v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,677 $ 2,398
Cash and cash equivalents held in a fiduciary capacity 11,871 11,276
Receivables    
Commissions and fees 7,751 6,533
Advanced premiums and claims 105 84
Other 770 706
Gross receivables 8,626 7,323
Less-allowance for credit losses (169) (167)
Net receivables 8,457 7,156
Other current assets 1,329 1,287
Total current assets 23,334 22,117
Goodwill 23,919 23,306
Other intangible assets 4,770 4,820
Fixed assets (net of accumulated depreciation and amortization of $1,646 at June 30, 2025 and $1,538 at December 31, 2024) 839 859
Pension related assets 2,203 1,914
Right of use assets 1,471 1,498
Deferred tax assets 280 237
Other assets 1,739 1,730
Total assets 58,555 56,481
Current liabilities:    
Short-term debt 769 519
Accounts payable and accrued liabilities 3,434 3,402
Accrued compensation and employee benefits 2,372 3,620
Current lease liabilities 335 325
Accrued income taxes 619 376
Fiduciary liabilities 11,871 11,276
Total current liabilities 19,400 19,518
Long-term debt 18,960 19,428
Pension, post-retirement and post-employment benefits 816 840
Long-term lease liabilities 1,546 1,590
Liabilities for errors and omissions 280 305
Other liabilities 1,577 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 June 30, 2025 and December 31, 2024 561 561
Additional paid-in capital 1,362 1,370
Retained earnings 27,088 25,306
Accumulated other comprehensive loss (5,244) (6,240)
Non-controlling interests 209 193
Stockholders' equity before treasury stock 23,976 21,190
Less – treasury shares, at cost, 68,964,746 shares at June 30, 2025 and 69,239,488 shares at December 31, 2024 (8,000) (7,655)
Total equity 15,976 13,535
Total liabilities and stockholders' equity $ 58,555 $ 56,481