Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
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 |
Smaller Reporting Company | false |
Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 183,652,000 |
Consolidated Statement of Earni
Consolidated Statement of Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | [1] | Sep. 30, 2018 | Sep. 30, 2017 | [1] | |
Revenues before reimbursements | $ 1,741.2 | $ 1,559.9 | $ 5,169.1 | $ 4,627.5 | ||
Total revenues | 1,778.5 | 1,593.7 | 5,276.6 | 4,729.6 | ||
Compensation | 765.7 | 680.5 | 2,266.2 | 2,059.2 | ||
Operating | 227.7 | 209 | 666.6 | 612.7 | ||
Reimbursements | 37.3 | 33.8 | 107.5 | 102.1 | ||
Interest | 36.7 | 31.4 | 101.9 | 92.9 | ||
Depreciation | 33.4 | 30.5 | 94.8 | 90.2 | ||
Amortization | 72.8 | 69.6 | 214.4 | 199 | ||
Change in estimated acquisition earnout payables | 5.8 | 10.6 | 7.2 | 27.5 | ||
Total expenses | 1,688.2 | 1,516.8 | 4,840.4 | 4,399 | ||
Earnings before income taxes | 90.3 | 76.9 | 436.2 | 330.6 | ||
Benefit for income taxes | (48.1) | (41.2) | (111.9) | (107.8) | ||
Net earnings | 138.4 | 118.1 | 548.1 | 438.4 | ||
Net earnings attributable to noncontrolling interests | 10.8 | 7.1 | 31.9 | 28.6 | ||
Net earnings attributable to controlling interests | $ 127.6 | $ 111 | $ 516.2 | $ 409.8 | ||
Basic net earnings per share | $ 0.70 | $ 0.61 | $ 2.83 | $ 2.28 | ||
Diluted net earnings per share | 0.68 | 0.61 | 2.78 | 2.26 | ||
Dividends declared per common share | $ 0.41 | $ 0.39 | $ 1.23 | $ 1.17 | ||
Commissions [Member] | ||||||
Total revenues | $ 707.6 | $ 637.9 | $ 2,235 | $ 2,016.8 | ||
Broker Fees [Member] | ||||||
Total revenues | 452.7 | 416.2 | 1,323 | 1,208.1 | ||
Supplemental Revenue Member [Member] | ||||||
Total revenues | 43.9 | 36.9 | 144 | 120 | ||
Contingent Revenue [Member] | ||||||
Total revenues | 25.7 | 21.8 | 82.4 | 78.1 | ||
Investment income [Member] | ||||||
Total revenues | 18 | 15.9 | 47.2 | 42.6 | ||
Gains on Books of Business Sales [Member] | ||||||
Total revenues | 0.6 | 0.6 | 9.6 | 3.1 | ||
Clean Coal Activities [Member] | ||||||
Total revenues | 492.4 | 430.6 | 1,327 | 1,158.8 | ||
Cost of revenues from clean coal activities | 508.8 | 451.4 | 1,381.8 | 1,215.4 | ||
Product and Service, Other [Member] | ||||||
Total revenues | 0.3 | 0.9 | ||||
Reimbursements [Member] | ||||||
Total revenues | $ 37.3 | $ 33.8 | $ 107.5 | $ 102.1 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Earnings (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | [1] | Sep. 30, 2018 | Sep. 30, 2017 | [1] | |
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings | $ 138.4 | $ 118.1 | $ 548.1 | $ 438.4 | ||
Change in pension liability, net of taxes | 0.7 | 1.1 | 2.2 | 3.7 | ||
Foreign currency translation | (25.2) | 157 | (113.6) | 246.4 | ||
Change in fair value of derivative investments, net of taxes | 2.5 | 2.9 | 0 | 11.7 | ||
Comprehensive earnings | 116.4 | 279.1 | 436.7 | 700.2 | ||
Comprehensive earnings attributable to noncontrolling interests | 11.1 | 5.5 | 28.9 | 29 | ||
Comprehensive earnings attributable to controlling interests | $ 105.3 | $ 273.6 | $ 407.8 | $ 671.2 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | [1] |
Statement of Financial Position [Abstract] | |||
Cash and cash equivalents | $ 605 | $ 681.2 | |
Restricted cash | 1,655.5 | 1,623.8 | |
Premiums and fees receivable | 4,872 | 4,082.8 | |
Other current assets | 951.5 | 881.6 | |
Total current assets | 8,084 | 7,269.4 | |
Fixed assets - net | 429.3 | 412.2 | |
Deferred income taxes | 743.4 | 851.6 | |
Other noncurrent assets | 584.6 | 567.1 | |
Goodwill | 4,501.3 | 4,164.8 | |
Amortizable intangible assets - net | 1,772.1 | 1,644.6 | |
Total assets | 16,114.7 | 14,909.7 | |
Premiums payable to underwriting enterprises | 5,693.6 | 4,986 | |
Accrued compensation and other current liabilities | 943.1 | 947.8 | |
Deferred revenue - current | 396.6 | 355.3 | |
Premium financing debt | 159.3 | 151.1 | |
Corporate related borrowings - current | 230 | 290 | |
Total current liabilities | 7,422.6 | 6,730.2 | |
Corporate related borrowings - noncurrent | 3,141.2 | 2,691.9 | |
Deferred revenue - noncurrent | 76.1 | 75.3 | |
Other noncurrent liabilities | 862.1 | 1,112.6 | |
Total liabilities | 11,502 | 10,610 | |
Stockholders' equity: | |||
Common stock - issued and outstanding 183.7 shares in 2018 and 181.0 shares in 2017 | 183.7 | 181 | |
Capital in excess of par value | 3,516.6 | 3,388.2 | |
Retained earnings | 1,517.6 | 1,221.8 | |
Accumulated other comprehensive loss | (673.4) | (555.4) | |
Stockholders' equity attributable to controlling interests | 4,544.5 | 4,235.6 | |
Stockholders' equity attributable to noncontrolling interests | 68.2 | 64.1 | |
Total stockholders' equity | 4,612.7 | 4,299.7 | |
Total liabilities and stockholders' equity | $ 16,114.7 | $ 14,909.7 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Millions | Sep. 30, 2018 | Dec. 31, 2017 | [1] |
Statement of Financial Position [Abstract] | |||
Common stock - issued shares | 183.7 | 181 | |
Common stock - outstanding shares | 183.7 | 181 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | [1] | |
Cash flows from operating activities: | |||
Net earnings | $ 548.1 | $ 438.4 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Net gain on investments and other | (8.2) | (1.8) | |
Depreciation and amortization | 309.2 | 289.2 | |
Change in estimated acquisition earnout payables | 7.2 | 27.5 | |
Amortization of deferred compensation and restricted stock | 31.7 | 25.4 | |
Stock-based and other noncash compensation expense | 10.1 | 12.9 | |
Payments on acquisition earnouts in excess of original estimates | (62.8) | (23.1) | |
Effect of changes in foreign exchange rates | (2) | 5.4 | |
Net change in premiums and fees receivable | (782.3) | (800.1) | |
Net change in deferred revenue | 33 | 24.5 | |
Net change in premiums payable to underwriting enterprises | 729.1 | 755.6 | |
Net change in other current assets | (76.8) | 13.9 | |
Net change in accrued compensation and other current liabilities | (56.1) | (7.7) | |
Net change in income taxes payable | 5.7 | (0.8) | |
Net change in deferred income taxes | (168.4) | (151.1) | |
Net change in other noncurrent assets and liabilities | (12.9) | (15) | |
Net cash provided by operating activities | 504.6 | 593.2 | |
Cash flows from investing activities: | |||
Capital expenditures | (90.8) | (93.8) | |
Cash paid for acquisitions, net of cash and restricted cash acquired | (575.5) | (302.7) | |
Net proceeds from sales of operations/books of business | 12.6 | 2.9 | |
Net funding of investment transactions | (0.1) | (8.6) | |
Net cash used by investing activities | (653.8) | (402.2) | |
Cash flows from financing activities: | |||
Payments on acquisition earnouts | (56.6) | (30.3) | |
Proceeds from issuance of common stock | 69.9 | 50.2 | |
Repurchases of common stock | (11.3) | ||
Payments to noncontrolling interests | (30.9) | (26.2) | |
Dividends paid | (226.2) | (211.6) | |
Net borrowings on premium financing debt facility | 19 | 18 | |
Borrowings on line of credit facility | 2,295 | 3,223 | |
Repayments on line of credit facility | (2,355) | (3,426) | |
Net borrowings of corporate related long-term debt | 450 | 348 | |
Settlements on terminated interest rate swaps | 2.9 | 8.3 | |
Net cash provided (used) by financing activities | 156.8 | (46.6) | |
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash | (52.1) | 98.5 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (44.5) | 242.9 | |
Cash, cash equivalents and restricted cash at beginning of period | 2,305 | 1,937.6 | |
Cash, cash equivalents and restricted cash at end of period | 2,260.5 | 2,180.5 | |
Supplemental disclosures of cash flow information: | |||
Interest paid | 98.8 | 90.3 | |
Income taxes paid | $ 50.8 | $ 49 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) shares in Millions, $ in Millions | Total | As Previously Reported [Member] | Common Stock [Member] | Common Stock [Member]As Previously Reported [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]As Previously Reported [Member] | Retained Earnings [Member] | Retained Earnings [Member]As Previously Reported [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member]As Previously Reported [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]As Previously Reported [Member] | |
Beginning Balance, as previously reported at Dec. 31, 2017 | $ 4,299.7 | [1] | $ 4,164.9 | $ 181 | $ 3,388.2 | $ 1,095.9 | $ (559.9) | $ 59.7 | |||||
Adoption of Topic 606 (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2017 | 134.8 | $ 125.9 | $ 4.5 | $ 4.4 | |||||||||
Balance, as restated at Dec. 31, 2017 at Dec. 31, 2017 | 4,299.7 | $ 181 | $ 3,388.2 | 1,221.8 | (555.4) | 64.1 | |||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 181 | ||||||||||||
Reclassification of the income tax effects within accumulated other comprehensive loss related to the Tax Act | 6.6 | (6.6) | |||||||||||
Net earnings | 548.1 | 516.2 | 31.9 | ||||||||||
Net purchase of subsidiary shares from noncontrolling interests | 0.1 | (2.3) | 2.4 | ||||||||||
Dividends paid to noncontrolling interests | (27.2) | (27.2) | |||||||||||
Net change in pension asset/liability, net of taxes | 2.2 | 2.2 | |||||||||||
Foreign currency translation | (116.6) | (113.6) | (3) | ||||||||||
Change in fair value of derivative instruments, net of taxes | 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||
Compensation expense related to stock option plan grants | $ 10.1 | 10.1 | |||||||||||
Common stock issued in: Six purchase transactions | $ 0.8 | 57.4 | |||||||||||
Common stock issued in: Nine purchase transactions | 58.2 | 0.8 | |||||||||||
Stock option plans | $ 51.5 | $ 1.4 | 50.1 | ||||||||||
Stock option plans (in shares) | 1.4 | 1.4 | |||||||||||
Employee stock purchase plan | $ 18.4 | $ 0.3 | 18.1 | ||||||||||
Employee stock purchase plan (in shares) | 0.3 | ||||||||||||
Deferred compensation and restricted stock | 6.5 | $ 0.3 | 6.2 | ||||||||||
Deferred compensation and restricted stock (in shares) | 0.3 | ||||||||||||
Common stock repurchases | (11.3) | $ (0.1) | (11.2) | ||||||||||
Common stock repurchases (in shares) | (0.1) | ||||||||||||
Cash dividends declared on common stock | (227) | (227) | |||||||||||
Ending Balance at Sep. 30, 2018 | $ 4,612.7 | $ 183.7 | $ 3,516.6 | $ 1,517.6 | $ (673.4) | $ 68.2 | |||||||
Ending Balance (in shares) at Sep. 30, 2018 | 183.7 | ||||||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Tax effect on net change in pension asset/liability | $ 1.3 |
Net change in fair value of derivative instruments, tax | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Terms Used in Notes to Consolidated Financial Statements ASU FASB GAAP IRC IRS Topic 606 No. 2014-09, Underwriting enterprises VIE 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, consulting and third party claims settlement and administration services to both domestic and international entities through three reportable operating segments. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients. Our brokerage segment operations provide brokerage and consulting services to companies and entities of all types, including commercial, not-for-profit, not-for-profit, Chem-Mod LLC’s We do not assume underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for events of loss coverages is provided by underwriting enterprises. Investment income and other revenues are generated from our premium financing operations and our investment portfolio, which includes our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. We are headquartered in Rolling Meadows, Illinois, have operations in 34 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, 2017, 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 Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses, and the disclosure of contingent assets and liabilities at the date of our consolidated financial statements. We are also required to make certain judgments and estimates that affect the disclosed and recorded amounts of revenues and expenses related to the impact of the adoption of and accounting under Topic 606. We periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, investments (including our IRC Section 45 investments), income taxes, revenue recognition, deferred costs, stock-based compensation, claims handling obligations, retirement plans, litigation and contingencies. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Revenue Recognition Our revenues are derived from commissions and fees as primarily specified in a written contract, or unwritten business understanding, with our clients or underwriting enterprises. We also recognize investment income over time from our invested assets and invested assets we hold on behalf of our clients or underwriting enterprises. BROKERAGE SEGMENT Our brokerage segment generates revenues by: (i) Identifying, negotiating and placing all forms of insurance or reinsurance coverage, as well as providing risk-shifting, risk-sharing and risk-mitigation consulting services, principally related to property/casualty, life, health, welfare and disability insurance. We also provide these services through, or in conjunction with, other unrelated agents and brokers, consultants and management advisors. (ii) Acting as an agent or broker for multiple underwriting enterprises by providing services such as sales, marketing, selecting, negotiating, underwriting, servicing and placing insurance coverage on their behalf. (iii) Providing consulting services related to health and welfare benefits, voluntary benefits, executive benefits, compensation, retirement planning, institutional investment and fiduciary, actuarial, compliance, private insurance exchange, human resource technology, communications and benefits administration. (iv) Providing management and administrative services to captives, pools, risk-retention groups, healthcare exchanges, small underwriting enterprises, such as accounting, claims and loss processing assistance, feasibility studies, actuarial studies, data analytics and other administrative services. The majority of our brokerage contracts and service understandings are for a period of one year or less. Commissions and fees The primary source of revenues for our brokerage services are commissions from underwriting enterprises, based on a percentage of premiums paid by our clients, or fees received from clients based on an agreed level of service usually in lieu of commissions. Commissions are fixed at the contract effective date and generally are based on a percentage of premiums for insurance coverage or employee head count for employer sponsored benefit plans. Commissions depend upon a large number of factors, including the type of risk being placed, the particular underwriting enterprise’s demand, the expected loss experience of the particular risk of coverage, and historical benchmarks surrounding the level of effort necessary for us to place and service the insurance contract. Rather than being tied to the amount of premiums, fees are most often based on an expected level of effort to provide our services. Whether we are paid a commission or a fee, the vast majority of our services are associated with the placement of an insurance (or insurance-like) contract. Accordingly, we recognize approximately 70% of our commission and fee revenues on the effective date of the underlying insurance contract. The amount of revenue we recognize is based on our costs to provide our services up and through that effective date, including an appropriate estimate of our profit margin on a portfolio basis (a practical expedient as defined in Topic 606). Based on the proportion of additional services we provide in each period after the effective date of the insurance contract, including an appropriate estimate of our profit margin, we recognize approximately 20% of our commission and fee revenues in the first three months, and the remaining 10% thereafter. These periods may be different than the underlying premium payment patterns of the insurance contracts, but the vast majority of our services are fully provided within one year of the insurance contract effective date. For consulting and advisory services, we recognize our revenue in the period in which we provide the service or advice. For management and administrative services, our revenue is recognized ratably over the contract period consistent with the performance of our obligations, mostly over an annual term. Supplemental revenues Certain underwriting enterprises may pay us additional revenues for the volume of premium placed with them and for insights into our sales pipeline, our sales capabilities or our risk selection knowledge. These amounts are in excess of the commission and fee revenues discussed above, and not all business we place with underwriting enterprises is eligible for supplemental revenues. Unlike contingent revenues, discussed below, these revenues are a fixed amount or fixed percentage of premium of the underlying eligible insurance contracts. For supplemental revenue contracts based on a fixed percentage of premium, our obligation to the underwriting enterprise is substantially completed upon the effective date of the underlying insurance contract and revenue is fully earned at that time. For supplemental revenue contracts based on a fixed amount, revenue is recognized ratably over the contract period consistent with the performance of our obligations, almost always over an annual term. We receive these revenues on a quarterly or annual basis. Contingent revenues Certain underwriting enterprises may pay us additional revenues for our sales capabilities, our risk selection knowledge, or our administrative efficiencies. These amounts are in excess of the commission or fee revenues discussed above, and not all business we place with participating underwriting enterprises is eligible for contingent revenues. Unlike supplemental revenues, also discussed above, these revenues are variable, generally based on growth, the loss experience of the underlying insurance contracts, and/or our efficiency in processing the business. We generally operate under calendar year contracts, but we do not receive these revenues from the underwriting enterprises until the following calendar year, generally in the first and second quarters, after verification of the performance indicators outlined in the contracts. Accordingly, during each reporting period, we must make our best estimate of amounts we have earned using historical averages and other factors to project such revenues. We base our estimates each period on a contract-by-contract Sub-brokerage Sub-brokerage revenues. Sub-brokerage sub-brokers RISK MANAGEMENT SEGMENT Revenues for our risk management segment are comprised of fees generally negotiated (i) on a per-claim Per-claim Where we operate under a contract with our fee established on a per claim basis, our obligation is to process claims for a term specified within the contract. Because it is impractical to recognize our revenues on an individual claim by claim basis, we recognize revenue plus an appropriate estimate of our profit margin on a portfolio basis by grouping claims with similar characteristics (a practical expedient as defined in Topic 606). We apply actuarially-determined, historical-based patterns to determine our future service obligations, without applying a present value discount. Cost-plus fees Where we provide services and generate revenues on a cost-plus basis, we recognize revenue over the contract period consistent with the performance of our obligations. Performance-based fees Certain clients pay us additional fee revenues for our efficiency in managing claims or on the basis of claim outcome effectiveness. These amounts are in excess of the fee revenues discussed above. These revenues are variable, generally based on performance metrics set forth in the underlying contracts. We generally operate under multi-year contracts with fiscal year measurement periods. We do not receive these fees, if earned, until the following year after verification of the performance metrics outlined in the contracts. Each period we base our estimates on a contract-by-contract Reimbursements Reimbursements represent amounts received from clients reimbursing us for certain third-party costs associated with providing our claims management services. In certain service partner relationships, we are considered a principal because we direct the third party, control the specified service and combine the services provided into an integrated solution. Given this principal relationship, we are required to recognize revenue gross and service partner vendor fees in the operating expense in our consolidated statement of earnings. Deferred Costs We incur costs to provide brokerage and risk management services. Those costs are either (i) costs to obtain a contract or (ii) costs to fulfill such contract, or (iii) all other costs. (i) Costs to obtain - we incur costs to obtain a contract with a client. Those costs would not have been incurred if the contract had not been obtained. Almost all of our costs to obtain are incurred prior to, or on, the effective date of the contract and consist primarily of incentive compensation we pay to our production employees. Our costs to obtain are expensed as incurred as described in Note 3 to these unaudited consolidated financial statements. (ii) Costs to fulfill - we incur costs to fulfill a contract (or anticipated contract) with a client. Those costs are incurred prior to the effective date of the contract and relate to fulfilling our primary placement obligations to our clients. Our costs to fulfill prior to the effective date are capitalized and amortized on the effective date. These fulfillment activities include collecting underwriting information from our client, assessing their insurance needs and negotiating their placement with one or more underwriting enterprises. The majority of costs that we incur relate to compensation and benefits of our client service employees. Costs incurred during preplacement activities are expected to be recovered in the future. If the capitalized costs are no longer deemed to be recoverable, then they would be expensed. (iii) Other costs that are not costs to obtain or fulfill are expensed as incurred. Examples include other operating costs such as rent, utilities, management costs, overhead costs, legal and other professional fees, technology costs, insurance related costs, communication and advertising, and travel and entertainment. Depreciation, amortization and change in estimated acquisition earnout payable are expensed as incurred. |
Effect of New Accounting Pronou
Effect of New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of New Accounting Pronouncements | 2. Effect of New Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Leases In February 2016, the FASB issued ASU No. 2016-02, right-of-use ASU 2018-10, 2018-11, To facilitate transition, the new guidance includes a package of practical expedients that entities may elect to apply on adoption. The package of practical expedients relate to the identification and classification of leases that commenced before the effective date and initial direct costs for leases that commenced before the effective date. The new guidance also includes a practical expedient permitting the use of hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. While we are continuing to assess all potential impacts of the new guidance, we anticipate this guidance will have an impact on our consolidated financial statements, including significant new disclosures about our leasing activities. We currently believe the most significant impact relates to our real estate operating leases and the related recognition of right-of-use non-lease Income Taxes In October 2016, the FASB issued ASU No. 2016-16, In February 2018, the FASB issued ASU No. 2018-02, Topic 740-10-45-15, In March 2018, the FASB issued ASU No. 2018-05 Additionally, we reevaluated our indefinite reinvestment assertion during the three-month period ended September 30, 2018 for certain foreign jurisdictions and determined that our intention to repatriate undistributed earnings has changed. The impact of this change is not material to our consolidated financial statements. Business Combinations In January 2017, the FASB issued ASU No. 2017-01, Presentation of Net Periodic Pension and Postretirement Benefit Cost In March 2017, the FASB issued ASU No. 2017-07, Form 10-K Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, 2016-18 The following is a reconciliation of our September 30 cash, cash equivalents and restricted cash balances as presented in the consolidated statement of cash flows for the nine-month periods ended September 30, 2018 and 2017 (in millions): September 30, 2018 2017 Cash and cash equivalents $ 605.0 $ 564.9 Restricted cash 1,655.5 1,615.6 Total cash, cash equivalents and restricted cash $ 2,260.5 $ 2,180.5 Credit Impairment In June 2016, the FASB issued ASU No. 2016 -13, off-balance Disclosure Framework In August 2018, the FASB issued ASU No. 2018-13, In August 2018, the FASB also issued ASU No. 2018-14, 715-20): We do not expect adoption of either standard will have a material impact on our consolidated financial statements. Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, last-of-layer Intangibles - Goodwill and Other In January 2017, the FASB issued ASU No. 2017-04, non-cash Internal-use In August 2018, the FASB issued ASU No. 2018-15, Other-Internal-Use (Subtopic 350-40): internal-use |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers New Accounting Statement Impact on Consolidated Financial Statements As a result of adopting a new revenue recognition accounting statement, we restated our consolidated financial statements from amounts previously reported. The primary impacts of the adoption of the new revenue recognition guidance to our segments are detailed as follows. Brokerage segment Revenue - The primary reason for the increase in the amount of revenue recognized relates to our employee benefit brokerage business. Historically we recognized this revenue throughout the contract period as underlying client exposure units became certain. Under the new guidance, the full year revenue under each of these contracts is now estimated at the effective date of the underlying policies resulting in acceleration of revenue recognized, with a reassessment at each reporting date. This also causes a shift in the timing of revenue recognized in the interim periods as a majority of these annual contracts are effective in the first quarter. Partially offsetting this interim impact is the recognition of contingent revenues related to our brokerage business as these revenues are now estimated and accrued throughout the year as the underlying business is placed with the underwriting enterprises rather than our historical practice of recognizing the majority of these revenues in the first quarter, because this is typically when we receive cash or the related policy detail or other carrier specific information from the underwriting enterprise. Expense - Risk management segment Revenue Expense - Corporate segment The timing related to recognition of revenue in our corporate segment remains substantially unchanged. While there is no material impact on our annual after tax earnings, there is a material change to our after tax earnings in the interim quarterly periods, as income tax credits are recognized based on our quarterly consolidated pretax earnings patterns. Impact on 2017 Consolidated Financial Statements The consolidated statement of earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions, except per share data): Three-month period ended September 30, 2017 As Previously Impact of As Restated for Commissions $ 662.6 $ (24.7 ) $ 637.9 Fees 422.4 (6.2 ) 416.2 Supplemental revenues 39.9 (3.0 ) 36.9 Contingent revenues 13.5 8.3 21.8 Investment income 14.9 1.0 15.9 Gains on books of business sales 0.6 — 0.6 Revenues from clean coal activities 430.6 — 430.6 Revenues before reimbursements 1,584.5 (24.6 ) 1,559.9 Reimbursements — 33.8 33.8 Total revenues 1,584.5 9.2 1,593.7 Compensation 680.1 0.4 680.5 Operating 214.2 (5.2 ) 209.0 Reimbursements — 33.8 33.8 Cost of revenues from clean coal activities 451.4 — 451.4 Interest 31.4 — 31.4 Depreciation 30.5 — 30.5 Amortization 69.6 — 69.6 Change in estimated acquisition earnout payables 10.6 — 10.6 Total expenses 1,487.8 29.0 1,516.8 Earnings before income taxes 96.7 (19.8 ) 76.9 Benefit for income taxes (41.1 ) (0.1 ) (41.2 ) Net earnings 137.8 (19.7 ) 118.1 Net earnings attributable to noncontrolling interests 7.4 (0.3 ) 7.1 Net earnings attributable to controlling interests $ 130.4 $ (19.4 ) $ 111.0 Basic net earnings per share $ 0.72 $ (0.11 ) $ 0.61 Diluted net earnings per share 0.71 (0.10 ) 0.61 Dividends declared per common share 0.39 — 0.39 Nine-month period ended September 30, 2017 As Previously Impact of As Restated for Commissions $ 1,943.3 $ 73.5 $ 2,016.8 Fees 1,203.8 4.3 1,208.1 Supplemental revenues 115.9 4.1 120.0 Contingent revenues 96.4 (18.3 ) 78.1 Investment income 39.3 3.3 42.6 Gains on books of business sales 3.1 — 3.1 Revenues from clean coal activities 1,158.8 — 1,158.8 Revenues before reimbursements 4,560.6 66.9 4,627.5 Reimbursements — 102.1 102.1 Total revenues 4,560.6 169.0 4,729.6 Compensation 2,013.4 45.8 2,059.2 Operating 626.2 (13.5 ) 612.7 Reimbursements — 102.1 102.1 Cost of revenues from clean coal activities 1,215.4 — 1,215.4 Interest 92.9 — 92.9 Depreciation 90.2 — 90.2 Amortization 199.0 — 199.0 Change in estimated acquisition earnout payables 27.5 — 27.5 Total expenses 4,264.6 134.4 4,399.0 Earnings before income taxes 296.0 34.6 330.6 Benefit for income taxes (90.0 ) (17.8 ) (107.8 ) Net earnings 386.0 52.4 438.4 Net earnings attributable to noncontrolling interests 28.0 0.6 28.6 Net earnings attributable to controlling interests $ 358.0 $ 51.8 $ 409.8 Basic net earnings per share $ 1.99 $ 0.29 $ 2.28 Diluted net earnings per share 1.97 0.29 2.26 Dividends declared per common share 1.17 — 1.17 Select consolidated statement of comprehensive earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions): Three-month period ended September 30, 2017 As Previously Impact of As Restated for Net earnings $ 137.8 $ (19.7 ) $ 118.1 Change in pension liability, net of taxes 1.1 — 1.1 Foreign currency translation 157.4 (0.4 ) 157.0 Change in fair value of derivative instruments, net of taxes 2.9 — 2.9 Comprehensive earnings 299.2 (20.1 ) 279.1 Comprehensive earnings attributable to noncontrolling interests 5.8 (0.3 ) 5.5 Comprehensive earnings attributable to controlling interests $ 293.4 $ (19.8 ) $ 273.6 Nine-month period ended September 30, 2017 As Previously Impact of As Restated for Net earnings $ 386.0 $ 52.4 $ 438.4 Change in pension liability, net of taxes 3.7 — 3.7 Foreign currency translation 249.7 (3.3 ) 246.4 Change in fair value of derivative instruments, net of taxes 11.7 — 11.7 Comprehensive earnings 651.1 49.1 700.2 Comprehensive earnings attributable to noncontrolling interests 28.4 0.6 29.0 Comprehensive earnings attributable to controlling interests $ 622.7 $ 48.5 $ 671.2 Select balance sheet line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): December 31, 2017 As Previously Impact of As Restated for Assets Premium and fees receivables $ 2,157.2 $ 1,925.6 $ 4,082.8 Other current assets 708.4 173.2 881.6 Deferred income taxes 905.1 (53.5 ) 851.6 Other noncurrent assets 567.0 0.1 567.1 Goodwill 4,197.9 (33.1 ) 4,164.8 Liabilities Premiums payable to underwriting enterprises 3,475.9 1,510.1 4,986.0 Accrued compensation and other current liabilities 864.1 83.7 947.8 Deferred revenue - current/unearned fees 74.8 280.5 355.3 Other current liabilities 56.4 (56.4 ) — Deferred revenue - noncurrent — 75.3 75.3 Other noncurrent liabilities 1,128.3 (15.7 ) 1,112.6 Stockholders’ equity Retained earnings 1,095.9 125.9 1,221.8 Accumulated other comprehensive loss (559.9 ) 4.5 (555.4 ) Stockholders’ equity attributable to controlling interests 4,105.2 130.4 4,235.6 Stockholders’ equity attributable to noncontrolling interests 59.7 4.4 64.1 Select consolidated statement of cash flows line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Nine-month period ended September 30, 2017 As Previously Impact of As Restated for Cash flows from operating activities Net earnings $ 386.0 $ 52.4 $ 438.4 Adjustments to reconcile net earnings to net cash provided by operating activities: Net change in premiums and fees receivable (261.6 ) (538.5 ) (800.1 ) Net change in deferred revenue — 24.5 24.5 Net change in premiums payable to underwriting enterprises 198.7 556.9 755.6 Net change in other current assets (25.0 ) 38.9 13.9 Net change in accrued compensation and other current liabilities (30.7 ) 23.0 (7.7 ) Net change in deferred income taxes (133.2 ) (17.9 ) (151.1 ) Net change in other noncurrent assets and liabilities (11.6 ) (3.4 ) (15.0 ) Select statement of stockholders’ equity items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Retained Accumulated Stockholders’ Total Balance at December 31, 2017, as reported $ 1,095.9 $ (559.9 ) $ 59.7 $ 4,164.9 Cumulative-effect adjustment due to Topic 606 as of December 31, 2017 125.9 4.5 4.4 134.8 Balance at December 31, 2017, as restated $ 1,221.8 $ (555.4 ) $ 64.1 $ 4,299.7 Contract Assets and Liabilities/Contract Balances Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions): September 30, 2018 December 31, 2017, Unbilled receivables $ 587.1 $ 415.2 Deferred contract costs 58.9 83.3 Deferred revenue 472.7 430.6 The unbilled receivables primarily relate to our rights to consideration for work completed but not billed at the reporting date. These are transferred to the receivables when the client is billed. The deferred contract costs represent the costs we incur to fulfill a new or renewal contract with our clients prior to the effective date of the contract. These costs are expensed on the contract effective date. The deferred revenue represents the remaining performance obligations under our contracts. Significant changes in the deferred revenue balances during the period are as follows (in millions): Brokerage Risk Management Total Deferred revenue at December 31, 2017 $ 258.7 $ 171.9 $ 430.6 Incremental deferred revenue 231.7 109.2 340.9 Revenue recognized during the nine-month period ended September 30, 2018 included in deferred revenue at December 31, 2017 (207.2 ) (105.4 ) (312.6 ) Deferred revenue recognized from business acquisitions 13.8 — 13.8 Deferred revenue at September 30, 2018 $ 297.0 $ 175.7 $ 472.7 Remaining Performance Obligations Remaining performance obligations represent the portion of the contract price for which work has not been performed. As of September 30, 2018, the aggregate amount of the contract price allocated to remaining performance obligations was $472.7 million. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions): Brokerage Risk Management Total 2018 (remaining three months) $ 157.8 $ 49.8 $ 207.6 2019 122.8 59.2 182.0 2020 13.9 23.5 37.4 2021 1.3 12.9 14.2 2022 0.5 7.8 8.3 Thereafter 0.7 22.5 23.2 Total $ 297.0 $ 175.7 $ 472.7 Deferred Contract Costs We capitalize costs incurred to fulfill contracts as “deferred contract costs” which are included in other current assets in our consolidated balance sheet. Deferred contract costs were $58.9 million and $83.3 million as of September 30, 2018 and December 31, 2017, respectively. Capitalized fulfillment costs are amortized on the contract effective date. The amount of amortization of the deferred contract costs was $240.6 million and $220.5 million for the nine-month periods ended September 30, 2018, and 2017, respectively. As part of our adoption of the new revenue recognition guidance, we have elected to apply the practical expedient to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less for our brokerage segment. These costs are included in compensation and operating expenses in our consolidated statement of earnings. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | 4. Business Combinations During the nine-month period ended September 30, 2018, 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) Market Financial Group, Ltd and Austin Consulting Group, Inc. (MFG) January 1, 2018 53 $ 3.7 $ 33.9 $ — $ 4.2 $ 2.7 $ 44.5 $ 7.0 McGregor & Associates (M&A) March 1, 2018 — — 13.5 — 2.5 5.1 21.1 12.0 Pronto Insurance (PI) June 5, 2018 — — 294.8 — 18.7 — 313.5 — Reassurance Holdings, Inc. (RHI) July 1, 2018 343 24.4 84.4 — 13.3 8.3 130.4 21.5 25 other acquisitions completed in 2018 382 22.6 133.8 0.4 15.3 36.7 208.8 80.0 778 $ 50.7 $ 560.4 $ 0.4 $ 54.0 $ 52.8 $ 718.3 $ 120.5 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- 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 3.0% to 15.0% for our 2018 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 8.0% to 9.5% for all of our 2018 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 September 30, 2018 and 2017, we recognized $4.5 million and $4.9 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 nine-month periods ended September 30, 2018 and 2017, we recognized $14.5 million and $15.2 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 September 30, 2018 and 2017, we recognized $1.3 million and $5.7 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 38 and 31 acquisitions, respectively. In addition, during the nine-month periods ended September 30, 2018 and 2017, we recognized $7.3 million of income and $12.3 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 95 and 89 acquisitions, respectively. The aggregate amount of maximum earnout obligations related to acquisitions was $495.7 million as of September 30, 2018, of which $219.6 million was recorded in our consolidated balance sheet as of September 30, 2018, 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 nine-month period ended September 30, 2018 (in millions): MFG M&A PI RHI 25 Other Total Cash $ 0.1 $ — $ 7.2 $ — $ 6.4 $ 13.7 Other current assets 3.0 0.5 66.8 18.4 43.1 131.8 Fixed assets 0.4 1.4 2.6 1.4 0.7 6.5 Noncurrent assets — — 8.3 0.5 0.2 9.0 Goodwill 24.6 5.2 193.3 63.1 118.5 404.7 Expiration lists 19.6 15.1 105.7 72.4 105.4 318.2 Non-compete — 0.1 0.3 0.8 1.6 2.8 Trade names 0.1 — 35.4 — — 35.5 Total assets acquired 47.8 22.3 419.6 156.6 275.9 922.2 Current liabilities 2.3 0.4 62.2 7.2 43.5 115.6 Noncurrent liabilities 1.0 0.8 43.9 19.0 23.6 88.3 Total liabilities assumed 3.3 1.2 106.1 26.2 67.1 203.9 Total net assets acquired $ 44.5 $ 21.1 $ 313.5 $ 130.4 $ 208.8 $ 718.3 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, non-compete 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 3.5% and 5.0% to 10.0%, respectively, for our 2017 and 2018 acquisitions for which valuations were performed in 2018. 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 2017 and 2018 acquisitions for which valuations were performed in 2018. The fair value of non-compete non-compete Expiration lists, non-compete non-compete Of the $318.2 million of expiration lists, $2.8 million of non-compete Our consolidated financial statements for the nine-month period ended September 30, 2018 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, 2017 (in millions, except per share data): Three-month period ended Nine-month period ended 2018 2017 2018 2017 Total revenues $ 1,780.3 $ 1,650.2 $ 5,385.8 $ 4,904.7 Net earnings attributable to controlling interests 127.5 113.0 524.0 421.5 Basic net earnings per share 0.70 0.62 2.86 2.33 Diluted net earnings per share 0.68 0.62 2.81 2.31 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, 2017, nor are they necessarily indicative of future operating results. Annualized revenues of entities acquired during the nine-month period ended September 30, 2018 totaled approximately $249.8 million. For the nine-month |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | 5. Other Current Assets Major classes of other current assets consist of the following (in millions): September 30, December 31, Premium finance advances and loans $ 331.9 $ 305.5 Accrued supplemental, direct bill and other receivables 302.7 244.5 Refined coal production related receivables 158.1 156.8 Deferred contract costs 58.9 83.3 Prepaid expenses 99.9 91.5 Total other current assets $ 951.5 $ 881.6 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 | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The carrying amount of goodwill at September 30, 2018 and December 31, 2017 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At September 30, 2018 United States $ 2,626.7 $ 29.6 $ — $ 2,656.3 United Kingdom 726.7 7.0 — 733.7 Canada 373.2 — — 373.2 Australia 411.8 — — 411.8 New Zealand 197.4 10.1 — 207.5 Other foreign 116.2 — 2.6 118.8 Total goodwill - net $ 4,452.0 $ 46.7 $ 2.6 $ 4,501.3 Brokerage Risk Corporate Total At December 31, 2017 United States $ 2,280.9 $ 25.8 $ — $ 2,306.7 United Kingdom 738.5 7.2 — 745.7 Canada 374.0 — — 374.0 Australia 416.6 — — 416.6 New Zealand 209.3 9.6 — 218.9 Other foreign 99.9 — 3.0 102.9 Total goodwill - net $ 4,119.2 $ 42.6 $ 3.0 $ 4,164.8 The changes in the carrying amount of goodwill for the nine-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Balance as of December 31, 2017, as previously reported $ 4,152.3 $ 42.6 $ 3.0 $ 4,197.9 Adoption of Topic 606 (33.1 ) — — (33.1 ) Balance at December 31, 2017, as restated 4,119.2 42.6 3.0 4,164.8 Goodwill acquired during the period 397.4 7.3 — 404.7 Goodwill adjustments due to appraisals and other acquisition adjustments 3.7 (2.3 ) — 1.4 Foreign currency translation adjustments during the period (68.3 ) (0.9 ) (0.4 ) (69.6 ) Balance as of September 30, 2018 $ 4,452.0 $ 46.7 $ 2.6 $ 4,501.3 Major classes of amortizable intangible assets at September 30, 2018 and December 31, 2017 consist of the following (in millions): September 30, December 31, Expiration lists $ 3,342.1 $ 3,055.9 Accumulated amortization - expiration lists (1,614.8 ) (1,422.1 ) 1,727.3 1,633.8 Non-compete 55.9 53.5 Accumulated amortization - non-compete (48.0 ) (46.1 ) 7.9 7.4 Trade names 60.7 25.9 Accumulated amortization - trade names (23.8 ) (22.5 ) 36.9 3.4 Net amortizable assets $ 1,772.1 $ 1,644.6 Estimated aggregate amortization expense for each of the next five years and thereafter is as follows: 2018 (remaining three months) $ 71.4 2019 275.4 2020 258.8 2021 235.3 2022 212.0 Thereafter 719.2 Total $ 1,772.1 |
Credit and Other Debt Agreement
Credit and Other Debt Agreements | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Credit and Other Debt Agreements | 7. Credit and Other Debt Agreements The following is a summary of our corporate and other debt (in millions): September 30, December 31, Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 2.80%, balloon due June 24, 2018 $ — $ 50.0 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 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 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.65%, balloon due August 2, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due February 27, 2024 325.0 325.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.40%, balloon due June 13, 2024 50.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due August 2, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.14%, balloon due August 4, 2027 98.0 98.0 Semi-annual payments of interest, fixed rate of 3.46%, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55%, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 13, 2028 125.0 — Semi-annual payments of interest, fixed rate of 4.98%, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due June 27, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due August 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.44%, balloon due June 13, 2030 125.0 — 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 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due August 2, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.59%, balloon due June 13, 2033 125.0 — Semi-annual payments of interest, fixed rate of 4.69%, balloon due June 13, 2038 75.0 — Total Note Purchase Agreements 3,248.0 2,798.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires April 8, 2021 130.0 190.0 Premium Financing Debt Facility - expires May 18, 2020: 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 115.9 116.4 NZD denominated tranche 16.6 5.7 Facility C and D AUD denominated tranche 18.1 18.5 NZD denominated tranche 8.7 10.5 Total Premium Financing Debt Facility 159.3 151.1 Total corporate and other debt 3,537.3 3,139.1 Less unamortized debt acquisition costs on Note Purchase Agreements (6.8 ) (6.1 ) Net corporate and other debt $ 3,530.5 $ 3,133.0 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. 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 Nine-month period ended 2018 2017 2018 2017 Net earnings attributable to controlling interests $ 127.6 $ 111.0 $ 516.2 $ 409.8 Weighted average number of common shares outstanding 183.3 180.5 182.4 179.8 Dilutive effect of stock options using the treasury stock method 3.5 2.0 3.3 1.8 Weighted average number of common and common equivalent shares outstanding 186.8 182.5 185.7 181.6 Basic net earnings per share $ 0.70 $ 0.61 $ 2.83 $ 2.28 Diluted net earnings per share $ 0.68 $ 0.61 $ 2.78 $ 2.26 Options to purchase 1.3 million and 1.7 million shares of common stock were outstanding at September 30, 2018 and 2017, respectively, but were not included in the computation of the dilutive effect of stock options for the three-month nine-month |
Stock Option Plans
Stock Option Plans | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Stock Option Plans | 9. Stock Option Plans On May 16, 2017, our stockholders approved the Arthur J. Gallagher & Co. 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 (which we refer to as the 2014 LTIP). 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 non-qualified 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 3.3 million at September 30, 2018. The LTIP provides for the grant of stock options, which may be either tax-qualified non-qualified non-qualified tax-qualified non-qualified tax-qualified 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 non-transferable. On March 15, 2018, the compensation committee granted 1,261,000 options under the 2017 LTIP to our officers and key employees that become exercisable at the rate of 34%, 33% and 33% on the anniversary date of the grant in 2021, 2022 and 2023, respectively. 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. The 2018 and 2017 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 2018 and 2017 are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. No awards were made during the third quarter of 2018 or 2017. During the three-month periods ended September 30, 2018 and 2017, we recognized $3.7 million and $4.4 million, respectively, of compensation expense related to our stock option grants. During the nine-month periods ended September 30, 2018 and 2017, we recognized $10.1 million and $12.9 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: 2018 2017 Expected dividend yield 2.3 % 2.8 % Expected risk-free interest rate 2.7 % 2.3 % Volatility 15.1 % 27.2 % Expected life (in years) 5.5 5.0 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 The following is a summary of our stock option activity and related information for 2018 (in millions, except exercise price and year data): Nine-month period ended September 30, 2018 Weighted Average Weighted Remaining Shares Average Contractual Aggregate Under Exercise Term Intrinsic Option Price (in years) Value Beginning balance 9.5 $ 45.27 Granted 1.3 70.74 Exercised (1.4 ) 37.55 Forfeited or canceled (0.3 ) 49.10 Ending balance 9.1 $ 49.93 4.05 $ 221.8 Exercisable at end of period 2.3 $ 42.59 2.02 $ 72.7 Ending vested and expected to vest 6.6 $ 52.10 4.70 $ 146.5 Options with respect to 14.6 million shares (less any shares of restricted stock issued under the LTIP - see Note 11 to these unaudited consolidated financial statements) were available for grant under the LTIP at September 30, 2018. The total intrinsic value of options exercised during the nine-month periods ended September 30, 2018 and 2017 was $47.2 million and $28.3 million, respectively. As of September 30, 2018, we had approximately $35.2 million of total unrecognized compensation expense related to nonvested options. We expect to recognize that cost over a weighted average period of approximately four years. Other information regarding stock options outstanding and exercisable at September 30, 2018 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 35.71 - $ 39.17 1.1 1.14 $ 38.08 1.1 $ 38.08 43.71 - 43.71 2.3 4.46 43.71 — — 46.17 - 46.87 2.9 3.00 46.49 1.2 46.61 47.92 - 63.60 1.6 5.45 56.81 — — 70.74 - 70.74 1.2 6.46 70.74 — — $ 35.71 - $ 70.74 9.1 4.05 $ 49.93 2.3 $ 42.59 |
Deferred Compensation
Deferred Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation | 10. 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 addition, we annually make awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65. All contributions to the plan (including sub-plans) deemed to be invested in shares of our common stock are distributed in the form of our common stock and all other distributions are paid in cash. Our common stock that is issued to or purchased by the rabbi trust as a contribution under the DEPP is valued at historical cost, which equals its fair market value at the date of grant or date of purchase. When common stock is issued, we record an unearned deferred compensation obligation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair market value of our common stock owed to the participants do not have any impact on the amounts recorded in our consolidated financial statements. In the first quarter of 2018 and 2017, the compensation committee approved $11.5 million and $14.0 million, respectively, of awards in the aggregate to certain key executives under the DEPP that were contributed to the rabbi trust in first quarters of 2018 and 2017, respectively. No awards were made during the third quarter of 2018 or 2017. 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 2018 and 2017 awards. During the three-month periods ended September 30, 2018 and 2017, we charged $2.4 million and $2.6 million, respectively, to compensation expense related to these awards. During the nine-month periods ended September 30, 2018 and 2017, we charged $6.7 million and $7.0 million, respectively, to compensation expense related to these awards. In the first quarter of 2018 and of 2017, the compensation committee approved $0.9 million and $4.0 million, respectively, of awards under the sub-plans sub-plans At September 30, 2018 and December 31, 2017, we recorded $60.7 million (related to 2.8 million shares) and $54.7 million (related to 2.6 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 September 30, 2018 and December 31, 2017 was $210.1 million and $166.0 million, respectively. During the nine-month periods ended September 30, 2018 and 2017, there were no distributions under the DEPP. We have a Deferred Cash Participation Plan (which we refer to as the DCPP), which is a non-qualified three-month nine-month |
Restricted Stock, Performance S
Restricted Stock, Performance Share and Cash Awards | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Restricted Stock, Performance Share and Cash Awards | 11. Restricted Stock, Performance Share and Cash Awards Restricted Stock Awards As discussed in Note 9 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 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 September 30, 2018, 3.3 million shares were available for grant under the LTIP for such awards. In the first quarters of 2018 and 2017, we granted 420,200 and 477,500 restricted stock units, respectively, to employees under the LTIP, with an aggregate fair value of $28.7 million and $26.8 million, respectively, at the date of grant. These 2018 and 2017 awards of restricted stock units vest as follows: 420,200 units granted in first quarter 2018 and 477,500 units granted in first quarter 2017, vest in full based on continued employment through March 15, 2022 and March 16, 2021, respectively. For certain of our executive officers age 55 or older, restricted stock units awarded in 2018 and 2017 are not subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. In the second quarter of 2018 and 2017, we granted 18,900 and 21,600 restricted stock units, respectively, to our board members under the LTIP, with a one-year 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 September 30, 2018 and 2017, we recognized $6.0 million and $4.7 million, respectively, to compensation expense related to restricted stock unit awards granted in 2008 through 2018. During the nine-month periods ended September 30, 2018 and 2017, we recognized $20.6 million and $15.2 million, respectively, to compensation expense related to restricted stock unit awards granted in 2008 through 2018. The total intrinsic value of unvested restricted stock units at September 30, 2018 and 2017 was $141.6 million and $107.6 million, respectively. During the nine-month periods ended September 30, 2018 and 2017, equity awards (including accrued dividends) with an aggregate fair value of $22.4 million and $20.2 million, was vested and distributed to employees under this plan. Performance Share Awards On March 15, 2018 and March 16, 2017, pursuant to the LTIP, the compensation committee approved 78,200 and 86,250, respectively of provisional performance unit awards, with an aggregate fair value of $5.3 million and $4.9 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. The 2018 and 2017 awards are subject to a three-year performance period that begins on January 1, 2018 and 2017, respectively, and vest on the three-year anniversary of the date of grant (March 15, 2021 and March 16, 2020). For the 2018 and 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 2018 and 2017 provisional awards will fully vest based on continuous employment through March 16, 2021 and 2020, respectively, and will be settled in shares of our common stock on a one-for-one Cash Awards On March 15, 2018, pursuant to our Performance Unit Program (which we refer to as the Program), the compensation committee approved provisional cash awards of $15.0 million in the aggregate for future grants to our officers and key employees that are denominated in units (219,000 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 two-year On March 16, 2017, pursuant to the Program, the compensation committee approved provisional cash awards of $14.3 million in the aggregate for future grant 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 awards were approved. Terms of the 2017 provisional awards were similar to the terms of the 2018 provisional awards. Based on our performance for 2017, we granted 242,000 units under the Program in first quarter 2018 that will fully vest on January 1, 2020. During the three-month period ended September 30, 2018, we recognized $2.4 million to compensation expense related to these awards. During the nine-month period ended September 30, 2018, we recognized $6.3 million to compensation expense related to these awards. We did not recognize compensation expense during the three-month or nine-month periods ended September 30, 2017 related to these awards. 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 periods ended September 30, 2018 and 2017, we recognized $2.5 million and $2.6 million, respectively, to compensation expense related to these awards. During the nine-month periods ended September 30, 2018 and 2017, we recognized $9.1 million and $7.9 million, respectively, to compensation expense related to these 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 fully vested on January 1, 2018. During the three-month period ended September 30, 2017, we recognized $2.0 million to compensation expense related to these awards. During the nine-month period ended September 30, 2017, we recognized $7.0 million to compensation expense related to these awards. During the nine-month period ended September 30, 2018, cash awards related to the 2015 provisional award with an aggregate fair value of $15.8 million (269,000 units in the aggregate) were vested and distributed to employees under the Program. During the nine-month period ended September 30, 2017, cash awards related to the 2014 provisional award with an aggregate fair value of $9.3 million (199,000 units in the aggregate) were vested and distributed to employees under the Program. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 12. 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): September 30, 2018 December 31, Funding 2017 Assets Commitments Assets Chem-Mod $ 4.0 $ — $ 4.0 Chem-Mod 2.0 — 2.0 Clean-coal investments: Controlling interest in six limited liability companies that own fourteen 2009 Era Clean Coal Plants 6.4 — 10.2 Non-controlling 0.4 — 0.6 Controlling interest in seventeen limited liability companies that own nineteen 2011 Era Clean Coal Plants 47.4 — 58.5 Other investments 4.9 — 3.8 Total investments $ 65.1 $ — $ 79.1 |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activity | 13. 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 September 30, 2018. The notional and fair values of derivative instruments are as follows at September 30, 2018 and December 31, 2017 (in millions): Notional Amount Derivative Assets (1) Derivative Liabilities (2) Sep 30, 2018 Dec 31, 2017 Sep 30, 2018 Dec 31, 2017 Sep 30, 2018 Dec 31, 2017 Derivatives accounted for as hedges: Interest rate contracts $ 550.0 $ 200.0 $ 12.7 $ 2.2 $ — $ — Foreign exchange contracts (3) 60.2 18.7 1.2 8.1 9.1 2.9 Total $ 610.2 $ 218.7 $ 13.9 $ 10.3 $ 9.1 $ 2.9 (1) Included within other current assets, $13.6 million and $7.7 million at September 30, 2018 and December 31, 2017, respectively, and other noncurrent assets, $0.3 million and $2.7 million at September 30, 2018 and December 31, 2017, respectively. (2) Included within other current liabilities, $4.7 million and $1.6 million at September 30, 2018 and December 31, 2017, respectively, and other noncurrent liabilities, $4.4 million and $1.3 million at September 30, 2018 and December 31, 2017, respectively. (3) Included within foreign exchange contracts at September 30, 2018 were $105.4 million of call options offset with $105.4 million of put options, and $19.2 million of buy forwards offset with $80.3 million of sell forwards. Included within foreign exchange contracts at December 31, 2017 were $141.0 million of call options offset with $141.0 million of put options, and $13.3 million of buy forwards offset with $31.0 million of sell forwards. The amounts of derivative gains (losses) recognized in accumulated other comprehensive loss for the nine-month periods ended September 30, 2018 and 2017 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total September 30, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 13.5 $ 13.5 Foreign exchange contracts (2.0 ) (4.2 ) (3.1 ) — (9.3 ) Total $ (2.0 ) $ (4.2 ) $ (3.1 ) $ 13.5 $ 4.2 September 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (1.6 ) $ (1.6 ) Foreign exchange contracts 7.9 2.3 1.6 — 11.8 Total $ 7.9 $ 2.3 $ 1.6 $ (1.6 ) $ 10.2 The amounts of derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) for the nine-month periods ended September 30, 2018 and 2017 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total September 30, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 0.8 $ 0.8 Foreign exchange contracts 1.5 1.1 0.8 — 3.4 Total $ 1.5 $ 1.1 $ 0.8 $ 0.8 $ 4.2 September 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ — $ — Foreign exchange contracts (7.6 ) 1.1 0.8 — (5.7 ) Total $ (7.6 ) $ 1.1 $ 0.8 $ — $ (5.7 ) We estimate that approximately $3.7 million of pretax loss 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 the nine-month periods ended September 30, 2018 and 2017 was ($0.5) million and $0.4 million, respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Arrangements | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Arrangements | 14. Commitments, Contingencies and Off-Balance 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 September 30, 2018 were as follows (in millions): Payments Due by Period Contractual Obligations 2018 2019 2020 2021 2022 Thereafter Total Note purchase agreements $ 50.0 $ 100.0 $ 100.0 $ 75.0 $ 200.0 $ 2,723.0 $ 3,248.0 Credit Agreement 130.0 — — — — — 130.0 Premium Financing Debt Facility 159.3 — — — — — 159.3 Interest on debt 44.3 137.3 132.7 127.7 122.6 557.4 1,122.0 Total debt obligations 383.6 237.3 232.7 202.7 322.6 3,280.4 4,659.3 Operating lease obligations 28.1 103.1 87.6 74.3 57.6 132.2 482.9 Less sublease arrangements (1.3 ) (3.1 ) (2.9 ) (2.9 ) (2.7 ) (12.9 ) (25.8 ) Outstanding purchase obligations 16.3 43.4 31.9 19.2 10.8 28.7 150.3 Total contractual obligations $ 426.7 $ 380.7 $ 349.3 $ 293.3 $ 388.3 $ 3,428.4 $ 5,266.7 The amounts presented in the table above may not necessarily reflect our actual future cash funding requirements, because the actual timing of future payments may vary from the stated contractual obligation. Note Purchase Agreements, Credit Agreement and Premium Financing Debt Facility - Operating Lease Obligations - tax-increment 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 During the three-month period ended September 30, 2018, we entered into a ten-year Outstanding Purchase Obligations - Off-Balance - Total Amount of Commitment Expiration by Period Amounts Off-Balance 2018 2019 2020 2021 2022 Thereafter Committed Letters of credit $ — $ — $ — $ — $ — $ 17.8 $ 17.8 Financial guarantees — 0.2 0.2 0.2 0.2 0.8 1.6 Total commitments $ — $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 18.6 $ 19.4 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 488 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 2013 to 2018 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- Off-Balance - At September 30, 2018, we had posted two letters of credit totaling $9.7 million, in the aggregate, related to our self-insurance rent-a-captive Litigation, Regulatory and Taxation Matters - non-compete On April 18, 2018, Nalco Company (Nalco) filed patent infringement lawsuits in the Western District of Wisconsin against two unaffiliated power plants that burn refined coal using the Chem-Mod LLC Chem-Mod LLC Chem-Mod LLC Chem-Mod Chem-Mod LLC Chem-Mod Our micro-captive advisory services are under investigation by the IRS. Additionally, the IRS has initiated audits for the 2012 tax year of over 100 of the micro-captive underwriting enterprises organized and/or managed by us. Among other matters, the IRS is investigating whether we have been acting as a tax shelter promoter in connection with these operations. While the IRS has not made specific allegations relating to our operations, 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. In the period from 2015 to 2017, our micro-captive operations contributed less than $3.5 million of net earnings and less than $5.0 million in EBITDAC to our consolidated results in any one year. Due to the fact that the IRS has not made any allegation against us or completed 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 Due to the contingent nature of this exposure and our related assessment of its likelihood, no reserve has been recorded in our September 30, 2018 consolidated balance sheet related to this exposure. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings (Loss) | 15. Accumulated Other Comprehensive Earnings (Loss) The after-tax Pension Foreign Fair Value of Accumulated Balance as of December 31, 2017, as previously reported $ (43.0 ) $ (525.8 ) $ 8.9 $ (559.9 ) Adoption of Topic 606 — 4.5 — 4.5 Balance as of December 31, 2017, as restated (43.0 ) (521.3 ) 8.9 (555.4 ) Reclassifications to retained earnings of income tax effects related to the Tax Act (7.9 ) — 1.3 (6.6 ) Net change in period 2.2 (113.6 ) — (111.4 ) Balance as of September 30, 2018 $ (48.7 ) $ (634.9 ) $ 10.2 $ (673.4 ) The foreign currency translation during the nine-month period ended September 30, 2018 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 nine-month periods ended September 30, 2018 and 2017, $3.7 million and $4.1 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 nine-month periods ended September 30, 2018 and 2017, $4.2 million of income and $5.7 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 nine-month |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 16. Segment Information We have three reportable segments: brokerage, risk management and corporate. The brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks. The risk management segment provides contract claim settlement and administration services for enterprises and public entities that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim per-service The corporate segment manages our clean energy and other investments. In addition, the corporate segment reports the financial information related to our debt and other corporate costs, and external acquisition-related expenses. 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 nine-month periods ended September 30, 2018 and 2017 is as follows (in millions): Three-month period Nine-month period ended September 30, ended September 30, 2017 2017 2018 As Restated for 2018 As Restated for Brokerage Total revenues $ 1,049.4 $ 938.7 $ 3,245.1 $ 2,919.7 Earnings before income taxes $ 163.2 $ 141.2 $ 652.7 $ 542.8 Identifiable assets at September 30, 2018 and 2017 $ 13,700.7 $ 13,019.7 Risk Management Total revenues $ 236.4 $ 224.4 $ 703.6 $ 651.1 Earnings before income taxes $ 22.3 $ 26.5 $ 67.9 $ 69.2 Identifiable assets at September 30, 2018 and 2017 $ 748.3 $ 738.0 Corporate Total revenues $ 492.7 $ 430.6 $ 1,327.9 $ 1,158.8 Loss before income taxes $ (95.2 ) $ (90.8 ) $ (284.4 ) $ (281.4 ) Identifiable assets at September 30, 2018 and 2017 $ 1,665.7 $ 1,746.7 Disaggregation of Revenue We disaggregate our revenue from contracts with clients by type and geographic location for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenues by type and segment for the three-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 707.6 $ — $ — $ 707.6 Fees 253.7 199.0 — 452.7 Supplemental revenues 43.9 — — 43.9 Contingent revenues 25.7 — — 25.7 Investment income 17.9 0.1 — 18.0 Gains on books of business sales 0.6 — — 0.6 Revenues from clean coal activities — — 492.4 492.4 Other net revenues — — 0.3 0.3 Revenues before reimbursements 1,049.4 199.1 492.7 1,741.2 Reimbursements — 37.3 — 37.3 Total revenues $ 1,049.4 $ 236.4 $ 492.7 $ 1,778.5 Revenues by type and segment for the nine-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 2,235.0 $ — $ — $ 2,235.0 Fees 727.3 595.7 — 1,323.0 Supplemental revenues 144.0 — — 144.0 Contingent revenues 82.4 — — 82.4 Investment income 46.8 0.4 — 47.2 Gains on books of business sales 9.6 — — 9.6 Revenues from clean coal activities — — 1,327.0 1,327.0 Other net revenues — — 0.9 0.9 Revenues before reimbursements 3,245.1 596.1 1,327.9 5,169.1 Reimbursements — 107.5 — 107.5 Total revenues $ 3,245.1 $ 703.6 $ 1,327.9 $ 5,276.6 Revenues by geographical location and segment for the three-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 724.2 $ 201.5 $ 492.7 $ 1,418.4 United Kingdom 169.3 8.7 — 178.0 Australia 49.1 21.1 — 70.2 Canada 40.3 0.9 — 41.2 New Zealand 35.0 4.2 — 39.2 Other foreign 31.5 — — 31.5 Total revenues $ 1,049.4 $ 236.4 $ 492.7 $ 1,778.5 Revenues by geographical location and segment for the nine-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 2,192.5 $ 591.6 $ 1,327.9 $ 4,112.0 United Kingdom 564.6 26.5 — 591.1 Australia 146.6 70.5 — 217.1 Canada 130.9 3.0 — 133.9 New Zealand 104.5 12.0 — 116.5 Other foreign 106.0 — — 106.0 Total revenues $ 3,245.1 $ 703.6 $ 1,327.9 $ 5,276.6 Revenues by type and segment for the three-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 637.9 $ — $ — $ 637.9 Fees 225.7 190.5 — 416.2 Supplemental revenues 36.9 — — 36.9 Contingent revenues 21.8 — — 21.8 Investment income 15.8 0.1 — 15.9 Gains on books of business sales 0.6 — — 0.6 Revenues from clean coal activities — — 430.6 430.6 Revenues before reimbursements 938.7 190.6 430.6 1,559.9 Reimbursements — 33.8 — 33.8 Total revenues $ 938.7 $ 224.4 $ 430.6 $ 1,593.7 Revenues by type and segment for the nine-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 2,016.8 $ — $ — $ 2,016.8 Fees 659.5 548.6 — 1,208.1 Supplemental revenues 120.0 — — 120.0 Contingent revenues 78.1 — — 78.1 Investment income 42.2 0.4 — 42.6 Gains on books of business sales 3.1 — — 3.1 Revenues from clean coal activities — — 1,158.8 1,158.8 Revenues before reimbursements 2,919.7 549.0 1,158.8 4,627.5 Reimbursements — 102.1 — 102.1 Total revenues $ 2,919.7 $ 651.1 $ 1,158.8 $ 4,729.6 Revenues by geographical location and segment for the three-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 620.4 $ 190.5 $ 430.6 $ 1,241.5 United Kingdom 168.8 8.4 — 177.2 Australia 50.5 19.1 — 69.6 Canada 35.4 1.4 — 36.8 New Zealand 36.0 5.0 — 41.0 Other foreign 27.6 — — 27.6 Total revenues $ 938.7 $ 224.4 $ 430.6 $ 1,593.7 Revenues by geographical location and segment for the nine-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 1,965.5 $ 558.2 $ 1,158.8 $ 3,682.5 United Kingdom 514.8 22.0 — 536.8 Australia 142.8 56.9 — 199.7 Canada 104.1 3.1 — 107.2 New Zealand 99.9 10.9 — 110.8 Other foreign 92.6 — — 92.6 Total revenues $ 2,919.7 $ 651.1 $ 1,158.8 $ 4,729.6 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or the company, provide insurance brokerage, consulting and third party claims settlement and administration services to both domestic and international entities through three reportable operating segments. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients. Our brokerage segment operations provide brokerage and consulting services to companies and entities of all types, including commercial, not-for-profit, not-for-profit, Chem-Mod LLC’s We do not assume underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for events of loss coverages is provided by underwriting enterprises. Investment income and other revenues are generated from our premium financing operations and our investment portfolio, which includes our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. We are headquartered in Rolling Meadows, Illinois, have operations in 34 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, 2017, 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 |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses, and the disclosure of contingent assets and liabilities at the date of our consolidated financial statements. We are also required to make certain judgments and estimates that affect the disclosed and recorded amounts of revenues and expenses related to the impact of the adoption of and accounting under Topic 606. We periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, investments (including our IRC Section 45 investments), income taxes, revenue recognition, deferred costs, stock-based compensation, claims handling obligations, retirement plans, litigation and contingencies. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. |
Revenue Recognition | Revenue Recognition Our revenues are derived from commissions and fees as primarily specified in a written contract, or unwritten business understanding, with our clients or underwriting enterprises. We also recognize investment income over time from our invested assets and invested assets we hold on behalf of our clients or underwriting enterprises. BROKERAGE SEGMENT Our brokerage segment generates revenues by: (i) Identifying, negotiating and placing all forms of insurance or reinsurance coverage, as well as providing risk-shifting, risk-sharing and risk-mitigation consulting services, principally related to property/casualty, life, health, welfare and disability insurance. We also provide these services through, or in conjunction with, other unrelated agents and brokers, consultants and management advisors. (ii) Acting as an agent or broker for multiple underwriting enterprises by providing services such as sales, marketing, selecting, negotiating, underwriting, servicing and placing insurance coverage on their behalf. (iii) Providing consulting services related to health and welfare benefits, voluntary benefits, executive benefits, compensation, retirement planning, institutional investment and fiduciary, actuarial, compliance, private insurance exchange, human resource technology, communications and benefits administration. (iv) Providing management and administrative services to captives, pools, risk-retention groups, healthcare exchanges, small underwriting enterprises, such as accounting, claims and loss processing assistance, feasibility studies, actuarial studies, data analytics and other administrative services. The majority of our brokerage contracts and service understandings are for a period of one year or less. Commissions and fees The primary source of revenues for our brokerage services are commissions from underwriting enterprises, based on a percentage of premiums paid by our clients, or fees received from clients based on an agreed level of service usually in lieu of commissions. Commissions are fixed at the contract effective date and generally are based on a percentage of premiums for insurance coverage or employee head count for employer sponsored benefit plans. Commissions depend upon a large number of factors, including the type of risk being placed, the particular underwriting enterprise’s demand, the expected loss experience of the particular risk of coverage, and historical benchmarks surrounding the level of effort necessary for us to place and service the insurance contract. Rather than being tied to the amount of premiums, fees are most often based on an expected level of effort to provide our services. Whether we are paid a commission or a fee, the vast majority of our services are associated with the placement of an insurance (or insurance-like) contract. Accordingly, we recognize approximately 70% of our commission and fee revenues on the effective date of the underlying insurance contract. The amount of revenue we recognize is based on our costs to provide our services up and through that effective date, including an appropriate estimate of our profit margin on a portfolio basis (a practical expedient as defined in Topic 606). Based on the proportion of additional services we provide in each period after the effective date of the insurance contract, including an appropriate estimate of our profit margin, we recognize approximately 20% of our commission and fee revenues in the first three months, and the remaining 10% thereafter. These periods may be different than the underlying premium payment patterns of the insurance contracts, but the vast majority of our services are fully provided within one year of the insurance contract effective date. For consulting and advisory services, we recognize our revenue in the period in which we provide the service or advice. For management and administrative services, our revenue is recognized ratably over the contract period consistent with the performance of our obligations, mostly over an annual term. Supplemental revenues Certain underwriting enterprises may pay us additional revenues for the volume of premium placed with them and for insights into our sales pipeline, our sales capabilities or our risk selection knowledge. These amounts are in excess of the commission and fee revenues discussed above, and not all business we place with underwriting enterprises is eligible for supplemental revenues. Unlike contingent revenues, discussed below, these revenues are a fixed amount or fixed percentage of premium of the underlying eligible insurance contracts. For supplemental revenue contracts based on a fixed percentage of premium, our obligation to the underwriting enterprise is substantially completed upon the effective date of the underlying insurance contract and revenue is fully earned at that time. For supplemental revenue contracts based on a fixed amount, revenue is recognized ratably over the contract period consistent with the performance of our obligations, almost always over an annual term. We receive these revenues on a quarterly or annual basis. Contingent revenues Certain underwriting enterprises may pay us additional revenues for our sales capabilities, our risk selection knowledge, or our administrative efficiencies. These amounts are in excess of the commission or fee revenues discussed above, and not all business we place with participating underwriting enterprises is eligible for contingent revenues. Unlike supplemental revenues, also discussed above, these revenues are variable, generally based on growth, the loss experience of the underlying insurance contracts, and/or our efficiency in processing the business. We generally operate under calendar year contracts, but we do not receive these revenues from the underwriting enterprises until the following calendar year, generally in the first and second quarters, after verification of the performance indicators outlined in the contracts. Accordingly, during each reporting period, we must make our best estimate of amounts we have earned using historical averages and other factors to project such revenues. We base our estimates each period on a contract-by-contract Sub-brokerage Sub-brokerage revenues. Sub-brokerage sub-brokers RISK MANAGEMENT SEGMENT Revenues for our risk management segment are comprised of fees generally negotiated (i) on a per-claim Per-claim Where we operate under a contract with our fee established on a per claim basis, our obligation is to process claims for a term specified within the contract. Because it is impractical to recognize our revenues on an individual claim by claim basis, we recognize revenue plus an appropriate estimate of our profit margin on a portfolio basis by grouping claims with similar characteristics (a practical expedient as defined in Topic 606). We apply actuarially-determined, historical-based patterns to determine our future service obligations, without applying a present value discount. Cost-plus fees Where we provide services and generate revenues on a cost-plus basis, we recognize revenue over the contract period consistent with the performance of our obligations. Performance-based fees Certain clients pay us additional fee revenues for our efficiency in managing claims or on the basis of claim outcome effectiveness. These amounts are in excess of the fee revenues discussed above. These revenues are variable, generally based on performance metrics set forth in the underlying contracts. We generally operate under multi-year contracts with fiscal year measurement periods. We do not receive these fees, if earned, until the following year after verification of the performance metrics outlined in the contracts. Each period we base our estimates on a contract-by-contract Reimbursements Reimbursements represent amounts received from clients reimbursing us for certain third-party costs associated with providing our claims management services. In certain service partner relationships, we are considered a principal because we direct the third party, control the specified service and combine the services provided into an integrated solution. Given this principal relationship, we are required to recognize revenue gross and service partner vendor fees in the operating expense in our consolidated statement of earnings. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, |
Deferred Costs | Deferred Costs We incur costs to provide brokerage and risk management services. Those costs are either (i) costs to obtain a contract or (ii) costs to fulfill such contract, or (iii) all other costs. (i) Costs to obtain - we incur costs to obtain a contract with a client. Those costs would not have been incurred if the contract had not been obtained. Almost all of our costs to obtain are incurred prior to, or on, the effective date of the contract and consist primarily of incentive compensation we pay to our production employees. Our costs to obtain are expensed as incurred as described in Note 3 to these unaudited consolidated financial statements. (ii) Costs to fulfill - we incur costs to fulfill a contract (or anticipated contract) with a client. Those costs are incurred prior to the effective date of the contract and relate to fulfilling our primary placement obligations to our clients. Our costs to fulfill prior to the effective date are capitalized and amortized on the effective date. These fulfillment activities include collecting underwriting information from our client, assessing their insurance needs and negotiating their placement with one or more underwriting enterprises. The majority of costs that we incur relate to compensation and benefits of our client service employees. Costs incurred during preplacement activities are expected to be recovered in the future. If the capitalized costs are no longer deemed to be recoverable, then they would be expensed. (iii) Other costs that are not costs to obtain or fulfill are expensed as incurred. Examples include other operating costs such as rent, utilities, management costs, overhead costs, legal and other professional fees, technology costs, insurance related costs, communication and advertising, and travel and entertainment. Depreciation, amortization and change in estimated acquisition earnout payable are expensed as incurred. |
Leases | Leases In February 2016, the FASB issued ASU No. 2016-02, right-of-use ASU 2018-10, 2018-11, To facilitate transition, the new guidance includes a package of practical expedients that entities may elect to apply on adoption. The package of practical expedients relate to the identification and classification of leases that commenced before the effective date and initial direct costs for leases that commenced before the effective date. The new guidance also includes a practical expedient permitting the use of hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. While we are continuing to assess all potential impacts of the new guidance, we anticipate this guidance will have an impact on our consolidated financial statements, including significant new disclosures about our leasing activities. We currently believe the most significant impact relates to our real estate operating leases and the related recognition of right-of-use non-lease |
Income Taxes | Income Taxes In October 2016, the FASB issued ASU No. 2016-16, In February 2018, the FASB issued ASU No. 2018-02, Topic 740-10-45-15, In March 2018, the FASB issued ASU No. 2018-05 Additionally, we reevaluated our indefinite reinvestment assertion during the three-month period ended September 30, 2018 for certain foreign jurisdictions and determined that our intention to repatriate undistributed earnings has changed. The impact of this change is not material to our consolidated financial statements. |
Business Combinations | Business Combinations In January 2017, the FASB issued ASU No. 2017-01, |
Presentation of Net Periodic Pension and Postretirement Benefit Cost | Presentation of Net Periodic Pension and Postretirement Benefit Cost In March 2017, the FASB issued ASU No. 2017-07, Form 10-K |
Restricted Cash | Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, 2016-18 |
Credit Impairment | Credit Impairment In June 2016, the FASB issued ASU No. 2016 -13, off-balance |
Disclosure Framework | Disclosure Framework In August 2018, the FASB issued ASU No. 2018-13, In August 2018, the FASB also issued ASU No. 2018-14, 715-20): We do not expect adoption of either standard will have a material impact on our consolidated financial statements. |
Hedge Accounting | Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, last-of-layer |
Intangibles - Goodwill and Other | Intangibles - Goodwill and Other In January 2017, the FASB issued ASU No. 2017-04, non-cash |
Internal-use Software | Internal-use In August 2018, the FASB issued ASU No. 2018-15, Other-Internal-Use (Subtopic 350-40): internal-use |
Effect of New Accounting Pron_2
Effect of New Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | The following is a reconciliation of our September 30 cash, cash equivalents and restricted cash balances as presented in the consolidated statement of cash flows for the nine-month periods ended September 30, 2018 and 2017 (in millions): September 30, 2018 2017 Cash and cash equivalents $ 605.0 $ 564.9 Restricted cash 1,655.5 1,615.6 Total cash, cash equivalents and restricted cash $ 2,260.5 $ 2,180.5 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers | Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions): September 30, 2018 December 31, 2017, Unbilled receivables $ 587.1 $ 415.2 Deferred contract costs 58.9 83.3 Deferred revenue 472.7 430.6 |
Summary of Changes in Deferred Revenue Balances | Significant changes in the deferred revenue balances during the period are as follows (in millions): Brokerage Risk Management Total Deferred revenue at December 31, 2017 $ 258.7 $ 171.9 $ 430.6 Incremental deferred revenue 231.7 109.2 340.9 Revenue recognized during the nine-month period ended September 30, 2018 included in deferred revenue at December 31, 2017 (207.2 ) (105.4 ) (312.6 ) Deferred revenue recognized from business acquisitions 13.8 — 13.8 Deferred revenue at September 30, 2018 $ 297.0 $ 175.7 $ 472.7 |
Summary of Expected Revenue Related to Performance Obligations | The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions): Brokerage Risk Management Total 2018 (remaining three months) $ 157.8 $ 49.8 $ 207.6 2019 122.8 59.2 182.0 2020 13.9 23.5 37.4 2021 1.3 12.9 14.2 2022 0.5 7.8 8.3 Thereafter 0.7 22.5 23.2 Total $ 297.0 $ 175.7 $ 472.7 |
Accounting Standards Update 2014-09 [Member] | |
Summary of Consolidated Statement Line Items, which Reflect Adoption of New Revenue Recognition Guidance | The consolidated statement of earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions, except per share data): Three-month period ended September 30, 2017 As Previously Impact of As Restated for Commissions $ 662.6 $ (24.7 ) $ 637.9 Fees 422.4 (6.2 ) 416.2 Supplemental revenues 39.9 (3.0 ) 36.9 Contingent revenues 13.5 8.3 21.8 Investment income 14.9 1.0 15.9 Gains on books of business sales 0.6 — 0.6 Revenues from clean coal activities 430.6 — 430.6 Revenues before reimbursements 1,584.5 (24.6 ) 1,559.9 Reimbursements — 33.8 33.8 Total revenues 1,584.5 9.2 1,593.7 Compensation 680.1 0.4 680.5 Operating 214.2 (5.2 ) 209.0 Reimbursements — 33.8 33.8 Cost of revenues from clean coal activities 451.4 — 451.4 Interest 31.4 — 31.4 Depreciation 30.5 — 30.5 Amortization 69.6 — 69.6 Change in estimated acquisition earnout payables 10.6 — 10.6 Total expenses 1,487.8 29.0 1,516.8 Earnings before income taxes 96.7 (19.8 ) 76.9 Benefit for income taxes (41.1 ) (0.1 ) (41.2 ) Net earnings 137.8 (19.7 ) 118.1 Net earnings attributable to noncontrolling interests 7.4 (0.3 ) 7.1 Net earnings attributable to controlling interests $ 130.4 $ (19.4 ) $ 111.0 Basic net earnings per share $ 0.72 $ (0.11 ) $ 0.61 Diluted net earnings per share 0.71 (0.10 ) 0.61 Dividends declared per common share 0.39 — 0.39 Nine-month period ended September 30, 2017 As Previously Impact of As Restated for Commissions $ 1,943.3 $ 73.5 $ 2,016.8 Fees 1,203.8 4.3 1,208.1 Supplemental revenues 115.9 4.1 120.0 Contingent revenues 96.4 (18.3 ) 78.1 Investment income 39.3 3.3 42.6 Gains on books of business sales 3.1 — 3.1 Revenues from clean coal activities 1,158.8 — 1,158.8 Revenues before reimbursements 4,560.6 66.9 4,627.5 Reimbursements — 102.1 102.1 Total revenues 4,560.6 169.0 4,729.6 Compensation 2,013.4 45.8 2,059.2 Operating 626.2 (13.5 ) 612.7 Reimbursements — 102.1 102.1 Cost of revenues from clean coal activities 1,215.4 — 1,215.4 Interest 92.9 — 92.9 Depreciation 90.2 — 90.2 Amortization 199.0 — 199.0 Change in estimated acquisition earnout payables 27.5 — 27.5 Total expenses 4,264.6 134.4 4,399.0 Earnings before income taxes 296.0 34.6 330.6 Benefit for income taxes (90.0 ) (17.8 ) (107.8 ) Net earnings 386.0 52.4 438.4 Net earnings attributable to noncontrolling interests 28.0 0.6 28.6 Net earnings attributable to controlling interests $ 358.0 $ 51.8 $ 409.8 Basic net earnings per share $ 1.99 $ 0.29 $ 2.28 Diluted net earnings per share 1.97 0.29 2.26 Dividends declared per common share 1.17 — 1.17 Select consolidated statement of comprehensive earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions): Three-month period ended September 30, 2017 As Previously Impact of As Restated for Net earnings $ 137.8 $ (19.7 ) $ 118.1 Change in pension liability, net of taxes 1.1 — 1.1 Foreign currency translation 157.4 (0.4 ) 157.0 Change in fair value of derivative instruments, net of taxes 2.9 — 2.9 Comprehensive earnings 299.2 (20.1 ) 279.1 Comprehensive earnings attributable to noncontrolling interests 5.8 (0.3 ) 5.5 Comprehensive earnings attributable to controlling interests $ 293.4 $ (19.8 ) $ 273.6 Nine-month period ended September 30, 2017 As Previously Impact of As Restated for Net earnings $ 386.0 $ 52.4 $ 438.4 Change in pension liability, net of taxes 3.7 — 3.7 Foreign currency translation 249.7 (3.3 ) 246.4 Change in fair value of derivative instruments, net of taxes 11.7 — 11.7 Comprehensive earnings 651.1 49.1 700.2 Comprehensive earnings attributable to noncontrolling interests 28.4 0.6 29.0 Comprehensive earnings attributable to controlling interests $ 622.7 $ 48.5 $ 671.2 Select balance sheet line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): December 31, 2017 As Previously Impact of As Restated for Assets Premium and fees receivables $ 2,157.2 $ 1,925.6 $ 4,082.8 Other current assets 708.4 173.2 881.6 Deferred income taxes 905.1 (53.5 ) 851.6 Other noncurrent assets 567.0 0.1 567.1 Goodwill 4,197.9 (33.1 ) 4,164.8 Liabilities Premiums payable to underwriting enterprises 3,475.9 1,510.1 4,986.0 Accrued compensation and other current liabilities 864.1 83.7 947.8 Deferred revenue - current/unearned fees 74.8 280.5 355.3 Other current liabilities 56.4 (56.4 ) — Deferred revenue - noncurrent — 75.3 75.3 Other noncurrent liabilities 1,128.3 (15.7 ) 1,112.6 Stockholders’ equity Retained earnings 1,095.9 125.9 1,221.8 Accumulated other comprehensive loss (559.9 ) 4.5 (555.4 ) Stockholders’ equity attributable to controlling interests 4,105.2 130.4 4,235.6 Stockholders’ equity attributable to noncontrolling interests 59.7 4.4 64.1 Select consolidated statement of cash flows line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Nine-month period ended September 30, 2017 As Previously Impact of As Restated for Cash flows from operating activities Net earnings $ 386.0 $ 52.4 $ 438.4 Adjustments to reconcile net earnings to net cash provided by operating activities: Net change in premiums and fees receivable (261.6 ) (538.5 ) (800.1 ) Net change in deferred revenue — 24.5 24.5 Net change in premiums payable to underwriting enterprises 198.7 556.9 755.6 Net change in other current assets (25.0 ) 38.9 13.9 Net change in accrued compensation and other current liabilities (30.7 ) 23.0 (7.7 ) Net change in deferred income taxes (133.2 ) (17.9 ) (151.1 ) Net change in other noncurrent assets and liabilities (11.6 ) (3.4 ) (15.0 ) Select statement of stockholders’ equity items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Retained Accumulated Stockholders’ Total Balance at December 31, 2017, as reported $ 1,095.9 $ (559.9 ) $ 59.7 $ 4,164.9 Cumulative-effect adjustment due to Topic 606 as of December 31, 2017 125.9 4.5 4.4 134.8 Balance at December 31, 2017, as restated $ 1,221.8 $ (555.4 ) $ 64.1 $ 4,299.7 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition Method for Recording Business Combinations | During the nine-month period ended September 30, 2018, 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) Market Financial Group, Ltd and Austin Consulting Group, Inc. (MFG) January 1, 2018 53 $ 3.7 $ 33.9 $ — $ 4.2 $ 2.7 $ 44.5 $ 7.0 McGregor & Associates (M&A) March 1, 2018 — — 13.5 — 2.5 5.1 21.1 12.0 Pronto Insurance (PI) June 5, 2018 — — 294.8 — 18.7 — 313.5 — Reassurance Holdings, Inc. (RHI) July 1, 2018 343 24.4 84.4 — 13.3 8.3 130.4 21.5 25 other acquisitions completed in 2018 382 22.6 133.8 0.4 15.3 36.7 208.8 80.0 778 $ 50.7 $ 560.4 $ 0.4 $ 54.0 $ 52.8 $ 718.3 $ 120.5 |
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 nine-month period ended September 30, 2018 (in millions): MFG M&A PI RHI 25 Other Total Cash $ 0.1 $ — $ 7.2 $ — $ 6.4 $ 13.7 Other current assets 3.0 0.5 66.8 18.4 43.1 131.8 Fixed assets 0.4 1.4 2.6 1.4 0.7 6.5 Noncurrent assets — — 8.3 0.5 0.2 9.0 Goodwill 24.6 5.2 193.3 63.1 118.5 404.7 Expiration lists 19.6 15.1 105.7 72.4 105.4 318.2 Non-compete — 0.1 0.3 0.8 1.6 2.8 Trade names 0.1 — 35.4 — — 35.5 Total assets acquired 47.8 22.3 419.6 156.6 275.9 922.2 Current liabilities 2.3 0.4 62.2 7.2 43.5 115.6 Noncurrent liabilities 1.0 0.8 43.9 19.0 23.6 88.3 Total liabilities assumed 3.3 1.2 106.1 26.2 67.1 203.9 Total net assets acquired $ 44.5 $ 21.1 $ 313.5 $ 130.4 $ 208.8 $ 718.3 |
Summary of Unaudited Pro Forma Historical Results | The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2017 (in millions, except per share data): Three-month period ended Nine-month period ended 2018 2017 2018 2017 Total revenues $ 1,780.3 $ 1,650.2 $ 5,385.8 $ 4,904.7 Net earnings attributable to controlling interests 127.5 113.0 524.0 421.5 Basic net earnings per share 0.70 0.62 2.86 2.33 Diluted net earnings per share 0.68 0.62 2.81 2.31 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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): September 30, December 31, Premium finance advances and loans $ 331.9 $ 305.5 Accrued supplemental, direct bill and other receivables 302.7 244.5 Refined coal production related receivables 158.1 156.8 Deferred contract costs 58.9 83.3 Prepaid expenses 99.9 91.5 Total other current assets $ 951.5 $ 881.6 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations | The carrying amount of goodwill at September 30, 2018 and December 31, 2017 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At September 30, 2018 United States $ 2,626.7 $ 29.6 $ — $ 2,656.3 United Kingdom 726.7 7.0 — 733.7 Canada 373.2 — — 373.2 Australia 411.8 — — 411.8 New Zealand 197.4 10.1 — 207.5 Other foreign 116.2 — 2.6 118.8 Total goodwill - net $ 4,452.0 $ 46.7 $ 2.6 $ 4,501.3 Brokerage Risk Corporate Total At December 31, 2017 United States $ 2,280.9 $ 25.8 $ — $ 2,306.7 United Kingdom 738.5 7.2 — 745.7 Canada 374.0 — — 374.0 Australia 416.6 — — 416.6 New Zealand 209.3 9.6 — 218.9 Other foreign 99.9 — 3.0 102.9 Total goodwill - net $ 4,119.2 $ 42.6 $ 3.0 $ 4,164.8 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the nine-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Balance as of December 31, 2017, as previously reported $ 4,152.3 $ 42.6 $ 3.0 $ 4,197.9 Adoption of Topic 606 (33.1 ) — — (33.1 ) Balance at December 31, 2017, as restated 4,119.2 42.6 3.0 4,164.8 Goodwill acquired during the period 397.4 7.3 — 404.7 Goodwill adjustments due to appraisals and other acquisition adjustments 3.7 (2.3 ) — 1.4 Foreign currency translation adjustments during the period (68.3 ) (0.9 ) (0.4 ) (69.6 ) Balance as of September 30, 2018 $ 4,452.0 $ 46.7 $ 2.6 $ 4,501.3 |
Major Classes of Amortizable Intangible Assets | Major classes of amortizable intangible assets at September 30, 2018 and December 31, 2017 consist of the following (in millions): September 30, December 31, Expiration lists $ 3,342.1 $ 3,055.9 Accumulated amortization - expiration lists (1,614.8 ) (1,422.1 ) 1,727.3 1,633.8 Non-compete 55.9 53.5 Accumulated amortization - non-compete (48.0 ) (46.1 ) 7.9 7.4 Trade names 60.7 25.9 Accumulated amortization - trade names (23.8 ) (22.5 ) 36.9 3.4 Net amortizable assets $ 1,772.1 $ 1,644.6 |
Estimated Aggregate Amortization Expense | Estimated aggregate amortization expense for each of the next five years and thereafter is as follows: 2018 (remaining three months) $ 71.4 2019 275.4 2020 258.8 2021 235.3 2022 212.0 Thereafter 719.2 Total $ 1,772.1 |
Credit and Other Debt Agreeme_2
Credit and Other Debt Agreements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Corporate and Other Debt | The following is a summary of our corporate and other debt (in millions): September 30, December 31, Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 2.80%, balloon due June 24, 2018 $ — $ 50.0 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 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 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.65%, balloon due August 2, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due February 27, 2024 325.0 325.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.40%, balloon due June 13, 2024 50.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due August 2, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.14%, balloon due August 4, 2027 98.0 98.0 Semi-annual payments of interest, fixed rate of 3.46%, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55%, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 13, 2028 125.0 — Semi-annual payments of interest, fixed rate of 4.98%, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due June 27, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due August 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.44%, balloon due June 13, 2030 125.0 — 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 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due August 2, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.59%, balloon due June 13, 2033 125.0 — Semi-annual payments of interest, fixed rate of 4.69%, balloon due June 13, 2038 75.0 — Total Note Purchase Agreements 3,248.0 2,798.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires April 8, 2021 130.0 190.0 Premium Financing Debt Facility - expires May 18, 2020: 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 115.9 116.4 NZD denominated tranche 16.6 5.7 Facility C and D AUD denominated tranche 18.1 18.5 NZD denominated tranche 8.7 10.5 Total Premium Financing Debt Facility 159.3 151.1 Total corporate and other debt 3,537.3 3,139.1 Less unamortized debt acquisition costs on Note Purchase Agreements (6.8 ) (6.1 ) Net corporate and other debt $ 3,530.5 $ 3,133.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 Nine-month period ended 2018 2017 2018 2017 Net earnings attributable to controlling interests $ 127.6 $ 111.0 $ 516.2 $ 409.8 Weighted average number of common shares outstanding 183.3 180.5 182.4 179.8 Dilutive effect of stock options using the treasury stock method 3.5 2.0 3.3 1.8 Weighted average number of common and common equivalent shares outstanding 186.8 182.5 185.7 181.6 Basic net earnings per share $ 0.70 $ 0.61 $ 2.83 $ 2.28 Diluted net earnings per share $ 0.68 $ 0.61 $ 2.78 $ 2.26 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: 2018 2017 Expected dividend yield 2.3 % 2.8 % Expected risk-free interest rate 2.7 % 2.3 % Volatility 15.1 % 27.2 % Expected life (in years) 5.5 5.0 |
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2018 (in millions, except exercise price and year data): Nine-month period ended September 30, 2018 Weighted Average Weighted Remaining Shares Average Contractual Aggregate Under Exercise Term Intrinsic Option Price (in years) Value Beginning balance 9.5 $ 45.27 Granted 1.3 70.74 Exercised (1.4 ) 37.55 Forfeited or canceled (0.3 ) 49.10 Ending balance 9.1 $ 49.93 4.05 $ 221.8 Exercisable at end of period 2.3 $ 42.59 2.02 $ 72.7 Ending vested and expected to vest 6.6 $ 52.10 4.70 $ 146.5 |
Other Information Regarding Stock Options Outstanding and Exercisable | Other information regarding stock options outstanding and exercisable at September 30, 2018 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 35.71 - $ 39.17 1.1 1.14 $ 38.08 1.1 $ 38.08 43.71 - 43.71 2.3 4.46 43.71 — — 46.17 - 46.87 2.9 3.00 46.49 1.2 46.61 47.92 - 63.60 1.6 5.45 56.81 — — 70.74 - 70.74 1.2 6.46 70.74 — — $ 35.71 - $ 70.74 9.1 4.05 $ 49.93 2.3 $ 42.59 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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): September 30, 2018 December 31, Funding 2017 Assets Commitments Assets Chem-Mod $ 4.0 $ — $ 4.0 Chem-Mod 2.0 — 2.0 Clean-coal investments: Controlling interest in six limited liability companies that own fourteen 2009 Era Clean Coal Plants 6.4 — 10.2 Non-controlling 0.4 — 0.6 Controlling interest in seventeen limited liability companies that own nineteen 2011 Era Clean Coal Plants 47.4 — 58.5 Other investments 4.9 — 3.8 Total investments $ 65.1 $ — $ 79.1 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 (in millions): Notional Amount Derivative Assets (1) Derivative Liabilities (2) Sep 30, 2018 Dec 31, 2017 Sep 30, 2018 Dec 31, 2017 Sep 30, 2018 Dec 31, 2017 Derivatives accounted for as hedges: Interest rate contracts $ 550.0 $ 200.0 $ 12.7 $ 2.2 $ — $ — Foreign exchange contracts (3) 60.2 18.7 1.2 8.1 9.1 2.9 Total $ 610.2 $ 218.7 $ 13.9 $ 10.3 $ 9.1 $ 2.9 (1) Included within other current assets, $13.6 million and $7.7 million at September 30, 2018 and December 31, 2017, respectively, and other noncurrent assets, $0.3 million and $2.7 million at September 30, 2018 and December 31, 2017, respectively. (2) Included within other current liabilities, $4.7 million and $1.6 million at September 30, 2018 and December 31, 2017, respectively, and other noncurrent liabilities, $4.4 million and $1.3 million at September 30, 2018 and December 31, 2017, respectively. (3) Included within foreign exchange contracts at September 30, 2018 were $105.4 million of call options offset with $105.4 million of put options, and $19.2 million of buy forwards offset with $80.3 million of sell forwards. Included within foreign exchange contracts at December 31, 2017 were $141.0 million of call options offset with $141.0 million of put options, and $13.3 million of buy forwards offset with $31.0 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 nine-month periods ended September 30, 2018 and 2017 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total September 30, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 13.5 $ 13.5 Foreign exchange contracts (2.0 ) (4.2 ) (3.1 ) — (9.3 ) Total $ (2.0 ) $ (4.2 ) $ (3.1 ) $ 13.5 $ 4.2 September 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (1.6 ) $ (1.6 ) Foreign exchange contracts 7.9 2.3 1.6 — 11.8 Total $ 7.9 $ 2.3 $ 1.6 $ (1.6 ) $ 10.2 The amounts of derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) for the nine-month periods ended September 30, 2018 and 2017 were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total September 30, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 0.8 $ 0.8 Foreign exchange contracts 1.5 1.1 0.8 — 3.4 Total $ 1.5 $ 1.1 $ 0.8 $ 0.8 $ 4.2 September 30, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ — $ — Foreign exchange contracts (7.6 ) 1.1 0.8 — (5.7 ) Total $ (7.6 ) $ 1.1 $ 0.8 $ — $ (5.7 ) |
Commitments, Contingencies an_2
Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 were as follows (in millions): Payments Due by Period Contractual Obligations 2018 2019 2020 2021 2022 Thereafter Total Note purchase agreements $ 50.0 $ 100.0 $ 100.0 $ 75.0 $ 200.0 $ 2,723.0 $ 3,248.0 Credit Agreement 130.0 — — — — — 130.0 Premium Financing Debt Facility 159.3 — — — — — 159.3 Interest on debt 44.3 137.3 132.7 127.7 122.6 557.4 1,122.0 Total debt obligations 383.6 237.3 232.7 202.7 322.6 3,280.4 4,659.3 Operating lease obligations 28.1 103.1 87.6 74.3 57.6 132.2 482.9 Less sublease arrangements (1.3 ) (3.1 ) (2.9 ) (2.9 ) (2.7 ) (12.9 ) (25.8 ) Outstanding purchase obligations 16.3 43.4 31.9 19.2 10.8 28.7 150.3 Total contractual obligations $ 426.7 $ 380.7 $ 349.3 $ 293.3 $ 388.3 $ 3,428.4 $ 5,266.7 |
Off-Balance Sheet Commitments | Off-Balance - Total Amount of Commitment Expiration by Period Amounts Off-Balance 2018 2019 2020 2021 2022 Thereafter Committed Letters of credit $ — $ — $ — $ — $ — $ 17.8 $ 17.8 Financial guarantees — 0.2 0.2 0.2 0.2 0.8 1.6 Total commitments $ — $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 18.6 $ 19.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests | The after-tax Pension Foreign Fair Value of Accumulated Balance as of December 31, 2017, as previously reported $ (43.0 ) $ (525.8 ) $ 8.9 $ (559.9 ) Adoption of Topic 606 — 4.5 — 4.5 Balance as of December 31, 2017, as restated (43.0 ) (521.3 ) 8.9 (555.4 ) Reclassifications to retained earnings of income tax effects related to the Tax Act (7.9 ) — 1.3 (6.6 ) Net change in period 2.2 (113.6 ) — (111.4 ) Balance as of September 30, 2018 $ (48.7 ) $ (634.9 ) $ 10.2 $ (673.4 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Financial information relating to our segments for the three-month and nine-month periods ended September 30, 2018 and 2017 is as follows (in millions): Three-month period Nine-month period ended September 30, ended September 30, 2017 2017 2018 As Restated for 2018 As Restated for Brokerage Total revenues $ 1,049.4 $ 938.7 $ 3,245.1 $ 2,919.7 Earnings before income taxes $ 163.2 $ 141.2 $ 652.7 $ 542.8 Identifiable assets at September 30, 2018 and 2017 $ 13,700.7 $ 13,019.7 Risk Management Total revenues $ 236.4 $ 224.4 $ 703.6 $ 651.1 Earnings before income taxes $ 22.3 $ 26.5 $ 67.9 $ 69.2 Identifiable assets at September 30, 2018 and 2017 $ 748.3 $ 738.0 Corporate Total revenues $ 492.7 $ 430.6 $ 1,327.9 $ 1,158.8 Loss before income taxes $ (95.2 ) $ (90.8 ) $ (284.4 ) $ (281.4 ) Identifiable assets at September 30, 2018 and 2017 $ 1,665.7 $ 1,746.7 |
Summary of Revenues by Type and Segment | Revenues by type and segment for the three-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 707.6 $ — $ — $ 707.6 Fees 253.7 199.0 — 452.7 Supplemental revenues 43.9 — — 43.9 Contingent revenues 25.7 — — 25.7 Investment income 17.9 0.1 — 18.0 Gains on books of business sales 0.6 — — 0.6 Revenues from clean coal activities — — 492.4 492.4 Other net revenues — — 0.3 0.3 Revenues before reimbursements 1,049.4 199.1 492.7 1,741.2 Reimbursements — 37.3 — 37.3 Total revenues $ 1,049.4 $ 236.4 $ 492.7 $ 1,778.5 Revenues by type and segment for the nine-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 2,235.0 $ — $ — $ 2,235.0 Fees 727.3 595.7 — 1,323.0 Supplemental revenues 144.0 — — 144.0 Contingent revenues 82.4 — — 82.4 Investment income 46.8 0.4 — 47.2 Gains on books of business sales 9.6 — — 9.6 Revenues from clean coal activities — — 1,327.0 1,327.0 Other net revenues — — 0.9 0.9 Revenues before reimbursements 3,245.1 596.1 1,327.9 5,169.1 Reimbursements — 107.5 — 107.5 Total revenues $ 3,245.1 $ 703.6 $ 1,327.9 $ 5,276.6 Revenues by type and segment for the three-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 637.9 $ — $ — $ 637.9 Fees 225.7 190.5 — 416.2 Supplemental revenues 36.9 — — 36.9 Contingent revenues 21.8 — — 21.8 Investment income 15.8 0.1 — 15.9 Gains on books of business sales 0.6 — — 0.6 Revenues from clean coal activities — — 430.6 430.6 Revenues before reimbursements 938.7 190.6 430.6 1,559.9 Reimbursements — 33.8 — 33.8 Total revenues $ 938.7 $ 224.4 $ 430.6 $ 1,593.7 Revenues by type and segment for the nine-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 2,016.8 $ — $ — $ 2,016.8 Fees 659.5 548.6 — 1,208.1 Supplemental revenues 120.0 — — 120.0 Contingent revenues 78.1 — — 78.1 Investment income 42.2 0.4 — 42.6 Gains on books of business sales 3.1 — — 3.1 Revenues from clean coal activities — — 1,158.8 1,158.8 Revenues before reimbursements 2,919.7 549.0 1,158.8 4,627.5 Reimbursements — 102.1 — 102.1 Total revenues $ 2,919.7 $ 651.1 $ 1,158.8 $ 4,729.6 |
Summary of Geographical Location and Segment | Revenues by geographical location and segment for the three-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 724.2 $ 201.5 $ 492.7 $ 1,418.4 United Kingdom 169.3 8.7 — 178.0 Australia 49.1 21.1 — 70.2 Canada 40.3 0.9 — 41.2 New Zealand 35.0 4.2 — 39.2 Other foreign 31.5 — — 31.5 Total revenues $ 1,049.4 $ 236.4 $ 492.7 $ 1,778.5 Revenues by geographical location and segment for the nine-month period ended September 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 2,192.5 $ 591.6 $ 1,327.9 $ 4,112.0 United Kingdom 564.6 26.5 — 591.1 Australia 146.6 70.5 — 217.1 Canada 130.9 3.0 — 133.9 New Zealand 104.5 12.0 — 116.5 Other foreign 106.0 — — 106.0 Total revenues $ 3,245.1 $ 703.6 $ 1,327.9 $ 5,276.6 Revenues by geographical location and segment for the three-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 620.4 $ 190.5 $ 430.6 $ 1,241.5 United Kingdom 168.8 8.4 — 177.2 Australia 50.5 19.1 — 69.6 Canada 35.4 1.4 — 36.8 New Zealand 36.0 5.0 — 41.0 Other foreign 27.6 — — 27.6 Total revenues $ 938.7 $ 224.4 $ 430.6 $ 1,593.7 Revenues by geographical location and segment for the nine-month period ended September 30, 2017, as restated for the adoption of Topic 606, are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 1,965.5 $ 558.2 $ 1,158.8 $ 3,682.5 United Kingdom 514.8 22.0 — 536.8 Australia 142.8 56.9 — 199.7 Canada 104.1 3.1 — 107.2 New Zealand 99.9 10.9 — 110.8 Other foreign 92.6 — — 92.6 Total revenues $ 2,919.7 $ 651.1 $ 1,158.8 $ 4,729.6 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018CountrySegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable operating segments | Segment | 3 |
Number of commercial clean coal production facilities | 34 |
Number of countries in which the company has operations | 34 |
Number of countries in which the company does business through a network of correspondent brokers and consultants | 150 |
Description of contracts renewal period | One year or less. |
Percentage of commission and fee revenues on the effective date | 70.00% |
Percentage of commission and fee revenues in the first three months | 20.00% |
Percentage of commission and fee revenues after the first three months | 10.00% |
Effect of New Accounting Pron_3
Effect of New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | [1] | Sep. 30, 2018 | Sep. 30, 2017 | [1] | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Corporate income tax rate | 21.00% | 35.00% | ||||||
Benefit for income taxes | $ (48.1) | $ (41.2) | $ (111.9) | $ (107.8) | ||||
Net cash provided by operating activities | 504.6 | 593.2 | ||||||
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | (52.1) | $ 98.5 | ||||||
Accounting Standards Update 2016-18 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net cash provided by operating activities | 134.1 | |||||||
Cash paid for acquisitions, net of cash and restricted cash | 17.8 | |||||||
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | 71.6 | |||||||
Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of adoption recognized as an increase to retained earnings | $ 125.3 | |||||||
Accounting Standards Update 2018-02 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase in retained earnings | $ 6.6 | |||||||
Accounting Standards Update 2018-05 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Benefit for income taxes | $ 4.7 | |||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Effect of New Accounting Pron_4
Effect of New Accounting Pronouncements - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | [1] | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||
Cash and cash equivalents | $ 605 | $ 681.2 | [1] | $ 564.9 | |||
Restricted cash | 1,655.5 | 1,623.8 | [1] | 1,615.6 | |||
Total cash, cash equivalents and restricted cash | $ 2,260.5 | $ 2,305 | $ 2,180.5 | [1] | $ 1,937.6 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Consolidated Statement of Earnings Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues before reimbursements | $ 1,741.2 | $ 1,559.9 | [1] | $ 5,169.1 | $ 4,627.5 | [1] |
Total revenues | 1,778.5 | 1,593.7 | [1] | 5,276.6 | 4,729.6 | [1] |
Compensation | 765.7 | 680.5 | [1] | 2,266.2 | 2,059.2 | [1] |
Operating | 227.7 | 209 | [1] | 666.6 | 612.7 | [1] |
Reimbursements | 37.3 | 33.8 | [1] | 107.5 | 102.1 | [1] |
Interest | 36.7 | 31.4 | [1] | 101.9 | 92.9 | [1] |
Depreciation | 33.4 | 30.5 | [1] | 94.8 | 90.2 | [1] |
Amortization | 72.8 | 69.6 | [1] | 214.4 | 199 | [1] |
Change in estimated acquisition earnout payables | 5.8 | 10.6 | [1] | 7.2 | 27.5 | [1] |
Total expenses | 1,688.2 | 1,516.8 | [1] | 4,840.4 | 4,399 | [1] |
Earnings before income taxes | 90.3 | 76.9 | [1] | 436.2 | 330.6 | [1] |
Benefit for income taxes | (48.1) | (41.2) | [1] | (111.9) | (107.8) | [1] |
Net earnings | 138.4 | 118.1 | [1] | 548.1 | 438.4 | [1] |
Net earnings attributable to noncontrolling interests | 10.8 | 7.1 | [1] | 31.9 | 28.6 | [1] |
Net earnings attributable to controlling interests | $ 127.6 | $ 111 | [1] | $ 516.2 | $ 409.8 | [1] |
Basic net earnings per share | $ 0.70 | $ 0.61 | [1] | $ 2.83 | $ 2.28 | [1] |
Diluted net earnings per share | 0.68 | 0.61 | [1] | 2.78 | 2.26 | [1] |
Dividends declared per common share | $ 0.41 | $ 0.39 | [1] | $ 1.23 | $ 1.17 | [1] |
Commissions [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | $ 707.6 | $ 637.9 | [1] | $ 2,235 | $ 2,016.8 | [1] |
Broker Fees [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 452.7 | 416.2 | [1] | 1,323 | 1,208.1 | [1] |
Supplemental Revenue Member [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 43.9 | 36.9 | [1] | 144 | 120 | [1] |
Contingent Revenue [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 25.7 | 21.8 | [1] | 82.4 | 78.1 | [1] |
Investment income [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 18 | 15.9 | [1] | 47.2 | 42.6 | [1] |
Gains on Books of Business Sales [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 0.6 | 0.6 | [1] | 9.6 | 3.1 | [1] |
Clean Coal Activities [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 492.4 | 430.6 | [1] | 1,327 | 1,158.8 | [1] |
Cost of revenues from clean coal activities | 508.8 | 451.4 | [1] | 1,381.8 | 1,215.4 | [1] |
Reimbursements [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | $ 37.3 | 33.8 | [1] | $ 107.5 | 102.1 | [1] |
As Previously Reported [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues before reimbursements | 1,584.5 | 4,560.6 | ||||
Total revenues | 1,584.5 | 4,560.6 | ||||
Compensation | 680.1 | 2,013.4 | ||||
Operating | 214.2 | 626.2 | ||||
Interest | 31.4 | 92.9 | ||||
Depreciation | 30.5 | 90.2 | ||||
Amortization | 69.6 | 199 | ||||
Change in estimated acquisition earnout payables | 10.6 | 27.5 | ||||
Total expenses | 1,487.8 | 4,264.6 | ||||
Earnings before income taxes | 96.7 | 296 | ||||
Benefit for income taxes | (41.1) | (90) | ||||
Net earnings | 137.8 | 386 | ||||
Net earnings attributable to noncontrolling interests | 7.4 | 28 | ||||
Net earnings attributable to controlling interests | $ 130.4 | $ 358 | ||||
Basic net earnings per share | $ 0.72 | $ 1.99 | ||||
Diluted net earnings per share | 0.71 | 1.97 | ||||
Dividends declared per common share | $ 0.39 | $ 1.17 | ||||
As Previously Reported [Member] | Commissions [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | $ 662.6 | $ 1,943.3 | ||||
As Previously Reported [Member] | Broker Fees [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 422.4 | 1,203.8 | ||||
As Previously Reported [Member] | Supplemental Revenue Member [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 39.9 | 115.9 | ||||
As Previously Reported [Member] | Contingent Revenue [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 13.5 | 96.4 | ||||
As Previously Reported [Member] | Investment income [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 14.9 | 39.3 | ||||
As Previously Reported [Member] | Gains on Books of Business Sales [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 0.6 | 3.1 | ||||
As Previously Reported [Member] | Clean Coal Activities [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 430.6 | 1,158.8 | ||||
Cost of revenues from clean coal activities | 451.4 | 1,215.4 | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues before reimbursements | (24.6) | 66.9 | ||||
Total revenues | 9.2 | 169 | ||||
Compensation | 0.4 | 45.8 | ||||
Operating | (5.2) | (13.5) | ||||
Reimbursements | 33.8 | 102.1 | ||||
Total expenses | 29 | 134.4 | ||||
Earnings before income taxes | (19.8) | 34.6 | ||||
Benefit for income taxes | (0.1) | (17.8) | ||||
Net earnings | (19.7) | 52.4 | ||||
Net earnings attributable to noncontrolling interests | (0.3) | 0.6 | ||||
Net earnings attributable to controlling interests | $ (19.4) | $ 51.8 | ||||
Basic net earnings per share | $ (0.11) | $ 0.29 | ||||
Diluted net earnings per share | $ (0.10) | $ 0.29 | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Commissions [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | $ (24.7) | $ 73.5 | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Broker Fees [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | (6.2) | 4.3 | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Supplemental Revenue Member [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | (3) | 4.1 | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Contingent Revenue [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 8.3 | (18.3) | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Investment income [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | 1 | 3.3 | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Reimbursements [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total revenues | $ 33.8 | $ 102.1 | ||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Consolidated Statement of Comprehensive Earnings Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Net earnings | $ 138.4 | $ 118.1 | [1] | $ 548.1 | $ 438.4 | [1] |
Change in pension liability, net of taxes | 0.7 | 1.1 | [1] | 2.2 | 3.7 | [1] |
Foreign currency translation | (25.2) | 157 | [1] | (113.6) | 246.4 | [1] |
Change in fair value of derivative instruments, net of taxes | 2.5 | 2.9 | [1] | 0 | 11.7 | [1] |
Comprehensive earnings | 116.4 | 279.1 | [1] | 436.7 | 700.2 | [1] |
Comprehensive earnings attributable to noncontrolling interests | 11.1 | 5.5 | [1] | 28.9 | 29 | [1] |
Comprehensive earnings attributable to controlling interests | $ 105.3 | 273.6 | [1] | $ 407.8 | 671.2 | [1] |
As Previously Reported [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Net earnings | 137.8 | 386 | ||||
Change in pension liability, net of taxes | 1.1 | 3.7 | ||||
Foreign currency translation | 157.4 | 249.7 | ||||
Change in fair value of derivative instruments, net of taxes | 2.9 | 11.7 | ||||
Comprehensive earnings | 299.2 | 651.1 | ||||
Comprehensive earnings attributable to noncontrolling interests | 5.8 | 28.4 | ||||
Comprehensive earnings attributable to controlling interests | 293.4 | 622.7 | ||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Net earnings | (19.7) | 52.4 | ||||
Foreign currency translation | (0.4) | (3.3) | ||||
Comprehensive earnings | (20.1) | 49.1 | ||||
Comprehensive earnings attributable to noncontrolling interests | (0.3) | 0.6 | ||||
Comprehensive earnings attributable to controlling interests | $ (19.8) | $ 48.5 | ||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Balance Sheet Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Premium and fees receivables | $ 4,872 | $ 4,082.8 | [1] |
Other current assets | 951.5 | 881.6 | [1] |
Deferred income taxes | 743.4 | 851.6 | [1] |
Other noncurrent assets | 584.6 | 567.1 | [1] |
Goodwill | 4,501.3 | 4,164.8 | [1] |
Liabilities | |||
Premiums payable to underwriting enterprises | 5,693.6 | 4,986 | [1] |
Accrued compensation and other current liabilities | 943.1 | 947.8 | [1] |
Deferred revenue - current/unearned fees | 396.6 | 355.3 | [1] |
Deferred revenue - noncurrent | 76.1 | 75.3 | [1] |
Other noncurrent liabilities | 862.1 | 1,112.6 | [1] |
Stockholders' equity | |||
Retained earnings | 1,517.6 | 1,221.8 | [1] |
Accumulated other comprehensive loss | (673.4) | (555.4) | [1] |
Stockholders' equity attributable to controlling interests | 4,544.5 | 4,235.6 | [1] |
Stockholders' equity attributable to noncontrolling interests | $ 68.2 | 64.1 | [1] |
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Goodwill | (33.1) | ||
As Previously Reported [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Premium and fees receivables | 2,157.2 | ||
Other current assets | 708.4 | ||
Deferred income taxes | 905.1 | ||
Other noncurrent assets | 567 | ||
Goodwill | 4,197.9 | ||
Liabilities | |||
Premiums payable to underwriting enterprises | 3,475.9 | ||
Accrued compensation and other current liabilities | 864.1 | ||
Deferred revenue - current/unearned fees | 74.8 | ||
Other current liabilities | 56.4 | ||
Other noncurrent liabilities | 1,128.3 | ||
Stockholders' equity | |||
Retained earnings | 1,095.9 | ||
Accumulated other comprehensive loss | (559.9) | ||
Stockholders' equity attributable to controlling interests | 4,105.2 | ||
Stockholders' equity attributable to noncontrolling interests | 59.7 | ||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Premium and fees receivables | 1,925.6 | ||
Other current assets | 173.2 | ||
Deferred income taxes | (53.5) | ||
Other noncurrent assets | 0.1 | ||
Goodwill | (33.1) | ||
Liabilities | |||
Premiums payable to underwriting enterprises | 1,510.1 | ||
Accrued compensation and other current liabilities | 83.7 | ||
Deferred revenue - current/unearned fees | 280.5 | ||
Other current liabilities | (56.4) | ||
Deferred revenue - noncurrent | 75.3 | ||
Other noncurrent liabilities | (15.7) | ||
Stockholders' equity | |||
Retained earnings | 125.9 | ||
Accumulated other comprehensive loss | 4.5 | ||
Stockholders' equity attributable to controlling interests | 130.4 | ||
Stockholders' equity attributable to noncontrolling interests | $ 4.4 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Summary of Consolidated Statement of Cash Flows Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Cash flows from operating activities | ||||||
Net earnings | $ 138.4 | $ 118.1 | [1] | $ 548.1 | $ 438.4 | [1] |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
Net change in premiums and fees receivable | (800.1) | |||||
Net change in deferred revenue | 33 | 24.5 | [1] | |||
Net change in premiums payable to underwriting enterprises | 729.1 | 755.6 | [1] | |||
Net change in other current assets | (76.8) | 13.9 | [1] | |||
Net change in accrued compensation and other current liabilities | (56.1) | (7.7) | [1] | |||
Net change in deferred income taxes | (168.4) | (151.1) | [1] | |||
Net change in other noncurrent assets and liabilities | $ (12.9) | (15) | [1] | |||
As Previously Reported [Member] | ||||||
Cash flows from operating activities | ||||||
Net earnings | 137.8 | 386 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
Net change in premiums and fees receivable | (261.6) | |||||
Net change in premiums payable to underwriting enterprises | 198.7 | |||||
Net change in other current assets | (25) | |||||
Net change in accrued compensation and other current liabilities | (30.7) | |||||
Net change in deferred income taxes | (133.2) | |||||
Net change in other noncurrent assets and liabilities | (11.6) | |||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Cash flows from operating activities | ||||||
Net earnings | $ (19.7) | 52.4 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
Net change in premiums and fees receivable | (538.5) | |||||
Net change in deferred revenue | 24.5 | |||||
Net change in premiums payable to underwriting enterprises | 556.9 | |||||
Net change in other current assets | 38.9 | |||||
Net change in accrued compensation and other current liabilities | 23 | |||||
Net change in deferred income taxes | (17.9) | |||||
Net change in other noncurrent assets and liabilities | $ (3.4) | |||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Summary of Statement of Stockholders' Equity Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | $ 4,612.7 | $ 4,299.7 | [1] |
Balance at December 31, 2017, as restated | 4,299.7 | ||
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | 134.8 | ||
As Previously Reported [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | 4,164.9 | ||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | 134.8 | ||
Retained Earnings [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | 1,517.6 | ||
Balance at December 31, 2017, as restated | 1,221.8 | ||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | 125.9 | ||
Retained Earnings [Member] | As Previously Reported [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | 1,095.9 | ||
Retained Earnings [Member] | Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | 125.9 | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | (673.4) | ||
Balance at December 31, 2017, as restated | (555.4) | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | 4.5 | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | As Previously Reported [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | (559.9) | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | 4.5 | ||
Noncontrolling Interests [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | $ 68.2 | ||
Balance at December 31, 2017, as restated | 64.1 | ||
Noncontrolling Interests [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | 4.4 | ||
Noncontrolling Interests [Member] | As Previously Reported [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Balance at December 31, 2017, as reported | 59.7 | ||
Noncontrolling Interests [Member] | Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment due to ASC Topic 606 as of December 31, 2017 | $ 4.4 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_8
Revenue from Contracts with Customers - Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Contract with Customer, Asset and Liability [Abstract] | ||
Unbilled receivables | $ 587.1 | $ 415.2 |
Deferred contract costs | 58.9 | 83.3 |
Deferred revenue | $ 472.7 | $ 430.6 |
Revenue from Contracts with C_9
Revenue from Contracts with Customers - Summary of Changes in Deferred Revenue Balances (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | $ 430.6 |
Incremental deferred revenue | 340.9 |
Revenue recognized during the nine-month period ended September 30, 2018 included in deferred revenue at December 31, 2017 | (312.6) |
Deferred revenue recognized from business acquisitions | 13.8 |
Deferred revenue ending balance | 472.7 |
Brokerage [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | 258.7 |
Incremental deferred revenue | 231.7 |
Revenue recognized during the nine-month period ended September 30, 2018 included in deferred revenue at December 31, 2017 | (207.2) |
Deferred revenue recognized from business acquisitions | 13.8 |
Deferred revenue ending balance | 297 |
Risk Management [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | 171.9 |
Incremental deferred revenue | 109.2 |
Revenue recognized during the nine-month period ended September 30, 2018 included in deferred revenue at December 31, 2017 | (105.4) |
Deferred revenue ending balance | $ 175.7 |
Revenue from Contracts with _10
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Revenue from Contract with Customer [Abstract] | |||
Remaining performance obligations | $ 472.7 | ||
Deferred contract costs | 58.9 | $ 83.3 | |
Amortization of deferred contract costs | $ 240.6 | $ 220.5 |
Revenue from Contracts with _11
Revenue from Contracts with Customers - Summary of Expected Revenue Related to Performance Obligations (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 472.7 |
2018 (Remaining Three Months) [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 207.6 |
2019 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 182 |
2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 37.4 |
2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 14.2 |
2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 8.3 |
Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 23.2 |
Brokerage [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 297 |
Brokerage [Member] | 2018 (Remaining Three Months) [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 157.8 |
Brokerage [Member] | 2019 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 122.8 |
Brokerage [Member] | 2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 13.9 |
Brokerage [Member] | 2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 1.3 |
Brokerage [Member] | 2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 0.5 |
Brokerage [Member] | Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 0.7 |
Risk Management [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 175.7 |
Risk Management [Member] | 2018 (Remaining Three Months) [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 49.8 |
Risk Management [Member] | 2019 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 59.2 |
Risk Management [Member] | 2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 23.5 |
Risk Management [Member] | 2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 12.9 |
Risk Management [Member] | 2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 7.8 |
Risk Management [Member] | Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 22.5 |
Business Combinations - Acquisi
Business Combinations - Acquisition Method for Recording Business Combinations (Detail) shares in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)shares | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 778 |
Common Share Value | $ 50,700,000 |
Cash Paid | 560,400,000 |
Accrued Liability | 400,000 |
Escrow Deposited | 54,000,000 |
Recorded Earnout Payable | 52,800,000 |
Total Recorded Purchase Price | 718,300,000 |
Maximum Potential Earnout Payable | $ 120,500,000 |
Market Financial Group, Ltd and Austin Consulting Group Inc. (MFG) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 53 |
Common Share Value | $ 3,700,000 |
Cash Paid | 33,900,000 |
Escrow Deposited | 4,200,000 |
Recorded Earnout Payable | 2,700,000 |
Total Recorded Purchase Price | 44,500,000 |
Maximum Potential Earnout Payable | 7,000,000 |
McGregor & Associates (M&A) [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 13,500,000 |
Escrow Deposited | 2,500,000 |
Recorded Earnout Payable | 5,100,000 |
Total Recorded Purchase Price | 21,100,000 |
Maximum Potential Earnout Payable | 12,000,000 |
Pronto Insurance (PI) [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 294,800,000 |
Escrow Deposited | 18,700,000 |
Total Recorded Purchase Price | $ 313,500,000 |
Reassurance Holdings, Inc (RHI) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 343 |
Common Share Value | $ 24,400,000 |
Cash Paid | 84,400,000 |
Escrow Deposited | 13,300,000 |
Recorded Earnout Payable | 8,300,000 |
Total Recorded Purchase Price | 130,400,000 |
Maximum Potential Earnout Payable | $ 21,500,000 |
25 Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 382 |
Common Share Value | $ 22,600,000 |
Cash Paid | 133,800,000 |
Accrued Liability | 400,000 |
Escrow Deposited | 15,300,000 |
Recorded Earnout Payable | 36,700,000 |
Total Recorded Purchase Price | 208,800,000 |
Maximum Potential Earnout Payable | $ 80,000,000 |
Business Combinations - Acqui_2
Business Combinations - Acquisition Method for Recording Business Combinations (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
Market Financial Group, Ltd and Austin Consulting Group Inc. (MFG) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jan. 1, 2018 |
McGregor & Associates (M&A) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Mar. 1, 2018 |
Pronto Insurance (PI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jun. 5, 2018 |
Reassurance Holdings, Inc (RHI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jul. 1, 2018 |
25 Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | 2,018 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 201 Months Ended | ||
Sep. 30, 2018USD ($)Entity | Sep. 30, 2017USD ($)Entity | Sep. 30, 2018USD ($)Entity | Sep. 30, 2017USD ($)Entity | Sep. 30, 2018USD ($)Entity | |
Business Acquisition [Line Items] | |||||
Accretion of the discount on acquisition | $ 4,500,000 | $ 4,900,000 | $ 14,500,000 | $ 15,200,000 | |
Expense related to net adjustments to estimated fair value of liability for earnout obligations | $ 1,300,000 | $ 5,700,000 | $ 7,300,000 | $ 12,300,000 | |
Number of companies acquired | Entity | 38 | 31 | 95 | 89 | 488 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 495,700,000 | $ 495,700,000 | |||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 219,600,000 | 219,600,000 | |||
Goodwill | 404,700,000 | 404,700,000 | $ 404,700,000 | ||
Expiration lists | 318,200,000 | 318,200,000 | 318,200,000 | ||
Non-compete agreements | 2,800,000 | 2,800,000 | 2,800,000 | ||
Trade names | 35,500,000 | 35,500,000 | 35,500,000 | ||
Write-off of amortizable intangible assets | 1,100,000 | $ 4,500,000 | 6,700,000 | $ 6,200,000 | |
Total revenues related to acquisitions in the aggregate | 1,780,300,000 | $ 1,650,200,000 | 5,385,800,000 | $ 4,904,700,000 | |
Brokerage and Risk Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 404,700,000 | 404,700,000 | 404,700,000 | ||
Expiration lists | 318,200,000 | 318,200,000 | 318,200,000 | ||
Non-compete agreements | 2,800,000 | 2,800,000 | 2,800,000 | ||
Trade names | $ 35,500,000 | $ 35,500,000 | $ 35,500,000 | ||
Expiration Lists [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 2 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 | 2 years | ||||
Trade Names [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of intangibles assets, years | 15 years | ||||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 3 | 3 | 3 | ||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 15 | 15 | 15 | ||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 8 | 8 | 8 | ||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 9.5 | 9.5 | 9.5 | ||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Attrition rate | 5.00% | 5.00% | |||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Attrition rate | 10.00% | 10.00% | |||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 |
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 3,500,000 | 3,500,000 | 3,500,000 | 3,500,000 | 3,500,000 |
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 |
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 |
Business Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Annualized revenue of business acquisitions | $ 249,800,000 | ||||
Total revenues related to acquisitions in the aggregate | 88,300,000 | ||||
Net earnings | 4,200,000 | ||||
Business Acquisition [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Expiration lists | $ 318,200,000 | 318,200,000 | $ 318,200,000 | ||
Non-compete agreements | 2,800,000 | 2,800,000 | 2,800,000 | ||
Trade names | 35,500,000 | 35,500,000 | 35,500,000 | ||
Deferred tax liability | 62,000,000 | 62,000,000 | 62,000,000 | ||
Goodwill related to nondeductible amortizable intangible assets | 62,000,000 | ||||
Business Acquisition [Member] | Expiration Lists [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | 230,700,000 | 230,700,000 | 230,700,000 | ||
Business Acquisition [Member] | Non-Compete Agreements [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | 2,200,000 | 2,200,000 | 2,200,000 | ||
Business Acquisition [Member] | Trade Names [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | $ 35,500,000 | $ 35,500,000 | $ 35,500,000 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Net Assets Acquired (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | $ 13.7 |
Other current assets | 131.8 |
Fixed assets | 6.5 |
Noncurrent assets | 9 |
Goodwill | 404.7 |
Expiration lists | 318.2 |
Non-compete agreements | 2.8 |
Trade names | 35.5 |
Total assets acquired | 922.2 |
Current liabilities | 115.6 |
Noncurrent liabilities | 88.3 |
Total liabilities assumed | 203.9 |
Total net assets acquired | 718.3 |
Market Financial Group, Ltd and Austin Consulting Group Inc. (MFG) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.1 |
Other current assets | 3 |
Fixed assets | 0.4 |
Goodwill | 24.6 |
Expiration lists | 19.6 |
Trade names | 0.1 |
Total assets acquired | 47.8 |
Current liabilities | 2.3 |
Noncurrent liabilities | 1 |
Total liabilities assumed | 3.3 |
Total net assets acquired | 44.5 |
McGregor & Associates (M&A) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 0.5 |
Fixed assets | 1.4 |
Goodwill | 5.2 |
Expiration lists | 15.1 |
Non-compete agreements | 0.1 |
Total assets acquired | 22.3 |
Current liabilities | 0.4 |
Noncurrent liabilities | 0.8 |
Total liabilities assumed | 1.2 |
Total net assets acquired | 21.1 |
Pronto Insurance (PI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 7.2 |
Other current assets | 66.8 |
Fixed assets | 2.6 |
Noncurrent assets | 8.3 |
Goodwill | 193.3 |
Expiration lists | 105.7 |
Non-compete agreements | 0.3 |
Trade names | 35.4 |
Total assets acquired | 419.6 |
Current liabilities | 62.2 |
Noncurrent liabilities | 43.9 |
Total liabilities assumed | 106.1 |
Total net assets acquired | 313.5 |
Reassurance Holdings, Inc (RHI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 18.4 |
Fixed assets | 1.4 |
Noncurrent assets | 0.5 |
Goodwill | 63.1 |
Expiration lists | 72.4 |
Non-compete agreements | 0.8 |
Total assets acquired | 156.6 |
Current liabilities | 7.2 |
Noncurrent liabilities | 19 |
Total liabilities assumed | 26.2 |
Total net assets acquired | 130.4 |
25 Other Acquisitions [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 6.4 |
Other current assets | 43.1 |
Fixed assets | 0.7 |
Noncurrent assets | 0.2 |
Goodwill | 118.5 |
Expiration lists | 105.4 |
Non-compete agreements | 1.6 |
Total assets acquired | 275.9 |
Current liabilities | 43.5 |
Noncurrent liabilities | 23.6 |
Total liabilities assumed | 67.1 |
Total net assets acquired | $ 208.8 |
Business Combinations - Summa_2
Business Combinations - Summary of Unaudited Pro Forma Historical Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Combinations [Abstract] | ||||
Total revenues | $ 1,780.3 | $ 1,650.2 | $ 5,385.8 | $ 4,904.7 |
Net earnings attributable to controlling interests | $ 127.5 | $ 113 | $ 524 | $ 421.5 |
Basic net earnings per share | $ 0.70 | $ 0.62 | $ 2.86 | $ 2.33 |
Diluted net earnings per share | $ 0.68 | $ 0.62 | $ 2.81 | $ 2.31 |
Other Current Assets - Summary
Other Current Assets - Summary of Major Classes of Other Current Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Premium finance advances and loans | $ 331.9 | $ 305.5 | |
Accrued supplemental, direct bill and other receivables | 302.7 | 244.5 | |
Refined coal production related receivables | 158.1 | 156.8 | |
Deferred contract costs | 58.9 | 83.3 | |
Prepaid expenses | 99.9 | 91.5 | |
Total other current assets | $ 951.5 | $ 881.6 | [1] |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
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 | Sep. 30, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Total goodwill - net | $ 4,501.3 | $ 4,164.8 | [1] |
Unites States [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 2,656.3 | 2,306.7 | |
United Kingdom [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 733.7 | 745.7 | |
Canada [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 373.2 | 374 | |
Australia [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 411.8 | 416.6 | |
New Zealand [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 207.5 | 218.9 | |
Other Foreign [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 118.8 | 102.9 | |
Brokerage [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 4,452 | 4,119.2 | |
Brokerage [Member] | Unites States [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 2,626.7 | 2,280.9 | |
Brokerage [Member] | United Kingdom [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 726.7 | 738.5 | |
Brokerage [Member] | Canada [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 373.2 | 374 | |
Brokerage [Member] | Australia [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 411.8 | 416.6 | |
Brokerage [Member] | New Zealand [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 197.4 | 209.3 | |
Brokerage [Member] | Other Foreign [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 116.2 | 99.9 | |
Risk Management [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 46.7 | 42.6 | |
Risk Management [Member] | Unites States [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 29.6 | 25.8 | |
Risk Management [Member] | United Kingdom [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 7 | 7.2 | |
Risk Management [Member] | New Zealand [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 10.1 | 9.6 | |
Corporate [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | 2.6 | 3 | |
Corporate [Member] | Other Foreign [Member] | |||
Goodwill [Line Items] | |||
Total goodwill - net | $ 2.6 | $ 3 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 4,164.8 | [1] |
Goodwill acquired during the period | 404.7 | |
Goodwill adjustments due to appraisals and other acquisition adjustments | 1.4 | |
Foreign currency translation adjustments during the period | (69.6) | |
Ending Balance | 4,501.3 | |
As Previously Reported [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 4,197.9 | |
Accounting Standards Update 2014-09 [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | (33.1) | |
Brokerage [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 4,119.2 | |
Goodwill acquired during the period | 397.4 | |
Goodwill adjustments due to appraisals and other acquisition adjustments | 3.7 | |
Foreign currency translation adjustments during the period | (68.3) | |
Ending Balance | 4,452 | |
Brokerage [Member] | As Previously Reported [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 4,152.3 | |
Brokerage [Member] | Accounting Standards Update 2014-09 [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | (33.1) | |
Risk Management [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 42.6 | |
Goodwill acquired during the period | 7.3 | |
Goodwill adjustments due to appraisals and other acquisition adjustments | (2.3) | |
Foreign currency translation adjustments during the period | (0.9) | |
Ending Balance | 46.7 | |
Risk Management [Member] | As Previously Reported [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 42.6 | |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 3 | |
Foreign currency translation adjustments during the period | (0.4) | |
Ending Balance | 2.6 | |
Corporate [Member] | As Previously Reported [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 3 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Intangible Assets - Major Class
Intangible Assets - Major Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, net | $ 1,772.1 | $ 1,644.6 | [1] |
Expiration Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | 3,342.1 | 3,055.9 | |
Accumulated amortization | (1,614.8) | (1,422.1) | |
Amortizable intangible assets, net | 1,727.3 | 1,633.8 | |
Non-Compete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | 55.9 | 53.5 | |
Accumulated amortization | (48) | (46.1) | |
Amortizable intangible assets, net | 7.9 | 7.4 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | 60.7 | 25.9 | |
Accumulated amortization | (23.8) | (22.5) | |
Amortizable intangible assets, net | $ 36.9 | $ 3.4 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Intangible Assets - Estimated A
Intangible Assets - Estimated Aggregate Amortization Expense (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2018 (remaining three months) | $ 71.4 |
2,019 | 275.4 |
2,020 | 258.8 |
2,021 | 235.3 |
2,022 | 212 |
Thereafter | 719.2 |
Total | $ 1,772.1 |
Credit and Other Debt Agreeme_3
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 3,537.3 | $ 3,139.1 |
Less unamortized debt acquisition costs on Note Purchase Agreements | (6.8) | (6.1) |
Semi-annual payments of interest, Net | 3,530.5 | 3,133 |
Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 3,248 | 2,798 |
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 | |
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 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 |
Floating Rate of 1.65% LIBOR Plus Balloon Due August 2, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest | 50 | 50 |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 325 | 325 |
Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest | 50 | |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.73%, 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 | 125 |
Fixed Rate of 4.09%, Balloon Due August 2, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 4.14%, Balloon Due August 4, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 98 | 98 |
Fixed Rate of 3.46%, Balloon Due December 1, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.55%, Balloon Due June 2, 2028 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.34% Balloon Due June 13, 2028 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | |
Fixed Rate of 4.98%, Balloon Due February 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.19%, Balloon Due June 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.19%, Balloon Due August 2, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.44% Balloon Due June 13, 2030 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | |
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] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.34%, Balloon Due August 2, 2032 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.59% Balloon Due June 13, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | |
Fixed Rate of 4.69% Balloon Due June 13, 2038 [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 | 130 | 190 |
Interbank Rates Plus 1.05% Expires May 18, 2020 [Member] | AUD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 115.9 | 116.4 |
Interbank Rates Plus 1.05% Expires May 18, 2020 [Member] | AUD Denominated Tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 18.1 | 18.5 |
Interbank Rates Plus 1.05% Expires May 18, 2020 [Member] | NZD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 16.6 | 5.7 |
Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 159.3 | 151.1 |
Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | NZD Denominated Tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 8.7 | $ 10.5 |
Credit and Other Debt Agreeme_4
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | May 18, 2020 | May 18, 2020 |
Fixed Rate of 2.80%, Balloon Due June 24, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 2.80% | |
Periodic payments of interest and principal, expiry date | Jun. 24, 2018 | |
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 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 |
Floating Rate of 1.65% LIBOR Plus Balloon Due August 2, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest rate | 1.65% | 1.65% |
Periodic payments of interest and principal, expiry date | Aug. 2, 2023 | Aug. 2, 2023 |
Quarterly payments of interest, description | 90 day LIBOR plus | 90 day LIBOR plus |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.58% | 4.58% |
Periodic payments of interest and principal, expiry date | Feb. 27, 2024 | Feb. 27, 2024 |
Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest rate | 1.40% | |
Periodic payments of interest and principal, expiry date | Jun. 13, 2024 | |
Quarterly payments of interest, description | 90 day LIBOR plus | |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.31% | 4.31% |
Periodic payments of interest and principal, expiry date | Jun. 24, 2025 | Jun. 24, 2025 |
Fixed Rate of 4.73%, 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 4.09%, Balloon Due August 2, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.09% | 4.09% |
Periodic payments of interest and principal, expiry date | Aug. 2, 2027 | Aug. 2, 2027 |
Fixed Rate of 4.14%, Balloon Due August 4, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.14% | 4.14% |
Periodic payments of interest and principal, expiry date | Aug. 4, 2027 | Aug. 4, 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 4.34% Balloon Due June 13, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.34% | |
Periodic payments of interest and principal, expiry date | Jun. 13, 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 4.19%, Balloon Due August 2, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.19% | 4.19% |
Periodic payments of interest and principal, expiry date | Aug. 2, 2029 | Aug. 2, 2029 |
Fixed Rate of 4.44% Balloon Due June 13, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.44% | |
Periodic payments of interest and principal, expiry date | Jun. 13, 2030 | |
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 |
Fixed Rate of 4.34%, Balloon Due August 2, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | Aug. 2, 2032 | Aug. 2, 2032 |
Fixed Rate of 4.59% Balloon Due June 13, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.59% | |
Periodic payments of interest and principal, expiry date | Jun. 13, 2033 | |
Fixed Rate of 4.69% Balloon Due June 13, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.69% | |
Periodic payments of interest and principal, expiry date | Jun. 13, 2038 | |
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 |
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%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | Nov. 30, 2019 | Nov. 30, 2019 |
Facility B [Member] | Interbank Rates Plus 1.05% Expires May 18, 2020 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 1.05% | 1.05% |
Facility C and D [Member] | Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 0.55% | 0.55% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Earnings Per Share [Abstract] | ||||||
Net earnings attributable to controlling interests | $ 127.6 | $ 111 | [1] | $ 516.2 | $ 409.8 | [1] |
Weighted average number of common shares outstanding | 183.3 | 180.5 | 182.4 | 179.8 | ||
Dilutive effect of stock options using the treasury stock method | 3.5 | 2 | 3.3 | 1.8 | ||
Weighted average number of common and common equivalent shares outstanding | 186.8 | 182.5 | 185.7 | 181.6 | ||
Basic net earnings per share | $ 0.70 | $ 0.61 | [1] | $ 2.83 | $ 2.28 | [1] |
Diluted net earnings per share | $ 0.68 | $ 0.61 | [1] | $ 2.78 | $ 2.26 | [1] |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Options to purchase common stock shares outstanding | 1.3 | 1.7 | 0.9 | 1.2 |
Stock Option Plans - Additional
Stock Option Plans - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 15, 2018 | Mar. 16, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 |
Stock Option Plans [Line Items] | |||||||
Compensation expense related to stock option grants | $ 3.7 | $ 4.4 | $ 10.1 | $ 12.9 | |||
Total intrinsic value of options exercised | 47.2 | $ 28.3 | |||||
Total unrecognized compensation cost related to nonvested options | $ 35.2 | $ 35.2 | |||||
Weighted average period, years | 4 years | ||||||
Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Maximum number of shares available | 3,300,000 | ||||||
Shares available for grant | 14,600,000 | 14,600,000 | |||||
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] | 2017 Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Shares available for grant | 1,261,000 | 0 | 0 | ||||
Stock options granted, exercise percentage, on the third anniversary date of the grant | 34.00% | ||||||
Stock options granted, exercise percentage, on the fourth anniversary date of the grant | 33.00% | ||||||
Stock options granted, exercise percentage, on the fifth anniversary date of the grant | 33.00% | ||||||
Officer and Key Employees [Member] | 2014 Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Shares available for grant | 1,650,400 | ||||||
Stock options granted, exercise percentage, on the third anniversary date of the grant | 34.00% | ||||||
Stock options granted, exercise percentage, on the fourth anniversary date of the grant | 33.00% | ||||||
Stock options granted, exercise percentage, on the fifth anniversary date of the grant | 33.00% | ||||||
Maximum [Member] | Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Maximum period for the exercise of stock options, years | 7 years | ||||||
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 | |||||
Black-Scholes Option Pricing Model [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Weighted average fair value per option for all options | $ 9.27 | $ 11.42 |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option Pricing Model with Weighted Average (Detail) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected dividend yield | 2.30% | 2.80% |
Expected risk-free interest rate | 2.70% | 2.30% |
Volatility | 15.10% | 27.20% |
Expected life (in years) | 5 years 6 months | 5 years |
Stock Option Plans - Stock Opti
Stock Option Plans - Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares Under Option, Beginning balance | shares | 9.5 |
Shares Under Option, Granted | shares | 1.3 |
Shares Under Option, Exercised | shares | (1.4) |
Shares Under Option, Forfeited or canceled | shares | (0.3) |
Shares Under Option, Ending balance | shares | 9.1 |
Shares Under Option, Exercisable at end of year | shares | 2.3 |
Shares Under Option, Ending vested and expected to vest | shares | 6.6 |
Weighted Average Exercise Price, Beginning balance | $ / shares | $ 45.27 |
Weighted Average Exercise Price, Granted | $ / shares | 70.74 |
Weighted Average Exercise Price, Exercised | $ / shares | 37.55 |
Weighted Average Exercise Price, Forfeited or canceled | $ / shares | 49.10 |
Weighted Average Exercised Price, Ending balance | $ / shares | 49.93 |
Weighted Average Exercise Price, Exercisable at end of year | $ / shares | 42.59 |
Weighted Average Exercise price, Ending vested and expected to vest | $ / shares | $ 52.10 |
Weighted Average Remaining Contractual Term (in years), Ending balance | 4 years 18 days |
Weighted Average Remaining Contractual Term (in years), Exercisable at end of year | 2 years 7 days |
Weighted Average Remaining Contractual Term (in years), Ending vested and expected to vest | 4 years 8 months 12 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 221.8 |
Aggregate Intrinsic Value, Exercisable at end of year | $ | 72.7 |
Aggregate Intrinsic Value, Ending vested and expected to vest | $ | $ 146.5 |
Stock Option Plans - Stock Op_2
Stock Option Plans - Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | $ 35.71 | |
Range of Exercise Prices, maximum | $ 70.74 | |
Option Outstanding, Number Outstanding | 9.1 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 18 days | |
Option Outstanding, Weighted Average Exercise Price | $ 49.93 | $ 45.27 |
Options Exercisable, Number Exercisable | 2.3 | |
Option Exercisable, Weighted Average Exercise Price | $ 42.59 | |
Exercise Prices Range $ 35.71 - $ 39.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 35.71 | |
Range of Exercise Prices, maximum | $ 39.17 | |
Option Outstanding, Number Outstanding | 1.1 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 1 year 1 month 20 days | |
Option Outstanding, Weighted Average Exercise Price | $ 38.08 | |
Options Exercisable, Number Exercisable | 1.1 | |
Option Exercisable, Weighted Average Exercise Price | $ 38.08 | |
Exercise Prices Range $ 43.71 - $ 43.71 [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 | $ 43.71 | |
Option Outstanding, Number Outstanding | 2.3 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 5 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 43.71 | |
Exercise Prices Range $ 46.17 - $ 46.87 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 46.17 | |
Range of Exercise Prices, maximum | $ 46.87 | |
Option Outstanding, Number Outstanding | 2.9 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 3 years | |
Option Outstanding, Weighted Average Exercise Price | $ 46.49 | |
Options Exercisable, Number Exercisable | 1.2 | |
Option Exercisable, Weighted Average Exercise Price | $ 46.61 | |
Exercise Prices Range $ 47.92 - $ 63.60 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 47.92 | |
Range of Exercise Prices, maximum | $ 63.60 | |
Option Outstanding, Number Outstanding | 1.6 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 5 months 12 days | |
Option Outstanding, Weighted Average Exercise Price | $ 56.81 | |
Exercise Prices Range $ 70.74 - $ 70.74 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 70.74 | |
Range of Exercise Prices, maximum | $ 70.74 | |
Option Outstanding, Number Outstanding | 1.2 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 5 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 70.74 |
Deferred Compensation - Additio
Deferred Compensation - Additional information (Detail) - USD ($) shares in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
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 annually make awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65. | |||||||
Deferred Equity Participation Plan (DEPP) [Member] | ||||||||
Investments And Employee Deferred Compensation Plan [Line Items] | ||||||||
Awards approved by committee, value | $ 0 | $ 11,500,000 | $ 0 | $ 14,000,000 | ||||
Charge to compensation expenses related to awards | 2,400,000 | 2,600,000 | $ 6,700,000 | $ 7,000,000 | ||||
Cash and equity awards with aggregate fair value vested and distributed to participants | 0 | 0 | ||||||
Unearned deferred compensation, value | $ 60,700,000 | $ 54,700,000 | ||||||
Unearned deferred compensation, shares | 2.8 | 2.6 | ||||||
Total intrinsic value of unvested equity based awards | $ 210,100,000 | $ 166,000,000 | ||||||
Deferred Cash Participation Plan (DCPP) [Member] | ||||||||
Investments And Employee Deferred Compensation Plan [Line Items] | ||||||||
Awards approved by committee, value | 5,600,000 | 5,100,000 | ||||||
Charge to compensation expenses related to awards | 900,000 | 700,000 | 2,700,000 | 1,800,000 | ||||
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 | 0 | $ 900,000 | 0 | $ 4,000,000 | ||||
Charge to compensation expenses related to awards | $ 600,000 | $ 500,000 | 1,700,000 | $ 1,400,000 | ||||
Cash and equity awards with aggregate fair value vested and distributed to participants | $ 0 |
Restricted Stock, Performance_2
Restricted Stock, Performance Share and Cash Awards - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2018USD ($)shares | Jun. 30, 2018USD ($)shares | Mar. 31, 2018USD ($)shares | Sep. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($)shares | Dec. 31, 2017shares | Mar. 16, 2017USD ($)shares | Mar. 17, 2016USD ($)shares | Mar. 11, 2015USD ($)shares | |
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Share-based compensation, shares outstanding | shares | 9,100,000 | 9,100,000 | 9,500,000 | ||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 269,000 | 199,000 | 269,000 | 199,000 | |||||||||
Grants vested in period fair value | $ 15,800,000 | $ 9,300,000 | $ 15,800,000 | $ 9,300,000 | |||||||||
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 | 3,300,000 | 3,300,000 | |||||||||||
Shares granted in the period | shares | 3,300,000 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Shares granted in the period | shares | 18,900 | 420,200 | 21,600 | 477,500 | |||||||||
Fair value of grants in period | $ 1,300,000 | $ 28,700,000 | $ 1,200,000 | $ 26,800,000 | |||||||||
Share based payment award vesting date | Mar. 15, 2022 | Mar. 16, 2021 | |||||||||||
Restricted stock or unit expense | $ 6,000,000 | $ 4,700,000 | $ 20,600,000 | $ 15,200,000 | |||||||||
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 | |||||||||||
Performance Shares [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Shares granted in the period | shares | 0 | 0 | |||||||||||
Equity awards with an aggregate fair value | $ 3,700,000 | $ 2,800,000 | |||||||||||
Shares authorized | shares | 78,200 | 86,250 | 78,200 | 86,250 | |||||||||
Performance unit awards approved, Fair value | $ 5,300,000 | $ 4,900,000 | |||||||||||
Provisional awards, terms | Granted units for the 2018 and 2017 provisional awards will fully vest based on continuous employment through March 16, 2021 and 2020, respectively, and will be settled in shares of our common stock on a one-for-one basis as soon as practicable thereafter. | ||||||||||||
Performance awards expiration date | Mar. 15, 2021 | Mar. 16, 2020 | |||||||||||
Performance awards period, years | 3 years | 3 years | |||||||||||
Vesting period, years | 3 years | 3 years | |||||||||||
Performance Shares [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 | |||||||||||
Performance Shares [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 | $ 141,600,000 | $ 107,600,000 | $ 141,600,000 | $ 107,600,000 | |||||||||
Equity awards with an aggregate fair value | $ 22,400,000 | $ 20,200,000 | |||||||||||
Cash Awards [Member] | Officer and Key Employees [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Shares granted in the period | shares | 0 | 0 | 0 | 0 | |||||||||
Provisional awards, terms | The ultimate award value will be equal to the trailing twelve-month price of our common stock on December 31, 2020, 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 | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | ||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 219,000 | 219,000 | 219,000 | ||||||||||
Ultimate award value, multiples of original value of the units, minimum | 0.5 | ||||||||||||
Ultimate award value, multiples of original value of the units, maximum | 1.5 | ||||||||||||
2018 Provisional Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Performance awards expiration date | Jan. 1, 2021 | ||||||||||||
2017 Provisional Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Performance awards expiration date | Jan. 1, 2020 | ||||||||||||
Cash-based compensation awards, expenses | $ 2,400,000 | $ 0 | $ 6,300,000 | $ 0 | |||||||||
2017 Provisional Cash Awards [Member] | Officer and Key Employees [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 14,300,000 | ||||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 242,000 | 242,000 | 255,000 | ||||||||||
2016 Provisional Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Performance awards expiration date | Jan. 1, 2019 | ||||||||||||
Cash-based compensation awards, expenses | $ 2,500,000 | 2,600,000 | $ 9,100,000 | 7,900,000 | |||||||||
2016 Provisional Cash Awards [Member] | Officer and Key Employees [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 17,400,000 | ||||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 383,000 | 397,000 | |||||||||||
2015 Provisional Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Performance awards expiration date | Jan. 1, 2018 | ||||||||||||
Cash-based compensation awards, expenses | $ 2,000,000 | $ 7,000,000 | |||||||||||
2015 Provisional Cash Awards [Member] | Officer and Key Employees [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 14,600,000 | ||||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 294,000 | 315,000 |
Investments - Investments Repor
Investments - Investments Reported in Other Current and Non-Current Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 65.1 | $ 79.1 |
Funding Commitments | 0 | |
Chem-Mod LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 4 | 4 |
Funding Commitments | 0 | |
Chem-Mod International LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2 | 2 |
Funding Commitments | 0 | |
Clean-Coal Investments [Member] | Controlling Interest [Member] | 14 2009 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 6.4 | 10.2 |
Funding Commitments | 0 | |
Clean-Coal Investments [Member] | Controlling Interest [Member] | 19 2011 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 47.4 | 58.5 |
Funding Commitments | 0 | |
Clean-Coal Investments [Member] | Noncontrolling Interests [Member] | One 2011 Era Clean Coal Plant [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 0.4 | 0.6 |
Funding Commitments | 0 | |
Other Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 4.9 | $ 3.8 |
Funding Commitments | $ 0 |
Investments - Investments Rep_2
Investments - Investments Reported in Other Current and Non-Current Assets (Parenthetical) (Detail) - Clean-Coal Investments [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018EntityPlant | Dec. 31, 2017EntityPlant | |
14 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 |
19 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 Activ_3
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 610,200,000 | $ 218,700,000 |
Derivatives Assets | 13,900,000 | 10,300,000 |
Derivative Liabilities | 9,100,000 | 2,900,000 |
Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 550,000,000 | 200,000,000 |
Derivatives Assets | 12,700,000 | 2,200,000 |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 60,200,000 | 18,700,000 |
Derivatives Assets | 1,200,000 | 8,100,000 |
Derivative Liabilities | $ 9,100,000 | $ 2,900,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets - current | $ 13.6 | $ 7.7 |
Derivative assets - non current | 0.3 | 2.7 |
Derivative liabilities - current | 4.7 | 1.6 |
Derivative liabilities - non current | 4.4 | 1.3 |
Foreign Exchange Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 105.4 | 141 |
Foreign Exchange Contracts [Member] | Put Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 105.4 | 141 |
Foreign Exchange Contracts [Member] | Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 19.2 | 13.3 |
Foreign Exchange Contracts [Member] | Forward Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | $ 80.3 | $ 31 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activity - Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | $ 4.2 | $ 10.2 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 4.2 | (5.7) |
Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 13.5 | (1.6) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.8 | |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (9.3) | 11.8 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 3.4 | (5.7) |
Commission Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (2) | 7.9 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.5 | (7.6) |
Commission Revenue [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (2) | 7.9 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.5 | (7.6) |
Compensation Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (4.2) | 2.3 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.1 | 1.1 |
Compensation Expense [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (4.2) | 2.3 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.1 | 1.1 |
Operating Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (3.1) | 1.6 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.8 | 0.8 |
Operating Expense [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (3.1) | 1.6 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.8 | 0.8 |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 13.5 | (1.6) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 0.8 | |
Interest Expense [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) recognized in accumulated other comprehensive loss | 13.5 | $ (1.6) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | $ 0.8 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activity - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
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 exchange 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. | ||
Gain (loss) related to hedge ineffectiveness | $ (0.5) | $ 0.4 | |
Scenario, Forecast [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Estimated pretax loss to be reclassified from accumulated other comprehensive loss into earnings | $ 3.7 |
Commitments, Contingencies an_3
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contractual Obligations (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Note Purchase Agreements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | $ 50 |
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, 2022 | 200 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,723 |
Contractual Obligations, Payments Due by Period, Total | 3,248 |
Multi Currency Credit Agreement [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | 130 |
Contractual Obligations, Payments Due by Period, Total | 130 |
Premium Financing Debt Facility [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | 159.3 |
Contractual Obligations, Payments Due by Period, Total | 159.3 |
Interest On Debt [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | 44.3 |
Contractual Obligations, Payments Due by Period, 2019 | 137.3 |
Contractual Obligations, Payments Due by Period, 2020 | 132.7 |
Contractual Obligations, Payments Due by Period, 2021 | 127.7 |
Contractual Obligations, Payments Due by Period, 2022 | 122.6 |
Contractual Obligations, Payments Due by Period, Thereafter | 557.4 |
Contractual Obligations, Payments Due by Period, Total | 1,122 |
Total Debt Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | 383.6 |
Contractual Obligations, Payments Due by Period, 2019 | 237.3 |
Contractual Obligations, Payments Due by Period, 2020 | 232.7 |
Contractual Obligations, Payments Due by Period, 2021 | 202.7 |
Contractual Obligations, Payments Due by Period, 2022 | 322.6 |
Contractual Obligations, Payments Due by Period, Thereafter | 3,280.4 |
Contractual Obligations, Payments Due by Period, Total | 4,659.3 |
Operating Lease Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | 28.1 |
Contractual Obligations, Payments Due by Period, 2019 | 103.1 |
Contractual Obligations, Payments Due by Period, 2020 | 87.6 |
Contractual Obligations, Payments Due by Period, 2021 | 74.3 |
Contractual Obligations, Payments Due by Period, 2022 | 57.6 |
Contractual Obligations, Payments Due by Period, Thereafter | 132.2 |
Contractual Obligations, Payments Due by Period, Total | 482.9 |
Less Sublease Arrangements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | (1.3) |
Contractual Obligations, Payments Due by Period, 2019 | (3.1) |
Contractual Obligations, Payments Due by Period, 2020 | (2.9) |
Contractual Obligations, Payments Due by Period, 2021 | (2.9) |
Contractual Obligations, Payments Due by Period, 2022 | (2.7) |
Contractual Obligations, Payments Due by Period, Thereafter | (12.9) |
Contractual Obligations, Payments Due by Period, Total | (25.8) |
Outstanding Purchase Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | 16.3 |
Contractual Obligations, Payments Due by Period, 2019 | 43.4 |
Contractual Obligations, Payments Due by Period, 2020 | 31.9 |
Contractual Obligations, Payments Due by Period, 2021 | 19.2 |
Contractual Obligations, Payments Due by Period, 2022 | 10.8 |
Contractual Obligations, Payments Due by Period, Thereafter | 28.7 |
Contractual Obligations, Payments Due by Period, Total | 150.3 |
Total Contractual Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2018 | 426.7 |
Contractual Obligations, Payments Due by Period, 2019 | 380.7 |
Contractual Obligations, Payments Due by Period, 2020 | 349.3 |
Contractual Obligations, Payments Due by Period, 2021 | 293.3 |
Contractual Obligations, Payments Due by Period, 2022 | 388.3 |
Contractual Obligations, Payments Due by Period, Thereafter | 3,428.4 |
Contractual Obligations, Payments Due by Period, Total | $ 5,266.7 |
Commitments, Contingencies an_4
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 201 Months Ended | ||
Sep. 30, 2018USD ($)ft²LetterOfCreditEntity | Sep. 30, 2017Entity | Sep. 30, 2018USD ($)ft²LetterOfCreditEntityEmployees | Sep. 30, 2017Entity | Sep. 30, 2018USD ($)ft²LetterOfCreditEntity | |
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 | 38 | 31 | 95 | 89 | 488 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 495,700,000 | $ 495,700,000 | |||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 219,600,000 | $ 219,600,000 | |||
Tax Increment Financing [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Property tax credit expect to receive period | 15 years | ||||
Economic development for growing economy tax credit | 11,100,000 | $ 11,100,000 | $ 11,100,000 | ||
Letter of Credit [Member] | Collateral Related to Claim Funds [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | ||
Number of letters of credit issued | LetterOfCredit | 1 | 1 | 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 | 1 | 1 | ||
Letter of Credit [Member] | Self-Insurance Deductibles [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 9,700,000 | $ 9,700,000 | $ 9,700,000 | ||
Liabilities recorded on self-insurance | $ 14,800,000 | $ 14,800,000 | $ 14,800,000 | ||
Number of letters of credit issued | LetterOfCredit | 2 | 2 | 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 | 7 | 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 | ||
Brokerage [Member] | United Kingdom [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Sublease arrangement, term | 10 years | ||||
Sublease arrangement | $ 22,000,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Off-Balance Sheet Arrangements - Off-Balance Sheet Commitments (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2018 | |
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 - 2022 | 0.2 |
Amount of Commitment Expiration by Period - Thereafter | 18.6 |
Total Amounts Committed | 19.4 |
Letters of Credit [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - Thereafter | 17.8 |
Total Amounts Committed | 17.8 |
Financial Guarantees [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
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 - 2022 | 0.2 |
Amount of Commitment Expiration by Period - Thereafter | 0.8 |
Total Amounts Committed | $ 1.6 |
Commitments, Contingencies an_6
Commitments, Contingencies and Off-Balance Sheet Arrangements - Litigation, Regulatory and Taxation Matters- Additional Information (Detail) $ in Millions | 9 Months Ended | 24 Months Ended |
Sep. 30, 2018Companies | Dec. 31, 2017USD ($) | |
Minimum [Member] | ||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||
Number of micro-captive insurance companies organized or managed | Companies | 100 | |
Micro-captive operations, net earnings and EBITDAC, description | In the period from 2015 to 2017, our micro-captive operations contributed less than $3.5 million of net earnings and less than $5.0 million in EBITDAC to our consolidated results in any one year. | |
Maximum [Member] | ||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||
Micro-captive operations, net earnings | $ 3.5 | |
Micro-captive operations, EBITDAC | $ 5 |
Commitments, Contingencies an_7
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contingent Liabilities - Additional Information (Detail) - Errors and Omissions [Member] | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Insurance claims, amount retained | $ 5,000,000 |
Amount of losses in excess of retained amounts | 350,000,000 |
Maximum [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Actuarial range value | 7,500,000 |
Minimum [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Actuarial range value | $ 1,100,000 |
Commitments, Contingencies an_8
Commitments, Contingencies and Off-Balance Sheet Arrangements - Tax - advantaged Investments No Longer Held - Additional Information (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Income tax credits and adjustments | $ 108.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (555.4) | [1] |
Ending Balance | (673.4) | |
As Previously Reported [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (559.9) | |
Pension Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (43) | |
Reclassifications to retained earnings of income tax effects related to the Tax Act | (7.9) | |
Net change in period | 2.2 | |
Ending Balance | (48.7) | |
Pension Liability [Member] | As Previously Reported [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (43) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (521.3) | |
Net change in period | (113.6) | |
Ending Balance | (634.9) | |
Foreign Currency Translation [Member] | As Previously Reported [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (525.8) | |
Foreign Currency Translation [Member] | Accounting Standards Update 2014-09 [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 4.5 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 8.9 | |
Reclassifications to retained earnings of income tax effects related to the Tax Act | 1.3 | |
Ending Balance | 10.2 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | As Previously Reported [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 8.9 | |
Accumulated Other Comprehensive Earnings (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (555.4) | |
Reclassifications to retained earnings of income tax effects related to the Tax Act | (6.6) | |
Net change in period | (111.4) | |
Ending Balance | (673.4) | |
Accumulated Other Comprehensive Earnings (Loss) [Member] | As Previously Reported [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (559.9) | |
Accumulated Other Comprehensive Earnings (Loss) [Member] | Accounting Standards Update 2014-09 [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 4.5 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Earnings - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Expense related to pension liability reclassified from accumulated other comprehensive earnings | $ 3,700,000 | $ 4,100,000 |
Income (expense) related to fair value of derivative investments reclassified from accumulated other comprehensive earnings | 4,200,000 | 5,700,000 |
Foreign currency translation reclassified from accumulated other comprehensive earnings | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018Segment | |
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 | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | [1] | |||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | $ 1,778.5 | $ 1,593.7 | [1] | $ 5,276.6 | $ 4,729.6 | [1] | ||
Earnings before income taxes | 90.3 | 76.9 | [1] | 436.2 | 330.6 | [1] | ||
Identifiable assets at September 30, 2018 and 2017 | 16,114.7 | 16,114.7 | $ 14,909.7 | |||||
Operating Segments [Member] | Brokerage [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | 1,049.4 | 938.7 | 3,245.1 | 2,919.7 | ||||
Earnings before income taxes | 163.2 | 141.2 | 652.7 | 542.8 | ||||
Identifiable assets at September 30, 2018 and 2017 | 13,700.7 | 13,019.7 | 13,700.7 | 13,019.7 | ||||
Operating Segments [Member] | Risk Management [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | 236.4 | 224.4 | 703.6 | 651.1 | ||||
Earnings before income taxes | 22.3 | 26.5 | 67.9 | 69.2 | ||||
Identifiable assets at September 30, 2018 and 2017 | 748.3 | 738 | 748.3 | 738 | ||||
Operating Segments [Member] | Corporate [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | 492.7 | 430.6 | 1,327.9 | 1,158.8 | ||||
Earnings before income taxes | (95.2) | (90.8) | (284.4) | (281.4) | ||||
Identifiable assets at September 30, 2018 and 2017 | $ 1,665.7 | $ 1,746.7 | $ 1,665.7 | $ 1,746.7 | ||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Segment Information - Summary o
Segment Information - Summary of Revenues by Type and Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Segment Reporting Information [Line Items] | ||||||
Revenues before reimbursements | $ 1,741.2 | $ 1,559.9 | [1] | $ 5,169.1 | $ 4,627.5 | [1] |
Total revenues | 1,778.5 | 1,593.7 | [1] | 5,276.6 | 4,729.6 | [1] |
Commissions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 707.6 | 637.9 | [1] | 2,235 | 2,016.8 | [1] |
Broker Fees [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 452.7 | 416.2 | [1] | 1,323 | 1,208.1 | [1] |
Supplemental Revenue Member [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 43.9 | 36.9 | [1] | 144 | 120 | [1] |
Contingent Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 25.7 | 21.8 | [1] | 82.4 | 78.1 | [1] |
Investment income [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 18 | 15.9 | [1] | 47.2 | 42.6 | [1] |
Gains on Books of Business Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0.6 | 0.6 | [1] | 9.6 | 3.1 | [1] |
Clean Coal Activities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 492.4 | 430.6 | [1] | 1,327 | 1,158.8 | [1] |
Product and Service, Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0.3 | 0.9 | ||||
Reimbursements [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 37.3 | 33.8 | [1] | 107.5 | 102.1 | [1] |
Operating Segments [Member] | Brokerage [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues before reimbursements | 1,049.4 | 938.7 | 3,245.1 | 2,919.7 | ||
Total revenues | 1,049.4 | 938.7 | 3,245.1 | 2,919.7 | ||
Operating Segments [Member] | Brokerage [Member] | Commissions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 707.6 | 637.9 | 2,235 | 2,016.8 | ||
Operating Segments [Member] | Brokerage [Member] | Broker Fees [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 253.7 | 225.7 | 727.3 | 659.5 | ||
Operating Segments [Member] | Brokerage [Member] | Supplemental Revenue Member [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 43.9 | 36.9 | 144 | 120 | ||
Operating Segments [Member] | Brokerage [Member] | Contingent Revenue [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 25.7 | 21.8 | 82.4 | 78.1 | ||
Operating Segments [Member] | Brokerage [Member] | Investment income [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 17.9 | 15.8 | 46.8 | 42.2 | ||
Operating Segments [Member] | Brokerage [Member] | Gains on Books of Business Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0.6 | 0.6 | 9.6 | 3.1 | ||
Operating Segments [Member] | Risk Management [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues before reimbursements | 199.1 | 190.6 | 596.1 | 549 | ||
Total revenues | 236.4 | 224.4 | 703.6 | 651.1 | ||
Operating Segments [Member] | Risk Management [Member] | Broker Fees [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 199 | 190.5 | 595.7 | 548.6 | ||
Operating Segments [Member] | Risk Management [Member] | Investment income [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0.1 | 0.1 | 0.4 | 0.4 | ||
Operating Segments [Member] | Risk Management [Member] | Reimbursements [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 37.3 | 33.8 | 107.5 | 102.1 | ||
Operating Segments [Member] | Corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues before reimbursements | 492.7 | 430.6 | 1,327.9 | 1,158.8 | ||
Total revenues | 492.7 | 430.6 | 1,327.9 | 1,158.8 | ||
Operating Segments [Member] | Corporate [Member] | Clean Coal Activities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 492.4 | $ 430.6 | 1,327 | $ 1,158.8 | ||
Operating Segments [Member] | Corporate [Member] | Product and Service, Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 0.3 | $ 0.9 | ||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Segment Information - Summary_2
Segment Information - Summary of Geographical Location and Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | $ 1,778.5 | $ 1,593.7 | [1] | $ 5,276.6 | $ 4,729.6 | [1] |
Operating Segments [Member] | Brokerage [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 1,049.4 | 938.7 | 3,245.1 | 2,919.7 | ||
Operating Segments [Member] | Risk Management [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 236.4 | 224.4 | 703.6 | 651.1 | ||
Operating Segments [Member] | Corporate [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 492.7 | 430.6 | 1,327.9 | 1,158.8 | ||
Unites States [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 1,418.4 | 1,241.5 | 4,112 | 3,682.5 | ||
Unites States [Member] | Operating Segments [Member] | Brokerage [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 724.2 | 620.4 | 2,192.5 | 1,965.5 | ||
Unites States [Member] | Operating Segments [Member] | Risk Management [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 201.5 | 190.5 | 591.6 | 558.2 | ||
Unites States [Member] | Operating Segments [Member] | Corporate [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 492.7 | 430.6 | 1,327.9 | 1,158.8 | ||
United Kingdom [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 178 | 177.2 | 591.1 | 536.8 | ||
United Kingdom [Member] | Operating Segments [Member] | Brokerage [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 169.3 | 168.8 | 564.6 | 514.8 | ||
United Kingdom [Member] | Operating Segments [Member] | Risk Management [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 8.7 | 8.4 | 26.5 | 22 | ||
Australia [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 70.2 | 69.6 | 217.1 | 199.7 | ||
Australia [Member] | Operating Segments [Member] | Brokerage [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 49.1 | 50.5 | 146.6 | 142.8 | ||
Australia [Member] | Operating Segments [Member] | Risk Management [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 21.1 | 19.1 | 70.5 | 56.9 | ||
Canada [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 41.2 | 36.8 | 133.9 | 107.2 | ||
Canada [Member] | Operating Segments [Member] | Brokerage [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 40.3 | 35.4 | 130.9 | 104.1 | ||
Canada [Member] | Operating Segments [Member] | Risk Management [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 0.9 | 1.4 | 3 | 3.1 | ||
New Zealand [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 39.2 | 41 | 116.5 | 110.8 | ||
New Zealand [Member] | Operating Segments [Member] | Brokerage [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 35 | 36 | 104.5 | 99.9 | ||
New Zealand [Member] | Operating Segments [Member] | Risk Management [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 4.2 | 5 | 12 | 10.9 | ||
Other Foreign [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | 31.5 | 27.6 | 106 | 92.6 | ||
Other Foreign [Member] | Operating Segments [Member] | Brokerage [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Total revenues | $ 31.5 | $ 27.6 | $ 106 | $ 92.6 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |