v3.26.3
Intangible Assets
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets Intangible Assets
The carrying amount of goodwill at September 30, 2026 and December 31, 2025 allocated by domestic and foreign operations is as follows (in millions):
  BrokerageRisk
Management		CorporateTotal
At September 30, 2026
United States$15,817 $109 $— $15,926 
United Kingdom3,514 148 — 3,662 
Canada883 — — 883 
Australia643 252 — 895 
New Zealand223 8 — 231 
Other foreign1,759 13 16 1,788 
Total goodwill$22,839 $530 $16 $23,385 
At December 31, 2025
United States$16,428 $109 $— $16,537 
United Kingdom2,889 142 — 3,031 
Canada628 — — 628 
Australia591 238 — 829 
New Zealand225 8 — 233 
Other foreign1,317 — 18 1,335 
Total goodwill$22,078 $497 $18 $22,593 
The changes in the carrying amount of goodwill for the nine-month period ended September 30, 2026 are as follows (in millions):
BrokerageRisk
Management		CorporateTotal
Balance as of December 31, 2025$22,078 $497 $18 $22,593 
Goodwill acquired during the period642 24 — 666 
Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3)180 (2)— 178 
Foreign currency translation adjustments during the period(61)11 (2)(52)
Balance as of September 30, 2026$22,839 $530 $16 $23,385 
Major classes of amortizable intangible assets at September 30, 2026 and December 31, 2025 consist of the following (in millions):
September 30,
2026		December 31,
2025
Expiration lists$16,265 $15,968 
Accumulated amortization - expiration lists(6,123)(5,357)
10,142 10,611 
Non-compete agreements122 125 
Accumulated amortization - non-compete agreements(105)(98)
17 27 
Trade names105 160 
Accumulated amortization - trade names(62)(114)
43 46 
Net amortizable assets$10,202 $10,684 

Estimated aggregate amortization expense for each of the next five years and thereafter is as follows (in millions):
2026 (remaining three months)$284 
20271,118 
20281,075 
20291,020 
2030961 
Thereafter5,744 
Total$10,202