Document and Entity Information
Document and Entity Information - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35636 | |
Entity Registrant Name | ASGN Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4023433 | |
Entity Address, Address Description | 4400 Cox Road, Suite 110 | |
Entity Address, City or Town | Glen Allen | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23060 | |
City Area Code | 888 | |
Local Phone Number | 482-8068 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ASGN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 52.1 | |
Entity Central Index Key | 0000890564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 679.4 | $ 274.4 |
Accounts receivable, net | 697.7 | 602.8 |
Prepaid expenses and income taxes | 10.9 | 22.5 |
Current assets of discontinued operations | 0 | 77.4 |
Other current assets | 34.2 | 17.3 |
Total current assets | 1,422.2 | 994.4 |
Property and equipment, net | 52.1 | 54.9 |
Operating lease right-of-use assets | 57.2 | 73 |
Identifiable intangible assets, net | 509.9 | 469.9 |
Goodwill | 1,562.6 | 1,420.7 |
Non-current assets of discontinued operations | 0 | 244.5 |
Other non-current assets | 22.5 | 20.6 |
Total assets | 3,626.5 | 3,278 |
Current liabilities: | ||
Accounts payable | 32 | 38.3 |
Accrued payroll and contract professional pay | 312.1 | 238.5 |
Operating lease liabilities | 23.4 | 24.3 |
Taxes Payable, Current | 130.2 | 0 |
Current liabilities of discontinued operations | 0 | 39.7 |
Other current liabilities | 93.3 | 75.4 |
Total current liabilities | 591 | 416.2 |
Long-term debt | 1,033.5 | 1,033.4 |
Operating lease liabilities | 39.6 | 55.4 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 66 | 108.5 |
Long-term liabilities of discontinued operations | 0 | 11.5 |
Other long-term liabilities | 62 | 65.9 |
Total liabilities | 1,792.1 | 1,690.9 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 0.5 | 0.5 |
Paid-in capital | 688.7 | 661.3 |
Retained earnings | 1,145.5 | 926.3 |
Accumulated other comprehensive loss | (0.3) | (1) |
Total stockholders’ equity | 1,834.4 | 1,587.1 |
Total liabilities and stockholders’ equity | $ 3,626.5 | $ 3,278 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 1 | 1 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Common Stock, Shares Outstanding | 52.3 | 52.9 |
Common Stock, shares authorized (in shares) | 75 | 75 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | $ 1,073.8 | $ 904.4 | $ 2,955.7 | $ 2,601.7 |
Cost of services | 765.1 | 668.1 | 2,127 | 1,895.3 |
Gross profit | 308.7 | 236.3 | 828.7 | 706.4 |
Selling, general and administrative expenses | 192.7 | 150.1 | 533.4 | 462 |
Amortization of intangible assets | 15.9 | 12.7 | 39.9 | 37.1 |
Operating income | 100.1 | 73.5 | 255.4 | 207.3 |
Interest expense | (9.6) | (9.3) | (28.2) | (30.4) |
Income before income taxes | 90.5 | 64.2 | 227.2 | 176.9 |
Provision for income taxes | 24.2 | 17.5 | 60.8 | 47.6 |
Net Income from Continuing Operations | 66.3 | 46.7 | 166.4 | 129.3 |
Income from discontinued operations, net of income taxes | 145.7 | 5.6 | 158.5 | 15.6 |
Net income | $ 212 | $ 52.3 | $ 324.9 | $ 144.9 |
Basic — | ||||
Earnings Per Share Basic Continuing Operation | $ 1.26 | $ 0.89 | $ 3.14 | $ 2.46 |
Earnings Per Share Basic Discontinued Operations | 2.76 | 0.11 | 2.99 | 0.29 |
Basic earnings per share: | 4.02 | 1 | 6.13 | 2.75 |
Diluted — | ||||
Earnings Per Share Diluted Continuing Operation | 1.24 | 0.88 | 3.10 | 2.44 |
Earnings Per Share Diluted Discontinued Operations | 2.73 | 0.11 | 2.95 | 0.29 |
Diluted earnings per share: | $ 3.97 | $ 0.99 | $ 6.05 | $ 2.73 |
Number of shares and share equivalents used to calculate earnings per share: | ||||
Weighted-average number of common shares outstanding - basic | 52.7 | 52.5 | 53 | 52.6 |
Diluted | 53.4 | 53 | 53.7 | 53.1 |
Reconciliation of net income to comprehensive income: | ||||
Net income | $ 212 | $ 52.3 | $ 324.9 | $ 144.9 |
Foreign currency translation adjustment | 2.6 | 3 | 0.7 | 2.1 |
Comprehensive income | $ 214.6 | $ 55.3 | $ 325.6 | $ 147 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-in Capital | Retained Earnings | Other |
Common Stock, Shares | 52.9 | ||||
Total stockholders’ equity at Dec. 31, 2019 | $ 1,376.2 | $ 0.5 | $ 638 | $ 744.7 | $ (7) |
Employee stock purchase plan, shares | 0.5 | ||||
Employee stock purchase plan, value | 11.7 | 11.7 | |||
Stock-based compensation expense | 24.2 | 24.2 | |||
Stock Repurchased and Retired During Period, Shares | (0.8) | ||||
Stock Repurchased and Retired During Period, Value | (27.9) | (9.2) | (18.7) | ||
Foreign currency translation adjustments | 2.1 | 2.1 | |||
Net income | 144.9 | 144.9 | |||
Shares Outstanding at Sep. 30, 2020 | 52.8 | ||||
Total stockholders’ equity at Sep. 30, 2020 | 1,524.2 | $ 0.5 | 657.7 | 870.9 | (4.9) |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (7) | (7) | |||
Vesting of restricted stock units, shares | 0.2 | ||||
Common Stock, Shares | 52.5 | ||||
Total stockholders’ equity at Jun. 30, 2020 | 1,457.1 | $ 0.5 | 645.9 | 818.6 | (7.9) |
Employee stock purchase plan, shares | 0.3 | ||||
Employee stock purchase plan, value | 5.8 | 5.8 | |||
Stock-based compensation expense | 7.1 | 7.1 | |||
Foreign currency translation adjustments | 3 | 3 | |||
Net income | 52.3 | 52.3 | |||
Shares Outstanding at Sep. 30, 2020 | 52.8 | ||||
Total stockholders’ equity at Sep. 30, 2020 | 1,524.2 | $ 0.5 | 657.7 | 870.9 | (4.9) |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (1.1) | (1.1) | |||
Vesting of restricted stock units, shares | 0 | ||||
Total stockholders’ equity at Dec. 31, 2020 | 1,587.1 | $ 0.5 | 661.3 | 926.3 | (1) |
Employee stock purchase plan, shares | 0.2 | ||||
Employee stock purchase plan, value | 14.3 | 14.3 | |||
Stock-based compensation expense | 41.7 | 41.7 | |||
Stock Repurchased and Retired During Period, Shares | (1.2) | ||||
Stock Repurchased and Retired During Period, Value | (120.4) | (14.7) | (105.7) | ||
Foreign currency translation adjustments | 0.7 | 0.7 | |||
Net income | 324.9 | 324.9 | |||
Shares Outstanding at Sep. 30, 2021 | 52.3 | ||||
Total stockholders’ equity at Sep. 30, 2021 | 1,834.4 | $ 0.5 | 688.7 | 1,145.5 | (0.3) |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (13.9) | (13.9) | |||
Vesting of restricted stock units, shares | 0.4 | ||||
Common Stock, Shares | 53.2 | ||||
Total stockholders’ equity at Jun. 30, 2021 | 1,719.8 | $ 0.5 | 683 | 1,039.2 | (2.9) |
Employee stock purchase plan, shares | 0.1 | ||||
Employee stock purchase plan, value | 6.6 | 6.6 | |||
Stock-based compensation expense | 20.5 | 20.5 | |||
Stock Repurchased and Retired During Period, Shares | (1.2) | ||||
Stock Repurchased and Retired During Period, Value | (120.4) | (14.7) | (105.7) | ||
Foreign currency translation adjustments | 2.6 | 2.6 | |||
Net income | 212 | 212 | |||
Shares Outstanding at Sep. 30, 2021 | 52.3 | ||||
Total stockholders’ equity at Sep. 30, 2021 | 1,834.4 | $ 0.5 | 688.7 | $ 1,145.5 | $ (0.3) |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (6.7) | $ (6.7) | |||
Vesting of restricted stock units, shares | 0.2 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 324.9 | $ 144.9 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (218.6) | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 67.5 | 65.6 |
Stock-based compensation | 41.7 | 23.9 |
Deferred Income Taxes and Tax Credits | (42.4) | 0 |
Other | 3.7 | 5.4 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (99.5) | (18.4) |
Prepaid expenses and income taxes | 12.6 | 19.2 |
Accounts payable | (12) | 13.3 |
Accrued payroll and contract professional pay | 75.3 | 27.9 |
Income taxes payable | 130.6 | 0.8 |
Other | (7.9) | 55.2 |
Net cash provided by operating activities | 275.9 | 337.8 |
Cash Flows from Investing Activities: | ||
Cash paid for property and equipment | (25.6) | (28.3) |
Cash paid for acquisitions, net of cash acquired | (224.4) | (151.5) |
Cash received from sale of discontinued operations | 499.1 | 0 |
Other | 0.1 | (0.3) |
Net cash used in investing activities | 249.2 | (180.1) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt | 0 | 65.5 |
Principal payments of long-term debt | 0 | (65.5) |
Debt issuance and amendment costs | (1.4) | (1.2) |
Proceeds from option exercises and employee stock purchase plan | 14.3 | 11.7 |
Payment of employment taxes related to release of restricted stock awards | (13.9) | (7) |
Repurchase of common stock | (118.4) | (27.9) |
Net cash used in financing activities | (119.4) | (24.4) |
Effect of exchange rate changes on cash and cash equivalents | (0.7) | 1.2 |
Net Increase in Cash and Cash Equivalents | 405 | 134.5 |
Cash and Cash Equivalents at Beginning of Year | 274.4 | 95.2 |
Cash and Cash Equivalents at End of Period | 679.4 | 229.7 |
Supplemental Disclosure of Cash Flow Information Cash paid for: | ||
Income Taxes Paid | 39.6 | 40.7 |
Interest | 20.1 | 22.4 |
Operating leases | $ 25.3 | $ 25 |
General (Notes)
General (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Presentation | Basis of presentation — The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The December 31, 2020 balance sheet was derived from audited financial statements. The financial statements include adjustments consisting of normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the financial position of ASGN Incorporated and its subsidiaries ("ASGN" or the "Company") and its results of operations for the interim dates and periods set forth herein. The results for any of the interim periods are not necessarily indicative of the results to be expected for the full year or any other period. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 ("2020 10-K"). Retrospective reclassifications have been made to prior period financial statements and disclosures to present the Oxford Global Resources business unit ("Oxford business") as discontinued operations (see Note 2. Discontinued Operations). |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Discontinued Operations On August 17, 2021, the Company sold its Oxford business to an affiliate of H.I.G. Capital for $525.0 million. The gain on the sale was $218.6 million ($149.3 million net of income taxes). Income taxes of $111.7 million on the gain will be paid on December 15, 2021. The sale of the Oxford business allows for the redeployment of capital on acquisitions of businesses that enhance the Company's IT consulting capabilities and services. As a result of the sale of the Oxford business, the financial results of that business are reported as discontinued operations in the accompanying statements of operations. The Company's reporting segments were changed for the effects of the sale, as described in Note 9. Segment Reporting . The following table presents the major classes of assets and liabilities of the Oxford business at December 31, 2020 in the accompanying balance sheets (in millions). Accounts receivable, net $ 75.9 Prepaid expenses and income taxes 0.8 Other current assets 0.7 Property and equipment, net 14.5 Operating lease right-of-use assets 11.9 Identifiable intangible assets, net 18.0 Goodwill 197.7 Other non-current assets 2.4 Total assets of discontinued operations $ 321.9 Accounts payable $ 1.5 Accrued payroll and contract professional pay 27.5 Operating lease liabilities 5.1 Other current liabilities 5.6 Operating lease liabilities, long-term 7.5 Other long-term liabilities 4.0 Total liabilities of discontinued operations $ 51.2 The following table summarizes the results of operations of the Oxford business that are reported as discontinued operations (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues $ 71.6 $ 107.5 $ 324.3 $ 337.5 Costs of services 49.0 72.8 223.0 231.2 Gross profit 22.6 34.7 101.3 106.3 Selling, general and administrative expenses 27.5 27.1 89.9 85.2 Amortization of intangible assets 0.1 0.2 0.4 0.5 Income (loss) before income taxes (5.0) 7.4 11.0 20.6 Provision (benefit) for income taxes (1.4) 1.8 1.8 5.0 Gain on sale, net of income taxes 149.3 — 149.3 — Income from discontinued operations, net of income taxes $ 145.7 $ 5.6 $ 158.5 $ 15.6 Select cash flow information related to the Oxford business follows (in millions): Nine Months Ended September 30, 2021 2020 Net cash provided by operating activities $ 8.2 $ 42.5 Net cash provided by (used in) investing activities Cash received from sale of discontinued operations 499.1 — Other (3.9) (4.2) $ 495.2 $ (4.2) |
Acquisitions (Notes)
Acquisitions (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 2021, the Company acquired three consulting services businesses for $221.3 million in cash and in 2020 acquired four consulting services businesses for $186.0 million in cash. These acquisitions include future contingent consideration of up to $34.0 million, of which $15.3 million is accrued at September 30, 2021. These acquisitions are part of the Company's strategy to acquire IT consulting businesses to position the Company as an industry-leading provider of IT services and solutions in the commercial and government end markets. None of these acquisitions were material individually or in the aggregate. At September 30, 2021, the Company had not finalized the determination of fair values allocated to the assets and liabilities for certain of these acquisitions. |
Goodwill and Identifiable Asset
Goodwill and Identifiable Assets (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets The following table summarizes the activity related to the carrying amount of goodwill by reportable segment since December 31, 2019 (in millions). See Note 9. Segment Reporting for more information on the change in the Company's reportable segments. Commercial Federal Government Total Balance as of December 31, 2019 $ 738.4 $ 552.9 $ 1,291.3 2020 acquisitions 40.3 89.2 129.5 Translation adjustment (0.1) — (0.1) Balance as of December 31, 2020 778.6 642.1 1,420.7 2021 acquisitions 49.5 88.9 138.4 Purchase price adjustments — 3.5 3.5 Balance as of September 30, 2021 $ 828.1 $ 734.5 $ 1,562.6 ___________________ Approximately $125.1 million and $77.1 million of the goodwill for the 2021 and 2020 acquisitions,respectively, is deductible for income tax purposes. Acquired intangible assets consisted of the following (in millions): September 30, 2021 December 31, 2020 Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer and contractual relationships 7 - 13 $ 499.0 $ 246.5 $ 252.5 $ 428.0 $ 211.3 $ 216.7 Contractor relationships 4 45.5 45.5 — 45.5 45.3 0.2 Contract Backlog 1 - 3 35.4 29.9 5.5 29.3 28.5 0.8 Non-compete agreements 1 - 7 29.9 20.6 9.3 27.0 17.4 9.6 609.8 342.5 267.3 529.8 302.5 227.3 Not subject to amortization: Trademarks 242.6 — 242.6 242.6 — 242.6 Total $ 852.4 $ 342.5 $ 509.9 $ 772.4 $ 302.5 $ 469.9 Estimated future amortization expense follows (in millions): Remainder of 2021 $ 16.6 2022 55.6 2023 45.4 2024 35.9 2025 29.2 Thereafter 84.6 $ 267.3 |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following (in millions): September 30, December 31, Senior Secured Credit Facility: Borrowings under $250 million revolving credit facility, due 2024 $ — $ — Term B loan facility, due 2025 490.8 490.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,040.8 1,040.8 Unamortized deferred loan costs (7.3) (7.4) $ 1,033.5 $ 1,033.4 Senior Secured Credit Facility — The senior secured credit facility consists of a term B loan and a $250.0 million revolving credit facility. Borrowings under the term B loan bear interest at LIBOR plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the revolver bear interest at LIBOR plus 1.25 to 2.25 percent, or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the revolver. The revolver is limited to a maximum ratio of senior secured debt to trailing 12-months of lender-defined consolidated EBITDA of 3.75 to 1.00, which was 1.08 to 1.00 at September 30, 2021. There are no required minimum payments on the facility. The facility is secured by substantially all of the Company's assets and includes various restrictive covenants. At September 30, 2021, the Company was in compliance with its debt covenants. The Company amended its facility to, among other things, permit the sale of its Oxford business and allow the proceeds to be used for future acquisitions. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business. The Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its financial statements. |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | For interim reporting periods, the Company’s provision for income taxes is calculated using its annualized estimated effective tax rate for the year. This rate is based on its estimated full year income and the related income tax expense for each jurisdiction in which the Company operates. The effective tax rate can be affected by changes in the geographical mix, permanent differences and the estimate of full year pretax accounting income. This rate is adjusted for the effects of discrete items occurring in the period. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from continuing operations, net of income taxes $ 66.3 $ 46.7 $ 166.4 $ 129.3 Income from discontinued operations, net of income taxes 145.7 5.6 158.5 15.6 Net income $ 212.0 $ 52.3 $ 324.9 $ 144.9 Weighted-average number of common shares outstanding - basic 52.7 52.5 53.0 52.6 Dilutive effect of common share equivalents 0.7 0.5 0.7 0.5 Weighted-average number of common shares and share equivalents outstanding - diluted 53.4 53.0 53.7 53.1 Basic earnings per share: Continuing operations $ 1.26 $ 0.89 $ 3.14 $ 2.46 Discontinued operations 2.76 0.11 2.99 0.29 $ 4.02 $ 1.00 $ 6.13 $ 2.75 Diluted earnings per share: Continuing operations $ 1.24 $ 0.88 $ 3.10 $ 2.44 Discontinued operations 2.73 0.11 2.95 0.29 $ 3.97 $ 0.99 $ 6.05 $ 2.73 |
Segment Reporting (Notes)
Segment Reporting (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | ASGN provides information technology and professional services in the technology, digital and creative fields across the commercial and government sectors. ASGN operates through its Commercial and Federal Government segments. Virtually all of the Company's revenues are generated in the United States. Prior to the divestiture of the Oxford business, the Company had three reportable segments: Apex, Oxford and ECS. As a result of the divestiture, the Oxford Segment is no longer a reportable segment, the Apex Segment was renamed the Commercial Segment and the ECS Segment was renamed the Federal Government Segment. The Company's CyberCoders division, which was previously part of the Oxford Segment, is now included in the Commercial Segment. All segment information included herein reflects these changes. The Commercial Segment provides assignment and consulting information technology, digital and creative services to Fortune 1000 and mid-market clients across the United States, Canada and Europe. The Federal Government Segment delivers advanced solutions in cloud, cybersecurity, artificial intelligence, machine learning, application and IT modernization, science and engineering to defense, intelligence and federal civilian agencies. Management evaluates the performance of each segment primarily based on revenues, gross profit and operating income, which is derived directly from internal financial reporting of the segments used for corporate management purposes, which is presented below by segment (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Commercial Revenues $ 774.9 $ 615.8 $ 2,136.7 $ 1,860.7 Gross profit 251.1 190.4 678.1 579.6 Operating income 98.5 72.7 258.8 207.6 Depreciation 3.5 3.7 10.4 10.9 Amortization 7.3 5.7 18.6 16.5 Federal Government Revenues $ 298.9 $ 288.6 $ 819.0 $ 741.0 Gross profit 57.6 45.9 150.6 126.8 Operating income 23.3 16.7 56.8 44.3 Depreciation 2.3 2.5 6.8 6.5 Amortization 8.6 7.0 21.3 20.6 Consolidated Revenues $ 1,073.8 $ 904.4 $ 2,955.7 $ 2,601.7 Gross profit 308.7 236.3 828.7 706.4 Operating income 100.1 73.5 255.4 207.3 Depreciation 7.1 7.5 21.7 20.7 Amortization 15.9 12.7 39.9 37.1 ___________________ Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These expenses include, among other things, stock-based compensation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses and public company expenses. Consolidated depreciation includes depreciation expense for corporate assets. Virtually all of the revenues from the Commercial Segment are generated from time-and-materials ("T&M") contracts where payments are based on fixed hourly rates for each direct labor hour expended and reimbursements for allowable material costs and out-of-pocket expenses. Revenues from the Federal Government Segment are generated from: (i) firm-fixed-price, (ii) T&M and (iii) cost reimbursable contracts. Virtually all of the Company's revenues are recognized over time. The following table presents revenues by segment and type (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Commercial Assignment $ 587.3 $ 519.2 $ 1,687.2 $ 1,589.2 Consulting 187.6 96.6 449.5 271.5 774.9 615.8 2,136.7 1,860.7 Federal Government Firm-fixed-price 94.5 82.0 217.0 201.2 Time and materials 106.0 80.8 296.9 234.6 Cost reimbursable 98.4 125.8 305.1 305.2 298.9 288.6 819.0 741.0 Consolidated $ 1,073.8 $ 904.4 $ 2,955.7 $ 2,601.7 The following table presents the Federal Government Segment revenues by customer type (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Department of Defense and Intelligence Agencies $ 166.0 $ 172.0 $ 450.8 $ 414.4 Federal Civilian 112.1 96.2 303.5 276.1 Other 20.8 20.4 64.7 50.5 $ 298.9 $ 288.6 $ 819.0 $ 741.0 |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements — The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll and contract professional pay approximate their fair value based on their short-term nature. The carrying amount of long-term debt recorded in the Company’s balance sheet at September 30, 2021 was $1.0 billion (see Note 5. Long-Term Debt ) and its fair value was $1.1 billion, which was determined using quoted prices in active markets for identical liabilities (Level 1 inputs). Nonrecurring Fair Value Measurements — Certain assets, such as goodwill and trademarks, are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as, when there is evidence of impairment. There were no fair value adjustments for non-financial assets or liabilities during the three and nine months ended September 30, 2021 and 2020. |
Discontinued Operations and D_2
Discontinued Operations and Disposal Groups (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Accounts receivable, net $ 75.9 Prepaid expenses and income taxes 0.8 Other current assets 0.7 Property and equipment, net 14.5 Operating lease right-of-use assets 11.9 Identifiable intangible assets, net 18.0 Goodwill 197.7 Other non-current assets 2.4 Total assets of discontinued operations $ 321.9 Accounts payable $ 1.5 Accrued payroll and contract professional pay 27.5 Operating lease liabilities 5.1 Other current liabilities 5.6 Operating lease liabilities, long-term 7.5 Other long-term liabilities 4.0 Total liabilities of discontinued operations $ 51.2 The following table summarizes the results of operations of the Oxford business that are reported as discontinued operations (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues $ 71.6 $ 107.5 $ 324.3 $ 337.5 Costs of services 49.0 72.8 223.0 231.2 Gross profit 22.6 34.7 101.3 106.3 Selling, general and administrative expenses 27.5 27.1 89.9 85.2 Amortization of intangible assets 0.1 0.2 0.4 0.5 Income (loss) before income taxes (5.0) 7.4 11.0 20.6 Provision (benefit) for income taxes (1.4) 1.8 1.8 5.0 Gain on sale, net of income taxes 149.3 — 149.3 — Income from discontinued operations, net of income taxes $ 145.7 $ 5.6 $ 158.5 $ 15.6 Select cash flow information related to the Oxford business follows (in millions): Nine Months Ended September 30, 2021 2020 Net cash provided by operating activities $ 8.2 $ 42.5 Net cash provided by (used in) investing activities Cash received from sale of discontinued operations 499.1 — Other (3.9) (4.2) $ 495.2 $ (4.2) |
Goodwill and Identifiable Ass_2
Goodwill and Identifiable Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the activity related to the carrying amount of goodwill by reportable segment since December 31, 2019 (in millions). See Note 9. Segment Reporting for more information on the change in the Company's reportable segments. Commercial Federal Government Total Balance as of December 31, 2019 $ 738.4 $ 552.9 $ 1,291.3 2020 acquisitions 40.3 89.2 129.5 Translation adjustment (0.1) — (0.1) Balance as of December 31, 2020 778.6 642.1 1,420.7 2021 acquisitions 49.5 88.9 138.4 Purchase price adjustments — 3.5 3.5 Balance as of September 30, 2021 $ 828.1 $ 734.5 $ 1,562.6 ___________________ Approximately $125.1 million and $77.1 million of the goodwill for the 2021 and 2020 acquisitions,respectively, is deductible for income tax purposes. |
Schedule of Acquired Intangible Assets | Acquired intangible assets consisted of the following (in millions): September 30, 2021 December 31, 2020 Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer and contractual relationships 7 - 13 $ 499.0 $ 246.5 $ 252.5 $ 428.0 $ 211.3 $ 216.7 Contractor relationships 4 45.5 45.5 — 45.5 45.3 0.2 Contract Backlog 1 - 3 35.4 29.9 5.5 29.3 28.5 0.8 Non-compete agreements 1 - 7 29.9 20.6 9.3 27.0 17.4 9.6 609.8 342.5 267.3 529.8 302.5 227.3 Not subject to amortization: Trademarks 242.6 — 242.6 242.6 — 242.6 Total $ 852.4 $ 342.5 $ 509.9 $ 772.4 $ 302.5 $ 469.9 |
Schedule of Estimated Future Amortization Expense | Estimated future amortization expense follows (in millions): Remainder of 2021 $ 16.6 2022 55.6 2023 45.4 2024 35.9 2025 29.2 Thereafter 84.6 $ 267.3 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following (in millions): September 30, December 31, Senior Secured Credit Facility: Borrowings under $250 million revolving credit facility, due 2024 $ — $ — Term B loan facility, due 2025 490.8 490.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,040.8 1,040.8 Unamortized deferred loan costs (7.3) (7.4) $ 1,033.5 $ 1,033.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from continuing operations, net of income taxes $ 66.3 $ 46.7 $ 166.4 $ 129.3 Income from discontinued operations, net of income taxes 145.7 5.6 158.5 15.6 Net income $ 212.0 $ 52.3 $ 324.9 $ 144.9 Weighted-average number of common shares outstanding - basic 52.7 52.5 53.0 52.6 Dilutive effect of common share equivalents 0.7 0.5 0.7 0.5 Weighted-average number of common shares and share equivalents outstanding - diluted 53.4 53.0 53.7 53.1 Basic earnings per share: Continuing operations $ 1.26 $ 0.89 $ 3.14 $ 2.46 Discontinued operations 2.76 0.11 2.99 0.29 $ 4.02 $ 1.00 $ 6.13 $ 2.75 Diluted earnings per share: Continuing operations $ 1.24 $ 0.88 $ 3.10 $ 2.44 Discontinued operations 2.73 0.11 2.95 0.29 $ 3.97 $ 0.99 $ 6.05 $ 2.73 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Commercial Revenues $ 774.9 $ 615.8 $ 2,136.7 $ 1,860.7 Gross profit 251.1 190.4 678.1 579.6 Operating income 98.5 72.7 258.8 207.6 Depreciation 3.5 3.7 10.4 10.9 Amortization 7.3 5.7 18.6 16.5 Federal Government Revenues $ 298.9 $ 288.6 $ 819.0 $ 741.0 Gross profit 57.6 45.9 150.6 126.8 Operating income 23.3 16.7 56.8 44.3 Depreciation 2.3 2.5 6.8 6.5 Amortization 8.6 7.0 21.3 20.6 Consolidated Revenues $ 1,073.8 $ 904.4 $ 2,955.7 $ 2,601.7 Gross profit 308.7 236.3 828.7 706.4 Operating income 100.1 73.5 255.4 207.3 Depreciation 7.1 7.5 21.7 20.7 Amortization 15.9 12.7 39.9 37.1 ___________________ |
Disaggregation of Revenue | Virtually all of the revenues from the Commercial Segment are generated from time-and-materials ("T&M") contracts where payments are based on fixed hourly rates for each direct labor hour expended and reimbursements for allowable material costs and out-of-pocket expenses. Revenues from the Federal Government Segment are generated from: (i) firm-fixed-price, (ii) T&M and (iii) cost reimbursable contracts. Virtually all of the Company's revenues are recognized over time. The following table presents revenues by segment and type (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Commercial Assignment $ 587.3 $ 519.2 $ 1,687.2 $ 1,589.2 Consulting 187.6 96.6 449.5 271.5 774.9 615.8 2,136.7 1,860.7 Federal Government Firm-fixed-price 94.5 82.0 217.0 201.2 Time and materials 106.0 80.8 296.9 234.6 Cost reimbursable 98.4 125.8 305.1 305.2 298.9 288.6 819.0 741.0 Consolidated $ 1,073.8 $ 904.4 $ 2,955.7 $ 2,601.7 |
Revenue from External Customers by Products and Services | The following table presents the Federal Government Segment revenues by customer type (in millions). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Department of Defense and Intelligence Agencies $ 166.0 $ 172.0 $ 450.8 $ 414.4 Federal Civilian 112.1 96.2 303.5 276.1 Other 20.8 20.4 64.7 50.5 $ 298.9 $ 288.6 $ 819.0 $ 741.0 |
Discontinued Operations and D_3
Discontinued Operations and Disposal Groups - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Assets and Liabilities Held for Sale and Discontinued Operation | |||
Taxes Payable | $ 111.7 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 218.6 | $ 0 | |
Oxford Business | Discontinued Operations | |||
Assets and Liabilities Held for Sale and Discontinued Operation | |||
Proceeds from Sale of Property Held-for-sale | $ 525 |
Discontinued Operations and D_4
Discontinued Operations and Disposal Groups - Assets and Liabilities Held for Sale (Details) - Oxford Business - Discontinued Operations, Held-for-sale $ in Millions | Dec. 31, 2020USD ($) |
Assets and Liabilities Held for Sale and Discontinued Operation | |
Accounts receivable, net | $ 75.9 |
Prepaid expenses and income taxes | 0.8 |
Other current assets | 0.7 |
Property and equipment, net | 14.5 |
Operating lease right-of-use assets | 11.9 |
Identifiable intangible assets, net | 18 |
Goodwill | 197.7 |
Other non-current assets | 2.4 |
Total assets of discontinued operations | 321.9 |
Accounts payable | 1.5 |
Accrued payroll and contract professional pay | 27.5 |
Operating lease liabilities | 5.1 |
Other current liabilities | 5.6 |
Operating lease liabilities, long-term | 7.5 |
Other long-term liabilities | 4 |
Total liabilities of discontinued operations | $ 51.2 |
Discontinued Operations and D_5
Discontinued Operations and Disposal Groups - Results of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Results of Operations, Discontinued Operations | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 149.3 | $ 149.3 | ||
Income from discontinued operations, net of income taxes | 145.7 | $ 5.6 | 158.5 | $ 15.6 |
Oxford Business | Discontinued Operations | ||||
Results of Operations, Discontinued Operations | ||||
Revenues | 71.6 | 107.5 | 324.3 | 337.5 |
Costs of services | 49 | 72.8 | 223 | 231.2 |
Gross profit | 22.6 | 34.7 | 101.3 | 106.3 |
Selling, general and administrative expenses | 27.5 | 27.1 | 89.9 | 85.2 |
Amortization of intangible assets | 0.1 | 0.2 | 0.4 | 0.5 |
Income (loss) before income taxes | (5) | 7.4 | 11 | 20.6 |
Provision (benefit) for income taxes | $ (1.4) | $ 1.8 | $ 1.8 | $ 5 |
Discontinued Operations and D_6
Discontinued Operations and Disposal Groups - Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flow Information, Discontinued Operations | ||
Cash received from sale of discontinued operations | $ 499.1 | $ 0 |
Capital Expenditure, Discontinued Operations | (3.9) | (4.2) |
Oxford Business | Discontinued Operations | ||
Cash Flow Information, Discontinued Operations | ||
Net cash provided by operating activities | $ 8.2 | $ 42.5 |
Acquisitions Business Combinati
Acquisitions Business Combinations Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 224.4 | $ 151.5 | |
Asset Acquisition, Consideration Transferred, Contingent Consideration | 34 | ||
Asset Acquisition, Contingent Consideration, Liability | $ 15.3 | ||
2020 Acquisitions | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill, Acquired During Period | $ 129.5 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 77.1 |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Business Combination and Asset Acquisition [Abstract] | ||
Payments to Acquire Businesses, Gross | $ 221.3 | $ 186 |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 221.3 | $ 186 |
Goodwill and Identifiable Ass_3
Goodwill and Identifiable Assets (Goodwill) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Gross goodwill | $ 1,562.6 | $ 1,420.7 | $ 1,291.3 |
Goodwill, Purchase Accounting Adjustments | 3.5 | ||
Translation adjustment | (0.1) | ||
Federal Government Business | |||
Goodwill [Roll Forward] | |||
Gross goodwill | 734.5 | 642.1 | 552.9 |
Goodwill, Purchase Accounting Adjustments | 3.5 | ||
Commercial Business | |||
Goodwill [Roll Forward] | |||
Gross goodwill | 828.1 | 778.6 | $ 738.4 |
Translation adjustment | (0.1) | ||
2020 Acquisitions | |||
Goodwill [Roll Forward] | |||
Goodwill, Acquired During Period | 129.5 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 77.1 | ||
2020 Acquisitions | Federal Government Business | |||
Goodwill [Roll Forward] | |||
Goodwill, Acquired During Period | 89.2 | ||
2020 Acquisitions | Commercial Business | |||
Goodwill [Roll Forward] | |||
Goodwill, Acquired During Period | $ 40.3 | ||
2021 Acquisitions | |||
Goodwill [Roll Forward] | |||
Goodwill, Acquired During Period | 138.4 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 125.1 | ||
2021 Acquisitions | Federal Government Business | |||
Goodwill [Roll Forward] | |||
Goodwill, Acquired During Period | 88.9 | ||
2021 Acquisitions | Commercial Business | |||
Goodwill [Roll Forward] | |||
Goodwill, Acquired During Period | $ 49.5 |
Goodwill and Identifiable Ass_4
Goodwill and Identifiable Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Intangible assets subject to amortization: | ||
Gross Carrying Amount | $ 609.8 | $ 529.8 |
Accumulated Amortization | 342.5 | 302.5 |
Net Carrying Amount | 267.3 | 227.3 |
Intangible assets not subject to amortization: | ||
Trademarks, Carrying Amount | 242.6 | 242.6 |
Intangible Assets, Gross (Excluding Goodwill) | 852.4 | 772.4 |
Intangible Assets, Net (Excluding Goodwill), Total | 509.9 | 469.9 |
Customer and Contractual Relationships | ||
Intangible assets subject to amortization: | ||
Accumulated Amortization | 246.5 | 211.3 |
Net Carrying Amount | 252.5 | 216.7 |
Total | ||
Other Finite-Lived Intangible Assets, Gross | $ 499 | 428 |
Customer and Contractual Relationships | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Customer and Contractual Relationships | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 13 years | |
Contractor Relations | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | |
Intangible assets subject to amortization: | ||
Accumulated Amortization | $ 45.5 | 45.3 |
Net Carrying Amount | 0 | 0.2 |
Total | ||
Other Finite-Lived Intangible Assets, Gross | 45.5 | 45.5 |
Backlog | ||
Intangible assets subject to amortization: | ||
Accumulated Amortization | 29.9 | 28.5 |
Net Carrying Amount | 5.5 | 0.8 |
Total | ||
Other Finite-Lived Intangible Assets, Gross | $ 35.4 | 29.3 |
Backlog | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Backlog | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Noncompete Agreements | ||
Intangible assets subject to amortization: | ||
Accumulated Amortization | $ 20.6 | 17.4 |
Net Carrying Amount | 9.3 | 9.6 |
Total | ||
Other Finite-Lived Intangible Assets, Gross | $ 29.9 | $ 27 |
Noncompete Agreements | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Noncompete Agreements | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years |
Goodwill and Identifiable Ass_5
Goodwill and Identifiable Assets (Future Amortization Expense) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Net Carrying Amount | $ 267.3 | $ 227.3 |
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months | 16.6 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 55.6 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three | 45.4 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four | 35.9 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five | 29.2 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Five | $ 84.6 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Nov. 22, 2019 | |
Debt Instrument [Line Items] | |||
Senior Notes | $ 550 | $ 550 | $ 550 |
Long-term Debt, Gross | 1,040.8 | 1,040.8 | |
Unamortized deferred loan costs | (7.3) | (7.4) | |
Long-term Debt | 1,033.5 | 1,033.4 | |
Long-term Debt, Fair Value | $ (1,100) | ||
leverage ratio | 1.08 | ||
$250 Million Revolving Credit Facility, Due November 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 250 | ||
$250 Million Revolving Credit Facility, Due November 2024 [Member] | Minimum [Member] | Bank base rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
$250 Million Revolving Credit Facility, Due November 2024 [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
$250 Million Revolving Credit Facility, Due November 2024 [Member] | Maximum [Member] | Bank base rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||
$250 Million Revolving Credit Facility, Due November 2024 [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Term B Loan Facility, due 2025 [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 490.8 | $ 490.8 | |
Term B Loan Facility, due 2025 [Member] [Domain] | Bank base rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | ||
London Interbank Offered Rate (LIBOR) | Term B Loan Facility, due 2025 [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Taxes Payable | $ 111.7 | ||
Deferred Income Taxes and Tax Credits | (42.4) | $ 0 | |
Long-term debt | $ 1,033.5 | $ 1,033.4 |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Calculation of Basic and Diluted Earnings per Share [Abstract] | ||||
Net Income from Continuing Operations | $ 66.3 | $ 46.7 | $ 166.4 | $ 129.3 |
Income from discontinued operations, net of income taxes | 145.7 | 5.6 | 158.5 | 15.6 |
Net income | 212 | $ 52.3 | 324.9 | $ 144.9 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 212 | $ 324.9 | ||
Weighted-average number of common shares outstanding - basic | 52.7 | 52.5 | 53 | 52.6 |
Dilutive effect of common share equivalents | 0.7 | 0.5 | 0.7 | 0.5 |
Weighted-average number of common shares and share equivalents outstanding - diluted | 53.4 | 53 | 53.7 | 53.1 |
Continuing operations | $ 1.26 | $ 0.89 | $ 3.14 | $ 2.46 |
Discontinued operations | 2.76 | 0.11 | 2.99 | 0.29 |
Basic earnings per share: | 4.02 | 1 | 6.13 | 2.75 |
Continuing operations | 1.24 | 0.88 | 3.10 | 2.44 |
Discontinued operations | 2.73 | 0.11 | 2.95 | 0.29 |
Diluted earnings per share: | $ 3.97 | $ 0.99 | $ 6.05 | $ 2.73 |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Revenues | $ 1,073.8 | $ 904.4 | $ 2,955.7 | $ 2,601.7 |
Gross Profit: | ||||
Total Gross Profit | 308.7 | 236.3 | 828.7 | 706.4 |
Operating Income (Loss): | ||||
Total Operating Income | 100.1 | 73.5 | 255.4 | 207.3 |
Depreciation | 7.1 | 7.5 | 21.7 | 20.7 |
Amortization of intangible assets | 15.9 | 12.7 | 39.9 | 37.1 |
Commercial Business | ||||
Revenues: | ||||
Revenues | 774.9 | 615.8 | 2,136.7 | 1,860.7 |
Gross Profit: | ||||
Total Gross Profit | 251.1 | 190.4 | 678.1 | 579.6 |
Operating Income (Loss): | ||||
Total Operating Income | 98.5 | 72.7 | 258.8 | 207.6 |
Depreciation | 3.5 | 3.7 | 10.4 | 10.9 |
Amortization of intangible assets | 7.3 | 5.7 | 18.6 | 16.5 |
Federal Government Business | ||||
Revenues: | ||||
Revenues | 298.9 | 288.6 | 819 | 741 |
Gross Profit: | ||||
Total Gross Profit | 57.6 | 45.9 | 150.6 | 126.8 |
Operating Income (Loss): | ||||
Total Operating Income | 23.3 | 16.7 | 56.8 | 44.3 |
Depreciation | 2.3 | 2.5 | 6.8 | 6.5 |
Amortization of intangible assets | 8.6 | 7 | 21.3 | 20.6 |
Assignment | Commercial Business | ||||
Revenues: | ||||
Revenues | 587.3 | 519.2 | 1,687.2 | 1,589.2 |
Consulting | Commercial Business | ||||
Revenues: | ||||
Revenues | 187.6 | 96.6 | 449.5 | 271.5 |
Firm-fixed-price | Federal Government Business | ||||
Revenues: | ||||
Revenues | 94.5 | 82 | 217 | 201.2 |
Time and materials | Federal Government Business | ||||
Revenues: | ||||
Revenues | 106 | 80.8 | 296.9 | 234.6 |
Cost reimbursable | Federal Government Business | ||||
Revenues: | ||||
Revenues | $ 98.4 | $ 125.8 | $ 305.1 | $ 305.2 |
Segment Reporting Revenue by Cu
Segment Reporting Revenue by Customer Type (details) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from External Customer [Line Items] | ||||
Revenues | $ 1,073.8 | $ 904.4 | $ 2,955.7 | $ 2,601.7 |
Department of Defense and Intelligence Agencies | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 166 | 172 | 450.8 | 414.4 |
Federal Civilian | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 112.1 | 96.2 | 303.5 | 276.1 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 20.8 | 20.4 | 64.7 | 50.5 |
Federal Government Business | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 298.9 | $ 288.6 | $ 819 | $ 741 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Inputs, Liabilities, Quantitative Information | ||
Long-term debt | $ 1,033.5 | $ 1,033.4 |
Long-term Debt, Gross | 1,040.8 | $ 1,040.8 |
Long-term debt, fair value | $ 1,100 | |
Level 1 Inputs | ||
Fair Value Inputs, Liabilities, Quantitative Information | ||
Fair value level 1 inputs | quoted prices in active markets for identical liabilities (Level 1 inputs |