 27  
Projected benefit obligation at end of year 553 525 461
Change in plan assets:      
Fair value of plan assets at beginning of year 379 355  
Actual return on plan assets (9) 2  
Contributions 29 27  
Benefits paid (26) (20)  
Settlements (3) (3)  
Foreign currency fluctuations and other 14 18  
Fair value of plan assets at end of year 384 379 $ 355
Funded status $ (169) $ (146)  
v3.25.0.1
Employee Benefit Plans - Summary of Amounts Recognized in Consolidated Balance Sheets Related to the Pension Benefit Plans (Detail) - Pension Benefits - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
United States    
Defined Benefit Plan Disclosure    
Deposits and other assets $ 121 $ 87
Accrued expenses 3 4
Other liabilities 23 31
United States | Actuarial Net (Gain) Loss    
Defined Benefit Plan Disclosure    
AOCI 64 28
Non-United States Plans    
Defined Benefit Plan Disclosure    
Deposits and other assets 43 49
Accrued expenses 14 12
Other liabilities 198 183
Non-United States Plans | Actuarial Net (Gain) Loss    
Defined Benefit Plan Disclosure    
AOCI $ (49) $ (25)
v3.25.0.1
Employee Benefit Plans - Accumulated Benefit Obligation For Pension Benefit Plans (Detail) - Pension Benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States      
Defined Contribution And Defined Benefit Plans      
Accumulated benefit obligation $ 441 $ 430  
Defined Benefit Plan, Benefit Obligation 443 434 $ 400
Service costs 10 10 13
Interest cost 22 22 13
Non-United States Plans      
Defined Contribution And Defined Benefit Plans      
Accumulated benefit obligation 500 480  
Defined Benefit Plan, Benefit Obligation 553 525 461
Service costs 35 35 29
Interest cost $ 17 $ 17 $ 8
v3.25.0.1
Employee Benefit Plans - Summary of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets and Projected Benefit Obligations in Excess of Plan Assets (Detail) - Pension Benefits - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
United States    
Defined Benefit Plan Disclosure    
Accumulated benefit obligation $ 34 $ 41
Fair value of plan assets 8 7
Projected benefit obligation 34 41
Fair value of plan assets 8 7
Non-United States Plans    
Defined Benefit Plan Disclosure    
Accumulated benefit obligation 287 251
Fair value of plan assets 129 101
Projected benefit obligation 340 295
Fair value of plan assets $ 129 $ 101
v3.25.0.1
Employee Benefit Plans - Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - Pension Benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States      
Defined Benefit Plan Disclosure      
Service cost $ 10 $ 10 $ 13
Interest cost 22 22 13
Expected return on plan assets (34) (30) (38)
Amortization of actuarial losses 0 0 1
Settlement gain 0 0 1
Net periodic benefit cost (2) 2 (10)
Other changes in plan assets and benefit obligations recognized in other comprehensive loss:      
Actuarial (gain) loss – current year (36) (30) 31
Total recognized in other comprehensive income (36) (30) 31
Total recognized in net periodic benefit cost and other comprehensive income (38) (28) 21
Non-United States Plans      
Defined Benefit Plan Disclosure      
Service cost 35 35 29
Interest cost 17 17 8
Expected return on plan assets (15) (17) (18)
Amortization of actuarial losses 0 (2) 1
Settlement gain 0 0 (1)
Net periodic benefit cost 37 33 19
Other changes in plan assets and benefit obligations recognized in other comprehensive loss:      
Actuarial (gain) loss – current year 24 19 (18)
Total recognized in other comprehensive income 24 19 (18)
Total recognized in net periodic benefit cost and other comprehensive income $ 61 $ 52 $ 1
v3.25.0.1
Employee Benefit Plans - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligations (Detail) - Pension Benefits
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost      
Discount rate 5.35% 5.65% 3.08%
Rate of compensation increases 3.00% 3.00% 3.00%
Expected return on plan assets 7.20% 7.20% 7.23%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation      
Discount rate 5.83% 5.35%  
Rate of compensation increases 3.00% 3.00%  
Non-United States Plans      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost      
Discount rate 3.52% 3.59% 1.46%
Rate of compensation increases 2.78% 2.93% 2.57%
Expected return on plan assets 3.70% 4.53% 4.22%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation      
Discount rate 3.67% 3.52%  
Rate of compensation increases 3.50% 2.78%  
v3.25.0.1
Employee Benefit Plans - Defined Contribution Plans And Defined Benefit Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure      
Expected future employer contributions, next fiscal year $ 30    
Expenses related to matching contributions $ 80 $ 81 $ 74
U.S. Government Treasury Bonds      
Defined Benefit Plan Disclosure      
Investment credit term 30 years    
Cash balance crediting rate as a portion of yield 8.3333%    
Cash balance credit rate percentage 0.25%    
v3.25.0.1
Employee Benefit Plans - Schedule of Pension Plan Weighted Average Asset Allocations (Detail) - Pension Benefits
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 100.00% 100.00%
United States    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 100.00% 100.00%
Non-United States Plans    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 100.00% 100.00%
Equity securities    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 45.00% 42.00%
Equity securities | Minimum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 40.00%  
Equity securities | Maximum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 65.00%  
Equity securities | United States    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 76.00% 73.00%
Equity securities | Non-United States Plans    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 0.00% 0.00%
Debt securities    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 32.00% 36.00%
Debt securities | Minimum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 10.00%  
Debt securities | Maximum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 40.00%  
Debt securities | United States    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 20.00% 21.00%
Debt securities | Non-United States Plans    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 49.00% 56.00%
Real estate    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 2.00% 2.00%
Real estate | Minimum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 0.00%  
Real estate | Maximum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 5.00%  
Real estate | United States    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 4.00% 4.00%
Real estate | Non-United States Plans    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 0.00% 0.00%
Other    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 21.00% 20.00%
Other | Minimum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 10.00%  
Other | Maximum    
Defined Benefit Plan Disclosure    
Defined benefit plan, percentage of expected rate of return on plan assets 30.00%  
Other | United States    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 0.00% 2.00%
Other | Non-United States Plans    
Defined Benefit Plan Disclosure    
Defined pension plan weighted average asset allocations 51.00% 44.00%
v3.25.0.1
Employee Benefit Plans - Schedule of Plan Assets Measured at Fair Value (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
United States    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy $ 133 $ 130
Common/collective trusts measured at net asset value ("NAV") 405 356
Total 538 486
United States | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 133 130
Common/collective trusts measured at net asset value ("NAV") 0 0
Total 133 130
United States | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
Common/collective trusts measured at net asset value ("NAV") 0 0
Total 0 0
United States | Domestic equities    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 37 33
United States | Domestic equities | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 37 33
United States | Domestic equities | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
United States | International equities    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 11 11
United States | International equities | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 11 11
United States | International equities | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
United States | Corporate bonds    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 64 65
United States | Corporate bonds | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 64 65
United States | Corporate bonds | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
United States | Real estate    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 21 21
United States | Real estate | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 21 21
United States | Real estate | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
Non-United States Plans    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 384 379
Non-United States Plans | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 10 6
Non-United States Plans | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 374 373
Non-United States Plans | International equities    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 1 2
Non-United States Plans | International equities | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 1
Non-United States Plans | International equities | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 1 1
Non-United States Plans | Corporate bonds    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 18 0
Non-United States Plans | Corporate bonds | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
Non-United States Plans | Corporate bonds | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 18 0
Non-United States Plans | Debt issued by national, state or local government    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 172 212
Non-United States Plans | Debt issued by national, state or local government | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 2 2
Non-United States Plans | Debt issued by national, state or local government | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 170 210
Non-United States Plans | Investments funds    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 10 10
Non-United States Plans | Investments funds | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
Non-United States Plans | Investments funds | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 10 10
Non-United States Plans | Insurance contracts    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 168 145
Non-United States Plans | Insurance contracts | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 0 0
Non-United States Plans | Insurance contracts | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 168 145
Non-United States Plans | Other    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 15 10
Non-United States Plans | Other | Level 1    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy 8 3
Non-United States Plans | Other | Level 2    
Defined Benefit Plan Disclosure    
Total assets in the fair value hierarchy $ 7 $ 7
v3.25.0.1
Employee Benefit Plans - Schedule of Expected Benefit Payments, Net of Expected Participants Contributions for Pension Benefits (Detail) - Pension Benefits
$ in Millions
Dec. 31, 2024
USD ($)
Defined Benefit Plan Disclosure  
2025 $ 55
2026 56
2027 60
2028 62
2029 65
Years 2030 through 2034 361
Defined Benefit Plan Expected Future Benefit Payments, Total $ 659
v3.25.0.1
Employee Benefit Plans - Stock Incentive Plans - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based compensation $ 206.0 $ 217.0 $ 194.0
Recognized future income tax benefit 36.0 34.0 28.0
Unrecognized non-vested stock-based compensation $ 215.0    
Weighted average period of stock-based compensation 1 year 2 months 12 days    
Expiry period of options from grant date 10 years    
Weighted average remaining contractual life of the options outstanding 1 year    
Aggregate intrinsic value of the exercisable stock options and the stock options expected to vest $ 11.0    
Weighted average grant date fair value (in USD per share) $ 70.63    
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award      
Total intrinsic value of options exercised $ 15.0 23.0 9.0
Proceeds from options exercised $ 5.0 7.0 2.0
At End Of Three Year Period      
Share-based Compensation Arrangement by Share-based Payment Award      
Percentage of options granted per annum 100.00%    
Stock Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award      
Number of shares available for future grant 7,600,000    
Stock Appreciation Rights - Stock Settled      
Share-based Compensation Arrangement by Share-based Payment Award      
Intrinsic value of shares exercised $ 88.0 51.0 $ 25.0
Weighted average remaining contractual life of equity instruments other than options outstanding 5 years 2 months 12 days    
Weighted average remaining contractual life of the options exercisable (in years) 4 years 2 months 12 days    
Aggregate intrinsic value of exercisable expected to vest $ 175.0    
Aggregate Intrinsic Value $ 175.0 $ 342.0  
Number of stock units outstanding (shares) 3,493,312 3,862,710  
Stock Appreciation Rights - Stock Settled | First Anniversary of Grant Date      
Share-based Compensation Arrangement by Share-based Payment Award      
Percentage of options granted per annum 33.33%    
Stock Appreciation Rights - Stock Settled | Second Anniversary of Grant Date      
Share-based Compensation Arrangement by Share-based Payment Award      
Percentage of options granted per annum 33.33%    
Stock Appreciation Rights - Stock Settled | Third Anniversary Of Grant Date      
Share-based Compensation Arrangement by Share-based Payment Award      
Percentage of options granted per annum 33.33%    
Performance Awards      
Share-based Compensation Arrangement by Share-based Payment Award      
Number of stock units outstanding 992,478 746,070  
Aggregate Intrinsic Value $ 195.0    
Fair value of Stock Appreciation Rights granted $ 217.83    
Restricted Stock Units - Stock Settled      
Share-based Compensation Arrangement by Share-based Payment Award      
Number of stock units outstanding 1,000,328 888,856  
Aggregate Intrinsic Value $ 197.0    
Number of days for stock units to settle in common stock from vesting date 30 days    
Fair value of Stock Appreciation Rights granted $ 216.78    
Stock Appreciation Rights - Cash Settled      
Share-based Compensation Arrangement by Share-based Payment Award      
Weighted average remaining contractual life of equity instruments other than options outstanding 3 years 1 month 6 days    
Aggregate intrinsic value of exercisable expected to vest $ 4.0    
Fair value of Stock Appreciation Rights granted $ 109.83 $ 152.17 $ 147.41
Cash paid to settle exercised SARs $ 3.0 $ 11.0 $ 1.0
Restricted Stock Units - Cash Settled      
Share-based Compensation Arrangement by Share-based Payment Award      
Award vesting period (in years) 3 years    
Aggregate Intrinsic Value $ 1.0    
Number of stock units outstanding (shares) 5,808    
Restricted Stock Units - Cash Settled | Third Anniversary Of Grant Date      
Share-based Compensation Arrangement by Share-based Payment Award      
Percentage of options granted per annum 100.00%    
Long Term Incentive Awards      
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based compensation $ 26.0 22.0 $ 9.0
Fixed monetary amount   $ 80.0  
v3.25.0.1
Employee Benefit Plans - Assumptions Used to Estimate Value of Stock-Based Compensation for Stock Options and Stock Appreciation Rights Issued (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used      
Expected volatility, Minimum 28.00% 29.00% 28.00%
Expected volatility, Maximum 35.00% 35.00% 34.00%
Weighted average expected volatility 32.00% 32.00% 30.00%
Expected dividends 0.00% 0.00% 0.00%
Risk-free interest rate, Minimum 4.07% 3.38% 1.84%
Risk-free interest rate, Maximum 4.56% 4.75% 4.22%
Minimum      
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used      
Expected term (in years) 2 years 7 months 6 days 2 years 4 months 24 days 3 years 3 months 18 days
Maximum      
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used      
Expected term (in years) 5 years 7 months 6 days 5 years 4 months 24 days 6 years 3 months 18 days
v3.25.0.1
Employee Benefit Plans - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]    
Beginning balance (shares) 174,971  
Exercised (shares) (88,006)  
Ending balance (shares) 86,965  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Beginning balance (usd per share) $ 62.35  
Exercised (usd per share) 60.10  
Ending balance (usd per share) $ 64.63  
Aggregate Intrinsic Value $ 11 $ 30
v3.25.0.1
Employee Benefit Plans - Schedule of Stock Appreciation Rights - Stock Settled And Cash Settled Activity (Detail) - Stock Appreciation Rights - Stock Settled - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Stock Appreciation Rights    
Shares outstanding, beginning (shares) 3,862,710  
Granted (shares) 426,430  
Exercised (shares) (754,235)  
Canceled (shares) (41,593)  
Shares outstanding, ending (shares) 3,493,312  
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Weighted Average Grant Price [Abstract]    
Outstanding, beginning balance (usd per share) $ 144.79  
Granted (usd per share) 214.37  
Exercised (usd per share) 120.01  
Canceled (usd per share) 233.29  
Outstanding, ending balance (usd per share) $ 157.58  
Aggregate Intrinsic Value $ 175 $ 342
v3.25.0.1
Employee Benefit Plans - Summary of Performance Award Activity (Detail) - Performance Awards
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Nonvested Other than Options  
Beginning balance (shares) | shares 746,070
Granted (shares) | shares 493,729
Additional goal achievement shares (shares) | shares 172,658
Vested (shares) | shares (387,288)
Canceled (shares) | shares (32,691)
Ending balance (shares) | shares 992,478
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning Balance (usd per share) | $ / shares $ 232.13
Granted (usd per share) | $ / shares 217.83
Additional goal achievement shares (usd per share) | $ / shares 189.94
Vested (usd per share) | $ / shares 197.10
Canceled (usd per share) | $ / shares 241.33
Ending balance (usd per share) | $ / shares $ 231.04
v3.25.0.1
Employee Benefit Plans - Summary of Restricted Stock Units - Stock Settled And Cash Settled Activity (Detail) - Restricted Stock Units - Stock Settled
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Nonvested Other than Options  
Beginning balance (shares) 888,856
Granted (shares) 594,957
Vested (shares) (415,766)
Canceled (shares) (67,719)
Ending balance (shares) 1,000,328
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning Balance (usd per share) | $ / shares $ 228.55
Granted (usd per share) | $ / shares 216.78
Vested (usd per share) | $ / shares 223.45
Canceled (usd per share) | $ / shares 225.00
Ending balance (usd per share) | $ / shares $ 223.91
Director Deferral Plan  
Nonvested Other than Options  
Granted (shares) 6,482
v3.25.0.1
Property, Equipment and Software by Geography - Property, Equipment and Software, Net, by Geographic Region (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Long Lived Assets Geographic    
Total property, equipment and software, net $ 2,091 $ 2,146
Americas    
Long Lived Assets Geographic    
Total property, equipment and software, net 1,857 1,917
United States    
Long Lived Assets Geographic    
Total property, equipment and software, net 1,803 1,820
Other    
Long Lived Assets Geographic    
Total property, equipment and software, net 54 97
Europe and Africa    
Long Lived Assets Geographic    
Total property, equipment and software, net 184 193
Asia-Pacific    
Long Lived Assets Geographic    
Total property, equipment and software, net $ 50 $ 36
v3.25.0.1
Segments - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.0.1
Segments - Operations by Reportable Segments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information      
Revenues $ 15,405 $ 14,984 $ 14,410
Cost of revenues, exclusive of depreciation and amortization 10,030 9,745 9,382
Selling, general and administrative expenses 1,992 2,053 2,071
Depreciation and amortization (1,114) (1,125) (1,130)
Restructuring costs (67) (84) (28)
Total income from operations 2,202 1,977 1,799
Interest expense 670 672 416
Investment Income, Interest (47) (36) (13)
Loss on extinguishment of debt 0 6 0
Other expense, net (90) (124) 33
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates 1,669 1,459 1,363
Technology & Analytics Solutions      
Segment Reporting Information      
Revenues 6,160 5,862 5,746
Research & Development Solutions      
Segment Reporting Information      
Revenues 8,527 8,395 7,921
Contract Sales & Medical Solutions      
Segment Reporting Information      
Revenues 718 727 743
Operating Segments      
Segment Reporting Information      
Selling, general and administrative expenses 1,858 1,785 1,741
Segment profit 3,517 3,454 3,287
Operating Segments | Technology & Analytics Solutions      
Segment Reporting Information      
Revenues 6,160 5,862 5,746
Cost of revenues, exclusive of depreciation and amortization 3,721 3,496 3,348
Selling, general and administrative expenses 917 876 848
Segment profit 1,522 1,490 1,550
Operating Segments | Research & Development Solutions      
Segment Reporting Information      
Revenues 8,527 8,395 7,921
Cost of revenues, exclusive of depreciation and amortization 5,698 5,629 5,395
Selling, general and administrative expenses 881 851 831
Segment profit 1,948 1,915 1,695
Operating Segments | Contract Sales & Medical Solutions      
Segment Reporting Information      
Revenues 718 727 743
Cost of revenues, exclusive of depreciation and amortization 611 620 639
Selling, general and administrative expenses 60 58 62
Segment profit 47 49 42
General corporate and unallocated expenses      
Segment Reporting Information      
Segment profit $ (134) $ (268) $ (330)
v3.25.0.1
Earnings Per Share - Reconciles the Basic to Diluted Weighted Average Shares Outstanding (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income $ 1,373 $ 1,358 $ 1,091
Denominator:      
Basic weighted average common shares outstanding (in shares) 181.3 183.8 187.6
Effect of dilutive stock options and share awards (in shares) 2.1 2.5 3.0
Diluted weighted average common shares outstanding (in shares) 183.4 186.3 190.6
Earnings per share attributable to common stockholders:      
Basic (in dollars per share) $ 7.57 $ 7.39 $ 5.82
Diluted (in dollars per share) $ 7.49 $ 7.29 $ 5.72
v3.25.0.1
Earnings Per Share - Narrative (Detail) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 1.0 1.0 0.5
v3.25.0.1
Accumulated Other Comprehensive (Loss) Income - Summary of Components of AOCI (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes      
Beginning Balance $ 133 $ 62 $ 180
Other comprehensive (loss) income before reclassifications (99) 54 (116)
Reclassification adjustments 10 17 (2)
Ending Balance 44 133 62
Other comprehensive loss before reclassifications, Total (140) (89) (331)
Reclassification adjustments, Total (31) (51) 10
Accumulated Other Comprehensive (Loss) Income      
Increase (Decrease) in Stockholders' Equity      
Beginning Balance (867) (727) (406)
Ending Balance (1,038) (867) (727)
Foreign Currency Translation      
Increase (Decrease) in Stockholders' Equity      
Beginning Balance (969) (825) (570)
Other comprehensive (loss) income before reclassifications (123) (144) (255)
Reclassification adjustments 0 0 0
Ending Balance (1,092) (969) (825)
Derivative Instruments      
Increase (Decrease) in Stockholders' Equity      
Beginning Balance (34) 44 (21)
Other comprehensive (loss) income before reclassifications 70 (10) 53
Reclassification adjustments (41) (68) 12
Ending Balance (5) (34) 44
Defined Benefit Plans      
Increase (Decrease) in Stockholders' Equity      
Beginning Balance 3 (8) 5
Other comprehensive (loss) income before reclassifications 12 11 (13)
Reclassification adjustments 0 0 0
Ending Balance $ 15 $ 3 $ (8)
v3.25.0.1
Accumulated Other Comprehensive (Loss) Income - Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income      
Total before income taxes $ 41 $ 68 $ (12)
Income taxes 10 17 (2)
Total net of income taxes 31 51 (10)
Interest rate swaps | Interest expense      
Reclassification Adjustment out of Accumulated Other Comprehensive Income      
Total before income taxes 41 47 (22)
Foreign exchange forward contracts | Revenues      
Reclassification Adjustment out of Accumulated Other Comprehensive Income      
Total before income taxes $ 0 $ 21 $ 10
v3.25.0.1
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Information:      
Interest paid, net $ 589 $ 556 $ 379
Income taxes paid, net of refunds $ 295 $ 340 $ 255
v3.25.0.1
Schedule I - Condensed Statements of Income And Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions      
Net income $ 1,373 $ 1,358 $ 1,091
Parent Company      
Condensed Financial Statements, Captions      
Equity in earnings of subsidiary 1,373 1,358 1,091
Net income 1,373 1,358 1,091
Equity in other comprehensive (loss) income of subsidiary, net of tax (171) (140) (321)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total $ 1,202 $ 1,218 $ 770
v3.25.0.1
Schedule I - Condensed Balance Sheets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,702 $ 1,376
Total current assets 5,829 5,596
Investments in Unconsolidated VIEs 26,899 26,681
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Liabilities, Current 6,957 6,491
Total liabilities 20,832 20,569
Commitments and contingencies
Stockholders’ equity:    
Common stock and additional paid-in capital, 400.0 shares authorized as of December 31, 2024 and 2023, $0.01 par value, 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024; 257.2 shares issued and 181.5 shares outstanding as of December 31, 2023 11,143 11,028
Retained earnings 6,065 4,692
Treasury stock, at cost, 82.1 and 75.7 shares as of December 31, 2024 and 2023, respectively (10,103) (8,741)
Accumulated other comprehensive loss (1,038) (867)
Total liabilities and stockholders’ equity 26,899 26,681
Parent Company    
Current assets:    
Cash and cash equivalents 0 2
Total current assets 0 2
Investment in subsidiary 9,667 9,667
Investments in Unconsolidated VIEs 9,667 9,669
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts Payable 9 8
Liabilities, Current 9 8
Investment in subsidiary 3,588 3,546
Payable to subsidiary 3 3
Total liabilities 3,600 3,557
Commitments and contingencies
Stockholders’ equity:    
Common stock and additional paid-in capital, 400.0 shares authorized as of December 31, 2024 and 2023, $0.01 par value, 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024; 257.2 shares issued and 181.5 shares outstanding as of December 31, 2023 11,143 11,028
Retained earnings 6,065 4,692
Treasury stock, at cost, 82.1 and 75.7 shares as of December 31, 2024 and 2023, respectively (10,103) (8,741)
Accumulated other comprehensive loss (1,038) (867)
Equity attributable to IQVIA Holdings Inc.’s stockholders 6,067 6,112
Total liabilities and stockholders’ equity $ 9,667 $ 9,669
v3.25.0.1
Schedule I - Condensed Balance Sheets -Narrative (Detail) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions    
Common stock authorized (in shares) 400,000,000.0 400,000,000.0
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares issued (shares) 258,200,000 257,200,000
Common stock, shares outstanding (in shares) 176,100,000 181,500,000
Treasury stock (in shares) 82,100,000 75,700,000
Parent Company    
Condensed Financial Statements, Captions    
Common stock authorized (in shares) 400,000,000.0 400,000,000.0
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares issued (shares) 258,200,000 257,200,000
Common stock, shares outstanding (in shares) 176,100,000 181,500,000
Treasury stock (in shares) 82,100,000 75,700,000
v3.25.0.1
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 1,373 $ 1,358 $ 1,091
Changes in operating assets and liabilities:      
Net cash provided by operating activities 2,716 2,149 2,260
Investing activities:      
Net cash used in investing activities (1,444) (1,603) (2,006)
Financing activities:      
Payments related to employee stock incentive plans, net (64) (61) (71)
Repurchase of common stock (1,350) (992) (1,168)
Net cash used in financing activities (878) (382) (329)
Change in cash and cash equivalents 326 160 (150)
Cash and cash equivalents at beginning of period 1,376 1,216 1,366
Cash and cash equivalents at end of period 1,702 1,376 1,216
Parent Company      
Operating activities:      
Net income 1,373 1,358 1,091
Adjustments to reconcile net income to cash provided by operating activities:      
Equity in earnings of subsidiary (1,373) (1,358) (1,091)
Changes in operating assets and liabilities:      
Other operating assets and liabilities (11) 0 1
Net cash provided by operating activities (11) 0 1
Investing activities:      
Investment in subsidiary, net of dividends received 1,423 1,052 1,238
Net cash used in investing activities 1,423 1,052 1,238
Financing activities:      
Payments related to employee stock incentive plans, net (64) (61) (71)
Repurchase of common stock (1,350) (992) (1,168)
Intercompany with subsidiary 0 (1) 0
Net cash used in financing activities (1,414) (1,052) (1,239)
Change in cash and cash equivalents (2) 0 0
Cash and cash equivalents at beginning of period 2 2 2
Cash and cash equivalents at end of period $ 0 $ 2 $ 2
v3.25.0.1
Schedule I - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
Parent Company  
Condensed Financial Statements, Captions  
Minimum percentage of restricted net assets of consolidated subsidiaries of consolidated net assets 25.00%
v3.25.0.1
Schedule I - Dividends Paid (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2023
Sep. 30, 2023
Aug. 31, 2023
Feb. 28, 2023
Nov. 30, 2022
Sep. 30, 2022
Aug. 31, 2022
May 31, 2022
Mar. 31, 2022
Feb. 28, 2022
Dec. 31, 2021
Nov. 30, 2021
Oct. 31, 2021
Sep. 30, 2021
Aug. 31, 2021
Jul. 31, 2021
Jun. 30, 2021
May 31, 2021
Apr. 30, 2021
Mar. 31, 2021
Feb. 28, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Parent                                                
Dividends Payable                                                
Cash dividend paid to parent company $ 952 $ 201 $ 1 $ 58 $ 232 $ 55 $ 89 $ 490 $ 130 $ 56 $ 25 $ 3 $ 40 $ 110 $ 1 $ 100 $ 188 $ 303 $ 2 $ 125 $ 322 $ 1,423 $ 1,052 $ 1,239
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves      
Balance at Beginning of Year $ 166 $ 257 $ 294
Additions Charged to Expenses (12) (99) (27)
Additions Charged to Other Accounts 0 0 0
Additions (Deductions) 42 8 (10)
Balance at End of Year $ 196 $ 166 $ 257