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## Operating Income 

Our consolidated operating income was $122.0 million for the year ended December 31, 2019, a decrease of $35.3 million, or 22.5%, when compared to 2018, and consisted of the following: 

<img src='content_image/1045812.jpg'>

Our PIRM segment operating income decreased by $5.8 million, or 9.7%, when compared to 2018. Excluding acquisition activity of $1.7 million, operating income decreased by $4.1 million and operating margins decreased by 151 basis points primarily due to lower operating revenues, partially offset by the impact of our ongoing operational efficiency programs. 

Our UWS segment operating income decreased by $6.7 million, or 3.3%, when compared to 2018. Excluding acquisition-related activity of $4.1 million, operating income decreased $10.8 million and margins decreased by 660 basis points primarily due to our business exits and AMC transformation and prior year benefit of accelerated revenue recognition, partially offset by higher market volumes, favorable product mix and the impact of our ongoing operational efficiency programs. 

Corporate and eliminations had an unfavorable variance of $22.9 million, or 22.1%, primarily due to higher investments on data and technology capabilities. 

## Total Interest Expense, Net 

Our consolidated total interest expense, net was $76.2 million for the year ended December 31, 2019, an increase of $2.2 million, or 3.0%, when compared to 2018. The increase was primarily due to higher average outstanding principal balances in 2019. 

## Gain/(Loss) on Investments and Other, Net 

Our consolidated loss on investments and other, net was $1.1 million for the year ended December 31, 2019, an unfavorable variance of $19.8 million when compared to 2018. The variance was primarily due to merger and acquisition activity totaling $18.4 million, a loss of $6.6 million related to a fair value adjustment on an equity investment, and $1.5 million of unamortized debt issuance cost write-offs due to financing activities in May 2019. The aforementioned items were partially offset by realized gains on our supplemental benefit plans of $6.7 million in 2019. 

## Tax Indemnification Release 

In 2019, we recorded a $13.4 million loss related to the release of a tax indemnification receivable due to the expiration of the statutes of limitations in our principal state jurisdictions. Associated state tax reserves of $15.3 million were also released and recognized as income tax benefit through the provision for income taxes. 

## Provision/(Benefit) for Income Taxes 

Our consolidated provision/(benefit) for income taxes from continuing operations before equity in earnings of affiliates and income taxes was a benefit of $1.8 million and a provision of $29.6 million for the years ended December 31, 2019 and 2018, respectively. Our effective income tax rate was a benefit of 5.7% and a provision of 29.0% for the years ended December 31, 2019 and 2018, respectively. The change in effective income tax rate was primarily due to the tax benefit associated with the reversal of state tax reserves due to the expiration of the statute of limitations in our principal state jurisdictions in 2019 and a prior year one-time charge for the transitions tax in connection with the Tax Cuts and Jobs Act in 2018. 

