Business Combinations (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the six months ended June 30, 2026 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.


(in millions)	Other (1)				Measurement Period Adjustments				Total
Business Segment	Retail & Specialty Distribution				Retail & Specialty Distribution
Effective date of acquisition	Various				Various
Cash paid	$	44			$	(13	)		$	31
Other payable		1				(19	)			(18	)
Recorded earn-out payable		8				—				8
Total consideration		53				(32	)			21
Maximum potential earn-out payable		18				—				18
Allocation of purchase price:
Cash and cash equivalents, inclusive of fiduciary cash		1				—				1
Commission, fees, and other receivables		—				(29	)			(29	)
Fiduciary receivables		—				19				19
Other current assets		4				(25	)			(21	)
Goodwill		31				106				137
Purchased customer accounts and other intangibles (2)		21				(89	)			(68	)
Other assets		(1	)			27				26
Total assets acquired		56				9				65
Fiduciary liabilities		(1	)			(20	)			(21	)
Other current liabilities		—				(24	)			(24	)
Deferred income tax, net		(2	)			12				10
Other liabilities		—				(9	)			(9	)
Total liabilities assumed		(3	)			(41	)			(44	)
Net assets acquired	$	53			$	(32	)		$	21

(1)

The other column represents a summarization of current year acquisitions with total consideration of less than $50 million per acquisition.

(2)

The weighted average useful life of purchased customer accounts is 15 years.

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 were as follows:


		Three months ended June 30,								Six months ended June 30,
(in millions)		2026				2025				2026				2025
Balance as of the beginning of the period		$	393			$	143			$	541			$	167
Additions from new acquisitions			2				12				8				17
Assumed estimated acquisition earn-out payables			19				—				27				—
Disposals			(6	)			—				(6	)			—
Payments			(59	)			(20	)			(224	)			(46	)
Subtotal			349				135				346				138
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value			(44	)			9				(45	)			4
Interest expense accretion			4				2				11				3
Net change in earnings from estimated acquisition earn-out payables			(40	)			11				(34	)			7
Foreign currency translation adjustments			1				5				(2	)			6
Balance as of June 30,		$	310			$	151			$	310			$	151