Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025:


	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
(In millions)	03/31/26		12/31/25		03/31/26		12/31/25		03/31/26		12/31/25		03/31/26		12/31/25
Assets:
Financial instruments owned:
Exchange traded equity securities (a)	$	13	$	12	$	—	$	—	$	—	$	—	$	13	$	12
Mutual funds (a)	197		202		—		—		—		—		197		202

Money market funds (b)	138		633		—		—		—		—		138		633


Total assets measured at fair value	$	348	$	847	$	—	$	—	$	—	$	—	$	348	$	847
Fiduciary Assets:



Money market funds	$	301	$	322	$	—	$	—	$	—	$	—	$	301	$	322
Total fiduciary assets measured at fair value	$	301	$	322	$	—	$	—	$	—	$	—	$	301	$	322
Liabilities:
Contingent purchase consideration liabilities (c)	$	—	$	—	$	—	$	—	$	266	$	268	$	266	$	268

Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	266	$	268	$	266	$	268

(a)Included in other assets in the consolidated balance sheets.

(b)Included in cash and cash equivalents in the consolidated balance sheets.

(c)Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets.

Schedule of Changes in Fair Value of Level 3 Liabilities Representing Acquisition Related Contingent Consideration

The following table sets forth a summary of the changes in fair value of the Company’s Level 3 liabilities for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(In millions)		2026		2025
Balance at beginning of period		$	268	$	161
Net additions		1		5
Payments		(18)		(19)
Revaluation impact		11		9

Other		4		4
Balance at end of period		$	266	$	160