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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations

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

 
Changes in Carrying Amount of Goodwill

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

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

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