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Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

The carrying amount of goodwill at March 31, 2025 and December 31, 2024 allocated by domestic and foreign operations is as follows (in millions):

		Brokerage				Risk Management				Corporate				Total
At March 31, 2025
United States		$	7,069.1			$	74.8			$	—			$	7,143.9
United Kingdom			2,671.6				114.3				—				2,785.9
Canada			604.6				—				—				604.6
Australia			523.0				221.4				—				744.4
New Zealand			193.8				8.7				—				202.5
Other foreign			1,214.9				—				18.5				1,233.4
Total goodwill		$	12,277.0			$	419.2			$	18.5			$	12,714.7
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		$	11,923.4			$	328.3			$	18.5			$	12,270.2

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2025 are as follows (in millions):

		Brokerage				Risk Management				Corporate				Total
Balance as of December 31, 2024		$	11,923.4			$	328.3			$	18.5			$	12,270.2
Goodwill acquired during the period			174.3				83.7				—				258.0
Goodwill true-ups due to appraisals and other acquisition    adjustments (see Note 3)			53.8				—				—				53.8
Foreign currency translation adjustments during the period			125.5				7.2				—				132.7
Balance as of March 31, 2025		$	12,277.0			$	419.2			$	18.5			$	12,714.7

Major classes of amortizable intangible assets at March 31, 2025 and December 31, 2024 consist of the following (in millions):

		March 31,				December 31,
		2025				2024
Expiration lists		$	9,001.4			$	8,763.7
Accumulated amortization - expiration lists			(4,558.9	)			(4,312.7	)
			4,442.5				4,451.0
Non-compete agreements			135.9				117.7
Accumulated amortization - non-compete agreements			(90.9	)			(85.4	)
			45.0				32.3
Trade names			120.6				120.0
Accumulated amortization - trade names			(75.9	)			(73.2	)
			44.7				46.8
Net amortizable assets		$	4,532.2			$	4,530.1

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

2025 (remaining nine months)		$	494.3
2026			620.8
2027			581.7
2028			539.3
2029			489.5
Thereafter			1,806.6
Total		$	4,532.2

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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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