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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair Value Hierarchy The Company has categorized its assets and liabilities that are valued at fair value on a recurring basis into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy, for disclosure purposes, is determined based on the lowest level input that is significant to the fair value measurement. Assets and liabilities recorded in the consolidated balance sheets at fair value are categorized based on the inputs in the valuation techniques as follows: Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market (examples include active exchange-traded equity securities and exchange-traded money market mutual funds). Assets and liabilities measured using Level 1 inputs include exchange-traded equity securities, exchange-traded mutual funds and money market funds. Level 2. Assets and liabilities whose values are based on the following: a)quoted prices for similar assets or liabilities in active markets; b)quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); c)pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and d)pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full asset or liability (for example, certain mortgage loans). Level 3. Assets and liabilities whose values are based on prices, or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. Assets and liabilities measured using Level 3 inputs relate to assets and liabilities for contingent purchase consideration. Valuation Techniques Equity Securities, Money Market Funds and Mutual Funds – Level 1 Investments for which market quotations are readily available are valued at the sale price on their principal exchange or, for certain markets, official closing bid price. Money market funds are valued at a readily determinable price. Contingent Purchase Consideration Assets and Liabilities – Level 3 Purchase consideration for some acquisitions and dispositions made by the Company includes contingent consideration arrangements. Contingent consideration arrangements are based primarily on EBITDA or revenue targets over a period of 2 to 4 years. The fair value of the contingent purchase consideration asset and liability is estimated as the present value of future cash flows to be paid, based on projections of revenue and earnings and related targets of the acquired and disposed entities. The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024:
| Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3) |  | Total
(In millions) | 03/31/25 | 12/31/24 |  | 03/31/25 | 12/31/24 |  | 03/31/25 | 12/31/24 |  | 03/31/25 | 12/31/24
Assets: |  |  |  |  |  |  |  |  |  |  |
Financial instruments owned: |  |  |  |  |  |  |  |  |  |  |
Exchange traded equity securities (a) | $ | 11 |  | $ | 7 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 11 |  | $ | 7 |
Mutual funds (a) | 191 |  | 194 |  |  | — |  | — |  |  | — |  | — |  |  | 191 |  | 194 |
Unit investment trust (a) | — |  | — |  |  | — |  | 83 |  |  | — |  | — |  |  | — |  | 83 |
Money market funds (b) | 355 |  | 353 |  |  | — |  | — |  |  | — |  | — |  |  | 355 |  | 353 |
Total assets measured at fair value | $ | 557 |  | $ | 554 |  |  | $ | — |  | $ | 83 |  |  | $ | — |  | $ | — |  |  | $ | 557 |  | $ | 637 |
Fiduciary Assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 59 |  | $ | 76 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 59 |  | $ | 76 |
Total fiduciary assets measured at fair value | $ | 59 |  | $ | 76 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 59 |  | $ | 76 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent purchase consideration liabilities (c) | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 160 |  | $ | 161 |  |  | $ | 160 |  | $ | 161 |
Total liabilities measured at fair value | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 160 |  | $ | 161 |  |  | $ | 160 |  | $ | 161 |
(a)Included in other assets in the consolidated balance sheets. (b)Included in cash and cash equivalents in the consolidated balance sheets. (c)Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets. For the three months ended March 31, 2025 and 2024, there were no assets or liabilities that were transferred between levels. The following table sets forth a summary of the changes in fair value of the Company’s Level 3 liabilities for the three months ended March 31, 2025 and 2024:
|  |  | Three Months Ended March 31,
(In millions) |  |  |  |  | 2025 |  | 2024
Balance at January 1, |  |  |  |  | $ | 161 |  |  | $ | 252 |
Net additions |  |  |  |  | 5 |  |  | 13 |
Payments |  |  |  |  | (19) |  |  | (26) |
Revaluation impact |  |  |  |  | 9 |  |  | 6 |
Other |  |  |  |  | 4 |  |  | (3) |
Balance at end of period |  |  |  |  | $ | 160 |  |  | $ | 242 |
Long-Term Investments The Company has investments in certain private equity funds as well as in public and private companies that are accounted for using the equity method of accounting. The carrying value of these investments was $269 million and $257 million at March 31, 2025 and December 31, 2024, respectively. Private Equity Investments The Company's investments in private equity funds were $195 million and $182 million at March 31, 2025 and December 31, 2024, respectively. The carrying values of these private equity investments approximate fair value. The underlying private equity funds follow investment company accounting, where investments within the fund are carried at fair value. The Company records in earnings its proportionate share of the change in fair value of the funds in the investment income line in the consolidated statements of income. These investments are included in other assets in the consolidated balance sheets. The Company recorded net investment income of $2 million for the three months ended March 31, 2025 and net investment losses from these investments of $1 million for the three months ended March 31, 2024. At March 31, 2025, the Company has commitments of potential future investments of approximately $105 million in private equity funds that invest primarily in financial services companies. Investments in Public and Private Companies The Company has investments in private insurance brokerage and consulting companies with a carrying value of $74 million and $75 million at March 31, 2025 and December 31, 2024, respectively. These investments are accounted for using the equity method of accounting, the results of which are included in revenue in the consolidated statements of income and the carrying value of which is included in other assets in the consolidated balance sheets. The Company records its share of income or loss on its equity method investments, some of which are on a one quarter lag basis. Other Investments The Company held equity investments with readily determinable market values at March 31, 2025 and December 31, 2024, of $22 million and $19 million, respectively. For the three months ended March 31, 2025 and 2024, the Company recorded a mark-to-market gain on these investments of $3 million and $2 million, respectively. The Company also held investments without readily determinable market values of $17 million and $16 million at March 31, 2025 and December 31, 2024, respectively. In January 2025, the Company disposed an investment in a unit trust fund.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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