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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Summarized Financial Information Reportable Segments | Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charged to the reporting segment. In the fourth quarter of 2023, the Company sold certain third-party claims administration and adjusting services businesses representing approximately 50% of the total revenues of the Services segment. As a result, beginning in fiscal year 2024, the Company operates three segments: Retail, Programs (formerly National Programs) and Wholesale Brokerage. Balances presented for the three months ended March 31, 2023 have been recast to align with the three-segment structure.
|  | Three months ended March 31, 2024 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Other |  |  | Total |
Total revenues |  | $ | 806 |  |  | $ | 298 |  |  | $ | 142 |  |  | $ | 12 |  |  | $ | 1,258 |
Investment income |  | $ | 1 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 18 |
Amortization |  | $ | 29 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 43 |
Depreciation |  | $ | 5 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 11 |
Interest expense |  | $ | 19 |  |  | $ | 8 |  |  | $ | 3 |  |  | $ | 18 |  |  | $ | 48 |
Income before income taxes |  | $ | 238 |  |  | $ | 101 |  |  | $ | 41 |  |  | $ | (16 | ) |  | $ | 364 |
Total assets |  | $ | 8,557 |  |  | $ | 4,221 |  |  | $ | 1,617 |  |  | $ | 411 |  |  | $ | 14,806 |
Capital expenditures |  | $ | 7 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 13 |
|  | Three months ended March 31, 2023 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Other |  |  | Total |
Total revenues |  | $ | 733 |  |  | $ | 255 |  |  | $ | 123 |  |  | $ | 5 |  |  | $ | 1,116 |
Investment income |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 7 |
Amortization |  | $ | 28 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | (1 | ) |  | $ | 41 |
Depreciation |  | $ | 5 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 10 |
Interest expense |  | $ | 22 |  |  | $ | 10 |  |  | $ | 3 |  |  | $ | 12 |  |  | $ | 47 |
Income before income taxes |  | $ | 214 |  |  | $ | 75 |  |  | $ | 31 |  |  | $ | (26 | ) |  | $ | 294 |
Total assets |  | $ | 7,913 |  |  | $ | 3,652 |  |  | $ | 1,441 |  |  | $ | 394 |  |  | $ | 13,400 |
Capital expenditures |  | $ | 5 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 12 |

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- 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 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: 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 3: 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 4: 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 + Details
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