v3.26.3
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net earnings $ 1,553.0 $ 1,350.0
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Net gain on investments and other (14.0) (4.0)
Depreciation and amortization 1,046.0 761.0
Change in estimated acquisition earnout payables 39.0 39.0
Amortization of deferred compensation and restricted stock 121.0 101.0
Stock-based and other noncash compensation expense 55.0 37.0
Payments on acquisition earnouts in excess of original estimates (145.0) (489.0)
Provision for deferred income taxes 41.0 53.0
Effect of changes in foreign exchange rates 10.0 48.0
Net change in accounts receivable, net (738.0) (464.0)
Net change in deferred revenue 127.0 50.0
Net change in other current assets 50.0 (62.0)
Net change in accrued compensation and other accrued liabilities 191.0 (42.0)
Net change in income taxes payable (84.0) (110.0)
Net change in other noncurrent assets and liabilities 58.0 (91.0)
Net cash provided by operating activities 2,310.0 1,177.0
Cash flows from investing activities:    
Capital expenditures (135.0) (105.0)
Cash paid for acquisitions, net of cash and restricted cash acquired (1,112.0) (15,312.0)
Net proceeds from sales of operations/books of business 7.0 5.0
Net funding of investment transactions (5.0) 1.0
Net funding of premium finance loans 10.0 7.0
Net cash used by investing activities (1,235.0) (15,404.0)
Cash flows from financing activities:    
Payments on acquisition earnouts (230.0) (372.0)
Proceeds from issuance of common stock 155.0 1,481.0
Repurchases of common stock (580.0) 0.0
Dividends paid (539.0) (499.0)
Net change in fiduciary assets and liabilities 470.0 1,338.0
Net borrowings on premium financing debt facility (11.0) 0.0
Borrowings on line of credit facility 6,660.0 1,203.0
Repayments on line of credit facility (6,030.0) (1,073.0)
Net borrowings of corporate related long-term debt (638.0) (199.0)
Debt acquisition costs 7.0 7.0
Settlements on terminated interest rate swaps 11.0 0.0
Net cash (used) provided by financing activities (725.0) 1,886.0
Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash (79.0) 213.0
Net increase (decrease) in cash, cash equivalents, restricted cash and fiduciary cash 271.0 (12,128.0)
Cash, cash equivalents, restricted cash and fiduciary cash at beginning of period 8,538.0 20,468.0
Cash, cash equivalents, restricted cash and fiduciary cash at end of period $ 8,809.0 $ 8,340.0