Intangible Assets

6 Months Ended

Jun. 30, 2023

5. Intangible Assets

The carrying amount of goodwill at June 30, 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 six-month period ended June 30, 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		858.7		—			—		858.7
Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3)		10.1		(0.1	)		—		10.0
Foreign currency translation adjustments during the period		154.5		0.9			0.2		155.6
Balance as of June 30, 2023	$	10,381.4	$	113.0		$	19.3	$	10,513.7

Major classes of amortizable intangible assets at June 30, 2023 and December 31, 2022 consist of the following (in millions):


	June 30,			December 31,
	2023			2022
Expiration lists	$	7,097.8		$	6,472.3
Accumulated amortization - expiration lists		(3,458.7	)		(3,178.5	)
		3,639.1			3,293.8
Non-compete agreements		100.2			91.3
Accumulated amortization - non-compete agreements		(72.1	)		(67.5	)
		28.1			23.8
Trade names		113.1			108.5
Accumulated amortization - trade names		(59.9	)		(54.0	)
		53.2			54.5
Net amortizable assets	$	3,720.4		$	3,372.1

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