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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets The carrying amount of goodwill at December 31, 2024 and 2023 allocated by domestic and foreign operations is as follows (in millions):
|  | Brokerage |  |  | Risk Management |  |  | Corporate |  |  | Total |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 6,965.6 |  |  | $ | 74.8 |  |  | $ | — |  |  | $ | 7,040.4 |
United Kingdom |  |  | 2,591.4 |  |  |  | 25.7 |  |  |  | — |  |  |  | 2,617.1 |
Canada |  |  | 586.9 |  |  |  | — |  |  |  | — |  |  |  | 586.9 |
Australia |  |  | 509.1 |  |  |  | 219.3 |  |  |  | — |  |  |  | 728.4 |
New Zealand |  |  | 183.2 |  |  |  | 8.5 |  |  |  | — |  |  |  | 191.7 |
Other foreign |  |  | 1,087.2 |  |  |  | — |  |  |  | 18.5 |  |  |  | 1,105.7 |
Total goodwill - net |  | $ | 11,923.4 |  |  | $ | 328.3 |  |  | $ | 18.5 |  |  | $ | 12,270.2 |
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 - net |  | $ | 11,217.8 |  |  | $ | 238.8 |  |  | $ | 19.0 |  |  | $ | 11,475.6 |
The changes in the carrying amount of goodwill for 2024 and 2023 are as follows (in millions):
|  | Brokerage |  |  | Risk Management |  |  | Corporate |  |  | Total |
Balance as of December 31, 2022 |  | $ | 9,358.1 |  |  | $ | 112.2 |  |  | $ | 19.1 |  |  | $ | 9,489.4 |
Goodwill acquired during the year |  |  | 1,667.4 |  |  |  | 121.8 |  |  |  | — |  |  |  | 1,789.2 |
Goodwill adjustments related to appraisals and other acquisition adjustments |  |  | 20.0 |  |  |  | (0.1 | ) |  |  | — |  |  |  | 19.9 |
Foreign currency translation adjustments during the year |  |  | 172.3 |  |  |  | 4.9 |  |  |  | (0.1 | ) |  |  | 177.1 |
Balance as of December 31, 2023 |  |  | 11,217.8 |  |  |  | 238.8 |  |  |  | 19.0 |  |  |  | 11,475.6 |
Goodwill acquired during the year |  |  | 829.7 |  |  |  | 7.5 |  |  |  | — |  |  |  | 837.2 |
Goodwill adjustments related to appraisals and other acquisition adjustments |  |  | 98.7 |  |  |  | 101.5 |  |  |  | — |  |  |  | 200.2 |
Goodwill written-off related to sales of business |  |  | (5.8 | ) |  |  | — |  |  |  | — |  |  |  | (5.8 | )
Foreign currency translation adjustments during the year |  |  | (217.0 | ) |  |  | (19.5 | ) |  |  | (0.5 | ) |  |  | (237.0 | )
Balance as of December 31, 2024 |  | $ | 11,923.4 |  |  | $ | 328.3 |  |  | $ | 18.5 |  |  | $ | 12,270.2 |
Major classes of amortizable intangible assets consist of the following (in millions):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Expiration lists |  | $ | 8,763.7 |  |  | $ | 8,222.8 |
Accumulated amortization - expiration lists |  |  | (4,312.7 | ) |  |  | (3,733.2 | )
|  |  | 4,451.0 |  |  |  | 4,489.6 |
Non-compete agreements |  |  | 117.7 |  |  |  | 112.2 |
Accumulated amortization - non-compete agreements |  |  | (85.4 | ) |  |  | (74.9 | )
|  |  | 32.3 |  |  |  | 37.3 |
Trade names |  |  | 120.0 |  |  |  | 171.8 |
Accumulated amortization - trade names |  |  | (73.2 | ) |  |  | (65.4 | )
|  |  | 46.8 |  |  |  | 106.4 |
Net amortizable assets |  | $ | 4,530.1 |  |  | $ | 4,633.3 |
Estimated aggregate amortization expense for each of the next five years is as follows (in millions):
2025 |  | $ | 638.9 |
2026 |  |  | 594.8 |
2027 |  |  | 556.1 |
2028 |  |  | 516.8 |
2029 |  |  | 466.7 |
Thereafter |  |  | 1,756.8 |
Total |  | $ | 4,530.1 |

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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 + Details
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