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Intangible Assets (Tables)
 3 Months Ended
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