v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,687 $ 2,398
Cash and cash equivalents held in a fiduciary capacity 11,473 11,276
Receivables    
Commissions and fees 7,015 6,533
Advanced premiums and claims 67 84
Other 750 706
Gross receivables 7,832 7,323
Less – allowance for credit losses (162) (167)
Net receivables 7,670 7,156
Other current assets 1,370 1,287
Total current assets 23,200 22,117
Goodwill 24,337 23,306
Other intangible assets 4,746 4,820
Fixed assets, net 829 859
Pension related assets 2,140 1,914
Right of use assets 1,460 1,498
Deferred tax assets 212 237
Other assets 1,786 1,730
Total assets 58,710 56,481
Current liabilities:    
Short-term debt 1,267 519
Accounts payable and accrued liabilities 3,652 3,402
Accrued compensation and employee benefits 3,962 3,620
Current lease liabilities 333 325
Accrued income taxes 373 376
Fiduciary liabilities 11,473 11,276
Total current liabilities 21,060 19,518
Long-term debt 18,320 19,428
Pension, post-retirement and post-employment benefits 786 840
Long-term lease liabilities 1,529 1,590
Liability for errors and omissions 288 305
Other liabilities 1,412 1,265
Commitments and contingencies 0 0
Equity:    
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued 0 0
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2025 and 2024 561 561
Additional paid-in capital 1,547 1,370
Retained earnings 27,767 25,306
Accumulated other comprehensive loss (5,429) (6,240)
Non-controlling interests 215 193
Stockholders equity subtotal before treasury stock 24,661 21,190
Less – treasury shares, at cost, 75,783,063 shares at December 31, 2025 and 69,239,488 shares at December 31, 2024 (9,346) (7,655)
Total equity 15,315 13,535
Total liabilities and stockholders' equity $ 58,710 $ 56,481