Arthur J. Gallagher & Co. Goodwill & Intangibles Disclosure
| Brokerage | Risk Management | Corporate | Total | ||||||||||||||||||||
| 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 - net | $ | 22,078 | $ | 497 | $ | 18 | $ | 22,593 | |||||||||||||||
| At December 31, 2024 | |||||||||||||||||||||||
| United States | $ | 6,966 | $ | 75 | $ | — | $ | 7,041 | |||||||||||||||
| United Kingdom | 2,591 | 26 | — | 2,617 | |||||||||||||||||||
| Canada | 587 | — | — | 587 | |||||||||||||||||||
| Australia | 509 | 219 | — | 728 | |||||||||||||||||||
| New Zealand | 183 | 8 | — | 191 | |||||||||||||||||||
| Other foreign | 1,087 | — | 19 | 1,106 | |||||||||||||||||||
| Total goodwill - net | $ | 11,923 | $ | 328 | $ | 19 | $ | 12,270 | |||||||||||||||
| Brokerage | Risk Management | Corporate | Total | ||||||||||||||||||||
| Balance as of December 31, 2023 | $ | 11,218 | $ | 239 | $ | 19 | $ | 11,476 | |||||||||||||||
| Goodwill acquired during the year | 830 | 7 | — | 837 | |||||||||||||||||||
| Goodwill adjustments related to appraisals and other acquisition adjustments | 98 | 101 | — | 199 | |||||||||||||||||||
| Goodwill written-off related to sales of business | (6) | — | — | (6) | |||||||||||||||||||
| Foreign currency translation adjustments during the year | (217) | (19) | — | (236) | |||||||||||||||||||
| Balance as of December 31, 2024 | 11,923 | 328 | 19 | 12,270 | |||||||||||||||||||
| Goodwill acquired during the year | 9,770 | 134 | — | 9,904 | |||||||||||||||||||
| Goodwill adjustments related to appraisals and other acquisition adjustments | 32 | 9 | — | 41 | |||||||||||||||||||
| Goodwill written-off related to sales of business | (20) | — | — | (20) | |||||||||||||||||||
| Foreign currency translation adjustments during the year | 373 | 26 | (1) | 398 | |||||||||||||||||||
| 46022 | $ | 22,078 | $ | 497 | $ | 18 | $ | 22,593 | |||||||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Expiration lists | $ | 15,968 | $ | 8,764 | |||||||
| Accumulated amortization - expiration lists | (5,357) | (4,313) | |||||||||
| 10,611 | 4,451 | ||||||||||
| Non-compete agreements | 125 | 118 | |||||||||
| Accumulated amortization - non-compete agreements | (98) | (86) | |||||||||
| 27 | 32 | ||||||||||
| Trade names | 160 | 120 | |||||||||
| Accumulated amortization - trade names | (114) | (73) | |||||||||
| 46 | 47 | ||||||||||
| Net amortizable assets | $ | 10,684 | $ | 4,530 | |||||||
| 2026 | $ | 1,105 | |||
| 2027 | 1,071 | ||||
| 2028 | 1,028 | ||||
| 2029 | 973 | ||||
| 2030 | 917 | ||||
| Thereafter | 5,590 | ||||
| Total | $ | 10,684 | |||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 8, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 12, 2018 | |
| 2016 | Feb 13, 2017 | |
| 2015 | Feb 10, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.