Question-and-Answer Session
Thank you. The floor is now open for questions. [Operator Instructions]. Your first question is coming from Dan Farrell with FPK. Please go ahead.
Dan Farrell - FPK
Hi, good morning.
J. Patrick Gallagher, Jr. - Chairman of the Board, President and Chief Executive Officer
Good morning.
Dan Farrell - FPK
Just a couple of questions. Firstly on the M&A environment. Can you talk a little bit about the prices that you're seeing, deals getting done, are they higher or lower than what you've seen over the past year?
J. Patrick Gallagher, Jr. - Chairman of the Board, President and Chief Executive Officer
No. I think pricing is pretty consistent. We are spending typically somewhere on the order of 6 times to 7.5 times EBITDA.
Dan Farrell - FPK
Okay. And then just a quick question on the small wholesale business that you're selling. How big is that relative to your total wholesale business that you have?
Douglas K. Howell - Corporate Vice President and Chief Financial Officer
I would say, it's less than a peanut. It's very small.
Dan Farrell - FPK
Okay. Okay great. Thanks guys.
J. Patrick Gallagher, Jr. - Chairman of the Board, President and Chief Executive Officer
Thanks Dan.
Operator
Thank you. Your next question is coming from Alison Jacobowitz with Merrill Lynch. Please state your question.
Alison Jacobowitz - Merrill Lynch
Hi, thanks. In the Brokerage Segment, it looks like the depreciation and amortization, if I saw it right, was spiked up a little bit this quarter versus the third quarter. I just wanted to see if there is anything unusual in there, if that's the new run rate?
J. Patrick Gallagher, Jr. - Chairman of the Board, President and Chief Executive Officer
Let the guys dig for number for you, Alison, but the amortization of course is going to increase as we do more deals.
Douglas K. Howell - Corporate Vice President and Chief Financial Officer
On the depreciation side, Alison, what you are seeing there is the amortization of some of the our new IT systems that we've put in I talked about the new general idea, the new HR system, the new expense and budgeting system, the new T&E system. So, those are software costs, development costs that we are amortizing. But, it is up a little bit, but it's not dramatically up.
Alison Jacobowitz - Merrill Lynch
Okay. Thank you.
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