Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
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 | 180,164,000 |
Consolidated Statement of Earni
Consolidated Statement of Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Commissions | $ 690.2 | $ 663.4 | $ 1,280.7 | $ 1,229.4 |
Fees | 410.9 | 374.6 | 781.4 | 712.8 |
Supplemental commissions | 41.5 | 38.6 | 76 | 71.5 |
Contingent commissions | 29.5 | 25.1 | 82.9 | 80.3 |
Investment income | 13.6 | 12.5 | 24.4 | 22.8 |
Gains on books of business sales | 1.1 | 1.4 | 2.5 | 3.6 |
Revenues from clean coal activities | 376.4 | 311.9 | 728.2 | 606.7 |
Other net (losses) revenues | 0.2 | (0.4) | 0.4 | |
Total revenues | 1,563.4 | 1,427.1 | 2,976.1 | 2,727.5 |
Compensation | 675.7 | 631 | 1,333.3 | 1,253.1 |
Operating | 211.6 | 204.6 | 412 | 409.1 |
Cost of revenues from clean coal activities | 397.1 | 325 | 764 | 629.4 |
Interest | 31.6 | 27.2 | 61.5 | 53 |
Depreciation | 30.2 | 26 | 59.7 | 50.7 |
Amortization | 65.1 | 62.6 | 129.4 | 121.9 |
Change in estimated acquisition earnout payables | 5.1 | 13.2 | 16.9 | 17.1 |
Total expenses | 1,416.4 | 1,289.6 | 2,776.8 | 2,534.3 |
Earnings before income taxes | 147 | 137.5 | 199.3 | 193.2 |
Benefit for income taxes | (33.4) | (18.2) | (48.9) | (20.4) |
Net earnings | 180.4 | 155.7 | 248.2 | 213.6 |
Net earnings attributable to noncontrolling interests | 8.5 | 5.7 | 20.6 | 17.1 |
Net earnings attributable to controlling interests | $ 171.9 | $ 150 | $ 227.6 | $ 196.5 |
Basic net earnings per share: | $ 0.96 | $ 0.85 | $ 1.27 | $ 1.11 |
Diluted net earnings per share: | 0.95 | 0.84 | 1.26 | 1.10 |
Dividends declared per common share | $ 0.39 | $ 0.38 | $ 0.78 | $ 0.76 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 180.4 | $ 155.7 | $ 248.2 | $ 213.6 |
Change in pension liability, net of taxes | 1.4 | 2.8 | 2.6 | 3.6 |
Foreign currency translation | 33.9 | (59.1) | 92.3 | (71.8) |
Change in fair value of derivative investments, net of taxes | 2.3 | (11.8) | 8.8 | (12.8) |
Comprehensive earnings | 218 | 87.6 | 351.9 | 132.6 |
Comprehensive earnings attributable to noncontrolling interests | 8.9 | 8.1 | 22.6 | 22.3 |
Comprehensive earnings attributable to controlling interests | $ 209.1 | $ 79.5 | $ 329.3 | $ 110.3 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 587.8 | $ 545.5 |
Restricted cash | 1,481.1 | 1,392.1 |
Premiums and fees receivable | 2,374.2 | 1,844.8 |
Other current assets | 664.1 | 633.7 |
Total current assets | 5,107.2 | 4,416.1 |
Fixed assets - net | 387.6 | 377.6 |
Deferred income taxes | 861.9 | 796.5 |
Other noncurrent assets | 561.3 | 504.3 |
Goodwill - net | 3,989 | 3,767.8 |
Amortizable intangible assets - net | 1,662.6 | 1,627.3 |
Total assets | 12,569.6 | 11,489.6 |
Premiums payable to insurance and reinsurance companies | 3,546.4 | 2,996.1 |
Accrued compensation and other accrued liabilities | 711.1 | 772.1 |
Unearned fees | 74 | 69 |
Other current liabilities | 58.5 | 70.9 |
Premium financing debt | 100 | 125.6 |
Corporate related borrowings - current | 368 | 578 |
Total current liabilities | 4,858 | 4,611.7 |
Corporate related borrowings - noncurrent | 2,644.8 | 2,144.6 |
Other noncurrent liabilities | 1,156.8 | 1,077.5 |
Total liabilities | 8,659.6 | 7,833.8 |
Stockholders' equity: | ||
Common stock - issued and outstanding 180.2 shares in 2017 and 178.3 shares in 2016 | 180.2 | 178.3 |
Capital in excess of par value | 3,323.5 | 3,265.5 |
Retained earnings | 1,002.9 | 916.4 |
Accumulated other comprehensive loss | (661.9) | (763.6) |
Stockholders' equity attributable to controlling interests | 3,844.7 | 3,596.6 |
Stockholders' equity attributable to noncontrolling interests | 65.3 | 59.2 |
Total stockholders' equity | 3,910 | 3,655.8 |
Total liabilities and stockholders' equity | $ 12,569.6 | $ 11,489.6 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock - issued shares | 180.2 | 178.3 |
Common stock - outstanding shares | 180.2 | 178.3 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 248.2 | $ 213.6 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Net gain on investments and other | (2.7) | (3.1) |
Depreciation and amortization | 189.1 | 172.6 |
Change in estimated acquisition earnout payables | 16.9 | 17.1 |
Amortization of deferred compensation and restricted stock | 16.9 | 14.6 |
Stock-based and other noncash compensation expense | 8.5 | 7.1 |
Payments on acquisition earnouts in excess of original estimates | (16.9) | (15.6) |
Effect of changes in foreign exchange rates | 0.5 | (1.3) |
Net change in restricted cash | (55.5) | (54.4) |
Net change in premiums receivable | (478.7) | (423.4) |
Net change in premiums payable | 445.1 | 473.7 |
Net change in other current assets | (17.4) | (25.9) |
Net change in accrued compensation and other accrued liabilities | (77) | (82.3) |
Net change in fees receivable/unearned fees | (11.9) | 12.8 |
Net change in income taxes payable | (11.6) | (7.1) |
Net change in deferred income taxes | (72.9) | (62) |
Net change in other noncurrent assets and liabilities | (18.4) | (67.8) |
Unrealized foreign currency remeasurement gain (loss) | 43.2 | (39.2) |
Net cash provided by operating activities | 205.4 | 129.4 |
Cash flows from investing activities: | ||
Net additions to fixed assets | (65.6) | (103.1) |
Cash paid for acquisitions, net of cash acquired | (225.2) | (97.3) |
Net proceeds from sales of operations/books of business | 2.6 | 3.1 |
Net funding of investment transactions | (6.3) | (12) |
Net cash used by investing activities | (294.5) | (209.3) |
Cash flows from financing activities: | ||
Payments on acquisition earnouts | (25.8) | (30.7) |
Proceeds from issuance of common stock | 34.9 | 20.9 |
Tax impact from issuance of common stock | 3.1 | |
Repurchases of common stock | (101) | |
Payments to noncontrolling interests | (15.5) | (17) |
Dividends paid | (141.6) | (136.4) |
Net borrowings on premium financing debt facility | (31.3) | (39.5) |
Borrowings on line of credit facility | 2,110 | 1,022.5 |
Repayments on line of credit facility | (2,070) | (982.5) |
Net borrowings of corporate related long-term debt | 250 | 276 |
Settlements on terminated interest rate swaps | 8.3 | |
Net cash provided by financing activities | 119 | 15.4 |
Effect of changes in foreign exchange rates on cash and cash equivalents | 12.4 | (4.8) |
Net increase (decrease) in cash and cash equivalents | 42.3 | (69.3) |
Cash and cash equivalents at beginning of period | 545.5 | 480.4 |
Cash and cash equivalents at end of period | 587.8 | 411.1 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 61.9 | 54.2 |
Income taxes paid | $ 38.8 | $ 39.1 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - 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, 2016 | $ 3,655.8 | $ 178.3 | $ 3,265.5 | $ 916.4 | $ (763.6) | $ 59.2 |
Beginning Balance (in shares) at Dec. 31, 2016 | 178.3 | |||||
Net earnings | 248.2 | 227.6 | 20.6 | |||
Purchase of subsidiary shares from noncontrolling interests | (0.8) | (0.8) | ||||
Dividends paid to noncontrolling interests | (15.7) | (15.7) | ||||
Change in pension liability, net of taxes | 2.6 | 2.6 | ||||
Foreign currency translation | 92.3 | 90.3 | 2 | |||
Change in fair value of derivative instruments, net of taxes | 8.8 | 8.8 | ||||
Compensation expense related to stock option plan grants | 8.5 | 8.5 | ||||
Common stock issued in: | ||||||
Five purchase transactions | 28.2 | $ 0.5 | 27.7 | |||
Five purchase transactions (in shares) | 0.5 | |||||
Stock option plans | $ 27.1 | $ 0.9 | 26.2 | |||
Stock option plans (in shares) | 1 | 0.9 | ||||
Employee stock purchase plan | $ 7.8 | $ 0.2 | 7.6 | |||
Employee stock purchase plan (in shares) | 0.2 | |||||
Deferred compensation and restricted stock | (11.7) | $ 0.3 | (12) | |||
Deferred compensation and restricted stock (in shares) | 0.3 | |||||
Cash dividends declared on common stock | (141.1) | (141.1) | ||||
Ending Balance at Jun. 30, 2017 | $ 3,910 | $ 180.2 | $ 3,323.5 | $ 1,002.9 | $ (661.9) | $ 65.3 |
Ending Balance (in shares) at Jun. 30, 2017 | 180.2 |
Consolidated Statement of Stoc8
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Tax effect on net change in pension liability | $ 1.7 |
Net change in fair value of derivative instruments, tax | $ 1.7 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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 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 Rolling Meadows, Illinois, have operations in 33 countries and offer client-service capabilities in more than 150 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, 2016, except as disclosed in Note 2, 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, 2016. In the preparation of our unaudited consolidated financial statements as of June 30, 2017, 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. |
Effect of New Accounting Pronou
Effect of New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of New Accounting Pronouncements | 2. Effect of New Accounting Pronouncements Business Combinations In January 2017, the Financial Accounting Standards Board (which we refer to as the FASB) issued Accounting Standards Update (which we refer to as ASU) No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The new guidance clarifies the definition of a business with the objective of adding information to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The new guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Management does not anticipate that this new guidance will have a material impact upon adoption. Intangibles – Goodwill and Other In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new guidance eliminates Step 2 of the goodwill impairment test, which required us to determine the implied fair value of goodwill by allocating the reporting unit’s fair value to each of its assets and liabilities as if the reporting unit was acquired in a business acquisition. Instead, the updated guidance requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit to its carrying value, and recognizing a non-cash impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. The new guidance is effective beginning January 1, 2020, with early adoption permitted, and will be applied on a prospective basis. The new guidance currently has no impact on our consolidated financial statements; however, we will evaluate the impact of this updated guidance on future annual or interim goodwill impairment tests performed. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under this new accounting guidance, an entity is required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This new guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This new guidance is effective for first quarter 2019, and requires a modified retrospective adoption, with early adoption permitted. We anticipate this guidance will have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the new guidance, we currently believe the most significant impact relates to our real estate operating leases and the related recognition of right-of-use assets and lease liabilities in both noncurrent assets and noncurrent liabilities in our consolidated balance sheet. Stock Compensation In May 2017 the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). This new accounting guidance provides information about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2017 and interim periods within those years. Earlier application is permitted. We do not expect that the adoption of this new guidance will have a material impact on our consolidated financial statements as we historically have not made changes to the terms or conditions of an outstanding share-based payment award. In March 2016, the FASB issued ASU No. 2016-09, Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, (ASU 2016-15). The amendments in ASU 2016-15 address several specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC 230, Statement of Cash Flows. This new guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We early adopted this guidance in first quarter 2017. The adoption of this guidance resulted in a change to our classification whereby contingent payments on acquisitions that are up to the acquisition date fair value have been presented in financing activities and those payments in excess of the acquisition date fair value have been presented in operating activities. Historically these payments have all been included in investing activities. Accordingly, in our June 30, 2016 consolidated statement of cash flows, we reclassified $15.6 million and $30.7 million of payments from investing activities to operating activities and financing activities, respectively, to conform to the current year presentation. The modifications can be seen in our statement of cash flows. Income Taxes In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This new accounting guidance allows entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Current guidance does not allow recognition until the asset has been sold to an outside party. This new guidance is effective beginning January 1, 2018 and is to be applied on a modified retrospective basis. Early adoption is permitted. We have not yet determined the effect that adoption of this guidance will have on our consolidated financial statements. Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This new accounting guidance addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. We are currently assessing the impact that adopting this new guidance will have on our consolidated financial statements. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as a new Topic, ASC 606, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of the new accounting 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. The new guidance is effective for us in first quarter 2018, and early adoption is permitted beginning in first quarter 2017. Two methods of transition are permitted 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-2018 periods would be provided in the notes to the financial statements as previously reported under the current revenue standard. We will adopt this new guidance in first quarter 2018. We are evaluating both methods of transition; however, we currently anticipate adopting the new guidance using the full retrospective method to restate each prior reporting period presented. A preliminary assessment to determine the impacts of the new accounting standard has been performed. We are currently implementing new accounting and operational processes which are a result of the new guidance, but we are unable to provide information on quantitative impacts at this time. We anticipate this standard will have a material impact on individual lines in our consolidated financial statements, but we do not expect it will have as material an impact on our results of operations on an annual basis. The primary impacts of the new standard to our product and service lines are anticipated to be as follows: Brokerage segment Revenue Expense - Risk management segment We are currently assessing the timing and measurement of revenue recognition under the new guidance for our risk management segment, specifically third party administration contracts among others, and anticipate that more revenue will be initially deferred and recognized over a longer future period of time than under our current accounting policies. Corporate segment We expect that the timing related to recognition of revenue in our corporate segment will remain substantially unchanged. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations During the six-month period ended June 30, 2017, 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) Construction Risk Solutions, LLC (CRS) January 1, 2017 — $ — $ 27.9 $ — $ 3.1 $ 4.4 $ 35.4 $ 10.0 Hill, Chesson & Woody (HCW) January 1, 2017 — — 34.8 — 0.7 15.9 51.4 24.4 Presidio Group, Inc. (PG) January 1, 2017 — — 41.8 — 4.8 7.0 53.6 15.0 Commercial Insurance Brokers (CIB) April 1, 2017 — — 17.7 — 2.0 0.7 20.4 3.6 Williams - Mannny Insurance Group (WMI) May 1, 2017 170 9.8 28.2 — 2.0 3.9 43.9 11.5 Eighteen other acquisitions completed in 2017 245 12.3 64.2 — 5.4 18.8 100.7 46.3 415 $ 22.1 $ 214.6 $ — $ 18.0 $ 50.7 $ 305.4 $ 110.8 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 4.0% to 17.0% for our 2017 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 generally ranged from 8.5% to 9.0% for all of our 2017 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, 2017 and 2016, we recognized $5.2 million and $4.0 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, 2017 and 2016, we recognized $10.3 million and $8.2 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, 2017 and 2016, we recognized $0.1 million of income and $9.2 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 46 and 27 acquisitions, respectively. In addition, during the six-month periods ended June 30, 2017 and 2016, we recognized $6.6 million and $8.9 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 65 and 57 acquisitions, respectively. The aggregate amount of maximum earnout obligations related to acquisitions was $564.1 million as of June 30, 2017, of which $267.9 million was recorded in our consolidated balance sheet as of June 30, 2017, 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, 2017 (in millions): Eighteen Other CRS HCW PG CIB WMI Acquisitions Total Cash $ — $ — $ — $ 0.1 $ 0.3 $ 4.2 $ 4.6 Other current assets 3.6 2.1 2.4 3.6 1.8 6.3 19.8 Fixed assets — — 0.5 0.1 0.3 0.8 1.7 Noncurrent assets — 0.2 — — — — 0.2 Goodwill 20.3 29.9 25.6 7.4 17.3 53.9 154.4 Expiration lists 14.6 19.2 27.9 13.2 24.9 48.9 148.7 Non-compete agreements 0.1 0.1 0.1 0.1 0.9 1.6 2.9 Total assets acquired 38.6 51.5 56.5 24.5 45.5 115.7 332.3 Current liabilities 3.2 0.1 2.9 4.1 1.6 7.6 19.5 Noncurrent liabilities — — — — — 7.4 7.4 Total liabilities assumed 3.2 0.1 2.9 4.1 1.6 15.0 26.9 Total net assets acquired $ 35.4 $ 51.4 $ 53.6 $ 20.4 $ 43.9 $ 100.7 $ 305.4 Among other things, 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 $154.4 million, $148.7 million and $2.9 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 3.0% to 3.3% and 5.0% to 8.0%, respectively, for our 2016 and 2017 acquisitions for which valuations were performed in 2017. 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 12.0% to 14.0% for our 2016 and 2017 acquisitions for which valuations were performed in 2017. 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 three to five 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. Of the $148.7 million of expiration lists and $2.9 million of non-compete agreements related to our acquisitions made during the six-month period ended June 30, 2017, $23.2 million and $1.4 million, respectively, is not expected to be deductible for income tax purposes. Accordingly, we recorded a deferred tax liability of $7.6 million, and a corresponding amount of goodwill, in the six-month period ended June 30, 2017, related to nondeductible amortizable intangible assets. Our consolidated financial statements for the six-month period ended June 30, 2017 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, 2016 (in millions, except per share data): Three-month period ended June 30, Six-month period ended June 30, 2017 2016 2017 2016 Total revenues $ 1,566.7 $ 1,453.7 $ 2,991.2 $ 2,781.5 Net earnings attributable to controlling interests 172.4 148.1 228.2 195.8 Basic net earnings per share 0.96 0.83 1.27 1.10 Diluted net earnings per share 0.95 0.83 1.26 1.10 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, 2016, nor are they necessarily indicative of future operating results. Annualized revenues of entities acquired during the six-month period ended June 30, 2017 totaled approximately $105.0 million. For the six-month |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 Premium finance advances and loans $ 257.0 $ 241.2 Accrued supplemental, direct bill and other receivables 181.4 177.2 Refined coal production related receivables 147.0 136.9 Prepaid expenses 78.7 78.4 Total other current assets $ 664.1 $ 633.7 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, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The carrying amount of goodwill at June 30, 2017 and December 31, 2016 allocated by domestic and foreign operations is as follows (in millions): Risk At June 30, 2017 Brokerage Management Corporate Total United States $ 2,250.7 $ 23.5 $ — $ 2,274.2 United Kingdom 692.4 6.8 — 699.2 Canada 295.8 — — 295.8 Australia 405.8 — — 405.8 New Zealand 214.9 9.8 — 224.7 Other foreign 86.4 — 2.9 89.3 Total goodwill - net $ 3,946.0 $ 40.1 $ 2.9 $ 3,989.0 At December 31, 2016 United States $ 2,115.0 $ 23.5 $ — $ 2,138.5 United Kingdom 662.2 4.3 — 666.5 Canada 292.2 — — 292.2 Australia 382.7 — — 382.7 New Zealand 205.0 0.3 — 205.3 Other foreign 79.8 — 2.8 82.6 Total goodwill - net $ 3,736.9 $ 28.1 $ 2.8 $ 3,767.8 The changes in the carrying amount of goodwill for the six-month period ended June 30, 2017 are as follows (in millions): Risk Brokerage Management Corporate Total Balance as of December 31, 2016 $ 3,736.9 $ 28.1 $ 2.8 $ 3,767.8 Goodwill acquired during the period 142.7 11.7 — 154.4 Goodwill adjustments due to appraisals and other acquisition adjustments 14.7 — — 14.7 Foreign currency translation adjustments during the period 51.7 0.3 0.1 52.1 Balance as of June 30, 2017 $ 3,946.0 $ 40.1 $ 2.9 $ 3,989.0 Major classes of amortizable intangible assets at June 30, 2017 and December 31, 2016 consist of the following (in millions): June 30, December 31, 2017 2016 Expiration lists $ 2,928.6 $ 2,757.6 Accumulated amortization - expiration lists (1,278.5 ) (1,143.0 ) 1,650.1 1,614.6 Non-compete agreements 52.6 49.3 Accumulated amortization - non-compete agreements (44.3 ) (42.1 ) 8.3 7.2 Trade names 24.8 24.0 Accumulated amortization - trade names (20.6 ) (18.5 ) 4.2 5.5 Net amortizable assets $ 1,662.6 $ 1,627.3 Estimated aggregate amortization expense for each of the next five years is as follows: 2017 (remaining six months) $ 127.1 2018 244.7 2019 230.6 2020 214.4 2021 191.7 Total $ 1,008.5 |
Credit and Other Debt Agreement
Credit and Other Debt Agreements | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 6.44%, balloon due August 3, 2017 $ 300.0 $ 300.0 Semi-annual payments of interest, fixed rate of 5.85%, $50 million due November 30, 2018 and November 30, 2019 100.0 100.0 Semi-annual payments of interest, fixed rate of 2.80%, balloon due June 24, 2018 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.20%, balloon due June 24, 2019 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48%, balloon due June 24, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99%, balloon due July 10, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 5.18%, balloon due February 10, 2021 75.0 75.0 Semi-annual payments of interest, fixed rate of 3.69%, balloon due June 14, 2022 200.0 200.0 Semi-annual payments of interest, fixed rate of 5.49%, balloon due February 10, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.13%, balloon due June 24, 2023 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due February 27, 2024 325.0 325.0 Semi-annual payments of interest, fixed rate of 4.31%, balloon due June 24, 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.73%, balloon due February 27, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.40%, balloon due June 2, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36%, balloon due June 24, 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due June 27, 2027 125.0 — Semi-annual payments of interest, fixed rate of 3.46%, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55%, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.98%, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due June 27, 2029 50.0 — Semi-annual payments of interest, fixed rate of 4.70%, balloon due June 2, 2031 25.0 25.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 27, 2032 75.0 — Total Note Purchase Agreements 2,700.0 2,450.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires April 8, 2021 318.0 278.0 Premium Financing Debt Facility - expires May 18, 2019: 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 79.6 100.7 NZD denominated tranche 5.8 9.0 Facility C and D AUD denominated tranche 7.1 5.6 NZD denominated tranche 7.5 10.3 Total Premium Financing Debt Facility 100.0 125.6 Total corporate and other debt 3,118.0 2,853.6 Less unamortized debt acquisition costs on Note Purchase Agreements (5.2 ) (5.4 ) Net corporate and other debt $ 3,112.8 $ 2,848.2 On June 13, 2017, we announced that we plan to close offerings of $648.0 million aggregate principal amount of private placement senior unsecured notes (both fixed and floating rate), $250.0 million on June 27, 2017 and the remainder in early August 2017, which will be used in part to repay our August 2017 debt maturity. The weighted average maturity of the $598.0 million of senior fixed rate notes is 11.6 years and their weighted average interest rate is 4.04% after giving effect to hedging gains. On June 27, 2017, we completed funding of $250.0 million of the $648.0 million private placement debt transactions noted above, with a weighted average interest rate of 4.19%. In 2016 and 2017, we entered into pre-issuance interest rate hedging transactions related to the $300.0 million August 3, 2017 maturity private placement. We realized a cash gain of approximately $8.3 million on the hedging transaction that will be recognized on a pro rata basis as a reduction in our reported interest expense over the life of the debt. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six-month period ended June 30, 2017 2016 2017 2016 Net earnings attributable to controlling interests $ 171.9 $ 150.0 $ 227.6 $ 196.5 Weighted average number of common shares outstanding 179.9 177.4 179.4 177.2 Dilutive effect of stock options using the treasury stock method 1.7 0.9 1.7 0.8 Weighted average number of common and common equivalent shares outstanding 181.6 178.3 181.1 178.0 Basic net earnings per share $ 0.96 $ 0.85 $ 1.27 $ 1.11 Diluted net earnings per share $ 0.95 $ 0.84 $ 1.26 $ 1.10 Options to purchase 1.7 million and 6.5 million shares of common stock were outstanding at June 30, 2017 and 2016, 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, 2017 | |
Text Block [Abstract] | |
Stock Option Plans | 8. Stock Option Plans On May 16, 2017, our stockholders approved the Arthur J. Gallagher 2017 Long-Term Incentive Plan (which we refer to as the LTIP), which replaced our previous stockholder-approved Arthur J. Gallagher & Co. 2014 Long-Term Incentive Plan. The LTIP term began May 16, 2017 and terminates on the date of the annual meeting of stockholders in 2027, 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. 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 the LTIP or prior equity plans are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or by reason of the settlement of such award in cash, then such shares will again be available for grant under the LTIP. The maximum number of shares available under the LTIP for restricted stock, restricted stock unit awards and performance unit awards settled with stock (i.e., all awards other than stock options and stock appreciation rights) is 4.0 million at June 30, 2017. 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 calendar year to any person is 200,000; (ii) the maximum number of shares with respect to which awards other than options or stock appreciate rights that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code and are denominated in shares of common stock that may be earned pursuant to such awards granted during any calendar year to any person under the LTIP will be 200,000; and (iii) the maximum amount that may be payable with respect to all awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code and are denominated in cash granted during any calendar year to any person under the LTIP is $5.0 million. 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 16, 2017, the compensation committee granted 1,650,400 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 2020, 2021 and 2022, respectively. On March 17, 2016, the compensation committee granted 2,576,700 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 2019, 2020 and 2021, respectively. The 2017 and 2016 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 2017 and 2016 are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. During the three-month periods ended June 30, 2017 and 2016, we recognized $4.4 million and $3.8 million, respectively, of compensation expense related to our stock option grants. During the six-month periods ended June 30, 2017 and 2016, we recognized $8.5 million and $7.1 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: 2017 2016 Expected dividend yield 2.8 % 3.0 % Expected risk-free interest rate 2.3 % 1.6 % Volatility 27.2 % 27.7 % Expected life (in years) 5.0 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, 2017 and 2016, as determined on the grant date using the Black-Scholes option pricing model, was $11.42 and $8.45, respectively. The following is a summary of our stock option activity and related information for 2017 (in millions, except exercise price and year data): Six-month period ended June 30, 2017 Weighted Average Weighted Remaining Shares Average Contractual Aggregate Under Exercise Term Intrinsic Option Price (in years) Value Beginning balance 10.3 $ 41.40 Granted 1.7 56.85 Exercised (1.0 ) 32.06 Forfeited or canceled — — Ending balance 11.0 $ 44.62 4.35 $ 138.3 Exercisable at end of period 2.9 $ 37.54 2.19 $ 57.2 Ending vested and expected to vest 10.7 $ 44.54 4.33 $ 136.6 Options with respect to 16.0 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, 2017. The total intrinsic value of options exercised during the six-month periods ended June 30, 2017 and 2016 was $22.8 million and $8.0 million, respectively. As of June 30, 2017, we had approximately $51.9 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, 2017 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted (in years) Weighted Number Weighted $ 23.76 - $ 39.17 2.9 1.98 $ 35.91 2.3 $ 35.23 43.71 - 46.17 4.5 5.28 44.77 — — 46.87 - 55.94 1.9 3.74 46.94 0.6 46.87 56.86 - 56.86 1.7 6.71 56.86 — — $ 23.76 - $ 58.86 11.0 4.35 $ 44.62 2.9 $ 37.54 |
Deferred Compensation
Deferred Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation | 9. Deferred Compensation We have a Deferred Equity Participation Plan (which we refer to as the DEPP), which is a non-qualified plan that generally provides for distributions to certain of our key executives when they reach age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) or upon or after their actual retirement. Under the provisions of the DEPP, we typically contribute cash in an amount approved by the compensation committee to a rabbi trust on behalf of the executives participating in the DEPP, and instruct the trustee to acquire a specified number of shares of our common stock on the open market or in privately negotiated transactions based on participant elections. Distributions under the DEPP may not normally be made until the participant reaches age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) and are subject to forfeiture in the event of voluntary termination of employment prior to then. DEPP awards are generally made annually in the first quarter. In the second quarter of 2016, we made awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65. All contributions to the plan (including sub-plans) deemed to be invested in shares of our common stock are distributed in the form of our common stock and all other distributions are paid in cash. Our common stock that is issued to or purchased by the rabbi trust as a contribution under the DEPP is valued at historical cost, which equals its fair market value at the date of grant or date of purchase. When common stock is issued, we record an unearned deferred compensation obligation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair market value of our common stock owed to the participants do not have any impact on the amounts recorded in our consolidated financial statements. In the first quarter of each of 2017 and 2016, the compensation committee approved $14.0 million and $10.1 million, respectively, of awards in the aggregate to certain key executives under the DEPP that were contributed to the rabbi trust in first quarter 2017 and 2016, 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 2017 and 2016 awards. During the three-month periods ended June 30, 2017 and 2016, we charged $3.0 million and $2.4 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2017 and 2016, we charged $4.4 million and $3.8 million, respectively, to compensation expense related to these awards. In the first quarter of 2017 and in the second quarter of 2016, the compensation committee approved $4.0 million and $13.6 million, respectively, of awards under the sub-plans referred to above, which were contributed to the rabbi trust in first quarter 2017 and second quarter 2016, respectively. During the three-month periods ended June 30, 2017 and 2016, we charged $0.5 million and $0.4 million, respectively, to compensation expense related to these awards. During the six-month At June 30, 2017 and December 31, 2016, we recorded $62.2 million (related to 2.7 million shares) and $46.8 million (related to 2.4 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, 2017 and December 31, 2016 was $156.5 million and $125.5 million, respectively. During the six-month period ended June 30, 2017, there were no distributions under the DEPP. During the six-month period ended June 30, 2016, cash and equity awards with an aggregate fair value of $6.6 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 2017 and 2016, the compensation committee approved $5.1 million and $3.1 million, respectively, of awards in the aggregate to certain key executives under the DCPP that were contributed to the rabbi trust in second quarter 2017 and 2016, respectively. During the three-month six-month |
Restricted Stock, Performance S
Restricted Stock, Performance Share and Cash Awards | 6 Months Ended |
Jun. 30, 2017 | |
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 16, 2017, our stockholders approved the LTIP, which replaced our previous stockholder-approved 2014 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 agreements awarding restricted stock units under the LTIP will specify whether such awards may be settled in shares of our common stock, cash or a combination of shares and cash and whether the holder will be entitled to receive dividend equivalents, on a current or deferred basis, with respect to such award. Prior to the settlement of a restricted stock unit, the holder of a restricted stock unit will have no rights as a stockholder of the company. The maximum number of shares available under the LTIP for restricted stock, restricted stock units and performance unit awards settled with stock (i.e., all awards other than stock options and stock appreciation rights) is 4.0 million. At June 30, 2017, 4.0 million shares were available for grant under the LTIP for such awards. In the first quarter of each of 2017 and 2016, we granted 477,500 and 466,600 restricted stock units, respectively, to employees under the LTIP, with an aggregate fair value of $26.8 million and $20.4 million, respectively, at the date of grant. These 2017 and 2016 awards of restricted stock units vest as follows: 477,500 units granted in first quarter 2017 and 466,600 units granted in first quarter 2016, vest in full based on continued employment through March 16, 2021 and March 11, 2020, respectively. For certain of our executive officers age 55 or older, restricted stock units awarded in 2017 and 2016 are not subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. We account for restricted stock awards at historical cost, which equals its fair market value at the date of grant, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair value of our common stock that is owed to the participants do not have any impact on the amounts recorded in our consolidated financial statements. During the three-month periods ended June 30, 2017 and 2016, we recognized $6.5 million and $6.0 million, respectively, to compensation expense related to restricted stock unit awards granted in 2007 through 2017. During the six-month periods ended June 30, 2017 and 2016, we recognized $10.5 million and $10.0 million, respectively, to compensation expense related to restricted stock unit awards granted in 2007 through 2017. The total intrinsic value of unvested restricted stock units at June 30, 2017 and 2016 was $102.7 million and $75.6 million, respectively. During the six-month period ended June 30, 2017, equity awards (including accrued dividends) with an aggregate fair value of $22.3 million was vested and distributed to employees under this plan. During the six-month period ended June 30, 2016, equity awards (including accrued dividends) with an aggregate fair value of $14.2 million was vested and distributed to employees under this plan. Performance Share Awards On March 16, 2017 and March 17, 2016, pursuant to the LTIP, the compensation committee approved 86,250 and 72,900, respectively of provisional performance unit awards, with an aggregate fair value of $4.9 million and $3.2 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. In 2016, these awards were subject to a one-year performance period based on our financial performance and a two-year vesting period. The 2017 awards are subject to a three-year performance period that begins on January 1, 2017, and vest on the three-year anniversary of the date of grant (March 16, 2020). For the 2017 awards, 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 based on a new performance measure, growth in adjusted EBITDAC per share. Granted units for the 2017 provisional awards will fully vest based on continuous employment through March 16, 2020 and will be settled in shares of our common stock on a one-for-one basis as soon as practicable thereafter. For certain of our executive officers age 55 or older, awards granted in 2017 and 2016 are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. Cash Awards On March 16, 2017, pursuant to our Performance Unit Program (which we refer to as the Program), the compensation committee approved provisional cash awards of $14.3 million in the aggregate for future grants to our officers and key employees that are denominated in units (255,000 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 2017 provisional award will fully vest based on continuous employment through January 1, 2020. The ultimate award value will be equal to the trailing twelve-month price of our common stock on December 31, 2019, 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 2020. 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 six-month period ended June 30, 2017 related to the 2017 provisional award under the Program. On March 17, 2016, pursuant to the Program, the compensation committee approved provisional cash awards of $17.4 million in the aggregate for future grant to our officers and key employees that are denominated in units (397,000 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 2016 provisional awards were similar to the terms of the 2017 provisional awards. Based on our performance for 2016, we granted 383,000 units under the Program in first quarter 2017 that will fully vest on January 1, 2019. During the three-month period ended June 30, 2017, we recognized $2.7 million to compensation expense related to these awards. During the six-month period ended June 30, 2017, we recognized $5.3 million to compensation expense related to these awards. We did not recognize any compensation expense during 2016 related to the 2016 awards. On March 11, 2015, pursuant to the Program, the compensation committee approved provisional cash awards of $14.6 million in the aggregate for future grant 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 awards were approved. Terms of the 2015 provisional awards were similar to the terms of the 2016 provisional awards. Based on our performance for 2015, we granted 294,000 units under the Program in first quarter 2016 that will fully vest on January 1, 2018. During the three-month periods ended June 30, 2017 and 2016, we recognized $1.9 million and $1.6 million, respectively, to compensation expense related to these awards. During the six-month 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 fully vested on January 1, 2017. During the three-month period ended June 30, 2016, we recognized $1.0 million, to compensation expense related to these awards. During the six-month period ended June 30, 2016, we recognized $1.9 million, to compensation expense related to these awards. During the six-month period ended June 30, 2017, cash awards related to the 2014 provisional award with an aggregate fair value of $9.3 million (0.2 million units in the aggregate) were vested and distributed to employees under the Program. During the six-month period ended June 30, 2016, cash awards related to the 2013 provisional award with an aggregate fair value of $11.2 million (0.2 million units in the aggregate) were vested and distributed to employees under the Program. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 11. Investments The following is a summary of our investments, included in other noncurrent assets in the consolidated balance sheet, and the related funding commitments (in millions): June 30, 2017 December 31, Funding 2016 Assets Commitments Assets Chem-Mod LLC $ 4.0 $ — $ 4.0 Chem-Mod International LLC 2.0 — 2.0 Clean-coal investments: Controlling interest in six limited liability companies that own fourteen 2009 Era Clean Coal Plants 12.8 — 14.3 Non-controlling interest in one limited liability company that owns one 2011 Era Clean Coal Plant 0.6 — 0.7 Controlling interest in seventeen limited liability companies that own nineteen 2011 Era Clean Coal Plants 66.0 — 69.0 Other investments 3.7 0.4 3.7 Total investments $ 89.1 $ 0.4 $ 93.7 |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activity | 12. Derivatives and Hedging Activity We are exposed to market risks, including changes in foreign currency exchange rates and interest rates. To manage the risk related to these exposures, we enter into various derivative instruments that reduce these risks by creating offsetting exposures. We generally do not enter into derivative transactions for trading or speculative purposes. Foreign Exchange Risk Management We are exposed to foreign exchange risk when we earn revenues, pay expenses, or enter into monetary intercompany transfers denominated in a currency that differs from our functional currency, or other transactions that are denominated in a currency other than our functional currency. We use foreign exchange derivatives, typically forward contracts and options, to reduce our overall exposure to the effects of currency fluctuations on cash flows. These exposures are hedged, on average, for less than two years. Interest Rate Risk Management We enter into various long-term debt agreements. We use interest rate derivatives, typically swaps, to reduce our exposure to the effects of interest rate fluctuations on the forecasted interest rates for up to two years into the future. We have not received or pledged any collateral related to derivative arrangements at June 30, 2017. The notional and fair values of derivative instruments are as follows at June 30, 2017 and December 31, 2016 (in millions): Notional Amount Derivatives Assets (1) Derivative Liabilities (2) June 30, 2017 Dec 31, 2016 June 30, 2017 Dec 31, 2016 June 30, 2017 Dec 31, 2016 Derivatives accounted for as hedges: Interest rate contracts $ 100.0 $ 200.0 $ 0.3 $ 11.4 $ — $ — Foreign exchange contracts (3) 16.2 4.1 5.7 2.1 7.4 17.5 Total $ 116.2 $ 204.1 $ 6.0 $ 13.5 $ 7.4 $ 17.5 (1) Included within other current assets, $3.5 million and $12.5 million at June 30, 2017 and December 31, 2016, respectively, and other non-current (2) Included within other current liabilities, $5.6 million and $11.8 million at June 30, 2017 and December 31, 2016, respectively, and other non-current (3) Included within foreign exchange contracts at June 30, 2017 were $86.0 million of call options offset with $86.0 million of put options, and $37.4 million of buy forwards offset with $44.3 million of sell forwards. Included within foreign exchange contracts at December 31, 2016 were $78.3 million of call options offset with $78.3 million of put options, and $61.6 million of buy forwards offset with $57.5 million of sell forwards. The amounts of derivative gains (losses) recognized in accumulated other comprehensive loss for the six-month periods ended June 30, 2017 and 2016 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total June 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (3.0 ) $ (3.0 ) Foreign exchange contracts 6.0 2.0 1.4 — 9.4 Total $ 6.0 $ 2.0 $ 1.4 $ (3.0 ) $ 6.4 June 30, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (3.6 ) $ (3.6 ) Foreign exchange contracts (15.3 ) 0.1 0.1 — (15.1 ) Total $ (15.3 ) $ 0.1 $ 0.1 $ (3.6 ) $ (18.7 ) The amounts of derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) for the six-month periods ended June 30, 2017 and 2016 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total June 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ — $ — Foreign exchange contracts (5.3 ) 0.7 0.5 — (4.1 ) Total $ (5.3 ) $ 0.7 $ 0.5 $ — $ (4.1 ) June 30, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ — $ — Foreign exchange contracts (2.1 ) 0.1 0.1 — (1.9 ) Total $ (2.1 ) $ 0.1 $ 0.1 $ — $ (1.9 ) We estimate that approximately $1.3 million of pretax gains currently included within accumulated other comprehensive loss will be reclassified into earnings in the next twelve months. The amount of gain (loss) recognized in earnings on the ineffective portion of derivatives for six-months ended June 30, 2017 and 2016 was $0.4 million and $0.3 million, respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
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. 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, 2017 were as follows (in millions): Payments Due by Period Contractual Obligations 2017 2018 2019 2020 2021 Thereafter Total Note purchase agreements $ 300.0 $ 100.0 $ 100.0 $ 100.0 $ 75.0 $ 2,025.0 $ 2,700.0 Credit Agreement 318.0 — — — — — 318.0 Premium Financing Debt Facility 100.0 — — — — — 100.0 Interest on debt 62.4 103.6 99.2 94.8 89.8 358.4 808.2 Total debt obligations 780.4 203.6 199.2 194.8 164.8 2,383.4 3,926.2 Operating lease obligations 54.9 94.5 79.1 64.8 53.7 129.3 476.3 Less sublease arrangements (0.7 ) (0.4 ) (0.1 ) (0.1 ) — — (1.3 ) Outstanding purchase obligations 33.2 34.4 18.7 7.4 2.2 — 95.9 Total contractual obligations $ 867.8 $ 332.1 $ 296.9 $ 266.9 $ 220.7 $ 2,512.7 $ 4,497.1 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. Outstanding purchase commitments in the table above include $6.9 million related to expenditures on our new corporate headquarters. 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 Amounts Committed Off-Balance Sheet Commitments 2017 2018 2019 2020 2021 Thereafter Letters of credit $ — $ — $ — $ — $ — $ 21.1 $ 21.1 Financial guarantees 0.1 0.2 0.2 0.2 0.2 1.1 2.0 Funding commitments — — — — — 0.4 0.4 Total commitments $ 0.1 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 22.6 $ 23.5 Since commitments may expire unused, the amounts presented in the table above do not necessarily reflect our actual future cash funding requirements. See the Off-Balance Since January 1, 2002, we have acquired 443 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 2014 to 2017 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 $564.1 million, of which $267.9 million was recorded in our consolidated balance sheet as of June 30, 2017 based on the estimated fair value of the expected future payments to be made. Off-Balance Sheet Debt - At June 30, 2017, we had posted two letters of credit totaling $9.3 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 and other defendants are liable for infringement of a patent held by Nalco Company. The complaint sought a judgment of infringement, damages, costs and attorneys’ fees, and injunctive relief. Along with other defendants, we disputed the allegation of infringement and have defended this matter vigorously. We filed a motion to dismiss the complaint on behalf of all defendants, alleging no infringement of Nalco’s intellectual property. This motion, and similar motions attacking amended complaints filed by Nalco, were granted. On April 20, 2016, the court dismissed Nalco’s complaints and disallowed any further opportunity to amend or refile. Nalco appealed this ruling to the Federal Circuit Court and we are expecting a ruling during the third quarter. We continue to 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. 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 held liable to pay 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 fact that the IRS has not made any allegation against us or completed its audits of our clients, 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, 2017 | |
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: Foreign Fair Value of Accumulated Pension Currency Derivative Comprehensive Liability Translation Investments Earnings (Loss) Balance as of December 31, 2016 $ (47.3 ) $ (709.2 ) $ (7.1 ) $ (763.6 ) Net change in period 2.6 90.3 8.8 101.7 Balance as of June 30, 2017 $ (44.7 ) $ (618.9 ) $ 1.7 $ (661.9 ) The foreign currency translation during the six-month period ended June 30, 2017 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, 2017 and 2016, $2.7 million and $2.8 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, 2017 and 2016, $4.1 million and $1.9 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, 2017 | |
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 generally 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. In addition, the corporate segment reports the financial information related to our debt, and certain corporate and acquisition-related activities. Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local country statutory rates. Reported operating results by segment would change if different methods were applied. Financial information relating to our segments for the three-month and six-month periods ended June 30, 2017 and 2016 is as follows (in millions): Three-month period Six-month period ended June 30, ended June 30, 2017 2016 2017 2016 Brokerage Total revenues $ 998.1 $ 939.1 $ 1,876.6 $ 1,764.6 Earnings before income taxes $ 212.5 $ 178.2 $ 330.2 $ 278.2 Identifiable assets at June 30, 2017 and 2016 $ 10,052.4 $ 9,225.9 Risk Management Total revenues $ 188.7 $ 176.5 $ 371.3 $ 355.8 Earnings before income taxes $ 22.9 $ 22.4 $ 45.8 $ 46.4 Identifiable assets at June 30, 2017 and 2016 $ 707.7 $ 663.5 Corporate Total revenues $ 376.6 $ 311.5 $ 728.2 $ 607.1 Loss before income taxes $ (88.4 ) $ (63.1 ) $ (176.7 ) $ (131.4 ) Identifiable assets at June 30, 2017 and 2016 $ 1,809.5 $ 1,494.9 |
Effect of New Accounting Pron24
Effect of New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Business Combinations | Business Combinations In January 2017, the Financial Accounting Standards Board (which we refer to as the FASB) issued Accounting Standards Update (which we refer to as ASU) No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The new guidance clarifies the definition of a business with the objective of adding information to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The new guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Management does not anticipate that this new guidance will have a material impact upon adoption. |
Intangibles - Goodwill and Other | Intangibles – Goodwill and Other In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new guidance eliminates Step 2 of the goodwill impairment test, which required us to determine the implied fair value of goodwill by allocating the reporting unit’s fair value to each of its assets and liabilities as if the reporting unit was acquired in a business acquisition. Instead, the updated guidance requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit to its carrying value, and recognizing a non-cash impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. The new guidance is effective beginning January 1, 2020, with early adoption permitted, and will be applied on a prospective basis. The new guidance currently has no impact on our consolidated financial statements; however, we will evaluate the impact of this updated guidance on future annual or interim goodwill impairment tests performed. |
Leases | Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under this new accounting guidance, an entity is required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This new guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This new guidance is effective for first quarter 2019, and requires a modified retrospective adoption, with early adoption permitted. We anticipate this guidance will have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the new guidance, we currently believe the most significant impact relates to our real estate operating leases and the related recognition of right-of-use assets and lease liabilities in both noncurrent assets and noncurrent liabilities in our consolidated balance sheet. |
Stock Compensation | Stock Compensation In May 2017 the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). This new accounting guidance provides information about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2017 and interim periods within those years. Earlier application is permitted. We do not expect that the adoption of this new guidance will have a material impact on our consolidated financial statements as we historically have not made changes to the terms or conditions of an outstanding share-based payment award. In March 2016, the FASB issued ASU No. 2016-09, |
Cash Receipts and Cash Payments | Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, (ASU 2016-15). The amendments in ASU 2016-15 address several specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC 230, Statement of Cash Flows. This new guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We early adopted this guidance in first quarter 2017. The adoption of this guidance resulted in a change to our classification whereby contingent payments on acquisitions that are up to the acquisition date fair value have been presented in financing activities and those payments in excess of the acquisition date fair value have been presented in operating activities. Historically these payments have all been included in investing activities. Accordingly, in our June 30, 2016 consolidated statement of cash flows, we reclassified $15.6 million and $30.7 million of payments from investing activities to operating activities and financing activities, respectively, to conform to the current year presentation. The modifications can be seen in our statement of cash flows. |
Income Taxes | Income Taxes In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This new accounting guidance allows entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Current guidance does not allow recognition until the asset has been sold to an outside party. This new guidance is effective beginning January 1, 2018 and is to be applied on a modified retrospective basis. Early adoption is permitted. We have not yet determined the effect that adoption of this guidance will have on our consolidated financial statements. |
Restricted Cash | Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This new accounting guidance addresses the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities. We are currently assessing the impact that adopting this new guidance will have on our consolidated financial statements. |
Revenue Recognition | Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as a new Topic, ASC 606, which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of the new accounting 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. The new guidance is effective for us in first quarter 2018, and early adoption is permitted beginning in first quarter 2017. Two methods of transition are permitted 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-2018 periods would be provided in the notes to the financial statements as previously reported under the current revenue standard. We will adopt this new guidance in first quarter 2018. We are evaluating both methods of transition; however, we currently anticipate adopting the new guidance using the full retrospective method to restate each prior reporting period presented. A preliminary assessment to determine the impacts of the new accounting standard has been performed. We are currently implementing new accounting and operational processes which are a result of the new guidance, but we are unable to provide information on quantitative impacts at this time. We anticipate this standard will have a material impact on individual lines in our consolidated financial statements, but we do not expect it will have as material an impact on our results of operations on an annual basis. The primary impacts of the new standard to our product and service lines are anticipated to be as follows: |
Segment Reporting | Brokerage segment Revenue Expense - Risk management segment We are currently assessing the timing and measurement of revenue recognition under the new guidance for our risk management segment, specifically third party administration contracts among others, and anticipate that more revenue will be initially deferred and recognized over a longer future period of time than under our current accounting policies. Corporate segment We expect that the timing related to recognition of revenue in our corporate segment will remain substantially unchanged. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisition Method for Recording Business Combinations | During the six-month period ended June 30, 2017, 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) Construction Risk Solutions, LLC (CRS) January 1, 2017 — $ — $ 27.9 $ — $ 3.1 $ 4.4 $ 35.4 $ 10.0 Hill, Chesson & Woody (HCW) January 1, 2017 — — 34.8 — 0.7 15.9 51.4 24.4 Presidio Group, Inc. (PG) January 1, 2017 — — 41.8 — 4.8 7.0 53.6 15.0 Commercial Insurance Brokers (CIB) April 1, 2017 — — 17.7 — 2.0 0.7 20.4 3.6 Williams - Mannny Insurance Group (WMI) May 1, 2017 170 9.8 28.2 — 2.0 3.9 43.9 11.5 Eighteen other acquisitions completed in 2017 245 12.3 64.2 — 5.4 18.8 100.7 46.3 415 $ 22.1 $ 214.6 $ — $ 18.0 $ 50.7 $ 305.4 $ 110.8 |
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, 2017 (in millions): Eighteen Other CRS HCW PG CIB WMI Acquisitions Total Cash $ — $ — $ — $ 0.1 $ 0.3 $ 4.2 $ 4.6 Other current assets 3.6 2.1 2.4 3.6 1.8 6.3 19.8 Fixed assets — — 0.5 0.1 0.3 0.8 1.7 Noncurrent assets — 0.2 — — — — 0.2 Goodwill 20.3 29.9 25.6 7.4 17.3 53.9 154.4 Expiration lists 14.6 19.2 27.9 13.2 24.9 48.9 148.7 Non-compete agreements 0.1 0.1 0.1 0.1 0.9 1.6 2.9 Total assets acquired 38.6 51.5 56.5 24.5 45.5 115.7 332.3 Current liabilities 3.2 0.1 2.9 4.1 1.6 7.6 19.5 Noncurrent liabilities — — — — — 7.4 7.4 Total liabilities assumed 3.2 0.1 2.9 4.1 1.6 15.0 26.9 Total net assets acquired $ 35.4 $ 51.4 $ 53.6 $ 20.4 $ 43.9 $ 100.7 $ 305.4 |
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, 2016 (in millions, except per share data): Three-month period ended June 30, Six-month period ended June 30, 2017 2016 2017 2016 Total revenues $ 1,566.7 $ 1,453.7 $ 2,991.2 $ 2,781.5 Net earnings attributable to controlling interests 172.4 148.1 228.2 195.8 Basic net earnings per share 0.96 0.83 1.27 1.10 Diluted net earnings per share 0.95 0.83 1.26 1.10 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 Premium finance advances and loans $ 257.0 $ 241.2 Accrued supplemental, direct bill and other receivables 181.4 177.2 Refined coal production related receivables 147.0 136.9 Prepaid expenses 78.7 78.4 Total other current assets $ 664.1 $ 633.7 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations | The carrying amount of goodwill at June 30, 2017 and December 31, 2016 allocated by domestic and foreign operations is as follows (in millions): Risk At June 30, 2017 Brokerage Management Corporate Total United States $ 2,250.7 $ 23.5 $ — $ 2,274.2 United Kingdom 692.4 6.8 — 699.2 Canada 295.8 — — 295.8 Australia 405.8 — — 405.8 New Zealand 214.9 9.8 — 224.7 Other foreign 86.4 — 2.9 89.3 Total goodwill - net $ 3,946.0 $ 40.1 $ 2.9 $ 3,989.0 At December 31, 2016 United States $ 2,115.0 $ 23.5 $ — $ 2,138.5 United Kingdom 662.2 4.3 — 666.5 Canada 292.2 — — 292.2 Australia 382.7 — — 382.7 New Zealand 205.0 0.3 — 205.3 Other foreign 79.8 — 2.8 82.6 Total goodwill - net $ 3,736.9 $ 28.1 $ 2.8 $ 3,767.8 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the six-month period ended June 30, 2017 are as follows (in millions): Risk Brokerage Management Corporate Total Balance as of December 31, 2016 $ 3,736.9 $ 28.1 $ 2.8 $ 3,767.8 Goodwill acquired during the period 142.7 11.7 — 154.4 Goodwill adjustments due to appraisals and other acquisition adjustments 14.7 — — 14.7 Foreign currency translation adjustments during the period 51.7 0.3 0.1 52.1 Balance as of June 30, 2017 $ 3,946.0 $ 40.1 $ 2.9 $ 3,989.0 |
Major Classes of Amortizable Intangible Assets | Major classes of amortizable intangible assets at June 30, 2017 and December 31, 2016 consist of the following (in millions): June 30, December 31, 2017 2016 Expiration lists $ 2,928.6 $ 2,757.6 Accumulated amortization - expiration lists (1,278.5 ) (1,143.0 ) 1,650.1 1,614.6 Non-compete agreements 52.6 49.3 Accumulated amortization - non-compete agreements (44.3 ) (42.1 ) 8.3 7.2 Trade names 24.8 24.0 Accumulated amortization - trade names (20.6 ) (18.5 ) 4.2 5.5 Net amortizable assets $ 1,662.6 $ 1,627.3 |
Estimated Aggregate Amortization Expense | Estimated aggregate amortization expense for each of the next five years is as follows: 2017 (remaining six months) $ 127.1 2018 244.7 2019 230.6 2020 214.4 2021 191.7 Total $ 1,008.5 |
Credit and Other Debt Agreeme28
Credit and Other Debt Agreements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 6.44%, balloon due August 3, 2017 $ 300.0 $ 300.0 Semi-annual payments of interest, fixed rate of 5.85%, $50 million due November 30, 2018 and November 30, 2019 100.0 100.0 Semi-annual payments of interest, fixed rate of 2.80%, balloon due June 24, 2018 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.20%, balloon due June 24, 2019 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48%, balloon due June 24, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99%, balloon due July 10, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 5.18%, balloon due February 10, 2021 75.0 75.0 Semi-annual payments of interest, fixed rate of 3.69%, balloon due June 14, 2022 200.0 200.0 Semi-annual payments of interest, fixed rate of 5.49%, balloon due February 10, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.13%, balloon due June 24, 2023 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due February 27, 2024 325.0 325.0 Semi-annual payments of interest, fixed rate of 4.31%, balloon due June 24, 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.73%, balloon due February 27, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.40%, balloon due June 2, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36%, balloon due June 24, 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due June 27, 2027 125.0 — Semi-annual payments of interest, fixed rate of 3.46%, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55%, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.98%, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due June 27, 2029 50.0 — Semi-annual payments of interest, fixed rate of 4.70%, balloon due June 2, 2031 25.0 25.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 27, 2032 75.0 — Total Note Purchase Agreements 2,700.0 2,450.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires April 8, 2021 318.0 278.0 Premium Financing Debt Facility - expires May 18, 2019: 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 79.6 100.7 NZD denominated tranche 5.8 9.0 Facility C and D AUD denominated tranche 7.1 5.6 NZD denominated tranche 7.5 10.3 Total Premium Financing Debt Facility 100.0 125.6 Total corporate and other debt 3,118.0 2,853.6 Less unamortized debt acquisition costs on Note Purchase Agreements (5.2 ) (5.4 ) Net corporate and other debt $ 3,112.8 $ 2,848.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six-month period ended June 30, 2017 2016 2017 2016 Net earnings attributable to controlling interests $ 171.9 $ 150.0 $ 227.6 $ 196.5 Weighted average number of common shares outstanding 179.9 177.4 179.4 177.2 Dilutive effect of stock options using the treasury stock method 1.7 0.9 1.7 0.8 Weighted average number of common and common equivalent shares outstanding 181.6 178.3 181.1 178.0 Basic net earnings per share $ 0.96 $ 0.85 $ 1.27 $ 1.11 Diluted net earnings per share $ 0.95 $ 0.84 $ 1.26 $ 1.10 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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: 2017 2016 Expected dividend yield 2.8 % 3.0 % Expected risk-free interest rate 2.3 % 1.6 % Volatility 27.2 % 27.7 % Expected life (in years) 5.0 5.5 |
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2017 (in millions, except exercise price and year data): Six-month period ended June 30, 2017 Weighted Average Weighted Remaining Shares Average Contractual Aggregate Under Exercise Term Intrinsic Option Price (in years) Value Beginning balance 10.3 $ 41.40 Granted 1.7 56.85 Exercised (1.0 ) 32.06 Forfeited or canceled — — Ending balance 11.0 $ 44.62 4.35 $ 138.3 Exercisable at end of period 2.9 $ 37.54 2.19 $ 57.2 Ending vested and expected to vest 10.7 $ 44.54 4.33 $ 136.6 |
Other Information Regarding Stock Options Outstanding and Exercisable | Other information regarding stock options outstanding and exercisable at June 30, 2017 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted (in years) Weighted Number Weighted $ 23.76 - $ 39.17 2.9 1.98 $ 35.91 2.3 $ 35.23 43.71 - 46.17 4.5 5.28 44.77 — — 46.87 - 55.94 1.9 3.74 46.94 0.6 46.87 56.86 - 56.86 1.7 6.71 56.86 — — $ 23.76 - $ 58.86 11.0 4.35 $ 44.62 2.9 $ 37.54 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Reported in Other Current and Non-Current Assets | The following is a summary of our investments, included in other noncurrent assets in the consolidated balance sheet, and the related funding commitments (in millions): June 30, 2017 December 31, Funding 2016 Assets Commitments Assets Chem-Mod LLC $ 4.0 $ — $ 4.0 Chem-Mod International LLC 2.0 — 2.0 Clean-coal investments: Controlling interest in six limited liability companies that own fourteen 2009 Era Clean Coal Plants 12.8 — 14.3 Non-controlling interest in one limited liability company that owns one 2011 Era Clean Coal Plant 0.6 — 0.7 Controlling interest in seventeen limited liability companies that own nineteen 2011 Era Clean Coal Plants 66.0 — 69.0 Other investments 3.7 0.4 3.7 Total investments $ 89.1 $ 0.4 $ 93.7 |
Derivatives and Hedging Activ32
Derivatives and Hedging Activity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional and Fair Values of Derivative Instruments | The notional and fair values of derivative instruments are as follows at June 30, 2017 and December 31, 2016 (in millions): Notional Amount Derivatives Assets (1) Derivative Liabilities (2) June 30, 2017 Dec 31, 2016 June 30, 2017 Dec 31, 2016 June 30, 2017 Dec 31, 2016 Derivatives accounted for as hedges: Interest rate contracts $ 100.0 $ 200.0 $ 0.3 $ 11.4 $ — $ — Foreign exchange contracts (3) 16.2 4.1 5.7 2.1 7.4 17.5 Total $ 116.2 $ 204.1 $ 6.0 $ 13.5 $ 7.4 $ 17.5 (1) Included within other current assets, $3.5 million and $12.5 million at June 30, 2017 and December 31, 2016, respectively, and other non-current (2) Included within other current liabilities, $5.6 million and $11.8 million at June 30, 2017 and December 31, 2016, respectively, and other non-current (3) Included within foreign exchange contracts at June 30, 2017 were $86.0 million of call options offset with $86.0 million of put options, and $37.4 million of buy forwards offset with $44.3 million of sell forwards. Included within foreign exchange contracts at December 31, 2016 were $78.3 million of call options offset with $78.3 million of put options, and $61.6 million of buy forwards offset with $57.5 million of sell forwards. |
Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss | The amounts of derivative gains (losses) recognized in accumulated other comprehensive loss for the six-month periods ended June 30, 2017 and 2016 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total June 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (3.0 ) $ (3.0 ) Foreign exchange contracts 6.0 2.0 1.4 — 9.4 Total $ 6.0 $ 2.0 $ 1.4 $ (3.0 ) $ 6.4 June 30, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (3.6 ) $ (3.6 ) Foreign exchange contracts (15.3 ) 0.1 0.1 — (15.1 ) Total $ (15.3 ) $ 0.1 $ 0.1 $ (3.6 ) $ (18.7 ) The amounts of derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) for the six-month periods ended June 30, 2017 and 2016 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total June 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ — $ — Foreign exchange contracts (5.3 ) 0.7 0.5 — (4.1 ) Total $ (5.3 ) $ 0.7 $ 0.5 $ — $ (4.1 ) June 30, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ — $ — Foreign exchange contracts (2.1 ) 0.1 0.1 — (1.9 ) Total $ (2.1 ) $ 0.1 $ 0.1 $ — $ (1.9 ) |
Commitments, Contingencies an33
Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 were as follows (in millions): Payments Due by Period Contractual Obligations 2017 2018 2019 2020 2021 Thereafter Total Note purchase agreements $ 300.0 $ 100.0 $ 100.0 $ 100.0 $ 75.0 $ 2,025.0 $ 2,700.0 Credit Agreement 318.0 — — — — — 318.0 Premium Financing Debt Facility 100.0 — — — — — 100.0 Interest on debt 62.4 103.6 99.2 94.8 89.8 358.4 808.2 Total debt obligations 780.4 203.6 199.2 194.8 164.8 2,383.4 3,926.2 Operating lease obligations 54.9 94.5 79.1 64.8 53.7 129.3 476.3 Less sublease arrangements (0.7 ) (0.4 ) (0.1 ) (0.1 ) — — (1.3 ) Outstanding purchase obligations 33.2 34.4 18.7 7.4 2.2 — 95.9 Total contractual obligations $ 867.8 $ 332.1 $ 296.9 $ 266.9 $ 220.7 $ 2,512.7 $ 4,497.1 |
Off-Balance Sheet Commitments | Our total unrecorded commitments associated with outstanding letters of credit, financial guarantees and funding commitments as of June 30, 2017 were as follows (in millions): Amount of Commitment Expiration by Period Total Amounts Committed Off-Balance Sheet Commitments 2017 2018 2019 2020 2021 Thereafter Letters of credit $ — $ — $ — $ — $ — $ 21.1 $ 21.1 Financial guarantees 0.1 0.2 0.2 0.2 0.2 1.1 2.0 Funding commitments — — — — — 0.4 0.4 Total commitments $ 0.1 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 22.6 $ 23.5 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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: Foreign Fair Value of Accumulated Pension Currency Derivative Comprehensive Liability Translation Investments Earnings (Loss) Balance as of December 31, 2016 $ (47.3 ) $ (709.2 ) $ (7.1 ) $ (763.6 ) Net change in period 2.6 90.3 8.8 101.7 Balance as of June 30, 2017 $ (44.7 ) $ (618.9 ) $ 1.7 $ (661.9 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 and 2016 is as follows (in millions): Three-month period Six-month period ended June 30, ended June 30, 2017 2016 2017 2016 Brokerage Total revenues $ 998.1 $ 939.1 $ 1,876.6 $ 1,764.6 Earnings before income taxes $ 212.5 $ 178.2 $ 330.2 $ 278.2 Identifiable assets at June 30, 2017 and 2016 $ 10,052.4 $ 9,225.9 Risk Management Total revenues $ 188.7 $ 176.5 $ 371.3 $ 355.8 Earnings before income taxes $ 22.9 $ 22.4 $ 45.8 $ 46.4 Identifiable assets at June 30, 2017 and 2016 $ 707.7 $ 663.5 Corporate Total revenues $ 376.6 $ 311.5 $ 728.2 $ 607.1 Loss before income taxes $ (88.4 ) $ (63.1 ) $ (176.7 ) $ (131.4 ) Identifiable assets at June 30, 2017 and 2016 $ 1,809.5 $ 1,494.9 |
Nature of Operations and Basi36
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017CountrySegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries in which the company has operations | 33 |
Number of countries in which the company does business through a network of correspondent brokers and consultants | 150 |
Number of reportable segments | Segment | 3 |
Effect of New Accounting Pron37
Effect of New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax benefit recognized | $ (33.4) | $ (18.2) | $ (48.9) | $ (20.4) |
Reclassification of payments from investing activities to operating activities | 205.4 | 129.4 | ||
Reclassification of payments from investing activities to financing activities | 119 | 15.4 | ||
Restatement Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification of payments from investing activities to operating activities | 15.6 | |||
Reclassification of payments from investing activities to financing activities | 30.7 | |||
Accounting Standards Update 2016-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax benefit recognized | $ 1.9 | $ 2.5 | $ 10.1 | $ 3.1 |
Business Combinations - Acquisi
Business Combinations - Acquisition Method for Recording Business Combinations (Detail) shares in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 415 |
Common Share Value | $ 22,100,000 |
Cash Paid | 214,600,000 |
Accrued Liability | 0 |
Escrow Deposited | 18,000,000 |
Recorded Earnout Payable | 50,700,000 |
Total Recorded Purchase Price | 305,400,000 |
Maximum Potential Earnout Payable | 110,800,000 |
Construction Risk Solutions, LLC [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 27,900,000 |
Accrued Liability | 0 |
Escrow Deposited | 3,100,000 |
Recorded Earnout Payable | 4,400,000 |
Total Recorded Purchase Price | 35,400,000 |
Maximum Potential Earnout Payable | 10,000,000 |
Hill, Chesson And Woody [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 34,800,000 |
Accrued Liability | 0 |
Escrow Deposited | 700,000 |
Recorded Earnout Payable | 15,900,000 |
Total Recorded Purchase Price | 51,400,000 |
Maximum Potential Earnout Payable | 24,400,000 |
Presidio Group, Inc. [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 41,800,000 |
Accrued Liability | 0 |
Escrow Deposited | 4,800,000 |
Recorded Earnout Payable | 7,000,000 |
Total Recorded Purchase Price | 53,600,000 |
Maximum Potential Earnout Payable | 15,000,000 |
Commercial Insurance Brokers [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 17,700,000 |
Accrued Liability | 0 |
Escrow Deposited | 2,000,000 |
Recorded Earnout Payable | 700,000 |
Total Recorded Purchase Price | 20,400,000 |
Maximum Potential Earnout Payable | $ 3,600,000 |
Williams - Mannny Insurance Group [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 170 |
Common Share Value | $ 9,800,000 |
Cash Paid | 28,200,000 |
Accrued Liability | 0 |
Escrow Deposited | 2,000,000 |
Recorded Earnout Payable | 3,900,000 |
Total Recorded Purchase Price | 43,900,000 |
Maximum Potential Earnout Payable | $ 11,500,000 |
Eighteen Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 245 |
Common Share Value | $ 12,300,000 |
Cash Paid | 64,200,000 |
Accrued Liability | 0 |
Escrow Deposited | 5,400,000 |
Recorded Earnout Payable | 18,800,000 |
Total Recorded Purchase Price | 100,700,000 |
Maximum Potential Earnout Payable | $ 46,300,000 |
Business Combinations - Acqui39
Business Combinations - Acquisition Method for Recording Business Combinations (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Construction Risk Solutions, LLC [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jan. 1, 2017 |
Hill, Chesson And Woody [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jan. 1, 2017 |
Presidio Group, Inc. [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jan. 1, 2017 |
Commercial Insurance Brokers [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Apr. 1, 2017 |
Williams - Mannny Insurance Group [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | May 1, 2017 |
Eighteen Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Effective Year of Acquisition | 2,017 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 186 Months Ended | ||
Jun. 30, 2017USD ($)Entity | Jun. 30, 2016USD ($)Entity | Jun. 30, 2017USD ($)Entity | Jun. 30, 2016USD ($)Entity | Jun. 30, 2017USD ($)Entity | |
Business Acquisition [Line Items] | |||||
Accretion of the discount on acquisition | $ 5,200,000 | $ 4,000,000 | $ 10,300,000 | $ 8,200,000 | |
Number of companies acquired | Entity | 46 | 27 | 65 | 57 | 443 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 564,100,000 | ||||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 267,900,000 | ||||
Income (expense) related to net adjustments to estimated fair value of liability for earnout obligations | $ 100,000 | $ (9,200,000) | (6,600,000) | $ (8,900,000) | |
Goodwill | 154,400,000 | 154,400,000 | $ 154,400,000 | ||
Expiration lists | 148,700,000 | 148,700,000 | 148,700,000 | ||
Non-compete agreements | 2,900,000 | 2,900,000 | 2,900,000 | ||
Total revenues related to acquisitions in the aggregate | 1,566,700,000 | $ 1,453,700,000 | 2,991,200,000 | $ 2,781,500,000 | |
Brokerage and Risk Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 154,400,000 | 154,400,000 | 154,400,000 | ||
Expiration lists | 148,700,000 | 148,700,000 | 148,700,000 | ||
Non-compete agreements | 2,900,000 | $ 2,900,000 | 2,900,000 | ||
Expiration Lists [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 3 years | ||||
Expiration Lists [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 15 years | ||||
Non-Compete Agreements [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 3 years | ||||
Non-Compete Agreements [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 5 years | ||||
Trade Names [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 3 years | ||||
Trade Names [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 5 years | ||||
2017 Acquisitions [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 4.00% | ||||
Discount rate | 8.50% | ||||
2017 Acquisitions [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 17.00% | ||||
Discount rate | 9.00% | ||||
2017 Acquisitions [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 3.00% | ||||
Discount rate | 12.00% | ||||
Attrition rate | 5.00% | ||||
2017 Acquisitions [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 3.30% | ||||
Discount rate | 14.00% | ||||
Attrition rate | 8.00% | ||||
2016 Acquisitions [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 3.00% | ||||
Discount rate | 12.00% | ||||
Attrition rate | 5.00% | ||||
2016 Acquisitions [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue growth rate | 3.30% | ||||
Discount rate | 14.00% | ||||
Attrition rate | 8.00% | ||||
Business Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Annualized revenue of business acquisitions | $ 105,000,000 | ||||
Total revenues related to acquisitions in the aggregate | 37,500,000 | ||||
Net earnings | 1,300,000 | ||||
Business Acquisition [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Expiration lists | 148,700,000 | 148,700,000 | 148,700,000 | ||
Non-compete agreements | 2,900,000 | 2,900,000 | 2,900,000 | ||
Deferred tax liability | 7,600,000 | 7,600,000 | 7,600,000 | ||
Goodwill related to nondeductible amortizable intangible assets | 7,600,000 | ||||
Business Acquisition [Member] | Expiration Lists [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | 23,200,000 | 23,200,000 | 23,200,000 | ||
Business Acquisition [Member] | Non-Compete Agreements [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Net Assets Acquired (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | $ 4.6 |
Other current assets | 19.8 |
Fixed assets | 1.7 |
Noncurrent assets | 0.2 |
Goodwill | 154.4 |
Expiration lists | 148.7 |
Non-compete agreements | 2.9 |
Total assets acquired | 332.3 |
Current liabilities | 19.5 |
Noncurrent liabilities | 7.4 |
Total liabilities assumed | 26.9 |
Total net assets acquired | 305.4 |
Construction Risk Solutions, LLC [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 3.6 |
Goodwill | 20.3 |
Expiration lists | 14.6 |
Non-compete agreements | 0.1 |
Total assets acquired | 38.6 |
Current liabilities | 3.2 |
Total liabilities assumed | 3.2 |
Total net assets acquired | 35.4 |
Hill, Chesson And Woody [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 2.1 |
Noncurrent assets | 0.2 |
Goodwill | 29.9 |
Expiration lists | 19.2 |
Non-compete agreements | 0.1 |
Total assets acquired | 51.5 |
Current liabilities | 0.1 |
Total liabilities assumed | 0.1 |
Total net assets acquired | 51.4 |
Presidio Group, Inc. [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 2.4 |
Fixed assets | 0.5 |
Goodwill | 25.6 |
Expiration lists | 27.9 |
Non-compete agreements | 0.1 |
Total assets acquired | 56.5 |
Current liabilities | 2.9 |
Total liabilities assumed | 2.9 |
Total net assets acquired | 53.6 |
Commercial Insurance Brokers [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.1 |
Other current assets | 3.6 |
Fixed assets | 0.1 |
Goodwill | 7.4 |
Expiration lists | 13.2 |
Non-compete agreements | 0.1 |
Total assets acquired | 24.5 |
Current liabilities | 4.1 |
Total liabilities assumed | 4.1 |
Total net assets acquired | 20.4 |
Williams - Mannny Insurance Group [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.3 |
Other current assets | 1.8 |
Fixed assets | 0.3 |
Goodwill | 17.3 |
Expiration lists | 24.9 |
Non-compete agreements | 0.9 |
Total assets acquired | 45.5 |
Current liabilities | 1.6 |
Total liabilities assumed | 1.6 |
Total net assets acquired | 43.9 |
Eighteen Other Acquisitions [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 4.2 |
Other current assets | 6.3 |
Fixed assets | 0.8 |
Goodwill | 53.9 |
Expiration lists | 48.9 |
Non-compete agreements | 1.6 |
Total assets acquired | 115.7 |
Current liabilities | 7.6 |
Noncurrent liabilities | 7.4 |
Total liabilities assumed | 15 |
Total net assets acquired | $ 100.7 |
Business Combinations - Summa42
Business Combinations - Summary of Unaudited Pro Forma Historical Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Business Combinations [Abstract] | ||||
Total revenues | $ 1,566.7 | $ 1,453.7 | $ 2,991.2 | $ 2,781.5 |
Net earnings attributable to controlling interests | $ 172.4 | $ 148.1 | $ 228.2 | $ 195.8 |
Basic net earnings per share | $ 0.96 | $ 0.83 | $ 1.27 | $ 1.10 |
Diluted net earnings per share | $ 0.95 | $ 0.83 | $ 1.26 | $ 1.10 |
Other Current Assets - Summary
Other Current Assets - Summary of Major Classes of Other Current Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Premium finance advances and loans | $ 257 | $ 241.2 |
Accrued supplemental, direct bill and other receivables | 181.4 | 177.2 |
Refined coal production related receivables | 147 | 136.9 |
Prepaid expenses | 78.7 | 78.4 |
Total other current assets | $ 664.1 | $ 633.7 |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Collateralized delinquency period of receivables | 7 days |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Total goodwill - net | $ 3,989 | $ 3,767.8 |
Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 2,274.2 | 2,138.5 |
United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 699.2 | 666.5 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 295.8 | 292.2 |
Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 405.8 | 382.7 |
New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 224.7 | 205.3 |
Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 89.3 | 82.6 |
Brokerage [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 3,946 | 3,736.9 |
Brokerage [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 2,250.7 | 2,115 |
Brokerage [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 692.4 | 662.2 |
Brokerage [Member] | Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 295.8 | 292.2 |
Brokerage [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 405.8 | 382.7 |
Brokerage [Member] | New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 214.9 | 205 |
Brokerage [Member] | Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 86.4 | 79.8 |
Risk Management [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 40.1 | 28.1 |
Risk Management [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 23.5 | 23.5 |
Risk Management [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 6.8 | 4.3 |
Risk Management [Member] | New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 9.8 | 0.3 |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | 2.9 | 2.8 |
Corporate [Member] | Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill - net | $ 2.9 | $ 2.8 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 3,767.8 |
Goodwill acquired during the period | 154.4 |
Goodwill adjustments due to appraisals and other acquisition adjustments | 14.7 |
Foreign currency translation adjustments during the period | 52.1 |
Balance as of June 30, 2017 | 3,989 |
Brokerage [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 3,736.9 |
Goodwill acquired during the period | 142.7 |
Goodwill adjustments due to appraisals and other acquisition adjustments | 14.7 |
Foreign currency translation adjustments during the period | 51.7 |
Balance as of June 30, 2017 | 3,946 |
Risk Management [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 28.1 |
Goodwill acquired during the period | 11.7 |
Foreign currency translation adjustments during the period | 0.3 |
Balance as of June 30, 2017 | 40.1 |
Corporate [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 2.8 |
Foreign currency translation adjustments during the period | 0.1 |
Balance as of June 30, 2017 | $ 2.9 |
Intangible Assets - Major Class
Intangible Assets - Major Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, net | $ 1,662.6 | $ 1,627.3 |
Expiration Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 2,928.6 | 2,757.6 |
Accumulated amortization | (1,278.5) | (1,143) |
Amortizable intangible assets, net | 1,650.1 | 1,614.6 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 52.6 | 49.3 |
Accumulated amortization | (44.3) | (42.1) |
Amortizable intangible assets, net | 8.3 | 7.2 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 24.8 | 24 |
Accumulated amortization | (20.6) | (18.5) |
Amortizable intangible assets, net | $ 4.2 | $ 5.5 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Aggregate Amortization Expense (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2017 (remaining six months) | $ 127.1 |
2,018 | 244.7 |
2,019 | 230.6 |
2,020 | 214.4 |
2,021 | 191.7 |
Total | $ 1,008.5 |
Credit and Other Debt Agreeme49
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 3,118 | $ 2,853.6 |
Less unamortized debt acquisition costs on Note Purchase Agreements | (5.2) | (5.4) |
Semi-annual payments of interest, Net | 3,112.8 | 2,848.2 |
Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 125.6 |
Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 2,700 | 2,450 |
Fixed Rate of 6.44%, Balloon Due August 3, 2017 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 300 | 300 |
Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 2.80%, Balloon Due June 24, 2018 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.20%, Balloon Due June 24, 2019 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.48%, Balloon Due June 24, 2020 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.99%, Balloon Due July 10, 2020 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 5.18%, Balloon Due February 10, 2021 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 3.69%, Balloon Due June 14, 2022 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 5.49%, Balloon Due February 10, 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.13%, Balloon Due June 24, 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 325 | 325 |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.73%, Balloon Due February 27, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.40%, Balloon Due June 2, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.36%, Balloon Due June 24, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 150 | 150 |
Fixed Rate of 4.09%, Balloon Due June 27, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | |
Fixed Rate of 3.46%, Balloon Due December 1, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.55%, Balloon Due June 2, 2028 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.98%, Balloon Due February 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.19%, Balloon Due June 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | |
Fixed Rate of 4.70%, Balloon Due June 2, 2031 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 25 | 25 |
Fixed Rate of 4.34%, Balloon Due June 27, 2032 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | |
Prime or LIBOR Plus up to 1.45%, Expires April 8, 2021 [Member] | Multi Currency Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 318 | 278 |
Interbank Rates Plus 1.05%, Expires May 18, 2019 [Member] | AUD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 79.6 | 100.7 |
Interbank Rates Plus 1.05%, Expires May 18, 2019 [Member] | NZD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 5.8 | 9 |
Interbank Rates Plus 0.55%, Expires May 18, 2019 [Member] | AUD Denominated Tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 7.1 | 5.6 |
Interbank Rates Plus 0.55%, Expires May 18, 2019 [Member] | NZD Denominated Tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 7.5 | $ 10.3 |
Credit and Other Debt Agreeme50
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fixed Rate of 6.44%, Balloon Due August 3, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 6.44% | 6.44% |
Periodic payments of interest and principal, expiry date | Aug. 3, 2017 | Aug. 3, 2017 |
Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.85% | 5.85% |
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 June 24, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 2.80% | 2.80% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2018 | Jun. 24, 2018 |
Fixed Rate of 3.20%, Balloon Due June 24, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.20% | 3.20% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2019 | Jun. 24, 2019 |
Fixed Rate of 3.48%, Balloon Due June 24, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.48% | 3.48% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2020 | Jun. 24, 2020 |
Fixed Rate of 3.99%, Balloon Due July 10, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.99% | 3.99% |
Periodic payments of interest and principal, expiry date | Jul. 10, 2020 | Jul. 10, 2020 |
Fixed Rate of 5.18%, Balloon Due February 10, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.18% | 5.18% |
Periodic payments of interest and principal, expiry date | Feb. 10, 2021 | Feb. 10, 2021 |
Fixed Rate of 3.69%, Balloon Due June 14, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.69% | 3.69% |
Periodic payments of interest and principal, expiry date | Jun. 14, 2022 | Jun. 14, 2022 |
Fixed Rate of 5.49%, Balloon Due February 10, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.49% | 5.49% |
Periodic payments of interest and principal, expiry date | Feb. 10, 2023 | Feb. 10, 2023 |
Fixed Rate of 4.13%, Balloon Due June 24, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.13% | 4.13% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2023 | Jun. 24, 2023 |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.58% | 4.58% |
Periodic payments of interest and principal, expiry date | Feb. 27, 2024 | Feb. 27, 2024 |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.31% | 4.31% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2025 | Jun. 24, 2025 |
Fixed Rate of 4.73%, Balloon Due February 27, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.73% | 4.73% |
Periodic payments of interest and principal, expiry date | Feb. 27, 2026 | Feb. 27, 2026 |
Fixed Rate of 4.40%, Balloon Due June 2, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.40% | 4.40% |
Periodic payments of interest and principal, expiry date | Jun. 2, 2026 | Jun. 2, 2026 |
Fixed Rate of 4.36%, Balloon Due June 24, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.36% | 4.36% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2026 | Jun. 24, 2026 |
Fixed Rate of 4.09%, Balloon Due June 27, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.09% | 4.09% |
Periodic payments of interest and principal, expiry date | Jun. 27, 2027 | Jun. 27, 2027 |
Fixed Rate of 3.46%, Balloon Due December 1, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.46% | 3.46% |
Periodic payments of interest and principal, expiry date | Dec. 1, 2027 | Dec. 1, 2027 |
Fixed Rate of 4.55%, Balloon Due June 2, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.55% | 4.55% |
Periodic payments of interest and principal, expiry date | Jun. 2, 2028 | Jun. 2, 2028 |
Fixed Rate of 4.98%, Balloon Due February 27, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.98% | 4.98% |
Periodic payments of interest and principal, expiry date | Feb. 27, 2029 | Feb. 27, 2029 |
Fixed Rate of 4.19%, Balloon Due June 27, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.19% | 4.19% |
Periodic payments of interest and principal, expiry date | Jun. 27, 2029 | Jun. 27, 2029 |
Fixed Rate of 4.70%, Balloon Due June 2, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.70% | 4.70% |
Periodic payments of interest and principal, expiry date | Jun. 2, 2031 | Jun. 2, 2031 |
Fixed Rate of 4.34%, Balloon Due June 27, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | Jun. 27, 2032 | Jun. 27, 2032 |
Prime or LIBOR Plus up to 1.45%, Expires April 8, 2021 [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 1.45% | 1.45% |
Periodic payments of interest and principal, expiry date | Apr. 8, 2021 | Apr. 8, 2021 |
Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | May 18, 2019 | May 18, 2019 |
First Installment [Member] | Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | Nov. 30, 2018 | Nov. 30, 2018 |
Second Installment [Member] | Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | Nov. 30, 2019 | Nov. 30, 2019 |
Facility B [Member] | Premium Financing Debt Facility [Member] | Interbank Rates Plus 1.05%, Expires May 18, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 1.05% | 1.05% |
Facility C and D [Member] | Premium Financing Debt Facility [Member] | Interbank Rates Plus 0.55%, Expires May 18, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 0.55% | 0.55% |
Credit and Other Debt Agreeme51
Credit and Other Debt Agreements - Additional Information (Detail) - USD ($) $ in Millions | Jun. 27, 2017 | Jun. 13, 2017 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||
Realized a cash gain on hedging transaction | $ 8.3 | ||
Senior Fixed Rate Notes [Member] | Note Purchase Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued and sold | $ 598 | ||
Weighted average interest rate of notes | 4.04% | ||
6.44% Senior Notes, Series B [Member] | Note Purchase Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued and sold | $ 300 | ||
Debt instrument, maturity date | Aug. 3, 2017 | ||
Private Placement [Member] | Senior Unsecured Notes [Member] | Note Purchase Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued and sold | $ 250 | $ 648 | |
Weighted average interest rate of notes | 4.19% | ||
Weighted Average [Member] | Senior Fixed Rate Notes [Member] | Note Purchase Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average maturity of notes | 11 years 7 months 6 days |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to controlling interests | $ 171.9 | $ 150 | $ 227.6 | $ 196.5 |
Weighted average number of common shares outstanding | 179.9 | 177.4 | 179.4 | 177.2 |
Dilutive effect of stock options using the treasury stock method | 1.7 | 0.9 | 1.7 | 0.8 |
Weighted average number of common and common equivalent shares outstanding | 181.6 | 178.3 | 181.1 | 178 |
Basic net earnings per share | $ 0.96 | $ 0.85 | $ 1.27 | $ 1.11 |
Diluted net earnings per share | $ 0.95 | $ 0.84 | $ 1.26 | $ 1.10 |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Options to purchase common stock shares outstanding | 1.7 | 6.5 | 1 | 5.4 |
Stock Option Plans - Additional
Stock Option Plans - Additional information (Detail) - USD ($) | Mar. 16, 2017 | Mar. 17, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Stock Option Plans [Line Items] | ||||||
Compensation expense related to stock option grants | $ 4,400,000 | $ 3,800,000 | $ 8,500,000 | $ 7,100,000 | ||
Total intrinsic value of options exercised | 22,800,000 | $ 8,000,000 | ||||
Total unrecognized compensation cost related to nonvested options | $ 51,900,000 | $ 51,900,000 | ||||
Weighted average period, years | 4 years | |||||
Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Maximum number of shares available | 4,000,000 | |||||
Maximum number of shares granted during any fiscal year to any person | 200,000 | |||||
Shares available for grant | 16,000,000 | 16,000,000 | ||||
2014 Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Number of years options expire from date of grant | 7 years | 7 years | ||||
Officer and Key Employees [Member] | 2014 Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Shares available for grant | 1,650,400 | 2,576,700 | ||||
Stock options granted, exercise percentage, on the third anniversary date of the grant | 34.00% | 34.00% | ||||
Stock options granted, exercise percentage, on the fourth anniversary date of the grant | 33.00% | 33.00% | ||||
Stock options granted, exercise percentage, on the fifth anniversary date of the grant | 33.00% | 33.00% | ||||
Minimum [Member] | Long Term Incentive Plan [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% | |||||
Minimum [Member] | 2014 Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Period of service from grant date stock options awarded not subject to forfeiture | 2 years | 2 years | ||||
Minimum [Member] | Executive Officer [Member] | 2014 Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Minimum age of employee with not subject to award forfeiture on condition compliance | 55 years | 55 years | ||||
Maximum [Member] | Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Maximum period for the exercise of stock options, years | 7 years | |||||
Options or Stock Appreciation Rights [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Maximum number of shares granted during any fiscal year to any person | 200,000 | |||||
Cash Settled Performance Shares [Member] | Long Term Incentive Plan [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Maximum amount payable for the shares granted during any fiscal year to any person | $ 5,000,000 | |||||
Black-Scholes Option Pricing Model [Member] | ||||||
Stock Option Plans [Line Items] | ||||||
Weighted average fair value per option for all options | $ 11.42 | $ 8.45 |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option Pricing Model with Weighted Average (Detail) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected dividend yield | 2.80% | 3.00% |
Expected risk-free interest rate | 2.30% | 1.60% |
Volatility | 27.20% | 27.70% |
Expected life (in years) | 5 years | 5 years 6 months |
Stock Option Plans - Stock Opti
Stock Option Plans - Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares Under Option, Beginning balance | shares | 10.3 |
Shares Under Option, Granted | shares | 1.7 |
Shares Under Option, Exercised | shares | (1) |
Shares Under Option, Forfeited or canceled | shares | 0 |
Shares Under Option, Ending balance | shares | 11 |
Shares Under Option, Exercisable at end of period | shares | 2.9 |
Shares Under Option, Ending vested and expected to vest | shares | 10.7 |
Weighted Average Exercise Price, Beginning balance | $ / shares | $ 41.40 |
Weighted Average Exercise Price, Granted | $ / shares | 56.85 |
Weighted Average Exercise Price, Exercised | $ / shares | 32.06 |
Weighted Average Exercise Price, Forfeited or canceled | $ / shares | 0 |
Weighted Average Exercised Price, Ending balance | $ / shares | 44.62 |
Weighted Average Exercise Price, Exercisable at end of period | $ / shares | 37.54 |
Weighted Average Exercise price, Ending vested and expected to vest | $ / shares | $ 44.54 |
Weighted Average Remaining Contractual Term (in years), Ending balance | 4 years 4 months 6 days |
Weighted Average Remaining Contractual Term (in years), Exercisable at end of period | 2 years 2 months 8 days |
Weighted Average Remaining Contractual Term (in years), Ending vested and expected to vest | 4 years 3 months 29 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 138.3 |
Aggregate Intrinsic Value, Exercisable at end of period | $ | 57.2 |
Aggregate Intrinsic Value, Ending vested and expected to vest | $ | $ 136.6 |
Stock Option Plans - Stock Op57
Stock Option Plans - Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | $ 23.76 | |
Range of Exercise Prices, maximum | $ 58.86 | |
Option Outstanding, Number Outstanding | 11 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 4 months 6 days | |
Option Outstanding, Weighted Average Exercise Price | $ 44.62 | $ 41.40 |
Options Exercisable, Number Exercisable | 2.9 | |
Option Exercisable, Weighted Average Exercise Price | $ 37.54 | |
Exercise Prices Range $ 23.76 - $ 39.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 23.76 | |
Range of Exercise Prices, maximum | $ 39.17 | |
Option Outstanding, Number Outstanding | 2.9 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 1 year 11 months 23 days | |
Option Outstanding, Weighted Average Exercise Price | $ 35.91 | |
Options Exercisable, Number Exercisable | 2.3 | |
Option Exercisable, Weighted Average Exercise Price | $ 35.23 | |
Exercise Prices Range $ 43.71 - $ 46.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 43.71 | |
Range of Exercise Prices, maximum | $ 46.17 | |
Option Outstanding, Number Outstanding | 4.5 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 3 months 11 days | |
Option Outstanding, Weighted Average Exercise Price | $ 44.77 | |
Exercise Prices Range $ 46.87 - $ 49.55 [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 | $ 55.94 | |
Option Outstanding, Number Outstanding | 1.9 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 3 years 8 months 26 days | |
Option Outstanding, Weighted Average Exercise Price | $ 46.94 | |
Options Exercisable, Number Exercisable | 0.6 | |
Option Exercisable, Weighted Average Exercise Price | $ 46.87 | |
Exercise Prices Range $ 56.86 - $ 56.86 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 56.86 | |
Range of Exercise Prices, maximum | $ 56.86 | |
Option Outstanding, Number Outstanding | 1.7 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 8 months 16 days | |
Option Outstanding, Weighted Average Exercise Price | $ 56.86 |
Deferred Compensation - Additio
Deferred Compensation - Additional information (Detail) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
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. | ||||||
Deferred Equity Participation Sub-plans, distributions to key executives, age | Age 65 | ||||||
Deferred Equity Participation Sub-plans, distributions requisite service description | We made awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65. | ||||||
Deferred Equity Participation Plan (DEPP) [Member] | |||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||
Awards approved by committee, value | $ 14,000,000 | $ 10,100,000 | |||||
Charge to compensation expenses related to awards | $ 3,000,000 | $ 2,400,000 | $ 4,400,000 | $ 3,800,000 | |||
Cash and equity awards with aggregate fair value vested and distributed to participants | 0 | 6,600,000 | |||||
Unearned deferred compensation, value | $ 62,200,000 | $ 46,800,000 | |||||
Unearned deferred compensation, shares | 2.7 | 2.4 | |||||
Total intrinsic value of unvested equity based awards | $ 156,500,000 | $ 125,500,000 | |||||
Deferred Cash Participation Plan (DCPP) [Member] | |||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||
Awards approved by committee, value | 5,100,000 | 5,100,000 | 3,100,000 | $ 3,100,000 | |||
Charge to compensation expenses related to awards | 700,000 | 400,000 | 1,100,000 | 700,000 | |||
Cash and equity awards with aggregate fair value vested and distributed to participants | 0 | 0 | |||||
Deferred Equity Participation Plan Sub Plans [Member] | |||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||
Awards approved by committee, value | $ 4,000,000 | 13,600,000 | |||||
Charge to compensation expenses related to awards | $ 500,000 | $ 400,000 | 900,000 | $ 400,000 | |||
Cash and equity awards with aggregate fair value vested and distributed to participants | $ 0 |
Restricted Stock, Performance59
Restricted Stock, Performance Share and Cash Awards - Additional Information (Detail) | Mar. 16, 2017USD ($)shares | Mar. 17, 2016USD ($)shares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Jun. 30, 2016USD ($)shares | Mar. 31, 2016USD ($)shares | Jun. 30, 2017USD ($)Timesshares | Jun. 30, 2016USD ($)shares | Dec. 31, 2016USD ($)shares | Mar. 31, 2015shares | Mar. 11, 2015USD ($)shares | Mar. 12, 2014USD ($)shares |
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Share-based compensation, shares outstanding | shares | 11,000,000 | 11,000,000 | 10,300,000 | |||||||||
Long Term Incentive Plan [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Share-based compensation, shares outstanding, Value | $ 4,000,000 | $ 4,000,000 | ||||||||||
Share-based compensation, shares outstanding | shares | 4,000,000 | 4,000,000 | ||||||||||
Shares granted in the period | shares | 4,000,000 | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Shares granted in the period | shares | 477,500 | 466,600 | ||||||||||
Fair value of grants in period | $ 26,800,000 | $ 20,400,000 | ||||||||||
Share based payment award vesting date | Mar. 16, 2021 | Mar. 11, 2020 | ||||||||||
Restricted stock or unit expense | $ 6,500,000 | $ 6,000,000 | $ 10,500,000 | $ 10,000,000 | ||||||||
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 | ||||||||||
Unvested Restricted Stock [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Total intrinsic value | 102,700,000 | 75,600,000 | 102,700,000 | 75,600,000 | ||||||||
Equity awards with an aggregate fair value | $ 22,300,000 | 14,200,000 | ||||||||||
Performance Shares [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Shares authorized | shares | 86,250 | 72,900 | ||||||||||
Performance unit awards approved, Fair value | $ 4,900,000 | $ 3,200,000 | ||||||||||
Provisional awards, terms | Granted units for the 2017 provisional awards will fully vest based on continuous employment through March 16, 2020 and will be settled in shares of our common stock on a one-for-one basis as soon as practicable thereafter. | |||||||||||
Performance awards period, years | 1 year | |||||||||||
Vesting period, years | 2 years | |||||||||||
2017 Performance Share Awards [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Provisional awards, terms | The 2017 awards are subject to a three-year performance period that begins on January 1, 2017, and vest on the three-year anniversary of the date of grant (March 16, 2020). | |||||||||||
Performance awards period, years | 3 years | |||||||||||
Vesting period, years | 3 years | |||||||||||
Performance awards expiration date | Mar. 16, 2020 | |||||||||||
Cash Awards [Member] | Officer and Key Employees [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Provisional awards, terms | The ultimate award value will be equal to the trailing twelve-month price of our common stock on December 31, 2019, 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. | |||||||||||
Performance awards period, years | 1 year | |||||||||||
Vesting period, years | 2 years | |||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 14,300,000 | $ 17,400,000 | $ 14,600,000 | $ 10,800,000 | ||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 255,000 | 397,000 | 383,000 | 294,000 | 220,000 | 315,000 | 229,000 | |||||
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 | |||||||||||
2017 Provisional Cash Awards [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Cash-based compensation awards, expenses | $ 0 | |||||||||||
2016 Provisional Cash Awards [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Cash-based compensation awards, expenses | 2,700,000 | 5,300,000 | $ 0 | |||||||||
2015 Provisional Cash Awards [Member] | ||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||||
Cash-based compensation awards, expenses | $ 1,900,000 | 1,600,000 | $ 5,000,000 | 3,200,000 | ||||||||
2014 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 | 200,000 | 200,000 | ||||||||||
Cash-based compensation awards, expenses | $ 1,000,000 | $ 1,900,000 | ||||||||||
Grants vested in period fair value | $ 9,300,000 | $ 9,300,000 | ||||||||||
2013 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 | 200,000 | 200,000 | ||||||||||
Grants vested in period fair value | $ 11,200,000 | $ 11,200,000 |
Investments - Investments Repor
Investments - Investments Reported in Other Current and Non-Current Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 89.1 | $ 93.7 |
Funding Commitments | 0.4 | |
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 |
Clean-Coal Investments [Member] | Controlling Interest [Member] | Fourteen 2009 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 12.8 | 14.3 |
Clean-Coal Investments [Member] | Controlling Interest [Member] | Nineteen 2011 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 66 | 69 |
Clean-Coal Investments [Member] | Noncontrolling Interests [Member] | One 2011 Era Clean Coal Plant [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 0.6 | 0.7 |
Other Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 3.7 | $ 3.7 |
Funding Commitments | $ 0.4 |
Investments - Investments Rep61
Investments - Investments Reported in Other Current and Non-Current Assets (Parenthetical) (Detail) - Clean-Coal Investments [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017EntityPlant | Dec. 31, 2016EntityPlant | |
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 | Entity | 6 | 6 |
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 | Entity | 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 | Entity | 17 | 17 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 116,200,000 | $ 204,100,000 |
Derivatives Assets | 6,000,000 | 13,500,000 |
Derivative Liabilities | 7,400,000 | 17,500,000 |
Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 100,000,000 | 200,000,000 |
Derivatives Assets | 300,000 | 11,400,000 |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 16,200,000 | 4,100,000 |
Derivatives Assets | 5,700,000 | 2,100,000 |
Derivative Liabilities | $ 7,400,000 | $ 17,500,000 |
Derivatives and Hedging Activ63
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets - current | $ 3.5 | $ 12.5 |
Derivative assets - non current | 2.5 | 1 |
Derivative liabilities - current | 5.6 | 11.8 |
Derivative liabilities - non current | 1.8 | 5.7 |
Foreign Exchange Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 86 | 78.3 |
Foreign Exchange Contracts [Member] | Put Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 86 | 78.3 |
Foreign Exchange Contracts [Member] | Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 37.4 | 61.6 |
Foreign Exchange Contracts [Member] | Forward Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | $ 44.3 | $ 57.5 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activity - Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | $ 6.4 | $ (18.7) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | (4.1) | (1.9) |
Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (3) | (3.6) |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 9.4 | (15.1) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | (4.1) | (1.9) |
Commission Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 6 | (15.3) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | (5.3) | (2.1) |
Commission Revenue [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 6 | (15.3) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | (5.3) | (2.1) |
Compensation Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 2 | 0.1 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.7 | 0.1 |
Compensation Expense [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 2 | 0.1 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.7 | 0.1 |
Operating Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 1.4 | 0.1 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.5 | 0.1 |
Operating Expense [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 1.4 | 0.1 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.5 | 0.1 |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (3) | (3.6) |
Interest Expense [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | $ (3) | $ (3.6) |
Derivatives and Hedging Activ65
Derivatives and Hedging Activity - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) related to hedge ineffectiveness | $ 0.4 | $ 0.3 | |
Scenario, Forecast [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Estimated pretax gains to be reclassified from accumulated other comprehensive loss into earnings | $ 1.3 |
Commitments, Contingencies an66
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contractual Obligations (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Note Purchase Agreements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
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, 2020 | 100 |
Contractual Obligations, Payments Due by Period, 2021 | 75 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,025 |
Contractual Obligations, Payments Due by Period, Total | 2,700 |
Multi Currency Credit Agreement [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | 318 |
Contractual Obligations, Payments Due by Period, Total | 318 |
Premium Financing Debt Facility [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | 100 |
Contractual Obligations, Payments Due by Period, Total | 100 |
Interest On Debt [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | 62.4 |
Contractual Obligations, Payments Due by Period, 2018 | 103.6 |
Contractual Obligations, Payments Due by Period, 2019 | 99.2 |
Contractual Obligations, Payments Due by Period, 2020 | 94.8 |
Contractual Obligations, Payments Due by Period, 2021 | 89.8 |
Contractual Obligations, Payments Due by Period, Thereafter | 358.4 |
Contractual Obligations, Payments Due by Period, Total | 808.2 |
Total Debt Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | 780.4 |
Contractual Obligations, Payments Due by Period, 2018 | 203.6 |
Contractual Obligations, Payments Due by Period, 2019 | 199.2 |
Contractual Obligations, Payments Due by Period, 2020 | 194.8 |
Contractual Obligations, Payments Due by Period, 2021 | 164.8 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,383.4 |
Contractual Obligations, Payments Due by Period, Total | 3,926.2 |
Operating Lease Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | 54.9 |
Contractual Obligations, Payments Due by Period, 2018 | 94.5 |
Contractual Obligations, Payments Due by Period, 2019 | 79.1 |
Contractual Obligations, Payments Due by Period, 2020 | 64.8 |
Contractual Obligations, Payments Due by Period, 2021 | 53.7 |
Contractual Obligations, Payments Due by Period, Thereafter | 129.3 |
Contractual Obligations, Payments Due by Period, Total | 476.3 |
Less Sublease Arrangements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | (0.7) |
Contractual Obligations, Payments Due by Period, 2018 | (0.4) |
Contractual Obligations, Payments Due by Period, 2019 | (0.1) |
Contractual Obligations, Payments Due by Period, 2020 | (0.1) |
Contractual Obligations, Payments Due by Period, Total | (1.3) |
Outstanding Purchase Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | 33.2 |
Contractual Obligations, Payments Due by Period, 2018 | 34.4 |
Contractual Obligations, Payments Due by Period, 2019 | 18.7 |
Contractual Obligations, Payments Due by Period, 2020 | 7.4 |
Contractual Obligations, Payments Due by Period, 2021 | 2.2 |
Contractual Obligations, Payments Due by Period, Total | 95.9 |
Total Contractual Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2017 | 867.8 |
Contractual Obligations, Payments Due by Period, 2018 | 332.1 |
Contractual Obligations, Payments Due by Period, 2019 | 296.9 |
Contractual Obligations, Payments Due by Period, 2020 | 266.9 |
Contractual Obligations, Payments Due by Period, 2021 | 220.7 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,512.7 |
Contractual Obligations, Payments Due by Period, Total | $ 4,497.1 |
Commitments, Contingencies an67
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 186 Months Ended | ||
Jun. 30, 2017USD ($)ft²Entity | Jun. 30, 2016Entity | Jun. 30, 2017USD ($)ft²EntityEmployeesLetterOfCredit | Jun. 30, 2016Entity | Jun. 30, 2017USD ($)ft²Entity | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Number of square feet | ft² | 360,000 | 360,000 | 360,000 | ||
Number of employees will accommodate at new facility | Employees | 2,000 | ||||
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 | 46 | 27 | 65 | 57 | 443 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 564,100,000 | ||||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | $ 267,900,000 | ||||
Tax Increment Financing [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Property tax credit expect to receive period | 15 years | ||||
Letter of Credit [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||
Number of letters of credit issued | LetterOfCredit | 1 | ||||
Letter of Credit [Member] | Security Deposit [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | 500,000 | $ 500,000 | 500,000 | ||
Number of letters of credit issued | LetterOfCredit | 1 | ||||
Letter of Credit [Member] | Self-Insurance Deductibles [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Liabilities recorded on self-insurance | 9,300,000 | $ 9,300,000 | 9,300,000 | ||
Debt | 13,100,000 | $ 13,100,000 | 13,100,000 | ||
Number of letters of credit issued | LetterOfCredit | 2 | ||||
Letter of Credit [Member] | Rent-A-Captive Facility [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 6,300,000 | $ 6,300,000 | $ 6,300,000 | ||
Number of letters of credit issued | LetterOfCredit | 7 | ||||
Minimum [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Ownership interest | 1.00% | 1.00% | 1.00% | ||
Minimum [Member] | Tax Increment Financing [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Property tax credit expect to receive | $ 60,000,000 | $ 60,000,000 | $ 60,000,000 | ||
Maximum [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | 50.00% | ||
Maximum [Member] | Tax Increment Financing [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Property tax credit expect to receive | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | ||
Outstanding Purchase Obligations Related to New Corporate Headquarters Building [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Contractual Obligations, Payments Due by Period, Total | $ 6,900,000 | $ 6,900,000 | $ 6,900,000 |
Commitments, Contingencies an68
Commitments, Contingencies and Off-Balance Sheet Arrangements - Off-Balance Sheet Commitments (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2017 | $ 0.1 |
Amount of Commitment Expiration by Period - 2018 | 0.2 |
Amount of Commitment Expiration by Period - 2019 | 0.2 |
Amount of Commitment Expiration by Period - 2020 | 0.2 |
Amount of Commitment Expiration by Period - 2021 | 0.2 |
Amount of Commitment Expiration by Period - Thereafter | 22.6 |
Total Amounts Committed | 23.5 |
Letters of Credit [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - Thereafter | 21.1 |
Total Amounts Committed | 21.1 |
Financial Guarantees [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2017 | 0.1 |
Amount of Commitment Expiration by Period - 2018 | 0.2 |
Amount of Commitment Expiration by Period - 2019 | 0.2 |
Amount of Commitment Expiration by Period - 2020 | 0.2 |
Amount of Commitment Expiration by Period - 2021 | 0.2 |
Amount of Commitment Expiration by Period - Thereafter | 1.1 |
Total Amounts Committed | 2 |
Funding Commitments [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - Thereafter | 0.4 |
Total Amounts Committed | $ 0.4 |
Commitments, Contingencies an69
Commitments, Contingencies and Off-Balance Sheet Arrangements - Litigation, Regulatory and Taxation Matters- Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Companies | |
Minimum [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Number of micro-captive insurance companies organized or managed | 100 |
Commitments, Contingencies an70
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contingent Liabilities - Additional Information (Detail) - Errors and Omissions [Member] | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Insurance claims, amount retained | $ 5,000,000 |
Amount of losses in excess of retained amounts | 175,000,000 |
Maximum [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Actuarial range value | 7,100,000 |
Minimum [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Actuarial range value | $ 1,600,000 |
Commitments, Contingencies an71
Commitments, Contingencies and Off-Balance Sheet Arrangements - Tax - advantaged Investments No Longer Held - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Income tax credits and adjustments | $ 108.2 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Earnings - Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ (763.6) |
Ending Balance | (661.9) |
Pension Liability [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (47.3) |
Net change in period | 2.6 |
Ending Balance | (44.7) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (709.2) |
Net change in period | 90.3 |
Ending Balance | (618.9) |
Fair Value of Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (7.1) |
Net change in period | 8.8 |
Ending Balance | 1.7 |
Accumulated Other Comprehensive Earnings (Loss) [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (763.6) |
Net change in period | 101.7 |
Ending Balance | $ (661.9) |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Earnings - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Expense related to pension liability reclassified from accumulated other comprehensive earnings | $ 2,700,000 | $ 2,800,000 |
Income (expense) related to fair value of derivative investments reclassified from accumulated other comprehensive earnings | (4,100,000) | (1,900,000) |
Foreign currency translation reclassified from accumulated other comprehensive earnings | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Segment | |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 1,563.4 | $ 1,427.1 | $ 2,976.1 | $ 2,727.5 | |
Earnings before income taxes | 147 | 137.5 | 199.3 | 193.2 | |
Identifiable assets at June 30, 2017 and 2016 | 12,569.6 | 12,569.6 | $ 11,489.6 | ||
Operating Segments [Member] | Brokerage [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 998.1 | 939.1 | 1,876.6 | 1,764.6 | |
Earnings before income taxes | 212.5 | 178.2 | 330.2 | 278.2 | |
Identifiable assets at June 30, 2017 and 2016 | 10,052.4 | 9,225.9 | 10,052.4 | 9,225.9 | |
Operating Segments [Member] | Risk Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 188.7 | 176.5 | 371.3 | 355.8 | |
Earnings before income taxes | 22.9 | 22.4 | 45.8 | 46.4 | |
Identifiable assets at June 30, 2017 and 2016 | 707.7 | 663.5 | 707.7 | 663.5 | |
Operating Segments [Member] | Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 376.6 | 311.5 | 728.2 | 607.1 | |
Earnings before income taxes | (88.4) | (63.1) | (176.7) | (131.4) | |
Identifiable assets at June 30, 2017 and 2016 | $ 1,809.5 | $ 1,494.9 | $ 1,809.5 | $ 1,494.9 |