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Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations

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

 
Changes in Carrying Amount of Goodwill

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

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

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