ASGN (ASGN) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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)		50.2
Entity Central Index Key	0000890564
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 490.6	$ 529.6
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	843.2	708.2
Prepaid expenses and income taxes	17.2	41.2
Other current assets	15.3	30.4
Total current assets	1,366.3	1,309.4
Property and equipment, net	59.5	55
Operating lease right-of-use assets	55.2	57.1
Identifiable intangible assets, net	460.5	487.9
Goodwill	1,560.1	1,569.5
Other non-current assets	22.9	23.9
Total assets	3,524.5	3,502.8
Current liabilities:
Accounts payable	32.8	20.1
Accrued payroll	337.3	305.5
Operating lease liabilities	22.5	23.3
Other current liabilities	99.8	102
Total current liabilities	492.4	450.9
Long-term debt	1,034.5	1,033.9
Operating lease liabilities	38.4	40.2
Deferred income tax liabilities	89	89
Other long-term liabilities	14.1	23.4
Total liabilities	1,668.4	1,637.4
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	0.5	0.5
Paid-in capital	692.1	690.8
Retained earnings	1,165.5	1,174.4
Accumulated other comprehensive loss	(2)	(0.3)
Total stockholders’ equity	1,856.1	1,865.4
Total liabilities and stockholders’ equity	$ 3,524.5	$ 3,502.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
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	50.4	51.8
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues	$ 1,141.8	$ 974.9	$ 2,232.8	$ 1,881.9
Cost of services	797.8	698.6	1,562.2	1,361.9
Gross profit	344	276.3	670.6	520
Selling, general and administrative expenses	220.4	176.4	432.5	340.7
Amortization of intangible assets	13.5	12	27.4	24
Operating income	110.1	87.9	210.7	155.3
Interest expense	(10.1)	(9.4)	(19.4)	(18.6)
Income before Income Taxes	100	78.5	191.3	136.7
Provision for income taxes	27.4	21.2	51.1	36.6
Income from continuing operations	72.6	57.3	140.2	100.1
Income from discontinued operations, net of income taxes	(0.1)	6.9	(0.9)	12.8
Net income	$ 72.5	$ 64.2	$ 139.3	$ 112.9
Basic —
Earnings Per Share Basic Continuing Operation	$ 1.42	$ 1.08	$ 2.73	$ 1.89
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	0.13	(0.01)	0.24
Basic earnings per share:	1.42	1.21	2.72	2.13
Diluted —
Earnings Per Share Diluted Continuing Operation	1.41	1.06	2.70	1.86
Earnings Per Share Diluted Discontinued Operations	0	0.13	(0.01)	0.24
Diluted earnings per share:	$ 1.41	$ 1.19	$ 2.69	$ 2.10
Number of shares and share equivalents used to calculate earnings per share:
Weighted-average number of common shares outstanding — basic	51	53.2	51.3	53.1
Diluted	51.6	53.9	52	53.8
Reconciliation of net income to comprehensive income:
Net income	$ 72.5	$ 64.2	$ 139.3	$ 112.9
Foreign currency translation adjustment	(1.7)	1.3	(1.7)	(1.9)
Comprehensive income	$ 70.8	$ 65.5	$ 137.6	$ 111

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, 2020	$ 1,587.1	$ 0.5	$ 661.3	$ 926.3	$ (1)
Stock-based compensation expense	21.1		21.1
Employee stock purchase plan, shares		0.3
Employee stock purchase plan, value	7.7		7.7
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(7.1)		(7.1)
Vesting of restricted stock units, shares		0
Foreign currency translation adjustments	(1.9)				(1.9)
Net income	112.9			112.9
Shares Outstanding at Jun. 30, 2021		53.2
Total stockholders’ equity at Jun. 30, 2021	1,719.8	$ 0.5	683	1,039.2	(2.9)
Common Stock, Shares		53.2
Total stockholders’ equity at Mar. 31, 2021	1,645.8	$ 0.5	674.5	975	(4.2)
Stock-based compensation expense	10.8		10.8
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(2.3)		(2.3)
Vesting of restricted stock units, shares		0
Foreign currency translation adjustments	1.3				1.3
Net income	64.2			64.2
Shares Outstanding at Jun. 30, 2021		53.2
Total stockholders’ equity at Jun. 30, 2021	1,719.8	$ 0.5	683	1,039.2	(2.9)
Total stockholders’ equity at Dec. 31, 2021	1,865.4	$ 0.5	690.8	1,174.4	(0.3)
Stock-based compensation expense	24		24
Employee stock purchase plan, shares		0.2
Employee stock purchase plan, value	10.4		10.4
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(11.3)		(11.3)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(1.6)
Stock Repurchased and Retired During Period, Value	(170)		(21.8)	(148.2)
Foreign currency translation adjustments	(1.7)				(1.7)
Net income	139.3			139.3
Shares Outstanding at Jun. 30, 2022		50.4
Total stockholders’ equity at Jun. 30, 2022	1,856.1	$ 0.5	692.1	1,165.5	(2)
Common Stock, Shares		51.3
Total stockholders’ equity at Mar. 31, 2022	1,869.2	$ 0.5	696	1,173	(0.3)
Stock-based compensation expense	11.2		11.2
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(2.5)		(2.5)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(0.9)
Stock Repurchased and Retired During Period, Value	(92.6)		(12.6)	(80)
Foreign currency translation adjustments	(1.7)				(1.7)
Net income	72.5			72.5
Shares Outstanding at Jun. 30, 2022		50.4
Total stockholders’ equity at Jun. 30, 2022	$ 1,856.1	$ 0.5	$ 692.1	$ 1,165.5	$ (2)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net income	$ 139.3	$ 112.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39.8	43.4
Stock-based compensation	24	21.1
Other	5.1	2.8
Changes in operating assets and liabilities, net of effects of acquisitions and divestiture:
Accounts receivable	(136.7)	(36)
Prepaid expenses and income taxes	23.7	6.8
Accounts payable	12.1	(5.8)
Accrued payroll and contract professional pay	31.9	50.5
Income taxes payable	8	17.3
Other	(2.8)	(8.3)
Net cash provided by operating activities	144.4	204.7
Cash Flows from Investing Activities
Cash paid for property and equipment	(18.4)	(17.6)
Cash paid for acquisitions, net of cash acquired	0	(85.8)
Cash received from sale of the Oxford business	9.8	0
Other	2.5	0
Net cash used in investing activities	(6.1)	(103.4)
Cash Flows from Financing Activities
Proceeds from option exercises and employee stock purchase plan	10.4	7.7
Repurchases of common stock	(168.1)	0
Payment of employment taxes related to release of restricted stock awards	(11.3)	(7.1)
Payment of contingent consideration	(8.1)	0
Debt issuance and amendment costs	0	(0.5)
Net cash provided by (used in) financing activities	(177.1)	0.1
Effect of exchange rate changes on cash and cash equivalents	(0.2)	(0.4)
Net increase (decrease) in cash and cash equivalents	(39)	101
Cash and cash equivalents at beginning of year	529.6	274.4
Cash and cash equivalents at end of period	490.6	375.4
Supplemental Disclosure of Cash Flow Information
Income taxes	17.7	17.7
Interest	18.4	17.6
Operating leases	13.6	17.2
Noncash transactions —
Operating lease right of use assets obtained in exchange for operating lease liabilities	$ 9.8	$ 1.5

General (Notes)

General (Notes)	6 Months Ended
	Jun. 30, 2022
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, 2021 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, 2021 ("2021 10-K").

Acquisitions (Notes)

Acquisitions (Notes)	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Acquisitions	AcquisitionsIn 2021, the Company acquired three consulting services businesses for $221.3 million in cash. As of June 30, 2022, the fair values allocated to the assets and liabilities for these acquisitions have been finalized.

Goodwill and Identifiable Asset

Goodwill and Identifiable Assets (Notes)	6 Months Ended
	Jun. 30, 2022
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, 2020 (in millions). Commercial Federal Government Total Balance as of December 31, 2020 $ 778.6 $ 642.1 $ 1,420.7 2021 acquisitions 51.1 94.8 145.9 Purchase price adjustments — 3.3 3.3 Translation adjustment (0.4) — (0.4) Balance as of December 31, 2021 829.3 740.2 1,569.5 Purchase price adjustments 0.4 (8.5) (8.1) Translation adjustment (1.3) — (1.3) Balance as of June 30, 2022 $ 828.4 $ 731.7 $ 1,560.1 ________________________________ Approximately $127.2 million of the goodwill for the 2021 acquisitions is deductible for income tax purposes. Acquired identifiable intangible assets consisted of the following (in millions): June 30, 2022 December 31, 2021 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 $ 493.6 $ 283.8 $ 209.8 $ 493.9 $ 260.2 $ 233.7 Contractor relationships 4 45.5 45.5 — 45.5 45.5 — Contract Backlog 1 - 3 34.8 32.9 1.9 34.8 31.0 3.8 Non-compete agreements 1 - 7 29.4 23.2 6.2 29.4 21.6 7.8 603.3 385.4 217.9 603.6 358.3 245.3 Not subject to amortization: Trademarks 242.6 — 242.6 242.6 — 242.6 Total $ 845.9 $ 385.4 $ 460.5 $ 846.2 $ 358.3 $ 487.9 Estimated future amortization expense follows (in millions): Remainder of 2022 $ 27.0 2023 44.5 2024 35.2 2025 28.7 2026 25.1 Thereafter 57.4 $ 217.9

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups	Jun. 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 $216.9 million ($168.8 million net of income taxes). The financial results of that business are reported as discontinued operations in the accompanying condensed consolidated statements of operations. There were no significant operating results from discontinued operations subsequent to December 31, 2021. The following table summarizes the results of operations of the Oxford business (in millions): Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 Revenues $ 134.1 $ 252.8 Costs of services 92.6 174.0 Gross profit 41.5 78.8 Selling, general and administrative expenses 32.9 62.5 Amortization of intangible assets 0.1 0.3 Income before income taxes 8.5 16.0 Provision for income taxes 1.6 3.2 Income from discontinued operations, net of income taxes $ 6.9 $ 12.8 During the six months ended June 30, 2022, the Company received $9.8 million related to the finalization of the purchase price, which mainly related to the settlement of net working capital. The following table provides select cash flow information related to the Oxford business for the six months ended June 30, 2021 (in millions): Net cash provided by operating activities $ 11.5 Net cash used in investing activities $ (3.2)

Long-Term Debt (Notes)

Long-Term Debt (Notes)	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following (in millions): June 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 (6.3) (6.9) $ 1,034.5 $ 1,033.9 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. There are no required minimum payments on the facility. 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 0.91 to 1.00 at June 30, 2022. The facility is secured by substantially all of the Company's assets and includes various restrictive covenants. At June 30, 2022, the Company was in compliance with its debt covenants. In July 2021, the Company amended its facility to, among other things, permit the sale of its Oxford business and allow the net cash proceeds (approximately $0.4 billion) to be used for future acquisitions and other permitted investments. With the acquisition of GlideFast Holdings, LLC and affiliated entities ("GlideFast") on July 6, 2022 (see Note 11. Subsequent Events ), and other investments of the net cash proceeds, prepayments, if any, are expected to be insignificant.

Commitments and Contingencies (

Commitments and Contingencies (Notes)	6 Months Ended
	Jun. 30, 2022
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)	6 Months Ended
	Jun. 30, 2022
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)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Income from continuing operations $ 72.6 $ 57.3 $ 140.2 $ 100.1 Income (loss) from discontinued operations, net of income taxes (0.1) 6.9 (0.9) 12.8 Net income $ 72.5 $ 64.2 $ 139.3 $ 112.9 Weighted-average number of common shares outstanding — basic 51.0 53.2 51.3 53.1 Dilutive effect of common share equivalents 0.6 0.7 0.7 0.7 Weighted-average number of common shares and share equivalents outstanding — diluted 51.6 53.9 52.0 53.8 Basic earnings per share: Continuing operations $ 1.42 $ 1.08 $ 2.73 $ 1.89 Discontinued operations — 0.13 (0.01) 0.24 $ 1.42 $ 1.21 $ 2.72 $ 2.13 Diluted earnings per share: Continuing operations $ 1.41 $ 1.06 $ 2.70 $ 1.86 Discontinued operations — 0.13 (0.01) 0.24 $ 1.41 $ 1.19 $ 2.69 $ 2.10

Segment Reporting (Notes)

Segment Reporting (Notes)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting Disclosure	ASGN provides IT services and solutions and creative digital marketing services 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. The Commercial Segment provides IT services and solutions, and creative digital marketing 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 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Commercial Revenues $ 850.6 $ 712.5 $ 1,683.5 $ 1,361.7 Gross profit 281.7 228.3 554.3 426.9 Operating income 106.0 89.6 211.0 160.1 Depreciation 3.5 3.4 7.1 7.0 Amortization 5.6 5.6 11.3 11.3 Federal Government Revenues $ 291.2 $ 262.4 $ 549.3 $ 520.2 Gross profit 62.3 48.0 116.3 93.1 Operating income 25.7 18.7 42.7 33.4 Depreciation 1.4 2.2 2.9 4.6 Amortization 7.9 6.4 16.2 12.7 Consolidated Revenues $ 1,141.8 $ 974.9 $ 2,232.8 $ 1,881.9 Gross profit 344.0 276.3 670.6 520.0 Operating income 110.1 87.9 210.7 155.3 Depreciation 6.1 7.1 12.3 14.6 Amortization 13.5 12.0 27.4 24.0 _______ Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These include stock-based compensation expense, depreciation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses and public company expenses. 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. Revenues by segment and by type are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Commercial Assignment $ 628.4 $ 568.1 $ 1,256.6 $ 1,099.8 Consulting 222.2 144.4 426.9 261.9 850.6 712.5 1,683.5 1,361.7 Federal Government Firm-fixed-price 74.3 62.0 151.2 122.6 Time and materials 117.8 100.2 224.8 190.9 Cost reimbursable 99.1 100.2 173.3 206.7 291.2 262.4 549.3 520.2 Consolidated $ 1,141.8 $ 974.9 $ 2,232.8 $ 1,881.9 Federal Government Segment revenues by customer type are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Department of Defense and Intelligence Agencies $ 159.3 $ 141.6 $ 292.9 $ 284.9 Federal Civilian 120.7 98.8 237.1 191.4 Other 11.2 22.0 19.3 43.9 $ 291.2 $ 262.4 $ 549.3 $ 520.2

Fair Value Measurements (Note)

Fair Value Measurements (Note)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 was $1.0 billion (see Note 5. Long-Term Debt ) and its fair value was $1.0 billion, which was determined using quoted prices in active markets for identical liabilities (Level 1 inputs). Certain acquisitions contain provisions requiring the Company to pay contingent consideration in the event the acquired business achieves certain specified earnings results in 2021 or obtains specified contract awards. Contingent consideration liabilities had a fair value of $15.1 million at December 31, 2021. In the six months ended June 30, 2022, $8.1 million of that liability was paid and is reflected in cash flows from financing activities in the accompanying condensed consolidated statement of cash flows and the remaining fair value was reduced to zero as a measurement period adjustment, with no effect on results of operations. There were no contingent consideration liabilities at June 30, 2022.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 6, 2022, the Company acquired GlideFast, an Elite ServiceNow provider, for total cash consideration of $350.0 million. The results of operations of GlideFast will be included in the Commercial Segment from the date of acquisition. On July 27, 2022, the Company's Board of Directors approved a new stock repurchase program under which the Company may repurchase up to $400.0 million of its common stock over the next two years. Under terms of the program, purchases can be made in the open market or under a Rule 10b5-1 trading plan. The stock repurchase program does not obligate the Company to acquire any particular amount of the Company's stock and may be suspended at any time at the Company's discretion. The new program replaces the Company's previous $350.0 million stock repurchase program.

Goodwill and Identifiable Ass_2

Goodwill and Identifiable Assets (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2020 (in millions). Commercial Federal Government Total Balance as of December 31, 2020 $ 778.6 $ 642.1 $ 1,420.7 2021 acquisitions 51.1 94.8 145.9 Purchase price adjustments — 3.3 3.3 Translation adjustment (0.4) — (0.4) Balance as of December 31, 2021 829.3 740.2 1,569.5 Purchase price adjustments 0.4 (8.5) (8.1) Translation adjustment (1.3) — (1.3) Balance as of June 30, 2022 $ 828.4 $ 731.7 $ 1,560.1 ________________________________ Approximately $127.2 million of the goodwill for the 2021 acquisitions is deductible for income tax purposes.
Schedule of Acquired Intangible Assets	Acquired identifiable intangible assets consisted of the following (in millions): June 30, 2022 December 31, 2021 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 $ 493.6 $ 283.8 $ 209.8 $ 493.9 $ 260.2 $ 233.7 Contractor relationships 4 45.5 45.5 — 45.5 45.5 — Contract Backlog 1 - 3 34.8 32.9 1.9 34.8 31.0 3.8 Non-compete agreements 1 - 7 29.4 23.2 6.2 29.4 21.6 7.8 603.3 385.4 217.9 603.6 358.3 245.3 Not subject to amortization: Trademarks 242.6 — 242.6 242.6 — 242.6 Total $ 845.9 $ 385.4 $ 460.5 $ 846.2 $ 358.3 $ 487.9
Schedule of Estimated Future Amortization Expense	Estimated future amortization expense follows (in millions): Remainder of 2022 $ 27.0 2023 44.5 2024 35.2 2025 28.7 2026 25.1 Thereafter 57.4 $ 217.9

Discontinued Operations and D_2

Discontinued Operations and Disposal Groups (Tables)	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	There were no significant operating results from discontinued operations subsequent to December 31, 2021. The following table summarizes the results of operations of the Oxford business (in millions): Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 Revenues $ 134.1 $ 252.8 Costs of services 92.6 174.0 Gross profit 41.5 78.8 Selling, general and administrative expenses 32.9 62.5 Amortization of intangible assets 0.1 0.3 Income before income taxes 8.5 16.0 Provision for income taxes 1.6 3.2 Income from discontinued operations, net of income taxes $ 6.9 $ 12.8 During the six months ended June 30, 2022, the Company received $9.8 million related to the finalization of the purchase price, which mainly related to the settlement of net working capital. The following table provides select cash flow information related to the Oxford business for the six months ended June 30, 2021 (in millions): Net cash provided by operating activities $ 11.5 Net cash used in investing activities $ (3.2)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in millions): June 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 (6.3) (6.9) $ 1,034.5 $ 1,033.9

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Income from continuing operations $ 72.6 $ 57.3 $ 140.2 $ 100.1 Income (loss) from discontinued operations, net of income taxes (0.1) 6.9 (0.9) 12.8 Net income $ 72.5 $ 64.2 $ 139.3 $ 112.9 Weighted-average number of common shares outstanding — basic 51.0 53.2 51.3 53.1 Dilutive effect of common share equivalents 0.6 0.7 0.7 0.7 Weighted-average number of common shares and share equivalents outstanding — diluted 51.6 53.9 52.0 53.8 Basic earnings per share: Continuing operations $ 1.42 $ 1.08 $ 2.73 $ 1.89 Discontinued operations — 0.13 (0.01) 0.24 $ 1.42 $ 1.21 $ 2.72 $ 2.13 Diluted earnings per share: Continuing operations $ 1.41 $ 1.06 $ 2.70 $ 1.86 Discontinued operations — 0.13 (0.01) 0.24 $ 1.41 $ 1.19 $ 2.69 $ 2.10

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Commercial Revenues $ 850.6 $ 712.5 $ 1,683.5 $ 1,361.7 Gross profit 281.7 228.3 554.3 426.9 Operating income 106.0 89.6 211.0 160.1 Depreciation 3.5 3.4 7.1 7.0 Amortization 5.6 5.6 11.3 11.3 Federal Government Revenues $ 291.2 $ 262.4 $ 549.3 $ 520.2 Gross profit 62.3 48.0 116.3 93.1 Operating income 25.7 18.7 42.7 33.4 Depreciation 1.4 2.2 2.9 4.6 Amortization 7.9 6.4 16.2 12.7 Consolidated Revenues $ 1,141.8 $ 974.9 $ 2,232.8 $ 1,881.9 Gross profit 344.0 276.3 670.6 520.0 Operating income 110.1 87.9 210.7 155.3 Depreciation 6.1 7.1 12.3 14.6 Amortization 13.5 12.0 27.4 24.0 _______ Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These include stock-based compensation expense, depreciation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses and public company expenses.
Disaggregation of Revenue	Revenues by segment and by type are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Commercial Assignment $ 628.4 $ 568.1 $ 1,256.6 $ 1,099.8 Consulting 222.2 144.4 426.9 261.9 850.6 712.5 1,683.5 1,361.7 Federal Government Firm-fixed-price 74.3 62.0 151.2 122.6 Time and materials 117.8 100.2 224.8 190.9 Cost reimbursable 99.1 100.2 173.3 206.7 291.2 262.4 549.3 520.2 Consolidated $ 1,141.8 $ 974.9 $ 2,232.8 $ 1,881.9
Revenue from External Customers by Products and Services	Federal Government Segment revenues by customer type are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Department of Defense and Intelligence Agencies $ 159.3 $ 141.6 $ 292.9 $ 284.9 Federal Civilian 120.7 98.8 237.1 191.4 Other 11.2 22.0 19.3 43.9 $ 291.2 $ 262.4 $ 549.3 $ 520.2

Acquisitions Business Combinati

Acquisitions Business Combinations Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Series of Individually Immaterial Business Acquisitions
Acquired Indefinite-lived Intangible Assets [Line Items]
Payments to Acquire Businesses, Gross	$ 221.3

Goodwill and Identifiable Ass_3

Goodwill and Identifiable Assets (Goodwill) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Gross goodwill	$ 1,560.1	$ 1,569.5	$ 1,420.7
Goodwill, Purchase Accounting Adjustments	(8.1)	3.3
Translation adjustment	(1.3)	(0.4)
Federal Government Business
Goodwill [Roll Forward]
Gross goodwill	731.7	740.2	642.1
Goodwill, Purchase Accounting Adjustments	(8.5)	3.3
Translation adjustment	0	0
Commercial Business
Goodwill [Roll Forward]
Gross goodwill	828.4	829.3	$ 778.6
Goodwill, Purchase Accounting Adjustments	0.4	0
Translation adjustment	$ (1.3)	(0.4)
2020 Acquisitions
Goodwill [Roll Forward]
Business Acquisition, Goodwill, Expected Tax Deductible Amount		127.2
2021 Acquisitions
Goodwill [Roll Forward]
Goodwill, Acquired During Period		145.9
2021 Acquisitions | Federal Government Business
Goodwill [Roll Forward]
Goodwill, Acquired During Period		94.8
2021 Acquisitions | Commercial Business
Goodwill [Roll Forward]
Goodwill, Acquired During Period		$ 51.1

Goodwill and Identifiable Ass_4

Goodwill and Identifiable Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible assets subject to amortization:
Gross Carrying Amount	$ 603.3	$ 603.6
Accumulated Amortization	385.4	358.3
Net Carrying Amount	217.9	245.3
Intangible assets not subject to amortization:
Trademarks, Carrying Amount	242.6	242.6
Intangible Assets, Gross (Excluding Goodwill)	845.9	846.2
Intangible Assets, Net (Excluding Goodwill), Total	460.5	487.9
Customer and Contractual Relationships
Intangible assets subject to amortization:
Accumulated Amortization	283.8	260.2
Net Carrying Amount	209.8	233.7
Total
Other Finite-Lived Intangible Assets, Gross	$ 493.6	493.9
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	45.5
Net Carrying Amount	0	0
Total
Other Finite-Lived Intangible Assets, Gross	45.5	45.5
Backlog
Intangible assets subject to amortization:
Accumulated Amortization	32.9	31
Net Carrying Amount	1.9	3.8
Total
Other Finite-Lived Intangible Assets, Gross	$ 34.8	34.8
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	$ 23.2	21.6
Net Carrying Amount	6.2	7.8
Total
Other Finite-Lived Intangible Assets, Gross	$ 29.4	$ 29.4
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	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Amount	$ 217.9	$ 245.3
Remainder of 2022	27
2023	44.5
2024	35.2
2025	28.7
2026	25.1
Thereafter	$ 57.4

Discontinued Operations and D_3

Discontinued Operations and Disposal Groups - Narrative (Details) $ in Millions	Aug. 17, 2021 USD ($)
Assets and Liabilities Held for Sale and Discontinued Operation
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	$ 216.9
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	168.8
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 - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Results of Operations, Discontinued Operations
Income from discontinued operations, net of income taxes	$ (0.1)	$ 6.9	$ (0.9)	$ 12.8
Oxford Business | Discontinued Operations
Results of Operations, Discontinued Operations
Revenues		134.1		252.8
Costs of services		92.6		174
Gross profit		41.5		78.8
Selling, general and administrative expenses		32.9		62.5
Amortization of intangible assets		0.1		0.3
Income before income taxes		8.5		16
Provision for income taxes		1.6		3.2
Income from discontinued operations, net of income taxes		$ 6.9		$ 12.8

Discontinued Operations and D_5

Discontinued Operations and Disposal Groups - Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flow Information, Discontinued Operations
Cash received from sale of the Oxford business	$ 9.8	$ 0
Cash received from sale of discontinued operations		(3.2)
Oxford Business | Discontinued Operations
Cash Flow Information, Discontinued Operations
Net cash provided by operating activities		$ 11.5

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Nov. 22, 2019
Debt Instrument [Line Items]
Senior Notes	$ 550	$ 550	$ 550
Long-term Debt, Gross	1,040.8	1,040.8
Unamortized Debt Issuance Expense	6.3	6.9
Long-term debt	1,034.5	1,033.9
$490.8 Million Term B Loan Facility, due April 2025
Debt Instrument [Line Items]
Secured Debt	$ 490.8	$ 490.8

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) $ in Millions		3 Months Ended	6 Months Ended
	Aug. 17, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 22, 2019 USD ($)
Debt Instrument [Line Items]
Debt Covenant, Maximum Senior Secured Debt to EBIDTA Ratio [Abstract]		3.75	3.75
leverage ratio		0.91
Disposal Group, Including Discontinued Operations, Net Sale Proceeds	$ 400
Senior Notes		$ 550	$ 550	$ 550	$ 550
$250 Million Revolving Credit Facility, Due November 2024
Debt Instrument [Line Items]
Secured Debt					$ 250
$250 Million Revolving Credit Facility, Due November 2024 | Bank base rate [Member] | Minimum [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 | Bank base rate [Member] | Maximum [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 | London Interbank Offered Rate (LIBOR) | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.25%
$250 Million Revolving Credit Facility, Due November 2024 | London Interbank Offered Rate (LIBOR) | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.25%
$490.8 Million Term B Loan Facility, due April 2025
Debt Instrument [Line Items]
Secured Debt		$ 490.8	$ 490.8	$ 490.8
$490.8 Million Term B Loan Facility, due April 2025 | Bank base rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.75%
$490.8 Million Term B Loan Facility, due April 2025 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.75%
Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					4.625%

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Calculation of Basic and Diluted Earnings per Share [Abstract]
Net Income from Continuing Operations	$ 72.6	$ 57.3	$ 140.2	$ 100.1
Income from discontinued operations, net of income taxes	(0.1)	6.9	(0.9)	12.8
Net income	72.5	64.2	139.3	$ 112.9
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	$ 72.5	$ 64.2	$ 139.3
Weighted-average number of common shares outstanding — basic	51	53.2	51.3	53.1
Dilutive effect of common share equivalents	0.6	0.7	0.7	0.7
Weighted-average number of common shares and share equivalents outstanding — diluted	51.6	53.9	52	53.8
Continuing operations	$ 1.42	$ 1.08	$ 2.73	$ 1.89
Basic earnings per share:	1.42	1.21	2.72	2.13
Continuing operations	1.41	1.06	2.70	1.86
Discontinued operations	0	0.13	(0.01)	0.24
Diluted earnings per share:	$ 1.41	$ 1.19	$ 2.69	$ 2.10

Segment Reporting (Segment Repo

Segment Reporting (Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Revenues	$ 1,141.8	$ 974.9	$ 2,232.8	$ 1,881.9
Gross Profit:
Total Gross Profit	344	276.3	670.6	520
Operating Income (Loss):
Total Operating Income	110.1	87.9	210.7	155.3
Depreciation	6.1	7.1	12.3	14.6
Amortization of intangible assets	13.5	12	27.4	24
Commercial Business
Revenues:
Revenues	850.6	712.5	1,683.5	1,361.7
Gross Profit:
Total Gross Profit	281.7	228.3	554.3	426.9
Operating Income (Loss):
Total Operating Income	106	89.6	211	160.1
Depreciation	3.5	3.4	7.1	7
Amortization of intangible assets	5.6	5.6	11.3	11.3
Federal Government Business
Revenues:
Revenues	291.2	262.4	549.3	520.2
Gross Profit:
Total Gross Profit	62.3	48	116.3	93.1
Operating Income (Loss):
Total Operating Income	25.7	18.7	42.7	33.4
Depreciation	1.4	2.2	2.9	4.6
Amortization of intangible assets	7.9	6.4	16.2	12.7
Assignment | Commercial Business
Revenues:
Revenues	628.4	568.1	1,256.6	1,099.8
Consulting | Commercial Business
Revenues:
Revenues	222.2	144.4	426.9	261.9
Firm-fixed-price | Federal Government Business
Revenues:
Revenues	74.3	62	151.2	122.6
Time and materials | Federal Government Business
Revenues:
Revenues	117.8	100.2	224.8	190.9
Cost reimbursable | Federal Government Business
Revenues:
Revenues	$ 99.1	$ 100.2	$ 173.3	$ 206.7

Segment Reporting Revenue by Cu

Segment Reporting Revenue by Customer Type (details) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from External Customer [Line Items]
Revenues	$ 1,141.8	$ 974.9	$ 2,232.8	$ 1,881.9
Department of Defense and Intelligence Agencies
Revenue from External Customer [Line Items]
Revenues	159.3	141.6	292.9	284.9
Federal Civilian
Revenue from External Customer [Line Items]
Revenues	120.7	98.8	237.1	191.4
Other
Revenue from External Customer [Line Items]
Revenues	$ 11.2	$ 22	$ 19.3	$ 43.9

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value Inputs, Liabilities, Quantitative Information
Long-term Debt, Gross	$ 1,040.8	$ 1,040.8
Long-term debt	1,034.5	1,033.9
Long-term debt, fair value	1,000
Business Combination, Contingent Consideration, Liability, Noncurrent	0	$ 15.1
Payment for Contingent Consideration Liability, Financing Activities	$ 8.1
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

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Jul. 06, 2022	Jul. 27, 2022	Dec. 09, 2021
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount			$ 350
Subsequent Event
Subsequent Event [Line Items]
Business Combination, Price of Acquisition, Expected	$ 350
Stock Repurchase Program, Authorized Amount		$ 400