Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | AJG |
Entity Registrant Name | GALLAGHER ARTHUR J & CO |
Entity Central Index Key | 354,190 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 174,545,000 |
Consolidated Statement of Earni
Consolidated Statement of Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Commissions | $ 634.3 | $ 539.5 | $ 1,154 | $ 951 |
Fees | 367.3 | 317.4 | 690.5 | 574.6 |
Supplemental commissions | 34.8 | 27.9 | 61.7 | 53.3 |
Contingent commissions | 22.8 | 21.8 | 67.3 | 54 |
Investment income | 12.3 | 3.4 | 25.4 | 4.7 |
Gains on books of business sales | 3.5 | 0.7 | 4.4 | 1.7 |
Revenues from clean coal activities | 297 | 262.8 | 600.9 | 429.2 |
Other net (losses) revenues | (0.6) | 5.8 | (1.5) | 25.8 |
Total revenues | 1,371.4 | 1,179.3 | 2,602.7 | 2,094.3 |
Compensation | 615.1 | 530 | 1,190.3 | 996.3 |
Operating | 207.1 | 179.2 | 410.6 | 328 |
Cost of revenues from clean coal activities | 306.8 | 270.5 | 616.1 | 441.5 |
Interest | 26 | 21.2 | 51.6 | 37.4 |
Depreciation | 22.8 | 16.6 | 44.3 | 31.4 |
Amortization | 59.5 | 42.9 | 114.2 | 81 |
Change in estimated acquisition earnout payables | 5.6 | 7 | 16.2 | 12.1 |
Total expenses | 1,242.9 | 1,067.4 | 2,443.3 | 1,927.7 |
Earnings before income taxes | 128.5 | 111.9 | 159.4 | 166.6 |
Benefit for income taxes | (19.1) | (1.8) | (20.6) | (4.9) |
Net earnings | 147.6 | 113.7 | 180 | 171.5 |
Net earnings attributable to noncontrolling interests | 8.3 | 4.7 | 18.8 | 13.2 |
Net earnings attributable to controlling interests | $ 139.3 | $ 109 | $ 161.2 | $ 158.3 |
Basic net earnings per share | $ 0.82 | $ 0.71 | $ 0.96 | $ 1.10 |
Diluted net earnings per share | 0.81 | 0.70 | 0.95 | 1.09 |
Dividends declared per common share | $ 0.37 | $ 0.36 | $ 0.74 | $ 0.72 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 147.6 | $ 113.7 | $ 180 | $ 171.5 |
Change in pension liability, net of taxes | 0.7 | 0.7 | 0.9 | |
Foreign currency translation | 49.6 | 45.7 | (85.2) | 54.5 |
Change in fair value of derivative investments, net of taxes | 6.4 | 0.9 | 6.4 | 1.4 |
Comprehensive earnings | 203.6 | 161 | 101.9 | 228.3 |
Comprehensive earnings (loss) attributable to noncontrolling interests | (1.4) | (1.5) | (5.4) | (1.3) |
Comprehensive earnings attributable to controlling interests | $ 205 | $ 162.5 | $ 107.3 | $ 229.6 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 321.7 | $ 314.4 |
Restricted cash | 1,443.8 | 1,367.6 |
Premiums and fees receivable | 1,764.5 | 1,462.5 |
Other current assets | 731.4 | 666.7 |
Total current assets | 4,261.4 | 3,811.2 |
Fixed assets - net | 198.2 | 195.4 |
Deferred income taxes | 438 | 392.6 |
Other noncurrent assets | 487.6 | 385.2 |
Goodwill - net | 3,569.4 | 3,449.6 |
Amortizable intangible assets - net | 1,761.5 | 1,776 |
Total assets | 10,716.1 | 10,010 |
Premiums payable to insurance and reinsurance companies | 2,901.1 | 2,623.3 |
Accrued compensation and other accrued liabilities | 633.1 | 623.7 |
Unearned fees | 63.8 | 66.1 |
Other current liabilities | 60.8 | 61.7 |
Premium financing debt | 91.6 | 127.9 |
Corporate related borrowings - current | 155 | 140 |
Total current liabilities | 3,905.4 | 3,642.7 |
Corporate related borrowings - noncurrent | 2,125 | 2,125 |
Other noncurrent liabilities | 974.2 | 937.2 |
Total liabilities | 7,004.6 | 6,704.9 |
Stockholders' equity: | ||
Common stock - issued and outstanding 174.5 shares in 2015 and 164.6 shares in 2014 | 174.5 | 164.6 |
Capital in excess of par value | 3,091.9 | 2,649.4 |
Retained earnings | 710.8 | 676 |
Accumulated other comprehensive loss | (338.7) | (260.6) |
Stockholders' equity attributable to controlling interests | 3,638.5 | 3,229.4 |
Stockholders' equity attributable to noncontrolling interests | 73 | 75.7 |
Total stockholders' equity | 3,711.5 | 3,305.1 |
Total liabilities and stockholders' equity | $ 10,716.1 | $ 10,010 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock - issued shares | 174.5 | 164.6 |
Common stock - outstanding shares | 174.5 | 164.6 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 161.2 | $ 158.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Net gain on investments and other | (3.4) | (24.9) |
Depreciation and amortization | 158.5 | 112.4 |
Change in estimated acquisition earnout payables | 16.2 | 12.1 |
Amortization of deferred compensation and restricted stock | 11.3 | 11.2 |
Stock-based and other noncash compensation expense | 5.1 | 5.1 |
Effect of changes in foreign exchange rates | 0.2 | (0.4) |
Net change in restricted cash | (81.8) | 244.5 |
Net change in premiums receivable | (258.6) | (150) |
Net change in premiums payable | 324.5 | 44.7 |
Net change in other current assets | (36.5) | (57.3) |
Net change in accrued compensation and other accrued liabilities | 10.4 | 53.3 |
Net change in fees receivable/unearned fees | (34.9) | (20.2) |
Net change in income taxes payable | (26.5) | 0.7 |
Net change in deferred income taxes | (54.4) | (46.4) |
Net change in other noncurrent assets and liabilities | (50.5) | (154.1) |
Unrealized foreign currency remeasurement (loss) gain | (59.1) | 33.8 |
Net cash provided by operating activities | 81.7 | 222.8 |
Cash flows from investing activities: | ||
Net additions to fixed assets | (42.7) | (42.1) |
Cash paid for acquisitions, net of cash acquired | (63.5) | (1,402) |
Net proceeds from sales of operations/books of business | 4.4 | 2.7 |
Net funding of investment transactions | (7.3) | (20) |
Net cash used by investing activities | (109.1) | (1,461.4) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 188.2 | 948 |
Tax impact from issuance of common stock | 8.8 | 7.7 |
Payments for noncontrolling interests | (19.9) | (16) |
Dividends paid | (125.3) | (106.1) |
Net borrowings on premium financing debt facility | (29.6) | 139 |
Borrowings on line of credit facility | 263 | 870.4 |
Repayments on line of credit facility | (248) | (1,247.9) |
Net borrowings of corporate related long-term debt | 1,300 | |
Net cash provided by financing activities | 37.2 | 1,895.1 |
Effect of changes in foreign exchange rates on cash and cash equivalents | (2.5) | 18.9 |
Net increase in cash and cash equivalents | 7.3 | 675.4 |
Cash and cash equivalents at beginning of period | 314.4 | 298.1 |
Cash and cash equivalents at end of period | 321.7 | 973.5 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 52.1 | 27.8 |
Income taxes paid | $ 48.4 | $ 33.7 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2014 | $ 3,305.1 | $ 164.6 | $ 2,649.4 | $ 676 | $ (260.6) | $ 75.7 |
Beginning Balance (in shares) at Dec. 31, 2014 | 164.6 | |||||
Net earnings | 180 | 161.2 | 18.8 | |||
Change in pension liability, net of taxes of $1.1 million | 0.7 | 0.7 | ||||
Foreign currency translation | (109.4) | (85.2) | (24.2) | |||
Change in fair value of derivative instruments, net of taxes of $4.2 million | 6.4 | 6.4 | ||||
Compensation expense related to stock option plan grants | 5.1 | 5.1 | ||||
Tax impact from issuance of common stock | 8.8 | 8.8 | ||||
Common stock issued in: | ||||||
Thirty-four purchase transactions | 255.3 | $ 5.3 | 250 | |||
Thirty-four purchase transactions (in shares) | 5.3 | |||||
Stock option plans | $ 33.4 | $ 1.2 | 32.2 | |||
Stock option plans (in shares) | 1.2 | 1.2 | ||||
Employee stock purchase plan | $ 5.6 | $ 0.1 | 5.5 | |||
Employee stock purchase plan (in shares) | 0.1 | |||||
Deferred compensation and restricted stock | (5) | $ 0.2 | (5.2) | |||
Deferred compensation and restricted stock (in shares) | 0.2 | |||||
Other compensation expense | 2.7 | 2.7 | ||||
Stock issuance under dribble-out program | 149.2 | $ 3.1 | 146.1 | |||
Stock issuance under dribble-out program (in shares) | 3.1 | |||||
Cash dividends declared on common stock | (126.4) | (126.4) | ||||
Ending Balance at Jun. 30, 2015 | $ 3,711.5 | $ 174.5 | $ 3,091.9 | $ 710.8 | $ (338.7) | $ 73 |
Ending Balance (in shares) at Jun. 30, 2015 | 174.5 |
Consolidated Statement of Stoc8
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Tax effect on net change in pension liability | $ 0.5 |
Net change in fair value of derivative instruments, tax | $ 4.3 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or the company, provide insurance brokerage and risk management services to a wide variety of commercial, industrial, institutional and governmental organizations through three reportable operating segments. Commission and fee revenue generated by the brokerage segment is primarily related to the negotiation and placement of insurance for our clients. Fee revenue generated by the risk management segment is primarily related to claims management, information management, risk control consulting (loss control) services and appraisals in the property/casualty market. Investment income and other revenue are generated from our premium financing operations and our investment portfolio, which includes invested cash and restricted funds, as well as clean energy and other investments. We are headquartered in Itasca, Illinois, have operations in 31 countries and offer client-service capabilities in more than 140 countries globally through a network of correspondent insurance 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, 2014 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, 2014. In the preparation of our unaudited consolidated financial statements as of June 30, 2015, 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 or disclosure therein. Reclassification six-month Correction of Immaterial Error The effect of the immaterial changes to the presentation of our consolidated statement of earnings for the three-month and six-month Three-month period ended Six-month period ended As Previously As Restated As Previously As Restated Operating expense $ 184.0 $ 179.2 $ 341.2 $ 328.0 Earnings before income taxes $ 107.1 $ 111.9 $ 153.4 $ 166.6 Provision for income taxes (1.9 ) (1.8 ) (4.9 ) (4.9 ) Net earnings $ 109.0 113.7 $ 158.3 171.5 Net earnings attributable to noncontrolling interests 4.7 13.2 Net earnings attributable to controlling interests $ 109.0 $ 158.3 Basic net earnings per share $ 0.71 $ 0.71 $ 1.10 $ 1.10 Diluted net earnings per share $ 0.70 $ 0.70 $ 1.09 $ 1.09 |
Effect of New Accounting Pronou
Effect of New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of New Accounting Pronouncements | 2. Effect of New Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (which we refer to as the FASB) issued new accounting guidance on revenue from contracts with customers, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of the new guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. Reporting entities may choose to adopt the standard as of the original effective date. The FASB decided, based on its outreach to various stakeholders and the forthcoming amendments to the new revenue standard, that a deferral is necessary to provide adequate time to effectively implement the new revenue standard. This new guidance was originally effective for the first quarter of 2017 and early adoption is not permitted. With the one year deferral date, this new guidance is now effective for the first quarter of 2018, but it can be adopted earlier in first quarter of 2017. The guidance permits two methods of transition upon adoption; full retrospective and modified retrospective. Under the full retrospective method, prior periods would be restated under the new revenue standard, providing a comparable view across all periods presented. Under the modified retrospective method, prior periods would not be restated. Rather, revenues and other disclosures for pre-2017/2018 periods would be provided in the notes to the financial statements as previously reported under the current revenue standard. Management is currently reviewing the guidance, and the impact from its adoption on our consolidated financial statements cannot be determined at this time. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations During the six-month period ended June 30, 2015, we acquired substantially all of the net assets 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): Name and Effective Date of Acquisition Common Common Cash Accrued Escrow Recorded Total Maximum (000s) e3 Financial, Inc. (EFI) January 1, 2015 2 $ — $ 9.1 $ — $ 0.1 $ 0.7 $ 9.9 $ 7.0 Aequus Trade Credit LLC January 31, 2015 11 0.3 1.5 — 0.2 1.3 3.3 1.9 Cohen & Lord Insurance Brokers Limited February 1, 2015 77 3.6 2.1 — — — 5.7 — Cohn Financial Group, LLC (CFG) February 1, 2015 407 19.0 — — 0.3 4.2 23.5 14.0 Excel Insurance Services, Inc. February 1, 2015 52 1.5 7.3 — 1.0 — 9.8 — Metcom Excess February 1, 2015 49 1.8 2.3 — 0.5 — 4.6 — NationAir Aviation Insurance (NAI) February 1, 2015 288 12.3 — — 1.3 — 13.6 — Evolution Group of Companies February 6, 2015 101 4.7 0.9 0.5 0.4 2.9 9.4 3.1 Burns-Fazzi, Brock & Associates, LLC (BFB) April 1, 2015 709 33.4 — — 1.0 7.4 41.8 27.0 Madison Risk & Insurance Services, Inc. (MRI) April 1, 2015 232 10.3 3.7 — 1.0 1.4 16.4 4.0 Integrated Healthcare Strategies, LLC (IHS) May 1, 2015 990 41.4 0.5 3.1 6.2 4.5 55.7 20.8 James R. Weir Insurance Agency, Inc. May 1, 2015 56 2.5 — — 0.3 0.8 3.6 1.1 McDowall Associates Human Resources Consultants Ltd. May 1, 2015 34 1.5 0.6 0.6 0.1 0.5 3.3 2.5 Vital Benefits, Inc. May 1, 2015 118 5.6 — — 0.1 — 5.7 — Monument, LLC (ML) June 1, 2015 254 10.8 4.0 — 1.7 2.4 18.9 5.0 Solid Benefit Guidance Limited Liability Company (SBG) June 1, 2015 932 44.0 0.3 2.5 1.0 11.6 59.4 32.5 Eight other acquisitions completed in 2015 106 5.0 13.1 0.4 1.0 3.2 22.7 30.4 4,418 $ 197.7 $ 45.4 $ 7.1 $ 16.2 $ 40.9 $ 307.3 $ 149.3 On June 15, 2015, we signed a definitive agreement to acquire substantially all the assets of William Gallagher Associates Insurance Brokers, Inc. (which we refer to as WGA) headquartered in Boston, Massachusetts for approximately $150.0 million of consideration in a combination of cash and our common stock. WGA has annualized revenues of approximately $50.0 million. The transaction was subject to customary closing conditions and closed on July 31, 2015. WGA has approximately 200 employees and operations in Boston; Atlanta; New York City; Columbia, Maryland; Hartford, Connecticut and Princeton, New Jersey. Since the closing date of the WGA acquisition was July 31, 2015 (the date of this filing), it is not practical at this time for us to disclose the same type of information for this acquisition in the amount of detail provided in the tables above. Common shares issued in connection with acquisitions are valued at closing market prices as of the effective date of the applicable acquisition. 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 6.5% to 12.0% for our 2015 acquisitions. We estimated future payments using the earnout formula and performance targets specified in each purchase agreement and these financial projections. 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. These discount rates approximated 8.5% for all of our 2015 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 June 30, 2015 and 2014, we recognized $4.3 million and $3.4 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. During the six-month periods ended June 30, 2015 and 2014, we recognized $8.5 million and $6.7 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 June 30, 2015 and 2014, we recognized $1.3 million and $3.6 million of expense, respectively, related to net adjustments in the estimated fair value of earnout obligations in connection with revised projections of future performance for 24 and 18 acquisitions, respectively. During the six-month periods ended June 30, 2015 and 2014, we recognized $7.7 million and $5.4 million of expense, respectively, related to net adjustments in the estimated fair value of earnout obligations in connection with revised projections of future performance for 43 and 35 acquisitions, respectively. The aggregate amount of maximum earnout obligations related to acquisitions was $596.6 million as of June 30, 2015, of which $217.4 million was recorded in our consolidated balance sheet as of June 30, 2015, based on the estimated fair value of the expected future payments to be made. The following is a summary of the estimated fair values of the net assets acquired at the date of each acquisition made in the six-month period ended June 30, 2015 (in millions): EFI CFG NAI BFB MRI IHS ML SBG Sixteen Total Cash $ — $ 0.1 $ — $ 0.1 $ 0.1 $ — $ — $ — $ 3.0 $ 3.3 Other current assets — — 4.7 0.3 0.6 8.3 0.2 1.4 18.4 33.9 Fixed assets — — — — — 1.1 — — 5.5 6.6 Noncurrent assets — — — — — — — — 0.6 0.6 Goodwill 6.1 11.3 9.8 18.5 6.3 24.8 5.7 30.9 30.0 143.4 Expiration lists 3.7 12.0 5.2 23.0 9.9 24.8 13.0 27.7 31.1 150.4 Non-compete agreements 0.1 0.1 0.2 0.1 0.1 0.1 — 0.1 0.8 1.6 Total assets acquired 9.9 23.5 19.9 42.0 17.0 59.1 18.9 60.1 89.4 339.8 Current liabilities — — 4.2 0.2 0.6 3.4 — 0.7 16.3 25.4 Noncurrent liabilities — — 2.1 — — — — — 5.0 7.1 Total liabilities assumed — — 6.3 0.2 0.6 3.4 — 0.7 21.3 32.5 Total net assets acquired $ 9.9 $ 23.5 $ 13.6 $ 41.8 $ 16.4 $ 55.7 $ 18.9 $ 59.4 $ 68.1 $ 307.3 Among other benefits, these acquisitions allow us to expand into desirable geographic locations, further extend our presence in the retail and wholesale insurance brokerage services and risk management industries 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 and non-compete agreements in the amounts of $143.4 million, $150.4 million and $1.6 million, respectively, within the brokerage and risk management segments. Provisional estimates of fair value are established at the time of each acquisition and are subsequently reviewed within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. The fair value of the tangible assets and liabilities for each applicable acquisition at the acquisition date approximated their carrying values. 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 generally ranged from 2.0% to 3.0% and 5.0% to 13.0% for our 2014 and 2015 acquisitions for which valuations were performed in 2015. We estimate the fair value as the present value of the benefits anticipated from ownership of the subject customer 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. These discount rates generally ranged from 11.0% to 13.0% for our 2014 and 2015 acquisitions for which valuations were performed in 2015. 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 (three to fifteen years for expiration lists, three to five years for non-compete agreements and five 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 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 intangible assets, if the fair value 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 six-month period ended June 30, 2015, we wrote off $0.5 million of amortizable intangible assets related to the brokerage segment. Based on the results of impairment reviews during the six-month period ended June 30, 2014, we wrote off $0.6 million of amortizable intangible assets related to the brokerage segment. Of the $150.4 million of expiration lists and $1.6 million of non-compete agreements related to our acquisitions made during the six-month period ended June 30, 2015, $18.2 million and $0.6 million, respectively, is not expected to be deductible for income tax purposes. Accordingly, we recorded a deferred tax liability of $5.3 million, and a corresponding amount of goodwill, in the six-month period ended June 30, 2015 related to nondeductible amortizable intangible assets. Our consolidated financial statements for the six-month period ended June 30, 2015 include the operations of the acquired entities 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, 2014 (in millions, except per share data): Three-month period ended Six-month period ended 2015 2014 2015 2014 Total revenues $ 1,379.3 $ 1,209.5 $ 2,637.6 $ 2,155.6 Net earnings attributable to noncontrolling interests 139.4 110.7 162.7 162.3 Basic net earnings per share 0.81 0.70 0.95 1.09 Diluted net earnings per share 0.80 0.69 0.95 1.08 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, 2014, nor are they necessarily indicative of future operating results. Annualized revenues of entities acquired during the six-month period ended June 30, 2015 totaled approximately $123.5 million. For the six-month |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | 4. Other Current Assets Major classes of other current assets consist of the following (in millions): June 30, December 31, Premium finance advances and loans $ 219.8 $ 232.6 Accrued supplemental, direct bill and other receivables 193.7 156.3 Refined coal production related receivables 130.4 103.5 Deferred income taxes - current 106.7 102.2 Prepaid expenses 80.8 72.1 Total other current assets $ 731.4 $ 666.7 The premium finance loans represent short-term loans which we make to many of our brokerage related clients and other non-brokerage |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The carrying amount of goodwill at June 30, 2015 and December 31, 2014 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At June 30, 2015 United States $ 1,783.8 $ 23.5 $ — $ 1,807.3 United Kingdom 825.0 3.8 — 828.8 Canada 316.3 — — 316.3 Australia 372.3 — — 372.3 Other foreign, principally New Zealand 244.4 0.3 — 244.7 Total goodwill - net $ 3,541.8 $ 27.6 $ — $ 3,569.4 At December 31, 2014 United States $ 1,652.6 $ 20.2 $ — $ 1,672.8 United Kingdom 818.7 1.9 — 820.6 Canada 318.5 — — 318.5 Australia 336.8 — — 336.8 Other foreign, principally New Zealand 300.9 — — 300.9 Total goodwill - net $ 3,427.5 $ 22.1 $ — $ 3,449.6 The changes in the carrying amount of goodwill for the six-month period ended June 30, 2015 are as follows (in millions): Brokerage Risk Corporate Total Balance as of December 31, 2014 $ 3,427.5 $ 22.1 $ — $ 3,449.6 Goodwill acquired during the period 141.3 2.1 — 143.4 Goodwill related to transfer of operations between segments (3.4 ) 3.4 — — Goodwill adjustments due to appraisals and other acquisition adjustments 32.6 — — 32.6 Foreign currency translation adjustments during the period (56.2 ) — — (56.2 ) Balance as of June 30, 2015 $ 3,541.8 $ 27.6 $ — $ 3,569.4 Major classes of amortizable intangible assets at June 30, 2015 and December 31, 2014 consist of the following (in millions): June 30, December 31, Expiration lists $ 2,560.1 $ 2,461.9 Accumulated amortization - expiration lists (823.3 ) (719.3 ) 1,736.8 1,742.6 Non-compete agreements 42.7 43.2 Accumulated amortization - non-compete agreements (32.5 ) (29.5 ) 10.2 13.7 Trade names 27.2 29.7 Accumulated amortization - trade names (12.7 ) (10.0 ) 14.5 19.7 Net amortizable assets $ 1,761.5 $ 1,776.0 Estimated aggregate amortization expense for each of the next five years is as follows: 2015 (remaining six months) $ 114.9 2016 224.2 2017 213.6 2018 199.6 2019 186.3 Total $ 938.6 |
Credit and Other Debt Agreement
Credit and Other Debt Agreements | 6 Months Ended |
Jun. 30, 2015 | |
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): June 30, December 31, 2015 2014 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 6.44%, balloon due 2017 $ 300.0 $ 300.0 Semi-annual payments of interest, fixed rate of 5.85%, $50 million due in 2016, 2018 and 2019 150.0 150.0 Semi-annual payments of interest, fixed rate of 2.80%, balloon due 2018 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.20%, balloon due 2019 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99%, balloon due 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48%, balloon due 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 5.18%, balloon due 2021 75.0 75.0 Semi-annual payments of interest, fixed rate of 3.69%, balloon due 2022 200.0 200.0 Semi-annual payments of interest, fixed rate of 5.49%, balloon due 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.13%, balloon due 2023 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due 2024 325.0 325.0 Semi-annual payments of interest, fixed rate of 4.31%, balloon due 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.73%, balloon due 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36%, balloon due 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 4.98%, balloon due 2029 100.0 100.0 Total Note Purchase Agreements 2,125.0 2,125.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires September 19, 2018 155.0 140.0 Premium Financing Debt Facility - expires May 18, 2017: Periodic payments of interest and principal, Interbank rates plus 1.05% for Facility B; plus 0.55% for Facilities C and D Facility B AUD denominated tranche 61.8 95.0 NZD denominated tranche 8.6 17.8 Facility C and D AUD denominated tranche 14.3 7.7 NZD denominated tranche 6.9 7.4 Total Premium Financing Debt Facility 91.6 127.9 Total corporate and other debt $ 2,371.6 $ 2,392.9 Note Purchase Agreements We are a party to a note purchase agreement dated November 30, 2009, with certain accredited institutional investors, pursuant to which we issued and sold $150.0 million in aggregate principal amount of our 5.85% Senior Notes, Series C, due in three equal installments on November 30, 2016, November 30, 2018 and November 30, 2019, in a private placement. These notes require semi-annual payments of interest that are due in May and November of each year. We are a party to a note purchase agreement dated February 10, 2011, with certain accredited institutional investors, pursuant to which we issued and sold $75.0 million in aggregate principal amount of our 5.18% Senior Notes, Series D, due February 10, 2021 and $50.0 million in aggregate principal amount of our 5.49% Senior Notes, Series E, due February 10, 2023, in a private placement. These notes require semi-annual payments of interest that are due in February and August of each year. We are a party to a note purchase agreement dated July 10, 2012, with certain accredited institutional investors, pursuant to which we issued and sold $50.0 million in aggregate principal amount of our 3.99% Senior Notes, Series F, due July 10, 2020, in a private placement. These notes require semi-annual payments of interest that are due in January and July of each year. We are a party to a note purchase agreement dated June 14, 2013, with certain accredited institutional investors, pursuant to which we issued and sold $200.0 million in aggregate principal amount of our 3.69% Senior Notes, Series G, due June 14, 2022, in a private placement. These notes require semi-annual payments of interest that are due in June and December of each year. We are a party to a note purchase agreement dated December 20, 2013, with certain accredited institutional investors, pursuant to which we issued and sold $325.0 million in aggregate principal amount of our 4.58% Senior Notes, Series H, due February 27, 2024, $175.0 million in aggregate principal amount of our 4.73% Senior Notes, Series I, due February 27, 2026 and $100.0 million in aggregate principal amount of our 4.98% Senior Notes, Series J, due February 27, 2029. These notes require semi-annual payments of interest that are due in February and August of each year. The funding of this note purchase agreement occurred on February 27, 2014. We incurred approximately $1.4 million of debt acquisition costs that was capitalized and will be amortized on a pro rata basis over the life of the debt. We are a party to a note purchase agreement dated June 24, 2014, with certain accredited institutional investors, pursuant to which we issued and sold $50.0 million in aggregate principal amount of our 2.80% Senior Notes, Series K, due June 24, 2018, $50.0 million in aggregate principal amount of our 3.20% Senior Notes, Series L, due June 24, 2019, $50.0 million in aggregate principal amount of our 3.48% Senior Notes, Series M, due June 24, 2020, $200.0 million in aggregate principal amount of our 4.13% Senior Notes, Series N, due June 24, 2023, $200.0 million in aggregate principal amount of our 4.31% Senior Notes, Series O, due June 24, 2025 and $150.0 million in aggregate principal amount of our 4.36% Senior Notes, Series P, due June 24, 2026. These notes require semi-annual payments of interest that are due in June and December of each year. We incurred approximately $2.6 million of debt acquisition costs that was capitalized and will be amortized on a pro rata basis over the life of the debt. Under the terms of the note purchase agreements described above, we may redeem the notes at any time, in whole or in part, at 100% of the principal amount of such notes being redeemed, together with accrued and unpaid interest and a “make-whole amount.” The “make-whole amount” is derived from a net present value computation of the remaining scheduled payments of principal and interest using a discount rate based on U.S. Treasury yields plus 0.5% and is designed to compensate the purchasers of the notes for their investment risk in the event prevailing interest rates at the time of prepayment are less favorable than the interest rates under the notes. We do not currently intend to prepay any of the notes. The note purchase agreements described above contain customary provisions for transactions of this type, including representations and warranties regarding us and our subsidiaries and various financial covenants, including covenants that require us to maintain specified financial ratios. We were in compliance with these covenants as of June 30, 2015. The note purchase agreements also provide customary events of default, generally with corresponding grace periods, including, without limitation, payment defaults with respect to the notes, covenant defaults, cross-defaults to other agreements evidencing our or our subsidiaries’ indebtedness, certain judgments against us or our subsidiaries and events of bankruptcy involving us or our material subsidiaries. The notes issued under the note purchase agreements are senior unsecured obligations of ours and rank equal in right of payment with our Credit Agreement discussed below. Credit Agreement The Credit Agreement provides that we may elect that each borrowing in U.S. dollars be either base rate loans or Eurocurrency loans, as defined in the Credit Agreement. All loans denominated in currencies other than U.S. dollars will be Eurocurrency loans. Interest rates on base rate loans and outstanding drawings on letters of credit in U.S. dollars under the Credit Agreement are based on the base rate, as defined in the Credit Agreement. Interest rates on Eurocurrency loans or outstanding drawings on letters of credit in currencies other than U.S. dollars are based on an adjusted London Interbank Offered Rate (which we refer to as LIBOR), as defined in the Credit Agreement, plus a margin of 0.85%, 0.95%, 1.05%, 1.25% or 1.45%, depending on the financial leverage ratio we maintain. Interest rates on swing loans are based, at our election, on either the base rate, as defined in the Credit Agreement, or such alternate rate as may be quoted by the lead lender. The annual facility fee related to the Credit Agreement is 0.15%, 0.175%, 0.20%, 0.25% or 0.30% of the used and unused portions of the revolving credit commitment, depending on the financial leverage ratio we maintain. In connection with entering into the Credit Agreement, we incurred approximately $2.1 million of debt acquisition costs that were capitalized and will be amortized on a pro rata basis over the term of the Credit Agreement. The terms of the Credit Agreement include various financial covenants, including covenants that require us to maintain specified financial ratios. We were in compliance with these covenants as of June 30, 2015. The Credit Agreement also includes customary provisions for transactions of this type, including events of default, with corresponding grace periods and cross-defaults to other agreements evidencing our indebtedness. At June 30, 2015, $22.6 million of letters of credit (for which we had $11.2 million of liabilities recorded at June 30, 2015) were outstanding under the Credit Agreement. There were $155.0 million of borrowings outstanding under the Credit Agreement at June 30, 2015. Accordingly, as of June 30, 2015, $422.4 million remained available for potential borrowings under the Credit Agreement, of which $52.4 million was available for additional letters of credit. Premium Financing Debt Facility The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. The terms of our Premium Financing Debt Facility include various financial covenants, including covenants that require us to maintain specified financial ratios. We were in compliance with these covenants as of June 30, 2015. The Premium Financing Debt Facility also includes customary provisions for transactions of this type, including events of default, with corresponding grace periods and cross-defaults to other agreements evidencing our indebtedness. Facilities B, C and D are secured by the premium finance receivables of the Australian and New Zealand premium finance subsidiaries. At June 30, 2015, AU$80.0 million and NZ$12.5 million of borrowings were outstanding under Facility B, AU$18.5 million of borrowings were outstanding under Facility C and NZ$10.1 million of borrowings were outstanding under Facility D. Accordingly, as of June 30, 2015, AU$70.0 million and NZ$22.5 million remained available for potential borrowing under Facility B, and AU$6.5 million and NZ$4.9 million under Facilities C and D, respectively. See Note 13 to these unaudited consolidated financial statements for additional discussion on our contractual obligations and commitments as of June 30, 2015. The aggregate estimated fair value of the $2,125.0 million in debt under the note purchase agreements at June 30, 2015 was $2,243.7 million due to the long-term duration and fixed interest rates associated with these debt obligations. No active or observable market exists for our private placement long-term debt. Therefore, the estimated fair value of this debt is based on discounted future cash flows, which is a Level 3 fair value measurement, using current interest rates available for debt with similar terms and remaining maturities. See Note 1, Fair Value of Financial Instruments, to our consolidated financial statements included in Item 8 of our Annual Report on Form 10-K |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
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 Six-month period ended 2015 2014 2015 2014 Net earnings attributable to controlling interests $ 139.3 $ 109.0 $ 161.2 $ 158.3 Weighted average number of common shares outstanding 170.6 154.3 168.1 144.2 Dilutive effect of stock options using the treasury stock method 1.1 1.4 1.2 1.6 Weighted average number of common and common equivalent shares outstanding 171.7 155.7 169.3 145.8 Basic net earnings per share $ 0.82 $ 0.71 $ 0.96 $ 1.10 Diluted net earnings per share $ 0.81 $ 0.70 $ 0.95 $ 1.09 Options to purchase 3.9 million and 1.9 million shares of common stock were outstanding at June 30, 2015 and 2014, respectively, but were not included in the computation of the dilutive effect of stock options for the three-month six-month |
Stock Option Plans
Stock Option Plans | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Stock Option Plans | 8. Stock Option Plans Long-Term Incentive Plan On May 13, 2014, our stockholders approved the Arthur J. Gallagher 2014 Long-Term Incentive Plan (which we refer to as the LTIP), which replaced our previous stockholder-approved Arthur J. Gallagher & Co. 2011 Long-Term Incentive Plan (which we refer to as the 2011 LTIP). The LTIP term began May 13, 2014 and terminates on the date of the annual meeting of stockholders in 2021, 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 participants under the LTIP. The LTIP provides for non-qualified and incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance units, any or all of which may be made contingent upon the achievement of performance criteria. A stock appreciation right entitles the holder to receive, upon exercise and subject to withholding taxes, cash or shares of our common stock (which may be restricted stock) with a value equal to the difference between the fair market value of our common stock on the exercise date and the base price of the stock appreciation right. Subject to the LTIP limits, the compensation committee has the discretionary authority to determine the size of an award. 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. To the extent that shares subject to an outstanding award granted under either the LTIP or the 2011 LTIP 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. Shares withheld to satisfy tax withholding requirements upon the vesting of awards other than stock options and stock appreciation rights will also be available for grant under the LTIP. Shares that are subject to a stock appreciation right and were not issued upon the net settlement or net exercise of such stock appreciation right, shares that are used to pay the exercise price of an option, delivered to or withheld by us to pay withholding taxes related to stock options or stock appreciation rights, and shares that are purchased on the open market with the proceeds of an option exercise, may not again be made available for issuance. 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) is 2.0 million at June 30, 2015. To the extent necessary to be qualified performance-based compensation under Section 162(m) of the Internal Revenue Code (which we refer to as the IRC): (i) the maximum number of shares with respect to which options or stock appreciation rights or a combination thereof that may be granted during any fiscal year to any person is 200,000; (ii) the maximum number of shares with respect to which performance-based restricted stock or restricted stock units that may be granted during any fiscal year to any person is 100,000; (iii) the maximum amount that may be payable with respect to cash-settled performance units granted during any fiscal year to any person is $5.0 million; and (iv) the maximum number of shares with respect to which stock-settled performance units may be granted during any fiscal year to any person is 100,000. 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 11, 2015, the compensation committee granted 1,941,000 options under the 2014 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 2018, 2019 and 2020, respectively. On March 12, 2014, the compensation committee granted 1,923,000 options 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 2017, 2018 and 2019, respectively. The 2015 and 2014 options expire seven years from the date of grant, or earlier in the event of certain terminations of employment. For certain of our executive officers age 55 or older, stock options awarded in 2015 and 2014 are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. Other Information All of our stock option plans provide for the immediate vesting of all outstanding stock option grants in the event of a change in control of our company, as defined in the applicable plan documents. During the three-month periods ended June 30, 2015 and 2014, we recognized $2.9 million and $2.7 million, respectively, of compensation expense related to our stock option grants. During the six-month periods ended June 30, 2015 and 2014, we recognized $5.1 million and $4.0 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: 2015 2014 Expected dividend yield 3.0 % 3.0 % Expected risk-free interest rate 1.8 % 1.8 % Volatility 28.2 % 28.9 % Expected life (in years) 5.5 5.5 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. Because our employee and director stock options have characteristics significantly different from those of traded options, and because changes in the selective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee and non-employee director stock options. The weighted average fair value per option for all options granted during the six-month periods ended June 30, 2015 and 2014, as determined on the grant date using the Black-Scholes option pricing model, was $9.25 and $9.66, respectively. The following is a summary of our stock option activity and related information for 2015 (in millions, except exercise price and year data): Six-month period ended June 30, 2015 Shares Weighted Weighted Aggregate Beginning balance 8.4 $ 35.49 Granted 1.9 46.17 Exercised (1.2 ) 27.50 Forfeited or canceled — — Ending balance 9.1 $ 38.90 4.55 $ 76.5 Exercisable at end of period 2.4 $ 28.46 2.26 $ 44.5 Ending vested and expected to vest 8.9 $ 38.78 4.52 $ 76.0 Options with respect to 7.0 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 June 30, 2015. The total intrinsic value of options exercised during the six-month periods ended June 30, 2015 and 2014 was $22.8 million and $19.7 million, respectively. As of June 30, 2015, we had approximately $41.2 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 June 30, 2015 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 21.28 - $ 30.95 2.2 2.04 $ 27.24 2.0 $ 26.95 31.34 - 39.17 3.0 4.26 37.64 0.4 35.65 46.17 - 46.17 1.9 6.70 46.17 — — 46.87 - 47.92 2.0 5.71 46.88 — — $ 21.28 - $ 47.92 9.1 4.55 $ 38.90 2.4 $ 28.46 |
Deferred Compensation
Deferred Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation | 9. Deferred Compensation We have a Deferred Equity Participation Plan (which we refer to as the Age 62 Plan), 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. Under the provisions of the Age 62 Plan, we typically contribute cash in an amount approved by the compensation committee to a rabbi trust on behalf of the executives participating in the Age 62 Plan, 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 Age 62 Plan 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. All contributions to the plan 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 Age 62 Plan 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 quarter of each of 2015 and 2014, the compensation committee approved $8.9 million and $9.2 million, respectively, of awards in the aggregate to certain key executives under the Age 62 Plan that were contributed to the rabbi trust in first quarter 2015 and 2014, 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 2015 and 2014 awards. During the three-month periods ended June 30, 2015 and 2014, we charged $2.1 million and $1.8 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2015 and 2014, we charged $3.1 million and $3.2 million, respectively, to compensation expense related to these awards. At June 30, 2015 and December 31, 2014, we recorded $38.1 million (related to 2.1 million shares) and $28.2 million (related to 1.9 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 June 30, 2015 and December 31, 2014 was $99.4 million and $89.1 million, respectively. During the six-month period ended June 30, 2015, cash and equity awards with an aggregate fair value of $0.1 million were vested and distributed to executives under the Age 62 Plan. 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 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 quarter of each of 2015 and 2014, the compensation committee approved $2.7 million and $2.9 million, respectively, of awards in the aggregate to certain key executives under the DCPP that were contributed to the rabbi trust in first quarter 2015 and 2014, respectively. During the three-month six-month |
Restricted Stock, Performance S
Restricted Stock, Performance Share and Cash Awards | 6 Months Ended |
Jun. 30, 2015 | |
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 13, 2014, our stockholders approved the LTIP, which replaced our previous stockholder-approved 2011 LTIP. The LTIP provides for the grant of a stock award either as restricted stock or as restricted stock units. 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 compensation committee may grant unrestricted shares of common stock or units representing the right to receive shares of common stock to employees who have attained age 62. 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 2.0 million. At June 30, 2015, 1.5 million shares were available for grant under the LTIP for such awards. In the first quarter of each of 2015 and 2014, we granted 362,600 and 323,600 restricted stock units, respectively, to employees under the LTIP, with an aggregate fair value of $16.7 million and $15.2 million, respectively, at the date of grant. These 2015 and 2014 awards of restricted stock units vest as follows: 362,600 units granted in first quarter 2015 and 323,600 units granted in first quarter 2014, vest in full based on continued employment through March 11, 2019 and March 12, 2018, respectively. For certain of our executive officers age 55 or older, restricted stock units awarded in 2015 and 2014 are no longer 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 June 30, 2015 and 2014, we recognized $4.7 million and $3.9 million, respectively, to compensation expense related to restricted stock unit awards granted in 2006 through 2015. During the six-month periods ended June 30, 2015 and 2014, we recognized $7.5 million and $6.5 million, respectively, to compensation expense related to restricted stock unit awards granted in 2006 through 2015. The total intrinsic value of unvested restricted stock units at June 30, 2015 and 2014 was $66.5 million and $58.2 million, respectively. During the six-month periods ended June 30, 2015 and 2014, equity awards (including accrued dividends) with an aggregate fair value of $9.9 million and $9.5 million were vested and distributed to employees under this plan. Performance Share Awards On March 11, 2015 and March 12, 2014, pursuant to the LTIP, the compensation committee approved 53,900 and 48,800, respectively of provisional performance unit awards, with an aggregate fair value of $2.5 million and $2.3 million, respectively, for future grants to our officers. Each performance unit award was equivalent to the value of one share of our common stock on the date such provisional award was approved. These awards are subject to a one-year performance period based on our financial performance and a two-year vesting period. At the discretion of the compensation committee and determined based on our performance, the eligible officer will be granted a percentage of the provisional performance unit award that equates to the EBITAC growth achieved (as specified in the applicable grant agreement). 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 for the 2015 and 2014 provisional awards will fully vest based on continuous employment through January 1, 2018 and January 1, 2017, respectively, and will be settled in shares of our common stock on a one-for-one basis as soon as practicable in 2018 and 2017, respectively. For certain of our executive officers age 55 or older, awards granted in 2015 and 2014 are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. If an eligible employee leaves us prior to the vesting date, the entire award will be forfeited. Cash Awards On March 11, 2015, pursuant to our Performance Unit Program (which we refer to as the Program), the compensation committee approved provisional cash awards of $14.6 million in the aggregate for future grants to our officers and key employees that are denominated in units (315,000 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. The Program consists of a one-year performance period based on our financial performance and a two-year vesting period. 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 for the 2015 provisional award will fully vest based on continuous employment through January 1, 2018. For certain of our executive officers age 55 or older, awards granted under the Program in 2015 are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of the provisional award. The ultimate award value will be equal to the trailing twelve-month price of our common stock on December 31, 2017, 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 in 2018. If an eligible employee leaves us prior to the vesting date, the entire award will be forfeited. We did not recognize any compensation expense during the three-month period ended June 30, 2015 related to the 2015 provisional award under the Program. On March 12, 2014, pursuant to the Program, the compensation committee approved provisional cash awards of $10.8 million in the aggregate for future grant to our officers and key employees that are denominated in units (229,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional awards were approved. Terms of the 2014 provisional awards were similar to the terms of the 2015 provisional awards. Based on our performance for 2014, we granted 220,000 units under the Program in first quarter 2015 that will fully vest on January 1, 2017. During the three-month period ended June 30, 2015, we recognized $1.3 million to compensation expense related to these awards. During the six-month period ended June 30, 2015, we recognized $2.5 million to compensation expense related to these awards. We did not recognize any compensation expense during 2014 related to the 2014 awards. On March 13, 2013, pursuant to the Program, the compensation committee approved provisional cash awards of $10.5 million in the aggregate for future grant to our officers and key employees that are denominated in units (269,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional awards were approved. Terms of the 2013 provisional awards were similar to the terms of the 2015 provisional awards. Based on our performance for 2013, we granted 263,000 units under the Program in first quarter 2014 that will fully vest on January 1, 2016. During the three-month periods ended June 30, 2015 and June 30, 2014, we recognized $1.6 million and $1.5 million, respectively, to compensation expense related to the 2013 awards. During the six-month periods ended June 30, 2015 and June 30, 2014, we recognized $3.0 million and $3.0 million, respectively, to compensation expense related to the 2013 awards. On March 16, 2012, pursuant to the Program, the compensation committee approved provisional cash awards of $13.1 million in the aggregate for future grant to our officers and key employees that are denominated in units (368,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional awards were approved. Terms of the 2012 provisional awards were similar to the terms of the 2015 provisional awards. Based on our performance for 2012, we granted 365,000 units under the Program in first quarter 2013 that fully vested on January 1, 2015. During the three-month period ended June 30, 2014 we recognized $1.8 million of compensation expense related to the 2012 awards. During the six-month period ended June 30, 2014 we recognized $4.5 million of compensation expense related to the 2012 awards. We did not recognize any compensation expense during 2015 related to the 2012 awards. During the six-month period ended June 30, 2015, cash awards related to the 2012 provisional award with an aggregate fair value of $15.8 million (0.3 million units in the aggregate) were vested and distributed to employees under the Program. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | 11. Retirement Plans We have a noncontributory defined benefit pension plan that, prior to July 1, 2005, covered substantially all of our domestic employees who had attained a specified age and one year of employment. Benefits under the plan were based on years of service and salary history. In 2005, we amended our defined benefit pension plan to freeze the accrual of future benefits for all U.S. employees, effective on July 1, 2005. In the table below, the service cost component represents plan administration costs that are incurred directly by the plan. The components of the net periodic pension benefit cost for the plan consists of the following (in millions): Three-month period ended Six-month period ended 2015 2014 2015 2014 Service cost $ 0.4 $ 0.1 $ 0.5 $ 0.2 Interest cost on benefit obligation 2.8 3.2 5.4 6.4 Expected return on plan assets (3.8 ) (4.7 ) (7.7 ) (9.4 ) Amortization of net actuarial loss 1.6 0.6 3.2 1.2 Net periodic benefit cost (earnings) $ 1.0 $ (0.8 ) $ 1.4 $ (1.6 ) We are not required under the IRC to make any minimum contributions to the plan for the 2015 plan year nor were we required to make any minimum contributions to the plan for the 2014 plan year. This level of required funding is based on the plan being frozen and the aggregate amount of our historical funding. We did not make any discretionary contributions to the plan during the six-month periods ended June 30, 2015 and 2014. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 12. Investments The following is a summary of our investments and the related funding commitments (in millions): June 30, 2015 December 31, Funding 2014 Assets Commitments Assets Chem-Mod LLC $ 4.0 $ — $ 4.0 Chem-Mod International LLC 2.0 — 2.0 C-Quest Technologies LLC and C-Quest Technologies International LLC — — — Clean-coal investments: Controlling interest in five limited liability companies that own fourteen 2009 Era Clean Coal Plants 15.6 — 17.3 Non-controlling interest in one limited liability company that owns one 2011 Era Clean Coal Plant 0.9 — 1.0 Controlling interest in fourteen limited liability companies that own nineteen 2011 Era Clean Coal Plants 58.3 — 54.5 Other investments 2.5 2.9 3.2 Total investments $ 83.3 $ 2.9 $ 82.0 Chem-Mod LLC Chem-Mod™ coal-fired We believe that the application of The Chem-Mod™ Solution qualifies for refined coal tax credits under IRC Section 45 when used with refined coal production plants placed in service by December 31, 2011 or 2009. Chem-Mod Chem-Mod is determined to be a variable interest entity (which we refer to as a VIE). We are the controlling manager of Chem-Mod and therefore consolidate its operations into our consolidated financial statements. At June 30, 2015, total assets and total liabilities of this VIE included in our consolidated balance sheet were $10.6 million and $0.9 million, respectively. For the six-month period ended June 30, 2015, total revenues and expenses were $34.7 million and $1.5 million, respectively. We are under no obligation to fund Chem-Mod’s operations in the future. Chem-Mod International LLC C-Quest Technologies LLC and C-Quest Technologies International LLC (together, C-Quest) C-Quest’s C-Quest C-Quest C-Quest, C-Quest’s C-Quest’s Clean Coal Investments - • We have investments in limited liability companies that own 34 refined coal production plants which produce refined coal using propriety technologies owned by Chem-Mod. We believe the production and sale of refined coal at these plants is qualified to receive refined coal tax credits under IRC Section 45. The fourteen plants placed in service prior to December 31, 2009 (which we refer to as the 2009 Era Plants) are eligible to receive tax credits through 2019 and the twenty plants placed in service prior to December 31, 2011 (which we refer to as the 2011 Era Plants) are eligible to receive tax credits through 2021. • On March 1, 2013, we purchased an additional ownership interest in twelve of the 2009 Era Plants from a co-investor. • On March 1, 2014, we purchased additional ownership interests from a co-investor in four limited liability companies that own seven 2009 Era Plants and five 2011 Era Plants. We recognized a gain of $25.6 million as a component of other net revenues in the accompanying unaudited consolidated statement of earnings, which included the increase in fair value of our prior equity interests in the limited liability companies upon the acquisition of the additional equity interests, and recorded $26.3 million of fixed and other amortizable intangible assets in connection with this transaction. The carrying value of our prior non-controlling interest in the limited liability company was $15.6 million as of the acquisition date. The fair value of our prior non-controlling • As of June 30, 2015: • Twenty-six of the plants have long-term production contracts. • The remaining eight plants are in various stages of seeking and negotiating long-term production contracts. • We have a non-controlling interest in one plant, which is owned by a limited liability company (which we refer to as a LLC). We have determined that this LLC is a VIE, for which we are not the primary beneficiary. At June 30, 2015, total assets and total liabilities of this VIE were $9.9 million and $7.1 million, respectively. For the six-month period ended June 30, 2015, total revenues and expenses of this VIE were $16.1 million and $19.7 million, respectively. • We and our co-investors each fund our portion of the on-going operations of the limited liability companies in proportion to our investment ownership percentages. Other than our portion of the on-going operational funding, there are no additional amounts that we are committed to related to funding these investments. Other Investments |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Arrangements | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Arrangements | 13. Commitments, Contingencies and Off-Balance Sheet Arrangements In connection with our investing and operating activities, we have entered into certain contractual obligations and commitments. See Notes 6 and 12 to these unaudited consolidated financial statements for additional discussion of these obligations and commitments. Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the note purchase agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase commitments at June 30, 2015 were as follows (in millions): Payments Due by Period Contractual Obligations 2015 2016 2017 2018 2019 Thereafter Total Note purchase agreements $ — $ 50.0 $ 300.0 $ 100.0 $ 100.0 $ 1,575.0 $ 2,125.0 Credit Agreement 155.0 — — — — — 155.0 Premium Financing Debt Facility 91.6 — — — — — 91.6 Interest on debt 50.4 100.4 97.5 77.5 73.2 323.9 722.9 Total debt obligations 297.0 150.4 397.5 177.5 173.2 1,898.9 3,094.5 Operating lease obligations 52.7 92.0 80.5 61.2 49.0 173.5 508.9 Less sublease arrangements (2.0 ) (1.3 ) (0.9 ) (0.7 ) (0.5 ) — (5.4 ) Outstanding purchase obligations 24.9 14.7 9.4 7.3 6.9 7.0 70.2 Funding related to acquistion of William Gallagher Associates Insurance Brokers, Inc. (see Note 3) 150.0 — — — — — 150.0 Total contractual obligations $ 522.6 $ 255.8 $ 486.5 $ 245.3 $ 228.6 $ 2,079.4 $ 3,818.2 The amounts presented in the table above may not necessarily reflect our actual future cash funding requirements, because the actual timing of future payments may vary from the stated contractual obligation. Note Purchase Agreements, Credit Agreement and Premium Financing Debt Facility Operating Lease Obligations 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 Off-Balance Sheet Commitments Amount of Commitment Expiration by Period Total Committed Off-Balance Sheet Commitments 2015 2016 2017 2018 2019 Thereafter Letters of credit $ — $ — $ — $ — $ — $ 22.6 $ 22.6 Financial guarantees 0.7 0.8 0.8 0.8 0.8 15.6 19.5 Funding commitments — — — — 1.5 1.4 2.9 Total commitments $ 0.7 $ 0.8 $ 0.8 $ 0.8 $ 2.3 $ 39.6 $ 45.0 Since commitments may expire unused, the amounts presented in the table above do not necessarily reflect our actual future cash funding requirements. See Note 12 to our unaudited consolidated financial statements for a discussion of our funding commitments related to our corporate segment and the Off-Balance Since January 1, 2002, we have acquired 363 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 2012 to 2015 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 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 $596.6 million, of which $217.4 million was recorded in our consolidated balance sheet as of June 30, 2015 based on the estimated fair value of the expected future payments to be made. See Note 3 to these unaudited consolidated financial statements for a discussion of our funding commitments related to our acquisitions we signed and completed in 2015. Off-Balance Sheet Debt At June 30, 2015, we had posted two letters of credit totaling $11.3 million, in the aggregate, related to our self-insurance Litigation, Regulatory and Taxation Matters non-compete In July 2014, we were named in a lawsuit that asserts that we, our subsidiary, Gallagher Clean Energy, LLC, and Chem-Mod LLC are liable for infringement of a patent held by Nalco Company. The complaint seeks a judgment of infringement, damages, costs and attorneys’ fees, and injunctive relief. We and the other defendants dispute the allegations contained in the complaint and intend to defend this matter vigorously. On September 30, 2014, we filed a motion to dismiss the complaint on behalf of all defendants. On February 4, 2015, our motion to dismiss was granted by the court; however, the court also granted Nalco Company 30 days to file an amended complaint, which Nalco did on March 3, 2015, and we filed a second motion to dismiss on April 10, 2015. We believe that the probability of a material loss is remote. However, litigation is inherently uncertain and it is not possible for us to predict the ultimate disposition of this proceeding. During January and February 2015, five senior employees of our U.K.-based international brokerage operation, including the chief executive officer and chief financial officer, resigned from the company and disclosed that they intend to work for another insurance brokerage firm. In April 2015, we commenced litigation against the former chief executive officer, the former chief financial officer and a third-party financial advisor. Among other things, the litigation seeks damages for breach of fiduciary duty, breach of contract and taking of corporate opportunities. A trial date has been set for February 2016. During the first quarter of 2015, the Financial Conduct Authority (FCA) of the U.K. informed us that it will undertake a Skilled Person Review pursuant to section 166 of the U.K.’s Financial Services and Markets Act 2000. The purpose of the review is to assess the risk and control framework for our regulated entities in the U.K. In July 2015, KPMG was appointed as the Skilled Person. We are cooperating fully with the FCA and the Skilled Person in this review. We believe that the risk and control framework we have in place is appropriate to our U.K. operations’ size and scale. As such, we do not believe the review will have a material adverse effect on our results of operations. Our micro-captive advisory services are under investigation by the Internal Revenue Service (IRS). Additionally, the IRS has initiated audits for the 2012 tax year of over 100 of the micro-captive insurance companies organized and/or managed by us. Among other matters, the IRS is investigating whether we have been acting as a tax shelter promoter in connection with these operations. While the IRS has not made specific allegations relating to our operations, if the IRS were to successfully assert that the micro-captives organized and/or managed by us do not meet the requirements of IRC Section 831(b), we could be subject to monetary claims by the IRS and/or our micro-captive clients, and our future earnings from our micro-captive operations could be materially adversely affected, any of which events, could negatively impact the overall captive business and adversely affect our consolidated results of operations and financial condition. Due to the early stage of the investigation and the fact that the IRS has not made any allegation against us, we are not able to reasonably estimate the amount of any potential loss in connection with this investigation. Contingent Liabilities Tax-advantaged Investments No Longer Held |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings (Loss) | 14. Accumulated Other Comprehensive Earnings (Loss) The after-tax components of our accumulated other comprehensive earnings (loss) attributable to controlling interests consist of the following: Pension Foreign Fair Value of Accumulated Balance as of December 31, 2014 $ (44.2 ) $ (216.3 ) $ (0.1 ) $ (260.6 ) Net change in period 0.7 (85.2 ) 6.4 (78.1 ) Balance as of June 30, 2015 $ (43.5 ) $ (301.5 ) $ 6.3 $ (338.7 ) The foreign currency translation during the six-month period ended June 30, 2015 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 Australia, Canada, the Caribbean, India, New Zealand and the U.K. During the six-month periods ended June 30, 2015 and 2014, $3.2 million and $1.2 million, respectively, of expense related to the pension liability was reclassified from accumulated other comprehensive earnings (loss) to compensation expense in the statement of earnings. During the six-month periods ended June 30, 2015 and 2014, $0.1 million of income and $0.3 million of expense, respectively, related to the fair value of derivative investments, was reclassified from accumulated other comprehensive earnings (loss) to the statement of earnings. During the six-month |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 15. 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 insurance underwriters and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between insurers and their customers and we do not assume underwriting risks. The risk management segment provides contract claim settlement and administration services for enterprises that choose to self-insure some or all of their property/casualty coverages and for insurance companies 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. The corporate segment manages our clean energy and other investments. This segment also holds all of our corporate debt. 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. See Note 1 to these unaudited consolidated financial statements for a discussion of a reclassification of amounts between the brokerage and risk management segments. Financial information relating to our segments for the three-month and six-month periods ended June 30, 2015 and 2014 is as follows (in millions): Three-month period Six-month period ended June 30, ended June 30, 2015 2014 2015 2014 Brokerage Total revenues $ 885.6 $ 737.9 $ 1,636.7 $ 1,302.3 Earnings before income taxes $ 156.6 $ 136.2 $ 217.6 $ 186.5 Identifiable assets at June 30, 2015 and 2014 $ 8,894.1 $ 8,017.6 Risk Management Total revenues $ 189.4 $ 172.8 $ 366.6 $ 337.0 Earnings before income taxes $ 26.7 $ 21.2 $ 50.3 $ 39.9 Identifiable assets at June 30, 2015 and 2014 $ 623.3 $ 611.0 Corporate Total revenues $ 296.4 $ 268.6 $ 599.4 $ 455.0 Loss before income taxes $ (54.8 ) $ (45.5 ) $ (108.5 ) $ (59.8 ) Identifiable assets at June 30, 2015 and 2014 $ 1,198.7 $ 1,390.7 |
Effect of New Accounting Pron24
Effect of New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (which we refer to as the FASB) issued new accounting guidance on revenue from contracts with customers, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of the new guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. Reporting entities may choose to adopt the standard as of the original effective date. The FASB decided, based on its outreach to various stakeholders and the forthcoming amendments to the new revenue standard, that a deferral is necessary to provide adequate time to effectively implement the new revenue standard. This new guidance was originally effective for the first quarter of 2017 and early adoption is not permitted. With the one year deferral date, this new guidance is now effective for the first quarter of 2018, but it can be adopted earlier in first quarter of 2017. The guidance permits two methods of transition upon adoption; full retrospective and modified retrospective. Under the full retrospective method, prior periods would be restated under the new revenue standard, providing a comparable view across all periods presented. Under the modified retrospective method, prior periods would not be restated. Rather, revenues and other disclosures for pre-2017/2018 periods would be provided in the notes to the financial statements as previously reported under the current revenue standard. Management is currently reviewing the guidance, and the impact from its adoption on our consolidated financial statements cannot be determined at this time. |
Nature of Operations and Basi25
Nature of Operations and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Effect of Immaterial Changes to Presentation of Consolidated Statement of Earnings | The effect of the immaterial changes to the presentation of our consolidated statement of earnings for the three-month and six-month Three-month period ended Six-month period ended As Previously As Restated As Previously As Restated Operating expense $ 184.0 $ 179.2 $ 341.2 $ 328.0 Earnings before income taxes $ 107.1 $ 111.9 $ 153.4 $ 166.6 Provision for income taxes (1.9 ) (1.8 ) (4.9 ) (4.9 ) Net earnings $ 109.0 113.7 $ 158.3 171.5 Net earnings attributable to noncontrolling interests 4.7 13.2 Net earnings attributable to controlling interests $ 109.0 $ 158.3 Basic net earnings per share $ 0.71 $ 0.71 $ 1.10 $ 1.10 Diluted net earnings per share $ 0.70 $ 0.70 $ 1.09 $ 1.09 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition Method for Recording Business Combinations | During the six-month period ended June 30, 2015, we acquired substantially all of the net assets 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): Name and Effective Date of Acquisition Common Common Cash Paid Accrued Escrow Recorded Total Maximum (000s) e3 Financial, Inc. (EFI) January 1, 2015 2 $ — $ 9.1 $ — $ 0.1 $ 0.7 $ 9.9 $ 7.0 Aequus Trade Credit LLC January 31, 2015 11 0.3 1.5 — 0.2 1.3 3.3 1.9 Cohen & Lord Insurance Brokers Limited February 1, 2015 77 3.6 2.1 — — — 5.7 — Cohn Financial Group, LLC (CFG) February 1, 2015 407 19.0 — — 0.3 4.2 23.5 14.0 Excel Insurance Services, Inc. February 1, 2015 52 1.5 7.3 — 1.0 — 9.8 — Metcom Excess February 1, 2015 49 1.8 2.3 — 0.5 — 4.6 — NationAir Aviation Insurance (NAI) February 1, 2015 288 12.3 — — 1.3 — 13.6 — Evolution Group of Companies February 6, 2015 101 4.7 0.9 0.5 0.4 2.9 9.4 3.1 Burns-Fazzi, Brock & Associates, LLC (BFB) April 1, 2015 709 33.4 — — 1.0 7.4 41.8 27.0 Madison Risk & Insurance Services, Inc. (MRI) April 1, 2015 232 10.3 3.7 — 1.0 1.4 16.4 4.0 Integrated Healthcare Strategies, LLC (IHS) May 1, 2015 990 41.4 0.5 3.1 6.2 4.5 55.7 20.8 James R. Weir Insurance Agency, Inc. May 1, 2015 56 2.5 — — 0.3 0.8 3.6 1.1 McDowall Associates Human Resources Consultants Ltd. May 1, 2015 34 1.5 0.6 0.6 0.1 0.5 3.3 2.5 Vital Benefits, Inc. May 1, 2015 118 5.6 — — 0.1 — 5.7 — Monument, LLC (ML) June 1, 2015 254 10.8 4.0 — 1.7 2.4 18.9 5.0 Solid Benefit Guidance Limited Liability Company (SBG) June 1, 2015 932 44.0 0.3 2.5 1.0 11.6 59.4 32.5 Eight other acquisitions completed in 2015 106 5.0 13.1 0.4 1.0 3.2 22.7 30.4 4,418 $ 197.7 $ 45.4 $ 7.1 $ 16.2 $ 40.9 $ 307.3 $ 149.3 |
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 six-month period ended June 30, 2015 (in millions): EFI CFG NAI BFB MRI IHS ML SBG Sixteen Total Cash $ — $ 0.1 $ — $ 0.1 $ 0.1 $ — $ — $ — $ 3.0 $ 3.3 Other current assets — — 4.7 0.3 0.6 8.3 0.2 1.4 18.4 33.9 Fixed assets — — — — — 1.1 — — 5.5 6.6 Noncurrent assets — — — — — — — — 0.6 0.6 Goodwill 6.1 11.3 9.8 18.5 6.3 24.8 5.7 30.9 30.0 143.4 Expiration lists 3.7 12.0 5.2 23.0 9.9 24.8 13.0 27.7 31.1 150.4 Non-compete agreements 0.1 0.1 0.2 0.1 0.1 0.1 — 0.1 0.8 1.6 Total assets acquired 9.9 23.5 19.9 42.0 17.0 59.1 18.9 60.1 89.4 339.8 Current liabilities — — 4.2 0.2 0.6 3.4 — 0.7 16.3 25.4 Noncurrent liabilities — — 2.1 — — — — — 5.0 7.1 Total liabilities assumed — — 6.3 0.2 0.6 3.4 — 0.7 21.3 32.5 Total net assets acquired $ 9.9 $ 23.5 $ 13.6 $ 41.8 $ 16.4 $ 55.7 $ 18.9 $ 59.4 $ 68.1 $ 307.3 |
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, 2014 (in millions, except per share data): Three-month period ended Six-month period ended 2015 2014 2015 2014 Total revenues $ 1,379.3 $ 1,209.5 $ 2,637.6 $ 2,155.6 Net earnings attributable to noncontrolling interests 139.4 110.7 162.7 162.3 Basic net earnings per share 0.81 0.70 0.95 1.09 Diluted net earnings per share 0.80 0.69 0.95 1.08 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Major Classes of Other Current Assets | Major classes of other current assets consist of the following (in millions): June 30, December 31, Premium finance advances and loans $ 219.8 $ 232.6 Accrued supplemental, direct bill and other receivables 193.7 156.3 Refined coal production related receivables 130.4 103.5 Deferred income taxes - current 106.7 102.2 Prepaid expenses 80.8 72.1 Total other current assets $ 731.4 $ 666.7 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations | The carrying amount of goodwill at June 30, 2015 and December 31, 2014 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At June 30, 2015 United States $ 1,783.8 $ 23.5 $ — $ 1,807.3 United Kingdom 825.0 3.8 — 828.8 Canada 316.3 — — 316.3 Australia 372.3 — — 372.3 Other foreign, principally New Zealand 244.4 0.3 — 244.7 Total goodwill - net $ 3,541.8 $ 27.6 $ — $ 3,569.4 At December 31, 2014 United States $ 1,652.6 $ 20.2 $ — $ 1,672.8 United Kingdom 818.7 1.9 — 820.6 Canada 318.5 — — 318.5 Australia 336.8 — — 336.8 Other foreign, principally New Zealand 300.9 — — 300.9 Total goodwill - net $ 3,427.5 $ 22.1 $ — $ 3,449.6 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the six-month period ended June 30, 2015 are as follows (in millions): Brokerage Risk Corporate Total Balance as of December 31, 2014 $ 3,427.5 $ 22.1 $ — $ 3,449.6 Goodwill acquired during the period 141.3 2.1 — 143.4 Goodwill related to transfer of operations between segments (3.4 ) 3.4 — — Goodwill adjustments due to appraisals and other acquisition adjustments 32.6 — — 32.6 Foreign currency translation adjustments during the period (56.2 ) — — (56.2 ) Balance as of June 30, 2015 $ 3,541.8 $ 27.6 $ — $ 3,569.4 |
Major Classes of Amortizable Intangible Assets | Major classes of amortizable intangible assets at June 30, 2015 and December 31, 2014 consist of the following (in millions): June 30, December 31, Expiration lists $ 2,560.1 $ 2,461.9 Accumulated amortization - expiration lists (823.3 ) (719.3 ) 1,736.8 1,742.6 Non-compete agreements 42.7 43.2 Accumulated amortization - non-compete agreements (32.5 ) (29.5 ) 10.2 13.7 Trade names 27.2 29.7 Accumulated amortization - trade names (12.7 ) (10.0 ) 14.5 19.7 Net amortizable assets $ 1,761.5 $ 1,776.0 |
Estimated Aggregate Amortization Expense | Estimated aggregate amortization expense for each of the next five years is as follows: 2015 (remaining six months) $ 114.9 2016 224.2 2017 213.6 2018 199.6 2019 186.3 Total $ 938.6 |
Credit and Other Debt Agreeme29
Credit and Other Debt Agreements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Corporate and Other Debt | The following is a summary of our corporate and other debt (in millions): June 30, December 31, Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 6.44%, balloon due 2017 $ 300.0 $ 300.0 Semi-annual payments of interest, fixed rate of 5.85%, $50 million due in 2016, 2018 and 2019 150.0 150.0 Semi-annual payments of interest, fixed rate of 2.80%, balloon due 2018 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.20%, balloon due 2019 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99%, balloon due 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48%, balloon due 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 5.18%, balloon due 2021 75.0 75.0 Semi-annual payments of interest, fixed rate of 3.69%, balloon due 2022 200.0 200.0 Semi-annual payments of interest, fixed rate of 5.49%, balloon due 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.13%, balloon due 2023 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due 2024 325.0 325.0 Semi-annual payments of interest, fixed rate of 4.31%, balloon due 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.73%, balloon due 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36%, balloon due 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 4.98%, balloon due 2029 100.0 100.0 Total Note Purchase Agreements 2,125.0 2,125.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires September 19, 2018 155.0 140.0 Premium Financing Debt Facility - expires May 18, 2017: Periodic payments of interest and principal, Interbank rates plus 1.05% for Facility B; plus 0.55% for Facilities C and D Facility B AUD denominated tranche 61.8 95.0 NZD denominated tranche 8.6 17.8 Facility C and D AUD denominated tranche 14.3 7.7 NZD denominated tranche 6.9 7.4 Total Premium Financing Debt Facility 91.6 127.9 Total corporate and other debt $ 2,371.6 $ 2,392.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Six-month period ended 2015 2014 2015 2014 Net earnings attributable to controlling interests $ 139.3 $ 109.0 $ 161.2 $ 158.3 Weighted average number of common shares outstanding 170.6 154.3 168.1 144.2 Dilutive effect of stock options using the treasury stock method 1.1 1.4 1.2 1.6 Weighted average number of common and common equivalent shares outstanding 171.7 155.7 169.3 145.8 Basic net earnings per share $ 0.82 $ 0.71 $ 0.96 $ 1.10 Diluted net earnings per share $ 0.81 $ 0.70 $ 0.95 $ 1.09 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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: 2015 2014 Expected dividend yield 3.0 % 3.0 % Expected risk-free interest rate 1.8 % 1.8 % Volatility 28.2 % 28.9 % Expected life (in years) 5.5 5.5 |
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2015 (in millions, except exercise price and year data): Six-month period ended June 30, 2015 Shares Weighted Weighted Aggregate Beginning balance 8.4 $ 35.49 Granted 1.9 46.17 Exercised (1.2 ) 27.50 Forfeited or canceled — — Ending balance 9.1 $ 38.90 4.55 $ 76.5 Exercisable at end of period 2.4 $ 28.46 2.26 $ 44.5 Ending vested and expected to vest 8.9 $ 38.78 4.52 $ 76.0 |
Other Information Regarding Stock Options Outstanding and Exercisable | Other information regarding stock options outstanding and exercisable at June 30, 2015 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 21.28 - $ 30.95 2.2 2.04 $ 27.24 2.0 $ 26.95 31.34 - 39.17 3.0 4.26 37.64 0.4 35.65 46.17 - 46.17 1.9 6.70 46.17 — — 46.87 - 47.92 2.0 5.71 46.88 — — $ 21.28 - $ 47.92 9.1 4.55 $ 38.90 2.4 $ 28.46 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension Benefit Cost | The components of the net periodic pension benefit cost for the plan consists of the following (in millions): Three-month period ended Six-month period ended 2015 2014 2015 2014 Service cost $ 0.4 $ 0.1 $ 0.5 $ 0.2 Interest cost on benefit obligation 2.8 3.2 5.4 6.4 Expected return on plan assets (3.8 ) (4.7 ) (7.7 ) (9.4 ) Amortization of net actuarial loss 1.6 0.6 3.2 1.2 Net periodic benefit cost (earnings) $ 1.0 $ (0.8 ) $ 1.4 $ (1.6 ) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Reported in Other Current and Non-Current Assets | The following is a summary of our investments and the related funding commitments (in millions): June 30, 2015 December 31, 2014 Assets Funding Assets Chem-Mod LLC $ 4.0 $ — $ 4.0 Chem-Mod International LLC 2.0 — 2.0 C-Quest Technologies LLC and C-Quest Technologies International LLC — — — Clean-coal investments: Controlling interest in five limited liability companies that own fourteen 2009 Era Clean Coal Plants 15.6 — 17.3 Non-controlling interest in one limited liability company that owns one 2011 Era Clean Coal Plant 0.9 — 1.0 Controlling interest in fourteen limited liability companies that own nineteen 2011 Era Clean Coal Plants 58.3 — 54.5 Other investments 2.5 2.9 3.2 Total investments $ 83.3 $ 2.9 $ 82.0 |
Commitments, Contingencies an34
Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations | Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the note purchase agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase commitments at June 30, 2015 were as follows (in millions): Payments Due by Period Contractual Obligations 2015 2016 2017 2018 2019 Thereafter Total Note purchase agreements $ — $ 50.0 $ 300.0 $ 100.0 $ 100.0 $ 1,575.0 $ 2,125.0 Credit Agreement 155.0 — — — — — 155.0 Premium Financing Debt Facility 91.6 — — — — — 91.6 Interest on debt 50.4 100.4 97.5 77.5 73.2 323.9 722.9 Total debt obligations 297.0 150.4 397.5 177.5 173.2 1,898.9 3,094.5 Operating lease obligations 52.7 92.0 80.5 61.2 49.0 173.5 508.9 Less sublease arrangements (2.0 ) (1.3 ) (0.9 ) (0.7 ) (0.5 ) — (5.4 ) Outstanding purchase obligations 24.9 14.7 9.4 7.3 6.9 7.0 70.2 Funding related to acquistion of William Gallagher Associates Insurance Brokers, Inc. (see Note 3) 150.0 — — — — — 150.0 Total contractual obligations $ 522.6 $ 255.8 $ 486.5 $ 245.3 $ 228.6 $ 2,079.4 $ 3,818.2 |
Off-Balance Sheet Commitments | Off-Balance Sheet Commitments Amount of Commitment Expiration by Period Total Committed Off-Balance Sheet Commitments 2015 2016 2017 2018 2019 Thereafter Letters of credit $ — $ — $ — $ — $ — $ 22.6 $ 22.6 Financial guarantees 0.7 0.8 0.8 0.8 0.8 15.6 19.5 Funding commitments — — — — 1.5 1.4 2.9 Total commitments $ 0.7 $ 0.8 $ 0.8 $ 0.8 $ 2.3 $ 39.6 $ 45.0 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests | The after-tax components of our accumulated other comprehensive earnings (loss) attributable to controlling interests consist of the following: Pension Foreign Fair Value of Accumulated Balance as of December 31, 2014 $ (44.2 ) $ (216.3 ) $ (0.1 ) $ (260.6 ) Net change in period 0.7 (85.2 ) 6.4 (78.1 ) Balance as of June 30, 2015 $ (43.5 ) $ (301.5 ) $ 6.3 $ (338.7 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Financial information relating to our segments for the three-month and six-month periods ended June 30, 2015 and 2014 is as follows (in millions): Three-month period Six-month period ended June 30, ended June 30, 2015 2014 2015 2014 Brokerage Total revenues $ 885.6 $ 737.9 $ 1,636.7 $ 1,302.3 Earnings before income taxes $ 156.6 $ 136.2 $ 217.6 $ 186.5 Identifiable assets at June 30, 2015 and 2014 $ 8,894.1 $ 8,017.6 Risk Management Total revenues $ 189.4 $ 172.8 $ 366.6 $ 337.0 Earnings before income taxes $ 26.7 $ 21.2 $ 50.3 $ 39.9 Identifiable assets at June 30, 2015 and 2014 $ 623.3 $ 611.0 Corporate Total revenues $ 296.4 $ 268.6 $ 599.4 $ 455.0 Loss before income taxes $ (54.8 ) $ (45.5 ) $ (108.5 ) $ (59.8 ) Identifiable assets at June 30, 2015 and 2014 $ 1,198.7 $ 1,390.7 |
Nature of Operations and Basi37
Nature of Operations and Basis of Presentation - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)CountrySegment | Jun. 30, 2014USD ($) | |
Business And Basis Of Presentation [Line Items] | ||||
Number of countries in which the company has operations | Country | 31 | |||
Number of countries in which the company does business through a network of correspondent brokers and consultants | Country | 140 | |||
Number of reportable operating segments | Segment | 3 | |||
Total revenues | $ 1,371.4 | $ 1,179.3 | $ 2,602.7 | $ 2,094.3 |
Claims Handling Operation [Member] | Risk Management [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Total revenues | $ 4.9 | $ 4.7 | $ 9.8 | $ 8.9 |
Nature of Operations and Basi38
Nature of Operations and Basis of Presentation - Effect of Immaterial Changes to Presentation of Consolidated Statement of Earnings (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating expense | $ 207.1 | $ 179.2 | $ 410.6 | $ 328 |
Earnings before income taxes | 128.5 | 111.9 | 159.4 | 166.6 |
Provision for income taxes | 19.1 | 1.8 | 20.6 | 4.9 |
Net earnings | 147.6 | 113.7 | 180 | 171.5 |
Net earnings attributable to noncontrolling interests | (8.3) | (4.7) | (18.8) | (13.2) |
Net earnings attributable to controlling interests | $ 139.3 | $ 109 | $ 161.2 | $ 158.3 |
Basic net earnings per share | $ 0.82 | $ 0.71 | $ 0.96 | $ 1.10 |
Diluted net earnings per share | $ 0.81 | $ 0.70 | $ 0.95 | $ 1.09 |
As Previously Reported [Member] | ||||
Operating expense | $ 184 | $ 341.2 | ||
Earnings before income taxes | 107.1 | 153.4 | ||
Provision for income taxes | (1.9) | (4.9) | ||
Net earnings | $ 109 | $ 158.3 | ||
Basic net earnings per share | $ 0.71 | $ 1.10 | ||
Diluted net earnings per share | $ 0.70 | $ 1.09 | ||
As Restated [Member] | ||||
Operating expense | $ 179.2 | $ 328 | ||
Earnings before income taxes | 111.9 | 166.6 | ||
Provision for income taxes | (1.8) | (4.9) | ||
Net earnings | 113.7 | 171.5 | ||
Net earnings attributable to noncontrolling interests | 4.7 | 13.2 | ||
Net earnings attributable to controlling interests | $ 109 | $ 158.3 | ||
Basic net earnings per share | $ 0.71 | $ 1.10 | ||
Diluted net earnings per share | $ 0.70 | $ 1.09 |
Business Combinations - Acquisi
Business Combinations - Acquisition Method for Recording Business Combinations (Detail) - Jun. 30, 2015 - USD ($) shares in Thousands, $ in Millions | Total |
Business Acquisition [Line Items] | |
Common Shares Issued | 4,418 |
Common Share Value | $ 197.7 |
Cash Paid | 45.4 |
Accrued Liability | 7.1 |
Escrow Deposited | 16.2 |
Recorded Earnout Payable | 40.9 |
Total Recorded Purchase Price | 307.3 |
Maximum Potential Earnout Payable | $ 149.3 |
e3 Financial, Inc. (EFI) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 2 |
Common Share Value | $ 0 |
Cash Paid | 9.1 |
Accrued Liability | 0 |
Escrow Deposited | 0.1 |
Recorded Earnout Payable | 0.7 |
Total Recorded Purchase Price | 9.9 |
Maximum Potential Earnout Payable | $ 7 |
Aequus Trade Credit LLC [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 11 |
Common Share Value | $ 0.3 |
Cash Paid | 1.5 |
Accrued Liability | 0 |
Escrow Deposited | 0.2 |
Recorded Earnout Payable | 1.3 |
Total Recorded Purchase Price | 3.3 |
Maximum Potential Earnout Payable | $ 1.9 |
Cohen & Lord Insurance Brokers Limited [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 77 |
Common Share Value | $ 3.6 |
Cash Paid | 2.1 |
Accrued Liability | 0 |
Escrow Deposited | 0 |
Recorded Earnout Payable | 0 |
Total Recorded Purchase Price | 5.7 |
Maximum Potential Earnout Payable | $ 0 |
Cohn Financial Group, LLC (CFG) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 407 |
Common Share Value | $ 19 |
Cash Paid | 0 |
Accrued Liability | 0 |
Escrow Deposited | 0.3 |
Recorded Earnout Payable | 4.2 |
Total Recorded Purchase Price | 23.5 |
Maximum Potential Earnout Payable | $ 14 |
Excel Insurance Services, Inc. [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 52 |
Common Share Value | $ 1.5 |
Cash Paid | 7.3 |
Accrued Liability | 0 |
Escrow Deposited | 1 |
Recorded Earnout Payable | 0 |
Total Recorded Purchase Price | 9.8 |
Maximum Potential Earnout Payable | $ 0 |
Metcom Excess [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 49 |
Common Share Value | $ 1.8 |
Cash Paid | 2.3 |
Accrued Liability | 0 |
Escrow Deposited | 0.5 |
Recorded Earnout Payable | 0 |
Total Recorded Purchase Price | 4.6 |
Maximum Potential Earnout Payable | $ 0 |
NationAir Aviation Insurance (NAI) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 288 |
Common Share Value | $ 12.3 |
Cash Paid | 0 |
Accrued Liability | 0 |
Escrow Deposited | 1.3 |
Recorded Earnout Payable | 0 |
Total Recorded Purchase Price | 13.6 |
Maximum Potential Earnout Payable | $ 0 |
Evolution Group of Companies [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 101 |
Common Share Value | $ 4.7 |
Cash Paid | 0.9 |
Accrued Liability | 0.5 |
Escrow Deposited | 0.4 |
Recorded Earnout Payable | 2.9 |
Total Recorded Purchase Price | 9.4 |
Maximum Potential Earnout Payable | $ 3.1 |
Burns-Fazzi, Brock & Associates, LLC (BFB) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 709 |
Common Share Value | $ 33.4 |
Cash Paid | 0 |
Accrued Liability | 0 |
Escrow Deposited | 1 |
Recorded Earnout Payable | 7.4 |
Total Recorded Purchase Price | 41.8 |
Maximum Potential Earnout Payable | $ 27 |
Madison Risk & Insurance Services, Inc. (MRI) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 232 |
Common Share Value | $ 10.3 |
Cash Paid | 3.7 |
Accrued Liability | 0 |
Escrow Deposited | 1 |
Recorded Earnout Payable | 1.4 |
Total Recorded Purchase Price | 16.4 |
Maximum Potential Earnout Payable | $ 4 |
Integrated Healthcare Strategies, LLC (IHS) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 990 |
Common Share Value | $ 41.4 |
Cash Paid | 0.5 |
Accrued Liability | 3.1 |
Escrow Deposited | 6.2 |
Recorded Earnout Payable | 4.5 |
Total Recorded Purchase Price | 55.7 |
Maximum Potential Earnout Payable | $ 20.8 |
James R. Weir Insurance Agency, Inc. [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 56 |
Common Share Value | $ 2.5 |
Cash Paid | 0 |
Accrued Liability | 0 |
Escrow Deposited | 0.3 |
Recorded Earnout Payable | 0.8 |
Total Recorded Purchase Price | 3.6 |
Maximum Potential Earnout Payable | $ 1.1 |
McDowall Associates Human Resources Consultants Ltd. [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 34 |
Common Share Value | $ 1.5 |
Cash Paid | 0.6 |
Accrued Liability | 0.6 |
Escrow Deposited | 0.1 |
Recorded Earnout Payable | 0.5 |
Total Recorded Purchase Price | 3.3 |
Maximum Potential Earnout Payable | $ 2.5 |
Vital Benefits, Inc. [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 118 |
Common Share Value | $ 5.6 |
Cash Paid | 0 |
Accrued Liability | 0 |
Escrow Deposited | 0.1 |
Recorded Earnout Payable | 0 |
Total Recorded Purchase Price | 5.7 |
Maximum Potential Earnout Payable | $ 0 |
Monument, LLC (ML) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 254 |
Common Share Value | $ 10.8 |
Cash Paid | 4 |
Accrued Liability | 0 |
Escrow Deposited | 1.7 |
Recorded Earnout Payable | 2.4 |
Total Recorded Purchase Price | 18.9 |
Maximum Potential Earnout Payable | $ 5 |
Solid Benefit Guidance Limited Liability Company (SBG) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 932 |
Common Share Value | $ 44 |
Cash Paid | 0.3 |
Accrued Liability | 2.5 |
Escrow Deposited | 1 |
Recorded Earnout Payable | 11.6 |
Total Recorded Purchase Price | 59.4 |
Maximum Potential Earnout Payable | $ 32.5 |
Eight Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | 106 |
Common Share Value | $ 5 |
Cash Paid | 13.1 |
Accrued Liability | 0.4 |
Escrow Deposited | 1 |
Recorded Earnout Payable | 3.2 |
Total Recorded Purchase Price | 22.7 |
Maximum Potential Earnout Payable | $ 30.4 |
Business Combinations - Acqui40
Business Combinations - Acquisition Method for Recording Business Combinations (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
e3 Financial, Inc. (EFI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jan. 1, 2015 |
Aequus Trade Credit LLC [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jan. 31, 2015 |
Cohen & Lord Insurance Brokers Limited [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Feb. 1, 2015 |
Cohn Financial Group, LLC (CFG) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Feb. 1, 2015 |
Excel Insurance Services, Inc. [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Feb. 1, 2015 |
Metcom Excess [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Feb. 1, 2015 |
NationAir Aviation Insurance (NAI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Feb. 1, 2015 |
Evolution Group of Companies [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Feb. 6, 2015 |
Burns-Fazzi, Brock & Associates, LLC (BFB) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Apr. 1, 2015 |
Madison Risk & Insurance Services, Inc. (MRI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Apr. 1, 2015 |
Integrated Healthcare Strategies, LLC (IHS) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | May 1, 2015 |
James R. Weir Insurance Agency, Inc. [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | May 1, 2015 |
McDowall Associates Human Resources Consultants Ltd. [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | May 1, 2015 |
Vital Benefits, Inc. [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | May 1, 2015 |
Monument, LLC (ML) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jun. 1, 2015 |
Solid Benefit Guidance Limited Liability Company (SBG) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jun. 1, 2015 |
Eight Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Effective Year of Acquisition | 2,015 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 162 Months Ended | ||
Jun. 30, 2015USD ($)Entity | Jun. 30, 2014USD ($)Entity | Jun. 30, 2015USD ($)EntityEmployees | Jun. 30, 2014USD ($)Entity | Jun. 30, 2015USD ($)Entity | |
Business Acquisition [Line Items] | |||||
Accretion of the discount on acquisition | $ 4.3 | $ 3.4 | $ 8.5 | $ 6.7 | |
Income related to net adjustments to estimated fair value of liability for earnout obligations | $ 1.3 | $ 3.6 | $ 7.7 | $ 5.4 | |
Number of companies acquired | Entity | 24 | 18 | 43 | 35 | 363 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 596.6 | ||||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 217.4 | ||||
Goodwill | $ 143.4 | 143.4 | $ 143.4 | ||
Expiration lists | 150.4 | 150.4 | 150.4 | ||
Non-compete agreements | 1.6 | 1.6 | 1.6 | ||
Total revenues related to acquisitions in the aggregate | 1,379.3 | $ 1,209.5 | 2,637.6 | $ 2,155.6 | |
Brokerage and Risk Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 143.4 | 143.4 | 143.4 | ||
Expiration lists | 150.4 | 150.4 | 150.4 | ||
Non-compete agreements | 1.6 | $ 1.6 | 1.6 | ||
Expiration lists, amortization period, minimum, years | 3 years | ||||
Expiration lists, amortization period, maximum, years | 15 years | ||||
Non-compete agreements, amortization period, minimum, years | 3 years | ||||
Non-compete agreements, amortization period, maximum, years | 5 years | ||||
Trade names, amortization period, minimum ,years | 5 years | ||||
Trade names, amortization period, maximum, years | 15 years | ||||
Write-off of amortizable intangible assets | $ 0.5 | $ 0.6 | |||
Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 12.00% | ||||
2015 Acquisitions [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 6.50% | ||||
Discount rate | 8.50% | ||||
2015 Acquisitions [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 5.00% | ||||
Discount rate | 13.00% | ||||
Attrition rate | 13.00% | ||||
Business Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Annualized revenue of business acquisitions | $ 123.5 | ||||
Total revenues related to acquisitions in the aggregate | 26.9 | ||||
Net earnings | 2 | ||||
Business Acquisition [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Expiration lists | 150.4 | 150.4 | 150.4 | ||
Non-compete agreements | 1.6 | 1.6 | 1.6 | ||
Deferred tax liability | 5.3 | 5.3 | 5.3 | ||
Goodwill related to nondeductible amortizable intangible assets | 3.9 | ||||
Business Acquisition [Member] | Expiration Lists [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | 18.2 | 18.2 | 18.2 | ||
Business Acquisition [Member] | Non-Compete Agreements [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | $ 0.6 | 0.6 | $ 0.6 | ||
William Gallagher Associates Insurance Brokers Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and common stock paid for acquisition | 150 | ||||
Annualized revenue of business acquisitions | $ 50 | ||||
Number of employees at office of acquired entity | Employees | 200 | ||||
2014 Acquisitions [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 2.00% | ||||
Discount rate | 11.00% | ||||
Attrition rate | 3.00% |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Net Assets Acquired (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | $ 3.3 |
Other current assets | 33.9 |
Fixed assets | 6.6 |
Noncurrent assets | 0.6 |
Goodwill | 143.4 |
Expiration lists | 150.4 |
Non-compete agreements | 1.6 |
Total assets acquired | 339.8 |
Current liabilities | 25.4 |
Noncurrent liabilities | 7.1 |
Total liabilities assumed | 32.5 |
Total net assets acquired | 307.3 |
e3 Financial, Inc. (EFI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Goodwill | 6.1 |
Expiration lists | 3.7 |
Non-compete agreements | 0.1 |
Total assets acquired | 9.9 |
Total net assets acquired | 9.9 |
Cohn Financial Group, LLC (CFG) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.1 |
Goodwill | 11.3 |
Expiration lists | 12 |
Non-compete agreements | 0.1 |
Total assets acquired | 23.5 |
Total net assets acquired | 23.5 |
NationAir Aviation Insurance (NAI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 4.7 |
Goodwill | 9.8 |
Expiration lists | 5.2 |
Non-compete agreements | 0.2 |
Total assets acquired | 19.9 |
Current liabilities | 4.2 |
Noncurrent liabilities | 2.1 |
Total liabilities assumed | 6.3 |
Total net assets acquired | 13.6 |
Burns-Fazzi, Brock & Associates, LLC (BFB) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.1 |
Other current assets | 0.3 |
Goodwill | 18.5 |
Expiration lists | 23 |
Non-compete agreements | 0.1 |
Total assets acquired | 42 |
Current liabilities | 0.2 |
Total liabilities assumed | 0.2 |
Total net assets acquired | 41.8 |
Madison Risk & Insurance Services, Inc. (MRI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.1 |
Other current assets | 0.6 |
Goodwill | 6.3 |
Expiration lists | 9.9 |
Non-compete agreements | 0.1 |
Total assets acquired | 17 |
Current liabilities | 0.6 |
Total liabilities assumed | 0.6 |
Total net assets acquired | 16.4 |
Integrated Healthcare Strategies, LLC (IHS) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 8.3 |
Fixed assets | 1.1 |
Goodwill | 24.8 |
Expiration lists | 24.8 |
Non-compete agreements | 0.1 |
Total assets acquired | 59.1 |
Current liabilities | 3.4 |
Total liabilities assumed | 3.4 |
Total net assets acquired | 55.7 |
Monument, LLC (ML) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 0.2 |
Goodwill | 5.7 |
Expiration lists | 13 |
Total assets acquired | 18.9 |
Total net assets acquired | 18.9 |
Solid Benefit Guidance Limited Liability Company (SBG) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 1.4 |
Goodwill | 30.9 |
Expiration lists | 27.7 |
Non-compete agreements | 0.1 |
Total assets acquired | 60.1 |
Current liabilities | 0.7 |
Total liabilities assumed | 0.7 |
Total net assets acquired | 59.4 |
Sixteen Other Acquisitions [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 3 |
Other current assets | 18.4 |
Fixed assets | 5.5 |
Noncurrent assets | 0.6 |
Goodwill | 30 |
Expiration lists | 31.1 |
Non-compete agreements | 0.8 |
Total assets acquired | 89.4 |
Current liabilities | 16.3 |
Noncurrent liabilities | 5 |
Total liabilities assumed | 21.3 |
Total net assets acquired | $ 68.1 |
Business Combinations - Summa43
Business Combinations - Summary of Unaudited Pro Forma Historical Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Combinations [Abstract] | ||||
Total revenues | $ 1,379.3 | $ 1,209.5 | $ 2,637.6 | $ 2,155.6 |
Net earnings attributable to noncontrolling interests | $ 139.4 | $ 110.7 | $ 162.7 | $ 162.3 |
Basic net earnings per share | $ 0.81 | $ 0.70 | $ 0.95 | $ 1.09 |
Diluted net earnings per share | $ 0.80 | $ 0.69 | $ 0.95 | $ 1.08 |
Other Current Assets - Summary
Other Current Assets - Summary of Major Classes of Other Current Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Premium finance advances and loans | $ 219.8 | $ 232.6 |
Accrued supplemental, direct bill and other receivables | 193.7 | 156.3 |
Refined coal production related receivables | 130.4 | 103.5 |
Deferred income taxes - current | 106.7 | 102.2 |
Prepaid expenses | 80.8 | 72.1 |
Total other current assets | $ 731.4 | $ 666.7 |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule Of Other Current Assets [Line Items] | |
Collateralized delinquency period of receivables | 7 days |
Crombie Lockwood Oamps [Member] | |
Schedule Of Other Current Assets [Line Items] | |
Acquisition agreement date | Jun. 16, 2014 |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Total goodwill - net | $ 3,569.4 | $ 3,449.6 |
Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 1,807.3 | 1,672.8 |
United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 828.8 | 820.6 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 316.3 | 318.5 |
Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 372.3 | 336.8 |
Other Foreign, Principally New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 244.7 | 300.9 |
Brokerage [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 3,541.8 | 3,427.5 |
Brokerage [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 1,783.8 | 1,652.6 |
Brokerage [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 825 | 818.7 |
Brokerage [Member] | Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 316.3 | 318.5 |
Brokerage [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 372.3 | 336.8 |
Brokerage [Member] | Other Foreign, Principally New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 244.4 | 300.9 |
Risk Management [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 27.6 | 22.1 |
Risk Management [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 23.5 | 20.2 |
Risk Management [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 3.8 | 1.9 |
Risk Management [Member] | Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0 | 0 |
Risk Management [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0 | 0 |
Risk Management [Member] | Other Foreign, Principally New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0.3 | 0 |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0 | 0 |
Corporate [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0 | 0 |
Corporate [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0 | 0 |
Corporate [Member] | Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0 | 0 |
Corporate [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 0 | 0 |
Corporate [Member] | Other Foreign, Principally New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | $ 0 | $ 0 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 3,449.6 |
Goodwill acquired during the period | 143.4 |
Goodwill adjustments due to appraisals and other acquisition adjustments | 32.6 |
Foreign currency translation adjustments during the period | (56.2) |
Ending Balance | 3,569.4 |
Brokerage [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,427.5 |
Goodwill acquired during the period | 141.3 |
Goodwill related to transfer of operations between segments | (3.4) |
Goodwill adjustments due to appraisals and other acquisition adjustments | 32.6 |
Foreign currency translation adjustments during the period | (56.2) |
Ending Balance | 3,541.8 |
Risk Management [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 22.1 |
Goodwill acquired during the period | 2.1 |
Goodwill related to transfer of operations between segments | 3.4 |
Goodwill adjustments due to appraisals and other acquisition adjustments | 0 |
Foreign currency translation adjustments during the period | 0 |
Ending Balance | 27.6 |
Corporate [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 0 |
Goodwill acquired during the period | 0 |
Goodwill related to transfer of operations between segments | 0 |
Goodwill adjustments due to appraisals and other acquisition adjustments | 0 |
Foreign currency translation adjustments during the period | 0 |
Ending Balance | $ 0 |
Intangible Assets - Major Class
Intangible Assets - Major Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, net | $ 1,761.5 | $ 1,776 |
Expiration Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 2,560.1 | 2,461.9 |
Accumulated amortization | (823.3) | (719.3) |
Amortizable intangible assets, net | 1,736.8 | 1,742.6 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 42.7 | 43.2 |
Accumulated amortization | (32.5) | (29.5) |
Amortizable intangible assets, net | 10.2 | 13.7 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 27.2 | 29.7 |
Accumulated amortization | (12.7) | (10) |
Amortizable intangible assets, net | $ 14.5 | $ 19.7 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Aggregate Amortization Expense (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 (remaining six months) | $ 114.9 |
2,016 | 224.2 |
2,017 | 213.6 |
2,018 | 199.6 |
2,019 | 186.3 |
Total | $ 938.6 |
Credit and Other Debt Agreeme50
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 2,371.6 | $ 2,392.9 |
Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 91.6 | 127.9 |
Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 2,125 | 2,125 |
Fixed Rate of 6.44%, Balloon Due 2017 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 300 | 300 |
Fixed Rate of 5.85%, $50.0 Million Due in 2016, 2018 and 2019 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 150 | 150 |
Fixed Rate of 2.80%, Balloon Due 2018 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.20%, Balloon Due 2019 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.99%, Balloon Due 2020 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.48%, Balloon Due 2020 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 5.18%, Balloon Due 2021 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed rate of 3.69%, Balloon Due 2022 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 5.49%, Balloon Due 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.13%, Balloon Due 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.58% Balloon Due 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 325 | 325 |
Fixed Rate of 4.31%, Balloon Due 2025 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.73% Balloon Due 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.36%, Balloon Due 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 150 | 150 |
Fixed Rate of 4.98% Balloon Due 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Prime or LIBOR plus up to 1.45%, expires September 19, 2018 [Member] | Multi Currency Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 155 | 140 |
Interbank rates plus 1.05%, Expires May 18, 2017 [Member] | AUD denominated tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 61.8 | 95 |
Interbank rates plus 1.05%, Expires May 18, 2017 [Member] | NZD denominated tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 8.6 | 17.8 |
Interbank rates plus 0.55%, Expires May 18, 2017 [Member] | AUD denominated tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 14.3 | 7.7 |
Interbank rates plus 0.55%, Expires May 18, 2017 [Member] | NZD denominated tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 6.9 | $ 7.4 |
Credit and Other Debt Agreeme51
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | May 18, 2017 | May 18, 2017 |
Fixed Rate of 6.44%, Balloon Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 6.44% | 6.44% |
Principal payments, year due | 2,017 | 2,017 |
Fixed Rate of 5.85%, $50.0 Million Due in 2016, 2018 and 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.85% | 5.85% |
Long-Term debt maturities repayments in 2016 | $ 50 | $ 50 |
Long-Term debt maturities repayments in 2018 | 50 | 50 |
Long-Term debt maturities repayments in 2019 | $ 50 | $ 50 |
Fixed Rate of 2.80%, Balloon Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 2.80% | 2.80% |
Principal payments, year due | 2,018 | 2,018 |
Fixed Rate of 3.20%, Balloon Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.20% | 3.20% |
Principal payments, year due | 2,019 | 2,019 |
Fixed Rate of 3.99%, Balloon Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.99% | 3.99% |
Principal payments, year due | 2,020 | 2,020 |
Fixed Rate of 3.48%, Balloon Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.48% | 3.48% |
Principal payments, year due | 2,020 | 2,020 |
Fixed Rate of 5.18%, Balloon Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.18% | 5.18% |
Principal payments, year due | 2,021 | 2,021 |
Fixed rate of 3.69%, Balloon Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.69% | 3.69% |
Principal payments, year due | 2,022 | 2,022 |
Fixed Rate of 5.49%, Balloon Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.49% | 5.49% |
Principal payments, year due | 2,023 | 2,023 |
Fixed Rate of 4.13%, Balloon Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.13% | 4.13% |
Principal payments, year due | 2,023 | 2,023 |
Fixed Rate of 4.58% Balloon Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.58% | 4.58% |
Principal payments, year due | 2,024 | 2,024 |
Fixed Rate of 4.31%, Balloon Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.31% | 4.31% |
Principal payments, year due | 2,025 | 2,025 |
Fixed Rate of 4.73% Balloon Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.73% | 4.73% |
Principal payments, year due | 2,026 | 2,026 |
Fixed Rate of 4.36%, Balloon Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.36% | 4.36% |
Principal payments, year due | 2,026 | 2,026 |
Fixed Rate of 4.98% Balloon Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.98% | 4.98% |
Principal payments, year due | 2,029 | 2,029 |
Prime or LIBOR plus up to 1.45%, expires September 19, 2018 [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 1.45% | 1.45% |
Periodic payments of interest and principal, expiry date | Sep. 19, 2018 | Sep. 19, 2018 |
First Installment [Member] | Fixed Rate of 5.85%, $50.0 Million Due in 2016, 2018 and 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Principal payments, year due | 2,016 | 2,016 |
Second Installment [Member] | Fixed Rate of 5.85%, $50.0 Million Due in 2016, 2018 and 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Principal payments, year due | 2,018 | 2,018 |
Third Installment [Member] | Fixed Rate of 5.85%, $50.0 Million Due in 2016, 2018 and 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Principal payments, year due | 2,019 | 2,019 |
Facility B [Member] | Interbank rates plus 1.05%, Expires May 18, 2017 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 1.05% | 1.05% |
Facility C and D [Member] | Interbank rates plus 0.55%, Expires May 18, 2017 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 0.55% | 0.55% |
Credit and Other Debt Agreeme52
Credit and Other Debt Agreements - Note Purchase Agreements - Additional information (Detail) - Jun. 30, 2015 - Note Purchase Agreements [Member] - USD ($) $ in Millions | Total |
Debt Instrument [Line Items] | |
Amount payable to redeem the notes, percent of the principal amount | 100.00% |
Discount rate used to compute the remaining scheduled payments of principal and interest | U.S. Treasury yields plus 0.5% |
6.44% Senior Notes, Series B [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 300 |
Note payable, semi-annual payments of interest, fixed rate | 6.44% |
Debt instrument, maturity date | Aug. 3, 2017 |
5.85% Senior Notes, Series C [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 150 |
Note payable, semi-annual payments of interest, fixed rate | 5.85% |
5.85% Senior Notes, Series C [Member] | First Installment [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 30, 2016 |
5.85% Senior Notes, Series C [Member] | Second Installment [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 30, 2018 |
5.85% Senior Notes, Series C [Member] | Third Installment [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 30, 2019 |
5.18% Senior Notes, Series D [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 75 |
Note payable, semi-annual payments of interest, fixed rate | 5.18% |
Debt instrument, maturity date | Feb. 10, 2021 |
5.49% Senior Notes, Series E [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 50 |
Note payable, semi-annual payments of interest, fixed rate | 5.49% |
Debt instrument, maturity date | Feb. 10, 2023 |
3.99% Senior Notes, Series F [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 50 |
Note payable, semi-annual payments of interest, fixed rate | 3.99% |
Debt instrument, maturity date | Jul. 10, 2020 |
3.69% Senior Notes Series G [Member] | Private Placement [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jun. 14, 2022 |
Private placement debt, additional amount committed to borrow | $ 200 |
Interest rate | 3.69% |
4.58% Senior Notes, Series H [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 325 |
Note payable, semi-annual payments of interest, fixed rate | 4.58% |
Debt instrument, maturity date | Feb. 27, 2024 |
4.73% Senior Notes, Series I [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 175 |
Note payable, semi-annual payments of interest, fixed rate | 4.73% |
Debt instrument, maturity date | Feb. 27, 2026 |
4.98% Senior Notes, Series J [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 100 |
Note payable, semi-annual payments of interest, fixed rate | 4.98% |
Debt instrument, maturity date | Feb. 27, 2029 |
Senior Notes Series H, I & J [Member] | |
Debt Instrument [Line Items] | |
Debt acquisition costs | $ 1.4 |
2.80% Senior Notes, Series K [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 50 |
Note payable, semi-annual payments of interest, fixed rate | 2.80% |
Debt instrument, maturity date | Jun. 24, 2018 |
3.20% Senior Notes, Series L [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 50 |
Note payable, semi-annual payments of interest, fixed rate | 3.20% |
Debt instrument, maturity date | Jun. 24, 2019 |
3.48% Senior Notes, Series M [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 50 |
Note payable, semi-annual payments of interest, fixed rate | 3.48% |
Debt instrument, maturity date | Jun. 24, 2020 |
4.13% Senior Notes, Series N [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 200 |
Note payable, semi-annual payments of interest, fixed rate | 4.13% |
Debt instrument, maturity date | Jun. 24, 2023 |
4.31% Senior Notes, Series O [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 200 |
Note payable, semi-annual payments of interest, fixed rate | 4.31% |
Debt instrument, maturity date | Jun. 24, 2025 |
4.36% Senior Notes, Series P [Member] | |
Debt Instrument [Line Items] | |
Notes issued and sold | $ 150 |
Note payable, semi-annual payments of interest, fixed rate | 4.36% |
Debt instrument, maturity date | Jun. 24, 2026 |
Senior Notes Series K, L, M, N, O & P [Member] | |
Debt Instrument [Line Items] | |
Debt acquisition costs | $ 2.6 |
Credit and Other Debt Agreeme53
Credit and Other Debt Agreements - Credit Agreement - Additional information (Detail) NZD in Millions, AUD in Millions | 6 Months Ended | ||||||
Jun. 30, 2015USD ($)Institution | Jun. 30, 2015AUDInstitution | Jun. 30, 2015NZDInstitution | Jun. 30, 2014USD ($) | Jun. 30, 2015AUD | Jun. 30, 2015NZD | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||
Liabilities | $ 7,004,600,000 | $ 6,704,900,000 | |||||
Line of credit facility, increase in additional borrowings | 263,000,000 | $ 870,400,000 | |||||
Net borrowings on premium financing debt facility | $ (29,600,000) | $ 139,000,000 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Date of expire | May 18, 2017 | May 18, 2017 | May 18, 2017 | ||||
Interest rate for facility | The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. | The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. | The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. | ||||
Up front fee percentage for entering into premium financing debt facility | 0.30% | 0.30% | 0.30% | ||||
Debt instrument fair value amount | $ 91,600,000 | ||||||
Multi Currency Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | ||||||
Number of financial institutions entered in unsecured multicurrency credit agreement | Institution | 15 | 15 | 15 | ||||
Debt instrument, maturity date | Sep. 19, 2018 | Sep. 19, 2018 | Sep. 19, 2018 | ||||
Line of credit facility, maximum amount outstanding during period | $ 850,000,000 | ||||||
Fixed rate (alternative one) over LIBOR | 0.85% | 0.85% | 0.85% | ||||
Fixed rate (alternative two) over LIBOR | 0.95% | 0.95% | 0.95% | ||||
Fixed rate (alternative three) over LIBOR | 1.05% | 1.05% | 1.05% | ||||
Fixed rate (alternative four) over LIBOR | 1.25% | 1.25% | 1.25% | ||||
Fixed rate (alternative five) over LIBOR | 1.45% | 1.45% | 1.45% | ||||
Annual facility fee of revolving credit facility (alternative one) | 0.15% | 0.15% | 0.15% | ||||
Annual facility fee of revolving credit facility (alternative two) | 0.175% | 0.175% | 0.175% | ||||
Annual facility fee of revolving credit facility (alternative three) | 0.20% | 0.20% | 0.20% | ||||
Annual facility fee of revolving credit facility (alternative four) | 0.25% | 0.25% | 0.25% | ||||
Annual facility fee of revolving credit facility (alternative five) | 0.30% | 0.30% | 0.30% | ||||
Debt acquisition costs | $ 2,100,000 | ||||||
Estimated fair value of outstanding borrowings | 155,000,000 | ||||||
Multi Currency Credit Agreement [Member] | Swing Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 50,000,000 | ||||||
Multi Currency Credit Agreement [Member] | Standby Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 75,000,000 | ||||||
Line of credit facility, amount outstanding | 22,600,000 | ||||||
Liabilities | 11,200,000 | ||||||
Line of credit facility, fair value of amount outstanding | 155,000,000 | ||||||
Line of credit facility, remaining borrowing capacity | 422,400,000 | ||||||
Line of credit facility, increase in additional borrowings | $ 52,400,000 | ||||||
Credit Facility Two [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | AUD 80 | NZD 12.5 | |||||
Line of credit facility, remaining borrowing capacity | 70 | 22.5 | |||||
Net borrowings on premium financing debt facility | AUD 150 | NZD 35 | |||||
Additional margin percentage on interest rate | 1.05% | 1.05% | 1.05% | ||||
Annual fee percentage | 0.4725% | 0.4725% | 0.4725% | ||||
Credit Facility Three [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | AUD | 18.5 | ||||||
Line of credit facility, remaining borrowing capacity | 6.5 | 4.9 | |||||
Net borrowings on premium financing debt facility | AUD | AUD 25 | ||||||
Additional margin percentage on interest rate | 0.55% | 0.55% | 0.55% | ||||
Annual fee percentage | 0.50% | 0.50% | 0.50% | ||||
Credit Facility Four [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, amount outstanding | NZD | 10.1 | ||||||
Line of credit facility, remaining borrowing capacity | AUD 6.5 | NZD 4.9 | |||||
Net borrowings on premium financing debt facility | NZD | NZD 15 | ||||||
Additional margin percentage on interest rate | 0.55% | 0.55% | 0.55% | ||||
Annual fee percentage | 0.50% | 0.50% | 0.50% | ||||
Note Purchase Agreements [Member] | Level 3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, fair value of amount outstanding | $ 2,243,700,000 | ||||||
Long-term debt | $ 2,125,000,000 |
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 | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to controlling interests | $ 139.3 | $ 109 | $ 161.2 | $ 158.3 |
Weighted average number of common shares outstanding | 170.6 | 154.3 | 168.1 | 144.2 |
Dilutive effect of stock options using the treasury stock method | 1.1 | 1.4 | 1.2 | 1.6 |
Weighted average number of common and common equivalent shares outstanding | 171.7 | 155.7 | 169.3 | 145.8 |
Basic net earnings per share | $ 0.82 | $ 0.71 | $ 0.96 | $ 1.10 |
Diluted net earnings per share | $ 0.81 | $ 0.70 | $ 0.95 | $ 1.09 |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Options to purchase common stock shares outstanding | 3.9 | 1.9 | 3.1 | 1.2 |
Stock Option Plans - Additional
Stock Option Plans - Additional information (Detail) - USD ($) | Mar. 11, 2015 | Mar. 12, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Stock Option Plans [Line Items] | ||||||||
Maximum number of shares available | 362,600 | 323,600 | ||||||
Maximum number of shares granted during any fiscal year to any person | 200,000 | |||||||
Number of years options expire, maximum | 7 years | 7 years | ||||||
Compensation expense related to stock option grants | $ 2,900,000 | $ 2,700,000 | $ 5,100,000 | $ 4,000,000 | ||||
Total intrinsic value of options exercised | 22,800,000 | $ 19,700,000 | ||||||
Total unrecognized compensation cost related to nonvested options | $ 41,200,000 | $ 41,200,000 | ||||||
Weighted average period, years | 4 years | |||||||
Officer and Key Employees [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Shares available for grant | 1,941,000 | 1,923,000 | ||||||
Stock options granted, exercise percentage, on the anniversary date of the grant in 2018 | 34.00% | 34.00% | ||||||
Stock options granted, exercise percentage, on the anniversary date of the grant in 2019 | 33.00% | 33.00% | ||||||
Stock options granted, exercise percentage, on the anniversary date of the grant in 2020 | 33.00% | 33.00% | ||||||
Long Term Incentive Plan [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Maximum number of shares available | 2,000,000 | |||||||
Shares available for grant | 7,000,000 | 7,000,000 | ||||||
Performance-Based Restricted Stock [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Maximum number of shares granted during any fiscal year to any person | 100,000 | |||||||
Cash Settled Performance Shares [Member] | Performance-Based Restricted Stock [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Maximum amount payable for the shares granted during any fiscal year to any person | $ 5,000,000 | |||||||
Stock Settled Performance Shares [Member] | Performance-Based Restricted Stock [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Maximum number of shares granted during any fiscal year to any person | 100,000 | |||||||
Maximum [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Maximum period for the exercise of stock options, years | 7 years | |||||||
Minimum [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 | 100.00% | |||||||
Period of Service from Grant Date Stock Options Awarded Not Subject to Forfeiture | 2 years | |||||||
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 | |||||||
Black-Scholes Option Pricing Model [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Weighted average fair value per option for all options | $ 9.25 | $ 9.66 |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option Pricing Model with Weighted Average (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected dividend yield | 3.00% | 3.00% |
Expected risk-free interest rate | 1.80% | 1.80% |
Volatility | 28.20% | 28.90% |
Expected life (in years) | 5 years 6 months | 5 years 6 months |
Stock Option Plans - Stock Opti
Stock Option Plans - Stock Option Activity and Related Information (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares Under Option, Beginning balance | 8.4 |
Shares Under Option, Granted | 1.9 |
Shares Under Option, Exercised | (1.2) |
Shares Under Option, Forfeited or canceled | 0 |
Shares Under Option, Ending balance | 9.1 |
Shares Under Option, Exercisable at end of period | 2.4 |
Shares Under Option, Ending vested and expected to vest | 8.9 |
Weighted Average Exercise Price, Beginning balance | $ 35.49 |
Weighted Average Exercise Price, Granted | 46.17 |
Weighted Average Exercise Price, Exercised | 27.50 |
Weighted Average Exercise Price, Forfeited or canceled | 0 |
Weighted Average Exercised Price, Ending balance | 38.90 |
Weighted Average Exercise Price, Exercisable at end of period | 28.46 |
Weighted Average Exercise price, Ending vested and expected to vest | $ 38.78 |
Weighted Average Remaining Contractual Term (in years), Ending balance | 4 years 6 months 18 days |
Weighted Average Remaining Contractual Term (in years), Exercisable at end of period | 2 years 3 months 4 days |
Weighted Average Remaining Contractual Term (in years), Ending vested and expected to vested | 4 years 6 months 7 days |
Aggregate Intrinsic Value, Ending Balance | $ 76.5 |
Aggregate Intrinsic Value, Exercisable at end of period | 44.5 |
Aggregate Intrinsic Value, Ending vested and expected to vest | $ 76 |
Stock Option Plans - Stock Op59
Stock Option Plans - Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | $ 21.28 | |
Range of Exercise Prices, maximum | $ 47.92 | |
Option Outstanding, Number Outstanding | 9.1 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 6 months 18 days | |
Option Outstanding, Weighted Average Exercise Price | $ 38.90 | $ 35.49 |
Options Exercisable, Number Exercisable | 2.4 | |
Option Exercisable, Weighted Average Exercise Price | $ 28.46 | |
Exercise Prices Range $ 21.28 - $ 30.95 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 21.28 | |
Range of Exercise Prices, maximum | $ 30.95 | |
Option Outstanding, Number Outstanding | 2.2 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 27.24 | |
Options Exercisable, Number Exercisable | 2 | |
Option Exercisable, Weighted Average Exercise Price | $ 26.95 | |
Exercise Prices Range $ 31.34 - $ 39.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 31.34 | |
Range of Exercise Prices, maximum | $ 39.17 | |
Option Outstanding, Number Outstanding | 3 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 3 months 4 days | |
Option Outstanding, Weighted Average Exercise Price | $ 37.64 | |
Options Exercisable, Number Exercisable | 0.4 | |
Option Exercisable, Weighted Average Exercise Price | $ 35.65 | |
Exercise Prices Range $ 46.17 - $ 46.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 46.17 | |
Range of Exercise Prices, maximum | $ 46.17 | |
Option Outstanding, Number Outstanding | 1.9 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 8 months 12 days | |
Option Outstanding, Weighted Average Exercise Price | $ 46.17 | |
Exercise Prices Range $ 46.87 - $ 47.92 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 46.87 | |
Range of Exercise Prices, maximum | $ 47.92 | |
Option Outstanding, Number Outstanding | 2 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 8 months 16 days | |
Option Outstanding, Weighted Average Exercise Price | $ 46.88 |
Deferred Compensation - Additio
Deferred Compensation - Additional information (Detail) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
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 | ||||||
Age 62 Plan [Member] | |||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||
Awards approved by committee, value | $ 8,900,000 | $ 9,200,000 | |||||
Charge to compensation expenses related to awards | $ 2,100,000 | $ 1,800,000 | $ 3,100,000 | $ 3,200,000 | |||
Unearned deferred compensation, value | $ 38,100,000 | $ 28,200,000 | |||||
Unearned deferred compensation, shares | 2.1 | 1.9 | |||||
Total intrinsic value of unvested equity based awards | $ 99,400,000 | $ 89,100,000 | |||||
Cash and equity awards with aggregate fair value vested and distributed to participants | 100,000 | ||||||
Deferred Cash Participation Plan (DCPP) [Member] | |||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||
Awards approved by committee, value | $ 2,700,000 | $ 2,900,000 | |||||
Charge to compensation expenses related to awards | $ 200,000 | $ 700,000 | 600,000 | $ 1,500,000 | |||
Cash and equity awards with aggregate fair value vested and distributed to participants | $ 0 |
Restricted Stock, Performance61
Restricted Stock, Performance Share and Cash Awards - Additional Information (Detail) | Mar. 11, 2015USD ($)shares | Mar. 12, 2014USD ($)shares | Jun. 30, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($)shares | Jun. 30, 2015USD ($)Timesshares | Jun. 30, 2014USD ($) | Dec. 31, 2014shares | Mar. 31, 2013shares | Mar. 13, 2013USD ($)shares | Mar. 16, 2012USD ($)shares |
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Share-based compensation, shares outstanding | shares | 9,100,000 | 9,100,000 | 8,400,000 | |||||||||
Shares granted in the period | shares | 362,600 | 323,600 | ||||||||||
Fair value of grants in period | $ 16,700,000 | $ 15,200,000 | ||||||||||
Ultimate award value, multiples of original value of the units, minimum | Times | 0.5 | |||||||||||
Ultimate award value, multiples of original value of the units, maximum | Times | 1.5 | |||||||||||
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 | |||||||||||
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 | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Share-based compensation, shares outstanding, Value | $ 2,000,000 | $ 2,000,000 | ||||||||||
Share-based compensation, shares outstanding | shares | 1,500,000 | 1,500,000 | ||||||||||
Share based payment award vesting date | Mar. 11, 2019 | Mar. 12, 2018 | ||||||||||
Restricted stock or unit expense | $ 4,700,000 | $ 3,900,000 | $ 7,500,000 | $ 6,500,000 | ||||||||
Restricted Stock Units (RSUs) [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 | ||||||||||
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 Plan [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Shares granted in the period | shares | 362,600 | 323,600 | ||||||||||
Unvested Restricted Stock [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Total intrinsic value | 66,500,000 | 58,200,000 | 66,500,000 | 58,200,000 | ||||||||
Equity awards with an aggregate fair value | $ 9,900,000 | 9,500,000 | ||||||||||
Performance Shares [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Shares authorized | shares | 53,900 | 48,800 | ||||||||||
Performance unit awards approved, Fair value | $ 2,500,000 | $ 2,300,000 | ||||||||||
Performance unit awards, Terms | Granted units for the 2015 and 2014 provisional awards will fully vest based on continuous employment through January 1, 2018 and January 1, 2017, respectively, and will be settled in shares of our common stock on a one-for-one basis as soon as practicable in 2018 and 2017, respectively. | |||||||||||
Performance period, years | 1 year | |||||||||||
Vesting period, years | 2 years | |||||||||||
Cash Awards [Member] | Officer and Key Employees [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Performance period, years | 1 year | |||||||||||
Vesting period, years | 2 years | |||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 14,600,000 | $ 10,800,000 | $ 10,500,000 | $ 13,100,000 | ||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 315,000 | 229,000 | 220,000 | 263,000 | 365,000 | 269,000 | 368,000 | |||||
2015 Provisional Cash Awards [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Cash-based compensation awards, expenses | 0 | |||||||||||
2014 Provisional Cash Awards [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Cash-based compensation awards, expenses | 1,300,000 | $ 2,500,000 | 0 | |||||||||
2013 Provisional Cash Awards [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Cash-based compensation awards, expenses | $ 1,600,000 | 1,500,000 | $ 3,000,000 | 3,000,000 | ||||||||
2012 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 | 300,000 | 300,000 | ||||||||||
Cash-based compensation awards, expenses | $ 1,800,000 | $ 0 | $ 4,500,000 | |||||||||
Grants vested in period fair value | $ 15,800,000 | $ 15,800,000 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Pension Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 0.4 | $ 0.1 | $ 0.5 | $ 0.2 |
Interest cost on benefit obligation | 2.8 | 3.2 | 5.4 | 6.4 |
Expected return on plan assets | (3.8) | (4.7) | (7.7) | (9.4) |
Amortization of net actuarial loss | 1.6 | 0.6 | 3.2 | 1.2 |
Net periodic benefit cost (earnings) | $ 1 | $ (0.8) | $ 1.4 | $ (1.6) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Minimum contribution by employer | $ 0 | $ 0 |
Investments - Investments Repor
Investments - Investments Reported in Other Current and Non-Current Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 83.3 | $ 82 |
Funding Commitments | 2.9 | |
Chem-Mod LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 4 | 4 |
Chem-Mod International LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 2 | $ 2 |
C-Quest Technologies LLC and C-Quest Technologies International LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | ||
Clean-Coal Investments [Member] | Controlling Interest [Member] | Fourteen 2009 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 15.6 | $ 17.3 |
Clean-Coal Investments [Member] | Controlling Interest [Member] | Nineteen 2011 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 58.3 | 54.5 |
Clean-Coal Investments [Member] | Noncontrolling Interests [Member] | One 2011 Era Clean Coal Plant [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 0.9 | 1 |
Other Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2.5 | $ 3.2 |
Funding Commitments | $ 2.9 |
Investments - Investments Rep65
Investments - Investments Reported in Other Current and Non-Current Assets (Parenthetical) (Detail) - Clean-Coal Investments [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015EntityPlant | Dec. 31, 2014EntityPlant | |
Schedule of Equity Method Investments [Line Items] | ||
Number of variable interest entities | 1 | |
Fourteen 2009 Era Clean Coal Plants [Member] | Controlling Interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of coal plants | Plant | 14 | 14 |
Number of variable interest entities | 5 | 5 |
One 2011 Era Clean Coal Plant [Member] | Noncontrolling Interests [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of coal plants | Plant | 1 | 1 |
Number of variable interest entities | 1 | 1 |
Nineteen 2011 Era Clean Coal Plants [Member] | Controlling Interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of coal plants | Plant | 19 | 19 |
Number of variable interest entities | 14 | 14 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2014 | Aug. 01, 2013 | |
Chem-Mod International LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest held | 31.52% | ||
C-Quest Technologies LLC and C-Quest Technologies International LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest held | 12.00% | ||
Increase in ownership interest | 4.00% | ||
Option to acquire additional interest, percent | 19.00% | ||
Option to acquire additional interest, total price | $ 9.5 | ||
End date for acquiring additional interest | Aug. 1, 2016 | ||
Loans to majority owners | $ 2 | ||
Interest rate of loan | 2.00% | ||
Maturity date of loan | May 15, 2014 | ||
Loan description | On August 1, 2013, we loaned the majority owner $2.0 million at a 2% interest rate, which was to mature on May 15, 2014. Also on August 1, 2013, the option to acquire the 19% interests was extended to August 15, 2016. The loan was to be repaid in cash or by delivery of an additional 4% ownership interest in C-Quest’s global entities. On March 31, 2014, we accepted payment of the loan by delivery of the additional 4% ownership interest, therefore our remaining option was reduced to 15% and the remaining purchase price was reduced to $7.5 million. | ||
Delivery of additional ownership interest | 4.00% | ||
C-Quest Technologies LLC and C-Quest Technologies International LLC [Member] | Change in Option on Delivery of Additional Interest [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Option to acquire additional interest, percent | 15.00% | ||
Option to acquire additional interest, total price | $ 7.5 | ||
Chem-Mod Clean-Coal Venture - U.S. and Canadian Operations [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest held | 46.54% | ||
Chem-Mod Clean-Coal Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets of variable interest entities | $ 10.6 | ||
Total liabilities of variable interest entities | 0.9 | ||
Total revenues of limited liability companies | 34.7 | ||
Total expenses of limited liability companies | $ 1.5 |
Investments - Clean Coal Invest
Investments - Clean Coal Investments - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)Entity | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)EntityPlant | Jun. 30, 2014USD ($) | Mar. 01, 2014USD ($)Plant | Mar. 01, 2013Plant | |
Schedule of Equity Method Investments [Line Items] | ||||||
Total revenues | $ 1,371.4 | $ 1,179.3 | $ 2,602.7 | $ 2,094.3 | ||
Number of clean coal production plants seeking and negotiating for long term production contract | Plant | 8 | |||||
Limited Liability Company [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying value of prior non-controlling interest in limited liability company on acquisition date | $ 15.6 | |||||
Ownership interest acquired in a limited liability company | 50.00% | 50.00% | ||||
2009 Era Plants [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of additional plants acquired | Plant | 7 | 12 | ||||
Number of additional plants acquired with ownership interest range one | Plant | 9 | |||||
Number of additional plants acquired with ownership interest range two | Plant | 3 | |||||
Ownership interest before additional nine plants acquired | 24.50% | |||||
Ownership interest after additional nine plants acquired | 49.50% | |||||
Ownership interest before additional three plants acquired | 25.00% | |||||
Ownership interest after additional three plants acquired | 60.00% | |||||
Purchase of consideration received | $ 8 | $ 8 | ||||
Payment of cash and other consideration | 5 | 5 | ||||
Gain on purchase of additional interest | $ 11.4 | $ 11.4 | ||||
Prior percentage of equity interest in limited liability company | 25.00% | 25.00% | ||||
Additional percentage of equity interest in limited liability company upon acquisition | 35.00% | 35.00% | ||||
Fixed assets and other amortizable intangible assets acquired upon acquisition | $ 26.3 | $ 26.3 | ||||
Carrying value of prior non-controlling interest in limited liability company on acquisition date | 4.8 | 4.8 | ||||
Other assets acquired upon acquisition | 6.8 | $ 6.8 | ||||
Ownership interest before additional seven plants acquired | 49.50% | |||||
Ownership interest after additional seven plants acquired | 100.00% | |||||
2011 Era Plants [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of additional plants acquired | Plant | 5 | |||||
Gain on purchase of additional interest | $ 25.6 | |||||
Fixed assets and other amortizable intangible assets acquired upon acquisition | $ 26.3 | |||||
Ownership interest before additional one plant acquired | 48.80% | |||||
Ownership interest after additional one plant acquired | 90.00% | |||||
Ownership interest before additional three plants acquired | 49.00% | |||||
Ownership interest after additional three plants acquired | 100.00% | |||||
Ownership interest before additional one plant acquired | 98.00% | |||||
Ownership interest after additional one plant acquired | 100.00% | |||||
Total revenues | 131.3 | |||||
Total expenses | $ 139.8 | |||||
Chem-Mod LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of clean coal production plants owned | Plant | 34 | |||||
Chem-Mod LLC [Member] | 2009 Era Plants [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of clean coal production plants owned | Plant | 14 | |||||
Chem-Mod LLC [Member] | 2011 Era Plants [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of clean coal production plants owned | Plant | 20 | |||||
Long Term Production Contracts [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of clean coal production plants owned | Plant | 26 | |||||
Clean-Coal Investments [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of variable interest entities | Entity | 1 | 1 | ||||
Clean-Coal Investments [Member] | VIE [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets of limited liability companies | $ 9.9 | $ 9.9 | ||||
Total liability of limited liability companies | $ 7.1 | 7.1 | ||||
Total revenues of limited liability companies | 16.1 | |||||
Total expenses of limited liability companies | $ 19.7 |
Investments - Other Investments
Investments - Other Investments - Additional Information (Detail) $ in Millions | Jun. 30, 2015USD ($)InvestmentVenture | Dec. 31, 2014USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 83.3 | $ 82 |
Non controlling interest certified low-income housing developments | Investment | 12 | |
Non controlling interest in real estate entities | Investment | 2 | |
Carrying value of investments in real estate entities | $ 0 | |
Other Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2.5 | $ 3.2 |
Other Investments [Member] | Four Venture Capital Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 2 | |
Non controlling interest in venture capital funds number | Venture | 4 | |
Other Investments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 60 | |
Debt | 20 | |
Other Investments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Twelve Certified Low-Income Housing Developments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value of investments | $ 0 | |
Investment Management Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest held | 20.00% | |
Cost of acquiring equity interest | $ 0.5 |
Commitments, Contingencies an69
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contractual Obligations (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Note Purchase Agreements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | |
Contractual Obligations, Payments Due by Period, 2016 | $ 50 |
Contractual Obligations, Payments Due by Period, 2017 | 300 |
Contractual Obligations, Payments Due by Period, 2018 | 100 |
Contractual Obligations, Payments Due by Period, 2019 | 100 |
Contractual Obligations, Payments Due by Period, Thereafter | 1,575 |
Contractual Obligations, Payments Due by Period, Total | 2,125 |
Multi Currency Credit Agreement [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | $ 155 |
Contractual Obligations, Payments Due by Period, 2016 | |
Contractual Obligations, Payments Due by Period, 2017 | |
Contractual Obligations, Payments Due by Period, 2018 | |
Contractual Obligations, Payments Due by Period, 2019 | |
Contractual Obligations, Payments Due by Period, Thereafter | |
Contractual Obligations, Payments Due by Period, Total | $ 155 |
Premium Financing Debt Facility [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | $ 91.6 |
Contractual Obligations, Payments Due by Period, 2016 | |
Contractual Obligations, Payments Due by Period, 2017 | |
Contractual Obligations, Payments Due by Period, 2018 | |
Contractual Obligations, Payments Due by Period, 2019 | |
Contractual Obligations, Payments Due by Period, Thereafter | |
Contractual Obligations, Payments Due by Period, Total | $ 91.6 |
Interest On Debt [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | 50.4 |
Contractual Obligations, Payments Due by Period, 2016 | 100.4 |
Contractual Obligations, Payments Due by Period, 2017 | 97.5 |
Contractual Obligations, Payments Due by Period, 2018 | 77.5 |
Contractual Obligations, Payments Due by Period, 2019 | 73.2 |
Contractual Obligations, Payments Due by Period, Thereafter | 323.9 |
Contractual Obligations, Payments Due by Period, Total | 722.9 |
Total Debt Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | 297 |
Contractual Obligations, Payments Due by Period, 2016 | 150.4 |
Contractual Obligations, Payments Due by Period, 2017 | 397.5 |
Contractual Obligations, Payments Due by Period, 2018 | 177.5 |
Contractual Obligations, Payments Due by Period, 2019 | 173.2 |
Contractual Obligations, Payments Due by Period, Thereafter | 1,898.9 |
Contractual Obligations, Payments Due by Period, Total | 3,094.5 |
Operating Lease Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | 52.7 |
Contractual Obligations, Payments Due by Period, 2016 | 92 |
Contractual Obligations, Payments Due by Period, 2017 | 80.5 |
Contractual Obligations, Payments Due by Period, 2018 | 61.2 |
Contractual Obligations, Payments Due by Period, 2019 | 49 |
Contractual Obligations, Payments Due by Period, Thereafter | 173.5 |
Contractual Obligations, Payments Due by Period, Total | 508.9 |
Less Sublease Arrangements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | (2) |
Contractual Obligations, Payments Due by Period, 2016 | (1.3) |
Contractual Obligations, Payments Due by Period, 2017 | (0.9) |
Contractual Obligations, Payments Due by Period, 2018 | (0.7) |
Contractual Obligations, Payments Due by Period, 2019 | $ (0.5) |
Contractual Obligations, Payments Due by Period, Thereafter | |
Contractual Obligations, Payments Due by Period, Total | $ (5.4) |
Outstanding Purchase Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | 24.9 |
Contractual Obligations, Payments Due by Period, 2016 | 14.7 |
Contractual Obligations, Payments Due by Period, 2017 | 9.4 |
Contractual Obligations, Payments Due by Period, 2018 | 7.3 |
Contractual Obligations, Payments Due by Period, 2019 | 6.9 |
Contractual Obligations, Payments Due by Period, Thereafter | 7 |
Contractual Obligations, Payments Due by Period, Total | 70.2 |
Funding Related to Acquisition of William Gallagher Associates Insurance Brokers, Inc. [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | $ 150 |
Contractual Obligations, Payments Due by Period, 2016 | |
Contractual Obligations, Payments Due by Period, 2017 | |
Contractual Obligations, Payments Due by Period, 2018 | |
Contractual Obligations, Payments Due by Period, 2019 | |
Contractual Obligations, Payments Due by Period, Thereafter | |
Contractual Obligations, Payments Due by Period, Total | $ 150 |
Total Contractual Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2015 | 522.6 |
Contractual Obligations, Payments Due by Period, 2016 | 255.8 |
Contractual Obligations, Payments Due by Period, 2017 | 486.5 |
Contractual Obligations, Payments Due by Period, 2018 | 245.3 |
Contractual Obligations, Payments Due by Period, 2019 | 228.6 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,079.4 |
Contractual Obligations, Payments Due by Period, Total | $ 3,818.2 |
Commitments, Contingencies an70
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 162 Months Ended | ||
Jun. 30, 2015USD ($)Entity | Jun. 30, 2014Entity | Jun. 30, 2015USD ($)ft²EntityLetterOfCreditEmployeesCompanies | Jun. 30, 2014Entity | Jun. 30, 2015USD ($)Entity | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Acquired property through lease area, sqft | ft² | 306,000 | ||||
Acquired property through lease percentage of building | 60.00% | ||||
Operating lease commitment, expiration date | Feb. 28, 2018 | ||||
Number of companies acquired | Entity | 24 | 18 | 43 | 35 | 363 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 596.6 | ||||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 217.4 | ||||
Income tax credits and adjustments | 117 | ||||
Tax-Advantaged Investments No Longer Held [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Total indemnifications | $ 32 | 32 | $ 32 | ||
Letter of Credit [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | 5 | $ 5 | 5 | ||
Number of letters of credit issued | LetterOfCredit | 1 | ||||
Self-Insurance Deductibles [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Number of letters of credit issued | LetterOfCredit | 2 | ||||
Self-Insurance Deductibles [Member] | Letter of Credit [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Liabilities recorded on self-insurance | 11.3 | $ 11.3 | 11.3 | ||
Debt | 11.2 | $ 11.2 | 11.2 | ||
Rent-A-Captive Facility [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Number of letters of credit issued | LetterOfCredit | 7 | ||||
Rent-A-Captive Facility [Member] | Letter of Credit [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | 6.3 | $ 6.3 | 6.3 | ||
Errors and Omissions [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Insurance claims, amount retained | 5 | ||||
Amount of losses in excess of retained amounts | $ 175 | $ 175 | $ 175 | ||
Minimum [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Ownership interest | 1.00% | 1.00% | 1.00% | ||
Number of micro-captive insurance companies organized or managed | Companies | 100 | ||||
Minimum [Member] | Errors and Omissions [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Actuarial range value | $ 1.7 | $ 1.7 | $ 1.7 | ||
Maximum [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | 50.00% | ||
Maximum [Member] | Errors and Omissions [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Actuarial range value | $ 6.1 | $ 6.1 | $ 6.1 | ||
United Kingdom [Member] | Brokerage [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Number of senior employees resigned | Employees | 5 |
Commitments, Contingencies an71
Commitments, Contingencies and Off-Balance Sheet Arrangements - Off-Balance Sheet Commitments (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2015 | $ 0.7 |
Amount of Commitment Expiration by Period - 2016 | 0.8 |
Amount of Commitment Expiration by Period - 2017 | 0.8 |
Amount of Commitment Expiration by Period - 2018 | 0.8 |
Amount of Commitment Expiration by Period - 2019 | 2.3 |
Amount of Commitment Expiration by Period - Thereafter | 39.6 |
Total Amounts Committed | $ 45 |
Letters of Credit [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2015 | |
Amount of Commitment Expiration by Period - 2016 | |
Amount of Commitment Expiration by Period - 2017 | |
Amount of Commitment Expiration by Period - 2018 | |
Amount of Commitment Expiration by Period - 2019 | |
Amount of Commitment Expiration by Period - Thereafter | $ 22.6 |
Total Amounts Committed | 22.6 |
Financial Guarantees [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2015 | 0.7 |
Amount of Commitment Expiration by Period - 2016 | 0.8 |
Amount of Commitment Expiration by Period - 2017 | 0.8 |
Amount of Commitment Expiration by Period - 2018 | 0.8 |
Amount of Commitment Expiration by Period - 2019 | 0.8 |
Amount of Commitment Expiration by Period - Thereafter | 15.6 |
Total Amounts Committed | $ 19.5 |
Funding Commitments [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2015 | |
Amount of Commitment Expiration by Period - 2016 | |
Amount of Commitment Expiration by Period - 2017 | |
Amount of Commitment Expiration by Period - 2018 | |
Amount of Commitment Expiration by Period - 2019 | $ 1.5 |
Amount of Commitment Expiration by Period - Thereafter | 1.4 |
Total Amounts Committed | $ 2.9 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ (260.6) |
Ending Balance | (338.7) |
Pension Liability [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (44.2) |
Net change in period | 0.7 |
Ending Balance | (43.5) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (216.3) |
Net change in period | (85.2) |
Ending Balance | (301.5) |
Fair Value of Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (0.1) |
Net change in period | 6.4 |
Ending Balance | 6.3 |
Accumulated Other Comprehensive Earnings (Loss) [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (260.6) |
Net change in period | (78.1) |
Ending Balance | $ (338.7) |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Earnings (Loss) - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Expense related to pension liability reclassified from accumulated other comprehensive earnings (loss) | $ 3,200,000 | $ 1,200,000 |
Expense related to fair value of derivative investments reclassified from accumulated other comprehensive earnings (loss) | 100,000 | 300,000 |
Foreign currency translation reclassified from accumulated other comprehensive earnings (loss) | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 1,371.4 | $ 1,179.3 | $ 2,602.7 | $ 2,094.3 | |
Earnings (loss) before income taxes | 128.5 | 111.9 | 159.4 | 166.6 | |
Identifiable assets at June 30, 2015 and 2014 | 10,716.1 | 10,716.1 | $ 10,010 | ||
Brokerage [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 885.6 | 737.9 | 1,636.7 | 1,302.3 | |
Earnings (loss) before income taxes | 156.6 | 136.2 | 217.6 | 186.5 | |
Identifiable assets at June 30, 2015 and 2014 | 8,894.1 | 8,017.6 | 8,894.1 | 8,017.6 | |
Risk Management [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 189.4 | 172.8 | 366.6 | 337 | |
Earnings (loss) before income taxes | 26.7 | 21.2 | 50.3 | 39.9 | |
Identifiable assets at June 30, 2015 and 2014 | 623.3 | 611 | 623.3 | 611 | |
Corporate [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 296.4 | 268.6 | 599.4 | 455 | |
Earnings (loss) before income taxes | (54.8) | (45.5) | (108.5) | (59.8) | |
Identifiable assets at June 30, 2015 and 2014 | $ 1,198.7 | $ 1,390.7 | $ 1,198.7 | $ 1,390.7 |