Intangible Assets

3 Months Ended

Mar. 31, 2023

5. Intangible Assets

The carrying amount of goodwill at March 31, 2023 and December 31, 2022 allocated by domestic and foreign operations is as follows (in millions):

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