Business Combinations (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.

(in millions)	NBS Insurance Agency			Other (1)			Total
Business Segment	Wholesale			Various
Effective date of acquisition	March 1, 2025			Various
Cash paid	$	54		$	33		$	87
Other payable		—			4			4
Recorded earn-out payable		—			5			5
Total consideration		54			42			96
Maximum potential earn-out payable		—			20			20
Allocation of purchase price:
Cash and equivalents		—			4			4
Fiduciary cash		13			3			16
Fiduciary receivables		—			19			19
Other current assets		2			—			2
Goodwill		33			22			55
Purchased customer accounts and other intangibles		17			13			30
Other assets		—			4			4
Total assets acquired		65			65			130
Fiduciary liabilities		(10	)		(19	)		(29	)
Other current liabilities		(1	)		(3	)		(4	)
Other long-term liabilities		—			(1	)		(1	)
Total liabilities assumed		(11	)		(23	)		(34	)
Net assets acquired	$	54		$	42		$	96

(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 March 31,
(in millions)	2025			2024
Balance as of the beginning of the period	$	167		$	249
Additions to estimated acquisition earn-out payables		5			9
Payments for estimated acquisition earn-out payables		(26	)		(52	)
Subtotal		146			206
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(6	)		(4	)
Interest expense accretion		2			2
Net change in earnings from estimated acquisition earn-out payables		(4	)		(2	)
Foreign currency translation adjustments during the year		1			(1	)
Balance as of March 31,	$	143		$	203