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Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

The carrying amount of goodwill at June 30, 2025 and December 31, 2024 allocated by domestic and foreign operations is as follows (in millions):

			Brokerage						Risk Management						Corporate						Total
At June 30, 2025
United States			$	7,737.2					$	74.8					$	—					$	7,812.0
United Kingdom			2,820.3						126.5						—						2,946.8
Canada			630.8						—						—						630.8
Australia			566.9						228.6						—						795.5
New Zealand			227.5						9.1						—						236.6
Other foreign			1,300.2						—						18.4						1,318.6
Total goodwill			$	13,282.9					$	439.0					$	18.4					$	13,740.3
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 six-month period ended June 30, 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			944.0						83.7						—						1,027.7
Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3)			34.3						5.9						—						40.2
Foreign currency translation adjustments during the period			381.2						21.1						(0.1)						402.2
Balance as of June 30, 2025			$	13,282.9					$	439.0					$	18.4					$	13,740.3

Major classes of amortizable intangible assets at June 30, 2025 and December 31, 2024 consist of the following (in millions):

			June 30, 2025						December 31, 2024
Expiration lists			$	9,877.6					$	8,763.7
Accumulated amortization - expiration lists			(4,828.7)						(4,312.7)
			5,048.9						4,451.0
Non-compete agreements			135.0						117.7
Accumulated amortization - non-compete agreements			(95.4)						(85.4)
			39.6						32.3
Trade names			122.6						120.0
Accumulated amortization - trade names			(79.5)						(73.2)
			43.1						46.8
Net amortizable assets			$	5,131.6					$	4,530.1

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

2025 (remaining six months)			$	362.6
2026			694.8
2027			658.6
2028			614.2
2029			562.6
Thereafter			2,238.8
Total			$	5,131.6

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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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