Operating Costs and Other Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Operating Costs And Other Expenses [Abstract]

Schedule of Operating Costs and Other Expenses

The following table summarizes the Company’s operating costs and other expenses (in millions):


	Three Months Ended March 31,
	2026		2025
Asset-based commission expenses	$	295	$	284
Other commission expenses	322		215
Sub-advisor expenses	74		78

General and administrative expenses (1)	299		259
Deferral of acquisition costs	(255)		(159)
Total operating costs and other expenses	$	735	$	677

(1)Includes gains (losses) on derivative instruments economically hedging liabilities related to the non-qualified voluntary deferred compensation plan beginning in the third quarter 2025.