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Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations

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

 
Changes in Carrying Amount of Goodwill

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

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

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