16. Segment Information

We have three reportable segments: brokerage, risk management and corporate.

The brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks.

The risk management segment provides contract claim settlement and administration services for enterprises that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim or per-service fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered.

The corporate segment manages our clean energy and other investments. In addition, the corporate segment reports the financial information related to our debt and other corporate costs and external acquisition-related expenses.

Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local country statutory rates. Reported operating results by segment would change if different methods were applied.

Financial information relating to our segments for the three-month and six-month periods ended June 30, 2018 and 2017 is as follows (in millions):


	Three-month period						Six-month period
	ended June 30,						ended June 30,
				2017						2017
	2018			As Restated for Adoption of ASC 606			2018			As Restated for Adoption of ASC 606
Brokerage
Total revenues	$	1,000.1		$	896.1		$	2,195.7		$	1,981.0

Earnings before income taxes	$	170.6		$	125.1		$	489.5		$	401.6

Identifiable assets at June 30, 2018 and 2017							$	13,779.0		$	13,202.9

Risk Management
Total revenues	$	237.3		$	216.8		$	467.2		$	426.7

Earnings before income taxes	$	24.0		$	20.6		$	45.6		$	42.7

Identifiable assets at June 30, 2018 and 2017							$	739.5		$	714.7

Corporate
Total revenues	$	423.0		$	376.6		$	835.2		$	728.2

Loss before income taxes	$	(91.0	)	$	(91.6	)	$	(189.2	)	$	(190.6	)

Identifiable assets at June 30, 2018 and 2017							$	1,712.0		$	1,761.8

Disaggregation of Revenue

We disaggregate our revenue from contracts with clients by type and geographic location for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

Revenues by type and segment for the three-month period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	688.0	$	—	$	—	$	688.0
Fees		220.4		201.8		—		422.2
Supplemental revenues		48.1		—		—		48.1
Contingent revenues		21.8		—		—		21.8
Investment income		15.7		0.1		—		15.8
Gains on books of business sales		6.1		—		—		6.1
Revenues from clean coal activities		—		—		422.4		422.4
Other net revenues		—		—		0.6		0.6

Revenues before reimbursements		1,000.1		201.9		423.0		1,625.0
Reimbursements		—		35.4		—		35.4

Total revenues	$	1,000.1	$	237.3	$	423.0	$	1,660.4

Revenues by type and segment for the six-month period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	1,527.4	$	—	$	—	$	1,527.4
Fees		473.6		396.7		—		870.3
Supplemental revenues		100.1		—		—		100.1
Contingent revenues		56.7		—		—		56.7
Investment income		28.9		0.3		—		29.2
Gains on books of business sales		9.0		—		—		9.0
Revenues from clean coal activities		—		—		834.6		834.6
Other net revenues		—		—		0.6		0.6

Revenues before reimbursements		2,195.7		397.0		835.2		3,427.9
Reimbursements		—		70.2		—		70.2

Total revenues	$	2,195.7	$	467.2	$	835.2	$	3,498.1

Revenues by geographical location and segment for the three-month period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	615.5	$	197.3	$	423.0	$	1,235.8
United Kingdom		204.4		8.8		—		213.2
Australia		53.9		25.7		—		79.6
Canada		47.8		1.2		—		49.0
New Zealand		39.4		4.3		—		43.7
Other foreign		39.1		—		—		39.1

Total revenues	$	1,000.1	$	237.3	$	423.0	$	1,660.4

Revenues by geographical location and segment for the six-month period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	1,468.3	$	390.1	$	835.2	$	2,693.6
United Kingdom		395.4		17.7		—		413.1
Australia		97.5		49.4		—		146.9
Canada		90.6		2.2		—		92.8
New Zealand		69.5		7.8		—		77.3
Other foreign		74.4		—		—		74.4

Total revenues	$	2,195.7	$	467.2	$	835.2	$	3,498.1

Revenues by type and segment for the three-month period ended June 30, 2017, as restated for the adoption of ASC Topic 606, are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	618.2	$	—	$	—	$	618.2
Fees		205.5		181.4		—		386.9
Supplemental revenues		35.8		—		—		35.8
Contingent revenues		21.3		—		—		21.3
Investment income		14.2		0.2		—		14.4
Gains on books of business sales		1.1		—		—		1.1
Revenues from clean coal activities		—		—		376.4		376.4
Other net gains		—		—		0.2		0.2

Revenues before reimbursements		896.1		181.6		376.6		1,454.3
Reimbursements		—		35.2		—		35.2

Total revenues	$	896.1	$	216.8	$	376.6	$	1,489.5

Revenues by type and segment for the six-month period ended June 30, 2017, as restated for the adoption of ASC Topic 606, are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	1,378.9	$	—	$	—	$	1,378.9
Fees		433.8		358.1		—		791.9
Supplemental revenues		83.1		—		—		83.1
Contingent revenues		56.3		—		—		56.3
Investment income		26.4		0.3		—		26.7
Gains on books of business sales		2.5		—		—		2.5
Revenues from clean coal activities		—		—		728.2		728.2

Revenues before reimbursements		1,981.0		358.4		728.2		3,067.6
Reimbursements		—		68.3		—		68.3

Total revenues	$	1,981.0	$	426.7	$	728.2	$	3,135.9

Revenues by geographical location and segment for the three-month period ended June 30, 2017, as restated for the adoption of ASC Topic 606, are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	552.1	$	185.3	$	376.6	$	1,114.0
United Kingdom		184.7		7.2		—		191.9
Australia		52.0		19.1		—		71.1
Canada		36.6		0.9		—		37.5
New Zealand		36.8		4.3		—		41.1
Other foreign		33.9		—		—		33.9

Total revenues	$	896.1	$	216.8	$	376.6	$	1,489.5

Revenues by geographical location and segment for the six-month period ended June 30, 2017, as restated for the adoption of ASC Topic 606, are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	1,345.1	$	367.7	$	728.2	$	2,441.0
United Kingdom		346.0		13.6		—		359.6
Australia		92.3		37.8		—		130.1
Canada		68.7		1.7		—		70.4
New Zealand		63.9		5.9		—		69.8
Other foreign		65.0		—		—		65.0

Total revenues	$	1,981.0	$	426.7	$	728.2	$	3,135.9