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Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations
The carrying amount of goodwill at June 30, 2025 and December 31, 2024 allocated by domestic and foreign operations is as follows (in millions):
BrokerageRisk
Management
CorporateTotal
At June 30, 2025
United States$7,737.2 $74.8 $— $7,812.0 
United Kingdom2,820.3 126.5 — 2,946.8 
Canada630.8 — — 630.8 
Australia566.9 228.6 — 795.5 
New Zealand227.5 9.1 — 236.6 
Other foreign1,300.2 — 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 Kingdom2,591.4 25.7 — 2,617.1 
Canada586.9 — — 586.9 
Australia509.1 219.3 — 728.4 
New Zealand183.2 8.5 — 191.7 
Other foreign1,087.2 — 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 six-month period ended June 30, 2025 are as follows (in millions):
BrokerageRisk
Management
CorporateTotal
Balance as of December 31, 2024$11,923.4 $328.3 $18.5 $12,270.2 
Goodwill acquired during the period944.0 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 period381.2 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
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 agreements135.0 117.7 
Accumulated amortization - non-compete agreements(95.4)(85.4)
39.6 32.3 
Trade names122.6 120.0 
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
Estimated aggregate amortization expense for each of the next five years and thereafter is as follows (in millions):
2025 (remaining six months)$362.6 
2026694.8 
2027658.6 
2028614.2 
2029562.6 
Thereafter2,238.8 
Total$5,131.6