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Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations

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

 
Changes in Carrying Amount of Goodwill

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

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

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