v3.26.3
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations
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 
Changes in Carrying Amount of Goodwill
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
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
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