Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The carrying amount of goodwill at March 31, 2018 and December 31, 2017 allocated by domestic and foreign operations is as follows (in millions):


At March 31, 2018	Brokerage		Risk Management		Corporate		Total

United States	$	2,315.9	$	25.1	$	—	$	2,341.0
United Kingdom		776.0		7.6		—		783.6
Canada		367.8		—		—		367.8
Australia		414.1		—		—		414.1
New Zealand		214.0		10.9		—		224.9
Other foreign		102.0		—		2.9		104.9

Total goodwill - net	$	4,189.8	$	43.6	$	2.9	$	4,236.3


At December 31, 2017	Brokerage		Risk Management		Corporate		Total

United States	$	2,280.9	$	25.8	$	—	$	2,306.7
United Kingdom		738.5		7.2		—		745.7
Canada		374.0		—		—		374.0
Australia		416.6		—		—		416.6
New Zealand		209.3		9.6		—		218.9
Other foreign		99.9		—		3.0		102.9


Total goodwill - net	$	4,119.2	$	42.6	$	3.0	$	4,164.8

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2018 are as follows (in millions):


	Brokerage			Risk Management			Corporate			Total

Balance as of December 31, 2017, as previously reported	$	4,152.3		$	42.6		$	3.0		$	4,197.9
Adoption of ASC Topic 606		(33.1	)		—			—			(33.1	)

Balance at December 31, 2017, as restated		4,119.2			42.6			3.0		$	4,164.8
Goodwill acquired during the period		38.3			2.7			—			41.0
Goodwill adjustments due to appraisals and other acquisition adjustments		1.9			(2.3	)		—			(0.4	)
Foreign currency translation adjustments during the period		30.4			0.6			(0.1	)		30.9


Balance as of March 31, 2018	$	4,189.8		$	43.6		$	2.9		$	4,236.3

Major classes of amortizable intangible assets at March 31, 2018 and December 31, 2017 consist of the following (in millions):


	March 31, 2018			December 31, 2017
Expiration lists	$	3,128.1		$	3,055.9
Accumulated amortization - expiration lists		(1,498.4	)		(1,422.1	)

		1,629.7			1,633.8

Non-compete agreements		54.3			53.5
Accumulated amortization - non-compete agreements		(47.3	)		(46.1	)

		7.0			7.4

Trade names		26.3			25.9
Accumulated amortization - trade names		(23.4	)		(22.5	)

		2.9			3.4

Net amortizable assets	$	1,639.6		$	1,644.6

Estimated aggregate amortization expense for each of the next five years and thereafter is as follows:


2018 (remaining nine months)	$	198.2
2019		251.4
2020		234.6
2021		211.0
2022		187.4
Thereafter		557.0


Total	$	1,639.6

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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