Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2024

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 2024, based on the estimated fair values for the acquisitions as of their respective acquisition dates. Amounts in the table primarily reflect the impact of the Fisher Brown Bottrell Insurance, Inc. and Vanguard acquisitions.

Acquisitions through June 30, 2024
(In millions)
Cash	$	662
Estimated fair value of deferred/contingent purchase consideration	54
Total consideration	$	716
Allocation of purchase price:
Cash and cash equivalents	$	13
Cash and cash equivalents held in a fiduciary capacity	5
Net receivables	49
Other current assets	22
Goodwill	430
Other intangible assets	215
Fixed assets, net	3
Other assets	2
Total assets acquired	739
Current liabilities	9
Fiduciary liabilities	5
Other liabilities	9
Total liabilities assumed	23
Net assets acquired	$	716

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The following table provides information about other intangible assets acquired in 2024:

Other intangible assets through June 30, 2024 (In millions)	Amount		Weighted Average Amortization Period
Client relationships	$	205	11.8 years
Other	10		2.8 years
Total other intangible assets	$	215

Schedule of Pro-Forma Information

The following unaudited pro-forma financial data gives effect to the acquisitions made by the Company in 2024 and 2023. In accordance with accounting guidance related to pro-forma disclosures, the information presented for acquisitions made in 2024 is as if they occurred on January 1, 2023, and reflects acquisitions made in 2023, as if they occurred on January 1, 2022.

The unaudited pro-forma information includes the effects of amortization of acquired intangibles in all years. 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  June 30,				Six Months Ended  June 30,
(In millions, except per share data)	2024		2023		2024		2023
Revenue	$	6,234	$	5,989	$	12,756	$	12,060
Net income attributable to the Company	$	1,135	$	1,065	$	2,546	$	2,317
Basic net income per share attributable to the Company	$	2.31	$	2.15	$	5.17	$	4.68
Diluted net income per share attributable to the Company	$	2.29	$	2.13	$	5.13	$	4.64