Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Period Focus | Q1 |
Entity Interactive Data Current | Yes |
Entity Central Index Key | 0000354190 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | ARTHUR J. GALLAGHER & CO. |
Entity File Number | 1-09761 |
Document Transition Report | false |
Entity Tax Identification Number | 36-2151613 |
Entity Incorporation, State or Country Code | DE |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 2850 Golf Road |
Entity Address, City or Town | Rolling Meadows |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60008 |
City Area Code | 630 |
Local Phone Number | 773-3800 |
Entity Shell Company | false |
Trading Symbol | AJG |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Stock, par value $1.00 per share |
Entity Common Stock, Shares Outstanding | 214,246,000 |
Document Quarterly Report | true |
Consolidated Statement of Earni
Consolidated Statement of Earnings - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues before reimbursements | $ 2,672.9 | $ 2,404.5 |
Reimbursements | 33.2 | 30.8 |
Total revenues | 2,706.1 | 2,435.3 |
Compensation | 1,415.5 | 1,282 |
Operating | 382.5 | 317.3 |
Reimbursements | 33.2 | 30.8 |
Cost of revenues from clean coal activities | 22.9 | |
Interest | 67.9 | 63.9 |
Depreciation | 37.7 | 35.2 |
Amortization | 121.7 | 124.6 |
Change in estimated acquisition earnout payables | 41.8 | 20.9 |
Total expenses | 2,100.3 | 1,897.6 |
Earnings before income taxes | 605.8 | 537.7 |
Provision for income taxes | 119.2 | 98.6 |
Net earnings | 486.6 | 439.1 |
Net earnings attributable to noncontrolling interests | 0.1 | 0.4 |
Net earnings attributable to controlling interests | $ 486.5 | $ 438.7 |
Basic net earnings per share | $ 2.29 | $ 2.10 |
Diluted net earnings per share | 2.24 | 2.05 |
Dividends declared per common share | $ 0.55 | $ 0.51 |
Commissions [Member] | ||
Revenues before reimbursements | $ 1,747.4 | $ 1,565.3 |
Broker Fees [Member] | ||
Revenues before reimbursements | 705.7 | 650.9 |
Supplemental Revenue [Member] | ||
Revenues before reimbursements | 81.6 | 74.3 |
Contingent Revenue [Member] | ||
Revenues before reimbursements | 71.8 | 71.6 |
Investment Income [Member] | ||
Revenues before reimbursements | 66 | 18.2 |
Net Gains on Divestitures [Member] | ||
Revenues before reimbursements | 0.3 | 1.4 |
Clean Coal Activities [Member] | ||
Revenues before reimbursements | 22.7 | |
Other Net Revenue [Member] | ||
Revenues before reimbursements | $ 0.1 | $ 0.1 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 486.6 | $ 439.1 |
Change in pension liability, net of taxes | 0.8 | 0.3 |
Foreign currency translation, net of taxes | 33.3 | 14.9 |
Change in fair value of derivative investments, net of taxes | 4.9 | 45.2 |
Comprehensive earnings | 525.6 | 499.5 |
Comprehensive earnings attributable to noncontrolling interests | 0.5 | |
Comprehensive earnings attributable to controlling interests | $ 525.6 | $ 499 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 1,549.9 | $ 738.4 |
Fiduciary assets | 23,403.4 | 18,236.7 |
Accounts receivable, net | 3,526.5 | 2,911.1 |
Other current assets | 298.2 | 399 |
Total current assets | 28,778 | 22,285.2 |
Fixed assets - net | 581.2 | 576.2 |
Deferred income taxes (includes tax credit carryforwards of $723.1 in 2023 and $772.7 in 2022) | 1,244.1 | 1,299 |
Other noncurrent assets | 1,028.6 | 989.8 |
Right-of-use assets | 355.2 | 346.7 |
Goodwill | 9,703.2 | 9,489.4 |
Amortizable intangible assets - net | 3,404.1 | 3,372.1 |
Total assets | 45,094.4 | 38,358.4 |
Fiduciary liabilities | 23,403.4 | 18,236.7 |
Accrued compensation and other current liabilities | 2,231.3 | 2,003.3 |
Deferred revenue - current | 626.2 | 546.7 |
Premium financing debt | 159.8 | 241.9 |
Corporate related borrowings - current | 675 | 310 |
Total current liabilities | 27,095.7 | 21,338.6 |
Corporate related borrowings - noncurrent | 6,022.1 | 5,562.8 |
Deferred revenue - noncurrent | 62 | 62.6 |
Lease liabilities - noncurrent | 311.4 | 300.4 |
Other noncurrent liabilities | 1,744.9 | 1,903.8 |
Total liabilities | 35,236.1 | 29,168.2 |
Stockholders' equity: | ||
Common stock - issued and outstanding 214.2 shares in 2023 and 211.9 shares in 2022 | 214.2 | 211.9 |
Capital in excess of par value | 6,774.8 | 6,509.9 |
Retained earnings | 3,930.2 | 3,562.2 |
Accumulated other comprehensive loss | (1,101.4) | (1,140.4) |
Stockholders' equity attributable to controlling interests | 9,817.8 | 9,143.6 |
Stockholders' equity attributable to noncontrolling interests | 40.5 | 46.6 |
Total stockholders' equity | 9,858.3 | 9,190.2 |
Total liabilities and stockholders' equity | $ 45,094.4 | $ 38,358.4 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Deferred income tax credit carryforwards | $ 723.1 | $ 772.7 |
Common stock - issued shares | 214.2 | 211.9 |
Common stock - outstanding shares | 214.2 | 211.9 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 486.6 | $ 439.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Net gain on investments and other | (1) | |
Depreciation and amortization | 159.4 | 159.8 |
Change in estimated acquisition earnout payables | 41.8 | 20.9 |
Amortization of deferred compensation and restricted stock | 22.9 | 18.1 |
Stock-based and other noncash compensation expense | 3.8 | 2.4 |
Payments on acquisition earnouts in excess of original estimates | (35.3) | (29.4) |
Provision for deferred income taxes | 31.9 | 28.1 |
Effect of changes in foreign exchange rates | 0.3 | (2.4) |
Net change in accounts receivable, net | (642.2) | (553.2) |
Net change in deferred revenue | 74.7 | 59.3 |
Net change in other current assets | 17.3 | 14 |
Net change in accrued compensation and other accrued liabilities | 298.1 | 108 |
Net change in income taxes payable | 21 | 11.6 |
Net change in other noncurrent assets and liabilities | (51.8) | (58.7) |
Net cash provided by operating activities | 428.5 | 216.6 |
Cash flows from investing activities: | ||
Capital expenditures | (29.7) | (37.7) |
Cash paid for acquisitions, net of cash and restricted cash acquired | (311.4) | (121.7) |
Net proceeds from sales of operations/books of business | 0.1 | 1 |
Net funding of investment transactions | 0.4 | (0.1) |
Net funding of premium finance loans | 84 | 64.2 |
Net cash used by investing activities | (256.6) | (94.3) |
Cash flows from financing activities: | ||
Payments on acquisition earnouts | (66.6) | (32.2) |
Proceeds from issuance of common stock | 30.3 | 45.9 |
Payments to noncontrolling interests | (0.7) | (0.8) |
Dividends paid | (117.4) | (106.7) |
Net change in fiduciary assets and liabilities | 311.8 | 218 |
Net borrowings on premium financing debt facility | (83.7) | (62.1) |
Borrowings on line of credit facility | 605 | 380 |
Repayments on line of credit facility | (665) | (425) |
Net borrowings of corporate related long-term debt | 893.7 | 0.1 |
Debt acquisition costs | (9.3) | 0.5 |
Settlements on terminated interest rate swaps | 60 | |
Net cash provided by financing activities | 958.1 | 17.7 |
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash | (3.2) | 32.4 |
Net increase in cash, cash equivalents, restricted cash and fiduciary cash | 1,126.8 | 172.4 |
Cash, cash equivalents, restricted cash and fiduciary cash at beginning of period | 4,964.2 | 4,466.3 |
Cash, cash equivalents, restricted cash and fiduciary cash at end of period | $ 6,091 | $ 4,638.7 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] |
Beginning balance at Dec. 31, 2021 | $ 8,560.1 | $ 208.5 | $ 6,143.7 | $ 2,882.3 | $ (726.1) | $ 51.7 |
Beginning balance (in shares) at Dec. 31, 2021 | 208.5 | |||||
Net earnings | 439.1 | 438.7 | 0.4 | |||
Net purchase of subsidiary shares from noncontrolling interests | 2.1 | 2.1 | ||||
Dividends paid to noncontrolling interests | (0.6) | (0.6) | ||||
Net change in pension asset/liability, net of taxes | 0.3 | 0.3 | ||||
Foreign currency translation | 15 | 14.9 | 0.1 | |||
Change in fair value of derivative instruments, net of taxes | 45.2 | 45.2 | ||||
Compensation expense related to stock option plan grants | 5.7 | 5.7 | ||||
Stock option plans | 37.8 | $ 0.7 | 37.1 | |||
Stock option plans (in shares) | 0.7 | |||||
Employee stock purchase plan | 8.1 | $ 0.1 | 8 | |||
Employee stock purchase plan (in shares) | 0.1 | |||||
Shares issued to benefit plans | 74.4 | $ 0.5 | 73.9 | |||
Shares issued to benefit plans (in shares) | 0.5 | |||||
Deferred compensation and restricted stock | (36.1) | $ 0.3 | (36.4) | |||
Deferred compensation and restricted (in shares) | 0.3 | |||||
Cash dividends declared on common stock | (108) | (108) | ||||
Ending balance at Mar. 31, 2022 | 9,043.1 | $ 210.1 | 6,232 | 3,213 | (665.7) | 53.7 |
Ending balance, (in shares) at Mar. 31, 2022 | 210.1 | |||||
Beginning balance at Dec. 31, 2022 | $ 9,190.2 | $ 211.9 | 6,509.9 | 3,562.2 | (1,140.4) | 46.6 |
Beginning balance (in shares) at Dec. 31, 2022 | 211.9 | 211.9 | ||||
Net earnings | $ 486.6 | 486.5 | 0.1 | |||
Net purchase of subsidiary shares from noncontrolling interests | (5.4) | (5.4) | ||||
Dividends paid to noncontrolling interests | (0.7) | (0.7) | ||||
Net change in pension asset/liability, net of taxes | 0.8 | 0.8 | ||||
Foreign currency translation | 33.2 | 33.3 | (0.1) | |||
Change in fair value of derivative instruments, net of taxes | 4.9 | 4.9 | ||||
Compensation expense related to stock option plan grants | 7.7 | 7.7 | ||||
Common stock issued in: purchase transactions | 186.5 | $ 1 | 185.5 | |||
Common stock issued in: purchase transactions (in shares) | 1 | |||||
Stock option plans | $ 21.2 | $ 0.5 | 20.7 | |||
Stock option plans (in shares) | 0.6 | 0.5 | ||||
Employee stock purchase plan | $ 9.1 | $ 0.1 | 9 | |||
Employee stock purchase plan (in shares) | 0.1 | |||||
Shares issued to benefit plans | 84.6 | $ 0.4 | 84.2 | |||
Shares issued to benefit plans (in shares) | 0.4 | |||||
Deferred compensation and restricted stock | (41.9) | $ 0.3 | (42.2) | |||
Deferred compensation and restricted (in shares) | 0.3 | |||||
Cash dividends declared on common stock | (118.5) | (118.5) | ||||
Ending balance at Mar. 31, 2023 | $ 9,858.3 | $ 214.2 | $ 6,774.8 | $ 3,930.2 | $ (1,101.4) | $ 40.5 |
Ending balance, (in shares) at Mar. 31, 2023 | 214.2 | 214.2 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Tax effect on net change in pension asset/liability | $ 0.2 | $ 0.1 |
Net change in fair value of derivative instruments, tax | $ 1.3 | $ 16.2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Terms Used in Notes to Consolidated Financial Statements ASC - Accounting Standards Codification. ASU - Accounting Standards Update. FASB - The Financial Accounting Standards Board. GAAP - U.S. generally accepted accounting principles. IRC - Internal Revenue Code. IRS - Internal Revenue Service. Underwriting enterprises - Insurance companies, reinsurance companies and various other forms of risk-taking entities, including intermediaries of underwriting enterprises. Nature of Operations and Basis of Presentation Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us, Gallagher or the company, provide insurance and reinsurance brokerage, consulting and third party claims settlement and administration services to both domestic and international entities. We have three reportable segments: brokerage, risk management and corporate. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients. Our brokerage segment operations provide brokerage and consulting services to companies and entities of all types, including commercial, not-for-profit, public entities, and, to a lesser extent, individuals, in the areas of insurance and reinsurance placement, risk of loss management, and management of employer sponsored benefit programs. Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting for commercial, not-for-profit, captive and public entities, and various other organizations that choose to self-insure property/casualty coverages or choose to use a third‑party claims management organization rather than the claim services provided by underwriting enterprises. The corporate segment reports the financial information related to our debt and other corporate costs, legacy clean energy investments, external acquisition‑related expenses and the impact of foreign currency translation. Legacy clean energy investments consist of our investments in limited liability companies that own 35 commercial clean coal production facilities that produced refined coal using Chem-Mod LLC’s proprietary technologies. We believe these operations produced refined coal that qualifies for tax credits under IRC Section 45. We do not assume insurance underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital insurance to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for covering losses is provided by underwriting enterprises. Investment income and other revenues are primarily generated from our premium financing operations, our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. In addition, our share of the net earnings related to partially owned entities that are accounted for using the equity method is included in investment income. We are a global insurance brokerage, risk management and consulting services firm, headquartered in Rolling Meadows, Illinois. We provide these services in approximately 130 countries around the world through our owned operations and a network of correspondent brokers and consultants. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to such rules and regulations. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited consolidated financial statements for the year ended December 31, 2022, and include all normal recurring adjustments necessary for a fair presentation of the information set forth. The quarterly results of operations are not necessarily indicative of the results of operations to be reported for subsequent quarters or the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. In the preparation of our unaudited consolidated financial statements as of March 31, 2023 , management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued, for potential recognition and/or disclosure therein. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses, and the disclosure of contingent assets and liabilities at the date of our consolidated financial statements. We periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, right-of-use assets, investments (including our IRC Section 45 investments), income taxes, revenue recognition, deferred costs, stock-based compensation, claims handling obligations, retirement plans, litigation and contingencies. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein. Change in Presentation of Fiduciary Assets and Liabilities In first quarter 2023, we revised the presentation of certain amounts in our consolidated balance sheet and statement of cash flows primarily to separately identify and present fiduciary assets and liabilities. Specifically, we have reclassified prior period balances of fiduciary assets historically included in restricted cash and premiums and fees receivable into a new line on the balance sheet, fiduciary assets. Additionally, we have made certain immaterial revisions to fiduciary related balances including premiums receivable and premiums payable to underwriting enterprises related to the former Willis Re operations from gross to a net presentation to align to our accounting policy and presentation. We also added a new accounts receivable, net line in the balance sheet that includes accrued agency billed commissions, fees, supplemental commissions, direct bill commissions and contingent commission receivables due to Gallagher. Fiduciary assets represent cash held and insurance and reinsurance receivables that relate to our clients and are held on their behalf. Fiduciary liabilities represent the corresponding amounts that are owed to underwriting enterprises on behalf of our clients. We made the applicable revisions and reclassifications to the prior-period amounts to conform to the current period presentation. These changes had no impact on the consolidated statement of earnings, comprehensive earnings or stockholders’ equity for all periods presented. Additionally these revisions did not impact our previously reported net increase in total cash (i.e., net cash, cash equivalents and restricted cash in the aggregate on our statement of cash flows). The revisions and reclassifications to the presentation of the consolidated balance sheet include the following: Assets • Restricted cash line was removed. Amounts were reclassified to cash and cash equivalents and fiduciary assets. See Note 13 - Supplemental Disclosures of Cash Flow Information for a reconciliation of our end of period cash, cash equivalents, restricted cash and fiduciary cash balances. • A new fiduciary assets line was added. Amounts were reclassified from restricted cash and premiums and fees receivable. • A new accounts receivable, net line was added. Amounts were reclassified from premiums and fees receivable and other current assets. • The premiums and fees receivable line was removed. Liabilities • A new fiduciary liabilities line item was added. Amounts were reclassified from premiums payable to underwriting enterprises. • The premiums payable to underwriting enterprises was removed. The revisions and reclassifications to the presentation of the consolidated statement of cash flows include the following: Net cash provided by operating activities • The net change in premiums and fees receivable was removed. • A new net change in accounts receivable, net was added. • The net change in premiums payable to underwriting enterprises was removed. Net cash provided (used) by financing activities • A new net change in fiduciary assets and liabilities was added. In addition to these changes, we moved the net change in fiduciary assets and liabilities from the operating section to the financing section of the statement of cash flows. The effect of the changes to the presentation of our consolidated balance sheet as of December 31, 2022 is summarized below: December 31, (In millions) Reported 2022 Change Revised 2022 Cash and cash equivalents $ 342.3 $ 396.1 $ 738.4 Restricted cash 4,621.9 ( 4,621.9 ) — Premiums and fees receivable 16,408.9 ( 16,408.9 ) — Fiduciary assets — 18,236.7 18,236.7 Accounts receivable, net — 2,911.1 2,911.1 Other current assets 1,461.5 ( 1,062.5 ) 399.0 Total current assets 22,834.6 ( 549.4 ) 22,285.2 Total assets 38,907.8 ( 549.4 ) 38,358.4 Premium payable to underwriting enterprises 18,698.2 ( 18,698.2 ) — Fiduciary liabilities — 18,236.7 18,236.7 Accrued compensation and other accrued liabilities 2,091.2 ( 87.9 ) 2,003.3 Total current liabilities 21,888.0 ( 549.4 ) 21,338.6 Total liabilities 29,717.6 ( 549.4 ) 29,168.2 Total liabilities and stockholders' equity 38,907.8 ( 549.4 ) 38,358.4 The effect of the changes to the presentation of our statement of cash flows for the three-month period ended March 31, 2022 is summarized below: Three-month period ended March 31, (In millions) Reported 2022 Change Revised 2022 Cash flows from operating activities: Net change in accounts receivable, net $ — $ ( 553.2 ) $ ( 553.2 ) Net change in premium and fees receivable ( 9,827.3 ) 9,827.3 — Net change in premiums payable to underwriting enterprises 9,331.3 ( 9,331.3 ) — Net change in other current assets 120.1 ( 106.1 ) 14.0 Net change in accrued compensation and other accrued liabilities 162.7 ( 54.7 ) 108.0 Net cash provided by operating activities 434.6 ( 218.0 ) 216.6 Cash flows from financing activities: Net change in fiduciary assets and liabilities — 218.0 218.0 Net cash provided by (used) by financing activities ( 200.3 ) 218.0 17.7 |
Effect of New Accounting Pronou
Effect of New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of New Accounting Pronouncements | 2. Effect of New Accounting Pronouncements All new accounting pronouncements are either not applicable or deemed not material to our consolidated financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations During the three-month period ended March 31, 2023, we acquired substantially all of the outstanding stock or net assets, as applicable, of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data): Total Maximum Common Common Recorded Recorded Potential Name and Effective Shares Share Accrued Escrow Earnout Purchase Earnout Date of Acquisition Issued Value Cash Paid Liability Deposited Payable Price Payable (000s) First Ireland Risk — $ — $ 86.4 $ — $ 5.3 $ 5.9 $ 97.6 $ 6.6 Nine other acquisitions 14 — 194.1 1.5 8.9 38.1 242.6 56.1 14 $ — $ 280.5 $ 1.5 $ 14.2 $ 44.0 $ 340.2 $ 62.7 On December 20, 2022, we signed a definitive agreement to acquire the partnership interests of BCHR holdings, L.P. and its subsidiaries dba Buck (which we refer to as Buck), for a gross consideration of $ 660.0 million or approximately $ 585.0 million net of agreed seller funded expenses and net working capital. The acquisition closed on April 3, 2023. We funded the transaction via free cash flow and funds received from the unsecured senior notes offering. Buck is a leading provider of retirement, human resources and employee benefits consulting and administration services. Buck has been in existence for more than 100 years and has a diverse client base by both size and industry. Buck has over 2,300 employees, including more than 220 credentialed actuaries, and primarily serves customers throughout the U.S., Canada and the U.K. Common shares issued in connection with acquisitions are valued at closing market prices as of the effective date of the applicable acquisition or on the days when the shares are issued, if purchase consideration is deferred. We record escrow deposits that are returned to us as a result of adjustments to net assets acquired as reductions of goodwill when the escrows are settled. The maximum potential earnout payables disclosed in the foregoing table represent the maximum amount of additional consideration that could be paid pursuant to the terms of the purchase agreement for the applicable acquisition. The amounts recorded as earnout payables, which are primarily based upon the estimated future operating results of the acquired entities over a two- to three-year period subsequent to the acquisition date, are measured at fair value as of the acquisition date and are included on that basis in the recorded purchase price consideration in the foregoing table. We will record subsequent changes in these estimated earnout obligations, including the accretion of discount, in our consolidated statement of earnings when incurred. The fair value of these earnout obligations is based on the present value of the expected future payments to be made to the sellers of the acquired entities in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, we estimated the acquired entity’s future performance using financial projections developed by management for the acquired entity and market participant assumptions that were derived for revenue growth and/or profitability. Revenue growth rates generally ranged from 5.0 % to 20.0 % for our 2023 acquisitions. We estimated future payments using the earnout formula and performance targets specified in each purchase agreement and the financial projections just described. We then discounted these payments to present value using a risk-adjusted rate that takes into consideration market-based rates of return that reflect the ability of the acquired entity to achieve the targets. The discount rate was 9.0 % for all of our 2023 acquisitions. Changes in financial projections, market participant assumptions for revenue growth and/or profitability, or the risk-adjusted discount rate, would result in a change in the fair value of recorded earnout obligations. During the three-month periods ended March 31, 2023 and 2022 , we recognized $ 19.8 million and $ 9.4 million, respectively, of expense in our consolidated statement of earnings related to the accretion of the discount recorded for earnout obligations in connection with our acquisitions. In addition, during the three-month periods ended March 31, 2023 and 2022 , we recognized $ 22.0 million and $ 11.5 million of expense, respectively, related to net adjustments in the estimated fair value of the liability for earnout obligations in connection with revised assumptions due to changes in interest rates, volatility and other assumptions and projections of future performance for 22 and 31 acquisitions, respectively. The net adjustments in the three-month period ended March 31, 2023, include changes made to the estimated fair value of the Willis Re acquisition earnout and reflect updated assumptions as of March 31, 2023. The aggregate amount of maximum earnout obligations related to acquisitions was $ 1,748.3 million as of March 31, 2023 , of which $ 901.8 million was recorded in the consolidated balance sheet as of March 31, 2023 , based on the estimated fair value of the expected future payments to be made, of which approximately $ 524.0 million can be settled in cash or stock at our option and $ 377.8 million must be settled in cash. The following is a summary of the estimated fair values of the net assets acquired at the date of each acquisition made in the three-month period ended March 31, 2023 (in millions): Nine Other (FIR) Acquisitions Total Cash and cash equivalents $ 13.0 $ 3.8 $ 16.8 Fiduciary assets 13.8 10.3 24.1 Other current assets 1.5 4.3 5.8 Fixed assets 0.8 0.3 1.1 Noncurrent assets 8.6 7.6 16.2 Goodwill 58.8 122.4 181.2 Expiration lists 27.5 120.1 147.6 Non-compete agreements 4.3 2.5 6.8 Trade names — 1.3 1.3 Total assets acquired 128.3 272.6 400.9 Fiduciary liabilities 13.8 10.3 24.1 Current liabilities 3.9 3.5 7.4 Noncurrent liabilities 13.0 16.2 29.2 Total liabilities assumed 30.7 30.0 60.7 Total net assets acquired $ 97.6 $ 242.6 $ 340.2 Among other things, these acquisitions allow us to expand into desirable geographic locations, further extend our presence in the retail and wholesale insurance and reinsurance brokerage markets and increase the volume of general services currently provided. The excess of the purchase price over the estimated fair value of the tangible net assets acquired at the acquisition date was allocated to goodwill, expiration lists, non-compete agreements and trade names in the amounts of $ 181.2 million, $ 147.6 million, $ 6.8 million and $ 1.3 million, respectively, within the brokerage segment. Provisional estimates of fair value are established at the time of each acquisition and are subsequently reviewed and finalized within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. During this period, we may use independent third-party valuation specialists to assist us in finalizing the fair value of assets acquired and liabilities assumed. Fair value adjustments, if any, are most common to the values established for amortizable intangible assets, including expiration lists, non‑compete agreements, acquired software, and for earnout liabilities, with the offset to goodwill, net of any income tax effect. The fair value of the tangible assets and liabilities for each applicable acquisition at the acquisition date approximated their carrying values. In general, the fair value of expiration lists was established using the excess earnings method, which is an income approach based on estimated financial projections developed by management for each acquired entity using market participant assumptions. Revenue growth and attrition rates were 3.0 % and 25.5 %, respectively, for our 2022 acquisitions for which valuations were performed in 2023. We estimate the fair value as the present value of the benefits anticipated from ownership of the subject expiration list in excess of returns required on the investment in contributory assets necessary to realize those benefits. The rate used to discount the net benefits was based on a risk-adjusted rate that takes into consideration market-based rates of return and reflects the risk of the asset relative to the acquired business. The discount rate was 11.0 % for our 2022 acquisitions for which valuations were performed in 2023. The fair value of non-compete agreements was established using the profit differential method, which is an income approach based on estimated financial projections developed by management for the acquired company using market participant assumptions and various non-compete scenarios. Expiration lists, non-compete agreements and trade names related to our acquisitions are amortized using the straight-line method over their estimated useful lives ( two to fifteen years for expiration lists, two to six years for non-compete agreements and two to fifteen years for trade names), while goodwill is not subject to amortization. We use the straight-line method to amortize these intangible assets because the pattern of their economic benefits cannot be reasonably determined with any certainty. We review all of our identifiable intangible assets for impairment periodically (at least annually) and whenever events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. In reviewing identifiable intangible assets, if the undiscounted future cash flows were less than the carrying amount of the respective (or underlying) asset, an indicator of impairment would exist and further analysis would be required to determine whether or not a loss would need to be charged against current period earnings as a component of amortization expense. Based on the results of impairment reviews during the three-month periods ended March 31, 2023 and 2022 , we wrote off $ 0.1 million and $ 0.2 million, respectively, of amortizable assets related to the brokerage and risk management segments. Of the $ 147.6 million of expiration lists, $ 6.8 million of non-compete agreements and $ 1.3 million of trade names related to our acquisitions made during the three-month period ended March 31, 2023 , $ 61.7 million, $ 6.4 million and zero , respectively, are not expected to be deductible for income tax purposes. Accordingly, we recorded a deferred tax liability of $ 13.1 million, and a corresponding amount of goodwill, in the three-month period ended March 31, 2023, related to the nondeductible amortizable intangible assets. Our consolidated financial statements for the three-month period ended March 31, 2023 include the operations of the entities acquired in the three-month period ended March 31, 2023 from their respective acquisition dates. The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2022 (in millions, except per share data): Three-month period ended March 31, 2023 2022 Total revenues $ 2,712.2 $ 2,454.2 Net earnings attributable to controlling interests 487.6 440.0 Basic net earnings per share 2.29 2.11 Diluted net earnings per share 2.25 2.06 The unaudited pro forma results above have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which actually would have resulted had these acquisitions occurred at January 1, 2022, nor are they necessarily indicative of future operating results. Annualized revenues of entities acquired during the three-month period ended March 31, 2023 totaled approximately $ 69.0 million. For the three-month period ended March 31, 2023, total revenues and net loss recorded in our unaudited consolidated statement of earnings related to our acquisitions made during the three-month period ended March 31, 2023 in the aggregate, were $ 11.7 million and $( 2.2 ) million, respectively. |
Contracts with Customers
Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contracts with Customers | 4. Contracts with Customers Contract Assets and Liabilities/Contract Balances Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions): March 31, December 31, Unbilled receivables $ 1,389.1 $ 910.9 Deferred contract costs 89.3 144.5 Deferred revenue 688.2 609.3 The unbilled receivables, which are included in accounts receivable in our consolidated balance sheet, primarily relate to our rights to consideration for work completed but not billed at the reporting date. These are transferred to the receivables when the client is billed. The deferred contract costs represent the costs we incur to fulfill a new or renewal contract with our clients prior to the effective date of the contract. These costs are expensed on the contract effective date. The deferred revenue in the consolidated balance sheet includes amounts that represent the remaining performance obligations under our contracts and amounts collected related to advanced billings and deposits received from customers that may or may not ultimately be recognized as revenues in the future. Deposits received from customers could be returned to the customers based on lesser actual transactional volume than originally billed volume. Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions): Risk Brokerage Management Total Deferred revenue at December 31, 2022 $ 434.0 $ 175.3 $ 609.3 Incremental deferred revenue 273.2 25.9 299.1 Revenue recognized during the three-month period ended ( 211.9 ) ( 25.3 ) ( 237.2 ) Net change in collected billings/deposits received from customers 15.3 ( 3.2 ) 12.1 Impact of change in foreign exchange rates 2.6 ( 0.5 ) 2.1 Deferred revenue recognized from business acquisitions 2.8 — 2.8 Deferred revenue at March 31, 2023 $ 516.0 $ 172.2 $ 688.2 Revenue recognized during the three-month period ended March 31, 2023 in the table above included revenue from 2022 acquisitions that would not be reflected in prior periods. Remaining Performance Obligations Remaining performance obligations represent the portion of the contract price for which work has not been performed. As of March 31, 2023, the aggregate amount of the contract price allocated to remaining performance obligations was $ 688.2 million. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions): Brokerage Risk Total 2023 (remaining nine months) $ 427.4 $ 99.3 $ 526.7 2024 78.6 32.8 111.4 2025 8.0 16.9 24.9 2026 0.9 9.5 10.4 2027 0.6 5.8 6.4 Thereafter 0.5 7.9 8.4 Total $ 516.0 $ 172.2 $ 688.2 Deferred Contract Costs We capitalize costs incurred to fulfill contracts as deferred contract costs which are included in other current assets in our consolidated balance sheet. Deferred contract costs were $ 89.3 million and $ 144.5 million as of March 31, 2023 and December 31, 2022, respectively. Capitalized fulfillment costs are amortized to expense on the contract effective date. The amount of amortization of the deferred contract costs was $ 177.2 million and $ 160.0 million for the three-month periods ended March 31, 2023 and 2022, respectively. We have applied the practical expedient to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less for our brokerage segment. These costs are included in compensation and operating expenses in our consolidated statement of earnings. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The carrying amount of goodwill at March 31, 2023 and December 31, 2022 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At March 31, 2023 United States $ 5,127.9 $ 74.8 $ — $ 5,202.7 United Kingdom 2,242.7 17.9 — 2,260.6 Canada 566.4 — — 566.4 Australia 467.9 10.1 — 478.0 New Zealand 201.0 9.4 — 210.4 Other foreign 965.9 — 19.2 985.1 Total goodwill $ 9,571.8 $ 112.2 $ 19.2 $ 9,703.2 At December 31, 2022 United States $ 5,065.7 $ 74.8 $ — $ 5,140.5 United Kingdom 2,180.2 17.7 — 2,197.9 Canada 569.7 — — 569.7 Australia 467.6 10.2 — 477.8 New Zealand 203.8 9.5 — 213.3 Other foreign 871.1 — 19.1 890.2 Total goodwill $ 9,358.1 $ 112.2 $ 19.1 $ 9,489.4 The changes in the carrying amount of goodwill for the three-month period ended March 31, 2023 are as follows (in millions): Brokerage Risk Corporate Total Balance as of December 31, 2022 $ 9,358.1 $ 112.2 $ 19.1 $ 9,489.4 Goodwill acquired during the period 181.2 — — 181.2 Goodwill true-ups due to appraisals and other acquisition 7.5 — — 7.5 Foreign currency translation adjustments during the period 25.0 — 0.1 25.1 Balance as of March 31, 2023 $ 9,571.8 $ 112.2 $ 19.2 $ 9,703.2 Major classes of amortizable intangible assets at March 31, 2023 and December 31, 2022 consist of the following (in millions): March 31, December 31, 2023 2022 Expiration lists $ 6,620.3 $ 6,472.3 Accumulated amortization - expiration lists ( 3,297.7 ) ( 3,178.5 ) 3,322.6 3,293.8 Non-compete agreements 98.1 91.3 Accumulated amortization - non-compete agreements ( 70.3 ) ( 67.5 ) 27.8 23.8 Trade names 110.1 108.5 Accumulated amortization - trade names ( 56.4 ) ( 54.0 ) 53.7 54.5 Net amortizable assets $ 3,404.1 $ 3,372.1 Estimated aggregate amortization expense for each of the next five years and thereafter is as follows (in millions): 2023 (remaining nine months) $ 362.3 2024 449.5 2025 405.6 2026 366.2 2027 336.8 Thereafter 1,483.7 Total $ 3,404.1 |
Credit and Other Debt Agreement
Credit and Other Debt Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Credit and Other Debt Agreements | 6. Credit and Other Debt Agreements The following is a summary of our corporate and other debt (in millions): March 31, December 31, 2023 2022 Senior Notes: Semi-annual payments of interest, fixed rate of 2.40 %, balloon due November 9, 2031 $ 400.0 $ 400.0 Semi-annual payments of interest, fixed rate of 5.50 %, balloon due March 2, 2033 350.0 — Semi-annual payments of interest, fixed rate of 3.50 %, balloon due May 20, 2051 850.0 850.0 Semi-annual payments of interest, fixed rate of 3.05 %, balloon due March 9, 2052 350.0 350.0 Semi-annual payments of interest, fixed rate of 5.75 %, balloon due March 2, 2053 600.0 — Total Senior Notes 2,550.0 1,600.0 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 5.49 %, balloon due February 10, 2023 — 50.0 Semi-annual payments of interest, fixed rate of 4.13 %, balloon due June 24, 2023 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.72 %, balloon due February 13, 2024 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.58 %, balloon due February 27, 2024 325.0 325.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.40 %, balloon due June 13, 2024 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.31 %, balloon due June 24, 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.85 %, balloon due February 13, 2026 140.0 140.0 Semi-annual payments of interest, fixed rate of 4.73 %, balloon due February 27, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.40 %, balloon due June 2, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36 %, balloon due June 24, 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 3.75 %, balloon due January 30, 2027 30.0 30.0 Semi-annual payments of interest, fixed rate of 4.09 %, balloon due June 27, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.09 %, balloon due August 2, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.14 %, balloon due August 4, 2027 98.0 98.0 Semi-annual payments of interest, fixed rate of 3.46 %, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55 %, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34 %, balloon due June 13, 2028 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.04 %, balloon due February 13, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.98 %, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19 %, balloon due June 27, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.19 %, balloon due August 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48 %, balloon due December 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99 %, balloon due January 30, 2030 341.0 341.0 Semi-annual payments of interest, fixed rate of 4.44 %, balloon due June 13, 2030 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.14 %, balloon due March 13, 2031 180.0 180.0 Semi-annual payments of interest, fixed rate of 4.70 %, balloon due June 2, 2031 25.0 25.0 Semi-annual payments of interest, fixed rate of 4.09 %, balloon due January 30, 2032 69.0 69.0 Semi-annual payments of interest, fixed rate of 4.34 %, balloon due June 27, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34 %, balloon due August 2, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.59 %, balloon due June 13, 2033 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.29 %, balloon due March 13, 2034 40.0 40.0 Semi-annual payments of interest, fixed rate of 4.48 %, balloon due June 12, 2034 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.24 %, balloon due January 30, 2035 79.0 79.0 Semi-annual payments of interest, fixed rate of 2.44 %, balloon due February 10, 2036 100.0 100.0 Semi-annual payments of interest, fixed rate of 2.46 %, balloon due May 5, 2036 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.69 %, balloon due June 13, 2038 75.0 75.0 Semi-annual payments of interest, fixed rate of 5.45 %, balloon due March 13, 2039 40.0 40.0 Semi-annual payments of interest, fixed rate of 4.49 %, balloon due January 30, 2040 56.0 56.0 Total Note Purchase Agreements 4,198.0 4,248.0 Credit Agreement: Periodic payments of interest and principal, prime or SOFR plus up to 1.40 %, expires June 7, 2024 — 60.0 Premium Financing Debt Facility - expires September 15, 2024 : Facility B AUD denominated tranche, interbank rates plus 1.500 % 142.2 217.6 NZD denominated tranche, interbank rates plus 1.850 % — — Facility C and D AUD denominated tranche, interbank rates plus 0.830 % 9.8 15.2 NZD denominated tranche, interbank rates plus 0.990 % 7.8 9.1 Total Premium Financing Debt Facility 159.8 241.9 Total corporate and other debt 6,907.8 6,149.9 Less unamortized debt acquisition costs on Senior Notes and Note Purchase Agreements ( 29.9 ) ( 20.6 ) Less unamortized discount on Bonds Payable ( 21.1 ) ( 14.6 ) Net corporate and other debt $ 6,856.8 $ 6,114.7 On March 2, 2023, we closed and funded an offering of $ 950.0 million of unsecured senior notes in two tranches. The $ 350.0 million aggregate principal amount of 5.50 % Senior Notes are due 2033 (which we refer to as the 2033 Notes) and $ 600.0 million aggregate principal amount of 5.75 % Senior Notes are due 2053 (which we refer to as the 2053 Notes). The weighted average interest rate is 5.05 % per annum after giving effect to underwriting costs and a net hedge gain. During 2019 through 2022, we entered into a pre‑issuance interest rate hedging transaction related to these notes. We realized a net cash gain of approximately $ 112.7 million on the hedging transactions that will be recognized on a pro rata basis as a decrease to our reported interest expense over ten years . We used the proceeds of these offerings to fund acquisitions, earnout payments related to acquisitions and general corporate purposes. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share (in millions, except per share data): Three-month period ended March 31, 2023 2022 Net earnings attributable to controlling interests $ 486.5 $ 438.7 Weighted average number of common shares outstanding 212.8 209.0 Dilutive effect of stock options using the treasury 4.2 4.5 Weighted average number of common and common 217.0 213.5 Basic net earnings per share $ 2.29 $ 2.10 Diluted net earnings per share $ 2.24 $ 2.05 Anti-dilutive stock-based awards of 0.3 million and 1.0 million shares were outstanding at the three-month periods ended March 31, 2023 and 2022 , respectively, that were excluded in the computation of the dilutive effect of stock-based awards for the three-month periods then ended. These stock‑based awards were excluded from the computation because the exercise prices on these stock‑based awards were greater than the average market price of our common shares during the respective period, and therefore, would be anti‑dilutive to earnings per share under the treasury stock method. |
Stock Option Plans
Stock Option Plans | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Stock Option Plans | 8. Stock Option Plans On May 10, 2022, our stockholders approved the Arthur J. Gallagher & Co. 2022 Long-Term Incentive Plan (which we refer to as the LTIP), which replaced our previous stockholder-approved Arthur J. Gallagher & Co. 2017 Long-Term Incentive Plan (which we refer to as the 2017 LTIP). The LTIP term began May 10, 2022 and terminates on the date of the annual meeting of stockholders in 2032, unless terminated earlier by our board of directors. All of our officers, employees and non-employee directors are eligible to receive awards under the LTIP. The compensation committee of our board of directors determines the annual number of shares delivered under the LTIP. The LTIP provides for non-qualified and incentive stock options, stock appreciation rights, restricted stock and restricted stock units, any or all of which may be made contingent upon the achievement of performance criteria. Shares of our common stock available for issuance under the LTIP include authorized and unissued shares of common stock or authorized and issued shares of common stock reacquired and held as treasury shares or otherwise, or a combination thereof. The number of available shares will be reduced by the aggregate number of shares that become subject to outstanding awards granted under the LTIP. A maximum of 3.5 million shares issued for full value awards (i.e., awards other than stock options or stock appreciation rights) will be counted one-for-one against the 13.5 million share pool, and every share subject to a full value award in excess of such limit will count as 3.8 shares against the pool. To the extent that shares subject to an outstanding award granted under either the LTIP or prior equity plans are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or by reason of the settlement of such award in cash, then such shares will again be available for grant under the LTIP. The maximum number of shares available under the LTIP for restricted stock, restricted stock unit awards and performance unit awards settled with stock (i.e., all awards other than stock options and stock appreciation rights) was 2.9 million at March 31, 2023. The LTIP provides for the grant of stock options, which may be either tax-qualified incentive stock options or non-qualified options and stock appreciation rights. The compensation committee determines the period for the exercise of a non-qualified stock option, tax-qualified incentive stock option or stock appreciation right, provided that no option can be exercised later than seven years after its date of grant. The exercise price of a non-qualified stock option or tax-qualified incentive stock option and the base price of a stock appreciation right cannot be less than 100 % of the fair market value of a share of our common stock on the date of grant, provided that the base price of a stock appreciation right granted in tandem with an option will be the exercise price of the related option. Upon exercise, the option exercise price may be paid in cash, by the delivery of previously owned shares of our common stock, through a net-exercise arrangement, or through a broker-assisted cashless exercise arrangement. The compensation committee determines all of the terms relating to the exercise, cancellation or other disposition of an option or stock appreciation right upon a termination of employment, whether by reason of disability, retirement, death or any other reason. Stock option and stock appreciation right awards under the LTIP are non-transferable. On March 15, 2023, the compensation committee granted 1,131,000 options under the LTIP to our officers and key employees that become exercisable at the rate of 34 %, 33 % and 33 % on the anniversary date of the grant in 2026, 2027 and 2028. On February 1, 2022 and March 15, 2022, the compensation committee granted 1,197,000 and 1,141,000 options, respectively, under the 2017 LTIP to our officers and key employees that become exercisable at the rate of 34 %, 33 % and 33 % on the anniversary date of the grant in 2025, 2026 and 2027, respectively. The 2023 and 2022 options expire seven years from the date of grant, or earlier in the event of certain terminations of employment. For our executive officers age 55 or older, stock options are not subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. During the three-month periods ended March 31, 2023 and 2022 , we recognized $ 7.7 million and $ 5.7 million, respectively, of compensation expense related to our stock option grants. For purposes of expense recognition, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: 2023 2022 Expected dividend yield 1.2 % 1.3 % Expected risk-free interest rate 3.6 % 1.9 % Volatility 25.0 % 23.1 % Expected life (in years) 5.5 5.4 Option valuation models require the input of highly subjective assumptions including the expected stock price volatility. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. The weighted average fair value per option for all options granted during the three-month periods ended March 31, 2023 and 2022 , as determined on the grant date using the Black-Scholes option pricing model, was $ 46.25 and $ 33.18 , respectively. The following is a summary of our stock option activity and related information for 2023 (in millions, except exercise price and year data): Three-month period ended March 31, 2023 Weighted Average Weighted Remaining Shares Average Contractual Aggregate Under Exercise Term Intrinsic Option Price (in years) Value Beginning balance 8.3 $ 107.47 Granted 1.1 177.09 Exercised ( 0.6 ) 55.30 Forfeited or canceled — — Ending balance 8.8 $ 119.91 4.53 $ 625.4 Exercisable at end of period 2.4 $ 71.70 2.27 $ 291.2 Ending unvested and expected to vest 5.7 $ 136.94 5.34 $ 309.2 Options with respect to 11.9 million shares (less any shares of restricted stock issued under the LTIP - see Note 10 to these unaudited consolidated financial statements) were available for grant under the LTIP at March 31, 2023. The total intrinsic value of options exercised during the three-month periods ended March 31, 2023 and 2022 was $ 77.5 million and $ 77.4 million, respectively. As of March 31, 2023 , we had approximately $ 138.2 million of total unrecognized compensation expense related to nonvested options. We expect to recognize that cost over a weighted average period of approximately four years . Other information regarding stock options outstanding and exercisable at March 31, 2023 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Weighted Average Remaining Weighted Weighted Contractual Average Average Number Term Exercise Number Exercise Range of Exercise Prices Outstanding (in years) Price Exercisable Price $ 55.94 — $ 56.86 0.7 0.96 $ 56.85 0.7 $ 56.85 70.74 — 70.74 0.7 1.96 70.74 0.7 70.74 79.59 — 79.59 1.0 2.96 79.59 0.6 79.59 86.17 — 86.17 1.4 3.95 86.17 0.4 86.17 127.90 — 127.90 1.5 4.96 127.90 — 127.90 156.85 — 156.85 1.2 5.84 156.85 — — 158.56 — 177.09 2.3 6.46 167.81 — — $ 55.94 — $ 177.09 8.8 4.53 $ 119.91 2.4 $ 71.70 |
Deferred Compensation
Deferred Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation | 9. Deferred Compensation We have a Deferred Equity Participation Plan (which we refer to as the DEPP), which is a non-qualified plan that generally provides for distributions to certain of our key executives when they reach age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) or upon or after their actual retirement if later. Under the provisions of the DEPP, we typically contribute cash in an amount approved by the compensation committee to a rabbi trust on behalf of the executives participating in the DEPP, and instruct the trustee to acquire a specified number of shares of our common stock on the open market or in privately negotiated transactions based on participant elections. Distributions under the DEPP may not normally be made until the participant reaches age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) and are subject to forfeiture in the event of voluntary termination of employment prior to then. DEPP awards are generally made annually in the first quarter. In addition, we annually make awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65 . All contributions to the plan (including sub-plans) deemed to be invested in shares of our common stock are distributed in the form of our common stock and all other distributions are paid in cash. Our common stock that is issued to or purchased by the rabbi trust as a contribution under the DEPP is valued at historical cost, which equals its fair market value at the date of grant or date of purchase. When common stock is issued, we record an unearned deferred compensation obligation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair market value of our common stock owed to the participants do not have any impact on the amounts recorded in our consolidated financial statements. In the first quarters of 2023 and 2022, the compensation committee approved $ 25.1 million and $ 26.3 million, respectively, of awards in the aggregate to certain key executives under the DEPP that were contributed to the rabbi trust in the first quarters of 2023 and 2022, respectively. We contributed cash to the rabbi trust and instructed the trustee to acquire a specified number of shares of our common stock on the open market to fund these 2023 and 2022 awards. During the three-month periods ended March 31, 2023 and 2022 , we charged $ 4.0 million and $ 3.5 million, respectively, to compensation expense related to these awards. In the first quarters of 2023 and 2022, the compensation committee approved $ 3.0 million and $ 1.9 million, respectively, of awards under the sub-plans referred to above, which were contributed to the rabbi trust in the first quarters of 2023 and 2022, respectively. During the three-month periods ended March 31, 2023 and 2022 , we charged $ 0.6 million and $ 0.5 million, respectively, to compensation expense related to these awards. There were $ 2.4 million of distributions from the sub-plans during the three-month period ended March 31, 2023 . There were no distributions from the sub-plans during the three-month period ended March 31, 2022. At March 31, 2023 and December 31, 2022, we recorded $ 108.2 million (related to 2.5 million shares) and $ 77.7 million (related to 2.5 million shares), respectively, of unearned deferred compensation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet. The total intrinsic value of our unvested equity-based awards under the plan at March 31, 2023 and December 31, 2022 was $ 477.5 million and $ 478.7 million, respectively. During the three-month period ended March 31, 2023 , cash and equity awards with an aggregate fair value of $ 6.1 million were vested and distributed to executives under the DEPP. During the three-month period ended March 31, 2022 , no cash and equity awards were vested and distributed to executives under the DEPP. We have a Deferred Cash Participation Plan (which we refer to as the DCPP), which is a non-qualified deferred compensation plan for certain key employees, other than executive officers, that generally provides for vesting and/or distributions no sooner than five years from the date of awards. Under the provisions of the DCPP, we typically contribute cash in an amount approved by the compensation committee to the rabbi trust on behalf of the executives participating in the DCPP, and instruct the trustee to acquire a specified number of shares of our common stock on the open market or in privately negotiated transactions based on participant elections. In the first quarters of 2023 and 2022, the compensation committee approved $ 9.8 million and $ 8.3 million, respectively, of awards in the aggregate to certain key executives under the DCPP that were contributed to the rabbi trust in the first quarters of 2023 and 2022, respectively. During the three-month periods ended March 31, 2023 and 2022 , we charged $ 3.8 million and $ 2.7 million, respectively, to compensation expense related to these awards. There were $ 0.2 million of distributions from the DCPP during the three-month period ended March 31, 2023 . There were no distributions from the DCPP during the three-month period ended March 31, 2022 . |
Restricted Stock, Performance S
Restricted Stock, Performance Share and Cash Awards | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Restricted Stock, Performance Share and Cash Awards | 10. Restricted Stock, Performance Share and Cash Awards Restricted Stock Awards As discussed in Note 8 to these unaudited consolidated financial statements, on May 10, 2022, our stockholders approved the LTIP, which replaced our previous stockholder-approved 2017 LTIP. The LTIP provides for the grant of a stock award either as restricted stock or as restricted stock units to officers, employees and non-employee directors. In either case, the compensation committee may determine that the award will be subject to the attainment of performance measures over an established performance period. Stock awards and the related dividend equivalents are non-transferable and subject to forfeiture if the holder does not remain continuously employed with us during the applicable restriction period or, in the case of a performance-based award, if applicable performance measures are not attained. The compensation committee will determine all of the terms relating to the satisfaction of performance measures and the termination of a restriction period, or the forfeiture and cancellation of a restricted stock award upon a termination of employment, whether by reason of disability, retirement, death or any other reason. The agreements awarding restricted stock units under the LTIP will specify whether such awards may be settled in shares of our common stock, cash or a combination of shares and cash and whether the holder will be entitled to receive dividend equivalents, on a current or deferred basis, with respect to such award. Prior to the settlement of a restricted stock unit, the holder of a restricted stock unit will have no rights as a stockholder of the company. The maximum number of shares available under the LTIP for restricted stock, restricted stock units and performance unit awards settled with stock (i.e., all awards other than stock options and stock appreciation rights) is 4.0 million. At March 31, 2023 , 2.9 million shares were available for grant under the LTIP for such awards. In the first quarters of 2023 and 2022, we granted 378,000 and 295,000 restricted stock units, respectively, to employees under the LTIP and 2017 LTIP, respectively, with an aggregate fair value of $ 67.0 million and $ 46.8 million, respectively, at the date of grant. These 2023 and 2022 awards of restricted stock units vest in full based on continued employment through March 15, 2028 and March 15, 2027 , respectively. Additionally, in first quarter 2022, we granted 335,000 restricted stock units to employees under the 2017 LTIP, with an aggregate fair value of $ 52.6 million at the date of grant. These 2022 awards of restricted stock units vest in full based on continued employment through February 1, 2027 . For our executive officers age 55 or older, restricted stock units are not subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. We account for restricted stock awards at historical cost, which equals its fair market value at the date of grant, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair value of our common stock that is owed to the participants do not have any impact on the amounts recorded in our consolidated financial statements. During the three-month periods ended March 31, 2023 and 2022 , we recognized $ 9.7 million and $ 7.6 million, respectively, to compensation expense related to restricted stock unit awards granted in 2016 through 2022. The total intrinsic value of unvested restricted stock units at March 31, 2023 and 2022 was $ 387.5 million and $ 384.6 million, respectively. During each of the three-month periods ended March 31, 2023 and 2022 , equity awards (including accrued dividends) with an aggregate value of $ 60.8 million were vested and distributed to employees under this plan. Performance Share Awards On March 15, 2023 and March 15, 2022, pursuant to the LTIP and 2017 LTIP, respectively, the compensation committee approved 58,000 and 54,000 , respectively, of provisional performance share awards, with an aggregate fair value of $ 10.3 million and $ 8.6 million, respectively, for future grants to our officers. Each performance share award was equivalent to the value of one share of our common stock on the date such provisional award was approved. At the end of the performance period, eligible participants will receive a number of earned shares based on the growth in adjusted EBITDAC per share (as defined in our 2023 Proxy Statement). Earned shares for the 2023 and 2022 provisional awards will fully vest based on continuous employment through March 15, 2026 and March 15, 2025, respectively, and will be settled in unrestricted shares of our common stock on a one-for-one basis as soon as practicable thereafter. The 2023 and 2022 awards are subject to a three-year performance period that began on January 1, 2023 and 2022, respectively, and vest on the three-year anniversary of the date of grant (March 15, 2026 and March 15, 2025). For certain of our executive officers age 55 or older, awards are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. During the three-month periods ended March 31, 2023 and 2022 , we recognized $ 4.7 million and $ 3.8 million, respectively, to compensation expense related to performance share awards granted in 2019 through 2023. The total intrinsic value of unvested performance share awards at March 31, 2023 and 2022 was $ 66.3 million and $ 66.2 million, respectively. During the three-month periods ended March 31, 2023 and 2022 , equity awards (including accrued dividends) with an aggregate fair value of $ 28.9 million and $ 21.8 million, respectively, were vested and distributed to employees under this plan. Cash Awards Pursuant to our Performance Unit Program (which we refer to as the Program), there were no units granted in the three-month period ended March 31, 2023. The Program consists of a one-year performance period based on our financial performance and a three-year vesting period measured from January 1 of the year of grant. At the discretion of the compensation committee and determined based on our performance, the eligible officer or key employee will be granted a percentage of the provisional cash award units that equates to the EBITAC growth achieved (as defined in the Program). At the end of the performance period, eligible participants will be granted a number of units based on achievement of the performance goal and subject to approval by the compensation committee. Granted units will fully vest based on continuous employment through three-year vesting period. The ultimate award value will be equal to the trailing twelve-month price of our common stock, multiplied by the number of units subject to the award, but limited to between 0.5 and 1.5 times the original value of the units determined as of the grant date. The fair value of the awarded units will be paid out in cash as soon as practicable. If an eligible employee leaves us prior to the vesting date, the entire award will be forfeited. On March 15, 2022, pursuant to the Program, the compensation committee approved provisional cash awards of $ 19.9 million in the aggregate for future grants to our officers and key employees that are denominated in units ( 125,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional award was approved. Terms of the 2022 provisional awards were similar to the terms of the 2023 provisional awards. During the three-month period ended March 31, 2023 , we recognized $ 2.6 million to compensation expense related to these awards. On March 16, 2021, pursuant to the Program, the compensation committee approved provisional cash awards of $ 18.8 million in the aggregate for future grants to our officers and key employees that are denominated in units ( 147,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional award was approved. Terms of the 2021 provisional awards were similar to the terms of the 2022 provisional awards. Based on our performance for 2021, we granted 143,000 units under the Program in the first quarter of 2022 that will fully vest on January 1, 2024 . During the three-month period ended March 31, 2023 , we recognized $ 3.3 million and $ 2.6 million, respectively, to compensation expense related to these awards. On March 12, 2020, pursuant to the Program, the compensation committee approved provisional cash awards of $ 18.4 million in the aggregate for future grants to our officers and key employees that are denominated in units ( 213,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional award was approved. Terms of the 2020 provisional awards were similar to the terms of the 2022 provisional awards. Based on our performance for 2020, we granted 208,000 units under the Program in the first quarter of 2021 that will fully vest on January 1, 2023 . During the three-month periods ended March 31, 2023 and 2022 , we recognized $ 0.1 million and $ 3.1 million, respectively, to compensation expense related to these awards. During the three-month period ended March 31, 2023 , cash awards related to the 2020 provisional award with an aggregate fair value of $ 24.7 million ( 191,000 units in the aggregate) were vested and distributed to employees under the program. During the three-month period ended March 31, 2022 , cash awards related to the 2019 provisional award with an aggregate fair value of $ 21.1 million ( 177,000 units in the aggregate) were vested and distributed to employees under the Program. |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activity | 11. Derivatives and Hedging Activity We are exposed to market risks, including changes in foreign currency exchange rates and interest rates. To manage the risk related to these exposures, we enter into various derivative instruments that reduce these risks by creating offsetting exposures. We generally do not enter into derivative transactions for trading or speculative purposes. Foreign Exchange Risk Management We are exposed to foreign exchange risk when we earn revenues, pay expenses, or enter into monetary intercompany transfers denominated in a currency that differs from our functional currency, or other transactions that are denominated in a currency other than our functional currency. We use foreign exchange derivatives, typically forward contracts and options, to reduce our overall exposure to the effects of currency fluctuations on cash flows. These exposures are hedged, on average, for less than three years. Interest Rate Risk Management We enter into various long-term debt agreements. We use interest rate derivatives, typically swaps, to reduce our exposure to the effects of interest rate fluctuations on the forecasted interest rates for up to three years into the future. We have not received or pledged any collateral related to derivative arrangements at March 31, 2023. The notional and fair values of derivatives designated as hedging instruments are as follows at March 31, 2023 and December 31, 2022 (in millions): Derivative Assets Derivative Liabilities Notional Balance Sheet Fair Balance Sheet Fair Instrument Amount Classification Value Classification Value At March 31, 2023 Interest rate contracts $ 900.0 Other current assets $ — Accrued compensation and other current liabilities $ — Other noncurrent assets 45.3 Other noncurrent liabilities 3.6 Foreign exchange contracts (1) 102.0 Other current assets 1.3 Accrued compensation and other current liabilities 12.7 Other noncurrent assets 14.7 Other noncurrent liabilities 17.1 Total $ 1,002.0 $ 61.3 $ 33.4 At December 31, 2022 Interest rate contracts $ 950.0 Other current assets $ 56.5 Accrued compensation and other current liabilities $ — Other noncurrent assets 56.6 Other noncurrent liabilities — Foreign exchange contracts (1) 113.0 Other current assets 0.8 Accrued compensation and other current liabilities 18.5 Other noncurrent assets 14.5 Other noncurrent liabilities 27.0 Total $ 1,063.0 $ 128.4 $ 45.5 (1) Included within foreign exchange contracts at March 31, 2023 were $ 833.1 million of call options, offset with $ 833.1 million of put options, and $ 10.4 million of buy forwards, offset with $ 112.4 million of sell forwards. Included within foreign exchange contracts at December 31, 2022 were $ 948.8 million of call options, offset with $ 948.8 million of put options, and $ 12.4 million of buy forwards, offset with $ 125.4 million of sell forwards. The effect of cash flow hedge accounting on accumulated other comprehensive loss for the three-month periods ended March 31, 2023 and 2022 were as follows (in millions): Amount of Amount of Gain Gain (Loss) Recognized Amount of Reclassified in Earnings Gain (Loss) from Related to Recognized in Accumulated Amount Accumulated Other Excluded Other Comprehensive from Comprehensive Loss into Effectiveness Statement of Earnings Instrument Loss (1) Earnings Testing Classification Three-month period ended March 31, 2023 Interest rate contracts $ ( 10.1 ) $ ( 0.3 ) $ — Interest expense Foreign exchange contracts 15.9 0.6 — Commission revenue ( 0.5 ) 0.6 Compensation expense ( 0.3 ) 0.4 Operating expense Total $ 5.8 $ ( 0.5 ) $ 1.0 Three-month period ended March 31, 2022 Interest rate contracts $ 67.0 $ ( 0.3 ) $ — Interest expense Foreign exchange contracts ( 6.5 ) ( 0.3 ) — Commission revenu e ( 0.2 ) 0.3 Compensation expense ( 0.1 ) 0.2 Operating expense Total $ 60.5 $ ( 0.9 ) $ 0.5 (1) For the three-month period ended March 31, 2023 , the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a gain of $ 0.5 million. For the three-month period ended March 31, 2022 , the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a loss of $ 0.7 million. We estimate that approximately $ 12.0 million of pretax loss currently included within accumulated other comprehensive loss will be reclassified into earnings in the next twelve months. |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Arrangements | 12. Commitments, Contingencies and Off-Balance Sheet Arrangements In connection with our investing and operating activities, we have entered into certain contractual obligations and commitments. Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the Senior Notes, Note Purchase Agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase obligations at March 31, 2023 were as follows (in millions): Payments Due by Period Contractual Obligations 2023 2024 2025 2026 2027 Thereafter Total Senior Notes $ — $ — $ — $ — $ — $ 2,550.0 $ 2,550.0 Note Purchase Agreements 200.0 475.0 200.0 640.0 478.0 2,205.0 4,198.0 Credit Agreement — — — — — — — Premium Financing Debt Facility 159.8 — — — — — 159.8 Interest on debt 198.3 265.2 251.4 232.6 214.1 2,393.8 3,555.4 Total debt obligations 558.1 740.2 451.4 872.6 692.1 7,148.8 10,463.2 Operating lease obligations 74.4 91.3 74.0 58.9 45.6 93.1 437.3 Less sublease arrangements ( 0.7 ) ( 0.6 ) ( 0.3 ) ( 0.3 ) ( 0.2 ) ( 0.1 ) ( 2.2 ) Outstanding purchase obligations 99.7 95.3 47.9 19.0 15.7 49.5 327.1 Total contractual obligations $ 731.5 $ 926.2 $ 573.0 $ 950.2 $ 753.2 $ 7,291.3 $ 11,225.4 The amounts presented in the table above may not necessarily reflect our actual future cash funding requirements, because the actual timing of the future payments made may vary from the stated contractual obligation. Senior Notes, Note Purchase Agreements, Credit Agreement and Premium Financing Debt Facility - See Note 6 to these unaudited consolidated financial statements for a summary of the amounts outstanding under the Senior Notes, Note Purchase Agreements, the Credit Agreement and Premium Financing Debt Facility. Operating Lease Obligations - Our corporate segment’s executive offices and certain subsidiary and branch facilities of our brokerage and risk management segments are located in a building we own at 2850 Golf Road, Rolling Meadows, Illinois, where we have approximately 360,000 square feet of space. We generally operate in leased premises at our other locations. Certain of these leases have options permitting renewals for additional periods. In addition to minimum fixed rentals, a number of leases contain annual escalation clauses which are generally related to increases in an inflation index. We have leased certain office space to several non-affiliated tenants under operating sublease arrangements. In the normal course of business, we expect that certain of these leases will not be renewed or replaced. We adjust charges for real estate taxes and common area maintenance annually based on actual expenses, and we recognize the related revenues in the year in which the expenses are incurred. These amounts are not included in the minimum future rentals to be received in the contractual obligations table above. Outstanding Purchase Obligations - The amount disclosed in the contractual obligations table above represents the aggregate amount of unrecorded purchase obligations that we had outstanding at March 31, 2023. These obligations represent agreements to purchase goods or services that were executed in the normal course of business. Off-Balance Sheet Commitments - Our total unrecorded commitments associated with outstanding letters of credit, and financial guarantees as of March 31, 2023 were as follows (in millions): Total Amount of Commitment Expiration by Period Amounts Off-Balance Sheet Commitments 2023 2024 2025 2026 2027 Thereafter Committed Letters of credit $ — $ — $ — $ — $ — $ 13.3 $ 13.3 Financial guarantees 1.1 2.1 0.2 0.1 0.1 — 3.6 Total commitments $ 1.1 $ 2.1 $ 0.2 $ 0.1 $ 0.1 $ 13.3 $ 16.9 Since commitments may expire unused, the amounts presented in the table above do not necessarily reflect our actual future cash funding requirements. See the Off‑Balance Sheet Debt section below for a discussion of our letters of credit. All of the letters of credit represent multiple year commitments that have annual, automatic renewing provisions and are classified by the latest commitment date. Since January 1, 2002, we have acquired 660 companies, all of which were accounted for using the acquisition method for recording business combinations. Substantially all of the purchase agreements related to these acquisitions contain provisions for potential earnout obligations. For all of our acquisitions made in the period from 2019 to 2023 that contain potential earnout obligations, such obligations are measured at fair value as of the acquisition date and are included on that basis in the recorded purchase price consideration for the respective acquisition. The amounts recorded as earnout payables are primarily based upon estimated future potential operating results of the acquired entities over a two- to three-year period subsequent to the acquisition date. The aggregate amount of the maximum earnout obligations related to these acquisitions was $ 1,748.3 million, of which $ 901.8 million was recorded in our consolidated balance sheet as of March 31, 2023 based on the estimated fair value of the expected future payments to be made, of which approximately $ 524.0 million can be settled in cash or stock at our option and $ 377.8 million must be settled in cash. Off-Balance Sheet Debt - Our unconsolidated investment portfolio includes investments in enterprises where our ownership interest is between 1 % and 50 %, in which management has determined that our level of influence and economic interest is not sufficient to require consolidation. As a result, these investments are accounted for under the equity method. None of these unconsolidated investments had any outstanding debt at March 31, 2023 or December 31, 2022, that was recourse to us. At March 31, 2023 , we had posted two letters of credit totaling $ 9.2 million, in the aggregate, related to our self‑insurance deductibles, for which we had a recorded liability of $ 17.3 million. We have an equity investment in a rent-a-captive facility, which we use as a placement facility for certain of our insurance brokerage operations. At March 31, 2023 , we had posted nine letters of credit totaling $ 2.8 million to allow certain of our captive operations to meet minimum statutory surplus requirements plus additional collateral related to premium and claim funds held in a fiduciary capacity, one letter of credit totaling $ 0.8 million for collateral related to claim funds held in a fiduciary capacity by a recent acquisition, and two letters of credit totaling $ 0.5 million as a security deposit for a 2015 acquisition’s lease. These letters of credit have never been drawn upon. Litigation, Regulatory and Taxation Matters - We routinely are involved in legal proceedings, claims, disputes, regulatory matters and governmental inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record accruals in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies, unless disclosed below. We currently believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable rulings or other adverse events could occur, including the payment of substantial monetary damages or an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other remedies, which may result in a material adverse impact on our business, results of operations or financial position. During third quarter 2022, we received a subpoena from the FCPA Unit of the U.S. Department of Justice seeking information related to our insurance business with public entities in Ecuador. We continue to fully cooperate with the investigation. In July 2019, Midwest Energy Emissions Corp. and MES Inc. (which we refer to together as Midwest Energy) filed a patent infringement lawsuit in the United States District Court for the District of Delaware against us, Chem‑Mod LLC and numerous other related and unrelated parties. The complaint alleges that the named defendants’ infringe patents held exclusively by Midwest Energy and seeks unspecified damages and injunctive relief. Discovery is complete and the case is scheduled for trial in November 2023. We continue to defend this matter vigorously. As previously disclosed, our IRC 831(b) (or “micro-captive”) advisory services business has been under audit by the IRS since 2013. Among other matters, the IRS is investigating whether we have been acting as a tax shelter promoter in connection with these operations. Additionally, the IRS is conducting a criminal investigation related to IRC 831(b) micro-captive underwriting enterprises. We have been advised that we are not a target of the criminal investigation. We are fully cooperating with both matters. Contingent Liabilities - We purchase insurance to provide protection from errors and omissions (which we refer to as E&O) claims that may arise during the ordinary course of business. Currently we retain the first $ 15.0 million of each and every E&O claim up to $ 15.0 million. In addition, we retain, in aggregate, up to another $ 2.0 million between $ 15.0 million and $ 100.0 million, plus up to another $ 10.0 million between $ 100.0 million and $ 225.0 million, and up to another $ 20.0 million between $ 225.0 million and $ 400.0 million. We have historically maintained self-insurance reserves for the portion of our E&O exposure that is not insured. We periodically determine a range of possible reserve levels using actuarial techniques that rely heavily on projecting historical claim data into the future. Our E&O reserve in the March 31, 2023 consolidated balance sheet is above the lower end of the most recently determined actuarial range by $ 5.1 million and below the upper end of the actuarial range by $ 6.6 million. We can make no assurances that the historical claim data used to project the current reserve levels will be indicative of future claim activity. Thus, the E&O reserve level and corresponding actuarial range could change in the future as more information becomes known, which could materially impact the amounts reported and disclosed herein. Tax-advantaged Investments No Longer Held - Between 1996 and 2007, we developed and then sold portions of our ownership in various energy related investments, many of which qualified for tax credits under IRC Section 29. We recorded tax benefits in connection with our ownership in these investments. At March 31, 2023 , we had exposure on $ 108.0 million of previously earned tax credits. Under the TCJA, a portion of these previously earned tax credits were refunded in 2019 for tax year 2018, according to a specific formula. Under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which was passed on March 27, 2020, we accelerated the refund of all remaining credits on April 17, 2020, and the remaining credits were refunded to us in the second quarter of 2020. In 2004, 2007 and 2009, the IRS examined several of these investments and all examinations were closed without any changes being proposed by the IRS. However, any future adverse tax audits, administrative rulings or judicial decisions could disallow previously claimed tax credits. Due to the contingent nature of this exposure and our related assessment of its likelihood, no reserve has been recorded in our March 31, 2023 consolidated balance sheet related to this exposure. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 13. Supplemental Disclosures of Cash Flow Information Three-month period ended March 31, Supplemental disclosures of cash flow information (in millions): 2023 2022 Interest paid $ 60.1 $ 54.6 Income taxes paid, net 53.5 43.0 The following is a reconciliation of our end of period cash, cash equivalents, restricted cash and fiduciary cash balances as presented in the consolidated statement of cash flows for the three-month periods ended March 31, 2023 and 2022 (in millions): March 31, 2023 2022 Cash and cash equivalents - non-restricted cash $ 1,345.7 $ 734.4 Cash and cash equivalents - restricted cash 204.2 124.8 Total cash and cash equivalents 1,549.9 859.2 Fiduciary cash 4,541.1 3,779.5 Total cash, cash equivalents, restricted cash and fiduciary cash $ 6,091.0 $ 4,638.7 Fiduciary cash is included in fiduciary assets in our consolidated balance sheet. We have a qualified contributory savings and thrift 401(k) plan covering the majority of our domestic employees. For eligible employees who have met the plan’s age and service requirements to receive matching contributions, we historically have matched 100 % of pre-tax and Roth elective deferrals up to a maximum of 5.0 % of eligible compensation, subject to federal limits on plan contributions and not in excess of the maximum amount deductible for federal income tax purposes. Beginning in 2021, the amount matched by the company will be discretionary and annually determined by management. Employees must be employed and eligible for the plan on the last day of the plan year to receive a matching contribution, subject to certain exceptions enumerated in the plan document. Matching contributions are subject to a five-year graduated vesting schedule and can be funded in cash or company stock. We expensed (net of plan forfeitures) $ 21.0 million and $ 20.1 million related to the plan in the three-month periods ended March 31, 2023 and 2022 , respectively. During 2022, our board of directors authorized the 5.0 % employer matching contribution on eligible compensation to the 401(k) plan for the 2022 plan year to be funded with our common stock, which was funded in February 2023. During 2021, our board of directors authorized the 5.0 % employer matching contribution on eligible compensation to the 401(k) plan for the 2021 plan year to be funded with our common stock, which was funded in February 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 14. Accumulated Other Comprehensive Loss The after-tax components of our accumulated other comprehensive loss attributable to controlling interests consist of the following (in millions): Foreign Fair Value of Accumulated Pension Currency Derivative Comprehensive Liability Translation Investments Loss Balance as of December 31, 2022 $ ( 49.4 ) $ ( 1,125.2 ) $ 34.2 $ ( 1,140.4 ) Net change in period 0.8 33.3 4.9 39.0 Balance as of March 31, 2023 $ ( 48.6 ) $ ( 1,091.9 ) $ 39.1 $ ( 1,101.4 ) The foreign currency translation during the three-month period ended March 31, 2023 primarily relates to the net impact of changes in the value of the local currencies relative to the U.S. dollar for our operations in the U.K., Australia, Canada, New Zealand, the Caribbean, India and other non-U.S. locations. The reporting currency for our financial statements is the U.S. dollar. Certain of our assets, liabilities, expenses and revenues are denominated in currencies other than the U.S. dollar, primarily in British pound, Australian dollar, Canadian dollar and New Zealand dollar. To prepare our consolidated financial statements, we must translate those assets, liabilities, expenses and revenues into U.S. dollars at the applicable exchange rates. Assets and liabilities of non-U.S. dollar functional currency operations are translated into U.S. dollars at end-of-period exchange rates while revenues, expenses and cash flows are translated at average monthly exchange rates over the period. Equity is translated at historical exchange rates and the resulting cumulative translation adjustments are included as a component of accumulated other comprehensive loss in the consolidated balance sheet. The net change in the foreign currency translation during the three-month period ended March 31, 2023 primarily relates to goodwill (see Note 5 for the impact on goodwill) and amortizable intangible assets held by operations with a non-USD functional currency. During the three-month periods ended March 31, 2023 and 2022 , $ 1.3 million and $ 0.6 million, of expense, respectively, related to the pension liability was reclassified from accumulated other comprehensive loss to compensation expense in the statement of earnings. During the three-month periods ended March 31, 2023 and 2022 , $ 0.5 million and $ 0.9 million of expense, respectively, related to the fair value of derivative investments, was reclassified from accumulated other comprehensive loss to the statement of earnings. During the three-month periods ended March 31, 2023 and 2022 , no amounts related to foreign currency translation were reclassified from accumulated other comprehensive loss to the statement of earnings. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | . Segment Information We have three reportable segments: brokerage, risk management and corporate. The brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks. The risk management segment provides contract claim settlement and administration services for enterprises and public entities that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim or per-service fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered. The corporate segment manages our clean energy and other investments. In addition, the corporate segment reports the financial information related to our debt and other corporate costs, external acquisition-related expenses and the impact of foreign currency remeasurements. Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local country statutory rates. Reported operating results by segment would change if different methods were applied. Financial information relating to our segments for the three-month periods ended March 31, 2023 and 2022 as follows (in millions): Three-month period ended 2023 2022 Brokerage Total revenues $ 2,375.2 $ 2,122.6 Earnings before income taxes $ 690.9 $ 618.4 Identifiable assets at March 31, 2023 and 2022 * $ 40,919.9 $ 39,237.3 Risk Management Total revenues $ 330.8 $ 289.9 Earnings before income taxes $ 45.5 $ 32.3 Identifiable assets at March 31, 2023 and 2022 * $ 1,126.7 $ 1,047.2 Corporate Total revenues $ 0.1 $ 22.8 Loss before income taxes $ ( 130.6 ) $ ( 113.0 ) Identifiable assets at March 31, 2023 and 2022 * $ 3,047.8 $ 2,613.0 Total Total revenues $ 2,706.1 $ 2,435.3 Earnings before income taxes $ 605.8 $ 537.7 Identifiable assets at March 31, 2023 and 2022 * $ 45,094.4 $ 42,897.5 * See Note 1 for a discussion on the 2022 impact of the change in presentation of fiduciary assets and liabilities. We disaggregate our revenue from contracts with clients by type and geographic location for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenues by type and segment for the three-month period ended March 31, 2023 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: Commissions $ 1,747.4 $ — $ — $ 1,747.4 Fees 412.7 293.0 — 705.7 Supplemental revenues 81.6 — — 81.6 Contingent revenues 71.8 — — 71.8 Investment income 61.5 4.5 — 66.0 Net gains on divestitures 0.2 0.1 — 0.3 Other net revenues — — 0.1 0.1 Revenues before reimbursements 2,375.2 297.6 0.1 2,672.9 Reimbursements — 33.2 — 33.2 Total revenues $ 2,375.2 $ 330.8 $ 0.1 $ 2,706.1 Revenues by geographical location and segment for the three-month period ended March 31, 2023 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: United States $ 1,475.3 $ 280.1 $ 0.1 $ 1,755.5 United Kingdom 513.5 11.3 — 524.8 Australia 64.2 34.0 — 98.2 Canada 93.7 1.5 — 95.2 New Zealand 38.0 3.9 — 41.9 Other foreign 190.5 — — 190.5 Total revenues $ 2,375.2 $ 330.8 $ 0.1 $ 2,706.1 Revenues by type and segment for the three-month period ended March 31, 2022 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: Commissions $ 1,565.3 $ — $ — $ 1,565.3 Fees 391.9 259.0 — 650.9 Supplemental revenues 74.3 — — 74.3 Contingent revenues 71.6 — — 71.6 Investment income 18.1 0.1 — 18.2 Net gains on divestitures 1.4 — — 1.4 Revenues from clean coal activities — — 22.7 22.7 Other net revenues — — 0.1 0.1 Revenues before reimbursements 2,122.6 259.1 22.8 2,404.5 Reimbursements — 30.8 — 30.8 Total revenues $ 2,122.6 $ 289.9 $ 22.8 $ 2,435.3 Revenues by geographical location and segment for the three-month period ended March 31, 2022 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: United States $ 1,336.7 $ 242.3 $ 22.8 $ 1,601.8 United Kingdom 440.2 11.0 — 451.2 Australia 59.0 31.7 — 90.7 Canada 87.5 1.4 — 88.9 New Zealand 34.4 3.5 — 37.9 Other foreign 164.8 — — 164.8 Total revenues $ 2,122.6 $ 289.9 $ 22.8 $ 2,435.3 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us, Gallagher or the company, provide insurance and reinsurance brokerage, consulting and third party claims settlement and administration services to both domestic and international entities. We have three reportable segments: brokerage, risk management and corporate. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients. Our brokerage segment operations provide brokerage and consulting services to companies and entities of all types, including commercial, not-for-profit, public entities, and, to a lesser extent, individuals, in the areas of insurance and reinsurance placement, risk of loss management, and management of employer sponsored benefit programs. Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting for commercial, not-for-profit, captive and public entities, and various other organizations that choose to self-insure property/casualty coverages or choose to use a third‑party claims management organization rather than the claim services provided by underwriting enterprises. The corporate segment reports the financial information related to our debt and other corporate costs, legacy clean energy investments, external acquisition‑related expenses and the impact of foreign currency translation. Legacy clean energy investments consist of our investments in limited liability companies that own 35 commercial clean coal production facilities that produced refined coal using Chem-Mod LLC’s proprietary technologies. We believe these operations produced refined coal that qualifies for tax credits under IRC Section 45. We do not assume insurance underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital insurance to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for covering losses is provided by underwriting enterprises. Investment income and other revenues are primarily generated from our premium financing operations, our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. In addition, our share of the net earnings related to partially owned entities that are accounted for using the equity method is included in investment income. We are a global insurance brokerage, risk management and consulting services firm, headquartered in Rolling Meadows, Illinois. We provide these services in approximately 130 countries around the world through our owned operations and a network of correspondent brokers and consultants. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to such rules and regulations. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited consolidated financial statements for the year ended December 31, 2022, and include all normal recurring adjustments necessary for a fair presentation of the information set forth. The quarterly results of operations are not necessarily indicative of the results of operations to be reported for subsequent quarters or the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. In the preparation of our unaudited consolidated financial statements as of March 31, 2023 , management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued, for potential recognition and/or disclosure therein. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses, and the disclosure of contingent assets and liabilities at the date of our consolidated financial statements. We periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, right-of-use assets, investments (including our IRC Section 45 investments), income taxes, revenue recognition, deferred costs, stock-based compensation, claims handling obligations, retirement plans, litigation and contingencies. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the notes herein. |
Change in Presentation of Fiduciary Assets and Liabilities | Change in Presentation of Fiduciary Assets and Liabilities In first quarter 2023, we revised the presentation of certain amounts in our consolidated balance sheet and statement of cash flows primarily to separately identify and present fiduciary assets and liabilities. Specifically, we have reclassified prior period balances of fiduciary assets historically included in restricted cash and premiums and fees receivable into a new line on the balance sheet, fiduciary assets. Additionally, we have made certain immaterial revisions to fiduciary related balances including premiums receivable and premiums payable to underwriting enterprises related to the former Willis Re operations from gross to a net presentation to align to our accounting policy and presentation. We also added a new accounts receivable, net line in the balance sheet that includes accrued agency billed commissions, fees, supplemental commissions, direct bill commissions and contingent commission receivables due to Gallagher. Fiduciary assets represent cash held and insurance and reinsurance receivables that relate to our clients and are held on their behalf. Fiduciary liabilities represent the corresponding amounts that are owed to underwriting enterprises on behalf of our clients. We made the applicable revisions and reclassifications to the prior-period amounts to conform to the current period presentation. These changes had no impact on the consolidated statement of earnings, comprehensive earnings or stockholders’ equity for all periods presented. Additionally these revisions did not impact our previously reported net increase in total cash (i.e., net cash, cash equivalents and restricted cash in the aggregate on our statement of cash flows). The revisions and reclassifications to the presentation of the consolidated balance sheet include the following: Assets • Restricted cash line was removed. Amounts were reclassified to cash and cash equivalents and fiduciary assets. See Note 13 - Supplemental Disclosures of Cash Flow Information for a reconciliation of our end of period cash, cash equivalents, restricted cash and fiduciary cash balances. • A new fiduciary assets line was added. Amounts were reclassified from restricted cash and premiums and fees receivable. • A new accounts receivable, net line was added. Amounts were reclassified from premiums and fees receivable and other current assets. • The premiums and fees receivable line was removed. Liabilities • A new fiduciary liabilities line item was added. Amounts were reclassified from premiums payable to underwriting enterprises. • The premiums payable to underwriting enterprises was removed. The revisions and reclassifications to the presentation of the consolidated statement of cash flows include the following: Net cash provided by operating activities • The net change in premiums and fees receivable was removed. • A new net change in accounts receivable, net was added. • The net change in premiums payable to underwriting enterprises was removed. Net cash provided (used) by financing activities • A new net change in fiduciary assets and liabilities was added. In addition to these changes, we moved the net change in fiduciary assets and liabilities from the operating section to the financing section of the statement of cash flows. The effect of the changes to the presentation of our consolidated balance sheet as of December 31, 2022 is summarized below: December 31, (In millions) Reported 2022 Change Revised 2022 Cash and cash equivalents $ 342.3 $ 396.1 $ 738.4 Restricted cash 4,621.9 ( 4,621.9 ) — Premiums and fees receivable 16,408.9 ( 16,408.9 ) — Fiduciary assets — 18,236.7 18,236.7 Accounts receivable, net — 2,911.1 2,911.1 Other current assets 1,461.5 ( 1,062.5 ) 399.0 Total current assets 22,834.6 ( 549.4 ) 22,285.2 Total assets 38,907.8 ( 549.4 ) 38,358.4 Premium payable to underwriting enterprises 18,698.2 ( 18,698.2 ) — Fiduciary liabilities — 18,236.7 18,236.7 Accrued compensation and other accrued liabilities 2,091.2 ( 87.9 ) 2,003.3 Total current liabilities 21,888.0 ( 549.4 ) 21,338.6 Total liabilities 29,717.6 ( 549.4 ) 29,168.2 Total liabilities and stockholders' equity 38,907.8 ( 549.4 ) 38,358.4 The effect of the changes to the presentation of our statement of cash flows for the three-month period ended March 31, 2022 is summarized below: Three-month period ended March 31, (In millions) Reported 2022 Change Revised 2022 Cash flows from operating activities: Net change in accounts receivable, net $ — $ ( 553.2 ) $ ( 553.2 ) Net change in premium and fees receivable ( 9,827.3 ) 9,827.3 — Net change in premiums payable to underwriting enterprises 9,331.3 ( 9,331.3 ) — Net change in other current assets 120.1 ( 106.1 ) 14.0 Net change in accrued compensation and other accrued liabilities 162.7 ( 54.7 ) 108.0 Net cash provided by operating activities 434.6 ( 218.0 ) 216.6 Cash flows from financing activities: Net change in fiduciary assets and liabilities — 218.0 218.0 Net cash provided by (used) by financing activities ( 200.3 ) 218.0 17.7 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Changes to the Presentation of Consolidated Balance Sheet and Statement of Cash Flows | The effect of the changes to the presentation of our consolidated balance sheet as of December 31, 2022 is summarized below: December 31, (In millions) Reported 2022 Change Revised 2022 Cash and cash equivalents $ 342.3 $ 396.1 $ 738.4 Restricted cash 4,621.9 ( 4,621.9 ) — Premiums and fees receivable 16,408.9 ( 16,408.9 ) — Fiduciary assets — 18,236.7 18,236.7 Accounts receivable, net — 2,911.1 2,911.1 Other current assets 1,461.5 ( 1,062.5 ) 399.0 Total current assets 22,834.6 ( 549.4 ) 22,285.2 Total assets 38,907.8 ( 549.4 ) 38,358.4 Premium payable to underwriting enterprises 18,698.2 ( 18,698.2 ) — Fiduciary liabilities — 18,236.7 18,236.7 Accrued compensation and other accrued liabilities 2,091.2 ( 87.9 ) 2,003.3 Total current liabilities 21,888.0 ( 549.4 ) 21,338.6 Total liabilities 29,717.6 ( 549.4 ) 29,168.2 Total liabilities and stockholders' equity 38,907.8 ( 549.4 ) 38,358.4 The effect of the changes to the presentation of our statement of cash flows for the three-month period ended March 31, 2022 is summarized below: Three-month period ended March 31, (In millions) Reported 2022 Change Revised 2022 Cash flows from operating activities: Net change in accounts receivable, net $ — $ ( 553.2 ) $ ( 553.2 ) Net change in premium and fees receivable ( 9,827.3 ) 9,827.3 — Net change in premiums payable to underwriting enterprises 9,331.3 ( 9,331.3 ) — Net change in other current assets 120.1 ( 106.1 ) 14.0 Net change in accrued compensation and other accrued liabilities 162.7 ( 54.7 ) 108.0 Net cash provided by operating activities 434.6 ( 218.0 ) 216.6 Cash flows from financing activities: Net change in fiduciary assets and liabilities — 218.0 218.0 Net cash provided by (used) by financing activities ( 200.3 ) 218.0 17.7 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisition Method for Recording Business Combinations | During the three-month period ended March 31, 2023, we acquired substantially all of the outstanding stock or net assets, as applicable, of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data): Total Maximum Common Common Recorded Recorded Potential Name and Effective Shares Share Accrued Escrow Earnout Purchase Earnout Date of Acquisition Issued Value Cash Paid Liability Deposited Payable Price Payable (000s) First Ireland Risk — $ — $ 86.4 $ — $ 5.3 $ 5.9 $ 97.6 $ 6.6 Nine other acquisitions 14 — 194.1 1.5 8.9 38.1 242.6 56.1 14 $ — $ 280.5 $ 1.5 $ 14.2 $ 44.0 $ 340.2 $ 62.7 |
Summary of Estimated Fair Values of Net Assets Acquired | The following is a summary of the estimated fair values of the net assets acquired at the date of each acquisition made in the three-month period ended March 31, 2023 (in millions): Nine Other (FIR) Acquisitions Total Cash and cash equivalents $ 13.0 $ 3.8 $ 16.8 Fiduciary assets 13.8 10.3 24.1 Other current assets 1.5 4.3 5.8 Fixed assets 0.8 0.3 1.1 Noncurrent assets 8.6 7.6 16.2 Goodwill 58.8 122.4 181.2 Expiration lists 27.5 120.1 147.6 Non-compete agreements 4.3 2.5 6.8 Trade names — 1.3 1.3 Total assets acquired 128.3 272.6 400.9 Fiduciary liabilities 13.8 10.3 24.1 Current liabilities 3.9 3.5 7.4 Noncurrent liabilities 13.0 16.2 29.2 Total liabilities assumed 30.7 30.0 60.7 Total net assets acquired $ 97.6 $ 242.6 $ 340.2 |
Summary of Unaudited Pro Forma Historical Results | The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2022 (in millions, except per share data): Three-month period ended March 31, 2023 2022 Total revenues $ 2,712.2 $ 2,454.2 Net earnings attributable to controlling interests 487.6 440.0 Basic net earnings per share 2.29 2.11 Diluted net earnings per share 2.25 2.06 |
Contracts with Customers (Table
Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers | Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions): March 31, December 31, Unbilled receivables $ 1,389.1 $ 910.9 Deferred contract costs 89.3 144.5 Deferred revenue 688.2 609.3 |
Summary of Changes in Deferred Revenue Balances | Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions): Risk Brokerage Management Total Deferred revenue at December 31, 2022 $ 434.0 $ 175.3 $ 609.3 Incremental deferred revenue 273.2 25.9 299.1 Revenue recognized during the three-month period ended ( 211.9 ) ( 25.3 ) ( 237.2 ) Net change in collected billings/deposits received from customers 15.3 ( 3.2 ) 12.1 Impact of change in foreign exchange rates 2.6 ( 0.5 ) 2.1 Deferred revenue recognized from business acquisitions 2.8 — 2.8 Deferred revenue at March 31, 2023 $ 516.0 $ 172.2 $ 688.2 |
Summary of Expected Revenue Related to Performance Obligations | The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions): Brokerage Risk Total 2023 (remaining nine months) $ 427.4 $ 99.3 $ 526.7 2024 78.6 32.8 111.4 2025 8.0 16.9 24.9 2026 0.9 9.5 10.4 2027 0.6 5.8 6.4 Thereafter 0.5 7.9 8.4 Total $ 516.0 $ 172.2 $ 688.2 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations | The carrying amount of goodwill at March 31, 2023 and December 31, 2022 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At March 31, 2023 United States $ 5,127.9 $ 74.8 $ — $ 5,202.7 United Kingdom 2,242.7 17.9 — 2,260.6 Canada 566.4 — — 566.4 Australia 467.9 10.1 — 478.0 New Zealand 201.0 9.4 — 210.4 Other foreign 965.9 — 19.2 985.1 Total goodwill $ 9,571.8 $ 112.2 $ 19.2 $ 9,703.2 At December 31, 2022 United States $ 5,065.7 $ 74.8 $ — $ 5,140.5 United Kingdom 2,180.2 17.7 — 2,197.9 Canada 569.7 — — 569.7 Australia 467.6 10.2 — 477.8 New Zealand 203.8 9.5 — 213.3 Other foreign 871.1 — 19.1 890.2 Total goodwill $ 9,358.1 $ 112.2 $ 19.1 $ 9,489.4 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three-month period ended March 31, 2023 are as follows (in millions): Brokerage Risk Corporate Total Balance as of December 31, 2022 $ 9,358.1 $ 112.2 $ 19.1 $ 9,489.4 Goodwill acquired during the period 181.2 — — 181.2 Goodwill true-ups due to appraisals and other acquisition 7.5 — — 7.5 Foreign currency translation adjustments during the period 25.0 — 0.1 25.1 Balance as of March 31, 2023 $ 9,571.8 $ 112.2 $ 19.2 $ 9,703.2 |
Major Classes of Amortizable Intangible Assets | Major classes of amortizable intangible assets at March 31, 2023 and December 31, 2022 consist of the following (in millions): March 31, December 31, 2023 2022 Expiration lists $ 6,620.3 $ 6,472.3 Accumulated amortization - expiration lists ( 3,297.7 ) ( 3,178.5 ) 3,322.6 3,293.8 Non-compete agreements 98.1 91.3 Accumulated amortization - non-compete agreements ( 70.3 ) ( 67.5 ) 27.8 23.8 Trade names 110.1 108.5 Accumulated amortization - trade names ( 56.4 ) ( 54.0 ) 53.7 54.5 Net amortizable assets $ 3,404.1 $ 3,372.1 |
Estimated Aggregate Amortization Expense | Estimated aggregate amortization expense for each of the next five years and thereafter is as follows (in millions): 2023 (remaining nine months) $ 362.3 2024 449.5 2025 405.6 2026 366.2 2027 336.8 Thereafter 1,483.7 Total $ 3,404.1 |
Credit and Other Debt Agreeme_2
Credit and Other Debt Agreements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Corporate and Other Debt | The following is a summary of our corporate and other debt (in millions): March 31, December 31, 2023 2022 Senior Notes: Semi-annual payments of interest, fixed rate of 2.40 %, balloon due November 9, 2031 $ 400.0 $ 400.0 Semi-annual payments of interest, fixed rate of 5.50 %, balloon due March 2, 2033 350.0 — Semi-annual payments of interest, fixed rate of 3.50 %, balloon due May 20, 2051 850.0 850.0 Semi-annual payments of interest, fixed rate of 3.05 %, balloon due March 9, 2052 350.0 350.0 Semi-annual payments of interest, fixed rate of 5.75 %, balloon due March 2, 2053 600.0 — Total Senior Notes 2,550.0 1,600.0 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 5.49 %, balloon due February 10, 2023 — 50.0 Semi-annual payments of interest, fixed rate of 4.13 %, balloon due June 24, 2023 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.72 %, balloon due February 13, 2024 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.58 %, balloon due February 27, 2024 325.0 325.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.40 %, balloon due June 13, 2024 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.31 %, balloon due June 24, 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.85 %, balloon due February 13, 2026 140.0 140.0 Semi-annual payments of interest, fixed rate of 4.73 %, balloon due February 27, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.40 %, balloon due June 2, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36 %, balloon due June 24, 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 3.75 %, balloon due January 30, 2027 30.0 30.0 Semi-annual payments of interest, fixed rate of 4.09 %, balloon due June 27, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.09 %, balloon due August 2, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.14 %, balloon due August 4, 2027 98.0 98.0 Semi-annual payments of interest, fixed rate of 3.46 %, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55 %, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34 %, balloon due June 13, 2028 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.04 %, balloon due February 13, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.98 %, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19 %, balloon due June 27, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.19 %, balloon due August 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48 %, balloon due December 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99 %, balloon due January 30, 2030 341.0 341.0 Semi-annual payments of interest, fixed rate of 4.44 %, balloon due June 13, 2030 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.14 %, balloon due March 13, 2031 180.0 180.0 Semi-annual payments of interest, fixed rate of 4.70 %, balloon due June 2, 2031 25.0 25.0 Semi-annual payments of interest, fixed rate of 4.09 %, balloon due January 30, 2032 69.0 69.0 Semi-annual payments of interest, fixed rate of 4.34 %, balloon due June 27, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34 %, balloon due August 2, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.59 %, balloon due June 13, 2033 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.29 %, balloon due March 13, 2034 40.0 40.0 Semi-annual payments of interest, fixed rate of 4.48 %, balloon due June 12, 2034 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.24 %, balloon due January 30, 2035 79.0 79.0 Semi-annual payments of interest, fixed rate of 2.44 %, balloon due February 10, 2036 100.0 100.0 Semi-annual payments of interest, fixed rate of 2.46 %, balloon due May 5, 2036 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.69 %, balloon due June 13, 2038 75.0 75.0 Semi-annual payments of interest, fixed rate of 5.45 %, balloon due March 13, 2039 40.0 40.0 Semi-annual payments of interest, fixed rate of 4.49 %, balloon due January 30, 2040 56.0 56.0 Total Note Purchase Agreements 4,198.0 4,248.0 Credit Agreement: Periodic payments of interest and principal, prime or SOFR plus up to 1.40 %, expires June 7, 2024 — 60.0 Premium Financing Debt Facility - expires September 15, 2024 : Facility B AUD denominated tranche, interbank rates plus 1.500 % 142.2 217.6 NZD denominated tranche, interbank rates plus 1.850 % — — Facility C and D AUD denominated tranche, interbank rates plus 0.830 % 9.8 15.2 NZD denominated tranche, interbank rates plus 0.990 % 7.8 9.1 Total Premium Financing Debt Facility 159.8 241.9 Total corporate and other debt 6,907.8 6,149.9 Less unamortized debt acquisition costs on Senior Notes and Note Purchase Agreements ( 29.9 ) ( 20.6 ) Less unamortized discount on Bonds Payable ( 21.1 ) ( 14.6 ) Net corporate and other debt $ 6,856.8 $ 6,114.7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net EPS | The following table sets forth the computation of basic and diluted net earnings per share (in millions, except per share data): Three-month period ended March 31, 2023 2022 Net earnings attributable to controlling interests $ 486.5 $ 438.7 Weighted average number of common shares outstanding 212.8 209.0 Dilutive effect of stock options using the treasury 4.2 4.5 Weighted average number of common and common 217.0 213.5 Basic net earnings per share $ 2.29 $ 2.10 Diluted net earnings per share $ 2.24 $ 2.05 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Black-Scholes Option Pricing Model with Weighted Average | For purposes of expense recognition, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: 2023 2022 Expected dividend yield 1.2 % 1.3 % Expected risk-free interest rate 3.6 % 1.9 % Volatility 25.0 % 23.1 % Expected life (in years) 5.5 5.4 |
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2023 (in millions, except exercise price and year data): Three-month period ended March 31, 2023 Weighted Average Weighted Remaining Shares Average Contractual Aggregate Under Exercise Term Intrinsic Option Price (in years) Value Beginning balance 8.3 $ 107.47 Granted 1.1 177.09 Exercised ( 0.6 ) 55.30 Forfeited or canceled — — Ending balance 8.8 $ 119.91 4.53 $ 625.4 Exercisable at end of period 2.4 $ 71.70 2.27 $ 291.2 Ending unvested and expected to vest 5.7 $ 136.94 5.34 $ 309.2 |
Other Information Regarding Stock Options Outstanding and Exercisable | Other information regarding stock options outstanding and exercisable at March 31, 2023 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Weighted Average Remaining Weighted Weighted Contractual Average Average Number Term Exercise Number Exercise Range of Exercise Prices Outstanding (in years) Price Exercisable Price $ 55.94 — $ 56.86 0.7 0.96 $ 56.85 0.7 $ 56.85 70.74 — 70.74 0.7 1.96 70.74 0.7 70.74 79.59 — 79.59 1.0 2.96 79.59 0.6 79.59 86.17 — 86.17 1.4 3.95 86.17 0.4 86.17 127.90 — 127.90 1.5 4.96 127.90 — 127.90 156.85 — 156.85 1.2 5.84 156.85 — — 158.56 — 177.09 2.3 6.46 167.81 — — $ 55.94 — $ 177.09 8.8 4.53 $ 119.91 2.4 $ 71.70 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional and Fair Values of Derivative Instruments | The notional and fair values of derivatives designated as hedging instruments are as follows at March 31, 2023 and December 31, 2022 (in millions): Derivative Assets Derivative Liabilities Notional Balance Sheet Fair Balance Sheet Fair Instrument Amount Classification Value Classification Value At March 31, 2023 Interest rate contracts $ 900.0 Other current assets $ — Accrued compensation and other current liabilities $ — Other noncurrent assets 45.3 Other noncurrent liabilities 3.6 Foreign exchange contracts (1) 102.0 Other current assets 1.3 Accrued compensation and other current liabilities 12.7 Other noncurrent assets 14.7 Other noncurrent liabilities 17.1 Total $ 1,002.0 $ 61.3 $ 33.4 At December 31, 2022 Interest rate contracts $ 950.0 Other current assets $ 56.5 Accrued compensation and other current liabilities $ — Other noncurrent assets 56.6 Other noncurrent liabilities — Foreign exchange contracts (1) 113.0 Other current assets 0.8 Accrued compensation and other current liabilities 18.5 Other noncurrent assets 14.5 Other noncurrent liabilities 27.0 Total $ 1,063.0 $ 128.4 $ 45.5 (1) Included within foreign exchange contracts at March 31, 2023 were $ 833.1 million of call options, offset with $ 833.1 million of put options, and $ 10.4 million of buy forwards, offset with $ 112.4 million of sell forwards. Included within foreign exchange contracts at December 31, 2022 were $ 948.8 million of call options, offset with $ 948.8 million of put options, and $ 12.4 million of buy forwards, offset with $ 125.4 million of sell forwards. |
Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss | The effect of cash flow hedge accounting on accumulated other comprehensive loss for the three-month periods ended March 31, 2023 and 2022 were as follows (in millions): Amount of Amount of Gain Gain (Loss) Recognized Amount of Reclassified in Earnings Gain (Loss) from Related to Recognized in Accumulated Amount Accumulated Other Excluded Other Comprehensive from Comprehensive Loss into Effectiveness Statement of Earnings Instrument Loss (1) Earnings Testing Classification Three-month period ended March 31, 2023 Interest rate contracts $ ( 10.1 ) $ ( 0.3 ) $ — Interest expense Foreign exchange contracts 15.9 0.6 — Commission revenue ( 0.5 ) 0.6 Compensation expense ( 0.3 ) 0.4 Operating expense Total $ 5.8 $ ( 0.5 ) $ 1.0 Three-month period ended March 31, 2022 Interest rate contracts $ 67.0 $ ( 0.3 ) $ — Interest expense Foreign exchange contracts ( 6.5 ) ( 0.3 ) — Commission revenu e ( 0.2 ) 0.3 Compensation expense ( 0.1 ) 0.2 Operating expense Total $ 60.5 $ ( 0.9 ) $ 0.5 (1) For the three-month period ended March 31, 2023 , the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a gain of $ 0.5 million. For the three-month period ended March 31, 2022 , the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a loss of $ 0.7 million. |
Commitments, Contingencies an_2
Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations | Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the Senior Notes, Note Purchase Agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase obligations at March 31, 2023 were as follows (in millions): Payments Due by Period Contractual Obligations 2023 2024 2025 2026 2027 Thereafter Total Senior Notes $ — $ — $ — $ — $ — $ 2,550.0 $ 2,550.0 Note Purchase Agreements 200.0 475.0 200.0 640.0 478.0 2,205.0 4,198.0 Credit Agreement — — — — — — — Premium Financing Debt Facility 159.8 — — — — — 159.8 Interest on debt 198.3 265.2 251.4 232.6 214.1 2,393.8 3,555.4 Total debt obligations 558.1 740.2 451.4 872.6 692.1 7,148.8 10,463.2 Operating lease obligations 74.4 91.3 74.0 58.9 45.6 93.1 437.3 Less sublease arrangements ( 0.7 ) ( 0.6 ) ( 0.3 ) ( 0.3 ) ( 0.2 ) ( 0.1 ) ( 2.2 ) Outstanding purchase obligations 99.7 95.3 47.9 19.0 15.7 49.5 327.1 Total contractual obligations $ 731.5 $ 926.2 $ 573.0 $ 950.2 $ 753.2 $ 7,291.3 $ 11,225.4 |
Off-Balance Sheet Commitments | Off-Balance Sheet Commitments - Our total unrecorded commitments associated with outstanding letters of credit, and financial guarantees as of March 31, 2023 were as follows (in millions): Total Amount of Commitment Expiration by Period Amounts Off-Balance Sheet Commitments 2023 2024 2025 2026 2027 Thereafter Committed Letters of credit $ — $ — $ — $ — $ — $ 13.3 $ 13.3 Financial guarantees 1.1 2.1 0.2 0.1 0.1 — 3.6 Total commitments $ 1.1 $ 2.1 $ 0.2 $ 0.1 $ 0.1 $ 13.3 $ 16.9 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Three-month period ended March 31, Supplemental disclosures of cash flow information (in millions): 2023 2022 Interest paid $ 60.1 $ 54.6 Income taxes paid, net 53.5 43.0 |
Summary of Cash, Cash Equivalents, Restricted Cash and Fiduciary Cash | The following is a reconciliation of our end of period cash, cash equivalents, restricted cash and fiduciary cash balances as presented in the consolidated statement of cash flows for the three-month periods ended March 31, 2023 and 2022 (in millions): March 31, 2023 2022 Cash and cash equivalents - non-restricted cash $ 1,345.7 $ 734.4 Cash and cash equivalents - restricted cash 204.2 124.8 Total cash and cash equivalents 1,549.9 859.2 Fiduciary cash 4,541.1 3,779.5 Total cash, cash equivalents, restricted cash and fiduciary cash $ 6,091.0 $ 4,638.7 Fiduciary cash is included in fiduciary assets in our consolidated balance sheet. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss Attributable to Controlling Interests | The after-tax components of our accumulated other comprehensive loss attributable to controlling interests consist of the following (in millions): Foreign Fair Value of Accumulated Pension Currency Derivative Comprehensive Liability Translation Investments Loss Balance as of December 31, 2022 $ ( 49.4 ) $ ( 1,125.2 ) $ 34.2 $ ( 1,140.4 ) Net change in period 0.8 33.3 4.9 39.0 Balance as of March 31, 2023 $ ( 48.6 ) $ ( 1,091.9 ) $ 39.1 $ ( 1,101.4 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Financial information relating to our segments for the three-month periods ended March 31, 2023 and 2022 as follows (in millions): Three-month period ended 2023 2022 Brokerage Total revenues $ 2,375.2 $ 2,122.6 Earnings before income taxes $ 690.9 $ 618.4 Identifiable assets at March 31, 2023 and 2022 * $ 40,919.9 $ 39,237.3 Risk Management Total revenues $ 330.8 $ 289.9 Earnings before income taxes $ 45.5 $ 32.3 Identifiable assets at March 31, 2023 and 2022 * $ 1,126.7 $ 1,047.2 Corporate Total revenues $ 0.1 $ 22.8 Loss before income taxes $ ( 130.6 ) $ ( 113.0 ) Identifiable assets at March 31, 2023 and 2022 * $ 3,047.8 $ 2,613.0 Total Total revenues $ 2,706.1 $ 2,435.3 Earnings before income taxes $ 605.8 $ 537.7 Identifiable assets at March 31, 2023 and 2022 * $ 45,094.4 $ 42,897.5 * See Note 1 for a discussion on the 2022 impact of the change in presentation of fiduciary assets and liabilities. |
Summary of Revenues by Type and Segment | Revenues by type and segment for the three-month period ended March 31, 2023 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: Commissions $ 1,747.4 $ — $ — $ 1,747.4 Fees 412.7 293.0 — 705.7 Supplemental revenues 81.6 — — 81.6 Contingent revenues 71.8 — — 71.8 Investment income 61.5 4.5 — 66.0 Net gains on divestitures 0.2 0.1 — 0.3 Other net revenues — — 0.1 0.1 Revenues before reimbursements 2,375.2 297.6 0.1 2,672.9 Reimbursements — 33.2 — 33.2 Total revenues $ 2,375.2 $ 330.8 $ 0.1 $ 2,706.1 Revenues by type and segment for the three-month period ended March 31, 2022 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: Commissions $ 1,565.3 $ — $ — $ 1,565.3 Fees 391.9 259.0 — 650.9 Supplemental revenues 74.3 — — 74.3 Contingent revenues 71.6 — — 71.6 Investment income 18.1 0.1 — 18.2 Net gains on divestitures 1.4 — — 1.4 Revenues from clean coal activities — — 22.7 22.7 Other net revenues — — 0.1 0.1 Revenues before reimbursements 2,122.6 259.1 22.8 2,404.5 Reimbursements — 30.8 — 30.8 Total revenues $ 2,122.6 $ 289.9 $ 22.8 $ 2,435.3 |
Summary of Geographical Location and Segment | Revenues by geographical location and segment for the three-month period ended March 31, 2023 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: United States $ 1,475.3 $ 280.1 $ 0.1 $ 1,755.5 United Kingdom 513.5 11.3 — 524.8 Australia 64.2 34.0 — 98.2 Canada 93.7 1.5 — 95.2 New Zealand 38.0 3.9 — 41.9 Other foreign 190.5 — — 190.5 Total revenues $ 2,375.2 $ 330.8 $ 0.1 $ 2,706.1 Revenues by geographical location and segment for the three-month period ended March 31, 2022 are as follows (in millions): Risk Brokerage Management Corporate Total Revenues: United States $ 1,336.7 $ 242.3 $ 22.8 $ 1,601.8 United Kingdom 440.2 11.0 — 451.2 Australia 59.0 31.7 — 90.7 Canada 87.5 1.4 — 88.9 New Zealand 34.4 3.5 — 37.9 Other foreign 164.8 — — 164.8 Total revenues $ 2,122.6 $ 289.9 $ 22.8 $ 2,435.3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Country Segment Facility | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | Segment | 3 |
Number of commercial clean coal production facilities | Facility | 35 |
Number of countries in which the company does business through a network of correspondent brokers and consultants | Country | 130 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Changes to Presentation of Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cash and cash equivalents | $ 1,345.7 | $ 738.4 | $ 734.4 |
Restricted cash | 204.2 | 124.8 | |
Fiduciary assets current | 23,403.4 | 18,236.7 | |
Accounts receivable, net | 3,526.5 | 2,911.1 | |
Other current assets | 298.2 | 399 | |
Total current assets | 28,778 | 22,285.2 | |
Total assets | 45,094.4 | 38,358.4 | $ 42,897.5 |
Fiduciary liabilities current | 23,403.4 | 18,236.7 | |
Accrued compensation and other current liabilities | 2,003.3 | ||
Total current liabilities | 27,095.7 | 21,338.6 | |
Total liabilities | 35,236.1 | 29,168.2 | |
Total liabilities and stockholders' equity | $ 45,094.4 | 38,358.4 | |
Reported 2022 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cash and cash equivalents | 342.3 | ||
Restricted cash | 4,621.9 | ||
Premiums and fees receivable | 16,408.9 | ||
Other current assets | 1,461.5 | ||
Total current assets | 22,834.6 | ||
Total assets | 38,907.8 | ||
Premiums payable to underwriting enterprises | 18,698.2 | ||
Accrued compensation and other current liabilities | 2,091.2 | ||
Total current liabilities | 21,888 | ||
Total liabilities | 29,717.6 | ||
Total liabilities and stockholders' equity | 38,907.8 | ||
Change | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cash and cash equivalents | 396.1 | ||
Restricted cash | (4,621.9) | ||
Premiums and fees receivable | (16,408.9) | ||
Fiduciary assets current | 18,236.7 | ||
Accounts receivable, net | 2,911.1 | ||
Other current assets | (1,062.5) | ||
Total current assets | (549.4) | ||
Total assets | (549.4) | ||
Premiums payable to underwriting enterprises | (18,698.2) | ||
Fiduciary liabilities current | 18,236.7 | ||
Accrued compensation and other current liabilities | (87.9) | ||
Total current liabilities | (549.4) | ||
Total liabilities | (549.4) | ||
Total liabilities and stockholders' equity | $ (549.4) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Changes to Presentation of Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net change in accounts receivable, net | $ (642.2) | $ (553.2) |
Net change in other current assets | 17.3 | 14 |
Net change in accrued compensation and other accrued liabilities | 298.1 | 108 |
Net cash provided by operating activities | 428.5 | 216.6 |
Cash flows from financing activities: | ||
Net change in fiduciary assets and liabilities | 218 | |
Net cash provided by (used) by financing activities | $ 958.1 | 17.7 |
Reported 2022 | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net change in premiums and fees receivable | (9,827.3) | |
Net change in premiums payable to underwriting enterprises | 9,331.3 | |
Net change in other current assets | 120.1 | |
Net change in accrued compensation and other accrued liabilities | 162.7 | |
Net cash provided by operating activities | 434.6 | |
Cash flows from financing activities: | ||
Net cash provided by (used) by financing activities | (200.3) | |
Change | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net change in accounts receivable, net | (553.2) | |
Net change in premiums and fees receivable | 9,827.3 | |
Net change in premiums payable to underwriting enterprises | (9,331.3) | |
Net change in other current assets | (106.1) | |
Net change in accrued compensation and other accrued liabilities | (54.7) | |
Net cash provided by operating activities | (218) | |
Cash flows from financing activities: | ||
Net change in fiduciary assets and liabilities | 218 | |
Net cash provided by (used) by financing activities | $ 218 |
Business Combinations - Acquisi
Business Combinations - Acquisition Method for Recording Business Combinations (Detail) shares in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) shares | |
First Ireland Risk Management Ltd [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | $ 86,400,000 |
Escrow Deposited | 5,300,000 |
Recorded Earnout Payable | 5,900,000 |
Total Recorded Purchase Price | 97,600,000 |
Maximum Potential Earnout Payable | $ 6,600,000 |
Nine Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 14 |
Cash Paid | $ 194,100,000 |
Accrued Liability | 1,500,000 |
Escrow Deposited | 8,900,000 |
Recorded Earnout Payable | 38,100,000 |
Total Recorded Purchase Price | 242,600,000 |
Maximum Potential Earnout Payable | $ 56,100,000 |
2023 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 14 |
Cash Paid | $ 280,500,000 |
Accrued Liability | 1,500,000 |
Escrow Deposited | 14,200,000 |
Recorded Earnout Payable | 44,000,000 |
Total Recorded Purchase Price | 340,200,000 |
Maximum Potential Earnout Payable | $ 62,700,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Millions | 3 Months Ended | 255 Months Ended | ||
Dec. 20, 2022 USD ($) Employee | Mar. 31, 2023 USD ($) Entity | Mar. 31, 2022 USD ($) Entity | Mar. 31, 2023 USD ($) Entity | |
Business Acquisition [Line Items] | ||||
Accretion of the discount on acquisition | $ 19.8 | $ 9.4 | ||
Income (expense) related to net adjustments to estimated fair value of liability for earnout obligations | $ (22) | $ (11.5) | ||
Number of companies acquired | Entity | 22 | 31 | 660 | |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 1,748.3 | |||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 901.8 | |||
Aggregate amount of earnout obligation expected settlement in cash or stock at option | 524 | $ 524 | ||
Aggregate amount of earnout obligation expected settlement in cash | 377.8 | 377.8 | ||
Goodwill | 181.2 | 181.2 | ||
Expiration lists | 147.6 | 147.6 | ||
Non-compete agreements | 6.8 | 6.8 | ||
Trade names | 1.3 | 1.3 | ||
Total revenues | 2,712.2 | $ 2,454.2 | ||
Brokerage Management [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 181.2 | 181.2 | ||
Expiration lists | 147.6 | 147.6 | ||
Non-compete agreements | 6.8 | 6.8 | ||
Trade names | 1.3 | 1.3 | ||
Brokerage and Risk Management [Member] | ||||
Business Acquisition [Line Items] | ||||
Write-off of amortizable intangible assets | 0.1 | $ 0.2 | ||
Brokerage [Member] | Expiration Lists [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition not deductible for income tax purposes | 61.7 | 61.7 | ||
Brokerage [Member] | Non-Compete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition not deductible for income tax purposes | 6.4 | 6.4 | ||
Brokerage [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition not deductible for income tax purposes | $ 0 | 0 | ||
Minimum [Member] | Expiration Lists [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of intangibles assets, years | 2 years | |||
Minimum [Member] | Non-Compete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of intangibles assets, years | 2 years | |||
Minimum [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of intangibles assets, years | 2 years | |||
Maximum [Member] | Expiration Lists [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of intangibles assets, years | 15 years | |||
Maximum [Member] | Non-Compete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of intangibles assets, years | 6 years | |||
Maximum [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives of intangibles assets, years | 15 years | |||
2023 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Trade names | $ 1.3 | $ 1.3 | ||
2023 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Measurement input | 0.050 | 0.050 | ||
2023 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Measurement input | 0.200 | 0.200 | ||
2023 Acquisitions [Member] | Valuation, Income Approach | Measurement Input, Discount Rate [Member] | ||||
Business Acquisition [Line Items] | ||||
Measurement input | 0.090 | 0.090 | ||
2022 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||||
Business Acquisition [Line Items] | ||||
Measurement input | 0.030 | 0.030 | ||
2022 Acquisitions [Member] | Valuation, Income Approach | ||||
Business Acquisition [Line Items] | ||||
Attrition rate | 25.50% | |||
2022 Acquisitions [Member] | Valuation, Income Approach | Measurement Input, Long-term Revenue Growth Rate [Member] | ||||
Business Acquisition [Line Items] | ||||
Measurement input | 0.110 | 0.110 | ||
Business Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Annualized revenue of business acquisitions | $ 69 | |||
Total revenues | 11.7 | |||
Net earnings | (2.2) | |||
Business Acquisition [Member] | Brokerage [Member] | ||||
Business Acquisition [Line Items] | ||||
Expiration lists | 147.6 | $ 147.6 | ||
Non-compete agreements | 6.8 | 6.8 | ||
Deferred tax liability | $ 13.1 | $ 13.1 | ||
BCHR Holdings, L.P [Member] | ||||
Business Acquisition [Line Items] | ||||
Initial gross consideration | $ 660 | |||
Net of agreed seller funded expenses and net working capital | $ 585 | |||
Number of employees | Employee | 2,300 | |||
Number of credentialed actuaries | Employee | 220 | |||
BCHR Holdings, L.P [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination period of existence | 100 years |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Net Assets Acquired (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash and restricted cash | $ 16.8 |
Fiduciary assets | 24.1 |
Other current assets | 5.8 |
Fixed assets | 1.1 |
Noncurrent assets | 16.2 |
Goodwill | 181.2 |
Expiration lists | 147.6 |
Non-compete agreements | 6.8 |
Trade names | 1.3 |
Total assets acquired | 400.9 |
Fiduciary liabilities | 24.1 |
Current liabilities | 7.4 |
Noncurrent liabilities | 29.2 |
Total liabilities assumed | 60.7 |
Total net assets acquired | 340.2 |
FIR [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash and restricted cash | 13 |
Fiduciary assets | 13.8 |
Other current assets | 1.5 |
Fixed assets | 0.8 |
Noncurrent assets | 8.6 |
Goodwill | 58.8 |
Expiration lists | 27.5 |
Non-compete agreements | 4.3 |
Total assets acquired | 128.3 |
Fiduciary liabilities | 13.8 |
Current liabilities | 3.9 |
Noncurrent liabilities | 13 |
Total liabilities assumed | 30.7 |
Total net assets acquired | 97.6 |
Nine Other Acquisitions [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash and restricted cash | 3.8 |
Fiduciary assets | 10.3 |
Other current assets | 4.3 |
Fixed assets | 0.3 |
Noncurrent assets | 7.6 |
Goodwill | 122.4 |
Expiration lists | 120.1 |
Non-compete agreements | 2.5 |
Trade names | 1.3 |
Total assets acquired | 272.6 |
Fiduciary liabilities | 10.3 |
Current liabilities | 3.5 |
Noncurrent liabilities | 16.2 |
Total liabilities assumed | 30 |
Total net assets acquired | $ 242.6 |
Business Combinations - Summa_2
Business Combinations - Summary of Unaudited Pro Forma Historical Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Business Combinations [Abstract] | ||
Total revenues | $ 2,712.2 | $ 2,454.2 |
Net earnings attributable to controlling interests | $ 487.6 | $ 440 |
Basic net earnings per share | $ 2.29 | $ 2.11 |
Diluted net earnings per share | $ 2.25 | $ 2.06 |
Contracts with Customers - Summ
Contracts with Customers - Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Unbilled receivables | $ 1,389.1 | $ 910.9 |
Deferred contract costs | 89.3 | 144.5 |
Deferred revenue | $ 688.2 | $ 609.3 |
Contracts with Customers - Su_2
Contracts with Customers - Summary of Changes in Deferred Revenue Balances (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | $ 609.3 |
Incremental deferred revenue | 299.1 |
Revenue recognized during the three-month period ended March 31, 2023 included in deferred revenue at December 31, 2022 | (237.2) |
Net change in collected billings/deposits received from customers | 12.1 |
Impact of change in foreign exchange rates | 2.1 |
Deferred revenue recognized from business acquisitions | 2.8 |
Deferred revenue ending balance | 688.2 |
Brokerage [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | 434 |
Incremental deferred revenue | 273.2 |
Revenue recognized during the three-month period ended March 31, 2023 included in deferred revenue at December 31, 2022 | (211.9) |
Net change in collected billings/deposits received from customers | 15.3 |
Impact of change in foreign exchange rates | 2.6 |
Deferred revenue recognized from business acquisitions | 2.8 |
Deferred revenue ending balance | 516 |
Risk Management [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | 175.3 |
Incremental deferred revenue | 25.9 |
Revenue recognized during the three-month period ended March 31, 2023 included in deferred revenue at December 31, 2022 | (25.3) |
Net change in collected billings/deposits received from customers | (3.2) |
Impact of change in foreign exchange rates | (0.5) |
Deferred revenue ending balance | $ 172.2 |
Contracts with Customers - Addi
Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Revenue from Contract with Customer [Abstract] | |||
Remaining performance obligations | $ 688.2 | ||
Deferred contract costs | 89.3 | $ 144.5 | |
Amortization of deferred contract costs | $ 177.2 | $ 160 |
Contracts with Customers - Su_3
Contracts with Customers - Summary of Expected Revenue Related to Performance Obligations (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 688.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 526.7 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 111.4 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 24.9 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 10.4 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 6.4 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 8.4 |
Remaining performance obligation, expected timing of satisfaction, period | |
Brokerage [Member] | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 516 |
Brokerage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 427.4 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Brokerage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 78.6 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Brokerage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 8 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Brokerage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 0.9 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Brokerage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 0.6 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Brokerage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 0.5 |
Remaining performance obligation, expected timing of satisfaction, period | |
Risk Management [Member] | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 172.2 |
Risk Management [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 99.3 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Risk Management [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 32.8 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Risk Management [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 16.9 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Risk Management [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 9.5 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Risk Management [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 5.8 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Risk Management [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 7.9 |
Remaining performance obligation, expected timing of satisfaction, period |
Contracts with Customers - Su_4
Contracts with Customers - Summary of Expected Revenue Related to Performance Obligations 1 (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 688.2 |
Brokerage [Member] | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 516 |
Risk Management [Member] | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 172.2 |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Total goodwill | $ 9,703.2 | $ 9,489.4 |
Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 5,202.7 | 5,140.5 |
United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 2,260.6 | 2,197.9 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 566.4 | 569.7 |
Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 478 | 477.8 |
New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 210.4 | 213.3 |
Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 985.1 | 890.2 |
Brokerage [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 9,571.8 | 9,358.1 |
Risk Management [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 112.2 | 112.2 |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 19.2 | 19.1 |
Operating Segments [Member] | Brokerage [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 9,571.8 | 9,358.1 |
Operating Segments [Member] | Brokerage [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 5,127.9 | 5,065.7 |
Operating Segments [Member] | Brokerage [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 2,242.7 | 2,180.2 |
Operating Segments [Member] | Brokerage [Member] | Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 566.4 | 569.7 |
Operating Segments [Member] | Brokerage [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 467.9 | 467.6 |
Operating Segments [Member] | Brokerage [Member] | New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 201 | 203.8 |
Operating Segments [Member] | Brokerage [Member] | Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 965.9 | 871.1 |
Operating Segments [Member] | Risk Management [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 112.2 | 112.2 |
Operating Segments [Member] | Risk Management [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 74.8 | 74.8 |
Operating Segments [Member] | Risk Management [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 17.9 | 17.7 |
Operating Segments [Member] | Risk Management [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 10.1 | 10.2 |
Operating Segments [Member] | Risk Management [Member] | New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 9.4 | 9.5 |
Operating Segments [Member] | Corporate [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 19.2 | 19.1 |
Operating Segments [Member] | Corporate [Member] | Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | $ 19.2 | $ 19.1 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 9,489.4 |
Goodwill acquired during the period | 181.2 |
Goodwill true-ups due to appraisals and other acquisition adjustments | 7.5 |
Foreign currency translation adjustments during the period | 25.1 |
Ending Balance | 9,703.2 |
Brokerage [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 9,358.1 |
Goodwill acquired during the period | 181.2 |
Goodwill true-ups due to appraisals and other acquisition adjustments | 7.5 |
Foreign currency translation adjustments during the period | 25 |
Ending Balance | 9,571.8 |
Risk Management [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 112.2 |
Ending Balance | 112.2 |
Corporate [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 19.1 |
Foreign currency translation adjustments during the period | 0.1 |
Ending Balance | $ 19.2 |
Intangible Assets - Major Class
Intangible Assets - Major Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, net | $ 3,404.1 | $ 3,372.1 |
Expiration Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 6,620.3 | 6,472.3 |
Accumulated amortization | (3,297.7) | (3,178.5) |
Amortizable intangible assets, net | 3,322.6 | 3,293.8 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 98.1 | 91.3 |
Accumulated amortization | (70.3) | (67.5) |
Amortizable intangible assets, net | 27.8 | 23.8 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 110.1 | 108.5 |
Accumulated amortization | (56.4) | (54) |
Amortizable intangible assets, net | $ 53.7 | $ 54.5 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Aggregate Amortization Expense (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 (remaining nine months) | $ 362.3 | |
2024 | 449.5 | |
2025 | 405.6 | |
2026 | 366.2 | |
2027 | 336.8 | |
Thereafter | 1,483.7 | |
Amortizable intangible assets, net | $ 3,404.1 | $ 3,372.1 |
Credit and Other Debt Agreeme_3
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 6,907.8 | $ 6,149.9 |
Less unamortized debt acquisition costs on Senior Notes and Note Purchase Agreements | (29.9) | (20.6) |
Less unamortized discount on Bonds Payable | (21.1) | (14.6) |
Semi-annual payments of interest, Net | 6,856.8 | 6,114.7 |
Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 4,198 | 4,248 |
Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 2,550 | 1,600 |
Fixed Rate of 2.40%, Balloon Due November 9, 2031 [Member] | Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 400 | 400 |
Fixed Rate of 5.50%, Balloon Due March 2, 2033 [Member] | Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 350 | |
Fixed Rate of 3.50%, Balloon Due May 20, 2051 [Member] | Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 850 | 850 |
Fixed Rate of 3.05%, Balloon Due March 9, 2052 [Member] | Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 350 | 350 |
Fixed Rate of 5.75%, Balloon Due March 2, 2053 [Member] | Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 600 | |
Fixed Rate of 5.49%, Balloon Due February 10, 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | |
Fixed Rate of 4.13%, Balloon Due June 24, 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.72%, Balloon due February 13, 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 325 | 325 |
Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.85%, Balloon due February 13, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 140 | 140 |
Fixed Rate of 4.73%, Balloon Due February 27, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.40%, Balloon Due June 2, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.36%, Balloon Due June 24, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 150 | 150 |
Fixed Rate of 3.75%, Balloon Due January 30, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 30 | 30 |
Fixed Rate of 4.09%, Balloon Due June 27, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 4.09%, Balloon Due August 2, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 4.14%, Balloon Due August 4, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 98 | 98 |
Fixed Rate of 3.46%, Balloon Due December 1, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.55%, Balloon Due June 2, 2028 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.34%, Balloon due June 13, 2028 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 5.04%, Balloon due February 13, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.98%, Balloon Due February 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.19%, Balloon Due June 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.19%, Balloon Due August 2, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.48%, Balloon Due December 2, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.99%, Balloon Due January 30, 2030 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 341 | 341 |
Fixed Rate of 4.44%, Balloon Due June 13, 2030 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 5.14%, Balloon due March 13, 2031 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 180 | 180 |
Fixed Rate of 4.70%, Balloon Due June 2, 2031 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 25 | 25 |
Fixed Rate of 4.09%, Balloon Due January 30, 2032 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 69 | 69 |
Fixed Rate of 4.34%, Balloon Due June 27, 2032 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.34%, Balloon Due August 2, 2032 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.59%, Balloon due June 13, 2033 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 5.29%, balloon due March 13, 2034 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 40 | 40 |
Fixed Rate of 4.48%, Balloon Due June 12, 2034 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.24%, Balloon Due January 30, 2035 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 79 | 79 |
Fixed Rate of 2.44%, Balloon Due February 10, 2036 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 2.46%, Balloon Due May 5, 2036 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Prime or SOFR Plus up to 1.40%, Expires June 7, 2024 [Member] | Multi Currency Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 60 | |
Fixed Rate of 4.69%, Balloon Due June 13, 2038 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 5.45%, balloon due March 13, 2039 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 40 | 40 |
Interbank Rates Plus 1.500% Expires September 15, 2024 [Member] | AUD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 142.2 | 217.6 |
Interbank Rates Plus 1.850% Expires September 15, 2024 [Member] | NZD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 7.8 | 9.1 |
Fixed Rate of 4.49%, Balloon Due January 30, 2040 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 56 | 56 |
Interbank Rates Plus 0.830% Expires September 15, 2024 [Member] | AUD Denominated Tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 9.8 | 15.2 |
Interbank Rates Expires September 15, 2023 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 159.8 | $ 241.9 |
Credit and Other Debt Agreeme_4
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | Sep. 15, 2024 | Sep. 15, 2024 |
Fixed Rate of 2.40%, Balloon Due November 9, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 2.40% | 2.40% |
Periodic payments of interest and principal, expiry date | Nov. 09, 2031 | Nov. 09, 2031 |
Fixed Rate of 5.50%, Balloon Due March 2, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 5.50% | 5.50% |
Periodic payments of interest and principal, expiry date | Mar. 02, 2033 | Mar. 02, 2033 |
Fixed Rate of 3.50%, Balloon Due May 20, 2051 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 3.50% | 3.50% |
Periodic payments of interest and principal, expiry date | May 20, 2051 | May 20, 2051 |
Fixed Rate of 3.05%, Balloon Due March 9, 2052 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 3.05% | 3.05% |
Periodic payments of interest and principal, expiry date | Mar. 09, 2052 | Mar. 09, 2052 |
Fixed Rate of 5.75%, Balloon Due March 2, 2053 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 5.75% | 5.75% |
Periodic payments of interest and principal, expiry date | Mar. 02, 2053 | Mar. 02, 2053 |
Fixed Rate of 5.49%, Balloon Due February 10, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 5.49% | 5.49% |
Periodic payments of interest and principal, expiry date | Feb. 10, 2023 | Feb. 10, 2023 |
Fixed Rate of 4.13%, Balloon Due June 24, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.13% | 4.13% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2023 | Jun. 24, 2023 |
Fixed Rate of 4.72%, Balloon due February 13, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.72% | 4.72% |
Periodic payments of interest and principal, expiry date | Feb. 13, 2024 | Feb. 13, 2024 |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.58% | 4.58% |
Periodic payments of interest and principal, expiry date | Feb. 27, 2024 | Feb. 27, 2024 |
Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | Jun. 13, 2024 | Jun. 13, 2024 |
Quarterly payments of interest rate | 1.40% | 1.40% |
Quarterly payments of interest, description | 90 day LIBOR plus | 90 day LIBOR plus |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.31% | 4.31% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2025 | Jun. 24, 2025 |
Fixed Rate of 4.85%, Balloon due February 13, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.85% | 4.85% |
Periodic payments of interest and principal, expiry date | Feb. 13, 2026 | Feb. 13, 2026 |
Fixed Rate of 4.73%, Balloon Due February 27, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.73% | 4.73% |
Periodic payments of interest and principal, expiry date | Feb. 27, 2026 | Feb. 27, 2026 |
Fixed Rate of 4.40%, Balloon Due June 2, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.40% | 4.40% |
Periodic payments of interest and principal, expiry date | Jun. 02, 2026 | Jun. 02, 2026 |
Fixed Rate of 4.36%, Balloon Due June 24, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.36% | 4.36% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2026 | Jun. 24, 2026 |
Fixed Rate of 3.75%, Balloon Due January 30, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 3.75% | 3.75% |
Periodic payments of interest and principal, expiry date | Jan. 30, 2027 | Jan. 30, 2027 |
Fixed Rate of 4.09%, Balloon Due June 27, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.09% | 4.09% |
Periodic payments of interest and principal, expiry date | Jun. 27, 2027 | Jun. 27, 2027 |
Fixed Rate of 4.09%, Balloon Due August 2, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.09% | 4.09% |
Periodic payments of interest and principal, expiry date | Aug. 02, 2027 | Aug. 02, 2027 |
Fixed Rate of 4.14%, Balloon Due August 4, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.14% | 4.14% |
Periodic payments of interest and principal, expiry date | Aug. 04, 2027 | Aug. 04, 2027 |
Fixed Rate of 3.46%, Balloon Due December 1, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 3.46% | 3.46% |
Periodic payments of interest and principal, expiry date | Dec. 01, 2027 | Dec. 01, 2027 |
Fixed Rate of 4.55%, Balloon Due June 2, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.55% | 4.55% |
Periodic payments of interest and principal, expiry date | Jun. 02, 2028 | Jun. 02, 2028 |
Fixed Rate of 4.34%, Balloon due June 13, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | Jun. 13, 2028 | Jun. 13, 2028 |
Fixed Rate of 5.04%, Balloon due February 13, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 5.04% | 5.04% |
Periodic payments of interest and principal, expiry date | Feb. 13, 2029 | Feb. 13, 2029 |
Fixed Rate of 4.98%, Balloon Due February 27, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.98% | 4.98% |
Periodic payments of interest and principal, expiry date | Feb. 27, 2029 | Feb. 27, 2029 |
Fixed Rate of 4.19%, Balloon Due June 27, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.19% | 4.19% |
Periodic payments of interest and principal, expiry date | Jun. 27, 2029 | Jun. 27, 2029 |
Fixed Rate of 4.19%, Balloon Due August 2, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.19% | 4.19% |
Periodic payments of interest and principal, expiry date | Aug. 02, 2029 | Aug. 02, 2029 |
Fixed Rate of 3.48%, Balloon Due December 2, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 3.48% | 3.48% |
Periodic payments of interest and principal, expiry date | Dec. 02, 2029 | Dec. 02, 2029 |
Fixed Rate of 3.99%, Balloon Due January 30, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 3.99% | 3.99% |
Periodic payments of interest and principal, expiry date | Jan. 30, 2030 | Jan. 30, 2030 |
Fixed Rate of 4.44%, Balloon Due June 13, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.44% | 4.44% |
Periodic payments of interest and principal, expiry date | Jun. 13, 2030 | Jun. 13, 2030 |
Fixed Rate of 5.14%, Balloon due March 13, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 5.14% | 5.14% |
Periodic payments of interest and principal, expiry date | Mar. 13, 2031 | Mar. 13, 2031 |
Fixed Rate of 4.70%, Balloon Due June 2, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.70% | 4.70% |
Periodic payments of interest and principal, expiry date | Jun. 02, 2031 | Jun. 02, 2031 |
Fixed Rate of 2.46%, Balloon Due May 5, 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 2.46% | 2.46% |
Periodic payments of interest and principal, expiry date | May 05, 2036 | May 05, 2036 |
Fixed Rate of 4.09%, Balloon Due January 30, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.09% | 4.09% |
Periodic payments of interest and principal, expiry date | Jan. 30, 2032 | Jan. 30, 2032 |
Fixed Rate of 4.34%, Balloon Due June 27, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | Jun. 27, 2032 | Jun. 27, 2032 |
Fixed Rate of 4.34%, Balloon Due August 2, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | Aug. 02, 2032 | Aug. 02, 2032 |
Fixed Rate of 4.59%, Balloon due June 13, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.59% | 4.59% |
Periodic payments of interest and principal, expiry date | Jun. 13, 2033 | Jun. 13, 2033 |
Fixed Rate of 5.29%, balloon due March 13, 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 5.29% | 5.29% |
Periodic payments of interest and principal, expiry date | Mar. 13, 2034 | Mar. 13, 2034 |
Fixed Rate of 4.48%, Balloon Due June 12, 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.48% | 4.48% |
Periodic payments of interest and principal, expiry date | Jun. 12, 2034 | Jun. 12, 2034 |
Fixed Rate of 4.24%, Balloon Due January 30, 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.24% | 4.24% |
Periodic payments of interest and principal, expiry date | Jan. 30, 2035 | Jan. 30, 2035 |
Fixed Rate of 2.44%, Balloon Due February 10, 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 2.44% | 2.44% |
Periodic payments of interest and principal, expiry date | Feb. 10, 2036 | Feb. 10, 2036 |
Fixed Rate of 4.69%, Balloon Due June 13, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.69% | 4.69% |
Periodic payments of interest and principal, expiry date | Jun. 13, 2038 | Jun. 13, 2038 |
Fixed Rate of 5.45%, balloon due March 13, 2039 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 5.45% | 5.45% |
Periodic payments of interest and principal, expiry date | Mar. 13, 2039 | Mar. 13, 2039 |
Fixed Rate of 4.49%, Balloon Due January 30, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 4.49% | 4.49% |
Periodic payments of interest and principal, expiry date | Jan. 30, 2040 | Jan. 30, 2040 |
Prime or SOFR Plus up to 1.40%, Expires June 7, 2024 [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 1.40% | 1.40% |
Periodic payments of interest and principal, expiry date | Jun. 07, 2024 | Jun. 07, 2024 |
Facility B [Member] | Interbank Rates Plus 1.500% Expires September 15, 2024 [Member] | Premium Financing Debt Facility [Member] | AUD Denominated Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 1.50% | 1.50% |
Facility B [Member] | Interbank Rates Plus 1.850% Expires September 15, 2024 [Member] | Premium Financing Debt Facility [Member] | NZD Denominated Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 0.99% | 0.99% |
Facility C and D [Member] | Interbank Rates Plus 0.830% Expires September 15, 2024 [Member] | Premium Financing Debt Facility [Member] | AUD Denominated Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 0.83% | 0.83% |
Facility C and D [Member] | Interbank Rates Plus 0.990% Expires September 15, 2024 [Member] | Premium Financing Debt Facility [Member] | NZD Denominated Tranche [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payment of interest | 1.85% | 1.85% |
Credit and Other Debt Agreeme_5
Credit and Other Debt Agreements - Additional Information (Detail) - USD ($) $ in Millions | Mar. 02, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fixed Rate of 5.75%, Balloon Due March 2, 2053 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic payment of interest | 5.75% | 5.75% | |
Unsecured Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued and sold | $ 950 | ||
Weighted average interest rate | 5.05% | ||
Realized a cash gain (loss) on hedging transaction | $ 112.7 | ||
Derivative instrument, term | 10 years | ||
Unsecured Senior Notes [Member] | Fixed Rate of 5.50%, Balloon Due May 2, 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued and sold | $ 350 | ||
Periodic payment of interest | 5.50% | ||
Periodic payments of interest and principal, expiry year | 2033 | ||
Unsecured Senior Notes [Member] | Fixed Rate of 5.75%, Balloon Due March 2, 2053 [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued and sold | $ 600 | ||
Periodic payment of interest | 5.75% | ||
Periodic payments of interest and principal, expiry year | 2053 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net earnings attributable to controlling interests | $ 486.5 | $ 438.7 |
Weighted average number of common shares outstanding | 212.8 | 209 |
Dilutive effect of stock options using the treasury stock method | 4.2 | 4.5 |
Weighted average number of common and common equivalent shares outstanding | 217 | 213.5 |
Basic net earnings per share | $ 2.29 | $ 2.10 |
Diluted net earnings per share | $ 2.24 | $ 2.05 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive stock-based awards shares outstanding | 0.3 | 1 |
Stock Option Plans - Additional
Stock Option Plans - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
Mar. 15, 2023 | May 10, 2022 | Mar. 15, 2022 | Feb. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Stock Option Plans [Line Items] | ||||||
Compensation expense related to stock option grants | $ 7.7 | $ 5.7 | ||||
Total intrinsic value of options exercised | 77.5 | $ 77.4 | ||||
Total unrecognized compensation cost related to nonvested options | $ 138.2 | |||||
Weighted average period, years | 4 years | |||||
Black-Scholes Option Pricing Model [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Weighted average fair value per option for all options | $ 46.25 | $ 33.18 | ||||
Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Stock option granted, Share pool | 13,500,000 | |||||
Shares against the pool | 3.8 | |||||
Maximum number of shares available | 3,500,000 | 2,900,000 | ||||
Number Of Periods Options Expire | 7 years | |||||
Shares available for grant | 11,900,000 | |||||
Long Term Incentive Plan [Member] | Officer and Key Employees [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Shares available for grant | 1,131,000 | |||||
Long Term Incentive Plan [Member] | Maximum [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Minimum exercise price of stock options, percent of fair market value of a share of common stock on the date of grant | 100% | |||||
2017 Long Term Incentive Plan [Member] | Officer and Key Employees [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Shares available for grant | 1,141,000 | 1,197,000 | ||||
Stock options granted, exercise percentage, on the third anniversary date of the grant | 34% | 34% | 34% | |||
Stock options granted, exercise percentage, on the fourth anniversary date of the grant | 33% | 33% | 33% | |||
Stock options granted, exercise percentage, on the fifth anniversary date of the grant | 33% | 33% | 33% | |||
2017 Long Term Incentive Plan [Member] | Maximum [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Maximum period for the exercise of stock options, years | 7 years | 7 years | ||||
2017 Long Term Incentive Plan [Member] | Minimum [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Period of service from grant date stock options awarded not subject to forfeiture | 2 years | 2 years | ||||
2017 Long Term Incentive Plan [Member] | Minimum [Member] | Executive Officer [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Minimum age of employee with not subject to award forfeiture on condition compliance | 55 years | 55 years |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option Pricing Model with Weighted Average (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Expected dividend yield | 1.20% | 1.30% |
Expected risk-free interest rate | 3.60% | 1.90% |
Volatility | 25% | 23.10% |
Expected life (in years) | 5 years 6 months | 5 years 4 months 24 days |
Stock Option Plans - Stock Opti
Stock Option Plans - Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares Under Option, Beginning balance | shares | 8.3 |
Shares Under Option, Granted | shares | 1.1 |
Shares Under Option, Exercised | shares | (0.6) |
Shares Under Option, Ending balance | shares | 8.8 |
Shares Under Option, Exercisable at end of period | shares | 2.4 |
Shares Under Option, Ending unvested and expected to vest | shares | 5.7 |
Weighted Average Exercise Price, Beginning balance | $ / shares | $ 107.47 |
Weighted Average Exercise Price, Granted | $ / shares | 177.09 |
Weighted Average Exercise Price, Exercised | $ / shares | 55.30 |
Weighted Average Exercise Price, Ending balance | $ / shares | 119.91 |
Weighted Average Exercise Price, Exercisable at end of year | $ / shares | 71.70 |
Weighted Average Exercise Price, Ending unvested and expected to vest | $ / shares | $ 136.94 |
Weighted Average Remaining Contractual Term (in years), Ending balance | 4 years 6 months 10 days |
Weighted Average Remaining Contractual Term (in years), Exercisable at end of year | 2 years 3 months 7 days |
Weighted Average Remaining Contractual Term (in years), Ending unvested and expected to vest | 5 years 4 months 2 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 625.4 |
Aggregate Intrinsic Value, Exercisable at end of year | $ | 291.2 |
Aggregate Intrinsic Value, Ending unvested and expected to vest | $ | $ 309.2 |
Stock Option Plans - Stock Op_2
Stock Option Plans - Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | $ 55.94 | |
Range of Exercise Prices, maximum | $ 177.09 | |
Option Outstanding, Number Outstanding | 8.8 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 6 months 10 days | |
Option Outstanding, Weighted Average Exercise Price | $ 119.91 | $ 107.47 |
Options Exercisable, Number Exercisable | 2.4 | |
Option Exercisable, Weighted Average Exercise Price | $ 71.70 | |
Exercise Prices Range $ 55.94 - $ 56.86 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 55.94 | |
Range of Exercise Prices, maximum | $ 56.86 | |
Option Outstanding, Number Outstanding | 0.7 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 11 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 56.85 | |
Options Exercisable, Number Exercisable | 0.7 | |
Option Exercisable, Weighted Average Exercise Price | $ 56.85 | |
Exercise Prices Range $ 70.74 - $ 70.74 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 70.74 | |
Range of Exercise Prices, maximum | $ 70.74 | |
Option Outstanding, Number Outstanding | 0.7 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 1 year 11 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 70.74 | |
Options Exercisable, Number Exercisable | 0.7 | |
Option Exercisable, Weighted Average Exercise Price | $ 70.74 | |
Exercise Prices Range $ 79.59 - $ 79.59 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 79.59 | |
Range of Exercise Prices, maximum | $ 79.59 | |
Option Outstanding, Number Outstanding | 1 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 11 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 79.59 | |
Options Exercisable, Number Exercisable | 0.6 | |
Option Exercisable, Weighted Average Exercise Price | $ 79.59 | |
Exercise Prices Range $ 86.17 - $ 86.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 86.17 | |
Range of Exercise Prices, maximum | $ 86.17 | |
Option Outstanding, Number Outstanding | 1.4 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 3 years 11 months 12 days | |
Option Outstanding, Weighted Average Exercise Price | $ 86.17 | |
Options Exercisable, Number Exercisable | 0.4 | |
Option Exercisable, Weighted Average Exercise Price | $ 86.17 | |
Exercise Prices Range $ 127.90 - $ 127.90 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 127.90 | |
Range of Exercise Prices, maximum | $ 127.90 | |
Option Outstanding, Number Outstanding | 1.5 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 11 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 127.90 | |
Option Exercisable, Weighted Average Exercise Price | 127.90 | |
Exercise Prices Range $ 156.85 - $ 156.85 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 156.85 | |
Range of Exercise Prices, maximum | $ 156.85 | |
Option Outstanding, Number Outstanding | 1.2 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 10 months 2 days | |
Option Outstanding, Weighted Average Exercise Price | $ 156.85 | |
Exercise Prices Range $ 158.56 - $ 177.09 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 158.56 | |
Range of Exercise Prices, maximum | $ 177.09 | |
Option Outstanding, Number Outstanding | 2.3 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 5 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 167.81 |
Deferred Compensation - Additio
Deferred Compensation - Additional Information (Detail) - USD ($) shares in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investments And Employee Deferred Compensation Plan [Line Items] | |||
Deferred Equity Participation Plan, distributions to key executives, age | age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) or upon or after their actual retirement if later. | ||
Deferred Equity Participation Sub-plans, distributions requisite service description | we annually make awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65. | ||
Deferred Equity Participation Sub-plans, distributions to key executives, age | age 65 | ||
Deferred Equity Participation Plan (DEPP) [Member] | |||
Investments And Employee Deferred Compensation Plan [Line Items] | |||
Awards approved by committee, value | $ 25,100,000 | $ 26,300,000 | |
Charge to compensation expenses related to awards | 4,000,000 | 3,500,000 | |
Unearned deferred compensation, value | $ 108,200,000 | $ 77,700,000 | |
Unearned deferred compensation, shares | 2.5 | 2.5 | |
Total intrinsic value of unvested equity based awards | $ 477,500,000 | $ 478,700,000 | |
Cash and equity awards with aggregate fair value vested and distributed to participants | 6,100,000 | 0 | |
Deferred Equity Participation Plan Sub Plans [Member] | |||
Investments And Employee Deferred Compensation Plan [Line Items] | |||
Awards approved by committee, value | 3,000,000 | 1,900,000 | |
Charge to compensation expenses related to awards | 600,000 | 500,000 | |
Distributions from the sub-plans | 2,400,000 | 0 | |
Deferred Cash Participation Plan (DCPP) [Member] | |||
Investments And Employee Deferred Compensation Plan [Line Items] | |||
Awards approved by committee, value | 9,800,000 | 8,300,000 | |
Charge to compensation expenses related to awards | 3,800,000 | 2,700,000 | |
Cash and equity awards with aggregate fair value vested and distributed to participants | $ 200,000 | $ 0 |
Restricted Stock, Performance_2
Restricted Stock, Performance Share and Cash Awards - Additional Information (Detail) $ in Millions | 3 Months Ended | ||||||||
Mar. 15, 2023 USD ($) shares | May 10, 2022 shares | Mar. 15, 2022 USD ($) shares | Mar. 31, 2023 USD ($) TIME shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2022 shares | Mar. 31, 2021 shares | Mar. 16, 2021 USD ($) shares | Mar. 12, 2020 USD ($) shares | |
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Share-based compensation, shares outstanding | shares | 8,800,000 | 8,300,000 | |||||||
Officer and Key Employees [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Performance awards period, years | 1 year | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Period of service from grant date stock options awarded not subject to forfeiture | 2 years | 2 years | |||||||
Restricted stock or unit expense | $ 9.7 | $ 7.6 | |||||||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Minimum [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Minimum age of employee with not subject to award forfeiture on condition compliance | 55 years | 55 years | |||||||
Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Shares granted in the period | shares | 378,000 | 295,000 | |||||||
Fair value of grants in period | $ 67 | $ 46.8 | |||||||
Share based payment award vesting date | Mar. 15, 2028 | Mar. 15, 2027 | |||||||
Restricted Stock Units (RSUs) [Member] | Tranche Two [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Shares granted in the period | shares | 335,000 | ||||||||
Fair value of grants in period | $ 52.6 | ||||||||
Share based payment award vesting date | Feb. 01, 2027 | ||||||||
Unvested Restricted Stock [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Total intrinsic value | $ 387.5 | $ 384.6 | |||||||
Equity awards with an aggregate fair value | 60.8 | 60.8 | |||||||
Performance Shares [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Restricted stock or unit expense | 4.7 | 3.8 | |||||||
Total intrinsic value | 66.3 | 66.2 | |||||||
Equity awards with an aggregate fair value | $ 28.9 | $ 21.8 | |||||||
Performance share awards approved, Fair value | $ 10.3 | $ 8.6 | |||||||
Vesting period, years | 2 years | ||||||||
2017 Performance Share Awards [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Provisional awards, terms | The 2023 and 2022 awards are subject to a three-year performance period that began on January 1, 2023 and 2022, respectively, and vest on the three-year anniversary of the date of grant (March 15, 2026 and March 15, 2025). | ||||||||
Cash Awards [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Shares granted in the period | shares | 0 | ||||||||
Cash Awards [Member] | Officer and Key Employees [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Provisional awards, terms | The ultimate award value will be equal to the trailing twelve-month price of our common stock, multiplied by the number of units subject to the award, but limited to between 0.5 and 1.5 times the original value of the units determined as of the grant date. | ||||||||
Vesting period, years | 3 years | ||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 19.9 | $ 18.8 | |||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 125,000 | 143,000 | 208,000 | 147,000 | |||||
Ultimate award value, multiples of original value of the units, minimum | TIME | 0.5 | ||||||||
Ultimate award value, multiples of original value of the units, maximum | TIME | 1.5 | ||||||||
2023 Provisional Cash Awards [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Cash-based compensation awards, expenses | $ 2.6 | ||||||||
2021 Provisional Cash Awards [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Cash-based compensation awards, expenses | $ 3.3 | $ 2.6 | |||||||
Performance awards expiration date | Jan. 01, 2024 | ||||||||
2020 Provisional Cash Awards [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 191,000 | ||||||||
Cash-based compensation awards, expenses | $ 0.1 | $ 3.1 | |||||||
Cash award with aggregate fair value vested and distributed to participants | $ 24.7 | ||||||||
Performance awards expiration date | Jan. 01, 2023 | ||||||||
2019 Provisional Cash Awards [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 177,000 | ||||||||
Cash award with aggregate fair value vested and distributed to participants | $ 21.1 | ||||||||
2019 Provisional Cash Awards [Member] | Officer and Key Employees [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 18.4 | ||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 213,000 | ||||||||
Long Term Incentive Plan [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Share-based compensation, shares outstanding, Value | $ 4 | ||||||||
Shares granted in the period | shares | 3,500,000 | 2,900,000 | |||||||
Long Term Incentive Plan [Member] | Performance Shares [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Shares authorized | shares | 58,000 | ||||||||
2017 Long Term Incentive Plan [Member] | Minimum [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Period of service from grant date stock options awarded not subject to forfeiture | 2 years | 2 years | |||||||
2017 Long Term Incentive Plan [Member] | Executive Officer [Member] | Minimum [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Minimum age of employee with not subject to award forfeiture on condition compliance | 55 years | 55 years | |||||||
2017 Long Term Incentive Plan [Member] | Performance Shares [Member] | |||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||
Shares authorized | shares | 54,000 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 1,002,000,000 | $ 1,063,000,000 | |
Derivative Assets | 61,300,000 | 128,400,000 | |
Derivative Liabilities | 33,400,000 | 45,500,000 | |
Interest Rate Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 900,000,000 | 950,000,000 | |
Interest Rate Contracts [Member] | Other current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 56,500,000 | ||
Interest Rate Contracts [Member] | Other noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 45,300,000 | 56,600,000 | |
Interest Rate Contracts [Member] | Other noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 3,600,000 | ||
Foreign Exchange Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | [1] | 102,000,000 | 113,000,000 |
Foreign Exchange Contracts [Member] | Other current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | [1] | 1,300,000 | 800,000 |
Foreign Exchange Contracts [Member] | Other noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 14,700,000 | 14,500,000 | |
Foreign Exchange Contracts [Member] | Accrued compensation and other current liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [1] | 12,700,000 | 18,500,000 |
Foreign Exchange Contracts [Member] | Other noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | $ 17,100,000 | $ 27,000,000 | |
[1] Included within foreign exchange contracts at March 31, 2023 were $ 833.1 million of call options, offset with $ 833.1 million of put options, and $ 10.4 million of buy forwards, offset with $ 112.4 million of sell forwards. Included within foreign exchange contracts at December 31, 2022 were $ 948.8 million of call options, offset with $ 948.8 million of put options, and $ 12.4 million of buy forwards, offset with $ 125.4 million of sell forwards. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Parenthetical) (Detail) - Foreign Exchange Contracts [Member] - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | $ 833.1 | $ 948.8 |
Put Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 833.1 | 948.8 |
Forward Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 112.4 | 125.4 |
Forward Contracts [Member] | Put Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | $ 10.4 | $ 12.4 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activity - Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | [1] | $ 5.8 | $ 60.5 |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings | (0.5) | (0.9) | |
Amount of Gain Recognized in Earnings Related to Amount Excluded from Effectiveness Testing | 1 | 0.5 | |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings | $ (0.3) | $ (0.3) | |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings | $ 0.6 | $ (0.3) | |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Contract with Customer, Excluding Assessed Tax | Revenue from Contract with Customer, Excluding Assessed Tax | |
Interest expense [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | [1] | $ (10.1) | $ 67 |
Commission revenue [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | [1] | 15.9 | (6.5) |
Compensation expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings | (0.5) | (0.2) | |
Amount of Gain Recognized in Earnings Related to Amount Excluded from Effectiveness Testing | 0.6 | 0.3 | |
Operating expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings | (0.3) | (0.1) | |
Amount of Gain Recognized in Earnings Related to Amount Excluded from Effectiveness Testing | $ 0.4 | $ 0.2 | |
[1] For the three-month period ended March 31, 2023 , the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a gain of $ 0.5 million. For the three-month period ended March 31, 2022 , the amount excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive loss was a loss of $ 0.7 million. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activity - Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | $ 33.2 | $ 15 |
Foreign Exchange [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | $ 0.5 | $ (0.7) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activity - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Scenario, Forecast [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated pretax loss to be reclassified from accumulated other comprehensive loss into earnings | $ 12 |
Commitments, Contingencies an_3
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contractual Obligations (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Senior Notes [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, Thereafter | $ 2,550 |
Contractual Obligations, Payments Due by Period, Total | 2,550 |
Note Purchase Agreements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2023 | 200 |
Contractual Obligations, Payments Due by Period, 2024 | 475 |
Contractual Obligations, Payments Due by Period, 2025 | 200 |
Contractual Obligations, Payments Due by Period, 2026 | 640 |
Contractual Obligations, Payments Due by Period, 2027 | 478 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,205 |
Contractual Obligations, Payments Due by Period, Total | 4,198 |
Credit Agreement [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, Total | 0 |
Premium Financing Debt Facility [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2023 | 159.8 |
Contractual Obligations, Payments Due by Period, Total | 159.8 |
Interest On Debt [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2023 | 198.3 |
Contractual Obligations, Payments Due by Period, 2024 | 265.2 |
Contractual Obligations, Payments Due by Period, 2025 | 251.4 |
Contractual Obligations, Payments Due by Period, 2026 | 232.6 |
Contractual Obligations, Payments Due by Period, 2027 | 214.1 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,393.8 |
Contractual Obligations, Payments Due by Period, Total | 3,555.4 |
Total Debt Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2023 | 558.1 |
Contractual Obligations, Payments Due by Period, 2024 | 740.2 |
Contractual Obligations, Payments Due by Period, 2025 | 451.4 |
Contractual Obligations, Payments Due by Period, 2026 | 872.6 |
Contractual Obligations, Payments Due by Period, 2027 | 692.1 |
Contractual Obligations, Payments Due by Period, Thereafter | 7,148.8 |
Contractual Obligations, Payments Due by Period, Total | 10,463.2 |
Operating Lease Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2023 | 74.4 |
Contractual Obligations, Payments Due by Period, 2024 | 91.3 |
Contractual Obligations, Payments Due by Period, 2025 | 74 |
Contractual Obligations, Payments Due by Period, 2026 | 58.9 |
Contractual Obligations, Payments Due by Period, 2027 | 45.6 |
Contractual Obligations, Payments Due by Period, Thereafter | 93.1 |
Contractual Obligations, Payments Due by Period, Total | 437.3 |
Less Sublease Arrangements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Receivable by Period, 2023 | (0.7) |
Contractual Obligations, Payments Receivable by Period, 2024 | (0.6) |
Contractual Obligations, Payments Receivable by Period, 2025 | (0.3) |
Contractual Obligations, Payments Receivable by Period, 2026 | (0.3) |
Contractual Obligations, Payments Receivable by Period, 2027 | (0.2) |
Contractual Obligations, Payments Receivable by Period, Thereafter | (0.1) |
Contractual Obligations, Payments Receivable by Period, Total | (2.2) |
Outstanding Purchase Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2023 | 99.7 |
Contractual Obligations, Payments Due by Period, 2024 | 95.3 |
Contractual Obligations, Payments Due by Period, 2025 | 47.9 |
Contractual Obligations, Payments Due by Period, 2026 | 19 |
Contractual Obligations, Payments Due by Period, 2027 | 15.7 |
Contractual Obligations, Payments Due by Period, Thereafter | 49.5 |
Contractual Obligations, Payments Due by Period, Total | 327.1 |
Total Contractual Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2023 | 731.5 |
Contractual Obligations, Payments Due by Period, 2024 | 926.2 |
Contractual Obligations, Payments Due by Period, 2025 | 573 |
Contractual Obligations, Payments Due by Period, 2026 | 950.2 |
Contractual Obligations, Payments Due by Period, 2027 | 753.2 |
Contractual Obligations, Payments Due by Period, Thereafter | 7,291.3 |
Contractual Obligations, Payments Due by Period, Total | $ 11,225.4 |
Commitments, Contingencies an_4
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) | 3 Months Ended | 255 Months Ended | |
Mar. 31, 2023 USD ($) ft² LetterOfCredit Entity | Mar. 31, 2022 Entity | Mar. 31, 2023 USD ($) ft² Entity LetterOfCredit | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Number of square feet | ft² | 360,000 | 360,000 | |
Number of companies acquired | Entity | 22 | 31 | 660 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 1,748,300,000 | ||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 901,800,000 | ||
Aggregate amount of earnout obligation expected settlement in cash or stock at option | 524,000,000 | $ 524,000,000 | |
Aggregate amount of earnout obligation expected settlement in cash | 377,800,000 | $ 377,800,000 | |
Income tax credits and adjustments | $ 108,000,000 | ||
Security Deposit [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Number of letters of credit issued | LetterOfCredit | 2 | 2 | |
Collateral [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Number of letters of credit issued | LetterOfCredit | 1 | 1 | |
Self-Insurance Deductibles [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Number of letters of credit issued | LetterOfCredit | 2 | 2 | |
Rent-A-Captive Facility [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Number of letters of credit issued | LetterOfCredit | 9 | 9 | |
Errors And Omissions [Member] | Up to $4.5 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claims, amount retained | $ 2,000,000 | ||
Errors And Omissions [Member] | Up to $10 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claims, amount retained | 15,000,000 | ||
Insurance claim arise during ordinary course of business | 15,000,000 | $ 15,000,000 | |
Errors And Omissions [Member] | Up to $20.0 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claims, amount retained | 10,000,000 | ||
Errors And Omissions [Member] | Up to $27.0 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claims, amount retained | 20,000,000 | ||
Letter of Credit [Member] | Security Deposit [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Debt | 500,000 | 500,000 | |
Letter of Credit [Member] | Collateral [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Debt | 800,000 | 800,000 | |
Letter of Credit [Member] | Self-Insurance Deductibles [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Debt | 9,200,000 | 9,200,000 | |
Liabilities recorded on self-insurance | 17,300,000 | 17,300,000 | |
Letter of Credit [Member] | Rent-A-Captive Facility [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Debt | 2,800,000 | 2,800,000 | |
Minimum [Member] | Errors And Omissions [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Actuarial range value | 5,100,000 | 5,100,000 | |
Minimum [Member] | Errors And Omissions [Member] | Up to $4.5 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claim arise during ordinary course of business | 15,000,000 | 15,000,000 | |
Minimum [Member] | Errors And Omissions [Member] | Up to $20.0 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claim arise during ordinary course of business | 100,000,000 | 100,000,000 | |
Minimum [Member] | Errors And Omissions [Member] | Up to $27.0 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claim arise during ordinary course of business | 225,000,000 | 225,000,000 | |
Maximum [Member] | Errors And Omissions [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Actuarial range value | 6,600,000 | 6,600,000 | |
Maximum [Member] | Errors And Omissions [Member] | Up to $4.5 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claim arise during ordinary course of business | 100,000,000 | 100,000,000 | |
Maximum [Member] | Errors And Omissions [Member] | Up to $20.0 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claim arise during ordinary course of business | 225,000,000 | 225,000,000 | |
Maximum [Member] | Errors And Omissions [Member] | Up to $27.0 Million [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Insurance claim arise during ordinary course of business | $ 400,000,000 | $ 400,000,000 | |
Unconsolidated Investments in Enterprises [Member] | Minimum [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Ownership interest | 1% | 1% | |
Unconsolidated Investments in Enterprises [Member] | Maximum [Member] | |||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||
Ownership interest | 50% | 50% |
Commitments, Contingencies an_5
Commitments, Contingencies and Off-Balance Sheet Arrangements - Off-Balance Sheet Commitments (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2023 | $ 1.1 |
Amount of Commitment Expiration by Period - 2024 | 2.1 |
Amount of Commitment Expiration by Period - 2025 | 0.2 |
Amount of Commitment Expiration by Period - 2026 | 0.1 |
Amount of Commitment Expiration by Period - 2027 | 0.1 |
Amount of Commitment Expiration by Period - Thereafter | 13.3 |
Total Amounts Committed | 16.9 |
Financial Guarantees [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2023 | 1.1 |
Amount of Commitment Expiration by Period - 2024 | 2.1 |
Amount of Commitment Expiration by Period - 2025 | 0.2 |
Amount of Commitment Expiration by Period - 2026 | 0.1 |
Amount of Commitment Expiration by Period - 2027 | 0.1 |
Total Amounts Committed | 3.6 |
Letters of Credit [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - Thereafter | 13.3 |
Total Amounts Committed | $ 13.3 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information - Cash Flow (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | ||
Interest paid | $ 60.1 | $ 54.6 |
Income taxes paid, net | $ 53.5 | $ 43 |
Supplemental Disclosures of C_4
Supplemental Disclosures of Cash Flow Information - Cash Equivalents, Restricted Cash and Fiduciary Cash (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents - non-restricted cash | $ 1,345.7 | $ 738.4 | $ 734.4 |
Cash and cash equivalents - restricted cash | 204.2 | 124.8 | |
Total cash and cash equivalents | 1,549.9 | $ 738.4 | 859.2 |
Fiduciary cash | 4,541.1 | 3,779.5 | |
Total cash, cash equivalents, restricted cash and fiduciary cash | $ 6,091 | $ 4,638.7 |
Supplemental Disclosures of C_5
Supplemental Disclosures of Cash Flow Information - Additional Information (Detail) - Qualified Contributory Savings and Thrift 401(k) Plan [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching contributions by employer, percentage | 100% | |||
Percentage of eligible compensation for matching contributions by employer | 5% | 5% | ||
Matching contributions vesting schedule | 5 years | |||
Contribution expense to plan | $ 21 | $ 20.1 | ||
Employer match on eligible compensation | 5% | 5% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss Attributable to Controlling Interests (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance as of December 31, 2022 | $ (1,140.4) |
Balance as of March 31, 2023 | (1,101.4) |
Pension Liability [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance as of December 31, 2022 | (49.4) |
Net change in period | 0.8 |
Balance as of March 31, 2023 | (48.6) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance as of December 31, 2022 | (1,125.2) |
Net change in period | 33.3 |
Balance as of March 31, 2023 | (1,091.9) |
Fair Value of Derivative Investments [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance as of December 31, 2022 | 34.2 |
Net change in period | 4.9 |
Balance as of March 31, 2023 | 39.1 |
Accumulated Other Comprehensive Loss [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balance as of December 31, 2022 | (1,140.4) |
Net change in period | 39 |
Balance as of March 31, 2023 | $ (1,101.4) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Expense related to pension liability reclassified from accumulated other comprehensive earnings | $ 1,300,000 | $ 600,000 |
Income (expense) related to fair value of derivative investments reclassified from accumulated other comprehensive earnings | (500,000) | (900,000) |
Foreign currency translation reclassified from accumulated other comprehensive earnings | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 2,706.1 | $ 2,435.3 | |
Earnings before income taxes | 605.8 | 537.7 | |
Identifiable assets at March 31, 2023 and 2022 | 45,094.4 | 42,897.5 | $ 38,358.4 |
Operating Segments [Member] | Brokerage [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 2,375.2 | 2,122.6 | |
Earnings before income taxes | 690.9 | 618.4 | |
Identifiable assets at March 31, 2023 and 2022 | 40,919.9 | 39,237.3 | |
Operating Segments [Member] | Risk Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 330.8 | 289.9 | |
Earnings before income taxes | 45.5 | 32.3 | |
Identifiable assets at March 31, 2023 and 2022 | 1,126.7 | 1,047.2 | |
Operating Segments [Member] | Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0.1 | 22.8 | |
Earnings before income taxes | (130.6) | (113) | |
Identifiable assets at March 31, 2023 and 2022 | $ 3,047.8 | $ 2,613 |
Segment Information - Summary o
Segment Information - Summary of Revenues by Type and Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | $ 2,672.9 | $ 2,404.5 |
Reimbursements | 33.2 | 30.8 |
Total revenues | 2,706.1 | 2,435.3 |
Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 2,375.2 | 2,122.6 |
Total revenues | 2,375.2 | 2,122.6 |
Risk Management [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 297.6 | 259.1 |
Reimbursements | 33.2 | 30.8 |
Total revenues | 330.8 | 289.9 |
Corporate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 0.1 | 22.8 |
Total revenues | 0.1 | 22.8 |
Commissions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 1,747.4 | 1,565.3 |
Commissions [Member] | Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 1,747.4 | 1,565.3 |
Broker Fees [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 705.7 | 650.9 |
Broker Fees [Member] | Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 412.7 | 391.9 |
Broker Fees [Member] | Risk Management [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 293 | 259 |
Supplemental Revenue Member [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 81.6 | 74.3 |
Supplemental Revenue Member [Member] | Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 81.6 | 74.3 |
Contingent Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 71.8 | 71.6 |
Contingent Revenue [Member] | Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 71.8 | 71.6 |
Investment Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 66 | 18.2 |
Investment Income [Member] | Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 61.5 | 18.1 |
Investment Income [Member] | Risk Management [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 4.5 | 0.1 |
Net gains on divestitures [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 0.3 | 1.4 |
Net gains on divestitures [Member] | Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 0.2 | 1.4 |
Net gains on divestitures [Member] | Risk Management [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 0.1 | |
Clean Coal Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 22.7 | |
Clean Coal Activities [Member] | Corporate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 22.7 | |
Other Net Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | 0.1 | 0.1 |
Other Net Revenue [Member] | Corporate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues before reimbursements | $ 0.1 | $ 0.1 |
Segment Information - Summary_2
Segment Information - Summary of Geographical Location and Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 2,706.1 | $ 2,435.3 |
Unites States [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,755.5 | 1,601.8 |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 524.8 | 451.2 |
Australia [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 98.2 | 90.7 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 95.2 | 88.9 |
New Zealand [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 41.9 | 37.9 |
Other Foreign [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 190.5 | 164.8 |
Brokerage [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 2,375.2 | 2,122.6 |
Brokerage [Member] | Unites States [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,475.3 | 1,336.7 |
Brokerage [Member] | United Kingdom [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 513.5 | 440.2 |
Brokerage [Member] | Australia [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 64.2 | 59 |
Brokerage [Member] | Canada [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 93.7 | 87.5 |
Brokerage [Member] | New Zealand [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 38 | 34.4 |
Brokerage [Member] | Other Foreign [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 190.5 | 164.8 |
Risk Management [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 330.8 | 289.9 |
Risk Management [Member] | Unites States [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 280.1 | 242.3 |
Risk Management [Member] | United Kingdom [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 11.3 | 11 |
Risk Management [Member] | Australia [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 34 | 31.7 |
Risk Management [Member] | Canada [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1.5 | 1.4 |
Risk Management [Member] | New Zealand [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 3.9 | 3.5 |
Corporate [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0.1 | 22.8 |
Corporate [Member] | Unites States [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 0.1 | $ 22.8 |