Business Segment Information

9 Months Ended

Sep. 30, 2011

Business Segment Information

Business Segment Information

The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues, operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. The Company charges its subsidiaries and affiliates for services rendered in the United States on a cost recovery basis. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents.

Financial information regarding the Company’s operations by geographic area are as follows:

(in thousands)	UNITED STATES		OTHER NORTH AMERICA	LATIN AMERICA	ASIA PACIFIC	EUROPE and AFRICA	MIDDLE EAST and INDIA	ELIMI- NATIONS		CONSOLI- DATED
Three months ended September 30, 2011:
Revenues from unaffiliated customers	$	388,736	49,341	21,353	839,069	229,776	78,093	—		1,606,368
Transfers between geographic areas	27,161		2,989	5,025	10,500	10,727	4,596	(60,998	)	—
Total revenues	$	415,897	52,330	26,378	849,569	240,503	82,689	(60,998	)	1,606,368
Net revenues	$	189,381	23,783	15,035	162,785	77,768	25,094	—		493,846
Operating income	$	57,564	7,345	4,846	69,001	18,616	6,386	—		163,758
Identifiable assets at quarter end	$	1,509,393	87,554	52,058	667,421	414,991	149,253	2,499		2,883,169
Capital expenditures	$	7,435	315	162	7,201	4,981	525	—		20,619
Depreciation and amortization	$	4,904	250	240	1,822	1,488	495	—		9,199
Equity	$	1,242,594	49,134	27,258	426,164	146,652	92,668	(22,412	)	1,962,058
Three months ended September 30, 2010:
Revenues from unaffiliated customers	$	361,120	43,380	20,400	968,858	190,350	83,451	—		1,667,559
Transfers between geographic areas	28,571		3,567	4,190	8,593	11,045	4,448	(60,414	)	—
Total revenues	$	389,691	46,947	24,590	977,451	201,395	87,899	(60,414	)	1,667,559
Net revenues	$	179,290	20,911	13,181	153,241	68,158	23,962	—		458,743
Operating income	$	61,735	6,846	3,837	64,046	17,128	6,029	—		159,621
Identifiable assets at quarter end	$	1,437,318	78,347	48,887	574,216	433,020	139,478	4,917		2,716,183
Capital expenditures	$	5,297	92	354	1,853	2,963	394	—		10,953
Depreciation and amortization	$	4,882	316	223	1,871	1,184	609	—		9,085
Equity	$	1,121,817	40,708	23,974	346,210	155,428	80,774	(32,793	)	1,736,118

(in thousands)	UNITED STATES		OTHER NORTH AMERICA	LATIN AMERICA	ASIA PACIFIC	EUROPE and AFRICA	MIDDLE EAST and INDIA	ELIMI- NATIONS		CONSOLI- DATED
Nine months ended September 30, 2011:
Revenues from unaffiliated customers	$	1,156,647	141,004	62,822	2,383,549	673,111	231,451	—		4,648,584
Transfers between geographic areas	77,099		8,454	15,866	29,853	32,789	13,305	(177,366	)	—
Total revenues	$	1,233,746	149,458	78,688	2,413,402	705,900	244,756	(177,366	)	4,648,584
Net revenues	$	548,918	66,065	45,295	454,889	230,521	74,634	—		1,420,322
Operating income	$	169,050	18,895	14,095	189,981	53,200	18,042	—		463,263
Identifiable assets at quarter end	$	1,509,393	87,554	52,058	667,421	414,991	149,253	2,499		2,883,169
Capital expenditures	$	14,815	923	462	16,535	24,568	1,551	—		58,854
Depreciation and amortization	$	14,815	830	773	5,638	4,014	1,560	—		27,630
Equity	$	1,242,594	49,134	27,258	426,164	146,652	92,668	(22,412	)	1,962,058
Nine months ended September 30, 2010:
Revenues from unaffiliated customers	$	979,675	120,667	55,317	2,482,116	525,064	222,599	—		4,385,438
Transfers between geographic areas	72,743		7,722	12,082	23,861	29,407	11,918	(157,733	)	—
Total revenues	$	1,052,418	128,389	67,399	2,505,977	554,471	234,517	(157,733	)	4,385,438
Net revenues	$	489,231	56,757	37,428	397,678	192,135	66,195	—		1,239,424
Operating income	$	152,425	16,317	11,155	158,938	43,870	15,953	—		398,658
Identifiable assets at quarter end	$	1,437,318	78,347	48,887	574,216	433,020	139,478	4,917		2,716,183
Capital expenditures	$	13,137	417	988	3,967	6,415	1,729	—		26,653
Depreciation and amortization	$	14,753	1,023	639	5,626	3,721	1,828	—		27,590
Equity	$	1,121,817	40,708	23,974	346,210	155,428	80,774	(32,793	)	1,736,118

In the fourth quarter of 2010, the Company changed its geographical area organization by incorporating the management of its Australasia region with its Asia region. Accordingly, the financial information of the Company’s Asia and Australasia segments, previously reported separately, have been combined in the Asia Pacific operating segment for all periods presented.