Business Combinations (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the nine months ended September 30, 2024 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.

(in millions)	Other (1)
Cash paid	$	145
Other payable		14
Recorded earn-out payable		28
Total consideration		187
Maximum potential earn-out payable		54
Allocation of purchase price:
Cash and equivalents		6
Fiduciary cash		21
Fiduciary receivables		1
Other current assets		7
Goodwill		127
Purchased customer accounts and other		60
Other assets		2
Total assets acquired		224
Fiduciary liabilities		(22	)
Other current liabilities		(2	)
Deferred income tax, net		(7	)
Total liabilities assumed		(31	)
Acquired non-controlling interest		(6	)
Net assets acquired	$	187

(1)The other column represents a summarization of current year acquisitions with total consideration of less than $50 million per acquisition and adjustments from prior year acquisitions that were made within the permitted measurement period.

Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables

The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables were as follows:

	Three months ended September 30,						Nine months ended September 30,
(in millions)	2024			2023			2024			2023
Balance as of the beginning of the period	$	169		$	231		$	249		$	252
Additions to estimated acquisition earn-out payables		8			11			28			50
Payments for estimated acquisition earn-out payables		(38	)		(11	)		(135	)		(74	)
Subtotal		139			231			142			228
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(9	)		28			(15	)		23
Interest expense accretion		1			2			6			7
Net change in earnings from estimated acquisition    earn-out payables		(8	)		30			(9	)		30
Foreign currency translation adjustments during the year		6			(3	)		4			—
Balance as of September 30,	$	137		$	258		$	137		$	258