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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations

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

 
Changes in Carrying Amount of Goodwill

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

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

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