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Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations

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

 

           

Risk

               
     Brokerage      Management      Corporate      Total  
           

At December 31, 2018

           

United States

   $ 2,715.3      $ 29.6      $ —        $ 2,744.9  

United Kingdom

     753.7        9.2        —          762.9  

Canada

     378.6        —          —          378.6  

Australia

     406.3        0.3        —          406.6  

New Zealand

     209.6        10.2        —          219.8  

Other foreign

     110.1        —          2.7        112.8  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total goodwill - net

   $ 4,573.6      $ 49.3      $ 2.7      $ 4,625.6  
  

 

 

    

 

 

    

 

 

    

 

 

 

At December 31, 2017

           

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  
  

 

 

    

 

 

    

 

 

    

 

 

 
Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for 2018 and 2017 are as follows (in millions):

 

          

Risk

             
     Brokerage     Management     Corporate     Total  

Balance as of January 1, 2017, as reported

   $ 3,736.9     $ 28.1     $ 2.8     $ 3,767.8  

Adoption of Topic 606 related to 2016 acquisitions

     (14.6     —         —         (14.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of January 1, 2017, as restated

     3,722.3       28.1       2.8       3,753.2  

Goodwill acquired during the year

     290.4       14.1       —         304.5  

Adoption of Topic 606 related to 2017 acquisitions

     (18.5     —         —         (18.5

Goodwill adjustments related to appraisals and other acquisition adjustments

     14.7       —         —         14.7  

Foreign currency translation adjustments during the year

     110.3       0.4       0.2       110.9  
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2017, as restated

     4,119.2       42.6       3.0       4,164.8  

Goodwill acquired during the year

     574.7       9.9       —         584.6  

Goodwill adjustments related to appraisals and other acquisition adjustments

     2.2       (2.3     —         (0.1

Foreign currency translation adjustments during the year

     (122.5     (0.9     (0.3     (123.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2018

   $ 4,573.6     $ 49.3     $ 2.7     $ 4,625.6  
  

 

 

   

 

 

   

 

 

   

 

 

 

Major Classes of Amortizable Intangible Assets

Major classes of amortizable intangible assets consist of the following (in millions):

 

     December 31,  
     2018     2017  

Expiration lists

   $ 3,379.4     $ 3,055.9  

Accumulated amortization - expiration lists

     (1,676.8     (1,422.1
  

 

 

   

 

 

 
     1,702.6       1,633.8  
  

 

 

   

 

 

 

Non-compete agreements

     58.0       53.5  

Accumulated amortization - non-compete agreements

     (48.5     (46.1
  

 

 

   

 

 

 
     9.5       7.4  
  

 

 

   

 

 

 

Trade names

     86.0       25.9  

Accumulated amortization - trade names

     (25.1     (22.5
  

 

 

   

 

 

 
     60.9       3.4  
  

 

 

   

 

 

 

Net amortizable assets

   $ 1,773.0     $ 1,644.6  
  

 

 

   

 

 

 
Estimated Aggregate Amortization Expense

Estimated aggregate amortization expense for each of the next five years is as follows (in millions):

 

2019

   $ 287.2  

2020

     270.7  

2021

     247.3  

2022

     222.2  

2023

     198.2  

Thereafter

     547.4  
  

 

 

 

Total

   $ 1,773.0