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Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 5. Intangible Assets The carrying amount of goodwill at March 31, 2024 and December 31, 2023 allocated by domestic and foreign operations is as follows (in millions):
|  | Brokerage |  |  | Risk Management |  |  | Corporate |  |  | Total |
At March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 6,425.2 |  |  | $ | 74.8 |  |  | $ | — |  |  | $ | 6,500.0 |
United Kingdom |  |  | 2,493.3 |  |  |  | 18.4 |  |  |  | — |  |  |  | 2,511.7 |
Canada |  |  | 607.8 |  |  |  | — |  |  |  | — |  |  |  | 607.8 |
Australia |  |  | 493.8 |  |  |  | 129.9 |  |  |  | — |  |  |  | 623.7 |
New Zealand |  |  | 193.5 |  |  |  | 9.0 |  |  |  | — |  |  |  | 202.5 |
Other foreign |  |  | 1,067.4 |  |  |  | — |  |  |  | 19.0 |  |  |  | 1,086.4 |
Total goodwill |  | $ | 11,281.0 |  |  | $ | 232.1 |  |  | $ | 19.0 |  |  | $ | 11,532.1 |
At December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 6,304.5 |  |  | $ | 74.8 |  |  | $ | — |  |  | $ | 6,379.3 |
United Kingdom |  |  | 2,493.4 |  |  |  | 18.5 |  |  |  | — |  |  |  | 2,511.9 |
Canada |  |  | 623.7 |  |  |  | — |  |  |  | — |  |  |  | 623.7 |
Australia |  |  | 514.6 |  |  |  | 135.9 |  |  |  | — |  |  |  | 650.5 |
New Zealand |  |  | 204.2 |  |  |  | 9.6 |  |  |  | — |  |  |  | 213.8 |
Other foreign |  |  | 1,077.4 |  |  |  | — |  |  |  | 19.0 |  |  |  | 1,096.4 |
Total goodwill |  | $ | 11,217.8 |  |  | $ | 238.8 |  |  | $ | 19.0 |  |  | $ | 11,475.6 |
The changes in the carrying amount of goodwill for the three-month period ended March 31, 2024 are as follows (in millions):
|  | Brokerage |  |  | Risk Management |  |  | Corporate |  |  | Total |
Balance as of December 31, 2023 |  | $ | 11,217.8 |  |  | $ | 238.8 |  |  | $ | 19.0 |  |  | $ | 11,475.6 |
Goodwill acquired during the period |  |  | 187.3 |  |  |  | — |  |  |  | — |  |  |  | 187.3 |
Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3) |  |  | (31.9 | ) |  |  | — |  |  |  | — |  |  |  | (31.9 | )
Foreign currency translation adjustments during the period |  |  | (92.2 | ) |  |  | (6.7 | ) |  |  | — |  |  |  | (98.9 | )
Balance as of March 31, 2024 |  | $ | 11,281.0 |  |  | $ | 232.1 |  |  | $ | 19.0 |  |  | $ | 11,532.1 |
Major classes of amortizable intangible assets at March 31, 2024 and December 31, 2023 consist of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Expiration lists |  | $ | 8,342.8 |  |  | $ | 8,222.8 |
Accumulated amortization - expiration lists |  |  | (3,857.7 | ) |  |  | (3,733.2 | )
|  |  | 4,485.1 |  |  |  | 4,489.6 |
Non-compete agreements |  |  | 115.1 |  |  |  | 112.2 |
Accumulated amortization - non-compete agreements |  |  | (78.2 | ) |  |  | (74.9 | )
|  |  | 36.9 |  |  |  | 37.3 |
Trade names |  |  | 168.6 |  |  |  | 171.8 |
Accumulated amortization - trade names |  |  | (68.9 | ) |  |  | (65.4 | )
|  |  | 99.7 |  |  |  | 106.4 |
Net amortizable assets |  | $ | 4,621.7 |  |  | $ | 4,633.3 |
Estimated aggregate amortization expense for each of the next five years and thereafter is as follows (in millions):
2024 (remaining nine months) |  | $ | 473.3 |
2025 |  |  | 593.8 |
2026 |  |  | 550.9 |
2027 |  |  | 513.1 |
2028 |  |  | 472.3 |
Thereafter |  |  | 2,018.3 |
Total |  | $ | 4,621.7 |

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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 + Details
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