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Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Financial information relating to our segments for the three and nine-month periods ended September 30, 2023 and 2022 as follows

(in millions):

	Three-month period ended September 30,								Nine-month period ended September 30,
	2023				2022				2023				2022
Brokerage
Total revenues	$	2,122.1			$	1,736.2			$	6,585.7			$	5,599.5
Earnings before income taxes	$	454.0			$	370.7			$	1,535.4			$	1,400.0
Identifiable assets at September 30, 2023 and 2022 *									$	49,325.8			$	34,773.9
Risk Management
Total revenues	$	369.4			$	307.5			$	1,053.8			$	899.4
Earnings before income taxes	$	56.4			$	36.6			$	151.8			$	107.7
Identifiable assets at September 30, 2023 and 2022 *									$	1,275.9			$	1,128.0
Corporate
Total revenues	$	0.5			$	0.3			$	0.5			$	23.4
Loss before income taxes	$	(146.3	)		$	(92.3	)		$	(419.9	)		$	(302.7	)
Identifiable assets at September 30, 2023 and 2022 *									$	2,602.2			$	2,615.3
Total
Total revenues	$	2,492.0			$	2,044.0			$	7,640.0			$	6,522.3
Earnings before income taxes	$	364.1			$	315.0			$	1,267.3			$	1,205.0
Identifiable assets at September 30, 2023 and 2022 *									$	53,203.9			$	38,517.2

* 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 September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	1,381.2			$	—			$	—			$	1,381.2
Fees			523.0				323.1				—				846.1
Supplemental revenues			70.8				—				—				70.8
Contingent revenues			53.9				—				—				53.9
Investment income			92.8				7.8				—				100.6
Net gains on divestitures			0.4				0.1				—				0.5
Other net revenues			—				—				0.5				0.5
Revenues before reimbursements			2,122.1				331.0				0.5				2,453.6
Reimbursements			—				38.4				—				38.4
Total revenues		$	2,122.1			$	369.4			$	0.5			$	2,492.0

Revenues by type and segment for the nine-month period ended September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	4,539.0			$	—			$	—			$	4,539.0
Fees			1,414.2				928.1				—				2,342.3
Supplemental revenues			223.6				—				—				223.6
Contingent revenues			179.9				—				—				179.9
Investment income			223.4				18.8				—				242.2
Net gains on divestitures			5.6				0.3				—				5.9
Other net revenues			—				—				0.5				0.5
Revenues before reimbursements			6,585.7				947.2				0.5				7,533.4
Reimbursements			—				106.6				—				106.6
Total revenues		$	6,585.7			$	1,053.8			$	0.5			$	7,640.0

Revenues by type and segment for the three-month period ended September 30, 2022 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	1,186.9			$	—			$	—			$	1,186.9
Fees			396.0				275.3				—				671.3
Supplemental revenues			64.7				—				—				64.7
Contingent revenues			52.4				—				—				52.4
Investment income			37.5				0.2				—				37.7
Net losses on divestitures			(1.3	)			—				—				(1.3	)
Other net revenues			—				—				0.3				0.3
Revenues before reimbursements			1,736.2				275.5				0.3				2,012.0
Reimbursements			—				32.0				—				32.0
Total revenues		$	1,736.2			$	307.5			$	0.3			$	2,044.0

Revenues by type and segment for the nine-month period ended September 30, 2022 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	4,034.6			$	—			$	—			$	4,034.6
Fees			1,111.5				801.6				—				1,913.1
Supplemental revenues			204.7				—				—				204.7
Contingent revenues			167.1				—				—				167.1
Investment income			78.7				0.4				—				79.1
Net gains on divestitures			2.9				—				—				2.9
Revenues from clean coal activities			—				—				23.0				23.0
Other net revenues			—				—				0.4				0.4
Revenues before reimbursements			5,599.5				802.0				23.4				6,424.9
Reimbursements			—				97.4				—				97.4
Total revenues		$	5,599.5			$	899.4			$	23.4			$	6,522.3

Summary of Geographical Location and Segment

Revenues by geographical location and segment for the three-month period ended September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	1,349.0			$	313.2			$	0.5			$	1,662.7
United Kingdom			427.3				11.9				—				439.2
Australia			79.8				38.5				—				118.3
Canada			89.8				1.8				—				91.6
New Zealand			49.6				4.0				—				53.6
Other foreign			126.6				—				—				126.6
Total revenues		$	2,122.1			$	369.4			$	0.5			$	2,492.0

Revenues by geographical location and segment for the nine-month period ended September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	4,024.0			$	892.0			$	0.5			$	4,916.5
United Kingdom			1,468.4				34.8				—				1,503.2
Australia			227.8				110.0				—				337.8
Canada			288.1				4.8				—				292.9
New Zealand			140.6				12.2				—				152.8
Other foreign			436.8				—				—				436.8
Total revenues		$	6,585.7			$	1,053.8			$	0.5			$	7,640.0

Revenues by geographical location and segment for the three-month period ended September 30, 2022 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	1,140.3			$	260.4			$	0.3			$	1,401.0
United Kingdom			315.7				10.9				—				326.6
Australia			71.8				31.2				—				103.0
Canada			80.6				1.7				—				82.3
New Zealand			41.3				3.3				—				44.6
Other foreign			86.5				—				—				86.5
Total revenues		$	1,736.2			$	307.5			$	0.3			$	2,044.0

Revenues by geographical location and segment for the nine-month period ended September 30, 2022 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	3,492.0			$	752.9			$	23.4			$	4,268.3
United Kingdom			1,182.1				34.4				—				1,216.5
Australia			207.4				97.2				—				304.6
Canada			261.9				4.5				—				266.4
New Zealand			122.9				10.4				—				133.3
Other foreign			333.2				—				—				333.2
Total revenues		$	5,599.5			$	899.4			$	23.4			$	6,522.3

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-Topic 280
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-Section 50
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