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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | Financial information relating to our segments for the three and six-month periods ended June 30, 2023 and 2022 as follows (in millions):
| Three-month period ended June 30, |  |  | Six-month period ended June 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Brokerage |  |  |  |  |  |  |  |  |  |  |
Total revenues | $ | 2,088.4 |  |  | $ | 1,740.7 |  |  | $ | 4,463.6 |  |  | $ | 3,863.3 |
Earnings before income taxes | $ | 390.5 |  |  | $ | 410.9 |  |  | $ | 1,081.4 |  |  | $ | 1,029.3 |
Identifiable assets at June 30, 2023 and 2022 * |  |  |  |  |  |  | $ | 50,623.8 |  |  | $ | 36,574.3 |
Risk Management |  |  |  |  |  |  |  |  |  |  |
Total revenues | $ | 353.6 |  |  | $ | 302.0 |  |  | $ | 684.4 |  |  | $ | 591.9 |
Earnings before income taxes | $ | 49.9 |  |  | $ | 38.8 |  |  | $ | 95.4 |  |  | $ | 71.1 |
Identifiable assets at June 30, 2023 and 2022 * |  |  |  |  |  |  | $ | 1,212.8 |  |  | $ | 1,120.3 |
Corporate |  |  |  |  |  |  |  |  |  |  |
Total revenues | $ | (0.1 | ) |  | $ | 0.3 |  |  | $ | — |  |  | $ | 23.1 |
Loss before income taxes | $ | (143.0 | ) |  | $ | (97.4 | ) |  | $ | (273.6 | ) |  | $ | (210.4 | )
Identifiable assets at June 30, 2023 and 2022 * |  |  |  |  |  |  | $ | 2,528.6 |  |  | $ | 2,156.2 |
Total |  |  |  |  |  |  |  |  |  |  |
Total revenues | $ | 2,441.9 |  |  | $ | 2,043.0 |  |  | $ | 5,148.0 |  |  | $ | 4,478.3 |
Earnings before income taxes | $ | 297.4 |  |  | $ | 352.3 |  |  | $ | 903.2 |  |  | $ | 890.0 |
Identifiable assets at June 30, 2023 and 2022 * |  |  |  |  |  |  | $ | 54,365.2 |  |  | $ | 39,850.8 |
* See Note 1 for a discussion on the 2022 impact of the change in presentation of fiduciary assets and liabilities.
Summary of Revenues by Type and Segment | Revenues by type and segment for the three-month period ended June 30, 2023 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 1,410.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,410.4 |
Fees |  |  | 478.5 |  |  |  | 312.0 |  |  |  | — |  |  |  | 790.5 |
Supplemental revenues |  |  | 71.2 |  |  |  | — |  |  |  | — |  |  |  | 71.2 |
Contingent revenues |  |  | 54.2 |  |  |  | — |  |  |  | — |  |  |  | 54.2 |
Investment income |  |  | 69.1 |  |  |  | 6.5 |  |  |  | — |  |  |  | 75.6 |
Net gains on divestitures |  |  | 5.0 |  |  |  | 0.1 |  |  |  | — |  |  |  | 5.1 |
Other net revenues |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | (0.1 | )
Revenues before reimbursements |  |  | 2,088.4 |  |  |  | 318.6 |  |  |  | (0.1 | ) |  |  | 2,406.9 |
Reimbursements |  |  | — |  |  |  | 35.0 |  |  |  | — |  |  |  | 35.0 |
Total revenues |  | $ | 2,088.4 |  |  | $ | 353.6 |  |  | $ | (0.1 | ) |  | $ | 2,441.9 |
Revenues by type and segment for the six-month period ended June 30, 2023 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 3,157.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,157.8 |
Fees |  |  | 891.2 |  |  |  | 605.0 |  |  |  | — |  |  |  | 1,496.2 |
Supplemental revenues |  |  | 152.8 |  |  |  | — |  |  |  | — |  |  |  | 152.8 |
Contingent revenues |  |  | 126.0 |  |  |  | — |  |  |  | — |  |  |  | 126.0 |
Investment income |  |  | 130.6 |  |  |  | 11.0 |  |  |  | — |  |  |  | 141.6 |
Net gains on divestitures |  |  | 5.2 |  |  |  | 0.2 |  |  |  | — |  |  |  | 5.4 |
Revenues before reimbursements |  |  | 4,463.6 |  |  |  | 616.2 |  |  |  | — |  |  |  | 5,079.8 |
Reimbursements |  |  | — |  |  |  | 68.2 |  |  |  | — |  |  |  | 68.2 |
Total revenues |  | $ | 4,463.6 |  |  | $ | 684.4 |  |  | $ | — |  |  | $ | 5,148.0 |
Revenues by type and segment for the three-month period ended June 30, 2022 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 1,282.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,282.4 |
Fees |  |  | 323.6 |  |  |  | 267.3 |  |  |  | — |  |  |  | 590.9 |
Supplemental revenues |  |  | 65.7 |  |  |  | — |  |  |  | — |  |  |  | 65.7 |
Contingent revenues |  |  | 43.1 |  |  |  | — |  |  |  | — |  |  |  | 43.1 |
Investment income |  |  | 23.1 |  |  |  | 0.1 |  |  |  | — |  |  |  | 23.2 |
Net gains on divestitures |  |  | 2.8 |  |  |  | — |  |  |  | — |  |  |  | 2.8 |
Revenues from clean coal activities |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | 0.3 |
Revenues before reimbursements |  |  | 1,740.7 |  |  |  | 267.4 |  |  |  | 0.3 |  |  |  | 2,008.4 |
Reimbursements |  |  | — |  |  |  | 34.6 |  |  |  | — |  |  |  | 34.6 |
Total revenues |  | $ | 1,740.7 |  |  | $ | 302.0 |  |  | $ | 0.3 |  |  | $ | 2,043.0 |
Revenues by type and segment for the six-month period ended June 30, 2022 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 2,847.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,847.7 |
Fees |  |  | 715.5 |  |  |  | 526.3 |  |  |  | — |  |  |  | 1,241.8 |
Supplemental revenues |  |  | 140.0 |  |  |  | — |  |  |  | — |  |  |  | 140.0 |
Contingent revenues |  |  | 114.7 |  |  |  | — |  |  |  | — |  |  |  | 114.7 |
Investment income |  |  | 41.2 |  |  |  | 0.2 |  |  |  | — |  |  |  | 41.4 |
Net gains on divestitures |  |  | 4.2 |  |  |  | — |  |  |  | — |  |  |  | 4.2 |
Revenues from clean coal activities |  |  | — |  |  |  | — |  |  |  | 23.0 |  |  |  | 23.0 |
Other net revenues |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Revenues before reimbursements |  |  | 3,863.3 |  |  |  | 526.5 |  |  |  | 23.1 |  |  |  | 4,412.9 |
Reimbursements |  |  | — |  |  |  | 65.4 |  |  |  | — |  |  |  | 65.4 |
Total revenues |  | $ | 3,863.3 |  |  | $ | 591.9 |  |  | $ | 23.1 |  |  | $ | 4,478.3 |
Summary of Geographical Location and Segment | Revenues by geographical location and segment for the three-month period ended June 30, 2023 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,199.7 |  |  | $ | 298.7 |  |  | $ | (0.1 | ) |  | $ | 1,498.3 |
United Kingdom |  |  | 527.6 |  |  |  | 11.6 |  |  |  | — |  |  |  | 539.2 |
Australia |  |  | 83.8 |  |  |  | 37.5 |  |  |  | — |  |  |  | 121.3 |
Canada |  |  | 104.6 |  |  |  | 1.5 |  |  |  | — |  |  |  | 106.1 |
New Zealand |  |  | 53.0 |  |  |  | 4.3 |  |  |  | — |  |  |  | 57.3 |
Other foreign |  |  | 119.7 |  |  |  | — |  |  |  | — |  |  |  | 119.7 |
Total revenues |  | $ | 2,088.4 |  |  | $ | 353.6 |  |  | $ | (0.1 | ) |  | $ | 2,441.9 |
Revenues by geographical location and segment for the six-month period ended June 30, 2023 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,675.0 |  |  | $ | 578.8 |  |  | $ | — |  |  | $ | 3,253.8 |
United Kingdom |  |  | 1,041.1 |  |  |  | 22.9 |  |  |  | — |  |  |  | 1,064.0 |
Australia |  |  | 148.0 |  |  |  | 71.5 |  |  |  | — |  |  |  | 219.5 |
Canada |  |  | 198.3 |  |  |  | 3.0 |  |  |  | — |  |  |  | 201.3 |
New Zealand |  |  | 91.0 |  |  |  | 8.2 |  |  |  | — |  |  |  | 99.2 |
Other foreign |  |  | 310.2 |  |  |  | — |  |  |  | — |  |  |  | 310.2 |
Total revenues |  | $ | 4,463.6 |  |  | $ | 684.4 |  |  | $ | — |  |  | $ | 5,148.0 |
Revenues by geographical location and segment for the three-month period ended June 30, 2022 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,015.0 |  |  | $ | 250.2 |  |  | $ | 0.3 |  |  | $ | 1,265.5 |
United Kingdom |  |  | 426.2 |  |  |  | 12.5 |  |  |  | — |  |  |  | 438.7 |
Australia |  |  | 76.6 |  |  |  | 34.3 |  |  |  | — |  |  |  | 110.9 |
Canada |  |  | 93.8 |  |  |  | 1.4 |  |  |  | — |  |  |  | 95.2 |
New Zealand |  |  | 47.2 |  |  |  | 3.6 |  |  |  | — |  |  |  | 50.8 |
Other foreign |  |  | 81.9 |  |  |  | — |  |  |  | — |  |  |  | 81.9 |
Total revenues |  | $ | 1,740.7 |  |  | $ | 302.0 |  |  | $ | 0.3 |  |  | $ | 2,043.0 |
Revenues by geographical location and segment for the six-month period ended June 30, 2022 are as follows (in millions):
|  |  |  |  | Risk |  |  |  |  |  |  |
|  | Brokerage |  |  | Management |  |  | Corporate |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,351.7 |  |  | $ | 492.5 |  |  | $ | 23.1 |  |  | $ | 2,867.3 |
United Kingdom |  |  | 866.4 |  |  |  | 23.5 |  |  |  | — |  |  |  | 889.9 |
Australia |  |  | 135.6 |  |  |  | 66.0 |  |  |  | — |  |  |  | 201.6 |
Canada |  |  | 181.3 |  |  |  | 2.8 |  |  |  | — |  |  |  | 184.1 |
New Zealand |  |  | 81.6 |  |  |  | 7.1 |  |  |  | — |  |  |  | 88.7 |
Other foreign |  |  | 246.7 |  |  |  | — |  |  |  | — |  |  |  | 246.7 |
Total revenues |  | $ | 3,863.3 |  |  | $ | 591.9 |  |  | $ | 23.1 |  |  | $ | 4,478.3 |

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