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Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

The carrying amount of goodwill at March 31, 2026 and December 31, 2025 allocated by domestic and foreign operations is as follows (in millions):

			Brokerage						Risk Management						Corporate						Total
At March 31, 2026
United States			$	15,668					$	109					$	—					$	15,777
United Kingdom			3,468						139						—						3,607
Canada			624						—						—						624
Australia			632						247						—						879
New Zealand			225						9						—						234
Other foreign			1,807						13						17						1,837
Total goodwill			$	22,424					$	517					$	17					$	22,958
At December 31, 2025
United States			$	16,428					$	109					$	—					$	16,537
United Kingdom			2,889						142						—						3,031
Canada			628						—						—						628
Australia			591						238						—						829
New Zealand			225						8						—						233
Other foreign			1,317						—						18						1,335
Total goodwill			$	22,078					$	497					$	18					$	22,593

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2026 are as follows (in millions):

			Brokerage						Risk Management						Corporate						Total
Balance as of December 31, 2025			$	22,078					$	497					$	18					$	22,593
Goodwill acquired during the period			188						13						—						201
Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3)			180						(1)						—						179
Foreign currency translation adjustments during the period			(22)						8						(1)						(15)
Balance as of March 31, 2026			$	22,424					$	517					$	17					$	22,958

Major classes of amortizable intangible assets at March 31, 2026 and December 31, 2025 consist of the following (in millions):

			March 31, 2026						December 31, 2025
Expiration lists			$	15,840					$	15,968
Accumulated amortization - expiration lists			(5,556)						(5,357)
			10,284						10,611
Non-compete agreements			138						125
Accumulated amortization - non-compete agreements			(102)						(98)
			36						27
Trade names			103						160
Accumulated amortization - trade names			(57)						(114)
			46						46
Net amortizable assets			$	10,366					$	10,684

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

2026 (remaining nine months)			$	831
2027			1,080
2028			1,037
2029			978
2030			920
Thereafter			5,520
Total			$	10,366

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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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