23.	Segment Information

We have

three

reportable operating segments: brokerage, risk management and corporate.

Our brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks.

Our risk management segment provides contract claim settlement and administration services for enterprises and public entities that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises 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

per-service

fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered.

Our corporate segment manages our clean energy and other investments. In addition, the corporate segment reports the financial information related to our debt and other corporate costs, external acquisition-related expenses and the impact of foreign currency translation.

Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. During the three-month period ended June 30, 2019, we reviewed our allocation of corporate costs to our business segments. In conjunction with that review, we made changes to how we allocate certain costs to our business segments reflecting management’s updated view of the costs necessary to support these segments. This change resulted in additional costs being allocated to the business segments, the amounts of which were less than 6.0% of the corporate segment’s loss before income taxes for the year ended December 31, 2019 and were not significant to each of the business segments. 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 2019, 2018 and 2017 is as follows (in millions):


Year Ended December 31, 2019	Brokerage			Risk Management			Corporate			Total
Revenues:
Commissions	$	3,320.6		$	—		$	—		$	3,320.6
Fees		1,074.2			836.9			—			1,911.1
Supplemental revenues		210.5			—			—			210.5
Contingent revenues		135.6			—			—			135.6
Investment income		85.3			1.6			—			86.9
Net gains on divestitures		75.3			—			—			75.3
Revenue from clean coal activities		—			—			1,319.3			1,319.3
Other net losses		—			—			(2.9	)		(2.9	)

Revenues before reimbursements		4,901.5			838.5			1,316.4			7,056.4
Reimbursements		—			138.6			—			138.6

Total revenues		4,901.5			977.1			1,316.4			7,195.0
Compensation		2,745.9			515.7			77.9			3,339.5
Operating		796.5			184.9			87.1			1,068.5
Reimbursements		—			138.6			—			138.6
Cost of revenues from clean coal activities		—			—			1,352.8			1,352.8
Interest		—			—			179.8			179.8
Depreciation		66.6			46.2			27.6			140.4
Amortization		329.1			4.9			—			334.0
Change in estimated acquisition earnout payables		16.9			(1.6	)		—			15.3

Total expenses		3,955.0			888.7			1,725.2			6,568.9

Earnings (loss) before income taxes		946.5			88.4			(408.8	)		626.1
Provision (benefit) for income taxes		229.2			22.2			(341.1	)		(89.7	)

Net earnings (loss)		717.3			66.2			(67.7	)		715.8
Net earnings attributable to noncontrolling interests		17.2			—			29.8			47.0

Net earnings (loss) attributable to controlling interests	$	700.1		$	66.2		$	(97.5	)	$	668.8

Net foreign exchange loss	$	(1.0	)	$	(0.1	)	$	(5.6	)	$	(6.7	)
Revenues:
United States	$	3,234.3		$	828.4		$	1,316.4		$	5,379.1
United Kingdom		921.8			41.6			—			963.4
Australia		211.3			87.3			—			298.6
Canada		221.4			4.6			—			226.0
New Zealand		145.6			15.2			—			160.8
Other foreign		167.1			—			—			167.1

Total revenues	$	4,901.5		$	977.1		$	1,316.4		$	7,195.0

At December 31, 2019
Identifiable assets:
United States	$	8,132.3		$	655.6		$	1,994.8		$	10,782.7
United Kingdom		4,964.5			126.6			—			5,091.1
Australia		1,217.9			90.0			—			1,307.9
Canada		913.6			3.1			—			916.7
New Zealand		695.9			22.8			—			718.7
Other foreign		817.7			—			—			817.7

Total identifiable assets	$	16,741.9		$	898.1		$	1,994.8		$	19,634.8

Goodwill - net	$	5,548.9		$	66.6		$	3.0		$	5,618.5
Amortizable intangible assets - net		2,289.9			28.8			—			2,318.7


Year Ended December 31, 2018	Brokerage		Risk Management			Corporate			Total
Revenues:
Commissions	$	2,920.7	$	—		$	—		$	2,920.7
Fees		958.5		797.8			—			1,756.3
Supplemental revenues		189.9		—			—			189.9
Contingent revenues		98.0		—			—			98.0
Investment income		69.6		0.5			—			70.1
Net gains on divestitures		10.2		—			—			10.2
Revenue from clean coal activities		—		—			1,746.3			1,746.3
Other net revenues		—		—			0.9			0.9

Revenues before reimbursements		4,246.9		798.3			1,747.2			6,792.4
Reimbursements		—		141.6			—			141.6

Total revenues		4,246.9		939.9			1,747.2			6,934.0
Compensation		2,447.1		489.7			89.5			3,026.3
Operating		673.5		174.6			55.6			903.7
Reimbursements		—		141.6			—			141.6
Cost of revenues from clean coal activities		—		—			1,816.0			1,816.0
Interest		—		—			138.4			138.4
Depreciation		60.9		38.7			28.2			127.8
Amortization		286.9		4.3			—			291.2
Change in estimated acquisition earnout payables		14.3		(4.7	)		—			9.6

Total expenses		3,482.7		844.2			2,127.7			6,454.6

Earnings (loss) before income taxes		764.2		95.7			(380.5	)		479.4
Provision (benefit) for income taxes		191.0		25.3			(412.8	)		(196.5	)

Net earnings		573.2		70.4			32.3			675.9
Net earnings attributable to noncontrolling interests		10.7		—			31.7			42.4

Net earnings attributable to controlling interests	$	562.5	$	70.4		$	0.6		$	633.5

Net foreign exchange gain	$	—	$	—		$	2.9		$	2.9
Revenues:
United States	$	2,840.9	$	789.7		$	1,747.2		$	5,377.8
United Kingdom		738.5		35.4			—			773.9
Australia		195.9		94.7			—			290.6
Canada		181.1		4.3			—			185.4
New Zealand		141.7		15.8			—			157.5
Other foreign		148.8		—			—			148.8

Total revenues	$	4,246.9	$	939.9		$	1,747.2		$	6,934.0

At December 31, 2018
Identifiable assets:
United States	$	6,865.4	$	571.4		$	1,800.8		$	9,237.6
United Kingdom		3,758.5		103.8			—			3,862.3
Australia		1,096.1		47.2			—			1,143.3
Canada		783.1		4.4			—			787.5
New Zealand		688.5		21.3			—			709.8
Other foreign		593.5		—			—			593.5

Total identifiable assets	$	13,785.1	$	748.1		$	1,800.8		$	16,334.0

Goodwill - net	$	4,573.7	$	49.2		$	2.7		$	4,625.6
Amortizable intangible assets - net		1,753.7		19.3			—			1,773.0


Year Ended December 31, 2017	Brokerage			Risk Management			Corporate			Total
Revenues:
Commissions	$	2,641.0		$	—		$	—		$	2,641.0
Fees		855.1			736.8			—			1,591.9
Supplemental revenues		158.0			—			—			158.0
Contingent revenues		99.5			—			—			99.5
Investment income		58.1			0.6			—			58.7
Net gains on divestitures		3.4			—			—			3.4
Revenue from clean coal activities		—			—			1,560.5			1,560.5

Revenues before reimbursements		3,815.1			737.4			1,560.5			6,113.0
Reimbursements		—			136.0			—			136.0

Total revenues		3,815.1			873.4			1,560.5			6,249.0
Compensation		2,212.3			446.9			88.2			2,747.4
Operating		614.0			164.8			50.3			829.1
Reimbursements		—			136.0			—			136.0
Cost of revenues from clean coal activities		—			—			1,635.9			1,635.9
Interest		—			—			124.1			124.1
Depreciation		61.8			31.1			28.2			121.1
Amortization		261.8			2.9			—			264.7
Change in estimated acquisition earnout payables		29.3			1.6			—			30.9

Total expenses		3,179.2			783.3			1,926.7			5,889.2

Earnings (loss) before income taxes		635.9			90.1			(366.2	)		359.8
Provision (benefit) for income taxes		221.2			34.4			(412.7	)		(157.1	)

Net earnings		414.7			55.7			46.5			516.9
Net earnings attributable to noncontrolling interests		7.6			—			28.0			35.6

Net earnings attributable to controlling interests	$	407.1		$	55.7		$	18.5		$	481.3

Net foreign exchange loss	$	(2.0	)	$	(0.1	)	$	(1.8	)	$	(3.9	)
Revenues:
United States	$	2,533.7		$	745.1		$	1,560.5		$	4,839.3
United Kingdom		679.3			30.6			—			709.9
Australia		191.1			78.2			—			269.3
Canada		149.4			4.2			—			153.6
New Zealand		134.4			15.3			—			149.7
Other foreign		127.2			—			—			127.2

Total revenues	$	3,815.1		$	873.4		$	1,560.5		$	6,249.0

At December 31, 2017
Identifiable assets:
United States	$	5,890.5		$	572.9		$	1,766.8		$	8,230.2
United Kingdom		3,496.2			91.3			—			3,587.5
Australia		1,102.9			48.9			—			1,151.8
Canada		743.3			6.8			—			750.1
New Zealand		709.9			18.7			—			728.6
Other foreign		461.5			—			—			461.5

Total identifiable assets	$	12,404.3		$	738.6		$	1,766.8		$	14,909.7

Goodwill - net	$	4,119.2		$	42.6		$	3.0		$	4,164.8
Amortizable intangible assets - net		1,630.6			14.0			—			1,644.6