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Intangible Assets

9 Months Ended

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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- 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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