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Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations

The carrying amount of goodwill at September 30, 2022 and December 31, 2021 allocated by domestic and foreign operations is as follows (in millions):

 

 

 

Brokerage

 

 

Risk
Management

 

 

Corporate

 

 

Total

 

At September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

4,638.0

 

 

$

74.8

 

 

$

—

 

 

$

4,712.8

 

United Kingdom

 

 

2,040.1

 

 

 

16.5

 

 

 

—

 

 

 

2,056.6

 

Canada

 

 

581.0

 

 

 

—

 

 

 

—

 

 

 

581.0

 

Australia

 

 

449.4

 

 

 

10.1

 

 

 

—

 

 

 

459.5

 

New Zealand

 

 

189.6

 

 

 

8.9

 

 

 

—

 

 

 

198.5

 

Other foreign

 

 

809.0

 

 

 

—

 

 

 

19.8

 

 

 

828.8

 

Total goodwill

 

$

8,707.1

 

 

$

110.3

 

 

$

19.8

 

 

$

8,837.2

 

At December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

4,409.1

 

 

$

64.8

 

 

$

—

 

 

$

4,473.9

 

United Kingdom

 

 

2,198.7

 

 

 

15.0

 

 

 

—

 

 

 

2,213.7

 

Canada

 

 

572.9

 

 

 

—

 

 

 

—

 

 

 

572.9

 

Australia

 

 

487.2

 

 

 

10.9

 

 

 

—

 

 

 

498.1

 

New Zealand

 

 

217.6

 

 

 

10.2

 

 

 

—

 

 

 

227.8

 

Other foreign

 

 

659.1

 

 

 

—

 

 

 

20.7

 

 

 

679.8

 

Total goodwill

 

$

8,544.6

 

 

$

100.9

 

 

$

20.7

 

 

$

8,666.2

 
Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the nine-month period ended September 30, 2022 are as follows (in millions):

 

 

 

Brokerage

 

 

Risk
Management

 

 

Corporate

 

 

Total

 

Balance as of December 31, 2021

 

$

8,544.6

 

 

$

100.9

 

 

$

20.7

 

 

$

8,666.2

 

Goodwill acquired during the period

 

 

267.1

 

 

 

16.0

 

 

 

—

 

 

 

283.1

 

Goodwill true-ups due to appraisals and other acquisition
   adjustments (see Note 3)

 

 

395.8

 

 

 

(1.6

)

 

 

0.2

 

 

 

394.4

 

Foreign currency translation adjustments during the period

 

 

(500.4

)

 

 

(5.0

)

 

 

(1.1

)

 

 

(506.5

)

Balance as of September 30, 2022

 

$

8,707.1

 

 

$

110.3

 

 

$

19.8

 

 

$

8,837.2

 
Major Classes of Amortizable Intangible Assets

Major classes of amortizable intangible assets at September 30, 2022 and December 31, 2021 consist of the following (in millions):

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Expiration lists

 

$

6,008.7

 

 

$

6,696.8

 

Accumulated amortization - expiration lists

 

 

(3,022.7

)

 

 

(2,812.2

)

 

 

 

2,986.0

 

 

 

3,884.6

 

Non-compete agreements

 

 

78.3

 

 

 

76.0

 

Accumulated amortization - non-compete agreements

 

 

(64.4

)

 

 

(62.8

)

 

 

 

13.9

 

 

 

13.2

 

Trade names

 

 

103.3

 

 

 

105.2

 

Accumulated amortization - trade names

 

 

(50.8

)

 

 

(49.0

)

 

 

 

52.5

 

 

 

56.2

 

Net amortizable assets

 

$

3,052.4

 

 

$

3,954.0

 
Estimated Aggregate Amortization Expense

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

 

2022 (remaining three months)

 

$

109.4

 

2023

 

 

421.5

 

2024

 

 

385.6

 

2025

 

 

345.4

 

2026

 

 

307.7

 

Thereafter

 

 

1,482.8

 

Total

 

$

3,052.4