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Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets The carrying amount of goodwill at September 30, 2025 and December 31, 2024 allocated by domestic and foreign operations is as follows (in millions):
| Brokerage |  | Risk Management |  | Corporate |  | Total
At September 30, 2025 |  |  |  |  |  |  |
United States | $ | 16,231.3 |  |  | $ | 74.8 |  |  | $ | — |  |  | $ | 16,306.1 |
United Kingdom | 2,780.0 |  |  | 141.0 |  |  | — |  |  | 2,921.0 |
Canada | 619.5 |  |  | — |  |  | — |  |  | 619.5 |
Australia | 577.2 |  |  | 232.0 |  |  | — |  |  | 809.2 |
New Zealand | 221.5 |  |  | 8.8 |  |  | — |  |  | 230.3 |
Other foreign | 1,309.4 |  |  | — |  |  | 17.8 |  |  | 1,327.2 |
Total goodwill | $ | 21,738.9 |  |  | $ | 456.6 |  |  | $ | 17.8 |  |  | $ | 22,213.3 |
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 nine-month period ended September 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 | 9,440.3 |  |  | 99.6 |  |  | — |  |  | 9,539.9 |
Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3) | 33.7 |  |  | 6.7 |  |  | — |  |  | 40.4 |
Goodwill written-off related to sales of business and impairment | (3.0) |  |  | — |  |  | — |  |  | (3.0) |
Foreign currency translation adjustments during the period | 344.5 |  |  | 22.0 |  |  | (0.7) |  |  | 365.8 |
Balance as of September 30, 2025 | $ | 21,738.9 |  |  | $ | 456.6 |  |  | $ | 17.8 |  |  | $ | 22,213.3 |
Major classes of amortizable intangible assets at September 30, 2025 and December 31, 2024 consist of the following (in millions):
| September 30, 2025 |  | December 31, 2024
Expiration lists | $ | 15,692.0 |  |  | $ | 8,763.7 |
Accumulated amortization - expiration lists | (5,040.6) |  |  | (4,312.7) |
| 10,651.4 |  |  | 4,451.0 |
Non-compete agreements | 121.3 |  |  | 117.7 |
Accumulated amortization - non-compete agreements | (96.0) |  |  | (85.4) |
| 25.3 |  |  | 32.3 |
Trade names | 159.8 |  |  | 120.0 |
Accumulated amortization - trade names | (82.1) |  |  | (73.2) |
| 77.7 |  |  | 46.8 |
Net amortizable assets | $ | 10,754.4 |  |  | $ | 4,530.1 |
Estimated aggregate amortization expense for each of the next five years and thereafter is as follows (in millions):
2025 (remaining three months) | $ | 277.4 |
2026 | 1,083.0 |
2027 | 1,048.6 |
2028 | 1,007.1 |
2029 | 956.0 |
Thereafter | 6,382.3 |
Total | $ | 10,754.4 |

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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 + Details
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