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Segment Information (Tables)
9 Months Ended
Sep. 30, 2023
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 charge to the reporting segment.

 

 

 

Three months ended September 30, 2023

 

(in millions)

 

Retail

 

 

National
Programs

 

 

Wholesale
Brokerage

 

 

Services

 

 

Other

 

 

Total

 

Total revenues

 

$

586.0

 

 

$

278.2

 

 

$

149.6

 

 

$

42.4

 

 

$

11.5

 

 

$

1,067.7

 

Investment income

 

$

0.5

 

 

$

3.8

 

 

$

0.6

 

 

$

 

 

$

11.7

 

 

$

16.6

 

Amortization

 

$

27.0

 

 

$

10.1

 

 

$

2.7

 

 

$

1.3

 

 

$

 

 

$

41.1

 

Depreciation

 

$

4.9

 

 

$

2.9

 

 

$

0.7

 

 

$

0.3

 

 

$

1.6

 

 

$

10.4

 

Interest expense

 

$

21.3

 

 

$

8.6

 

 

$

3.1

 

 

$

0.3

 

 

$

14.2

 

 

$

47.5

 

Income before income taxes

 

$

110.8

 

 

$

111.7

 

 

$

23.8

 

 

$

4.8

 

 

$

(8.8

)

 

$

242.3

 

Total assets

 

$

7,762.1

 

 

$

3,942.8

 

 

$

1,489.6

 

 

$

279.8

 

 

$

508.7

 

 

$

13,983.0

 

Capital expenditures

 

$

8.9

 

 

$

3.3

 

 

$

0.7

 

 

$

0.2

 

 

$

0.7

 

 

$

13.8

 

 

 

 

Three months ended September 30, 2022

 

(in millions)

 

Retail

 

 

National
Programs

 

 

Wholesale
Brokerage

 

 

Services

 

 

Other

 

 

Total

 

Total revenues

 

$

528.2

 

 

$

231.4

 

 

$

126.3

 

 

$

41.1

 

 

$

0.6

 

 

$

927.6

 

Investment income

 

$

 

 

$

0.3

 

 

$

0.1

 

 

$

 

 

$

0.8

 

 

$

1.2

 

Amortization

 

$

28.2

 

 

$

11.4

 

 

$

2.6

 

 

$

1.3

 

 

$

 

 

$

43.5

 

Depreciation

 

$

3.9

 

 

$

4.6

 

 

$

0.7

 

 

$

0.4

 

 

$

1.7

 

 

$

11.3

 

Interest expense

 

$

22.8

 

 

$

10.2

 

 

$

3.2

 

 

$

0.5

 

 

$

4.8

 

 

$

41.5

 

Income before income taxes

 

$

112.2

 

 

$

69.7

 

 

$

35.4

 

 

$

4.7

 

 

$

(4.0

)

 

$

218.0

 

Total assets

 

$

7,128.1

 

 

$

4,476.3

 

 

$

1,366.5

 

 

$

289.1

 

 

$

398.3

 

 

$

13,658.3

 

Capital expenditures

 

$

4.7

 

 

$

3.3

 

 

$

0.7

 

 

$

0.3

 

 

$

5.1

 

 

$

14.1

 

 

 

 

Nine months ended September 30, 2023

 

(in millions)

 

Retail

 

 

National
Programs

 

 

Wholesale
Brokerage

 

 

Services

 

 

Other

 

 

Total

 

Total revenues

 

$

1,874.2

 

 

$

791.2

 

 

$

412.0

 

 

$

129.9

 

 

$

23.6

 

 

$

3,230.9

 

Investment income

 

$

1.0

 

 

$

7.0

 

 

$

1.2

 

 

$

 

 

$

24.6

 

 

$

33.8

 

Amortization

 

$

81.6

 

 

$

30.2

 

 

$

8.0

 

 

$

3.9

 

 

$

 

 

$

123.7

 

Depreciation

 

$

13.8

 

 

$

8.8

 

 

$

2.1

 

 

$

1.2

 

 

$

4.6

 

 

$

30.5

 

Interest expense

 

$

64.9

 

 

$

27.3

 

 

$

8.6

 

 

$

1.0

 

 

$

40.3

 

 

$

142.1

 

Income before income taxes

 

$

426.2

 

 

$

303.8

 

 

$

92.4

 

 

$

15.8

 

 

$

(47.2

)

 

$

791.0

 

Total assets

 

$

7,762.1

 

 

$

3,942.8

 

 

$

1,489.6

 

 

$

279.8

 

 

$

508.7

 

 

$

13,983.0

 

Capital expenditures

 

$

22.7

 

 

$

10.8

 

 

$

2.1

 

 

$

0.9

 

 

$

1.9

 

 

$

38.4

 

 

 

 

Nine months ended September 30, 2022

 

(in millions)

 

Retail

 

 

National
Programs

 

 

Wholesale
Brokerage

 

 

Services

 

 

Other

 

 

Total

 

Total revenues

 

$

1,582.3

 

 

$

619.3

 

 

$

341.6

 

 

$

128.8

 

 

$

 

 

$

2,672.0

 

Investment income

 

$

 

 

$

0.6

 

 

$

0.2

 

 

$

 

 

$

1.0

 

 

$

1.8

 

Amortization

 

$

69.8

 

 

$

27.9

 

 

$

6.7

 

 

$

3.9

 

 

$

(0.1

)

 

$

108.2

 

Depreciation

 

$

9.1

 

 

$

10.9

 

 

$

2.0

 

 

$

1.2

 

 

$

5.1

 

 

$

28.3

 

Interest expense

 

$

69.9

 

 

$

22.8

 

 

$

10.0

 

 

$

1.6

 

 

$

(8.5

)

 

$

95.8

 

Income before income taxes

 

$

378.8

 

 

$

187.9

 

 

$

94.8

 

 

$

18.0

 

 

$

2.3

 

 

$

681.8

 

Total assets

 

$

7,128.1

 

 

$

4,476.3

 

 

$

1,366.5

 

 

$

289.1

 

 

$

398.3

 

 

$

13,658.3

 

Capital expenditures

 

$

8.4

 

 

$

14.2

 

 

$

1.5

 

 

$

0.8

 

 

$

7.5

 

 

$

32.4