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v3.23.1

Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations | The carrying amount of goodwill at March 31, 2023 and December 31, 2022 allocated by domestic and foreign operations is as follows (in millions):
|  | Brokerage |  |  | Risk Management |  |  | Corporate |  |  | Total |
At March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 5,127.9 |  |  | $ | 74.8 |  |  | $ | — |  |  | $ | 5,202.7 |
United Kingdom |  |  | 2,242.7 |  |  |  | 17.9 |  |  |  | — |  |  |  | 2,260.6 |
Canada |  |  | 566.4 |  |  |  | — |  |  |  | — |  |  |  | 566.4 |
Australia |  |  | 467.9 |  |  |  | 10.1 |  |  |  | — |  |  |  | 478.0 |
New Zealand |  |  | 201.0 |  |  |  | 9.4 |  |  |  | — |  |  |  | 210.4 |
Other foreign |  |  | 965.9 |  |  |  | — |  |  |  | 19.2 |  |  |  | 985.1 |
Total goodwill |  | $ | 9,571.8 |  |  | $ | 112.2 |  |  | $ | 19.2 |  |  | $ | 9,703.2 |
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 |  | $ | 9,358.1 |  |  | $ | 112.2 |  |  | $ | 19.1 |  |  | $ | 9,489.4 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three-month period ended March 31, 2023 are as follows (in millions):
|  | Brokerage |  |  | Risk Management |  |  | Corporate |  |  | Total |
Balance as of December 31, 2022 |  | $ | 9,358.1 |  |  | $ | 112.2 |  |  | $ | 19.1 |  |  | $ | 9,489.4 |
Goodwill acquired during the period |  |  | 181.2 |  |  |  | — |  |  |  | — |  |  |  | 181.2 |
Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3) |  |  | 7.5 |  |  |  | — |  |  |  | — |  |  |  | 7.5 |
Foreign currency translation adjustments during the period |  |  | 25.0 |  |  |  | — |  |  |  | 0.1 |  |  |  | 25.1 |
Balance as of March 31, 2023 |  | $ | 9,571.8 |  |  | $ | 112.2 |  |  | $ | 19.2 |  |  | $ | 9,703.2 |
Major Classes of Amortizable Intangible Assets | Major classes of amortizable intangible assets at March 31, 2023 and December 31, 2022 consist of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Expiration lists |  | $ | 6,620.3 |  |  | $ | 6,472.3 |
Accumulated amortization - expiration lists |  |  | (3,297.7 | ) |  |  | (3,178.5 | )
|  |  | 3,322.6 |  |  |  | 3,293.8 |
Non-compete agreements |  |  | 98.1 |  |  |  | 91.3 |
Accumulated amortization - non-compete agreements |  |  | (70.3 | ) |  |  | (67.5 | )
|  |  | 27.8 |  |  |  | 23.8 |
Trade names |  |  | 110.1 |  |  |  | 108.5 |
Accumulated amortization - trade names |  |  | (56.4 | ) |  |  | (54.0 | )
|  |  | 53.7 |  |  |  | 54.5 |
Net amortizable assets |  | $ | 3,404.1 |  |  | $ | 3,372.1 |
Estimated Aggregate Amortization Expense | Estimated aggregate amortization expense for each of the next five years and thereafter is as follows (in millions):
2023 (remaining nine months) |  | $ | 362.3 |
2024 |  |  | 449.5 |
2025 |  |  | 405.6 |
2026 |  |  | 366.2 |
2027 |  |  | 336.8 |
Thereafter |  |  | 1,483.7 |
Total |  | $ | 3,404.1 |

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