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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024 as follows

(in millions):

Three-Month Period Ended September 30, 2025						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	1,908.3					$	—					$	—					$	1,908.3
Fees						664.5						392.5						—						1,057.0
Supplemental revenues						117.6						—						—						117.6
Contingent revenues						75.4						—						—						75.4
Interest income, premium finance revenues and other income						157.1						9.6						0.4						167.1
Revenues before reimbursements						2,922.9						402.1						0.4						3,325.4
Reimbursements						—						40.2						—						40.2
Total revenues						2,922.9						442.3						0.4						3,365.6
Compensation						1,649.0						243.8						38.9						1,931.7
Operating						433.6						76.3						70.9						580.8
Reimbursements						—						40.2						—						40.2
Interest						—						—						160.8						160.8
Depreciation						41.6						10.5						2.0						54.1
Amortization						218.5						3.7						—						222.2
Change in estimated acquisition earnout payables						28.5						0.4						—						28.9
Total expenses						2,371.2						374.9						272.6						3,018.7
Earnings (loss) before income taxes						551.7						67.4						(272.2)						346.9
Provision (benefit) for income taxes						141.3						17.9						(85.9)						73.3
Net earnings (loss)						410.4						49.5						(186.3)						273.6
Net earnings attributable to noncontrolling interests						0.9						—						—						0.9
Net earnings (loss) attributable to controlling interests						$	409.5					$	49.5					$	(186.3)					$	272.7
Net foreign exchange (loss) gain						$	(2.0)					$	0.2					$	3.4					$	1.6
Revenues:
United States						$	2,021.0					$	348.8					$	0.4					$	2,370.2
United Kingdom						484.5						28.0						—						512.5
Australia						89.6						61.6						—						151.2
Canada						88.0						2.0						—						90.0
New Zealand						54.6						—						—						54.6
Other foreign						185.2						1.9						—						187.1
Total revenues						$	2,922.9					$	442.3					$	0.4					$	3,365.6

Nine-Month Period Ended September 30, 2025						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	5,965.0					$	—					$	—					$	5,965.0
Fees						1,863.8						1,140.4						—						3,004.2
Supplemental revenues						334.3						—						—						334.3
Contingent revenues						241.0						—						—						241.0
Interest income, premium finance revenues and other income						619.0						27.0						1.2						647.2
Revenues before reimbursements						9,023.1						1,167.4						1.2						10,191.7
Reimbursements						—						122.1						—						122.1
Total revenues						9,023.1						1,289.5						1.2						10,313.8
Compensation						4,792.4						718.5						121.9						5,632.8
Operating						1,148.9						220.0						221.6						1,590.5
Reimbursements						—						122.1						—						122.1
Interest						—						—						477.8						477.8
Depreciation						112.6						29.9						5.4						147.9
Amortization						596.4						16.2						—						612.6
Change in estimated acquisition earnout payables						37.6						1.5						—						39.1
Total expenses						6,687.9						1,108.2						826.7						8,622.8
Earnings (loss) before income taxes						2,335.2						181.3						(825.5)						1,691.0
Provision (benefit) for income taxes						600.3						48.1						(306.1)						342.3
Net earnings (loss)						1,734.9						133.2						(519.4)						1,348.7
Net earnings attributable to noncontrolling interests						5.8						—						—						5.8
Net earnings (loss) attributable to controlling interests						$	1,729.1					$	133.2					$	(519.4)					$	1,342.9
Net foreign exchange (loss)						$	(2.5)					$	(0.4)					$	(45.8)					$	(48.7)
Revenues:
United States						$	5,856.5					$	1024.4					$	1.2					$	6,882.1
United Kingdom						1,803.0						77.4						—						1,880.4
Australia						254.8						176.7						—						431.5
Canada						291.5						5.7						—						297.2
New Zealand						152.0						0.2						—						152.2
Other foreign						665.3						5.1						—						670.4
Total revenues						$	9,023.1					$	1,289.5					$	1.2					$	10,313.8
At September 30, 2025
Identifiable assets:
United States						$	26,735.3					$	1,153.4					$	16,806.5					$	44,695.2
United Kingdom						21,065.5						419.4						1.5						21,486.4
Australia						1,887.3						439.8						—						2,327.1
Canada						1,725.9						7.3						—						1,733.2
New Zealand						768.1						9.0						—						777.1
Other foreign						7,907.7						18.1						123.1						8,048.9
Total identifiable assets						$	60,089.8					$	2,047.0					$	16,931.1					$	79,067.9
Goodwill - net						$	21,738.9					$	456.6					$	17.8					$	22,213.3
Amortizable intangible assets - net						10,581.0						173.4						—						10,754.4

Three-Month Period Ended September 30, 2024						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	1,537.8					$	—					$	—					$	1,537.8
Fees						585.2						359.8						—						945.0
Supplemental revenues						79.1						—						—						79.1
Contingent revenues						69.3						—						—						69.3
Interest income, premium finance revenues and other income						125.0						9.9						0.4						135.3
Revenues before reimbursements						2,396.4						369.7						0.4						2,766.5
Reimbursements						—						40.3						—						40.3
Total revenues						2,396.4						410.0						0.4						2,806.8
Compensation						1,362.9						224.6						34.4						1,621.9
Operating						342.0						71.0						40.7						453.7
Reimbursements						—						40.3						—						40.3
Interest						—						—						92.9						92.9
Depreciation						34.0						9.6						1.7						45.3
Amortization						161.0						3.7						—						164.7
Change in estimated acquisition earnout payables						(15.4)						0.1						—						(15.3)
Total expenses						1,884.5						349.3						169.7						2,403.5
Earnings (loss) before income taxes						511.9						60.7						(169.3)						403.3
Provision (benefit) for income taxes						128.9						16.1						(55.8)						89.2
Net earnings (loss)						383.0						44.6						(113.5)						314.1
Net earnings attributable to noncontrolling interests						1.5						—						—						1.5
Net earnings (loss) attributable to controlling interests						$	381.5					$	44.6					$	(113.5)					$	312.6
Net foreign exchange (loss)						$	(0.2)					$	—					$	(15.2)					$	(15.4)
Revenues:																								—
United States						$	1,516.6					$	332.6					$	0.4					$	1,849.6
United Kingdom						497.2						15.7						—						512.9
Australia						93.8						58.2						—						152.0
Canada						93.7						1.6						—						95.3
New Zealand						53.2						1.9						—						55.1
Other foreign						141.9						—						—						141.9
Total revenues						$	2,396.4					$	410.0					$	0.4					$	2,806.8

Nine-Month Period Ended September 30, 2024						Brokerage						Risk Management						Corporate						Total
Revenues:
Commissions						$	5,193.2					$	—					$	—					$	5,193.2
Fees						1,669.5						1,053.8						—						2,723.3
Supplemental revenues						261.7						—						—						261.7
Contingent revenues						215.1						—						—						215.1
Interest income, premium finance revenues and other income						298.1						27.3						1.9						327.3
Revenues before reimbursements						7,637.6						1,081.1						1.9						8,720.6
Reimbursements						—						118.3						—						118.3
Total revenues						7,637.6						1,199.4						1.9						8,838.9
Compensation						4,210.0						657.7						100.2						4,967.9
Operating						1,019.3						206.5						89.2						1,315.0
Reimbursements						—						118.3						—						118.3
Interest						—						—						279.4						279.4
Depreciation						99.1						27.3						5.1						131.5
Amortization						487.8						10.0						—						497.8
Change in estimated acquisition earnout payables						(12.9)						0.3						—						(12.6)
Total expenses						5,803.3						1,020.1						473.9						7,297.3
Earnings (loss) before income taxes						1,834.3						179.3						(472.0)						1,541.6
Provision (benefit) for income taxes						465.9						47.6						(184.1)						329.4
Net earnings (loss)						1,368.4						131.7						(287.9)						1,212.2
Net earnings attributable to noncontrolling interests						7.8						—						—						7.8
Net earnings (loss) attributable to controlling interests						$	1,360.6					$	131.7					$	(287.9)					$	1,204.4
Net foreign exchange (loss) gain						$	1.2					$	—					$	(17.2)					$	(16.0)
Revenues:
United States						$	4,725.2					$	977.3					$	1.9					$	5,704.4
United Kingdom						1,656.6						43.7						—						1,700.3
Australia						252.7						167.2						—						419.9
Canada						307.1						5.0						—						312.1
New Zealand						150.8						6.2						—						157.0
Other foreign						545.2						—						—						545.2
Total revenues						$	7,637.6					$	1,199.4					$	1.9					$	8,838.9
At September 30, 2024
Identifiable assets:
United States						$	22,366.2					$	1,187.4					$	2,853.8					$	26,407.4
United Kingdom						19,357.5						140.9						—						19,498.4
Australia						1,856.9						433.0						—						2,289.9
Canada						1,774.4						4.8						—						1,779.2
New Zealand						816.9						19.5						—						836.4
Other foreign						6,300.7						—						130.7						6,431.4
Total identifiable assets						$	52,472.6					$	1,785.6					$	2,984.5					$	57,242.7
Goodwill - net						$	11,829.3					$	345.2					$	18.9					$	12,193.4
Amortizable intangible assets - net						4,241.4						111.8						—						4,353.2

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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