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Intangible Assets
 3 Months Ended
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