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Cash and Cash Equivalents and Short-Term Investments
3 Months Ended
Mar. 31, 2026
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash and Cash Equivalents and Short-Term Investments Cash and Cash Equivalents and Short-Term Investments
Cash and cash equivalents include cash balances and all highly liquid instruments with initial maturities of three months or less. Short-term investments consist of money market funds. The estimated fair value of Cash and cash equivalents and Short-term investments approximates their carrying values.
At March 31, 2026 and December 31, 2025, Cash and cash equivalents and Short-term investments were $1.4 billion and $2.8 billion, respectively. The balance as of December 31, 2025 reflected the investment of proceeds from the sale of the NFP Wealth business. Of the total balances, $173 million and $180 million were restricted as to their use at March 31, 2026 and December 31, 2025, respectively. Included within Short-term investments as of March 31, 2026 and December 31, 2025 were £72 million ($96 million at March 31, 2026 exchange rates and $97 million at December 31, 2025 exchange rates), respectively, of operating funds required to be held by the Company in the U.K. by the FCA, a U.K.-based regulator.