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Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

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

		Brokerage				Risk Management				Corporate				Total
At September 30, 2024
United States		$	6,714.1			$	74.8			$	—			$	6,788.9
United Kingdom			2,643.3				19.5				—				2,662.8
Canada			615.5				—				—				615.5
Australia			539.1				241.4				—				780.5
New Zealand			204.5				9.5				—				214.0
Other foreign			1,112.8				—				18.9				1,131.7
Total goodwill		$	11,829.3			$	345.2			$	18.9			$	12,193.4
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 nine-month period ended September 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			410.7				—				—				410.7
Goodwill true-ups due to appraisals and other acquisition    adjustments (see Note 3)			87.4				101.5				—				188.9
Goodwill written-off related to sales of business and impairment			(5.8	)			—				—				(5.8	)
Foreign currency translation adjustments during the period			119.2				4.9				(0.1	)			124.0
Balance as of September 30, 2024		$	11,829.3			$	345.2			$	18.9			$	12,193.4

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

		September 30,				December 31,
		2024				2023
Expiration lists		$	8,532.3			$	8,222.8
Accumulated amortization - expiration lists			(4,249.2	)			(3,733.2	)
			4,283.1				4,489.6
Non-compete agreements			105.9				112.2
Accumulated amortization - non-compete agreements			(84.1	)			(74.9	)
			21.8				37.3
Trade names			121.6				171.8
Accumulated amortization - trade names			(73.3	)			(65.4	)
			48.3				106.4
Net amortizable assets		$	4,353.2			$	4,633.3

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

2024 (remaining three months)		$	157.9
2025			602.8
2026			558.9
2027			524.0
2028			483.3
Thereafter			2,026.3
Total		$	4,353.2

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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