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Segment Information (Tables)

6 Months Ended

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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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Publisher FASB
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