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Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

The carrying amount of goodwill at September 30, 2023 and December 31, 2022 allocated by domestic and foreign operations is as follows (in millions):

		Brokerage				Risk Management				Corporate				Total
At September 30, 2023
United States		$	5,748.3			$	74.8			$	—			$	5,823.1
United Kingdom			2,322.8				17.9				—				2,340.7
Canada			591.1				—				—				591.1
Australia			479.5				9.8				—				489.3
New Zealand			191.5				9.0				—				200.5
Other foreign			1,005.7				—				19.0				1,024.7
Total goodwill		$	10,338.9			$	111.5			$	19.0			$	10,469.4
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

The changes in the carrying amount of goodwill for the nine-month period ended September 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			957.9				—				—				957.9
Goodwill true-ups due to appraisals and other acquisition    adjustments (see Note 3)			9.9				(0.1	)			—				9.8
Foreign currency translation adjustments during the period			13.0				(0.6	)			(0.1	)			12.3
Balance as of September 30, 2023		$	10,338.9			$	111.5			$	19.0			$	10,469.4

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

		September 30,				December 31,
		2023				2022
Expiration lists		$	7,052.3			$	6,472.3
Accumulated amortization - expiration lists			(3,543.9	)			(3,178.5	)
			3,508.4				3,293.8
Non-compete agreements			102.9				91.3
Accumulated amortization - non-compete agreements			(74.1	)			(67.5	)
			28.8				23.8
Trade names			108.6				108.5
Accumulated amortization - trade names			(61.2	)			(54.0	)
			47.4				54.5
Net amortizable assets		$	3,584.6			$	3,372.1

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

2023 (remaining three months)		$	131.6
2024			501.1
2025			458.7
2026			417.2
2027			386.2
Thereafter			1,689.8
Total		$	3,584.6

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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