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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combinations [Abstract] |
Estimated Fair Values of Aggregate Assets and Liabilities Acquired | The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the nine months ended September 30, 2025 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.
(in millions) |  | NBS Insurance Agency |  |  | Tim Parkman, Inc. |  |  | Accession Risk Management Group |  |  | Other (1) |  |  | Total |
Business Segment |  | Specialty Distribution |  |  | Specialty Distribution |  |  | Retail & Specialty Distribution |  |  | Retail & Specialty Distribution |  |  |  |
Effective date of acquisition |  | March 1, 2025 |  |  | May 1, 2025 |  |  | August 1, 2025 |  |  | Various |  |  |  |
Cash paid |  | $ | 54 |  |  | $ | 69 |  |  | $ | 8,293 |  |  | $ | 98 |  |  | $ | 8,514 |
Common stock issued |  |  | — |  |  |  | — |  |  |  | 612 |  |  |  | — |  |  |  | 612 |
Other payable |  |  | — |  |  |  | 6 |  |  |  | 693 |  |  |  | — |  |  |  | 699 |
Recorded earn-out payable |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 20 |  |  |  | 24 |
Total consideration |  |  | 54 |  |  |  | 79 |  |  |  | 9,598 |  |  |  | 118 |  |  |  | 9,849 |
Maximum potential earn-out payable |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | 25 |  |  |  | 48 |
Allocation of purchase price: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents |  |  | (3 | ) |  |  | — |  |  |  | 316 |  |  |  | 6 |  |  |  | 319 |
Fiduciary cash |  |  | 14 |  |  |  | — |  |  |  | 516 |  |  |  | 6 |  |  |  | 536 |
Fiduciary receivables |  |  | (1 | ) |  |  | — |  |  |  | 437 |  |  |  | 24 |  |  |  | 460 |
Other current assets |  |  | 4 |  |  |  | — |  |  |  | 1,129 |  |  |  | 2 |  |  |  | 1,135 |
Goodwill |  |  | 34 |  |  |  | 60 |  |  |  | 6,538 |  |  |  | 71 |  |  |  | 6,703 |
Purchased customer accounts and other intangibles (2) |  |  | 16 |  |  |  | 19 |  |  |  | 3,236 |  |  |  | 36 |  |  |  | 3,307 |
Other assets |  |  | — |  |  |  | — |  |  |  | 112 |  |  |  | 5 |  |  |  | 117 |
Total assets acquired |  |  | 64 |  |  |  | 79 |  |  |  | 12,284 |  |  |  | 150 |  |  |  | 12,577 |
Fiduciary liabilities |  |  | (10 | ) |  |  | — |  |  |  | (957 | ) |  |  | (26 | ) |  |  | (993 | )
Other current liabilities |  |  | — |  |  |  | — |  |  |  | (559 | ) |  |  | (5 | ) |  |  | (564 | )
Deferred income tax, net |  |  | — |  |  |  | — |  |  |  | (114 | ) |  |  | 1 |  |  |  | (113 | )
Other long-term liabilities |  |  | — |  |  |  | — |  |  |  | (1,056 | ) |  |  | (2 | ) |  |  | (1,058 | )
Total liabilities assumed |  |  | (10 | ) |  |  | — |  |  |  | (2,686 | ) |  |  | (32 | ) |  |  | (2,728 | )
Net assets acquired |  | $ | 54 |  |  | $ | 79 |  |  | $ | 9,598 |  |  | $ | 118 |  |  | $ | 9,849 |
(1) The other column represents a summarization of current year acquisitions with total consideration of less than $50 million per acquisition and adjustments from prior year acquisitions that were made within the permitted measurement period. (2) The weighted average useful life of purchased customer accounts is 14 years.
Unaudited Proforma Results | These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.
(UNAUDITED) |  | For the three months ended September 30, |  | For the nine months ended September 30, |
(in millions, except per share data) |  | 2025 |  |  | 2024 |  | 2025 |  |  | 2024 |
Total revenues |  | $ | 1,750 |  |  | $ | 1,636 |  | $ | 5,316 |  |  | $ | 4,972 |
Net income |  | $ | 246 |  |  | $ | 253 |  | $ | 859 |  |  | $ | 841 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.74 |  |  | $ | 0.76 |  | $ | 2.58 |  |  | $ | 2.54 |
Diluted |  | $ | 0.73 |  |  | $ | 0.76 |  | $ | 2.57 |  |  | $ | 2.52 |
Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables | The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables were as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance as of the beginning of the period |  | $ | 151 |  |  | $ | 169 |  |  | $ | 167 |  |  | $ | 249 |
Additions to estimated acquisition earn-out payables |  |  | 8 |  |  |  | 8 |  |  |  | 24 |  |  |  | 28 |
Assumed acquisition earn-out payables |  |  | 439 |  |  |  | — |  |  |  | 439 |  |  |  | — |
Payments for estimated acquisition earn-out payables |  |  | (32 | ) |  |  | (38 | ) |  |  | (78 | ) |  |  | (135 | )
Subtotal |  |  | 566 |  |  |  | 139 |  |  |  | 552 |  |  |  | 142 |
Net change in earnings from estimated acquisition earn-out payables: |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value on estimated acquisition earn-out payables |  |  | 10 |  |  |  | (9 | ) |  |  | 14 |  |  |  | (15 | )
Interest expense accretion |  |  | 1 |  |  |  | 1 |  |  |  | 4 |  |  |  | 6 |
Net change in earnings from estimated acquisition earn-out payables |  |  | 11 |  |  |  | (8 | ) |  |  | 18 |  |  |  | (9 | )
Foreign currency translation adjustments during the year |  |  | (2 | ) |  |  | 6 |  |  |  | 5 |  |  |  | 4 |
Balance as of September 30, |  | $ | 575 |  |  | $ | 137 |  |  | $ | 575 |  |  | $ | 137 |

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