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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and 2024 as follows

(in millions):

Three-Month Period Ended June 30, 2025						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	1,807.5					$	—					$	—					$	1,807.5
Fees						579.1						383.3						—						962.4
Supplemental revenues						102.8						—						—						102.8
Contingent revenues						72.7						—						—						72.7
Interest income, premium finance revenues and other income						223.5						8.6						0.4						232.5
Revenues before reimbursements						2,785.6						391.9						0.4						3,177.9
Reimbursements						—						42.9						—						42.9
Total revenues						2,785.6						434.8						0.4						3,220.8
Compensation						1,526.2						243.6						33.6						1,803.4
Operating						368.9						72.9						77.5						519.3
Reimbursements						—						42.9						—						42.9
Interest						—						—						158.6						158.6
Depreciation						38.1						9.9						1.7						49.7
Amortization						174.3						6.8						—						181.1
Change in estimated acquisition earnout payables						(6.3)						0.7						—						(5.6)
Total expenses						2,101.2						376.8						271.4						2,749.4
Earnings (loss) before income taxes						684.4						58.0						(271.0)						471.4
Provision (benefit) for income taxes						176.0						15.4						(86.2)						105.2
Net earnings (loss)						508.4						42.6						(184.8)						366.2
Net earnings attributable to noncontrolling interests						0.4						—						—						0.4
Net earnings (loss) attributable to controlling interests						$	508.0					$	42.6					$	(184.8)					$	365.8
Net foreign exchange (loss) gain						$	(0.2)					$	0.6					$	25.3					$	25.7
Revenues:
United States						$	1,704.3					$	343.9					$	0.4					$	2,048.6
United Kingdom						643.0						28.1						—						671.1
Australia						96.6						58.9						—						155.5
Canada						104.5						1.9						—						106.4
New Zealand						57.6						0.1						—						57.7
Other foreign						179.6						2.0						—						181.6
Total revenues						$	2,785.6					$	434.8					$	0.4					$	3,220.8

Six-Month Period Ended June 30, 2025						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	4,056.7					$	—					$	—					$	4,056.7
Fees						1,199.3						747.9						—						1,947.2
Supplemental revenues						216.7						—						—						216.7
Contingent revenues						165.6						—						—						165.6
Interest income, premium finance revenues and other income						461.9						17.4						0.8						480.1
Revenues before reimbursements						6,100.2						765.3						0.8						6,866.3
Reimbursements						—						81.9						—						81.9
Total revenues						6,100.2						847.2						0.8						6,948.2
Compensation						3,143.4						474.7						83.0						3,701.1
Operating						715.3						143.7						150.7						1,009.7
Reimbursements						—						81.9						—						81.9
Interest						—						—						317.0						317.0
Depreciation						71.0						19.4						3.4						93.8
Amortization						377.9						12.5						—						390.4
Change in estimated acquisition earnout payables						9.1						1.1						—						10.2
Total expenses						4,316.7						733.3						554.1						5,604.1
Earnings (loss) before income taxes						1,783.5						113.9						(553.3)						1,344.1
Provision (benefit) for income taxes						459.0						30.2						(220.2)						269.0
Net earnings (loss)						1,324.5						83.7						(333.1)						1,075.1
Net earnings attributable to noncontrolling interests						4.9						—						—						4.9
Net earnings (loss) attributable to controlling interests						$	1,319.6					$	83.7					$	(333.1)					$	1,070.2
Net foreign exchange gain						$	0.4					$	0.6					$	49.2					$	50.2
Revenues:
United States						$	3,835.5					$	675.7					$	0.8					$	4,512.0
United Kingdom						1,318.5						49.4						—						1,367.9
Australia						165.2						115.1						—						280.3
Canada						203.5						3.7						—						207.2
New Zealand						97.4						0.2						—						97.6
Other foreign						480.1						3.2						—						483.3
Total revenues						$	6,100.2					$	847.2					$	0.8					$	6,948.2
At June 30, 2025
Identifiable assets:
United States						$	26,335.0					$	1,143.0					$	15,234.0					$	42,712.0
United Kingdom						22,802.8						433.5						9.7						23,246.0
Australia						1,982.5						393.8						—						2,376.3
Canada						1,908.0						7.3						—						1,915.3
New Zealand						859.5						11.7						—						871.2
Other foreign						8,847.1						25.2						129.4						9,001.7
Total identifiable assets						$	62,734.9					$	2,014.6					$	15,373.1					$	80,122.6
Goodwill - net						$	13,282.9					$	439.0					$	18.4					$	13,740.3
Amortizable intangible assets - net						4,932.4						199.2						—						5,131.6

Three-Month Period Ended June 30, 2024						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	1,661.8					$	—					$	—					$	1,661.8
Fees						477.6						349.5						—						827.1
Supplemental revenues						88.7						—						—						88.7
Contingent revenues						59.8						—						—						59.8
Interest income, premium finance revenues and other income						88.4						9.1						1.1						98.6
Revenues before reimbursements						2,376.3						358.6						1.1						2,736.0
Reimbursements						—						39.4						—						39.4
Total revenues						2,376.3						398.0						1.1						2,775.4
Compensation						1,370.3						219.2						30.6						1,620.1
Operating						337.9						67.1						20.6						425.6
Reimbursements						—						39.4						—						39.4
Interest						—						—						94.3						94.3
Depreciation						32.3						6.8						1.7						40.8
Amortization						170.8						—						—						170.8
Change in estimated acquisition earnout payables						18.7						0.1						—						18.8
Total expenses						1,930.0						332.6						147.2						2,409.8
Earnings (loss) before income taxes						446.3						65.4						(146.1)						365.6
Provision (benefit) for income taxes						113.5						17.6						(50.9)						80.2
Net earnings (loss)						332.8						47.8						(95.2)						285.4
Net earnings attributable to noncontrolling interests						2.0						—						—						2.0
Net earnings (loss) attributable to controlling interests						$	330.8					$	47.8					$	(95.2)					$	283.4
Net foreign exchange (loss) gain						$	(0.7)					$	—					$	2.4					$	1.7
Revenues:																								—
United States						$	1,394.6					$	324.2					$	1.1					$	1,719.9
United Kingdom						574.6						14.0						—						588.6
Australia						90.9						56.0						—						146.9
Canada						110.3						1.7						—						112.0
New Zealand						55.9						2.1						—						58.0
Other foreign						150.0						—						—						150.0
Total revenues						$	2,376.3					$	398.0					$	1.1					$	2,775.4

Six-Month Period Ended June 30, 2024						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	3,655.4					$	—					$	—					$	3,655.4
Fees						1,084.3						694.0						—						1,778.3
Supplemental revenues						182.6						—						—						182.6
Contingent revenues						145.8						—						—						145.8
Interest income, premium finance revenues and other income						173.1						17.4						1.5						192.0
Revenues before reimbursements						5,241.2						711.4						1.5						5,954.1
Reimbursements						—						78.0						—						78.0
Total revenues						5,241.2						789.4						1.5						6,032.1
Compensation						2,847.1						433.1						65.8						3,346.0
Operating						677.3						135.5						48.5						861.3
Reimbursements						—						78.0						—						78.0
Interest						—						—						186.5						186.5
Depreciation						65.1						17.7						3.4						86.2
Amortization						326.8						6.3						—						333.1
Change in estimated acquisition earnout payables						2.5						0.2						—						2.7
Total expenses						3,918.8						670.8						304.2						4,893.8
Earnings (loss) before income taxes						1,322.4						118.6						(302.7)						1,138.3
Provision (benefit) for income taxes						337.0						31.5						(128.3)						240.2
Net earnings (loss)						985.4						87.1						(174.4)						898.1
Net earnings attributable to noncontrolling interests						6.3						—						—						6.3
Net earnings (loss) attributable to controlling interests						$	979.1					$	87.1					$	(174.4)					$	891.8
Net foreign exchange (loss) gain						$	(0.7)					$	—					$	2.4					$	1.7
Revenues:
United States						$	3,208.6					$	644.7					$	1.5					$	3,854.8
United Kingdom						1,159.4						28.0						—						1,187.4
Australia						158.9						109.0						—						267.9
Canada						213.4						3.4						—						216.8
New Zealand						97.6						4.3						—						101.9
Other foreign						403.3						—						—						403.3
Total revenues						$	5,241.2					$	789.4					$	1.5					$	6,032.1
At June 30, 2024
Identifiable assets:
United States						$	25,435.7					$	1,109.0					$	2,440.9					$	28,985.6
United Kingdom						21,785.7						124.4						—						21,910.1
Australia						1,960.7						426.4						—						2,387.1
Canada						1,939.6						4.8						—						1,944.4
New Zealand						820.8						18.8						—						839.6
Other foreign						6,834.2						—						106.7						6,940.9
Total identifiable assets						$	58,776.7					$	1,683.4					$	2,547.6					$	63,007.7
Goodwill - net						$	11,559.7					$	336.9					$	18.9					$	11,915.5
Amortizable intangible assets - net						4,276.7						112.7						—						4,389.4

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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