Arthur J. Gallagher & Co. (NYSE:AJG) will look for M&A. Douglas Howell Chief Financial Officer said during the Fourth Quarter 2023 Earnings Conference Call, "When you get to Page 5, this page shows our tax credit carryforwards. You'll see what we discussed at our December IR Day.

We are able to reestablish a portion of our tax credits following the change in tax method election when we filed our '22 U.S. federal tax return here in the fourth quarter. Accordingly, as of December 31, we have about $870 million of tax credits available. That's a nice future cash flow sweetener that helps us fund future M&A".