replace_table_token_5_th * for 2019 , the pretax impact of the brokerage segment adjustments totals $ 10.4 million , with a corresponding adjustment to the provision for income taxes of $ 0.9 million relating to these items . the pretax impact of the risk management segment adjustments totals $ 5.5 million , with a corresponding adjustment to the provision for income taxes of $ 1.3 million relating to these items . the pretax impact of the corporate segment adjustments totals $ 17.9 million , with an adjustment to the benefit for income taxes of $ 3.9 million . for the corporate segment , the clean energy related adjustments are described on pages 47 to 48. for 2018 , the pretax impact of the brokerage segment adjustments totals $ 51.0 million , with a corresponding adjustment to the provision for income taxes of $ 12.9 million relating to these items . the pretax impact of the risk management segment adjustments totals $ ( 3.2 ) million , with a corresponding adjustment to the provision for income taxes of $ ( 1.0 ) million relating to these items . there was no pretax impact of the corporate segment adjustments , with an adjustment to the benefit for income taxes of $ 30.9 million . 27 reconciliation of non-gaap measures - pre-tax earnings and diluted net earnings per share ( in millions except share and per share data ) replace_table_token_6_th insurance market overview fluctuations in premiums charged by property/casualty underwriting enterprises have a direct and potentially material impact on the insurance brokerage industry . commission revenues are generally based on a percentage of the premiums paid by insureds and normally follow premium levels . insurance premiums are cyclical in nature and may vary widely based on market conditions . various factors , including competition for market share among underwriting enterprises , increased underwriting capacity and improved economies of scale following consolidations , can result in flat or reduced property/casualty premium rates ( a “ soft ” market ) . a soft market tends to put downward pressure on commission revenues . various countervailing factors , such as greater than anticipated loss experience , unexpected loss exposure and capital shortages , can result in increasing property/casualty premium rates ( a “ hard ” market ) . a hard market tends to favorably impact commission revenues . hard and soft markets may be broad-based or more narrowly focused across individual product lines or geographic areas . as markets 28 harden , buyers of insurance ( such as our brokerage clients ) , have historically tried to mitigate premium increases and the higher commissions these premiums generate , including by raising their deductibles and or reducing the overall amount of insurance coverage they purchase . as the market softens , or costs decrease , these trends have historically reversed . during a hard market , buyers may switch to negotiated fee in lieu of commission arrangements to compensate us for placing their risks , or may consider the alternative insurance market , which includes self-insurance , captives , rent-a-captives , risk retention groups and capital market solutions to transfer risk . according to industry estimates , these alternative markets now account for 50 % of the total u.s. commercial property/casualty market . our brokerage units are very active in these markets as well . while increased use by insureds of these alternative markets historically has reduced commission revenue to us , such trends generally have been accompanied by new sales and renewal increases in the areas of risk management , claims management , captive insurance and self-insurance services and related growth in fee revenue . inflation tends to increase the levels of insured values and risk exposures , resulting in higher overall premiums and higher commissions . however , the impact of hard and soft market fluctuations has historically had a greater impact on changes in premium rates , and therefore on our revenues , than inflationary pressures . we typically cite the council of insurance agents & brokers ( which we refer to as the ciab ) insurance pricing quarterly survey at this time as an indicator of the current insurance rate environment . the fourth quarter 2019 survey had not been published as of the filing date of this report . the first three 2019 quarterly surveys indicated that u.s. commercial property/casualty rates increased by 3.5 % , 5.2 % , and 6.2 % on average , for the first , second and third quarters of 2019 , respectively . we expect a similar trend to be noted when the ciab fourth quarter 2019 survey report is issued , which would signal continued price firming . the ciab represents the leading domestic and international insurance brokers , who write approximately 85 % of the commercial property/casualty premiums in the u.s. in 2020 , we expect increases in property/casualty rates and exposures greater than the modest increases observed during 2019. within our employee benefits and consulting brokerage operations , we believe that employment growth , a tightening labor market and the complexity surrounding the healthcare regulatory environment bode well for the continued demand of our solutions . in addition , our history of strong new business generation , solid retentions and enhanced value-added services for our carrier partners should all result in further organic growth opportunities around the world . internationally , pricing is increasing the most in our london specialty and canadian retail property/casualty markets , and is positive in our australian , new zealand and uk retail property/casualty markets . overall , we believe that in a positive rate environment with growing exposure units , our professionals can demonstrate their expertise and high-quality , value-added capabilities by strengthening our clients ' insurance portfolios . based on our experience , insurance carriers appear to be making rational pricing decisions . in lines and accounts where rate increases or decreases are warranted , the underwriters are pricing accordingly . story_separator_special_tag reconciliation of non-gaap information presented to gaap measures - this report includes tabular reconciliations to the most comparable gaap measures for adjusted revenues , adjusted compensation expense and adjusted operating expense , ebitdac , ebitdac margin , adjusted ebitdac , adjusted ebitdac margin , adjusted ebitdac ( before acquisitions ) , diluted net earnings per share ( as adjusted ) and organic revenue measures . brokerage segment the brokerage segment accounted for 68 % of our revenue in 2019. our brokerage segment is primarily comprised of retail and wholesale brokerage operations . our brokerage segment generates revenues by : ( i ) identifying , negotiating and placing all forms of insurance or reinsurance coverage , as well as providing risk-shifting , risk-sharing and risk-mitigation consulting services , principally related to property/casualty , life , health , welfare and disability insurance . we also provide these services through , or in conjunction with , other unrelated agents and brokers , consultants and management advisors . ( ii ) acting as an agent or broker for multiple underwriting enterprises by providing services such as sales , marketing , selecting , negotiating , underwriting , servicing and placing insurance coverage on their behalf . 32 ( iii ) providing consulting services related to health and welfare benefits , voluntary benefits , executive benefits , compensation , retirement planning , institutional investment and fiduciary , actuarial , compliance , private insurance exchange , human resource technology , communications and benefits administration . ( iv ) providing management and administrative services to captives , pools , risk-retention groups , healthcare exchanges , small underwriting enterprises , such as accounting , claims and loss processing assistance , feasibility studies , actuarial studies , data analytics and other administrative services . the primary source of revenues for our brokerage services is commissions from underwriting enterprises , based on a percentage of premiums paid by our clients , or fees received from clients based on an agreed level of service usually in lieu of commissions . commissions are fixed at the contract effective date and generally are based on a percentage of premiums for insurance coverage or employee headcount for employer sponsored benefit plans . commissions depend upon a large number of factors , including the type of risk being placed , the particular underwriting enterprise 's demand , the expected loss experience of the particular risk of coverage , and historical benchmarks surrounding the level of effort necessary for us to place and service the insurance contract . rather than being tied to the amount of premiums , fees are most often based on an expected level of effort to provide our services . in addition , under certain circumstances , both retail brokerage and wholesale brokerage services receive supplemental and contingent revenues . supplemental revenue is revenue paid by an underwriting enterprise that is above the base commission paid , is determined by the underwriting enterprise and is established annually in advance of the contractual period based on historical performance criteria . contingent revenue is revenue paid by an underwriting enterprise based on the overall profit and or volume of the business placed with that underwriting enterprise during a particular calendar year and is determined after the contractual period . litigation , regulatory and taxation matters irs investigation - a portion of our brokerage business includes the development and management of “ micro-captives , ” through operations we acquired in 2010 in our acquisition of the assets of tribeca strategic advisors ( which we refer to as tribeca ) . a “ captive ” is an underwriting enterprise that insures the risks of its owner , affiliates or a group of companies . micro-captives are captive underwriting enterprises that are subject to taxation only on net investment income under irc section 831 ( b ) . our micro-captive advisory services are under investigation by the internal revenue service ( which we refer to as irs ) . additionally , the irs has initiated audits for the 2012 tax year , and subsequent tax years , of over 100 of the micro-captive underwriting enterprises organized and or managed by us . among other matters , the irs is investigating whether we have been acting as a tax shelter promoter in connection with these operations . while the irs has not made specific allegations relating to our operations or the pre-acquisition activities of tribeca , an adverse determination could subject us to penalties and negatively affect our defense of the class action lawsuit described below . we may also experience lost earnings due to the negative effect of an extended irs investigation . from 2017 to 2019 , our micro-captive operations contributed less than $ 2.9 million of net earnings and less than $ 4.5 million of ebitdac to our consolidated results in any one year . due to the fact that the irs has not made any allegation against us , or completed all of its audits of our clients , we are not able to reasonably estimate the amount of any potential loss in connection with this investigation . class action lawsuit - on december 7 , 2018 , a class action lawsuit was filed against us , our subsidiary artex risk solutions , inc. ( which we refer to as artex ) and other defendants including tribeca , in the unites states district court for the district of arizona . the named plaintiffs are micro-captive clients of artex or tribeca and their related entities and owners who had irc section 831 ( b ) tax benefits disallowed by the irs . the complaint attempts to state various causes of action and alleges that the defendants defrauded the plaintiffs by marketing and managing micro-captives with the knowledge that the captives did not constitute bona fide insurance and thus would not qualify for tax benefits . the named plaintiffs are seeking to certify a class of all persons who were assessed back taxes , penalties or interest

cash flows from investing activities capital expenditures - capital expenditures were $ 138.8 million , $ 124.4 million and $ 129.2 million for 2019 , 2018 and 2017 , respectively , of which $ 11.8 million in 2017 related to expenditures on our new corporate headquarters building . in addition , 2019 and 2018 capital expenditures include amounts incurred related to investments made in information technology and software development projects . relating to the development of our new corporate headquarters , we received property tax related credits under a tax-increment financing note from rolling meadows , illinois and an illinois state edge tax credit . incentives from these two programs could total between $ 60.0 million and $ 90.0 million over a fifteen-year period . the net capital expenditures in 2017 primarily related to capitalized costs associated with expenditures on the implementation of new accounting and financial reporting systems and several other system initiatives that occurred in 2017. in 2020 , we expect total expenditures for capital improvements to be approximately $ 146.0 million , part of which is related to expenditures on office moves and expansions and updating computer systems and equipment . acquisitions - cash paid for acquisitions , net of cash and restricted cash acquired , was $ 1,266.8 million , $ 784.8 million and $ 376.1 million in 2019 , 2018 and 2017 , respectively . the increased use of cash for acquisitions in 2019 compared to 2018 was primarily due to an increase in the number and size of acquisitions in 2019 than occurred in 2018. the increased use of cash for acquisitions in 2018 compared to 2017 was primarily due to an increase in the number and size of acquisitions in 2018 than occurred in 2017 and we used less of our common stock to fund acquisitions in 2018. in addition , during 2019 , 2018 and 2017 we issued 1.9 million shares ( $ 166.1 million ) , 0.8 million shares ( $ 60.8 million ) and 1.0 million shares ( $ 59.6 million ) , respectively , of our common stock as payment for a portion of the total consideration paid for acquisitions and earnout payments .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows from investing activities capital expenditures - capital expenditures were $ 138.8 million , $ 124.4 million and $ 129.2 million for 2019 , 2018 and 2017 , respectively , of which $ 11.8 million in 2017 related to expenditures on our new corporate headquarters building . in addition , 2019 and 2018 capital expenditures include amounts incurred related to investments made in information technology and software development projects . relating to the development of our new corporate headquarters , we received property tax related credits under a tax-increment financing note from rolling meadows , illinois and an illinois state edge tax credit . incentives from these two programs could total between $ 60.0 million and $ 90.0 million over a fifteen-year period . the net capital expenditures in 2017 primarily related to capitalized costs associated with expenditures on the implementation of new accounting and financial reporting systems and several other system initiatives that occurred in 2017. in 2020 , we expect total expenditures for capital improvements to be approximately $ 146.0 million , part of which is related to expenditures on office moves and expansions and updating computer systems and equipment . acquisitions - cash paid for acquisitions , net of cash and restricted cash acquired , was $ 1,266.8 million , $ 784.8 million and $ 376.1 million in 2019 , 2018 and 2017 , respectively . the increased use of cash for acquisitions in 2019 compared to 2018 was primarily due to an increase in the number and size of acquisitions in 2019 than occurred in 2018. the increased use of cash for acquisitions in 2018 compared to 2017 was primarily due to an increase in the number and size of acquisitions in 2018 than occurred in 2017 and we used less of our common stock to fund acquisitions in 2018. in addition , during 2019 , 2018 and 2017 we issued 1.9 million shares ( $ 166.1 million ) , 0.8 million shares ( $ 60.8 million ) and 1.0 million shares ( $ 59.6 million ) , respectively , of our common stock as payment for a portion of the total consideration paid for acquisitions and earnout payments .
```    
 Suspicious Activity Report : replace_table_token_5_th * for 2019 , the pretax impact of the brokerage segment adjustments totals $ 10.4 million , with a corresponding adjustment to the provision for income taxes of $ 0.9 million relating to these items . the pretax impact of the risk management segment adjustments totals $ 5.5 million , with a corresponding adjustment to the provision for income taxes of $ 1.3 million relating to these items . the pretax impact of the corporate segment adjustments totals $ 17.9 million , with an adjustment to the benefit for income taxes of $ 3.9 million . for the corporate segment , the clean energy related adjustments are described on pages 47 to 48. for 2018 , the pretax impact of the brokerage segment adjustments totals $ 51.0 million , with a corresponding adjustment to the provision for income taxes of $ 12.9 million relating to these items . the pretax impact of the risk management segment adjustments totals $ ( 3.2 ) million , with a corresponding adjustment to the provision for income taxes of $ ( 1.0 ) million relating to these items . there was no pretax impact of the corporate segment adjustments , with an adjustment to the benefit for income taxes of $ 30.9 million . 27 reconciliation of non-gaap measures - pre-tax earnings and diluted net earnings per share ( in millions except share and per share data ) replace_table_token_6_th insurance market overview fluctuations in premiums charged by property/casualty underwriting enterprises have a direct and potentially material impact on the insurance brokerage industry . commission revenues are generally based on a percentage of the premiums paid by insureds and normally follow premium levels . insurance premiums are cyclical in nature and may vary widely based on market conditions . various factors , including competition for market share among underwriting enterprises , increased underwriting capacity and improved economies of scale following consolidations , can result in flat or reduced property/casualty premium rates ( a “ soft ” market ) . a soft market tends to put downward pressure on commission revenues . various countervailing factors , such as greater than anticipated loss experience , unexpected loss exposure and capital shortages , can result in increasing property/casualty premium rates ( a “ hard ” market ) . a hard market tends to favorably impact commission revenues . hard and soft markets may be broad-based or more narrowly focused across individual product lines or geographic areas . as markets 28 harden , buyers of insurance ( such as our brokerage clients ) , have historically tried to mitigate premium increases and the higher commissions these premiums generate , including by raising their deductibles and or reducing the overall amount of insurance coverage they purchase . as the market softens , or costs decrease , these trends have historically reversed . during a hard market , buyers may switch to negotiated fee in lieu of commission arrangements to compensate us for placing their risks , or may consider the alternative insurance market , which includes self-insurance , captives , rent-a-captives , risk retention groups and capital market solutions to transfer risk . according to industry estimates , these alternative markets now account for 50 % of the total u.s. commercial property/casualty market . our brokerage units are very active in these markets as well . while increased use by insureds of these alternative markets historically has reduced commission revenue to us , such trends generally have been accompanied by new sales and renewal increases in the areas of risk management , claims management , captive insurance and self-insurance services and related growth in fee revenue . inflation tends to increase the levels of insured values and risk exposures , resulting in higher overall premiums and higher commissions . however , the impact of hard and soft market fluctuations has historically had a greater impact on changes in premium rates , and therefore on our revenues , than inflationary pressures . we typically cite the council of insurance agents & brokers ( which we refer to as the ciab ) insurance pricing quarterly survey at this time as an indicator of the current insurance rate environment . the fourth quarter 2019 survey had not been published as of the filing date of this report . the first three 2019 quarterly surveys indicated that u.s. commercial property/casualty rates increased by 3.5 % , 5.2 % , and 6.2 % on average , for the first , second and third quarters of 2019 , respectively . we expect a similar trend to be noted when the ciab fourth quarter 2019 survey report is issued , which would signal continued price firming . the ciab represents the leading domestic and international insurance brokers , who write approximately 85 % of the commercial property/casualty premiums in the u.s. in 2020 , we expect increases in property/casualty rates and exposures greater than the modest increases observed during 2019. within our employee benefits and consulting brokerage operations , we believe that employment growth , a tightening labor market and the complexity surrounding the healthcare regulatory environment bode well for the continued demand of our solutions . in addition , our history of strong new business generation , solid retentions and enhanced value-added services for our carrier partners should all result in further organic growth opportunities around the world . internationally , pricing is increasing the most in our london specialty and canadian retail property/casualty markets , and is positive in our australian , new zealand and uk retail property/casualty markets . overall , we believe that in a positive rate environment with growing exposure units , our professionals can demonstrate their expertise and high-quality , value-added capabilities by strengthening our clients ' insurance portfolios . based on our experience , insurance carriers appear to be making rational pricing decisions . in lines and accounts where rate increases or decreases are warranted , the underwriters are pricing accordingly . story_separator_special_tag reconciliation of non-gaap information presented to gaap measures - this report includes tabular reconciliations to the most comparable gaap measures for adjusted revenues , adjusted compensation expense and adjusted operating expense , ebitdac , ebitdac margin , adjusted ebitdac , adjusted ebitdac margin , adjusted ebitdac ( before acquisitions ) , diluted net earnings per share ( as adjusted ) and organic revenue measures . brokerage segment the brokerage segment accounted for 68 % of our revenue in 2019. our brokerage segment is primarily comprised of retail and wholesale brokerage operations . our brokerage segment generates revenues by : ( i ) identifying , negotiating and placing all forms of insurance or reinsurance coverage , as well as providing risk-shifting , risk-sharing and risk-mitigation consulting services , principally related to property/casualty , life , health , welfare and disability insurance . we also provide these services through , or in conjunction with , other unrelated agents and brokers , consultants and management advisors . ( ii ) acting as an agent or broker for multiple underwriting enterprises by providing services such as sales , marketing , selecting , negotiating , underwriting , servicing and placing insurance coverage on their behalf . 32 ( iii ) providing consulting services related to health and welfare benefits , voluntary benefits , executive benefits , compensation , retirement planning , institutional investment and fiduciary , actuarial , compliance , private insurance exchange , human resource technology , communications and benefits administration . ( iv ) providing management and administrative services to captives , pools , risk-retention groups , healthcare exchanges , small underwriting enterprises , such as accounting , claims and loss processing assistance , feasibility studies , actuarial studies , data analytics and other administrative services . the primary source of revenues for our brokerage services is commissions from underwriting enterprises , based on a percentage of premiums paid by our clients , or fees received from clients based on an agreed level of service usually in lieu of commissions . commissions are fixed at the contract effective date and generally are based on a percentage of premiums for insurance coverage or employee headcount for employer sponsored benefit plans . commissions depend upon a large number of factors , including the type of risk being placed , the particular underwriting enterprise 's demand , the expected loss experience of the particular risk of coverage , and historical benchmarks surrounding the level of effort necessary for us to place and service the insurance contract . rather than being tied to the amount of premiums , fees are most often based on an expected level of effort to provide our services . in addition , under certain circumstances , both retail brokerage and wholesale brokerage services receive supplemental and contingent revenues . supplemental revenue is revenue paid by an underwriting enterprise that is above the base commission paid , is determined by the underwriting enterprise and is established annually in advance of the contractual period based on historical performance criteria . contingent revenue is revenue paid by an underwriting enterprise based on the overall profit and or volume of the business placed with that underwriting enterprise during a particular calendar year and is determined after the contractual period . litigation , regulatory and taxation matters irs investigation - a portion of our brokerage business includes the development and management of “ micro-captives , ” through operations we acquired in 2010 in our acquisition of the assets of tribeca strategic advisors ( which we refer to as tribeca ) . a “ captive ” is an underwriting enterprise that insures the risks of its owner , affiliates or a group of companies . micro-captives are captive underwriting enterprises that are subject to taxation only on net investment income under irc section 831 ( b ) . our micro-captive advisory services are under investigation by the internal revenue service ( which we refer to as irs ) . additionally , the irs has initiated audits for the 2012 tax year , and subsequent tax years , of over 100 of the micro-captive underwriting enterprises organized and or managed by us . among other matters , the irs is investigating whether we have been acting as a tax shelter promoter in connection with these operations . while the irs has not made specific allegations relating to our operations or the pre-acquisition activities of tribeca , an adverse determination could subject us to penalties and negatively affect our defense of the class action lawsuit described below . we may also experience lost earnings due to the negative effect of an extended irs investigation . from 2017 to 2019 , our micro-captive operations contributed less than $ 2.9 million of net earnings and less than $ 4.5 million of ebitdac to our consolidated results in any one year . due to the fact that the irs has not made any allegation against us , or completed all of its audits of our clients , we are not able to reasonably estimate the amount of any potential loss in connection with this investigation . class action lawsuit - on december 7 , 2018 , a class action lawsuit was filed against us , our subsidiary artex risk solutions , inc. ( which we refer to as artex ) and other defendants including tribeca , in the unites states district court for the district of arizona . the named plaintiffs are micro-captive clients of artex or tribeca and their related entities and owners who had irc section 831 ( b ) tax benefits disallowed by the irs . the complaint attempts to state various causes of action and alleges that the defendants defrauded the plaintiffs by marketing and managing micro-captives with the knowledge that the captives did not constitute bona fide insurance and thus would not qualify for tax benefits . the named plaintiffs are seeking to certify a class of all persons who were assessed back taxes , penalties or interest

