Business Combinations (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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			Tim Parkman, Inc.		Accession Risk Management Group			Other (1)			Total
Business Segment	Specialty Distribution			Specialty Distribution		Retail & Specialty Distribution			Retail & Specialty Distribution
Effective date of acquisition	March 1, 2025			May 1, 2025		August 1, 2025			Various
Cash paid	$	54		$	69	$	8,293		$	98		$	8,514
Common stock issued		—			—		612			—			612
Other payable		—			6		693			—			699
Recorded earn-out payable		—			4		—			20			24
Total consideration		54			79		9,598			118			9,849
Maximum potential earn-out payable		—			23		—			25			48
Allocation of purchase price:
Cash and equivalents		(3	)		—		316			6			319
Fiduciary cash		14			—		516			6			536
Fiduciary receivables		(1	)		—		437			24			460
Other current assets		4			—		1,129			2			1,135
Goodwill		34			60		6,538			71			6,703
Purchased customer accounts and other intangibles (2)		16			19		3,236			36			3,307
Other assets		—			—		112			5			117
Total assets acquired		64			79		12,284			150			12,577
Fiduciary liabilities		(10	)		—		(957	)		(26	)		(993	)
Other current liabilities		—			—		(559	)		(5	)		(564	)
Deferred income tax, net		—			—		(114	)		1			(113	)
Other long-term liabilities		—			—		(1,056	)		(2	)		(1,058	)
Total liabilities assumed		(10	)		—		(2,686	)		(32	)		(2,728	)
Net assets acquired	$	54		$	79	$	9,598		$	118		$	9,849

(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.

(2)The weighted average useful life of purchased customer accounts is 14 years.

Unaudited Proforma Results

These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.

(UNAUDITED)	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except per share data)	2025		2024		2025		2024
Total revenues	$	1,750	$	1,636	$	5,316	$	4,972
Net income	$	246	$	253	$	859	$	841
Net income per share:
Basic	$	0.74	$	0.76	$	2.58	$	2.54
Diluted	$	0.73	$	0.76	$	2.57	$	2.52

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)	2025			2024			2025			2024
Balance as of the beginning of the period	$	151		$	169		$	167		$	249
Additions to estimated acquisition earn-out payables		8			8			24			28
Assumed acquisition earn-out payables		439			—			439			—
Payments for estimated acquisition earn-out payables		(32	)		(38	)		(78	)		(135	)
Subtotal		566			139			552			142
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		10			(9	)		14			(15	)
Interest expense accretion		1			1			4			6
Net change in earnings from estimated acquisition earn-out payables		11			(8	)		18			(9	)
Foreign currency translation adjustments during the year		(2	)		6			5			4
Balance as of September 30,	$	575		$	137		$	575		$	137