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Supplemental Disclosures of Cash Flow Information
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Supplemental Disclosures of Cash Flow Information Supplemental Disclosures of Cash Flow Information
Three-month period ended March 31
Supplemental disclosures of cash flow information (in millions):20262025
Interest paid$229 $133 
Income taxes paid, net72 67 
The following is a reconciliation of our end of period cash, cash equivalents, restricted cash and fiduciary cash balances as presented in the consolidated statement of cash flows for the three-month periods ended March 31, 2026 and 2025 (in millions):
March 31,
20262025
Cash and cash equivalents - non-restricted cash$1,173 $16,483 
Cash and cash equivalents - restricted cash240 209 
Total cash and cash equivalents1,413 16,692 
Fiduciary cash7,069 5,547 
Total cash, cash equivalents, restricted cash and fiduciary cash$8,482 $22,239 
Total cash and cash equivalents, restricted cash and fiduciary cash at March 31, 2026 and March 31, 2025, include $3,272 million and $17,045 million, respectively, of income earning money market accounts. The decrease in cash invested in money market accounts between years is primarily due to the proceeds received from the AssuredPartners Financing ($13.5 billion) and proceeds received in January 2025 from the exercise by the underwriters of the overallotment provision related to the follow-on-common stock offering ($1.3 billion) which was used to fund the acquisition of AssuredPartners that closed on August 18, 2025. Please refer to Note 3 of our Form 10-K for the year ended December 31, 2025 for more information regarding the AssuredPartners Financing. The dividend income on money market accounts was recorded in interest income, premium finance and other income in our consolidated statement of earnings, which decreased $161 million during the three-month period ended March 31, 2026 to $86 million for the period ended March 31, 2026 compared to $247 million for the period ended March 31, 2025.
We have a qualified contributory savings and thrift 401(k) plan covering the majority of our domestic employees. For eligible employees who have met the plan’s age and service requirements to receive matching contributions, we historically have matched 100% of pretax and Roth elective deferrals up to a maximum of 5.0% of eligible compensation, subject to federal limits on plan contributions and not in excess of the maximum amount deductible for federal income tax purposes. Beginning in 2021, the amount matched by the Company will be discretionary and annually determined by management. Employees must be employed and eligible for the plan on the last day of the plan year to receive a matching contribution, subject to certain exceptions enumerated in the plan document. Matching contributions are subject to a five-year graduated vesting schedule and can be funded in cash or the common stock of the Company. We expensed (net of plan forfeitures) $40 million and $30 million related to the plan in the three-month periods ended March 31, 2026 and 2025, respectively. During 2025, our management authorized the 5.0% employer matching contribution on eligible compensation to the 401(k) plan for the 2025 plan year to be funded with our common stock, which was funded in February 2026. During 2024, our management authorized the 5.0% employer matching contribution on eligible compensation to the 401(k) plan for the 2024 plan year to be funded with our common stock, which was funded in February 2025.