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Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

5. Intangible Assets

The carrying amount of goodwill at June 30, 2024 and December 31, 2023 allocated by domestic and foreign operations is as follows (in millions):

 

 

 

Brokerage

 

 

Risk
Management

 

 

Corporate

 

 

Total

 

At June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

6,651.7

 

 

$

74.8

 

 

$

—

 

 

$

6,726.5

 

United Kingdom

 

 

2,503.1

 

 

 

18.4

 

 

 

—

 

 

 

2,521.5

 

Canada

 

 

606.8

 

 

 

—

 

 

 

—

 

 

 

606.8

 

Australia

 

 

522.6

 

 

 

234.5

 

 

 

—

 

 

 

757.1

 

New Zealand

 

 

197.0

 

 

 

9.2

 

 

 

—

 

 

 

206.2

 

Other foreign

 

 

1,078.5

 

 

 

—

 

 

 

18.9

 

 

 

1,097.4

 

Total goodwill

 

$

11,559.7

 

 

$

336.9

 

 

$

18.9

 

 

$

11,915.5

 

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 six-month period ended June 30, 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

 

 

341.0

 

 

 

—

 

 

 

—

 

 

 

341.0

 

Goodwill true-ups due to appraisals and other acquisition
   adjustments (see Note 3)

 

 

94.4

 

 

 

102.0

 

 

 

—

 

 

 

196.4

 

Goodwill written-off related to sales of business and impairment

 

 

(5.8

)

 

 

—

 

 

 

—

 

 

 

(5.8

)

Foreign currency translation adjustments during the period

 

 

(87.7

)

 

 

(3.9

)

 

 

(0.1

)

 

 

(91.7

)

Balance as of June 30, 2024

 

$

11,559.7

 

 

$

336.9

 

 

$

18.9

 

 

$

11,915.5

 

 

Major classes of amortizable intangible assets at June 30, 2024 and December 31, 2023 consist of the following (in millions):

 

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Expiration lists

 

$

8,341.8

 

 

$

8,222.8

 

Accumulated amortization - expiration lists

 

 

(4,025.8

)

 

 

(3,733.2

)

 

 

4,316.0

 

 

 

4,489.6

 

Non-compete agreements

 

 

103.3

 

 

 

112.2

 

Accumulated amortization - non-compete agreements

 

 

(79.9

)

 

 

(74.9

)

 

 

23.4

 

 

 

37.3

 

Trade names

 

 

119.7

 

 

 

171.8

 

Accumulated amortization - trade names

 

 

(69.7

)

 

 

(65.4

)

 

 

50.0

 

 

 

106.4

 

Net amortizable assets

 

$

4,389.4

 

 

$

4,633.3

 

 

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

 

2024 (remaining six months)

 

$

310.1

 

2025

 

 

587.5

 

2026

 

 

544.3

 

2027

 

 

510.5

 

2028

 

 

470.1

 

Thereafter

 

 

1,966.9

 

Total

 

$

4,389.4