Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

18. Segment Information

We have three reportable operating segments: brokerage, risk management and corporate. The brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by insurance underwriters and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between insurers and their customers and we do not assume underwriting risks. The risk management segment provides contract claim settlement and administration services for enterprises that choose to self-insure some or all of their property/casualty coverages and for insurance companies that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim or per-service fee basis. The corporate segment manages our clean energy and other investments. This segment also holds all of our corporate debt. Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local county statutory rates. Reported operating results by segment would change if different methods were applied. Financial information relating to our segments for 2014, 2013 and 2012 is as follows (in millions):

Year Ended December 31, 2014	Brokerage		Risk Management		Corporate			Total
Revenues:
Commissions	$	2,083.0	$	—	$	—		$	2,083.0
Fees		595.0		663.3		—			1,258.3
Supplemental commissions		104.0		—		—			104.0
Contingent commissions		84.7		—		—			84.7
Investment income		40.3		1.0		—			41.3
Gains on books of business sales and other		7.3		—		—			7.3
Revenue from clean coal activities		—		—		1,029.5			1,029.5
Other - net gain		—		—		18.4			18.4
Total revenues		2,914.3		664.3		1,047.9			4,626.5
Compensation		1,715.7		401.6		50.3			2,167.6
Operating		534.1		173.3		59.8			767.2
Cost of revenues from clean coal activities		—		—		1,058.9			1,058.9
Interest		—		—		89.0			89.0
Depreciation		44.7		20.9		3.8			69.4
Amortization		186.7		2.8		—			189.5
Change in estimated acquisition earnout payables		17.5		—		—			17.5
Total expenses		2,498.7		598.6		1,261.8			4,359.1
Earnings (loss) before income taxes		415.6		65.7		(213.9	)		267.4
Provision (benefit) for income taxes		151.8		24.5		(212.3	)		(36.0	)
Net earnings	$	263.8	$	41.2	$	(1.6	)	$	303.4
Net foreign exchange gain (loss)	$	1.1	$	—	$	(0.6	)	$	0.5
Revenues:
United States	$	1,891.3	$	514.7	$	1,048.9		$	3,454.9
United Kingdom		697.1		29.3		—			726.4
Australia		128.9		114.2		—			243.1
Canada		81.8		3.2		—			85.0
Other foreign, principally New Zealand		115.2		2.9		(1.0	)		117.1
Total revenues	$	2,914.3	$	664.3	$	1,047.9		$	4,626.5
At December 31, 2014
Identifiable assets:
United States	$	3,584.3	$	430.3	$	1,032.0		$	5,046.6
United Kingdom		2,376.4		74.0		—			2,450.4
Australia		639.2		2.8		—			642.0
Canada		992.2		39.0		—			1,031.2
Other foreign, principally New Zealand		821.3		1.6		16.9			839.8
Total identifiable assets	$	8,413.4	$	547.7	$	1,048.9		$	10,010.0
Goodwill - net	$	3,427.5	$	22.1	$	—		$	3,449.6
Amortizable intangible assets - net		1,761.2		14.8		—			1,776.0

Year Ended December 31, 2013	Brokerage		Risk Management			Corporate			Total
Revenues:
Commissions	$	1,553.1	$	—		$	—		$	1,553.1
Fees		450.5		609.0			—			1,059.5
Supplemental commissions		77.3		—			—			77.3
Contingent commissions		52.1		—			—			52.1
Investment income		6.1		2.0			—			8.1
Gains on books of business sales and other		5.2		—			—			5.2
Revenue from clean coal activities		—		—			412.5			412.5
Other - net gain		—		—			11.8			11.8
Total revenues		2,144.3		611.0			424.3			3,179.6
Compensation		1,290.4		370.5			24.1			1,685.0
Operating		369.9		146.0			36.5			552.4
Cost of revenues from clean coal activities		—		—			437.3			437.3
Interest		—		—			50.1			50.1
Depreciation		31.1		19.4			2.9			53.4
Amortization		122.7		2.5			—			125.2
Change in estimated acquisition earnout payables		2.6		(0.9	)		—			1.7
Total expenses		1,816.7		537.5			550.9			2,905.1
Earnings (loss) before income taxes		327.6		73.5			(126.6	)		274.5
Provision (benefit) for income taxes		122.8		27.3			(144.2	)		5.9
Net earnings	$	204.8	$	46.2		$	17.6		$	268.6
Net foreign exchange gain (loss)	$	0.6	$	—		$	(0.4	)	$	0.2
Revenues:
United States	$	1,644.8	$	473.5		$	424.3		$	2,542.6
United Kingdom		400.5		27.4			—			427.9
Australia		47.1		105.5			—			152.6
Canada		29.5		3.1			—			32.6
Other foreign, principally Bermuda		22.4		1.5			—			23.9
Total revenues	$	2,144.3	$	611.0		$	424.3		$	3,179.6
At December 31, 2013
Identifiable assets:
United States	$	3,219.6	$	419.0		$	783.8		$	4,422.4
United Kingdom		1,819.5		58.8			—			1,878.3
Australia		214.3		63.6			—			277.9
Canada		107.3		1.5			—			108.8
Other foreign, principally Bermuda		162.0		1.8			9.3			173.1
Total identifiable assets	$	5,522.7	$	544.7		$	793.1		$	6,860.5
Goodwill - net	$	2,122.9	$	22.3		$	—		$	2,145.2
Amortizable intangible assets - net		1,061.6		17.2			—			1,078.8

Year Ended December 31, 2012	Brokerage			Risk Management			Corporate			Total
Revenues:
Commissions	$	1,302.5		$	—		$	—		$	1,302.5
Fees		403.2			568.5			—			971.7
Supplemental commissions		67.9			—			—			67.9
Contingent commissions		42.9			—			—			42.9
Investment income		7.2			3.2			—			10.4
Gains on books of business sales and other		3.9			—			—			3.9
Revenue from clean coal activities		—			—			119.6			119.6
Other - net gain		—			—			1.4			1.4
Total revenues		1,827.6			571.7			121.0			2,520.3
Compensation		1,131.6			347.0			14.8			1,493.4
Operating		312.7			137.7			32.8			483.2
Cost of revenues from clean coal activities		—			—			111.6			111.6
Interest		—			—			43.0			43.0
Depreciation		24.7			16.0			0.7			41.4
Amortization		96.2			2.8			—			99.0
Change in estimated acquisition earnout payables		3.6			(0.2	)		—			3.4
Total expenses		1,568.8			503.3			202.9			2,275.0
Earnings (loss) before income taxes		258.8			68.4			(81.9	)		245.3
Provision (benefit) for income taxes		103.0			25.9			(78.6	)		50.3
Net earnings (loss)	$	155.8		$	42.5		$	(3.3	)	$	195.0
Net foreign exchange loss	$	(1.6	)	$	(0.1	)	$	(0.2	)	$	(1.9	)
Revenues:
United States	$	1,431.6		$	453.5		$	121.0		$	2,006.1
United Kingdom		317.8			28.2			—			346.0
Australia		35.1			86.3			—			121.4
Canada		28.9			3.2			—			32.1
Other foreign, principally Bermuda		14.2			0.5			—			14.7
Total revenues	$	1,827.6		$	571.7		$	121.0		$	2,520.3
At December 31, 2012
Identifiable assets:
United States	$	2,637.1		$	390.9		$	647.9		$	3,675.9
United Kingdom		1,117.6			52.4			—			1,170.0
Australia		208.4			52.1			—			260.5
Canada		100.7			1.7			—			102.4
Other foreign, principally Bermuda		133.0			1.5			9.0			143.5
Total identifiable assets	$	4,196.8		$	498.6		$	656.9		$	5,352.3
Goodwill - net	$	1,451.4		$	21.3		$	—		$	1,472.7
Amortizable intangible assets - net		791.6			18.0			—			809.6