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Acquisitions and Dispositions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule for Allocation of Acquisition Costs | The following table presents the preliminary allocation of purchase consideration to the assets acquired and liabilities assumed in 2024, based on the estimated fair values for the acquisitions as of their respective acquisition dates. Amounts in the table primarily reflect the impact of the Fisher Brown Bottrell Insurance, Inc. and Vanguard acquisitions.
Acquisitions through June 30, 2024 |  |  |
(In millions) |  |  |
Cash | $ | 662 |  |  |
Estimated fair value of deferred/contingent purchase consideration | 54 |  |  |
Total consideration | $ | 716 |  |  |
Allocation of purchase price: |  |  |
Cash and cash equivalents | $ | 13 |  |  |
Cash and cash equivalents held in a fiduciary capacity | 5 |  |  |
Net receivables | 49 |  |  |
Other current assets | 22 |  |  |
Goodwill | 430 |  |  |
Other intangible assets | 215 |  |  |
Fixed assets, net | 3 |  |  |
Other assets | 2 |  |  |
Total assets acquired | 739 |  |  |
Current liabilities | 9 |  |  |
Fiduciary liabilities | 5 |  |  |
Other liabilities | 9 |  |  |
Total liabilities assumed | 23 |  |  |
Net assets acquired | $ | 716 |  |  |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table provides information about other intangible assets acquired in 2024:
Other intangible assets through June 30, 2024 (In millions) |  | Amount |  | Weighted Average Amortization Period
Client relationships |  | $ | 205 |  |  | 11.8 years
Other |  | 10 |  |  | 2.8 years
Total other intangible assets |  | $ | 215 |  |  |
Schedule of Pro-Forma Information | The following unaudited pro-forma financial data gives effect to the acquisitions made by the Company in 2024 and 2023. In accordance with accounting guidance related to pro-forma disclosures, the information presented for acquisitions made in 2024 is as if they occurred on January 1, 2023, and reflects acquisitions made in 2023, as if they occurred on January 1, 2022. The unaudited pro-forma information includes the effects of amortization of acquired intangibles in all years. The unaudited pro-forma financial data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved if such acquisitions had occurred on the dates indicated, nor is it necessarily indicative of future consolidated results.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue | $ | 6,234 |  |  | $ | 5,989 |  |  | $ | 12,756 |  |  | $ | 12,060 |
Net income attributable to the Company | $ | 1,135 |  |  | $ | 1,065 |  |  | $ | 2,546 |  |  | $ | 2,317 |
Basic net income per share attributable to the Company | $ | 2.31 |  |  | $ | 2.15 |  |  | $ | 5.17 |  |  | $ | 4.68 |
Diluted net income per share attributable to the Company | $ | 2.29 |  |  | $ | 2.13 |  |  | $ | 5.13 |  |  | $ | 4.64 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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