Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the purchase price allocations and estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. These adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date.

(in millions)	The Canopy Group		Quintes Holding B.V.			Other (1)			Total
Business Segment	Retail		Retail			Various
Effective date of acquisition	October 1, 2024		November 1, 2024			Various
Cash paid	$	51	$	695		$	188		$	934
Other payable		—		—			27			27
Recorded earn-out payable		11		—			62			73
Total consideration		62		695			277			1,034
Maximum potential earn-out payable		74		—			113			187
Allocation of purchase price:
Cash and equivalents		—		—			10			10
Fiduciary cash		—		11			23			34
Fiduciary receivables		—		10			5			15
Other current assets		—		25			9			34
Goodwill		39		468			200			707
Purchased customer accounts and other intangibles (2)		23		302			74			399
Other assets		—		17			3			20
Total assets acquired		62		833			324			1,219
Fiduciary liabilities		—		(34	)		(28	)		(62	)
Other current liabilities		—		(15	)		(3	)		(18	)
Deferred income tax, net		—		(78	)		(9	)		(87	)
Other long-term liabilities		—		(11	)		(1	)		(12	)
Total liabilities assumed		—		(138	)		(41	)		(179	)
Acquired non-controlling interest		—		—			(6	)		(6	)
Net assets acquired	$	62	$	695		$	277		$	1,034

(1) The other column represents current year acquisitions with total net assets acquired of less than $50 million 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 15 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)	Year Ended December 31,
(in millions, except per share data)	2024		2023
Total revenues	$	4,929	$	4,428
Net income attributable to the Company	$	1,012	$	899
Net income per share:
Basic	$	3.59	$	3.22
Diluted	$	3.57	$	3.20

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, for the years ended December 31, 2024, 2023 and 2022 were as follows:

	Year Ended December 31,
(in millions)	2024			2023			2022
Balance as of the beginning of the period	$	249		$	252		$	291
Additions to estimated acquisition earn-out payables from new acquisitions		73			67			73
Assumed estimated acquisition earn-out payables		3			21			35
Payments for estimated acquisition earn-out payables		(154	)		(119	)		(106	)
Subtotal		171			221			293
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(6	)		14			(46	)
Interest expense accretion		8			7			7
Net change in earnings from estimated acquisition earn out payables		2			21			(39	)
Foreign currency translation adjustments during the year		(6	)		7			(2	)
Balance as of December 31,	$	167		$	249		$	252