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v3.25.1

Acquisitions and Dispositions (Tables) | 3 Months Ended
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Mar. 31, 2025
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 2025, based on the estimated fair values for the acquisitions as of their respective acquisition dates.
Acquisitions through March 31, 2025 |  |  |  |
(In millions) |  |  |  |
Cash |  | $ | 37 |  |  |
Estimated fair value of deferred/contingent purchase consideration |  | 10 |  |  |
Fair value of previously-held equity method investment |  | 15 |  |  |
Total consideration |  | $ | 62 |  |  |
Allocation of purchase price: |  |  |  |
Cash and cash equivalents |  | $ | 4 |  |  |
Cash and cash equivalents held in a fiduciary capacity |  | 15 |  |  |
Net receivables |  | 2 |  |  |
Other current assets |  | 1 |  |  |
Goodwill |  | 33 |  |  |
Other intangible assets |  | 24 |  |  |
Right of use assets |  | 1 |  |  |
Other assets |  | 4 |  |  |
Total assets acquired |  | 84 |  |  |
Current liabilities |  | 2 |  |  |
Fiduciary liabilities |  | 15 |  |  |
Other liabilities |  | 5 |  |  |
Total liabilities assumed |  | 22 |  |  |
Net assets acquired |  | $ | 62 |  |  |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table provides information about other intangible assets acquired in 2025:
Other intangible assets through March 31, 2025 (In millions) |  | Amount |  | Weighted Average Amortization Period
Client relationships |  | $ | 22 |  |  | 12.9 years
Other |  | 2 |  |  | 5.0 years
Total other intangible assets |  | $ | 24 |  |  |
Schedule of Pro-Forma Information | The following table provides information about the consolidated statements of income for each respective period:
Results for the three months ended March 31, |  |  |  |
(In millions) |  | 2025 |  | 2024
Revenue |  | $ | 3 |  |  | $ | 14 |
Operating income (loss) |  | $ | 1 |  |  | $ | (6) |
The following unaudited pro-forma financial data gives effect to the acquisitions made by the Company in 2025 and 2024. In accordance with accounting guidance related to pro-forma disclosures, the information presented for acquisitions made in 2025 is as if they occurred on January 1, 2024, and reflects acquisitions made in 2024, as if they occurred on January 1, 2023. The unaudited pro-forma financial data includes the effects of amortization of acquired intangibles and acquisition related costs in all years. The unaudited pro-forma information presented in the table below also includes additional adjustments for revenue and interest expense related to the issuance of debt. 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 March 31, |  |
(In millions, except per share data) | 2025 |  | 2024 |  |  |  |
Revenue | $ | 7,063 |  |  | $ | 6,924 |  |  |  |  |
Net income attributable to the Company | $ | 1,382 |  |  | $ | 1,389 |  |  |  |  |
Basic net income per share attributable to the Company | $ | 2.81 |  |  | $ | 2.82 |  |  |  |  |
Diluted net income per share attributable to the Company | $ | 2.79 |  |  | $ | 2.80 |  |  |  |  |

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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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