Business Segment Information

6 Months Ended

Jun. 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 June 30, 2011:
Revenues from unaffiliated customers	$	390,806	47,816		21,136		816,350		229,724		75,536		—			1,581,368
Transfers between geographic areas	25,973		2,783		5,220		10,170		11,355		4,500		(60,001		)	—
Total revenues	$	416,779	50,599		26,356		826,520		241,079		80,036		(60,001		)	1,581,368
Net revenues	$	181,603	21,581		15,157		150,616		78,828		24,776		—			472,561
Operating income	$	57,752	5,761		4,486		61,542		16,877		5,857		—			152,275
Identifiable assets at quarter end	$	1,411,881	91,678		58,396		678,668		479,852		155,503		2,026			2,878,004
Capital expenditures	$	3,350	448		144		4,622		7,881		665		—			17,110
Depreciation and amortization	$	4,926	277		264		1,847		1,416		527		—			9,257
Equity	$	1,123,482	52,814		33,784		420,962		184,252		94,447		(30,591		)	1,879,150
Three months ended June 30, 2010:
Revenues from unaffiliated customers	$	331,619	41,675		18,621		876,070		172,869		75,916		—			1,516,770
Transfers between geographic areas	25,429		2,346		4,231		8,158		10,429		3,894		(54,487		)	—
Total revenues	$	357,048	44,021		22,852		884,228		183,298		79,810		(54,487		)	1,516,770
Net revenues	$	163,036	$	19,424	$	12,729	$	137,328	$	64,054	$	22,287	$	—		418,858
Operating income	$	52,516	$	5,572	$	3,787	$	56,134	$	14,888	$	5,599	$	—		138,496
Identifiable assets at quarter end	$	1,324,522	$	85,645	$	46,951	$	553,173	$	394,430	$	134,715	$	7,106		2,546,542
Capital expenditures	$	3,366	$	149	$	357	$	1,424	$	2,231	$	591	$	—		8,118
Depreciation and amortization	$	4,848	$	353	$	211	$	1,861	$	1,225	$	612	$	—		9,110
Equity	$	1,047,968	$	46,978	$	22,232	$	338,102	$	134,216	$	77,541	$	(32,229	)	1,634,808

(in thousands)	UNITED STATES		OTHER NORTH AMERICA	LATIN AMERICA	ASIA PACIFIC	EUROPE and AFRICA	MIDDLE EAST and INDIA	ELIMI- NATIONS		CONSOLI- DATED
Six months ended June 30, 2011:
Revenues from unaffiliated customers	$	767,911	91,663	41,469	1,544,480	443,335	153,358	—		3,042,216
Transfers between geographic areas	49,938		5,465	10,841	19,353	22,062	8,709	(116,368	)	—
Total revenues	$	817,849	97,128	52,310	1,563,833	465,397	162,067	(116,368	)	3,042,216
Net revenues	$	359,537	42,282	30,260	292,104	152,753	49,540	—		926,476
Operating income	$	111,486	11,550	9,249	120,980	34,584	11,656	—		299,505
Identifiable assets at quarter end	$	1,411,881	91,678	58,396	678,668	479,852	155,503	2,026		2,878,004
Capital expenditures	$	7,380	608	300	9,334	19,587	1,026	—		38,235
Depreciation and amortization	$	9,911	580	533	3,816	2,526	1,065	—		18,431
Equity	$	1,123,482	52,814	33,784	420,962	184,252	94,447	(30,591	)	1,879,150
Six months ended June 30, 2010:
Revenues from unaffiliated customers	$	618,555	77,287	34,917	1,513,258	334,714	139,148	—		2,717,879
Transfers between geographic areas	44,172		4,155	7,892	15,268	18,362	7,470	(97,319	)	—
Total revenues	$	662,727	81,442	42,809	1,528,526	353,076	146,618	(97,319	)	2,717,879
Net revenues	$	309,941	35,846	24,247	244,437	123,977	42,233	—		780,681
Operating income	$	90,690	9,471	7,318	94,892	26,742	9,924	—		239,037
Identifiable assets at quarter end	$	1,324,522	85,645	46,951	553,173	394,430	134,715	7,106		2,546,542
Capital expenditures	$	7,840	325	634	2,114	3,452	1,335	—		15,700
Depreciation and amortization	$	9,870	706	416	3,757	2,537	1,219	—		18,505
Equity	$	1,047,968	46,978	22,232	338,102	134,216	77,541	(32,229	)	1,634,808

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.