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Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

7. Intangible Assets

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

 

 

 

Brokerage

 

 

Risk
Management

 

 

Corporate

 

 

Total

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

5,065.7

 

 

$

74.8

 

 

$

—

 

 

$

5,140.5

 

United Kingdom

 

 

2,180.2

 

 

 

17.7

 

 

 

—

 

 

 

2,197.9

 

Canada

 

 

569.7

 

 

 

—

 

 

 

—

 

 

 

569.7

 

Australia

 

 

467.6

 

 

 

10.2

 

 

 

—

 

 

 

477.8

 

New Zealand

 

 

203.8

 

 

 

9.5

 

 

 

—

 

 

 

213.3

 

Other foreign

 

 

871.1

 

 

 

—

 

 

 

19.1

 

 

 

890.2

 

Total goodwill - net

 

$

9,358.1

 

 

$

112.2

 

 

$

19.1

 

 

$

9,489.4

 

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 - net

 

$

8,544.6

 

 

$

100.9

 

 

$

20.7

 

 

$

8,666.2

 

 

The changes in the carrying amount of goodwill for 2022 and 2021 are as follows (in millions):

 

 

 

Brokerage

 

 

Risk
Management

 

 

Corporate

 

 

Total

 

Balance as of December 31, 2020

 

$

6,053.6

 

 

$

70.5

 

 

$

2.9

 

 

$

6,127.0

 

Goodwill acquired during the year

 

 

2,511.8

 

 

 

31.6

 

 

 

18.1

 

 

 

2,561.5

 

Goodwill adjustments related to appraisals and other acquisition
   adjustments

 

 

50.8

 

 

 

—

 

 

 

—

 

 

 

50.8

 

Goodwill written-off related to sales of business

 

 

(1.0

)

 

 

—

 

 

 

—

 

 

 

(1.0

)

Foreign currency translation adjustments during the year

 

 

(70.6

)

 

 

(1.2

)

 

 

(0.3

)

 

 

(72.1

)

Balance as of December 31, 2021

 

 

8,544.6

 

 

 

100.9

 

 

 

20.7

 

 

 

8,666.2

 

Goodwill acquired during the year

 

 

693.9

 

 

 

16.0

 

 

 

—

 

 

 

709.9

 

Goodwill adjustments related to appraisals and other acquisition
   adjustments

 

 

428.3

 

 

 

(1.6

)

 

 

0.2

 

 

 

426.9

 

Foreign currency translation adjustments during the year

 

 

(308.7

)

 

 

(3.1

)

 

 

(1.8

)

 

 

(313.6

)

Balance as of December 31, 2022

 

$

9,358.1

 

 

$

112.2

 

 

$

19.1

 

 

$

9,489.4

 

 

 

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

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Expiration lists

 

$

6,472.3

 

 

$

6,696.8

 

Accumulated amortization - expiration lists

 

 

(3,178.5

)

 

 

(2,812.2

)

 

 

 

3,293.8

 

 

 

3,884.6

 

Non-compete agreements

 

 

91.3

 

 

 

76.0

 

Accumulated amortization - non-compete agreements

 

 

(67.5

)

 

 

(62.8

)

 

 

 

23.8

 

 

 

13.2

 

Trade names

 

 

108.5

 

 

 

105.2

 

Accumulated amortization - trade names

 

 

(54.0

)

 

 

(49.0

)

 

 

 

54.5

 

 

 

56.2

 

Net amortizable assets

 

$

3,372.1

 

 

$

3,954.0

 

 

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

 

2023

 

$

466.1

 

2024

 

 

429.5

 

2025

 

 

388.5

 

2026

 

 

349.7

 

2027

 

 

320.3

 

Thereafter

 

 

1,418.0

 

Total

 

$

3,372.1