10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________

FORM 10-Q

_________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to             .

Commission File Number: 001-35907

_________________________________________________________

IQVIA HOLDINGS INC.

(Exact name of registrant as specified in its charter)

_________________________________________________________

Delaware	27-1341991
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

2400 Ellis Rd., Durham, North Carolina 27703

(Address of principal executive office and Zip Code)

(919) 998-2000

(Registrant’s telephone number, including area code)

_________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x    No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x    No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No x

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on which Registered
Common Stock, par value $0.01 per share	IQV	New York Stock Exchange

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

Class	Number of Shares Outstanding
Common Stock $0.01 par value	183,122,255	shares outstanding	as of July 25, 2023

IQVIA HOLDINGS INC.

FORM 10-Q

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION		3
Item 1.	Financial Statements (unaudited)	3
	Condensed Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022	3
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022	4
	Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
PART II—OTHER INFORMATION		33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 5.	Other Information	34
Item 6.	Exhibits	35
SIGNATURES		36

2

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Revenues	$	3,728	$	3,541	$	7,380	$	7,109
Cost of revenues, exclusive of depreciation and amortization	2,443		2,331		4,841		4,654
Selling, general and administrative expenses	482		483		995		971
Depreciation and amortization	259		270		512		525
Restructuring costs	20		4		37		11
Income from operations	524		453		995		948
Interest income	(4)		(2)		(10)		(3)
Interest expense	169		94		310		180
Other (income) expense, net	(16)		33		(42)		43
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates	375		328		737		728
Income tax expense	81		71		152		142
Income before equity in earnings (losses) of unconsolidated affiliates	294		257		585		586
Equity in earnings (losses) of unconsolidated affiliates	3		(1)		1		(5)
Net income	$	297	$	256	$	586	$	581
Earnings per share attributable to common stockholders:
Basic	$	1.61	$	1.36	$	3.17	$	3.07
Diluted	$	1.59	$	1.34	$	3.12	$	3.02
Weighted average common shares outstanding:
Basic	184.4		188.3		185.1		189.2
Diluted	186.7		191.1		187.6		192.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Net income	$	297	$	256	$	586	$	581
Comprehensive income (loss) adjustments:
Unrealized gains (losses) on derivative instruments, net of income tax expense (benefit) of $8, $(1), $11, $8	22		(7)		32		23
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	—		(4)		1		(6)
Foreign currency translation, net of income tax (benefit) expense of $(3), $84, $(32), $111	(44)		(281)		(34)		(321)
Reclassification adjustments:
Reclassifications on derivative instruments included in net income, net of income tax (expense) benefit of $(3), $4, $(11), $4	(7)		14		(32)		13
Comprehensive income (loss)	$	268	$	(22)	$	553	$	290

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions, except per share data)	June 30, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	1,382	$	1,216
Trade accounts receivable and unbilled services, net	3,139		2,917
Prepaid expenses	179		151
Income taxes receivable	45		43
Investments in debt, equity and other securities	110		93
Other current assets and receivables	474		561
Total current assets	5,329		4,981
Property and equipment, net	510		532
Operating lease right-of-use assets	319		331
Investments in debt, equity and other securities	101		68
Investments in unconsolidated affiliates	107		94
Goodwill	14,178		13,921
Other identifiable intangibles, net	4,942		4,820
Deferred income taxes	115		118
Deposits and other assets, net	435		472
Total assets	$	26,036	$	25,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	3,007	$	3,316
Unearned income	1,844		1,797
Income taxes payable	208		161
Current portion of long-term debt	1,344		152
Other current liabilities	140		152
Total current liabilities	6,543		5,578
Long-term debt, less current portion	12,433		12,595
Deferred income taxes	367		464
Operating lease liabilities	242		264
Other liabilities	703		671
Total liabilities	20,288		19,572
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of June 30, 2023 and December 31, 2022, $0.01 par value, 257.0 shares issued and 183.1 shares outstanding as of June 30, 2023; 256.4 shares issued and 185.7 shares outstanding as of December 31, 2022	10,952		10,898
Retained earnings	3,920		3,334
Treasury stock, at cost, 73.9 and 70.7 shares as of June 30, 2023 and December 31, 2022, respectively	(8,364)		(7,740)
Accumulated other comprehensive loss	(760)		(727)
Total stockholders’ equity	5,748		5,765
Total liabilities and stockholders’ equity	$	26,036	$	25,337

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Six Months Ended June 30,
(in millions)	2023		2022
Operating activities:
Net income	$	586	$	581
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	512		525
Amortization of debt issuance costs and discount	8		7
Stock-based compensation	125		75
(Earnings) losses from unconsolidated affiliates	(1)		5
(Gain) loss on investments, net	(10)		29
Benefit from deferred income taxes	(70)		(28)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income	(134)		(143)
Change in other operating assets and liabilities	(197)		(214)
Net cash provided by operating activities	819		837
Investing activities:
Acquisition of property, equipment and software	(324)		(338)
Acquisition of businesses, net of cash acquired	(444)		(464)
Purchases of marketable securities, net	(4)		(3)
Investments in unconsolidated affiliates, net of payments received	(13)		(10)
Investments in debt and equity securities	(36)		—
Other	3		3
Net cash used in investing activities	(818)		(812)
Financing activities:
Proceeds from issuance of debt	1,250		1,250
Payment of debt issuance costs	(18)		(5)
Repayment of debt and principal payments on finance leases	(77)		(47)
Proceeds from revolving credit facility	1,559		1,150
Repayment of revolving credit facility	(1,784)		(1,250)
Payments related to employee stock option plans	(58)		(69)
Repurchase of common stock	(619)		(893)
Contingent consideration and deferred purchase price payments	(71)		(21)
Net cash provided by financing activities	182		115
Effect of foreign currency exchange rate changes on cash	(17)		(78)
Increase in cash and cash equivalents	166		62
Cash and cash equivalents at beginning of period	1,216		1,366
Cash and cash equivalents at end of period	$	1,382	$	1,428

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in millions)	Common Stock Shares	Treasury Stock Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive (Loss) Income		Total
Balance, December 31, 2022	256.4	(70.7)	$	3	$	10,895	$	3,334	$	(7,740)	$	(727)	$	5,765
Issuance of common stock	0.5	—	—		(58)		—		—		—		(58)
Repurchase of common stock	—	(0.7)	—		—		—		(129)		—		(129)
Stock-based compensation	—	—	—		69		—		—		—		69
Net income	—	—	—		—		289		—		—		289
Unrealized gains on derivative instruments, net of tax	—	—	—		—		—		—		10		10
Defined benefit plan adjustments, net of tax	—	—	—		—		—		—		1		1
Foreign currency translation, net of tax	—	—	—		—		—		—		10		10
Reclassification adjustments, net of tax	—	—	—		—		—		—		(25)		(25)
Balance, March 31, 2023	256.9	(71.4)	3		10,906		3,623		(7,869)		(731)		5,932
Issuance of common stock	0.1	—	—		—		—		—		—		—
Repurchase of common stock, net of tax	—	(2.5)	—		—		—		(495)		—		(495)
Stock-based compensation	—	—	—		43		—		—		—		43
Net income	—	—	—		—		297		—		—		297
Unrealized gains on derivative instruments, net of tax	—	—	—		—		—		—		22		22
Foreign currency translation, net of tax	—	—	—		—		—		—		(44)		(44)
Reclassification adjustments, net of tax	—	—	—		—		—		—		(7)		(7)
Balance, June 30, 2023	257	(73.9)	$	3	$	10,949	$	3,920	$	(8,364)	$	(760)	$	5,748

(in millions)	Common Stock Shares	Treasury Stock Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive (Loss) Income		Total
Balance, December 31, 2021	255.8	(65.2)	$	3	$	10,774	$	2,243	$	(6,572)	$	(406)	$	6,042
Issuance of common stock	0.4	—	—		(67)		—		—		—		(67)
Repurchase of common stock	—	(1.7)	—		—		—		(403)		—		(403)
Stock-based compensation	—	—	—		35		—		—		—		35
Net income	—	—	—		—		325		—		—		325
Unrealized gains on derivative instruments, net of tax	—	—	—		—		—		—		30		30
Defined benefit plan adjustments, net of tax	—	—	—		—		—		—		(2)		(2)
Foreign currency translation, net of tax	—	—	—		—		—		—		(40)		(40)
Reclassification adjustments, net of tax	—	—	—		—		—		—		(1)		(1)
Balance, March 31, 2022	256.2	(66.9)	3		10,742		2,568		(6,975)		(419)		5,919
Issuance of common stock	0.1	—	—		(2)		—		—		—		(2)
Repurchase of common stock	—	(2.8)	—		—		—		(590)		—		(590)
Stock-based compensation	—	—	—		47		—		—		—		47
Net income	—	—	—		—		256		—		—		256
Unrealized losses on derivative instruments, net of tax	—	—	—		—		—		—		(7)		(7)
Defined benefit plan adjustments, net of tax	—	—	—		—		—		—		(4)		(4)
Foreign currency translation, net of tax	—	—	—		—		—		—		(281)		(281)
Reclassification adjustments, net of tax	—	—	—		—		—		—		14		14
Balance, June 30, 2022	256.3	(69.7)	$	3	$	10,787	$	2,824	$	(7,565)	$	(697)	$	5,352

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

IQVIA HOLDINGS INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Summary of Significant Accounting Policies

The Company

IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry. With approximately 87,000 employees, the Company conducts business in more than 100 countries.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.

Recently Issued Accounting Standards

Accounting pronouncements adopted

In September 2022, the Financial Accounting Standards Board ("FASB") issued new accounting guidance, Accounting Standards Update ("ASU") 2022-04, Liabilities - Supplier Finance Programs, to enhance the transparency of supplier finance programs. The amendments in this ASU address investor and other financial statement user requests for additional information about the use of supplier finance programs by the buyer party to understand the effect of those programs on an entity's working capital, liquidity, and cash flows. The Company adopted this new accounting guidance effective January 1, 2023. The adoption of this new accounting guidance did not have a material effect on the Company's disclosures within the condensed consolidated financial statements.

8

2. Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations

The following tables represent revenues by geographic region and reportable segment for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30, 2023
(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas		$	772	$	979	$	70	$	1,821
Europe and Africa		531		536		49		1,116
Asia-Pacific		153		581		57		791
Total revenues		$	1,456	$	2,096	$	176	$	3,728

	Three Months Ended June 30, 2022
(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas		$	716	$	866	$	88	$	1,670
Europe and Africa		540		532		43		1,115
Asia-Pacific		152		552		52		756
Total revenues		$	1,408	$	1,950	$	183	$	3,541

	Six Months Ended June 30, 2023
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	1,507	$	1,965	$	150	$	3,622
Europe and Africa	1,087		1,027		96		2,210
Asia-Pacific	306		1,130		112		1,548
Total revenues	$	2,900	$	4,122	$	358	$	7,380

	Six Months Ended June 30, 2022
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	1,397	$	1,812	$	179	$	3,388
Europe and Africa	1,136		1,039		89		2,264
Asia-Pacific	314		1,033		110		1,457
Total revenues	$	2,847	$	3,884	$	378	$	7,109

No individual customer represented 10% or more of consolidated revenues for the three and six months ended June 30, 2023 or 2022.

9

Transaction Price Allocated to the Remaining Performance Obligations

As of June 30, 2023, approximately $31.0 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.

3. Trade Accounts Receivable, Unbilled Services and Unearned Income

Trade accounts receivables and unbilled services consist of the following:

(in millions)	June 30, 2023		December 31, 2022
Trade accounts receivable	$	1,339	$	1,329
Unbilled services	1,828		1,624
Trade accounts receivable and unbilled services	3,167		2,953
Allowance for doubtful accounts	(28)		(36)
Trade accounts receivable and unbilled services, net	$	3,139	$	2,917

Unbilled services and unearned income were as follows:

(in millions)	June 30, 2023		December 31, 2022		Change
Unbilled services	$	1,828	$	1,624	$	204
Unearned income	(1,844)		(1,797)		(47)
Net balance	$	(16)	$	(173)	$	157

Unbilled services, which is comprised of approximately 66% and 61% of unbilled receivables and 34% and 39% of contract assets as of June 30, 2023 and December 31, 2022, respectively, increased by $204 million as compared to December 31, 2022. 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 increased by $47 million over the same period resulting in an increase of $157 million in the net balance of unbilled services and unearned income between June 30, 2023 and December 31, 2022. The change in the net balance is driven by the difference in timing of revenue recognition in accordance with Accounting Standards Codification ("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 based on certain milestones.

The majority of the unearned income balance as of the beginning of the year is expected to be recognized in revenues during the year ended December 31, 2023.

Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three and six months ended June 30, 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. During the six months ended June 30, 2023, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $394 million of customer invoices on a non-recourse basis and received approximately $385 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.

10

4. Goodwill

The following is a summary of goodwill by reportable segment for the six months ended June 30, 2023:

(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Consolidated
Balance as of December 31, 2022	$	11,520	$	2,247	$	154	$	13,921
Business combinations	55		180		—		235
Impact of foreign currency fluctuations and other	16		9		(3)		22
Balance as of June 30, 2023	$	11,591	$	2,436	$	151	$	14,178

5. Derivatives

The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:

(in millions)	Balance Sheet Classification	June 30, 2023						December 31, 2022
		Assets		Liabilities		Notional		Assets		Liabilities		Notional
Derivatives designated as hedging instruments:
Interest rate swaps	Other current assets, other assets and other current liabilities	$	37	$	—	$	1,800	$	42	$	—	$	1,800
Foreign exchange forward contracts	Other current assets and other current liabilities	5		—		134		2		2		122
Total derivatives		$	42	$	—			$	44	$	2

The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Interest rate swaps	$	18	$	15	$	(5)	$	55
Foreign exchange forward contracts	2		(5)		5		(7)
Total	$	20	$	10	$	—	$	48

The Company expects $41 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in accumulated other comprehensive (loss) income (“AOCI”) as of June 30, 2023 to be reclassified into earnings within the next twelve months. As of June 30, 2023, the Company's foreign currency denominated debt balance (net of original issue discount) designated as a hedge of its net investment in certain foreign subsidiaries totaled €5,203 million ($5,665 million). The amount of foreign exchange (losses) gains related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the six months ended June 30, 2023 and 2022 was $(92) million and $466 million, respectively.

11

6. 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 June 30, 2023 and December 31, 2022 due to their short-term nature. As of June 30, 2023 and December 31, 2022, the fair value of total debt was $13,360 million and $12,281 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 June 30, 2023:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	135	$	—	$	—	$	135
Derivatives	—		42		—		42
Total	$	135	$	42	$	—	$	177
Liabilities:
Derivatives	$	—	$	—	$	—	$	—
Contingent consideration	—		—		146		146
Total	$	—	$	—	$	146	$	146

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, 2022:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	122	$	—	$	—	$	122
Derivatives	—		44		—		44
Total	$	122	$	44	$	—	$	166
Liabilities:
Derivatives	$	—	$	2	$	—	$	2
Contingent consideration	—		—		173		173
Total	$	—	$	2	$	173	$	175

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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 and interest rate 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.

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 (revenue 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 June 30, 2023, the Company has accrued approximately 50% 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 six months ended June 30, 2023:

(in millions)	Contingent Consideration
Balance as of December 31, 2022	$	173
Business combinations	57
Contingent consideration paid	(68)
Revaluations included in earnings and foreign currency translation adjustments	(16)
Balance as of June 30, 2023	$	146

The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying condensed consolidated balance sheets. Revaluations of contingent consideration are recognized in other (income) expense, net on the accompanying condensed 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

As of June 30, 2023, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $19,303 million and were identified as Level 3. These assets are comprised of debt investments and cost and equity method investments of $183 million, goodwill of $14,178 million and other identifiable intangibles, net of $4,942 million.

7. Credit Arrangements

The following is a summary of the Company’s revolving credit facilities as of June 30, 2023:

Facility	Interest 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 June 30, 2023
$110 million (receivables financing facility)	U.S. Dollar LIBOR Market Index Rate (5.22% as of June 30, 2023) plus 0.90%

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The following table summarizes the Company’s debt at the dates indicated:

(dollars in millions)	June 30, 2023		December 31, 2022
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 6.45%	$	200	$	425
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at average floating rates of 6.45%	1,306		1,343
Term A Loan due 2026—Euribor at average floating rates of 4.85%	311		314
Term A Loan due 2027—U.S. Dollar Term SOFR at average floating rates of 6.45%	1,187		1,219
Term B Loan due 2024—Euribor at average floating rates of 5.60%	1,192		1,172
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 7.29%	670		670
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 7.29%	861		860
Term B Loan due 2025—Euribor at average floating rates of 5.60%	568		559
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
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated	750		—
6.500% Senior Notes due 2030—U.S. Dollar denominated	500		—
2.875% Senior Notes due 2025—Euro denominated	457		450
2.25% Senior Notes due 2028—Euro denominated	784		771
2.875% Senior Notes due 2028—Euro denominated	774		761
1.750% Senior Notes due 2026—Euro denominated	599		589
2.250% Senior Notes due 2029—Euro denominated	980		964
Receivables financing facility due 2024—U.S. Dollar LIBOR at average floating rates of 6.09%
Revolving Loan Commitment	110		110
Term Loan	440		440
Principal amount of debt	13,839		12,797
Less: unamortized discount and debt issuance costs	(62)		(50)
Less: current portion	(1,344)		(152)
Long-term debt	$	12,433	$	12,595

Contractual maturities of long-term debt as of June 30, 2023 are as follows:

(in millions)
Remainder of 2023	$	76
2024	1,894
2025	2,709
2026	3,304
2027	2,069
Thereafter	3,787
	$	13,839

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Senior Secured Credit Facilities

As of June 30, 2023, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $8,095 million, which consisted of $6,295 million principal amounts of debt outstanding (as detailed in the table above), and $1,795 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.

On April 17, 2023, the Company increased the capacity of its 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 SOFR plus a 10 basis point Credit Spread Adjustment.

Senior Notes

On May 23, 2023, IQVIA Inc. (the “Issuer”), a wholly owned subsidiary of the Company, completed the issuance and sale of $750 million in gross proceeds of the Issuer’s 5.700% senior secured notes due 2028 (the “Senior Secured Notes”) and $500 million in gross proceeds of 6.500% senior notes due 2030 (the “Senior Notes” and, together with the Senior Secured Notes, the “Notes”). The Senior Secured Notes were issued pursuant to an Indenture, dated May 23, 2023 (the “Secured Notes Indenture”), among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the Senior Secured Notes and as collateral agent, and the Company and certain subsidiaries of the Issuer as guarantors. The 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 Senior Notes, and certain subsidiaries of the Issuer as guarantors (the “Senior Notes Indenture” and, together with the Secured Notes Indenture, the “Indentures”). The net proceeds from the notes offering were used to repay existing borrowings under the Issuer’s revolving credit facility and to pay fees and expenses related to the Notes offering.

The Notes have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction. Pursuant to a registration rights agreement entered into in connection with the Notes offering, the Issuer and the guarantors agreed, among other things, to use commercially reasonable efforts to, within certain time periods, file a registration statement with respect to a registered offer to exchange the Senior Secured Notes for new exchange notes, have the exchange offer registration statement declared effective, and complete the exchange offer promptly thereafter, unless the Senior Secured Notes are redeemed earlier.

The Senior Secured Notes are secured obligations of the Issuer, 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 Senior Notes are unsecured obligations of the Issuer, 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 Issuer may redeem (i) the 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 and (ii) the 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%.

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 other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of June 30, 2023, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements.

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8. 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 February 13, 2014, a group of approximately 1,200 medical doctors and 900 private individuals filed a civil lawsuit with the Seoul Central District Court against IMS Korea and two other defendants, the Korean Pharmaceutical Association (“KPA”) and the Korean Pharmaceutical Information Center (“KPIC”). The civil lawsuit alleges KPA and KPIC collected their personal information in violation of applicable privacy laws without the necessary consent through a software system installed on pharmacy computer systems in Korea, and that personal information was transferred to IMS Korea and sold to pharmaceutical companies. On September 11, 2017, the District Court issued a final decision that the encryption in use by the defendants since June 2014 was adequate to meet the requirements of the Korean Personal Information Privacy Act (“PIPA”) and the sharing of non-identified information for market research purposes was allowed under PIPA. The District Court also found an earlier version of encryption was insufficient to meet PIPA requirements, but no personal data had been leaked or re-identified. The District Court did not award any damages to plaintiffs. Approximately 280 medical doctors and 200 private individuals appealed the District Court decision. On May 3, 2019, the Appellate Court issued a final decision in which it concluded all of the non-identified information transferred by KPIC to IMS Korea for market research purposes violated PIPA, but did not award any damages to plaintiffs (affirming the District Court’s decision on this latter point). On May 24, 2019, approximately 247 plaintiffs appealed the Appellate Court’s decision to the Supreme Court. The Company believes the appeal is without merit and is vigorously defending its position.

On July 23, 2015, indictments were issued by the Seoul Central District Prosecutors’ Office in South Korea against 24 individuals and companies alleging improper handling of sensitive health information in violation of, among others, South Korea’s Personal Information Protection Act. IMS Korea and two of its employees were among the individuals and organizations indicted. Although there is no assertion that IMS Korea used patient identified health information in any of its offerings, prosecutors allege that certain of IMS Korea’s data suppliers should have obtained patient consent when they converted sensitive patient information into non-identified data and that IMS Korea had not taken adequate precautions to reduce the risk of re-identification. On February 14, 2020, the Seoul Central District Court acquitted IMS Korea and its two employees of the charges of improper handling of sensitive health information, and the Prosecutor's Office appealed. On December 23, 2021, the appellate court affirmed the judgment of the Seoul Central District Court. The Prosecutor's Office has appealed to the Supreme Court. The Company intends to vigorously defend its position on appeal.

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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. We believe the counterclaims are without merit, reject all counterclaims raised by Veeva and intend to vigorously defend IQVIA Parties’ position and pursue our 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. The parties are engaged in the discovery process in connection with these lawsuits.

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 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 is currently appealing the Order.

9. 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 or outstanding as of June 30, 2023 or December 31, 2022.

Equity Repurchase Program

As of June 30, 2023, the total stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") was $9,725 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. During the six months ended June 30, 2023, the Company repurchased 3.2 million shares of its common stock for $619 million under the Repurchase Program. As of June 30, 2023, the Company had remaining authorization to repurchase up to $736 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.

On July 31, 2023, the Company's Board of Directors 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 $11,725 million. After this $2,000 million increase in stock repurchase authorization, the Company has remaining authorization to repurchase up to $2,736 million of its common stock under the Repurchase Program.

10. Business Combinations

The Company completed several individually immaterial acquisitions during the six months ended June 30, 2023. The Company’s assessment of fair value, including the valuation of certain identified intangibles, and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion. Further adjustments 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 customer relationships. The condensed 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.

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The following table provides certain preliminary financial information for these acquisitions:

(in millions)	June 30, 2023
Assets acquired:
Cash and cash equivalents	$	10
Other assets	33
Goodwill	235
Other identifiable intangibles	258
Liabilities assumed:
Other liabilities	(16)
Deferred income taxes, long-term	(4)
Net assets acquired (1)	$	516

(1) Net assets acquired includes contingent consideration and deferred purchase price of $62 million.

The portion of goodwill deductible for income tax purposes was preliminarily assessed as $180 million.

The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:

(in millions)	Amortization Period				June 30, 2023
Other identifiable intangibles:
Customer relationships	10	-	15	years	$	205
Backlog			2	years	51
Software and related assets			5	years	1
Databases			5	years	1
Total Other identifiable intangibles					$	258

11. Restructuring

The Company has continued to take restructuring actions in 2023 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 throughout 2023 and into 2024.

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 reversals	37
Payments	(29)
Balance as of June 30, 2023	$	34

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 that the majority of the restructuring accruals as of June 30, 2023 will be paid in 2023 and 2024.

12. Income Taxes

The Company's effective income tax rate was 21.6% and 21.6% in the second quarter of 2023 and 2022, and 20.6% and 19.5% in the first six months of 2023 and 2022, respectively. The effective income tax rate in the second quarter and in the first six months of 2023 and 2022 was favorably impacted as a result of excess tax benefits recognized upon settlement of share-based compensation awards. For the second quarter of 2023 and 2022 this impact was $2 million and $1 million, respectively, and for the first six months of 2023 and 2022 this impact was $10 million and $14 million, respectively.

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13. Accumulated Other Comprehensive (Loss) Income

Below is a summary of the components of AOCI:

(in millions)	Foreign Currency Translation		Derivative Instruments		Defined Benefit Plans		Income Taxes		Total
Balance as of December 31, 2022	$	(825)	$	44	$	(8)	$	62	$	(727)
Other comprehensive (loss) income before reclassifications	(66)		43		1		21		(1)
Reclassification adjustments	—		(43)		—		11		(32)
Balance as of June 30, 2023	$	(891)	$	44	$	(7)	$	94	$	(760)

Below is a summary of the adjustments for amounts reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item:

(in millions)	Affected Financial Statement Line Item	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Derivative instruments:
Interest rate swaps	Interest expense	$	2	$	(7)	$	18	$	(7)
Foreign exchange forward contracts	Revenues	8		(11)		25		(10)
Total before income taxes		10		(18)		43		(17)
Income taxes		3		(4)		11		(4)
Total net of income taxes		$	7	$	(14)	$	32	$	(13)

14. 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 clients and the broader healthcare market.

Certain costs are not allocated to our 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. The Company also does not allocate 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 operating decision maker to assess the Company’s performance. The Company’s reportable segment information is presented below:

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	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Revenues
Technology & Analytics Solutions	$	1,456	$	1,408	$	2,900	$	2,847
Research & Development Solutions	2,096		1,950		4,122		3,884
Contract Sales & Medical Solutions	176		183		358		378
Total revenues	3,728		3,541		7,380		7,109
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions	876		828		1,734		1,662
Research & Development Solutions	1,417		1,348		2,803		2,670
Contract Sales & Medical Solutions	150		155		304		322
Total cost of revenues, exclusive of depreciation and amortization	2,443		2,331		4,841		4,654
Selling, general and administrative expenses
Technology & Analytics Solutions	210		196		435		415
Research & Development Solutions	211		204		423		415
Contract Sales & Medical Solutions	14		15		29		31
General corporate and unallocated	47		68		108		110
Total selling, general and administrative expenses	482		483		995		971
Segment profit
Technology & Analytics Solutions	370		384		731		770
Research & Development Solutions	468		398		896		799
Contract Sales & Medical Solutions	12		13		25		25
Total segment profit	850		795		1,652		1,594
General corporate and unallocated	(47)		(68)		(108)		(110)
Depreciation and amortization	(259)		(270)		(512)		(525)
Restructuring costs	(20)		(4)		(37)		(11)
Total income from operations	$	524	$	453	$	995	$	948

15. Earnings Per Share

The following table reconciles the basic to diluted weighted average shares outstanding:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	297	$	256	$	586	$	581
Denominator:
Basic weighted average common shares outstanding	184.4		188.3		185.1		189.2
Effect of dilutive stock options and share awards	2.3		2.8		2.5		3.0
Diluted weighted average common shares outstanding	186.7		191.1		187.6		192.2
Earnings per share attributable to common stockholders:
Basic	$	1.61	$	1.36	$	3.17	$	3.07
Diluted	$	1.59	$	1.34	$	3.12	$	3.02

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.

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For the three and six months ended June 30, 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 1.2 million and 0.7 million, and 1.1 million and 0.5 million, respectively.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement for Forward-Looking Information

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (our “2022 Form 10-K”).

In addition to historical condensed consolidated financial information, the following discussion contains or incorporates by reference forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts but reflect, among other things, our current expectations, our forecasts and our anticipated results of operations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” "forecasts," “plans,” “projects,” “should,” “seeks,” “sees,” “targets,” “will,” “would” and similar words and expressions, and variations and negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We assume no obligation to update any such forward-looking information to reflect actual results or changes in our outlook or the factors affecting such forward-looking information.

We caution you that any such forward-looking statements are further qualified by important factors that could cause our actual operating results to differ materially from those in the forward-looking statements, including without limitation, business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control such as the current situation in Ukraine and Russia; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners’ security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenues; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of indications for medicines and treatments or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses. For a further discussion of the risks relating to our business, see Part I—Item 1A—“Risk Factors” in our 2022 Form 10-K, as updated in our subsequently filed Quarterly Reports on Form 10-Q.

Overview

IQVIA is a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry. IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources and extensive domain expertise. IQVIA Connected Intelligence™ delivers powerful insights with speed and agility — enabling customers to accelerate the clinical development and commercialization of innovative medical treatments that improve healthcare outcomes for patients. With approximately 87,000 employees, we conduct operations in more than 100 countries.

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We are a global leader in protecting individual patient privacy. We use 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. Our 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.

We are 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 our 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 clients and the broader healthcare market.

Sources of Revenue

Total revenues are comprised of revenues from the provision of our services. We do not have any material product revenues.

Costs and Expenses

Our costs and expenses are comprised primarily of our cost of revenues including reimbursed expenses and selling, general and administrative expenses. Cost of revenues includes compensation and benefits for billable employees and personnel involved in production, trial monitoring, data management and delivery, and the costs of acquiring and processing data for our information offerings; costs of staff directly involved with delivering technology-related services offerings and engagements, related accommodations and the costs of data purchased specifically for technology services engagements; and other expenses directly related to service contracts such as courier fees, laboratory supplies, professional services and travel expenses. Reimbursed expenses, which are included in cost of revenues, are comprised principally of payments to investigators who oversee clinical trials and travel expenses for our clinical monitors and sales representatives. Selling, general and administrative expenses include costs related to sales, marketing and administrative functions (including human resources, legal, finance, quality assurance, compliance and general management) for compensation and benefits, travel, professional services, training and expenses for information technology and facilities. We also incur costs and expenses associated with depreciation and amortization.

Foreign Currency Translation

In the first six months of 2023, approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies. Because a large portion of our revenues and expenses are denominated in foreign currencies and our financial statements are reported in United States dollars, changes in foreign currency exchange rates can significantly affect our results of operations. The revenues and expenses of our foreign operations are generally denominated in local currencies and translated into United States dollars for financial reporting purposes. Accordingly, exchange rate fluctuations will affect the translation of foreign results into United States dollars for purposes of reporting our condensed consolidated results. As a result, we believe that reporting results of operations that exclude the effects of foreign currency rate fluctuations on certain financial results can facilitate analysis of period to period comparisons. This constant currency information assumes the same foreign currency exchange rates that were in effect for the comparable prior-year period were used in translation of the current period results. As such, the differences noted below between reported results of operations and constant currency information is wholly attributable to the effects of foreign currency rate fluctuations.

Consolidated Results of Operations

For information regarding our results of operations for Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions, refer to “Segment Results of Operations” later in this section.

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Revenues

	Three Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	3,728	$	3,541	$	187	5.3	%

For the second quarter of 2023, our revenues increased $187 million, or 5.3%, as compared to the same period in 2022. This increase was comprised of constant currency revenue growth of approximately $196 million, or 5.5%, reflecting a $48 million increase in Technology & Analytics Solutions and a $148 million increase in Research & Development Solutions. Contract Sales & Medical Solutions constant currency results for the second quarter of 2023 were consistent with the same period in 2022.

	Six Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	7,380	$	7,109	$	271	3.8	%

For the first six months of 2023, our revenues increased $271 million, or 3.8%, as compared to the same period in 2022. This increase was comprised of constant currency revenue growth of approximately $362 million, or 5.1%, reflecting a $90 million increase in Technology & Analytics Solutions, a $274 million increase in Research & Development Solutions, and a $2 million decrease in Contract Sales & Medical Solutions.

Cost of Revenues, exclusive of Depreciation and Amortization

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2023			2022			2023			2022
Cost of revenues, exclusive of depreciation and amortization	$	2,443		$	2,331		$	4,841		$	4,654
% of revenues	65.5		%	65.8		%	65.6		%	65.5		%

The $112 million increase in cost of revenues, exclusive of depreciation and amortization, for the three months ended June 30, 2023 as compared to the same period in 2022 included a constant currency increase of approximately $165 million, or 7.1%, reflecting a $55 million increase in Technology & Analytics Solutions, a $111 million increase in Research & Development Solutions, and a $1 million decrease in Contract Sales & Medical Solutions.

The $187 million increase in cost of revenues, exclusive of depreciation and amortization, for the six months ended June 30, 2023 as compared to the same period in 2022 included a constant currency increase of approximately $350 million, or 7.5%, reflecting a $107 million increase in Technology & Analytics Solutions, a $247 million increase in Research & Development Solutions, and a $4 million decrease in Contract Sales & Medical Solutions.

Selling, General and Administrative Expenses

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2023			2022			2023			2022
Selling, general and administrative expenses	$	482		$	483		$	995		$	971
% of revenues	12.9		%	13.6		%	13.5		%	13.7		%

The $1 million decrease in selling, general and administrative expenses for the three months ended June 30, 2023 as compared to the same period in 2022 included a constant currency increase of approximately $7 million, or 1.4%, reflecting an $18 million increase in Technology & Analytics Solutions and a $10 million increase in Research & Development Solutions, offset by a $1 million decrease in Contract Sales & Medical Solutions and a $20 million decrease in general corporate and unallocated expenses.

The $24 million increase in selling, general and administrative expenses for the six months ended June 30, 2023 as compared to the same period in 2022 included a constant currency increase of approximately $55 million, or 5.7%, reflecting a $37 million increase in Technology & Analytics Solutions, a $17 million increase in Research & Development Solutions, and a $3 million increase in general corporate and unallocated expenses, offset by a $2 million decrease in Contract Sales & Medical Solutions.

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Depreciation and Amortization

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2023			2022			2023			2022
Depreciation and amortization	$	259		$	270		$	512		$	525
% of revenues	6.9		%	7.6		%	6.9		%	7.4		%

The $11 million and $13 million decrease in depreciation and amortization for the three and six months ended June 30, 2023 compared to the same periods in 2022 was primarily the result of less accelerated amortization related to the abandonment of certain software assets and to a lesser extent less amortization from certain intangible assets from the merger between Quintiles and IMS Health, offset by an increase in amortization of intangible assets from acquisitions occurring in 2022 and 2023 and capitalized software.

Restructuring Costs

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Restructuring costs	$	20	$	4	$	37	$	11

The restructuring costs incurred during 2023 and 2022 were due to ongoing efforts to streamline our global operations and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These restructuring actions are expected to occur throughout 2023 and into 2024 and are expected to consist of consolidating functional activities, eliminating redundant positions and aligning resources with customer requirements.

Interest Income and Interest Expense

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Interest income	$	(4)	$	(2)	$	(10)	$	(3)
Interest expense	$	169	$	94	$	310	$	180

Interest income includes interest received primarily from bank balances and investments. The increase for the three and six months ended June 30, 2023 as compared to the same periods in 2022 is primarily a result of higher deposit rates.

Interest expense during the three and six months ended June 30, 2023 increased compared to the same periods in 2022 primarily due to higher base rate interest costs across the floating rate debt portfolio as well as from an increase in our net debt.

Other (Income) Expense, Net

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Other (income) expense, net	$	(16)	$	33	$	(42)	$	43

Other (income) expense, net for the three months ended June 30, 2023 increased compared to the same period in 2022 primarily due to less foreign currency loss and gains on investments.

Other (income) expense, net for the six months ended June 30, 2023 increased compared to the same period in 2022 primarily due to foreign currency gain and gains on investments.

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Income Tax Expense

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Income tax expense	$	81	$	71	$	152	$	142

Our effective income tax rate was 21.6% and 21.6% in the second quarter of 2023 and 2022, and 20.6% and 19.5% in the first six months of 2023 and 2022, respectively. Our effective income tax rate in the second quarter and in the first six months of 2023 and 2022 was favorably impacted as a result of excess tax benefits recognized upon settlement of share-based compensation awards. For the second quarter of 2023 and 2022 this impact was $2 million and $1 million, respectively, and for the first six months of 2023 and 2022 this impact was $10 million and $14 million, respectively.

Segment Results of Operations

Revenues and profit by segment are as follows:

Three Months Ended June 30, 2023 and 2022
	Segment Revenues				Segment Profit
(in millions)	2023		2022		2023		2022
Technology & Analytics Solutions	$	1,456	$	1,408	$	370	$	384
Research & Development Solutions	2,096		1,950		468		398
Contract Sales & Medical Solutions	176		183		12		13
Total	3,728		3,541		850		795
General corporate and unallocated					(47)		(68)
Depreciation and amortization					(259)		(270)
Restructuring costs					(20)		(4)
Consolidated	$	3,728	$	3,541	$	524	$	453

Six Months Ended June 30, 2023 and 2022
	Segment Revenues				Segment Profit
(in millions)	2023		2022		2023		2022
Technology & Analytics Solutions	$	2,900	$	2,847	$	731	$	770
Research & Development Solutions	4,122		3,884		896		799
Contract Sales & Medical Solutions	358		378		25		25
Total	7,380		7,109		1,652		1,594
General corporate and unallocated					(108)		(110)
Depreciation and amortization					(512)		(525)
Restructuring costs					(37)		(11)
Consolidated	$	7,380	$	7,109	$	995	$	948

Certain costs are not allocated to our 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. We also do not allocate depreciation and amortization or impairment charges, if any, to our segments.

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Technology & Analytics Solutions

	Three Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	1,456	$	1,408	$	48	3.4	%
Cost of revenues, exclusive of depreciation and amortization	876		828		48		5.8
Selling, general and administrative expenses	210		196		14		7.1
Segment profit	$	370	$	384	$	(14)	(3.6)	%

	Six Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	2,900	$	2,847	$	53	1.9	%
Cost of revenues, exclusive of depreciation and amortization	1,734		1,662		72		4.3
Selling, general and administrative expenses	435		415		20		4.8
Segment profit	$	731	$	770	$	(39)	(5.1)	%

Revenues

Technology & Analytics Solutions’ revenues were $1,456 million for the second quarter of 2023, an increase of $48 million, or 3.4%, over the same period in 2022. This increase was comprised of constant currency revenue growth of approximately $48 million, or 3.4%, reflecting revenue growth in the Americas and Asia-Pacific regions.

Technology & Analytics Solutions’ revenues were $2,900 million for the first six months of 2023, an increase of $53 million, or 1.9%, over the same period in 2022. This increase was comprised of constant currency revenue growth of approximately $90 million, or 3.2%, reflecting revenue growth in the Americas and Asia-Pacific regions.

The constant currency revenue growth for the three and six months ended June 30, 2023 was driven by an increase in real world services and information and technology services. The constant currency revenue growth was impacted by a decrease in COVID-19 related work.

Cost of Revenues, exclusive of Depreciation and Amortization

Technology & Analytics Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $48 million, or 5.8%, in the second quarter of 2023 over the same period in 2022. This increase included a constant currency increase of approximately $55 million, or 6.6%.

Technology & Analytics Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $72 million, or 4.3%, in the first six months of 2023 over the same period in 2022. This increase included a constant currency increase of approximately $107 million, or 6.4%.

The constant currency increase for the three and six months ended June 30, 2023 was related to an increase in compensation and related expenses and an increase in costs of acquiring and processing data to support revenue growth.

Selling, General and Administrative Expenses

Technology & Analytics Solutions’ selling, general and administrative expenses increased $14 million, or 7.1%, in the second quarter of 2023 as compared to the same period in 2022, which included a constant currency increase of approximately $18 million, or 9.2%.

Technology & Analytics Solutions’ selling, general and administrative expenses increased $20 million, or 4.8%, in the first six months of 2023 as compared to the same period in 2022, which included a constant currency increase of approximately $37 million, or 8.9%.

The constant currency increase for the three and six months ended June 30, 2023 was primarily related to an increase in compensation and related expenses.

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Research & Development Solutions

	Three Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	2,096	$	1,950	$	146	7.5	%
Cost of revenues, exclusive of depreciation and amortization	1,417		1,348		69		5.1
Selling, general and administrative expenses	211		204		7		3.4
Segment profit	$	468	$	398	$	70	17.6	%

	Six Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	4,122	$	3,884	$	238	6.1	%
Cost of revenues, exclusive of depreciation and amortization	2,803		2,670		133		5.0
Selling, general and administrative expenses	423		415		8		1.9
Segment profit	$	896	$	799	$	97	12.1	%

Backlog

Research & Development Solutions’ contracted backlog increased from $27.2 billion as of December 31, 2022 to $28.4 billion as of June 30, 2023, and we expect approximately $7.3 billion of this backlog to convert to revenue in the next twelve months.

Revenues

Research & Development Solutions’ revenues were $2,096 million for the second quarter of 2023, an increase of $146 million, or 7.5%, over the same period in 2022. This increase was comprised of constant currency revenue growth of approximately $148 million, or 7.6%, reflecting revenue growth in the Americas and Asia-Pacific regions.

Research & Development Solutions’ revenues were $4,122 million in the first six months of 2023, an increase of $238 million, or 6.1%, over the same period in 2022. This increase was comprised of constant currency revenue growth of approximately $274 million, or 7.1%, reflecting revenue growth in the Americas and Asia-Pacific regions.

The constant currency revenue growth for the three and six months ended June 30, 2023 was primarily the result of volume-related increases in clinical services and to a lesser extent from volume-related increases in lab testing. The constant currency revenue growth was impacted by a decrease in COVID-19 related work.

Cost of Revenues, exclusive of Depreciation and Amortization

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $69 million, or 5.1%, in the second quarter of 2023 over the same period in 2022. This increase included a constant currency increase of approximately $111 million, or 8.2%.

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $133 million, or 5.0%, in the first six months of 2023 over the same period in 2022. This increase included a constant currency increase of approximately $247 million, or 9.3%.

The constant currency increase for the three and six months ended June 30, 2023 was primarily related to an increase in compensation and related expenses as a result of volume-related increases in clinical services and lab testing.

Selling, General and Administrative Expenses

Research & Development Solutions’ selling, general and administrative expenses increased $7 million, or 3.4%, in the second quarter of 2023 as compared to the same period in 2022, which included a constant currency increase of approximately $10 million, or 4.9%.

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Research & Development Solutions’ selling, general and administrative expenses increased $8 million, or 1.9%, in the first six months of 2023 as compared to the same period in 2022, which included a constant currency increase of approximately $17 million, or 4.1%.

The constant currency increase for the three and six months ended June 30, 2023 was primarily related to an increase in compensation and related expenses.

Contract Sales & Medical Solutions

	Three Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	176	$	183	$	(7)	(3.8)	%
Cost of revenues, exclusive of depreciation and amortization	150		155		(5)		(3.2)
Selling, general and administrative expenses	14		15		(1)		(6.7)
Segment profit	$	12	$	13	$	(1)	(7.7)	%

	Six Months Ended June 30,				Change
(in millions)	2023		2022		$		%
Revenues	$	358	$	378	$	(20)	(5.3)	%
Cost of revenues, exclusive of depreciation and amortization	304		322		(18)		(5.6)
Selling, general and administrative expenses	29		31		(2)		(6.5)
Segment profit	$	25	$	25	$	—	0.0	%

Revenues

Contract Sales & Medical Solutions’ revenues were $176 million for the second quarter of 2023, a decrease of $7 million, or 3.8%, over the same period in 2022, which is wholly attributable to the effects of foreign currency rate fluctuations.

Contract Sales & Medical Solutions’ revenues were $358 million in the first six months of 2023, a decrease of $20 million, or 5.3%, over the same period in 2022. This decrease included a constant currency revenue decrease of approximately $2 million, or 0.5%.

Cost of Revenues, exclusive of Depreciation and Amortization

Contract Sales & Medical Solutions’ cost of revenues, exclusive of depreciation and amortization, decreased $5 million, or 3.2%, in the second quarter of 2023 as compared to the same period in 2022, which included a constant currency decrease of approximately $1 million, or 0.6%.

Contract Sales & Medical Solutions’ cost of revenues, exclusive of depreciation and amortization, decreased $18 million, or 5.6%, in the first six months of 2023 as compared to the same period in 2022. This decrease included a constant currency decrease of approximately $4 million, or 1.2%.

Selling, General and Administrative Expenses

Contract Sales & Medical Solutions’ selling, general and administrative expenses decreased $1 million, or 6.7%, in the second quarter of 2023 as compared to the same period in 2022, which included a constant currency decrease of approximately $1 million, or 6.7%.

Contract Sales & Medical Solutions’ selling, general and administrative expenses decreased $2 million, or 6.5%, in the first six months of 2023 as compared to the same period in 2022, which included a constant currency decrease of approximately $2 million, or 6.5%.

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Liquidity and Capital Resources

Overview

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Our principal source of liquidity is operating cash flows. In addition to operating cash flows, other significant factors that affect our overall management of liquidity include: capital expenditures, acquisitions, investments, debt service requirements, equity repurchases, adequacy of our revolving credit and receivables financing facilities, and access to the capital markets.

We manage our worldwide cash requirements by monitoring the funds available among our subsidiaries and determining the extent to which those funds can be accessed on a cost-effective basis. The repatriation of cash balances from certain of our subsidiaries could have adverse tax consequences; however, those balances are generally available without legal restrictions to fund ordinary business operations. We have and expect to transfer cash from those subsidiaries to the United States and to other international subsidiaries when it is cost effective to do so.

We had a cash balance of $1,382 million as of June 30, 2023 ($568 million of which was in the United States), an increase from $1,216 million as of December 31, 2022.

Based on our current operating plan, we believe that our available cash and cash equivalents, future cash flows from operations and our ability to access funds under our revolving credit and receivables financing facilities will enable us to fund our operating requirements, capital expenditures, contractual obligations, and meet debt obligations for at least the next 12 months. We regularly evaluate our debt arrangements, as well as market conditions, and from time to time we may explore opportunities to modify our existing debt arrangements or pursue additional financing arrangements that could result in the issuance of new debt securities by us or our affiliates. We may use our existing cash, cash generated from operations or dispositions of assets or businesses and/or proceeds from any new financing arrangements or issuances of debt or equity securities to repay or reduce some of our outstanding obligations, to repurchase shares from our stockholders or for other purposes. As part of our ongoing business strategy, we also continually evaluate new acquisition, expansion and investment possibilities or other strategic growth opportunities, as well as potential dispositions of assets or businesses, as appropriate, including dispositions that may cause us to recognize a loss on certain assets. Should we elect to pursue any such transaction, we may seek to obtain debt or equity financing to facilitate those activities. Our ability to enter into any such potential transactions and our use of cash or proceeds is limited to varying degrees by the terms and restrictions contained in our existing debt arrangements. We cannot provide assurances that we will be able to complete any such financing arrangements or other transactions on favorable terms or at all.

Equity Repurchase Program

As of June 30, 2023, the total stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") was $9,725 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. During the six months ended June 30, 2023, we repurchased 3.2 million shares of our common stock for $619 million under the Repurchase Program. As of June 30, 2023, we had remaining authorization to repurchase up to $736 million of our common stock under the Repurchase Program. In addition, from time to time, we have repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

On July 31, 2023, our Board of Directors increased the stock repurchase authorization under the Repurchase Program with respect to the repurchase of our common stock by an additional $2,000 million, which increased the total amount that has been authorized under the Repurchase Program to $11,725 million. After this $2,000 million increase in stock repurchase authorization, we have remaining authorization to repurchase up to $2,736 million of our common stock under the Repurchase Program.

Debt

As of June 30, 2023, we had $13,839 million of total indebtedness, excluding $1,795 million of additional available borrowings under our revolving credit facility. Our long-term debt arrangements contain customary restrictive covenants and, as of June 30, 2023, we believe we were in compliance with our restrictive covenants in all material respects.

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Senior Secured Credit Facilities

As of June 30, 2023, the Company’s Fifth Amended and Restated Credit Agreement provided financing through the senior secured credit facilities of up to $8,095 million, which consisted of $6,295 million principal amounts of debt outstanding, and $1,795 million of available borrowing capacity on the revolving credit facility and standby letters of credit.

On April 17, 2023, we increased the capacity of the Company's senior secured revolving credit facility by $500 million U.S. dollars, bringing the total capacity of the revolving credit facility to $2,000 million.

Senior Notes

On May 23, 2023, we completed the issuance and sale of $750 million in gross proceeds of 5.700% senior secured notes due 2028 (the “Senior Secured Notes”) and $500 million in gross proceeds of 6.500% senior notes due 2030 (the “Senior Notes” and, together with the Senior Secured Notes, the “Notes”). The net proceeds from the notes offering were used to repay existing borrowings under our revolving credit facility and to pay fees and expenses related to the Notes offering. See Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding our credit arrangements.

Receivables Financing Facility

As of June 30, 2023, no additional amounts of revolving loan commitments were available under the receivables financing facility.

Six months ended June 30, 2023 and 2022

Cash Flow from Operating Activities

	Six Months Ended June 30,
(in millions)	2023		2022
Net cash provided by operating activities	$	819	$	837

Cash provided by operating activities decreased $18 million during the first six months of 2023 as compared to the same period in 2022. The decrease was primarily due to a decrease in cash from cash-related net income ($44 million) and unearned income ($23 million), offset by an increase in cash from accounts receivable and unbilled services ($32 million) and other operating assets and liabilities ($17 million).

Cash Flow from Investing Activities

	Six Months Ended June 30,
(in millions)	2023		2022
Net cash used in investing activities	$	(818)	$	(812)

Cash used in investing activities increased $6 million during the first six months of 2023 as compared to the same period in 2022, primarily driven by more cash used in investments in debt and equity securities ($36 million), investments in unconsolidated affiliates, net ($3 million) and purchases of marketable securities, net ($1 million), offset by less cash used for acquisitions of businesses ($20 million) and acquisitions of property, equipment and software ($14 million).

Cash Flow from Financing Activities

	Six Months Ended June 30,
(in millions)	2023		2022
Net cash provided by financing activities	$	182	$	115

Cash provided by financing activities increased $67 million during the first six months of 2023 as compared to the same period in 2022, primarily due to a decrease in cash used to repurchase common stock ($274 million) and cash payments related to employee stock option plans ($11 million), offset by an increase in cash payments on revolving credit facilities, net of proceeds ($125 million), contingent consideration and deferred purchase price accruals ($50 million), debt and principal payments on finance leases ($30 million) and debt issuance costs ($13 million).

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Off-Balance Sheet Arrangements

We do not have any material off-balance sheet arrangements.

Contractual Obligations and Commitments

We have various contractual obligations, which are recorded as liabilities in our consolidated financial statements.

There have been no material changes, outside of the ordinary course of business, to our contractual obligations as previously disclosed in our 2022 Form 10-K.

Application of Critical Accounting Policies

There have been no material changes to our critical accounting policies as previously disclosed in our 2022 Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to our quantitative and qualitative disclosures about market risk as compared to the quantitative and qualitative disclosures about market risk described in our 2022 Form 10-K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) under the Securities Exchange Act of 1934, as amended (“Exchange Act”) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our CEO and CFO have concluded that as of such date, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this Quarterly Report on Form 10-Q that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We are party to legal proceedings incidental to our business. While the outcome of these matters could differ from management’s expectations, we do not believe that the resolution of these matters is reasonably likely to have a material adverse effect to our financial statements.

Information pertaining to legal proceedings can be found in Note 8 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and is incorporated by reference herein.

Item 1A. Risk Factors

For a discussion of the risks relating to our business, see Part I—Item 1A—“Risk Factors” of our 2022 Form 10-K. There have been no material changes from the risk factors previously disclosed in our 2022 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Recent Sales of Unregistered Securities

Not applicable.

Use of Proceeds from Registered Securities

Not applicable.

Purchases of Equity Securities by the Issuer

On October 30, 2013, the Company's Board of Directors (the "Board") approved an equity repurchase program (the “Repurchase Program”) authorizing the repurchase of up to $125 million of our 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, and $2.0 billion in 2015, 2016, 2017, 2018, 2019, and 2022, respectively. On July 31, 2023, the Board increased the stock repurchase authorization under the Repurchase Program by an additional $2,000 million, which increased the total amount that has been authorized under the Repurchase Program to $11,725 million. The Repurchase Program does not obligate us to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time. The timing and amount of repurchases are determined by our management based on a variety of factors such as the market price of our common stock, our corporate requirements, and overall market conditions. Purchases of our common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or in privately negotiated transactions. The Repurchase Program for common stock does not have an expiration date. In addition, from time to time, we have repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

From inception of the Repurchase Program through June 30, 2023, we have repurchased a total of $8,989 million of our securities under the Repurchase Program.

During the six months ended June 30, 2023, we repurchased 3.2 million shares of our common stock for $619 million under the Repurchase Program. See Note 9 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding the Repurchase Program.

As of June 30, 2023, we had remaining authorization to repurchase up to $736 million of our common stock under the Repurchase Program. After the July 31, 2023 $2,000 million increase in stock repurchase authorization, we have remaining authorization to repurchase up to $2,736 million of our common stock under the Repurchase Program.

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Since the merger between Quintiles and IMS Health, we have repurchased 76.3 million shares of our common stock at an average market price per share of $112.93 for an aggregate purchase price of $8,615 million both under and outside of the Repurchase Program. This includes shares withheld from employees to satisfy certain tax obligations due in connection with grants of stock under the Quintiles IMS Holdings, Inc. 2017 Incentive and Stock Award Plan (the “Plan”). The Plan provides for the withholding of shares to satisfy tax obligations. It does not specify a maximum number of shares that can be withheld for this purpose. The shares of common stock withheld to satisfy tax withholding obligations may be deemed to be “issuer purchases” of shares that are required to be disclosed pursuant to this Item.

The following table summarizes the monthly equity repurchase program activity for the three months ended June 30, 2023 and the approximate dollar value of shares that may yet be purchased pursuant to the Repurchase Program.

(in millions, except per share data)	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 1, 2023 — April 30, 2023	—	$	—	—	$	1,226
May 1, 2023 — May 31, 2023	2.5	$	194.39	2.5	$	736
June 1, 2023 — June 30, 2023	—	$	—	—	$	736
	2.5			2.5

Item 5. Other Information

In the second quarter of 2023, no director or officer (as defined in Exchange Act Rule 16a-1(f)) of IQVIA Holdings Inc. adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement for the purchase or sale of securities of IQVIA Holdings Inc., within the meaning of Item 408 of Regulation S-K.

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Item 6. Exhibits

The exhibits below are filed or furnished as a part of this report and are incorporated herein by reference.

			Incorporated by Reference
Exhibit Number	Exhibit Description	Filed Herewith	Form	File No.	Exhibit	Filing Date
4.1	Indenture, dated May 23, 2023, among IQVIA Inc., as Issuer, U.S. Bank Trust Company, National Association, as trustee of the Senior Secured Notes and the Company and certain subsidiaries of the Issuer as guarantors.		8-K	001-35907	4.1	May 23, 2023
4.2	Indenture, dated May 23, 2023, among IQVIA Inc., as Issuer, U.S. Bank Trust Company, National Association, as trustee of the Senior Notes and certain subsidiaries of the Issuer as guarantors.		8-K	001-35907	4.2	May 23, 2023
10.1	IQVIA Inc. Employee Protection Plan, effective July 1, 2023	X
31.1	Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
31.2	Certification of Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
32.1	Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
32.2	Certification of Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
101	Interactive Data Files Pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Statements of Income (unaudited), (ii) Condensed Consolidated Statements of Comprehensive Income (unaudited), (iii) Condensed Consolidated Balance Sheets (unaudited), (iv) Condensed Consolidated Statements of Cash Flows (unaudited), (v) Condensed Consolidated Statements of Stockholders’ Equity (unaudited) and (vi) Notes to Condensed Consolidated Financial Statements (unaudited). The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	X
104	Cover Page Interactive Data File. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	X

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized on August 1, 2023.

IQVIA HOLDINGS INC.

/s/ Ronald E. Bruehlman

Ronald E. Bruehlman

Executive Vice President and Chief Financial Officer

(On behalf of the Registrant and as Principal Financial Officer)

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EX-10.1

Exhibit 10.1

IQVIA Inc.

Employee Protection Plan and Summary Plan Description

As Amended and Restated Effective July 1, 2023

Introduction

This IQVIA Inc. Employee Protection Plan (“Plan”) provides severance benefits to eligible employees of IQVIA Inc. (“IQVIA”) and its Affiliates (as defined below) in the United States, except for any Affiliate which (1) has been designated by the Benefits Committee as a non-participating company in the Plan or (2) is owned in part by a third party that is not itself an Affiliate. As used herein, the term “Affiliate” means any business entity that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with IQVIA, where “control” means the ownership of more than 50% of the outstanding voting securities or other ownership interest of such entity. IQVIA and all participating Affiliates are collectively referred to in the Plan as the “Corporation.” The Plan is a “severance pay arrangement” within the meaning of Section 3(2)(B)(i) of ERISA and is intended to be and shall be administered and maintained as an unfunded welfare benefit plan under Section 3(1) of ERISA. This document serves both as the Plan and summary plan description.

I. Administrative Information

Plan Administration

The Benefits Committee (“Committee”), a committee of IQVIA management employees is named as the Plan Administrator under the Plan. The Committee has the exclusive right, power and authority to interpret the provisions of the Plan and to conclusively decide any questions arising in connection with the administration of, and any claim for severance benefits under, the Plan. All such determinations by the Plan Administrator shall be final and binding on all parties. Without limiting the generality of the foregoing, such authority shall include the discretionary power:

•    To make and enforce such rules and regulations as the Plan Administrator deems necessary or proper for the efficient administration of the Plan;

•    To decide all questions, including questions of fact, concerning the Plan and the eligibility of any person to participate in, and receive benefits under, the Plan;

•    To appoint such agents, counsel, accountants, consultants and other persons as may be required to assist in administering the Plan; and

•    To establish procedures, forms and time frames with respect to elections and other matters under the Plan.

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Right to Amend and Terminate

The Corporation currently intends to continue the Plan indefinitely, but reserves the right to amend, modify, or terminate any and all provisions of the Plan and any benefits payable under the Plan at any time without further obligation; provided, however, the Corporation may not modify or amend the Plan in a manner that materially adversely affects the rights of a person who has started to receive compensation or benefits under the Plan. Any amendment, modification or termination of the Plan may be made by action of the Corporation’s Board of Directors (the “Board”), the Committee or their delegatees.

Not an Employment Contract

Participation in the Plan does not confer any rights to continued employment with the Corporation or any of its Affiliates.

Non-Assignment of Benefit

Benefits under the Plan may not be assigned, pledged or otherwise transferred. If, for example, an employee owes money to someone, he or she may not give that person the right to collect from the Plan any benefit which may be payable.

Prior Plans or Policies; Individual Agreements

Except for any restrictive covenant, confidentiality, work product, and/or arbitration or dispute resolution agreements entered into by an employee and the Corporation (which agreements shall remain in full force and effect in accordance with their respective terms), this Plan supersedes any and all prior severance plans, policies, arrangements, or practices of the Corporation (whether written or unwritten, express or implied) relating to any subject matter covered by the Plan. Notwithstanding the preceding sentence, the Plan does not affect the severance provisions of (a) any written individual employment agreement between an employee and the Corporation which results in such employee not being an Eligible Employee hereunder; (b) any change-in-control severance plan; and (c) any other agreement entered into between an employee and the Corporation which expressly supersedes the provisions of this Plan (i.e., by naming this Plan) and which remains in effect at the date of such employee's termination of employment.

Claims Procedures

Your local Human Resources department reviews and authorizes the payment of benefits under this Plan for those employees who qualify under the provisions of the Plan. No claim forms need be submitted. Questions regarding Plan benefits should be directed to your local Human Resources department. If you feel that you are not receiving benefits that are due, you must notify the Plan Administrator in writing. If the claim for benefits is denied (in whole or in part), you will be notified electronically or in writing within 90 days (180 days if the Plan Administrator notifies you within the 90-day period of a need for an extension) of receiving the claim. The notice of denial will state the reason for the denial, the pertinent Plan provisions upon which the denial is based, any additional information which may be needed and the reason such additional information (if any) is needed. In addition, you will be given an explanation of the Plan’s claims review procedures and the time limits applicable to such procedures, including a statement that you have a right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) following an adverse benefit determination on review.

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If you wish to have a denied claim further reviewed, you must send a written request for review to the Plan Administrator at the address and to the addressee specified in the “Specific Plan Information” section of this Plan within 60 days after your initial claim is denied. You may submit written comments, documents, records and other information relating to the claim to the Plan Administrator. Your claim for review will be given a full and fair review that takes into account all comments, documents, records and other information submitted that relates to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

The Plan Administrator will render a decision on the claim no later than 60 days after its receipt of your request for review. However, if the Plan Administrator finds it necessary, due to special circumstances, to extend this period and notifies you electronically or in writing, the decision will be rendered as soon as practicable, but in no event later than 120 days after your request for review. The Plan Administrator’s decision will be provided electronically or in writing. Such decision will be written in a manner calculated to be understood by you and will include specific reasons for the decision, specific references to the pertinent Plan provisions on which the decision is based, a statement that you have a right to bring a civil action under Section 502(a) of ERISA and that you are entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant to your claim for benefits. A document is relevant to your claim for benefits if it was relied upon in making the determination, was submitted, considered or generated in the course of making the determination or demonstrates that benefit determinations are made in accordance with the Plan and that Plan provisions have been applied consistently with respect to similarly situated claimants.

You may not institute any action or proceeding in any state or federal court of law or equity, or before any administrative tribunal or arbitrator, for a claim for benefits under the Plan until you have first exhausted the procedures set forth above. No action or proceeding at all may be brought in state or federal court or before any administrative tribunal or arbitrator for benefits under this Plan after one year from the date of the Plan Administrator’s final decision on your claim as described above.

Statement of ERISA Rights

As a participant in the Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants shall be entitled to:

Examine, without charge, at the Plan Administrator’s office, all Plan documents, including copies of all documents filed by the Plan with the U.S. Department of Labor, such as detailed annual reports and Plan descriptions.

Obtain, upon written request of the Plan Administrator, copies of all documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may request a reasonable charge for the copies.

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of employee benefit plans. The people who operate your Plan, called "fiduciaries," have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer or any other person, may discriminate against you in any way for the purpose of preventing you from obtaining a benefit or exercising your rights under ERISA. If your claim for benefits is denied in whole or in part you must receive a written explanation of the reasons for the denial. As described above, you have the right to have the Plan Administrator review and reconsider your claim.

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Under ERISA, there are steps you can take to enforce your rights. For instance, if you request materials from the Plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court but any such suit must be filed within one year from the date of the Plan Administrator’s final decision on your claim. If it should happen that you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court.

The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

If you have any questions about your Plan, you should contact your local Human Resources department. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

Right to Withhold Taxes

The Corporation may cause such amounts to be withheld from any payment made under the Plan as it determines necessary to fulfill any federal, state or local wage or compensation withholding requirements.

Unfunded Plan

The Corporation will make all payments under the Plan, and pay all expenses of the Plan, from its general assets. Nothing contained in the Plan will give any employee any interest in any property of the Corporation or any of its Affiliates.

Governing Law

The provisions of the Plan will be construed, administered and enforced according to applicable federal law and the laws of the State of Delaware without regard to its conflict of law rules and with regard to its statutes of limitations.

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Compliance with Section 409A

Interpretation Consistent with Section 409A

Anything in this Plan to the contrary notwithstanding, the terms of this Plan shall be interpreted and applied in a manner consistent with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury regulations thereunder (the “Regulations”) and the Corporation shall have no right to accelerate or make any payment under this Plan except to the extent permitted under Section 409A of the Code. The Corporation shall have no obligation, however, to reimburse any employee for any tax penalty or interest payable or provide a gross-up payment in connection with any tax liability of such employee under Section 409A of the Code except that this provision shall not apply in the event of the Corporation’s negligence or willful disregard in its interpretation of the application of Section 409A of the Code and the Regulations to the Plan, which negligence or willful disregard causes a Plan participant to become subject to a tax penalty or interest payable under Section 409A of the Code, in which case the Corporation will reimburse the participant on an after-tax basis for any such tax penalty or interest not later than the last day of the participant’s taxable year next following the participant’s taxable year in which the participant remits the applicable taxes and interest.

Exemptions from Section 409A

A Plan participant’s right to salary continuation payments under this Plan shall be treated at all times as a right to a series of separate payments under Section 1.409A-2(b)(2)(iii) of the Regulations. To the extent required by Section 409A, any payments to be made to a Plan participant upon his termination of employment shall only be made upon such Plan participant's separation from service within the meaning of Section 409A. It is intended that: (a) all payments made under this Plan on or before the 15th day of the third month following the end of the participant’s taxable year in which the participant terminates employment shall be exempt from compliance with Section 409A of the Code pursuant to the exception for short-term deferrals set forth in Section 1.409A-1(b)(4) of the Treasury Regulations (the “Exempt Short-Term Deferral Payments”); and (b) payments under this Plan, in excess of the Exempt Short-Term Deferral Payments, that are made on or before the last day of the second taxable year of the participant following the participant’s taxable year in which the participant terminates employment in an aggregate amount not exceeding two times the lesser of: (i) the sum of the participant’s annualized compensation based on the participant’s annual rate of pay for the participant’s taxable year preceding the taxable year in which the participant terminates employment (adjusted for any increase during that year that was expected to continue indefinitely if the participant had not terminated employment); or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the participant terminates employment shall be exempt from compliance with Section 409A of the Code pursuant to the exception for payments under a separation pay plan as set forth in Section 1.409A-1(b)(9)(iii) of the Regulations.

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Specific Plan Information

Plan Name:	IQVIA Inc. Employee Protection Plan
Plan Type:	Welfare/Severance Plan
Type of Administration:	Self-administered
Plan Year:	January 1 to December 31
Plan Sponsor:	IQVIA Inc. 100 IMS Drive Parsippany, NJ 07054
Plan Administrator:	Benefits Committee Attention: Chief Human Resources Officer IQVIA Inc. 100 IMS Drive Parsippany, NJ 07054
Agent for Service of Legal Process:	IQVIA Inc. Service of legal process may also be made upon the Plan Administrator (see address above)
Source of Financing of Benefits:	The general assets of the Corporation
Effective Date of this Amendment and Restatement of the Plan:	July 1, 2023
Employer Identification Number:	06-1506026
Plan Number:	506

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II. Plan Terms

Plan Coverage

The Plan covers all full-time salaried employees and regular part-time salaried employees who are non-temporary and employed on an indefinite term basis of the Corporation who incur an “Eligible Termination” (as defined below). These employees are referred to in this summary as “Eligible Employees.” Notwithstanding the foregoing, the following shall not be considered to be an Eligible Employee: (a) an employee who has entered into a written agreement with the Corporation which expressly excludes such employee from participation in this Plan (e.g., by naming this Plan or excluding participation in Corporation-sponsored severance plans generally) and which remains in effect at the date of such employee's termination of employment shall be an Eligible Employee only if so determined by the Plan Administrator; and (b) an employee who otherwise would qualify but who is not on the United States payroll shall be an Eligible Employee only if so determined by the Plan Administrator, and such Eligible Employee, and any employee of an Affiliate who qualifies as an Eligible Employee, shall be subject to such additional terms and limitations as the Plan Administrator may consider necessary or advisable; (c) an employee who is hired specifically to work on a particular client engagement or other identified project and whose employment with IQVIA would terminate upon the end of the employee’s work on such project; and (d) a worker who has signed an agreement with the Corporation stating that he or she is not eligible to participate in the Plan and any worker that the Corporation treats as an independent contractor, during the period that the worker is so treated, regardless of whether such worker may be determined to be an employee by administrative, judicial or other decision. Employees who would otherwise be Eligible Employees but who have executed a written employment agreement with the Corporation or any of its Affiliates that includes a provision for post-termination severance payments and is in effect at the time of an Eligible Termination (hereinafter “Employment Agreement”) or are subject to another severance plan with the Corporation or any of its Affiliates shall receive the greater of the Salary Continuation provided for in this Plan or the post-termination payments to which the Eligible Employee is entitled under any Employment Agreement or such other severance plan as a result of a termination without Cause, but the Eligible Employee shall not be entitled to both Salary Continuation under this Plan and compensation under such Employment Agreement or severance plan. The notice under this Plan shall serve as any required written notice under any such Employment Agreement or severance plan. Payment of severance benefits due under this Plan shall be made in accordance with the terms of this Plan. Each Eligible Employee shall be designated as within one of the groups specified in Section III below.

Eligible Termination

Severance benefits are only payable under this Plan if an Eligible Employee incurs an "Eligible Termination." An Eligible Termination means an involuntary termination of an Eligible Employee’s employment by the Corporation for any reason except that an involuntary termination for Cause will not constitute an Eligible Termination and an involuntary termination due to unsatisfactory performance or any act or omission by the employee which could result in disciplinary action by the Corporation against the employee in accordance with the personnel practices, policies and procedures of the Corporation will not constitute an Eligible Termination unless otherwise determined by the Plan Administrator in its sole discretion.

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The foregoing notwithstanding, an Eligible Termination shall not include (a) a unilateral resignation; or (b) any termination where an offer of employment is made to the Eligible Employee of a comparable position (i) at the Corporation or at any of its Affiliates, (ii) at an entity in connection with a Business Unit Acquisition, or (iii) at a customer or client of the Corporation in connection with the transfer or outsourcing of the Eligible Employee to such customer or Client. Solely for the purpose of determining whether an Eligible Employee has received an offer of a comparable position in connection with a Business Unit Acquisition, an Eligible Employee shall be considered to have received such an offer if the offer is for employment with the entity that engaged in such Business Unit Acquisition, the compensation payable pursuant to such offer is not less than 100% of such Eligible Employee’s base Salary with the Corporation immediately prior to the Business Unit Acquisition and the principal place of employment under such offer is not more than 30 miles away from such Eligible Employee’s principal place of employment with the Corporation immediately prior to the Business Unit Acquisition. The determination of whether an Eligible Employee has received an offer of a comparable position under any other circumstances shall be determined by the Plan Administrator, in its sole discretion.

Severance Benefits

If an Eligible Employee incurs an Eligible Termination, he or she will be entitled to the Salary Continuation and Benefits Continuation described in Section III below. Under certain limited circumstances, however, the Plan Administrator (or other officers to whom authority is delegated) may alter the provisions of the Plan (by, for example, increasing or reducing benefits otherwise payable under the Plan), but not the time or form of payment of those benefits, in a manner that complies with Section 409A of the Code. Severance benefits under the Plan may not, in any event, exceed the limitations imposed by ERISA on severance payable under welfare benefit plans.

Unless otherwise determined by the Plan Administrator, the amount of Salary Continuation payable shall be reduced by each of the following amounts applicable to the Eligible Employee (but not reduced to an amount less than zero):

•the amount of any sign-on bonus or any other amount(s) paid by the Corporation to the Eligible Employee (other than the payment of base Salary, performance-related bonuses, or reimbursement of business-related expenses incurred by the Eligible Employee) in connection with the Eligible Employee's commencement of employment, if such payment(s) occurred within twelve months of the date of the Eligible Termination, or

•the amount of any severance payments, termination payments or any other amounts paid or payable to the Eligible Employee arising from or relating to the termination of employment of the Eligible Employee by the Corporation on account of pay-in-lieu-of-notice, severance pay, or similar benefits under other benefit plans, severance programs, employment contracts, the requirements of any works council or labor organization or applicable laws, such as the WARN Act.

If reduced in accordance with this paragraph, the aggregate amount of Salary Continuation payable shall be payable proportionately over the same period during which Salary Continuation is to be paid, as specified in Section III.

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The payment of severance benefits of Salary and benefits, as provided in Section III, is conditioned upon the signing of a release and agreement and such other documents that the Plan Administrator may require in a form approved by the Plan Administrator. The release and agreement will require an Eligible Employee’s waiver of all claims, legal and contractual, against the Corporation and its Affiliates. In addition, it may require, among other things, that (1) the Eligible Employee (a) be reasonably available for a limited period of time to cooperate with the Corporation on various matters, and (b) abide by certain restrictive covenants; and (2) any amounts payable under the Plan are subject to the termination of remaining payments and benefits to be provided to the Eligible Employee, if any, and the clawback or recovery of amounts that were paid to the Eligible Employee and reasonable value of benefits received by the Eligible Employee under the Plan, due to the Eligible Employee’s breach of such agreement or a breach of any other agreements, obligations or duties owed to the Corporation or any of its Affiliates. The release and agreement will be provided to the Eligible Employee as soon as administratively practicable following the Eligible Termination. Following return of the required agreement and release signed by the Eligible Employee and expiration of any revocation period, the Corporation will promptly proceed with Salary Continuation and Benefits Continuation in accordance with the terms of the Plan. (In order to satisfy the exemption from Section 409A of the Code described above, the date of commencement of payment of severance and benefits shall be on or before the earlier of: (i) the 90th day following the Eligible Termination, determined in the sole discretion of the Plan Administrator; or (ii) March 15th of the calendar year following the year in which the Eligible Termination occurred.)

IMPORTANT: If an Eligible Employee does not sign the release and agreement, he or she will not be entitled to any benefits under the Plan . If the release and agreement is signed, the payment of severance benefits may be delayed until the end of any period during which an employee is permitted by law to revoke a signed release, subject to the time periods set forth in the above paragraph.

Anything in this Plan to the contrary notwithstanding, payment of Salary Continuation that is not exempt from compliance with Section 409A of the Code to any Specified Employee upon separation from service shall not be made before the date that is six months after the date of separation from service (or, if earlier, the date of death of such Specified Employee). Any Salary Continuation payment which is subject to the six-month delay in payment described in this paragraph will be adjusted to reflect the deferred payment date by multiplying the delayed payment by the product of the six-month CMT Treasury Bill annualized yield rate as published by the U.S. Treasury for the date on which such payment would have been made but for the delay multiplied by a fraction, the numerator of which is the number of days by which such payment was delayed and the denominator of which is 365. The adjusted payment shall be made at the beginning of the seventh month following the Specified Employee’s separation from service.

Certain terms are used in the description of Plan benefits contained in this summary. These terms, and their meanings, are as follows:

“Benefits Continuation” means the continuation of medical, dental and vision benefits that are provided, as described in Section III.

“Business Unit Acquisition” means the acquisition by an entity unrelated to the Corporation of substantially all of the assets of a subsidiary, business unit or function, portion of a business unit or function, facility or division of the Corporation.

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"Cause" means:

(a)     willful malfeasance or willful misconduct by the Eligible Employee in connection with his or her employment;

(b)     continuing failure to perform such duties as are requested by any employee to whom the Eligible Employee reports, directly or indirectly, or by the Board;

(c)     failure by the Eligible Employee to observe material policies of the Corporation; or

(d)     the commission by the Eligible Employee of (i) any felony or (ii) any misdemeanor involving, in the sole discretion of the Plan Administrator, moral turpitude.

"Incentive" means a conditional payment, the amount of which is based on performance conditions and eligibility rules of the respective plan, typically calculated based on results obtained over a one-year period.

"Salary" means an Eligible Employee’s annual base salary in effect at the time of an Eligible Termination except, for purposes of determining the amount of Salary Continuation payable during the Severance Continuation Period, the Plan Administrator may, in its sole discretion, include an additional cash amount as part of the amount of Salary, in order to reflect any periodic payment being received as compensation by the Eligible Employee in addition to Salary immediately prior to termination and to ensure comparability of benefits among Eligible Employees receiving benefits under the Plan.

"Salary Continuation" means the Salary that is paid over the Severance Continuation Period.

“Severance Continuation Period” means the total number of weeks over which Salary Continuation is payable, and is also used to determine the period of Benefits Continuation. . The Severance Continuation Period will begin: (a) for Salary Continuation, the day following the Eligible Termination; and (b) for Benefits Continuation, the first day of the month following the month in which the Eligible Termination occurs, in both cases subject to the Eligible Employee’s timely execution and return of the release and agreement required by the Plan Administrator.

“Specified Employee” means an employee who satisfies the requirements for being designated a “key employee” under Section 416(i)(1)(A)(i), (ii) or (iii) of the Code without regard to Section 416(i)(5) of the Code at any time during a calendar year, in which case such employee shall be considered a Specified Employee for the twelve-month period beginning on the first day of the fourth month immediately following the end of such calendar year.

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"Year of Service" means each full and partial year of employment with the Corporation. Service will also include periods of employment prior to the reorganization of Dun & Bradstreet or Cognizant Corporation to the extent they were taken into account under the Dun & Bradstreet and Cognizant Career Transition Plans prior to such reorganization and periods of employment with Quintiles Transnational Corp. or its subsidiaries prior to the merger with IMS Health. All partial years of employment will be aggregated to determine an Eligible Employee’s total Years of Service under the Plan. Unless expressly determined otherwise by the Plan Administrator, (i) for an Eligible Employee who was employed with an entity at the time that entity or the entity’s assets were acquired by IQVIA, the Eligible Employee’s period of employment with such acquired entity prior to the acquisition will be taken into account in determining Years of Service under the Plan if the acquisition was finally closed on or after October 1, 2016; and (ii) for an Eligible Employee who was employed with an entity at the time that entity or the entity’s assets were acquired by IQVIA, the Eligible Employee’s period of employment with such acquired entity prior to the acquisition will not be taken into account in determining Years of Service under the Plan if the acquisition was finally closed before October 1, 2016. For employees who have had multiple periods of employment with the Corporation (or an acquired entity when the pre-acquisition period(s) of employment with the acquired entity will be included for purposes of the Years of Service calculation as noted above), and such periods of employment are separated by a break in service of one (1) year or less, all such periods of employment shall be included as Year(s) of Service under the Plan, unless expressly otherwise determined by the Plan Administrator. For clarity, if any break in service occurs which is longer than one year, no period of employment with IQVIA (or an acquired entity) prior to that break in service shall be included in the Years of Service calculation. Under no circumstances will prior periods of employment be included in Years of Service under this Plan if the employee has received any severance or similar consideration for such periods of employment.

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III. Salary and Benefits Continuation Information

Salary Continuation

An Eligible Employee’s period of Salary Continuation upon an Eligible Termination will be determined in accordance with the following table:

Job Grades 200-220	Job Grade 190	Job Grade 170-180	Job Grades 100-160
2 weeks of Salary Continuation for each Year of Service, subject to minimum 26 weeks and maximum 52 weeks	2 weeks of Salary Continuation for each Year of Service, subject to minimum 13 weeks and maximum 52 weeks	2 weeks of Salary Continuation for each Year of Service, subject to minimum 8 weeks and maximum 52 weeks	2 weeks of Salary Continuation for each Year of Service, subject to minimum 4 weeks and maximum 26 weeks

Form of Salary Continuation

An Eligible Employee’s Salary Continuation benefit will be payable in accordance with applicable payroll practices for the Corporation’s active employees throughout the Severance Continuation Period and the amount of such payments will be calculated at the Eligible Employee’s annualized Salary rate at the time of the Eligible Termination, and will start following the Eligible Termination within the time period set forth in Section II above.

Benefits Continuation

Coverage of IQVIA health insurance benefits (i.e., medical, dental and vision benefits) in which an Eligible Employee and their eligible enrolled dependents, if applicable, participated at the time of the Eligible Termination, shall continue, at the same subsidized premium rates then in effect for active employees generally, for the Severance Continuation Period, as further described below, provided that the Eligible Employee: (1) must timely elect COBRA benefits; and (2) must pay the employee portion of any required premium or contribution. The period of such Benefits Continuation coverage shall commence on the first day of the month following the month of the Eligible Termination, and shall remain in effect for a period equal to the Severance Continuation Period, provided that (i) the Benefits Continuation coverage shall remain in effect through the last day of the month in which the Severance Continuation Period ends, and (ii) the maximum period for the Benefits Continuation coverage shall be six (6) months. Any period during which an Eligible Employee and his or her dependents may be entitled to continued medical coverage following an Eligible Termination pursuant to federal or state laws, including COBRA, will commence as of the Termination Date and not the end of the Severance

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Continuation Period. If an Eligible Employee does not timely elect COBRA coverage, and therefore does not receive continuation health benefits, for any reason, the Eligible Employee will not receive any compensation in lieu of employer health premium contributions. Continuation of any medical flexible spending accounts will be on an after-tax basis only.

Eligible Employees do not accrue or earn vacation or time-off benefits during the Severance Continuation Period.

Termination of Salary and Benefits Continuation

The Severance Continuation Period described herein will end and salary and benefits payable under this Plan will cease upon the earlier of: (a) the scheduled end of the Severance Continuation Period as calculated for the Salary Continuation and Benefits Continuation periods, respectively; (b) the Eligible Employee’s reemployment by or reassignment as a contractor, temporary worker, or consultant to the Corporation or any Affiliate of the Corporation; or (c) the Eligible Employee’s earning compensation under any employment or compensatory arrangement for services provided to any party other than the Corporation or any Affiliate of the Corporation (including as an employee, consultant, sole proprietor, security holder, or otherwise in an arrangement in which anything of value is earned or accrued based on the Eligible Employee’s services) if such employment is, in the sole discretion of the Plan Administrator, in breach of agreed restrictions between the Eligible Employee and the Corporation or any Affiliates of the Corporation. The Eligible Employee must inform the Plan Administrator of any such employment or other arrangement under which such services will be provided, prior to or upon commencement of such employment or arrangement, including the date as of which such employment or services commenced. The Corporation shall be entitled to take any and all reasonable actions to recover from the Eligible Employee (or his or her successor in interest) any payments made and the fair market value of any benefits provided to the Eligible Employee with respect to which the Eligible Employee is not entitled pursuant to this (or any other) section of the Plan. The Eligible Employee (or his or her successor in interest) shall pay: (1) all costs and expenses (including, but not limited to, attorneys’ fees, investigation costs, and collection agency fees) incurred by the Corporation in enforcing its rights under this (or any other) section of the Plan; and (2) interest, based on the prime rate (as published in the Wall Street Journal as of the date the payment was made or the benefit provided) plus 2%, on any amounts recovered from the date such amounts were paid or provided to the Eligible Employee (or his or her successor in interest) to the date of recovery by the Corporation.

Incentive Plans

For an Eligible Employee who is an eligible participant of an Incentive plan of the Corporation or any Affiliate of the Corporation, any impact that an Eligible Termination has on the right to receive an Incentive payment under such Incentive plan will be based on the terms and conditions of the respective Incentive plan.

Stock Options

Upon termination of employment, any and all exercisable (vested) stock options held by an Eligible Employee either shall forfeit, or will remain exercisable for a limited period of time as set forth in the applicable stock option plan(s) and grant agreement distributed to plan participants. Unvested stock options shall forfeit immediately upon termination of employment.

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Outplacement Services

An Eligible Employee will be entitled to such outplacement services as determined by the Eligible Employee’s assigned Job Grade level in the Corporation’s human resource records, in accordance with the following table:

Eligible Employee Job Grade	Outplacement Services
Grades 190-220	12 months
Grades 170-180	6 months
Grades 140-160	3 months
Grades 100-130	1 month

The Corporation will inform all Eligible Employees of the availability of outplacement services. Any such outplacement services provided to an Eligible Employee will not extend beyond the last day of the second calendar year following the calendar year in which the Eligible Employee’s Eligible Termination occurred, provided that any reimbursement for outplacement expenses may be paid by the last day of the third calendar year following the calendar year in which the Eligible Employee’s Eligible Termination occurred.

Death During Severance Continuation Period

In the event of an Eligible Employee’s death during the Severance Continuation Period, any Salary Continuation amounts remaining to be paid will continue to be paid to the Eligible Employee’s estate at the time or times otherwise provided for in this Plan. The payment of all other benefits under the Plan will cease.

No Further Grants

Following an Eligible Employee’s termination of employment and in accordance with the applicable plans and programs, no new grants, awards or contributions will be made to, by or on behalf of him or her under any plan or program of the Corporation including, but not limited to, any stock option, retirement or savings plan. In addition, participation in all Corporation benefit plans (other than the medical, dental and vision coverage which may be continued under this Plan) will cease upon termination of employment.

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EX-31.1

Exhibit 31.1

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Ari Bousbib, certify that:

1. I have reviewed this quarterly report on Form 10-Q of IQVIA Holdings Inc. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2023
	/s/ Ari Bousbib
	Ari Bousbib Chairman, Chief Executive Officer and President (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Ronald E. Bruehlman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of IQVIA Holdings Inc. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2023
	/s/ Ronald E. Bruehlman
	Ronald E. Bruehlman Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Ari Bousbib, Chairman, Chief Executive Officer and President of IQVIA Holdings Inc. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

Date: August 1, 2023
	/s/ Ari Bousbib
	Ari Bousbib Chairman, Chief Executive Officer and President (Principal Executive Officer)

This certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Report, irrespective of any general incorporation language contained in such filing.

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Ronald E. Bruehlman, Executive Vice President and Chief Financial Officer of IQVIA Holdings Inc. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

Date: August 1, 2023
	/s/ Ronald E. Bruehlman
	Ronald E. Bruehlman Executive Vice President and Chief Financial Officer (Principal Financial Officer)

This certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Report, irrespective of any general incorporation language contained in such filing.

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35907
Entity Registrant Name	IQVIA HOLDINGS INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	27-1341991
Entity Address, Street	2400 Ellis Rd.
Entity Address, City	Durham
Entity Address, State	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	998-2000
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
Entity Shell Company	false
Title of Each Class	Common Stock, par value $0.01 per share
Trading Symbol	IQV
Name of Each Exchange on which Registered	NYSE
Entity Common Stock, Shares Outstanding		183,122,255
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001478242
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 3,728	$ 3,541	$ 7,380	$ 7,109
Cost of revenues, exclusive of depreciation and amortization	2,443	2,331	4,841	4,654
Selling, general and administrative expenses	482	483	995	971
Depreciation and amortization	259	270	512	525
Restructuring costs	20	4	37	11
Income from operations	524	453	995	948
Interest income	(4)	(2)	(10)	(3)
Interest expense	169	94	310	180
Other (income) expense, net	(16)	33	(42)	43
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates	375	328	737	728
Income tax expense	81	71	152	142
Income before equity in earnings (losses) of unconsolidated affiliates	294	257	585	586
Equity in earnings (losses) of unconsolidated affiliates	3	(1)	1	(5)
Net income	297	256	586	581
Net Income (Loss) Attributable to Parent, Total	$ 297	$ 256	$ 586	$ 581
Earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 1.61	$ 1.36	$ 3.17	$ 3.07
Diluted (in dollars per share)	$ 1.59	$ 1.34	$ 3.12	$ 3.02
Weighted average common shares outstanding:
Basic (in shares)	184.4	188.3	185.1	189.2
Diluted (in shares)	186.7	191.1	187.6	192.2

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 297	$ 256	$ 586	$ 581
Comprehensive income (loss) adjustments:
Unrealized gains (losses) on derivative instruments, net of income tax expense (benefit) of $8, $(1), $11, $8	22	(7)	32	23
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	0	(4)	1	(6)
Foreign currency translation, net of income tax (benefit) expense of $(3), $84, $(32), $111	(44)	(281)	(34)	(321)
Reclassification adjustments:
Reclassifications on derivative instruments included in net income, net of income tax (expense) benefit of $(3), $4, $(11), $4	(7)	14	(32)	13
Comprehensive income (loss)	$ 268	$ (22)	$ 553	$ 290

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized (losses) gains on derivative instruments, income tax (benefit) expense	$ 8	$ (1)	$ 11	$ 8
Defined benefit plan adjustments, income tax (benefit) expense	0	0	0	0
Foreign currency translation, income tax expense (benefit)	(3)	84	(32)	111
(Gain) losses on derivative instruments included in net income, income tax expense	$ (3)	$ 4	$ (11)	$ 4

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,382	$ 1,216
Trade accounts receivable and unbilled services, net	3,139	2,917
Prepaid expenses	179	151
Income taxes receivable	45	43
Investments in debt, equity and other securities	110	93
Other current assets and receivables	474	561
Total current assets	5,329	4,981
Property and equipment, net	510	532
Operating lease right-of-use assets	319	331
Investments in debt, equity and other securities	101	68
Investments in unconsolidated affiliates	107	94
Goodwill	14,178	13,921
Other identifiable intangibles, net	4,942	4,820
Deferred income taxes	115	118
Deposits and other assets, net	435	472
Total assets	26,036	25,337
Current liabilities:
Accounts payable and accrued expenses	3,007	3,316
Unearned income	1,844	1,797
Income taxes payable	208	161
Current portion of long-term debt	1,344	152
Other current liabilities	140	152
Total current liabilities	6,543	5,578
Long-term debt, less current portion	12,433	12,595
Deferred income taxes	367	464
Operating lease liabilities	242	264
Other liabilities	703	671
Total liabilities	20,288	19,572
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of June 30, 2023 and December 31, 2022, $0.01 par value, 257.0 shares issued and 183.1 shares outstanding as of June 30, 2023; 256.4 shares issued and 185.7 shares outstanding as of December 31, 2022	10,952	10,898
Retained earnings	3,920	3,334
Treasury stock, at cost, 73.9 and 70.7 shares as of June 30, 2023 and December 31, 2022, respectively	(8,364)	(7,740)
Accumulated other comprehensive loss	(760)	(727)
Total stockholders’ equity	5,748	5,765
Total liabilities and stockholders’ equity	$ 26,036	$ 25,337

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	400.0	400.0
Common stock, par value, ( in usd per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	257.0	256.4
Common stock, shares outstanding (in shares)	183.1	185.7
Treasury stock, shares (in shares)	73.9	70.7

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 586	$ 581
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	512	525
Amortization of debt issuance costs and discount	8	7
Stock-based compensation	125	75
(Earnings) losses from unconsolidated affiliates	(1)	5
(Gain) loss on investments, net	(10)	29
Benefit from deferred income taxes	(70)	(28)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income	(134)	(143)
Change in other operating assets and liabilities	(197)	(214)
Net cash provided by operating activities	819	837
Investing activities:
Acquisition of property, equipment and software	(324)	(338)
Acquisition of businesses, net of cash acquired	(444)	(464)
Purchases of marketable securities, net	(4)	(3)
Investments in unconsolidated affiliates, net of payments received	(13)	(10)
Investments in debt and equity securities	(36)	0
Other	3	3
Net cash used in investing activities	(818)	(812)
Financing activities:
Proceeds from issuance of debt	1,250	1,250
Payment of debt issuance costs	(18)	(5)
Repayment of debt and principal payments on finance leases	(77)	(47)
Proceeds from revolving credit facility	1,559	1,150
Repayment of revolving credit facility	(1,784)	(1,250)
Payments related to employee stock option plans	(58)	(69)
Repurchase of common stock	(619)	(893)
Contingent consideration and deferred purchase price payments	(71)	(21)
Net cash provided by financing activities	182	115
Effect of foreign currency exchange rate changes on cash	(17)	(78)
Increase in cash and cash equivalents	166	62
Cash and cash equivalents at beginning of period	1,216	1,366
Cash and cash equivalents at end of period	$ 1,382	$ 1,428

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock, Common	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)		0.4
Issuance of common stock	(67)			(67)
Repurchase of common stock (in shares)			(1.7)
Repurchase of common stock	(403)		$ (403)
Stock-based compensation	35			35
Net income	325				325
Unrealized gains on derivative instruments, net of tax	30					30
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	(2)					(2)
Foreign currency translation, net of tax	(40)					(40)
Reclassification adjustments, net of tax	(1)					(1)
Ending balance (in shares) at Mar. 31, 2022		256.2	66.9
Ending balance at Mar. 31, 2022	5,919	$ 3	$ (6,975)	10,742	2,568	(419)
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
Net income	581
Unrealized gains on derivative instruments, net of tax	23
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	(6)
Foreign currency translation, net of tax	(321)
Ending balance (in shares) at Jun. 30, 2022		256.3	69.7
Ending balance at Jun. 30, 2022	5,352	$ 3	$ (7,565)	10,787	2,824	(697)
Beginning balance (in shares) at Mar. 31, 2022		256.2	66.9
Beginning balance at Mar. 31, 2022	5,919	$ 3	$ (6,975)	10,742	2,568	(419)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)		0.1
Issuance of common stock	(2)			(2)
Repurchase of common stock (in shares)			(2.8)
Repurchase of common stock	(590)		$ (590)
Stock-based compensation	47			47
Net income	256				256
Unrealized gains on derivative instruments, net of tax	(7)					(7)
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	(4)					(4)
Foreign currency translation, net of tax	(281)					(281)
Reclassification adjustments, net of tax	14					14
Ending balance (in shares) at Jun. 30, 2022		256.3	69.7
Ending balance at Jun. 30, 2022	$ 5,352	$ 3	$ (7,565)	10,787	2,824	(697)
Beginning balance (in shares) at Dec. 31, 2022	185.7	256.4	70.7
Beginning 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)		0.5
Issuance of common stock	(58)			(58)
Repurchase of common stock (in shares)			(0.7)
Repurchase of common stock	(129)		$ (129)
Stock-based compensation	69			69
Net income	289				289
Unrealized gains on derivative instruments, net of tax	10					10
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	1					1
Foreign currency translation, net of tax	10					10
Reclassification adjustments, net of tax	(25)					(25)
Ending balance (in shares) at Mar. 31, 2023		256.9	71.4
Ending balance at Mar. 31, 2023	$ 5,932	$ 3	$ (7,869)	10,906	3,623	(731)
Beginning balance (in shares) at Dec. 31, 2022	185.7	256.4	70.7
Beginning balance at Dec. 31, 2022	$ 5,765	$ 3	$ (7,740)	10,895	3,334	(727)
Increase (Decrease) in Stockholders' Equity
Net income	586
Unrealized gains on derivative instruments, net of tax	32
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	1
Foreign currency translation, net of tax	$ (34)
Ending balance (in shares) at Jun. 30, 2023	183.1	257.0	73.9
Ending balance at Jun. 30, 2023	$ 5,748	$ 3	$ (8,364)	10,949	3,920	(760)
Beginning balance (in shares) at Mar. 31, 2023		256.9	71.4
Beginning balance at Mar. 31, 2023	5,932	$ 3	$ (7,869)	10,906	3,623	(731)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)		0.1
Issuance of common stock	0			0
Repurchase of common stock (in shares)			(2.5)
Repurchase of common stock	(495)		$ (495)
Stock-based compensation	43			43
Net income	297				297
Unrealized gains on derivative instruments, net of tax	22					22
Defined benefit plan adjustments, net of income tax expense of $—, $—, $—, $—	0
Foreign currency translation, net of tax	(44)					(44)
Reclassification adjustments, net of tax	$ (7)					(7)
Ending balance (in shares) at Jun. 30, 2023	183.1	257.0	73.9
Ending balance at Jun. 30, 2023	$ 5,748	$ 3	$ (8,364)	$ 10,949	$ 3,920	$ (760)

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

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 advanced analytics, technology solutions and clinical research services to the life sciences industry. With approximately 87,000 employees, the Company conducts business in more than 100 countries.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.

Recently Issued Accounting Standards

Accounting pronouncements adopted

In September 2022, the Financial Accounting Standards Board ("FASB") issued new accounting guidance, Accounting Standards Update ("ASU") 2022-04, Liabilities - Supplier Finance Programs, to enhance the transparency of supplier finance programs. The amendments in this ASU address investor and other financial statement user requests for additional information about the use of supplier finance programs by the buyer party to understand the effect of those programs on an entity's working capital, liquidity, and cash flows. The Company adopted this new accounting guidance effective January 1, 2023. The adoption of this new accounting guidance did not have a material effect on the Company's disclosures within the condensed consolidated financial statements.

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Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations

6 Months Ended

Jun. 30, 2023

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 following tables represent revenues by geographic region and reportable segment for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30, 2023
(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas		$	772	$	979	$	70	$	1,821
Europe and Africa		531		536		49		1,116
Asia-Pacific		153		581		57		791
Total revenues		$	1,456	$	2,096	$	176	$	3,728

	Three Months Ended June 30, 2022
(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas		$	716	$	866	$	88	$	1,670
Europe and Africa		540		532		43		1,115
Asia-Pacific		152		552		52		756
Total revenues		$	1,408	$	1,950	$	183	$	3,541

	Six Months Ended June 30, 2023
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	1,507	$	1,965	$	150	$	3,622
Europe and Africa	1,087		1,027		96		2,210
Asia-Pacific	306		1,130		112		1,548
Total revenues	$	2,900	$	4,122	$	358	$	7,380

	Six Months Ended June 30, 2022
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	1,397	$	1,812	$	179	$	3,388
Europe and Africa	1,136		1,039		89		2,264
Asia-Pacific	314		1,033		110		1,457
Total revenues	$	2,847	$	3,884	$	378	$	7,109

No individual customer represented 10% or more of consolidated revenues for the three and six months ended June 30, 2023 or 2022.

Transaction Price Allocated to the Remaining Performance Obligations As of June 30, 2023, approximately $31.0 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

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Trade Accounts Receivable, Unbilled Services and Unearned Income

6 Months Ended

Jun. 30, 2023

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:

(in millions)	June 30, 2023		December 31, 2022
Trade accounts receivable	$	1,339	$	1,329
Unbilled services	1,828		1,624
Trade accounts receivable and unbilled services	3,167		2,953
Allowance for doubtful accounts	(28)		(36)
Trade accounts receivable and unbilled services, net	$	3,139	$	2,917

Unbilled services and unearned income were as follows:

(in millions)	June 30, 2023		December 31, 2022		Change
Unbilled services	$	1,828	$	1,624	$	204
Unearned income	(1,844)		(1,797)		(47)
Net balance	$	(16)	$	(173)	$	157

Unbilled services, which is comprised of approximately 66% and 61% of unbilled receivables and 34% and 39% of contract assets as of June 30, 2023 and December 31, 2022, respectively, increased by $204 million as compared to December 31, 2022. 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 increased by $47 million over the same period resulting in an increase of $157 million in the net balance of unbilled services and unearned income between June 30, 2023 and December 31, 2022. The change in the net balance is driven by the difference in timing of revenue recognition in accordance with Accounting Standards Codification ("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 based on certain milestones.

The majority of the unearned income balance as of the beginning of the year is expected to be recognized in revenues during the year ended December 31, 2023.

Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three and six months ended June 30, 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. During the six months ended June 30, 2023, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $394 million of customer invoices on a non-recourse basis and received approximately $385 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.

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Goodwill

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

The following is a summary of goodwill by reportable segment for the six months ended June 30, 2023:

(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Consolidated
Balance as of December 31, 2022	$	11,520	$	2,247	$	154	$	13,921
Business combinations	55		180		—		235
Impact of foreign currency fluctuations and other	16		9		(3)		22
Balance as of June 30, 2023	$	11,591	$	2,436	$	151	$	14,178

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Derivatives

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:

(in millions)	Balance Sheet Classification	June 30, 2023						December 31, 2022
		Assets		Liabilities		Notional		Assets		Liabilities		Notional
Derivatives designated as hedging instruments:
Interest rate swaps	Other current assets, other assets and other current liabilities	$	37	$	—	$	1,800	$	42	$	—	$	1,800
Foreign exchange forward contracts	Other current assets and other current liabilities	5		—		134		2		2		122
Total derivatives		$	42	$	—			$	44	$	2

The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Interest rate swaps	$	18	$	15	$	(5)	$	55
Foreign exchange forward contracts	2		(5)		5		(7)
Total	$	20	$	10	$	—	$	48

The Company expects $41 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in accumulated other comprehensive (loss) income (“AOCI”) as of June 30, 2023 to be reclassified into earnings within the next twelve months. As of June 30, 2023, the Company's foreign currency denominated debt balance (net of original issue discount) designated as a hedge of its net investment in certain foreign subsidiaries totaled €5,203 million ($5,665 million). The amount of foreign exchange (losses) gains related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the six months ended June 30, 2023 and 2022 was $(92) million and $466 million, respectively.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 due to their short-term nature. As of June 30, 2023 and December 31, 2022, the fair value of total debt was $13,360 million and $12,281 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 June 30, 2023:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	135	$	—	$	—	$	135
Derivatives	—		42		—		42
Total	$	135	$	42	$	—	$	177
Liabilities:
Derivatives	$	—	$	—	$	—	$	—
Contingent consideration	—		—		146		146
Total	$	—	$	—	$	146	$	146

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, 2022:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	122	$	—	$	—	$	122
Derivatives	—		44		—		44
Total	$	122	$	44	$	—	$	166
Liabilities:
Derivatives	$	—	$	2	$	—	$	2
Contingent consideration	—		—		173		173
Total	$	—	$	2	$	173	$	175

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 and interest rate 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.

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 (revenue 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 June 30, 2023, the Company has accrued approximately 50% 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 six months ended June 30, 2023:

(in millions)	Contingent Consideration
Balance as of December 31, 2022	$	173
Business combinations	57
Contingent consideration paid	(68)
Revaluations included in earnings and foreign currency translation adjustments	(16)
Balance as of June 30, 2023	$	146

The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying condensed consolidated balance sheets. Revaluations of contingent consideration are recognized in other (income) expense, net on the accompanying condensed 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

As of June 30, 2023, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $19,303 million and were identified as Level 3. These assets are comprised of debt investments and cost and equity method investments of $183 million, goodwill of $14,178 million and other identifiable intangibles, net of $4,942 million.

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Credit Arrangements

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Credit Arrangements

Credit ArrangementsThe following is a summary of the Company’s revolving credit facilities as of June 30, 2023:

Facility	Interest 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 June 30, 2023
$110 million (receivables financing facility)	U.S. Dollar LIBOR Market Index Rate (5.22% as of June 30, 2023) plus 0.90%

The following table summarizes the Company’s debt at the dates indicated:

(dollars in millions)	June 30, 2023		December 31, 2022
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 6.45%	$	200	$	425
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at average floating rates of 6.45%	1,306		1,343
Term A Loan due 2026—Euribor at average floating rates of 4.85%	311		314
Term A Loan due 2027—U.S. Dollar Term SOFR at average floating rates of 6.45%	1,187		1,219
Term B Loan due 2024—Euribor at average floating rates of 5.60%	1,192		1,172
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 7.29%	670		670
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 7.29%	861		860
Term B Loan due 2025—Euribor at average floating rates of 5.60%	568		559
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
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated	750		—
6.500% Senior Notes due 2030—U.S. Dollar denominated	500		—
2.875% Senior Notes due 2025—Euro denominated	457		450
2.25% Senior Notes due 2028—Euro denominated	784		771
2.875% Senior Notes due 2028—Euro denominated	774		761
1.750% Senior Notes due 2026—Euro denominated	599		589
2.250% Senior Notes due 2029—Euro denominated	980		964
Receivables financing facility due 2024—U.S. Dollar LIBOR at average floating rates of 6.09%
Revolving Loan Commitment	110		110
Term Loan	440		440
Principal amount of debt	13,839		12,797
Less: unamortized discount and debt issuance costs	(62)		(50)
Less: current portion	(1,344)		(152)
Long-term debt	$	12,433	$	12,595

Contractual maturities of long-term debt as of June 30, 2023 are as follows:

(in millions)
Remainder of 2023	$	76
2024	1,894
2025	2,709
2026	3,304
2027	2,069
Thereafter	3,787
	$	13,839

Senior Secured Credit Facilities

As of June 30, 2023, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $8,095 million, which consisted of $6,295 million principal amounts of debt outstanding (as detailed in the table above), and $1,795 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.

On April 17, 2023, the Company increased the capacity of its 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 SOFR plus a 10 basis point Credit Spread Adjustment.

Senior Notes

On May 23, 2023, IQVIA Inc. (the “Issuer”), a wholly owned subsidiary of the Company, completed the issuance and sale of $750 million in gross proceeds of the Issuer’s 5.700% senior secured notes due 2028 (the “Senior Secured Notes”) and $500 million in gross proceeds of 6.500% senior notes due 2030 (the “Senior Notes” and, together with the Senior Secured Notes, the “Notes”). The Senior Secured Notes were issued pursuant to an Indenture, dated May 23, 2023 (the “Secured Notes Indenture”), among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the Senior Secured Notes and as collateral agent, and the Company and certain subsidiaries of the Issuer as guarantors. The 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 Senior Notes, and certain subsidiaries of the Issuer as guarantors (the “Senior Notes Indenture” and, together with the Secured Notes Indenture, the “Indentures”). The net proceeds from the notes offering were used to repay existing borrowings under the Issuer’s revolving credit facility and to pay fees and expenses related to the Notes offering.

The Notes have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction. Pursuant to a registration rights agreement entered into in connection with the Notes offering, the Issuer and the guarantors agreed, among other things, to use commercially reasonable efforts to, within certain time periods, file a registration statement with respect to a registered offer to exchange the Senior Secured Notes for new exchange notes, have the exchange offer registration statement declared effective, and complete the exchange offer promptly thereafter, unless the Senior Secured Notes are redeemed earlier.

The Senior Secured Notes are secured obligations of the Issuer, 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 Senior Notes are unsecured obligations of the Issuer, 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 Issuer may redeem (i) the 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 and (ii) the 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%.

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 other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of June 30, 2023, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements

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Contingencies

6 Months Ended

Jun. 30, 2023

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 February 13, 2014, a group of approximately 1,200 medical doctors and 900 private individuals filed a civil lawsuit with the Seoul Central District Court against IMS Korea and two other defendants, the Korean Pharmaceutical Association (“KPA”) and the Korean Pharmaceutical Information Center (“KPIC”). The civil lawsuit alleges KPA and KPIC collected their personal information in violation of applicable privacy laws without the necessary consent through a software system installed on pharmacy computer systems in Korea, and that personal information was transferred to IMS Korea and sold to pharmaceutical companies. On September 11, 2017, the District Court issued a final decision that the encryption in use by the defendants since June 2014 was adequate to meet the requirements of the Korean Personal Information Privacy Act (“PIPA”) and the sharing of non-identified information for market research purposes was allowed under PIPA. The District Court also found an earlier version of encryption was insufficient to meet PIPA requirements, but no personal data had been leaked or re-identified. The District Court did not award any damages to plaintiffs. Approximately 280 medical doctors and 200 private individuals appealed the District Court decision. On May 3, 2019, the Appellate Court issued a final decision in which it concluded all of the non-identified information transferred by KPIC to IMS Korea for market research purposes violated PIPA, but did not award any damages to plaintiffs (affirming the District Court’s decision on this latter point). On May 24, 2019, approximately 247 plaintiffs appealed the Appellate Court’s decision to the Supreme Court. The Company believes the appeal is without merit and is vigorously defending its position.

On July 23, 2015, indictments were issued by the Seoul Central District Prosecutors’ Office in South Korea against 24 individuals and companies alleging improper handling of sensitive health information in violation of, among others, South Korea’s Personal Information Protection Act. IMS Korea and two of its employees were among the individuals and organizations indicted. Although there is no assertion that IMS Korea used patient identified health information in any of its offerings, prosecutors allege that certain of IMS Korea’s data suppliers should have obtained patient consent when they converted sensitive patient information into non-identified data and that IMS Korea had not taken adequate precautions to reduce the risk of re-identification. On February 14, 2020, the Seoul Central District Court acquitted IMS Korea and its two employees of the charges of improper handling of sensitive health information, and the Prosecutor's Office appealed. On December 23, 2021, the appellate court affirmed the judgment of the Seoul Central District Court. The Prosecutor's Office has appealed to the Supreme Court. The Company intends to vigorously defend its position on appeal.

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. We believe the counterclaims are without merit, reject all counterclaims raised by Veeva and intend to vigorously defend IQVIA Parties’ position and pursue our 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. The parties are engaged in the discovery process in connection with these lawsuits.

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 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 is currently appealing the Order.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2023

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 or outstanding as of June 30, 2023 or December 31, 2022.

Equity Repurchase Program

As of June 30, 2023, the total stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") was $9,725 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. During the six months ended June 30, 2023, the Company repurchased 3.2 million shares of its common stock for $619 million under the Repurchase Program. As of June 30, 2023, the Company had remaining authorization to repurchase up to $736 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.

On July 31, 2023, the Company's Board of Directors 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 $11,725 million. After this $2,000 million increase in stock repurchase authorization, the Company has remaining authorization to repurchase up to $2,736 million

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Business Combinations

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Business CombinationsThe Company completed several individually immaterial acquisitions during the six months ended June 30, 2023. The Company’s assessment of fair value, including the valuation of certain identified intangibles, and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion. Further adjustments 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 customer relationships. The condensed 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:

(in millions)	June 30, 2023
Assets acquired:
Cash and cash equivalents	$	10
Other assets	33
Goodwill	235
Other identifiable intangibles	258
Liabilities assumed:
Other liabilities	(16)
Deferred income taxes, long-term	(4)
Net assets acquired (1)	$	516

(1) Net assets acquired includes contingent consideration and deferred purchase price of $62 million.

The portion of goodwill deductible for income tax purposes was preliminarily assessed as $180 million.

The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:

(in millions)	Amortization Period				June 30, 2023
Other identifiable intangibles:
Customer relationships	10	-	15	years	$	205
Backlog			2	years	51
Software and related assets			5	years	1
Databases			5	years	1
Total Other identifiable intangibles					$	258

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Restructuring

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

The Company has continued to take restructuring actions in 2023 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 throughout 2023 and into 2024.

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 reversals	37
Payments	(29)
Balance as of June 30, 2023	$	34

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 that the majority of the restructuring accruals as of June 30, 2023 will be paid in 2023 and 2024.

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Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective income tax rate was 21.6% and 21.6% in the second quarter of 2023 and 2022, and 20.6% and 19.5% in the first six months of 2023 and 2022, respectively. The effective income tax rate in the second quarter and in the first six months of 2023 and 2022 was favorably impacted as a result of excess tax benefits recognized upon settlement of share-based compensation awards. For the second quarter of 2023 and 2022 this impact was $2 million and $1 million, respectively, and for the first six months of 2023 and 2022 this impact was $10 million and $14 million, respectively.

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Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2023

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 Translation		Derivative Instruments		Defined Benefit Plans		Income Taxes		Total
Balance as of December 31, 2022	$	(825)	$	44	$	(8)	$	62	$	(727)
Other comprehensive (loss) income before reclassifications	(66)		43		1		21		(1)
Reclassification adjustments	—		(43)		—		11		(32)
Balance as of June 30, 2023	$	(891)	$	44	$	(7)	$	94	$	(760)

Below is a summary of the adjustments for amounts reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item:

(in millions)	Affected Financial Statement Line Item	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Derivative instruments:
Interest rate swaps	Interest expense	$	2	$	(7)	$	18	$	(7)
Foreign exchange forward contracts	Revenues	8		(11)		25		(10)
Total before income taxes		10		(18)		43		(17)
Income taxes		3		(4)		11		(4)
Total net of income taxes		$	7	$	(14)	$	32	$	(13)

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Segments

6 Months Ended

Jun. 30, 2023

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 clients and the broader healthcare market.

Certain costs are not allocated to our 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. The Company also does not allocate 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 operating decision maker to assess the Company’s performance. The Company’s reportable segment information is presented below:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Revenues
Technology & Analytics Solutions	$	1,456	$	1,408	$	2,900	$	2,847
Research & Development Solutions	2,096		1,950		4,122		3,884
Contract Sales & Medical Solutions	176		183		358		378
Total revenues	3,728		3,541		7,380		7,109
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions	876		828		1,734		1,662
Research & Development Solutions	1,417		1,348		2,803		2,670
Contract Sales & Medical Solutions	150		155		304		322
Total cost of revenues, exclusive of depreciation and amortization	2,443		2,331		4,841		4,654
Selling, general and administrative expenses
Technology & Analytics Solutions	210		196		435		415
Research & Development Solutions	211		204		423		415
Contract Sales & Medical Solutions	14		15		29		31
General corporate and unallocated	47		68		108		110
Total selling, general and administrative expenses	482		483		995		971
Segment profit
Technology & Analytics Solutions	370		384		731		770
Research & Development Solutions	468		398		896		799
Contract Sales & Medical Solutions	12		13		25		25
Total segment profit	850		795		1,652		1,594
General corporate and unallocated	(47)		(68)		(108)		(110)
Depreciation and amortization	(259)		(270)		(512)		(525)
Restructuring costs	(20)		(4)		(37)		(11)
Total income from operations	$	524	$	453	$	995	$	948

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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table reconciles the basic to diluted weighted average shares outstanding:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	297	$	256	$	586	$	581
Denominator:
Basic weighted average common shares outstanding	184.4		188.3		185.1		189.2
Effect of dilutive stock options and share awards	2.3		2.8		2.5		3.0
Diluted weighted average common shares outstanding	186.7		191.1		187.6		192.2
Earnings per share attributable to common stockholders:
Basic	$	1.61	$	1.36	$	3.17	$	3.07
Diluted	$	1.59	$	1.34	$	3.12	$	3.02

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 three and six months ended June 30, 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 1.2 million and 0.7 million, and 1.1 million and 0.5 million, respectively.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 297	$ 256	$ 586	$ 581

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
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

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Unaudited Interim Financial Information

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Accounting pronouncements adopted

In September 2022, the Financial Accounting Standards Board ("FASB") issued new accounting guidance, Accounting Standards Update ("ASU") 2022-04, Liabilities - Supplier Finance Programs, to enhance the transparency of supplier finance programs. The amendments in this ASU address investor and other financial statement user requests for additional information about the use of supplier finance programs by the buyer party to understand the effect of those programs on an entity's working capital, liquidity, and cash flows. The Company adopted this new accounting guidance effective January 1, 2023. The adoption of this new accounting guidance did not have a material effect on the Company's disclosures within the condensed consolidated financial statements.

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Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenues by Geographic Region and Reportable Segment

The following tables represent revenues by geographic region and reportable segment for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30, 2023
(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas		$	772	$	979	$	70	$	1,821
Europe and Africa		531		536		49		1,116
Asia-Pacific		153		581		57		791
Total revenues		$	1,456	$	2,096	$	176	$	3,728

	Three Months Ended June 30, 2022
(in millions)		Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas		$	716	$	866	$	88	$	1,670
Europe and Africa		540		532		43		1,115
Asia-Pacific		152		552		52		756
Total revenues		$	1,408	$	1,950	$	183	$	3,541

	Six Months Ended June 30, 2023
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	1,507	$	1,965	$	150	$	3,622
Europe and Africa	1,087		1,027		96		2,210
Asia-Pacific	306		1,130		112		1,548
Total revenues	$	2,900	$	4,122	$	358	$	7,380

	Six Months Ended June 30, 2022
(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Total
Revenues:
Americas	$	1,397	$	1,812	$	179	$	3,388
Europe and Africa	1,136		1,039		89		2,264
Asia-Pacific	314		1,033		110		1,457
Total revenues	$	2,847	$	3,884	$	378	$	7,109

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Trade Accounts Receivable, Unbilled Services and Unearned Income (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Trade Accounts Receivable and Unbilled Services

Trade accounts receivables and unbilled services consist of the following:

(in millions)	June 30, 2023		December 31, 2022
Trade accounts receivable	$	1,339	$	1,329
Unbilled services	1,828		1,624
Trade accounts receivable and unbilled services	3,167		2,953
Allowance for doubtful accounts	(28)		(36)
Trade accounts receivable and unbilled services, net	$	3,139	$	2,917

Schedule of Net Contract Assets (Liabilities)

Unbilled services and unearned income were as follows:

(in millions)	June 30, 2023		December 31, 2022		Change
Unbilled services	$	1,828	$	1,624	$	204
Unearned income	(1,844)		(1,797)		(47)
Net balance	$	(16)	$	(173)	$	157

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Goodwill (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

The following is a summary of goodwill by reportable segment for the six months ended June 30, 2023:

(in millions)	Technology & Analytics Solutions		Research & Development Solutions		Contract Sales & Medical Solutions		Consolidated
Balance as of December 31, 2022	$	11,520	$	2,247	$	154	$	13,921
Business combinations	55		180		—		235
Impact of foreign currency fluctuations and other	16		9		(3)		22
Balance as of June 30, 2023	$	11,591	$	2,436	$	151	$	14,178

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Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

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 and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:

(in millions)	Balance Sheet Classification	June 30, 2023						December 31, 2022
		Assets		Liabilities		Notional		Assets		Liabilities		Notional
Derivatives designated as hedging instruments:
Interest rate swaps	Other current assets, other assets and other current liabilities	$	37	$	—	$	1,800	$	42	$	—	$	1,800
Foreign exchange forward contracts	Other current assets and other current liabilities	5		—		134		2		2		122
Total derivatives		$	42	$	—			$	44	$	2

Schedule of Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income

The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Interest rate swaps	$	18	$	15	$	(5)	$	55
Foreign exchange forward contracts	2		(5)		5		(7)
Total	$	20	$	10	$	—	$	48

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of 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 June 30, 2023:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	135	$	—	$	—	$	135
Derivatives	—		42		—		42
Total	$	135	$	42	$	—	$	177
Liabilities:
Derivatives	$	—	$	—	$	—	$	—
Contingent consideration	—		—		146		146
Total	$	—	$	—	$	146	$	146

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, 2022:

(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	122	$	—	$	—	$	122
Derivatives	—		44		—		44
Total	$	122	$	44	$	—	$	166
Liabilities:
Derivatives	$	—	$	2	$	—	$	2
Contingent consideration	—		—		173		173
Total	$	—	$	2	$	173	$	175

Schedule of 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 six months ended June 30, 2023:

(in millions)	Contingent Consideration
Balance as of December 31, 2022	$	173
Business combinations	57
Contingent consideration paid	(68)
Revaluations included in earnings and foreign currency translation adjustments	(16)
Balance as of June 30, 2023	$	146

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Credit Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Credit Facilities

The following is a summary of the Company’s revolving credit facilities as of June 30, 2023:

Facility	Interest 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 June 30, 2023
$110 million (receivables financing facility)	U.S. Dollar LIBOR Market Index Rate (5.22% as of June 30, 2023) plus 0.90%

Summary of Debt

The following table summarizes the Company’s debt at the dates indicated:

(dollars in millions)	June 30, 2023		December 31, 2022
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 6.45%	$	200	$	425
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at average floating rates of 6.45%	1,306		1,343
Term A Loan due 2026—Euribor at average floating rates of 4.85%	311		314
Term A Loan due 2027—U.S. Dollar Term SOFR at average floating rates of 6.45%	1,187		1,219
Term B Loan due 2024—Euribor at average floating rates of 5.60%	1,192		1,172
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 7.29%	670		670
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 7.29%	861		860
Term B Loan due 2025—Euribor at average floating rates of 5.60%	568		559
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
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated	750		—
6.500% Senior Notes due 2030—U.S. Dollar denominated	500		—
2.875% Senior Notes due 2025—Euro denominated	457		450
2.25% Senior Notes due 2028—Euro denominated	784		771
2.875% Senior Notes due 2028—Euro denominated	774		761
1.750% Senior Notes due 2026—Euro denominated	599		589
2.250% Senior Notes due 2029—Euro denominated	980		964
Receivables financing facility due 2024—U.S. Dollar LIBOR at average floating rates of 6.09%
Revolving Loan Commitment	110		110
Term Loan	440		440
Principal amount of debt	13,839		12,797
Less: unamortized discount and debt issuance costs	(62)		(50)
Less: current portion	(1,344)		(152)
Long-term debt	$	12,433	$	12,595

Schedule of Contractual Maturities of Long-term Debt

Contractual maturities of long-term debt as of June 30, 2023 are as follows:

(in millions)
Remainder of 2023	$	76
2024	1,894
2025	2,709
2026	3,304
2027	2,069
Thereafter	3,787
	$	13,839

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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table provides certain preliminary financial information for these acquisitions:

(in millions)	June 30, 2023
Assets acquired:
Cash and cash equivalents	$	10
Other assets	33
Goodwill	235
Other identifiable intangibles	258
Liabilities assumed:
Other liabilities	(16)
Deferred income taxes, long-term	(4)
Net assets acquired (1)	$	516

(1) Net assets acquired includes contingent consideration and deferred purchase price of $62 million.

Finite-Lived and 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:

(in millions)	Amortization Period				June 30, 2023
Other identifiable intangibles:
Customer relationships	10	-	15	years	$	205
Backlog			2	years	51
Software and related assets			5	years	1
Databases			5	years	1
Total Other identifiable intangibles					$	258

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Restructuring (Tables)

6 Months Ended

Jun. 30, 2023

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 reversals	37
Payments	(29)
Balance as of June 30, 2023	$	34

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Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Components of AOCI

Below is a summary of the components of AOCI:

(in millions)	Foreign Currency Translation		Derivative Instruments		Defined Benefit Plans		Income Taxes		Total
Balance as of December 31, 2022	$	(825)	$	44	$	(8)	$	62	$	(727)
Other comprehensive (loss) income before reclassifications	(66)		43		1		21		(1)
Reclassification adjustments	—		(43)		—		11		(32)
Balance as of June 30, 2023	$	(891)	$	44	$	(7)	$	94	$	(760)

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 condensed consolidated statements of income and the affected financial statement line item:

(in millions)	Affected Financial Statement Line Item	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Derivative instruments:
Interest rate swaps	Interest expense	$	2	$	(7)	$	18	$	(7)
Foreign exchange forward contracts	Revenues	8		(11)		25		(10)
Total before income taxes		10		(18)		43		(17)
Income taxes		3		(4)		11		(4)
Total net of income taxes		$	7	$	(14)	$	32	$	(13)

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Segments (Tables)

6 Months Ended

Jun. 30, 2023

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 operating decision maker to assess the Company’s performance. The Company’s reportable segment information is presented below:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Revenues
Technology & Analytics Solutions	$	1,456	$	1,408	$	2,900	$	2,847
Research & Development Solutions	2,096		1,950		4,122		3,884
Contract Sales & Medical Solutions	176		183		358		378
Total revenues	3,728		3,541		7,380		7,109
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions	876		828		1,734		1,662
Research & Development Solutions	1,417		1,348		2,803		2,670
Contract Sales & Medical Solutions	150		155		304		322
Total cost of revenues, exclusive of depreciation and amortization	2,443		2,331		4,841		4,654
Selling, general and administrative expenses
Technology & Analytics Solutions	210		196		435		415
Research & Development Solutions	211		204		423		415
Contract Sales & Medical Solutions	14		15		29		31
General corporate and unallocated	47		68		108		110
Total selling, general and administrative expenses	482		483		995		971
Segment profit
Technology & Analytics Solutions	370		384		731		770
Research & Development Solutions	468		398		896		799
Contract Sales & Medical Solutions	12		13		25		25
Total segment profit	850		795		1,652		1,594
General corporate and unallocated	(47)		(68)		(108)		(110)
Depreciation and amortization	(259)		(270)		(512)		(525)
Restructuring costs	(20)		(4)		(37)		(11)
Total income from operations	$	524	$	453	$	995	$	948

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the basic to diluted weighted average shares outstanding:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Numerator:
Net income	$	297	$	256	$	586	$	581
Denominator:
Basic weighted average common shares outstanding	184.4		188.3		185.1		189.2
Effect of dilutive stock options and share awards	2.3		2.8		2.5		3.0
Diluted weighted average common shares outstanding	186.7		191.1		187.6		192.2
Earnings per share attributable to common stockholders:
Basic	$	1.61	$	1.36	$	3.17	$	3.07
Diluted	$	1.59	$	1.34	$	3.12	$	3.02

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Summary of Significant Accounting Policies - Additional Information (Detail) Employee in Thousands	Jun. 30, 2023 Employee Country
Summary Of Significant Accounting Policies [Line Items]
Number of employees | Employee	87
Minimum
Summary Of Significant Accounting Policies [Line Items]
Number of countries (more than) | Country	100

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Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Summary of Revenues by Geographic Region and Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Total revenues	$ 3,728	$ 3,541	$ 7,380	$ 7,109
Americas
Disaggregation of Revenue
Total revenues	1,821	1,670	3,622	3,388
Europe and Africa
Disaggregation of Revenue
Total revenues	1,116	1,115	2,210	2,264
Asia-Pacific
Disaggregation of Revenue
Total revenues	791	756	1,548	1,457
Technology & Analytics Solutions
Disaggregation of Revenue
Total revenues	1,456	1,408	2,900	2,847
Technology & Analytics Solutions | Americas
Disaggregation of Revenue
Total revenues	772	716	1,507	1,397
Technology & Analytics Solutions | Europe and Africa
Disaggregation of Revenue
Total revenues	531	540	1,087	1,136
Technology & Analytics Solutions | Asia-Pacific
Disaggregation of Revenue
Total revenues	153	152	306	314
Research & Development Solutions
Disaggregation of Revenue
Total revenues	2,096	1,950	4,122	3,884
Research & Development Solutions | Americas
Disaggregation of Revenue
Total revenues	979	866	1,965	1,812
Research & Development Solutions | Europe and Africa
Disaggregation of Revenue
Total revenues	536	532	1,027	1,039
Research & Development Solutions | Asia-Pacific
Disaggregation of Revenue
Total revenues	581	552	1,130	1,033
Contract Sales & Medical Solutions
Disaggregation of Revenue
Total revenues	176	183	358	378
Contract Sales & Medical Solutions | Americas
Disaggregation of Revenue
Total revenues	70	88	150	179
Contract Sales & Medical Solutions | Europe and Africa
Disaggregation of Revenue
Total revenues	49	43	96	89
Contract Sales & Medical Solutions | Asia-Pacific
Disaggregation of Revenue
Total revenues	$ 57	$ 52	$ 112	$ 110

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Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Additional Information (Detail) - Customer	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Number of customer accounting for ten percent or more of revenue	0	0	0	0

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Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Future Obligation Terms (Detail) $ in Billions	Jun. 30, 2023 USD ($)
Disaggregation of Revenue
Revenue expected to be recognized in future from remaining performance obligations	$ 31.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Disaggregation of Revenue
Percentage of remaining performance obligations on which revenue is expected to be recognized (in percent)	30.00%
Unearned income recognition period	12 months

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Trade Accounts Receivable, Unbilled Services and Unearned Income - Trade Accounts Receivable and Unbilled Services (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Receivables, Net, Current [Abstract]
Trade accounts receivable	$ 1,339	$ 1,329
Unbilled services	1,828	1,624
Trade accounts receivable and unbilled services	3,167	2,953
Allowance for doubtful accounts	(28)	(36)
Trade accounts receivable and unbilled services, net	$ 3,139	$ 2,917

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Trade Accounts Receivable, Unbilled Services and Unearned Income - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Unbilled Contracts Receivables
Unbilled services, beginning balance	$ 1,624
Change	204
Unbilled services, ending balance	1,828
Unearned Income
Unearned income, beginning balance	(1,797)
Change	(47)
Unearned income, ending balance	(1,844)
Net change in balance	157
Net balance, beginning balance	$ (16)	$ (173)

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Trade Accounts Receivable, Unbilled Services and Unearned Income - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Unbilled receivables (percentage)	66.00%	66.00%	61.00%
Contract assets (percentage)	34.00%	34.00%	39.00%
Increase in unbilled services		$ 204
Decrease in unearned income		47
Net change in balance		157
Trade accounts receivable	$ 394	$ 394
Cash proceeds from trade accounts	$ 385

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Goodwill - Summary of Goodwill by Reportable Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill
Beginning balance	$ 13,921
Business combinations	235
Impact of foreign currency fluctuations and other	22
Ending balance	14,178
Technology & Analytics Solutions
Goodwill
Beginning balance	11,520
Business combinations	55
Impact of foreign currency fluctuations and other	16
Ending balance	11,591
Research & Development Solutions
Goodwill
Beginning balance	2,247
Business combinations	180
Impact of foreign currency fluctuations and other	9
Ending balance	2,436
Contract Sales & Medical Solutions
Goodwill
Beginning balance	154
Business combinations	0
Impact of foreign currency fluctuations and other	(3)
Ending balance	$ 151

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Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value
Assets	$ 42,000,000	$ 44,000,000
Liabilities	0	2,000,000
Derivatives designated as hedging instruments: | Other current assets and other current liabilities | Foreign exchange forward contracts
Derivatives, Fair Value
Assets	5,000,000	2,000,000
Liabilities	0	2,000,000
Notional	134,000,000	122,000,000
Derivatives designated as hedging instruments: | Other current assets, other assets and other current liabilities | Interest rate swaps
Derivatives, Fair Value
Assets	37,000,000	42,000,000
Liabilities	0	0
Notional	$ 1,800,000,000	$ 1,800,000,000

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Derivatives - Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures
Effect of cash flow hedging instruments on other comprehensive (loss) income	$ 20	$ 10	$ 0	$ 48
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	41		41
Foreign exchange forward contracts
Derivative Instruments and Hedging Activities Disclosures
Effect of cash flow hedging instruments on other comprehensive (loss) income	2	(5)	5	(7)
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures
Effect of cash flow hedging instruments on other comprehensive (loss) income	$ 18	$ 15	$ (5)	$ 55

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Derivatives - Additional Information (Detail) € in Millions, $ in Millions	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosures
Foreign exchange loss related to net investment hedge		$ (92)	$ 466
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures
Long-term debt	€ 5,203	$ 5,665

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Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Percentage accrued of maximum consideration payments to become payable	50.00%
Other identifiable intangibles, net	$ 4,942	$ 4,820
Level 1 and Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of total debt	13,360	$ 12,281
Level 3 | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Disclosure	19,303
Cost and equity method investments	183
Goodwill	14,178
Other identifiable intangibles, net	$ 4,942

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Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Marketable securities	$ 110	$ 93
Derivatives	42	44
Recurring Fair Value Measurements
Assets:
Marketable securities	135	122
Derivatives	42	44
Total	177	166
Liabilities:
Derivatives	0	2
Contingent consideration	146	173
Total	146	175
Recurring Fair Value Measurements | Level 1
Assets:
Marketable securities	135	122
Derivatives	0	0
Total	135	122
Liabilities:
Derivatives	0	0
Contingent consideration	0	0
Total	0	0
Recurring Fair Value Measurements | Level 2
Assets:
Marketable securities	0	0
Derivatives	42	44
Total	42	44
Liabilities:
Derivatives	0	2
Contingent consideration	0	0
Total	0	2
Recurring Fair Value Measurements | Level 3
Assets:
Marketable securities	0	0
Derivatives	0	0
Total	0	0
Liabilities:
Derivatives	0	0
Contingent consideration	146	173
Total	$ 146	$ 173

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Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Contingent consideration $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 173
Business combinations	57
Contingent consideration paid	(68)
Revaluations included in earnings and foreign currency translation adjustments	(16)
Ending balance	$ 146

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Credit Arrangements - Summary of Credit Facilities (Detail)	6 Months Ended
	Jun. 30, 2023 USD ($)
Revolving Credit Facility | USD 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 June 30, 2023
Facility	$ 2,000,000,000
Interest rate spread on base rate	0.10%
Revolving Credit Facility | USD Revolving Credit Facility | LIBOR
Line of Credit Facility
Rate	1.25%
Facility | Receivables Financing Facility
Line of Credit Facility
Interest rate description	U.S. Dollar LIBOR Market Index Rate (5.22% as of June 30, 2023) plus 0.90%
Facility	$ 110,000,000
Rate	5.22%
Facility | Receivables Financing Facility | LIBOR
Line of Credit Facility
Interest rate spread on base rate	0.90%

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Credit Arrangements - Summary of Debt (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Apr. 17, 2023	Dec. 31, 2022
Senior Secured Credit Facilities:
Principal amount of debt	$ 13,839		$ 12,797
Less: unamortized discount and debt issuance costs	(62)		(50)
Less: current portion	(1,344)		(152)
Long-term debt	12,433		12,595
U.S Dollars | Senior Secured Term A Loan, 3.03% | SOFR
Senior Secured Credit Facilities:
Principal amount of debt	$ 1,187		1,219
Average floating rate	6.45%
U.S Dollars | Senior Secured Notes Due 2028, 5.700% | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 750		0
Rate	5.70%
U.S Dollars | Senior Notes Due 2030, 6.500% | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 500		0
Rate	6.50%
U.S Dollars | Term Loan | LIBOR
Senior Secured Credit Facilities:
Principal amount of debt	$ 440		440
U.S Dollars | Due in 2024 | Senior Secured Term B Loan, 1.85% | LIBOR
Senior Secured Credit Facilities:
Principal amount of debt		$ 500
U.S Dollars | Due in 2024 | Receivable Financing Facilities | LIBOR
Senior Secured Credit Facilities:
Average floating rate	6.09%
U.S Dollars | Due in 2025 | Senior Secured Term B Loan, 1.85% | LIBOR
Senior Secured Credit Facilities:
Principal amount of debt	$ 670		670
Average floating rate	7.29%
U.S Dollars | Due in 2025 | Senior Secured Term B Loan 1.97% | LIBOR
Senior Secured Credit Facilities:
Principal amount of debt	$ 861		860
Average floating rate	7.29%
U.S Dollars | Due in 2026 | Senior Secured Term A Loan, 1.47% | LIBOR
Senior Secured Credit Facilities:
Principal amount of debt	$ 1,306		1,343
Average floating rate	6.45%
U.S Dollars | Due in 2026 | 5.0% Senior Notes | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 1,050		1,050
Rate	5.00%
U.S Dollars | Due in 2027 | 5.0% Senior Notes | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 1,100		1,100
Rate	5.00%
EUR Dollars | Due in 2024 | Senior Secured Term B Loan, 2.00% | Euribor Rate
Senior Secured Credit Facilities:
Principal amount of debt	$ 1,192		1,172
Average floating rate	5.60%
EUR Dollars | Due in 2025 | Senior Secured Term B Loan, 2.00% | Euribor Rate
Senior Secured Credit Facilities:
Principal amount of debt	$ 568		559
Average floating rate	5.60%
EUR Dollars | Due in 2025 | 2.875% Senior Notes | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 457		450
Rate	2.875%
EUR Dollars | Due in 2026 | Senior Secured Term A Loan, 1.25% | Euribor Rate
Senior Secured Credit Facilities:
Principal amount of debt	$ 311		314
Average floating rate	4.85%
EUR Dollars | Due in 2026 | 1.75% Senior Notes | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 599		589
Rate	1.75%
EUR Dollars | Due in 2028 | 2.875% Senior Notes | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 774		761
Rate	2.875%
EUR Dollars | Due in 2028 | 2.25% Senior Notes | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 784		771
Rate	2.25%
EUR Dollars | Due in 2029 | 2.25% Senior Notes | Senior Notes
Senior Secured Credit Facilities:
Principal amount of debt	$ 980		964
Rate	2.25%
Revolving Credit Facility | U.S Dollars | LIBOR
Senior Secured Credit Facilities:
Principal amount of debt	$ 200		425
Average floating rate	6.45%
Revolving Credit Facility | U.S Dollars | Revolving Loan Commitment | LIBOR
Senior Secured Credit Facilities:
Principal amount of debt	$ 110		$ 110

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Credit Arrangements - Contractual Maturities of Long-term Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remainder of 2022	$ 76
2024	1,894
2025	2,709
2026	3,304
2027	2,069
Thereafter	3,787
Principal amount of debt	$ 13,839	$ 12,797

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Credit Arrangements - Senior Secured Credit Facilities (Detail) - USD ($) $ in Millions	May 23, 2023	Jun. 30, 2023	Apr. 17, 2023	Dec. 31, 2022
Line of Credit Facility
Principal amount of debt		$ 13,839		$ 12,797
LIBOR | Revolving Credit Facility | U.S Dollars
Line of Credit Facility
Principal amount of debt		200		425
Senior Secured Term A Loan, 3.03% | SOFR | U.S Dollars
Line of Credit Facility
Principal amount of debt		1,187		1,219
Senior Secured Credit Facilities, Fifth Amended and Restated Credit Agreement
Line of Credit Facility
Aggregate maximum principal amount		8,095
Principal amount		6,295
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit
Line of Credit Facility
Aggregate maximum principal amount		2,000	$ 2,000
Available borrowing capacity		1,795
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit | U.S Dollars
Line of Credit Facility
Principal amount		1,175
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit | U.S. dollars, Euros, Swiss Francs And Other Foreign Currencies
Line of Credit Facility
Principal amount		600
Senior Secured Credit Facilities, Revolving Credit Facility And Standby Letters Of Credit | US Dollars And Yen
Line of Credit Facility
Principal amount		225
Senior Secured Term B Loan, 1.85% | LIBOR | Due in 2024 | U.S Dollars
Line of Credit Facility
Principal amount of debt			$ 500
Senior Notes Due 2030, 6.500% | U.S Dollars | Senior Notes
Line of Credit Facility
Principal amount of debt		$ 500		0
Rate		6.50%
Senior Notes Due 2030, 6.500% | Minimum
Line of Credit Facility
Redemption price percentage	0.00%
Senior Notes Due 2030, 6.500% | Maximum
Line of Credit Facility
Redemption price percentage	3.25%
Senior Notes Due 2030, 6.500% | U.S Dollars | Senior Notes
Line of Credit Facility
Principal amount of debt	$ 500
Rate	6.50%
Senior Secured Notes Due 2028, 5.700% | U.S Dollars | Senior Notes
Line of Credit Facility
Principal amount of debt		$ 750		$ 0
Rate		5.70%
Senior Secured Notes Due 2028, 5.700% | U.S Dollars | Senior Notes
Line of Credit Facility
Principal amount of debt	$ 750
Rate	5.70%

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Contingencies - Additional Information (Detail) $ in Millions	Jul. 14, 2020 private_individual	May 24, 2019 medical_doctor	Sep. 11, 2017 medical_doctor	Sep. 11, 2017 private_individual	May 13, 2017 USD ($)	Jul. 23, 2015 private_individual	Feb. 13, 2014 medical_doctor	Feb. 13, 2014 private_individual	Feb. 13, 2014 Defendant
KPIC
Loss Contingencies
Number of plaintiffs		247	280	200			1,200	900
Number of defendants | Defendant									2
Seoul Central District Prosecutors
Loss Contingencies
Number of defendants						24
Seoul Central District Prosecutors | Employee
Loss Contingencies
Number of defendants	2					2
Veeva | Minimum
Loss Contingencies
Amount of damages claimed | $					$ 200

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Stockholders' Equity (Detail) - USD ($)		3 Months Ended				6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Feb. 10, 2022
Class of Stock
Preferred stock, authorized (shares)		1,000,000				1,000,000
Preferred stock, par value (usd per share)		$ 0.01				$ 0.01
Preferred stock, shares issued (shares)		0				0	0
Preferred stock, shares outstanding (shares)		0				0	0
Repurchase of stock, value		$ 495,000,000	$ 129,000,000	$ 590,000,000	$ 403,000,000
Equity Repurchase Under Repurchase Program
Class of Stock
Equity repurchase program authorized amount								$ 9,725,000,000
Repurchase of stock (in shares)						3,200,000
Repurchase of stock, value						$ 619,000,000
Equity available for repurchase under the repurchase program		$ 736,000,000				$ 736,000,000
Equity Repurchase Under Repurchase Program | Subsequent Event
Class of Stock
Equity repurchase program authorized amount	$ 11,725,000,000
Equity available for repurchase under the repurchase program	2,736,000,000
Equity repurchase program additional authorized amount	$ 2,000,000,000

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Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Assets acquired:
Goodwill	$ 14,178	$ 13,921
Several Individually Immaterial Acquisitions
Assets acquired:
Cash and cash equivalents	10
Other assets	33
Goodwill	235
Other identifiable intangibles	258
Liabilities assumed:
Other liabilities	(16)
Deferred income taxes, long-term	(4)
Net assets acquired	516
Contingent consideration and deferred payments	$ 62

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Business Combinations - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Several Individually Immaterial Acquisitions
Business Acquisition [Line Items]
Portion of goodwill deductible for income tax purposes	$ 180

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Business Combinations - Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - Several Individually Immaterial Acquisitions $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Total Other identifiable intangibles	$ 258
Customer relationships
Business Acquisition [Line Items]
Total Other identifiable intangibles	205
Backlog
Business Acquisition [Line Items]
Total Other identifiable intangibles	51
Software and related assets
Business Acquisition [Line Items]
Total Other identifiable intangibles	$ 1
Databases
Business Acquisition [Line Items]
Amortization Period	5 years
Total Other identifiable intangibles	$ 1
Minimum | Customer relationships
Business Acquisition [Line Items]
Amortization Period	10 years
Minimum | Backlog
Business Acquisition [Line Items]
Amortization Period
Minimum | Software and related assets
Business Acquisition [Line Items]
Amortization Period
Maximum | Customer relationships
Business Acquisition [Line Items]
Amortization Period	15 years
Maximum | Backlog
Business Acquisition [Line Items]
Amortization Period	2 years
Maximum | Software and related assets
Business Acquisition [Line Items]
Amortization Period	5 years

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Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) - Severance and Related Costs $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring Reserve
Restructuring reserves, beginning balance	$ 26
Expense, net of reversals	37
Payments	(29)
Restructuring reserves, ending balance	$ 34

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Income Taxes - Narratives (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	21.60%	21.60%	20.60%	19.50%
Tax impact of share-based compensation awards	$ 2	$ 1	$ 10	$ 14

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Accumulated Other Comprehensive (Loss) Income - Summary of Components of AOCI (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Statement of Other Comprehensive Income
Beginning balance	$ 5,765
Ending balance	5,748
Income Taxes
Beginning balance	62
Other comprehensive (loss) income before reclassifications	21
Reclassification adjustments	11
Ending balance	94
Other comprehensive (loss) income before reclassifications	(1)
Reclassification adjustments	(32)
Foreign Currency Translation
Statement of Other Comprehensive Income
Beginning balance	(825)
Other comprehensive (loss) income before reclassifications	(66)
Reclassification adjustments	0
Ending balance	(891)
Derivative Instruments
Statement of Other Comprehensive Income
Beginning balance	44
Other comprehensive (loss) income before reclassifications	43
Reclassification adjustments	(43)
Ending balance	44
Defined Benefit Plans
Statement of Other Comprehensive Income
Beginning balance	(8)
Other comprehensive (loss) income before reclassifications	1
Reclassification adjustments	0
Ending balance	(7)
Total
Statement of Other Comprehensive Income
Beginning balance	(727)
Ending balance	$ (760)

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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	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total before income taxes	$ 10	$ (18)	$ 43	$ (17)
Income taxes	3	(4)	11	(4)
Total net of income taxes	7	(14)	32	(13)
Interest rate swaps | Interest expense
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total before income taxes	2	(7)	18	(7)
Foreign exchange forward contracts | Revenues
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Total before income taxes	$ 8	$ (11)	$ 25	$ (10)

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Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

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Segments - Operations by Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Revenues	$ 3,728	$ 3,541	$ 7,380	$ 7,109
Cost of revenues, exclusive of depreciation and amortization	2,443	2,331	4,841	4,654
Selling, general and administrative expenses	482	483	995	971
Segment profit	850	795	1,652	1,594
Depreciation and amortization	(259)	(270)	(512)	(525)
Restructuring costs	(20)	(4)	(37)	(11)
Income from operations	524	453	995	948
Technology & Analytics Solutions
Segment Reporting Information
Revenues	1,456	1,408	2,900	2,847
Cost of revenues, exclusive of depreciation and amortization	876	828	1,734	1,662
Segment profit	370	384	731	770
Research & Development Solutions
Segment Reporting Information
Revenues	2,096	1,950	4,122	3,884
Cost of revenues, exclusive of depreciation and amortization	1,417	1,348	2,803	2,670
Segment profit	468	398	896	799
Contract Sales & Medical Solutions
Segment Reporting Information
Revenues	176	183	358	378
Cost of revenues, exclusive of depreciation and amortization	150	155	304	322
Segment profit	12	13	25	25
Operating Segments | Technology & Analytics Solutions
Segment Reporting Information
Selling, general and administrative expenses	210	196	435	415
Operating Segments | Research & Development Solutions
Segment Reporting Information
Selling, general and administrative expenses	211	204	423	415
Operating Segments | Contract Sales & Medical Solutions
Segment Reporting Information
Selling, general and administrative expenses	14	15	29	31
General corporate and unallocated
Segment Reporting Information
Selling, general and administrative expenses	47	68	108	110
Segment profit	$ (47)	$ (68)	$ (108)	$ (110)

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Earnings Per Share - Reconciles the Basic to Diluted Weighted Average Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 297	$ 256	$ 586	$ 581
Denominator:
Basic weighted average common shares outstanding (in shares)	184.4	188.3	185.1	189.2
Effect of dilutive stock options and share awards (in shares)	2.3	2.8	2.5	3.0
Diluted weighted average common shares outstanding (in shares)	186.7	191.1	187.6	192.2
Earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 1.61	$ 1.36	$ 3.17	$ 3.07
Diluted (in dollars per share)	$ 1.59	$ 1.34	$ 3.12	$ 3.02

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Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1.2	0.7	1.1	0.5