Document and Entity Information
Document and Entity Information - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
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) | 45.9 | |
Entity Central Index Key | 0000890564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 158.4 | $ 175.9 |
Accounts receivable, net | 725.3 | 741.5 |
Prepaid expenses and income taxes | 30.6 | 36.8 |
Other current assets | 19.1 | 19.1 |
Total current assets | 933.4 | 973.3 |
Property and equipment, net | 82.9 | 81.4 |
Operating lease right-of-use assets | 63.3 | 64.2 |
Identifiable intangible assets, net | 482.8 | 497.9 |
Goodwill | 1,894.1 | 1,894.1 |
Other non-current assets | 32.3 | 33.7 |
Total assets | 3,488.8 | 3,544.6 |
Current liabilities: | ||
Accounts payable | 25.9 | 34 |
Accrued payroll | 232.7 | 236.5 |
Operating lease liabilities | 20.5 | 19.5 |
Other current liabilities | 92.6 | 104.1 |
Total current liabilities | 371.7 | 394.1 |
Long-term debt | 1,036.3 | 1,036.6 |
Operating lease liabilities | 46.8 | 49.1 |
Deferred income tax liabilities | 156 | 156 |
Other long-term liabilities | 16.6 | 16.7 |
Total liabilities | 1,627.4 | 1,652.5 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 0.5 | 0.5 |
Paid-in capital | 695.7 | 696 |
Retained earnings | 1,165.4 | 1,195.6 |
Accumulated other comprehensive loss | (0.2) | 0 |
Total stockholders’ equity | 1,861.4 | 1,892.1 |
Total liabilities and stockholders’ equity | $ 3,488.8 | $ 3,544.6 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 75,000 | 75,000 |
Common stock, shares outstanding (in shares) | 46,200 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 1,049 | $ 1,128.8 |
Cost of services | 752.8 | 802.4 |
Gross profit | 296.2 | 326.4 |
Selling, general and administrative expenses | 210.2 | 224.1 |
Amortization of intangible assets | 15.1 | 18.1 |
Operating income | 70.9 | 84.2 |
Interest expense | (17.6) | (15.4) |
Income before Income Taxes | 53.3 | 68.8 |
Provision for income taxes | 15.2 | 19.3 |
Net income | $ 38.1 | $ 49.5 |
Basic | ||
Basic earnings per share | $ 0.82 | $ 1 |
Diluted | ||
Diluted earnings per share | $ 0.81 | $ 0.99 |
Number of shares and share equivalents used to calculate earnings per share: | ||
Weighted-average number of common shares outstanding - basic | 46.5 | 49.3 |
Diluted | 46.9 | 49.8 |
Reconciliation of net income to comprehensive income: | ||
Net income | $ 38.1 | $ 49.5 |
Foreign currency translation adjustment | (0.2) | 1 |
Comprehensive income | $ 37.9 | $ 50.5 |
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 |
Shares Outstanding at Dec. 31, 2022 | 49.5 | ||||
Total stockholders’ equity at Dec. 31, 2022 | $ 1,901.3 | $ 0.5 | $ 703.5 | $ 1,200 | $ (2.7) |
Stock-based compensation expense | 12.1 | 12.1 | |||
Employee stock purchase plan, shares | 0.2 | ||||
Employee stock purchase plan, value | 11.1 | 11.1 | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (4.2) | (4.2) | |||
Vesting of restricted stock units, shares | 0 | ||||
Stock Repurchased and Retired During Period, Shares | (0.5) | ||||
Stock Repurchased and Retired During Period, Value | (47.3) | (8.1) | (39.2) | ||
Foreign currency translation adjustments | 1 | 1 | |||
Net income | 49.5 | 49.5 | |||
Shares Outstanding at Mar. 31, 2023 | 49.2 | ||||
Total stockholders’ equity at Mar. 31, 2023 | 1,923.5 | $ 0.5 | 714.4 | 1,210.3 | (1.7) |
Shares Outstanding at Dec. 31, 2023 | 46.7 | ||||
Total stockholders’ equity at Dec. 31, 2023 | 1,892.1 | $ 0.5 | 696 | 1,195.6 | 0 |
Stock-based compensation expense | 11.7 | 11.7 | |||
Employee stock purchase plan, shares | 0.3 | ||||
Employee stock purchase plan, value | 9.5 | 9.5 | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (8.5) | (8.5) | |||
Vesting of restricted stock units, shares | 0 | ||||
Stock Repurchased and Retired During Period, Shares | (0.8) | ||||
Stock Repurchased and Retired During Period, Value | (81.3) | (13) | (68.3) | ||
Foreign currency translation adjustments | (0.2) | (0.2) | |||
Net income | 38.1 | 38.1 | |||
Shares Outstanding at Mar. 31, 2024 | 46.2 | ||||
Total stockholders’ equity at Mar. 31, 2024 | $ 1,861.4 | $ 0.5 | $ 695.7 | $ 1,165.4 | $ (0.2) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income | $ 38.1 | $ 49.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization and depreciation | 24.5 | 24.9 |
Stock-based compensation | 11.7 | 12.1 |
Other | 3.1 | 1.5 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 15.2 | 31 |
Prepaid expenses and income taxes | 6 | 16.5 |
Accounts payable | (6.8) | (1.2) |
Accrued payroll | (4) | (33.8) |
Other | (14.5) | (20) |
Net cash provided by operating activities | 73.3 | 80.5 |
Cash Flows from Investing Activities | ||
Cash paid for property and equipment | (10.8) | (11.7) |
Other | 0 | (0.6) |
Net cash used in investing activities | (10.8) | (12.3) |
Cash Flows from Financing Activities | ||
Proceeds from long-term debt | 0 | 36 |
Principal payments of long-term debt | (1.3) | (67.5) |
Proceeds from employee stock purchase plan | 9.5 | 11.1 |
Repurchase of common stock | (79.7) | (48.8) |
Payment of employment taxes related to release of restricted stock awards | (8.5) | (4.2) |
Net cash used in financing activities | (80) | (73.4) |
Effect of exchange rate changes on cash and cash equivalents | 0 | (0.1) |
Net Decrease in Cash and Cash Equivalents | (17.5) | (5.3) |
Cash and Cash Equivalents at Beginning of Year | 175.9 | 70.3 |
Cash and Cash Equivalents at End of Period | 158.4 | 65 |
Supplemental Disclosure of Cash Flow Information | ||
Income taxes | 1.5 | 2 |
Interest | 9.8 | 8.6 |
Operating leases | 6.3 | 6.6 |
Noncash transactions — | ||
Operating lease right of use assets obtained in exchange for operating lease liabilities | $ 4.1 | $ 7.7 |
General (Notes)
General (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Presentation | General Basis of Presentation |
Goodwill and Identifiable Asset
Goodwill and Identifiable Assets (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Goodwill by reportable segment is as follows (in millions): Commercial Federal Government Total Balance at March 31, 2024 and December 31, 2023 $ 1,075.8 $ 818.3 $ 1,894.1 Acquired identifiable intangible assets consisted of the following (in millions): March 31, 2024 December 31, 2023 Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Subject to amortization: Customer and contractual relationships 7 - 13 $ 496.0 $ 296.0 $ 200.0 $ 496.0 $ 282.0 $ 214.0 Non-compete agreements 2 - 7 29.3 19.3 10.0 29.3 18.2 11.1 525.3 315.3 210.0 525.3 300.2 225.1 Not subject to amortization: Trademarks 272.8 — 272.8 272.8 — 272.8 $ 798.1 $ 315.3 $ 482.8 $ 798.1 $ 300.2 $ 497.9 Estimated future amortization expense is as follows (in millions): Remainder of 2024 $ 43.0 2025 48.8 2026 41.8 2027 32.0 2028 21.2 Thereafter 23.2 $ 210.0 |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following (in millions): March 31, December 31, Senior Secured Credit Facility: $500 million revolving credit facility, due 2028 $ — $ — Term loan B, due 2030 497.5 498.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,047.5 1,048.8 Unamortized deferred loan costs (6.2) (7.2) Term loan B, principal payments due in the next 12 months (5.0) (5.0) Long-term debt $ 1,036.3 $ 1,036.6 __________ The Company is required to make quarterly minimum principal payments totaling $5.0 million annually on the term loan until its maturity date; this amount is included in other current liabilities on the accompanying condensed consolidated balance sheets. Taking into consideration the $5.0 million annual required principal payments, the balance due at maturity will be $466.3 million. Senior Secured Credit Facility — In March 2024, the Company amended its senior secured credit facility (the "facility") with a 50-basis point reduction in the term loan B ("term loan") interest rate. As a result, borrowings under the $497.5 million term loan bear interest, at the Company's election, at (i) the secured overnight financing rate ("SOFR") plus 1.75 percent, or (ii) the bank’s base rate plus 1.00 percent. Related to the debt amendment there were $0.9 million of costs. The Company accounted for the debt amendment as a modification and, accordingly, these costs were expensed as incurred. There was an insignificant amount of previously capitalized costs that were written off. Borrowings under the $500.0 million revolving credit facility (the "revolver") bear interest, at the Company's election, at (i) SOFR plus a 10 basis points adjustment plus 2.00 to 3.00 percent, or (ii) the bank’s base rate plus 1.00 to 2.00 percent, depending on leverage levels. A commitment fee of 0.30 to 0.45 percent is payable on the undrawn portion of the revolver. The facility is subject to various restrictive covenants including, when amounts are drawn under the revolver, a maximum ratio of senior secured debt to trailing-twelve-months of lender-defined consolidated EBITDA of 3.75 to 1, which was 0.99 to 1 at March 31, 2024. The facility is secured by substantially all of the Company's assets and at March 31, 2024, the Company was in compliance with its debt covenants. Unsecured Senior Notes |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per Share The following is a reconciliation of the number of shares and share equivalents used to calculate basic and diluted earnings per share (in millions, except per share data). Three Months Ended March 31, 2024 2023 Net income $ 38.1 $ 49.5 Weighted-average number of common shares outstanding - basic 46.5 49.3 Dilutive effect of common share equivalents 0.4 0.5 Weighted-average number of common shares and share equivalents outstanding - diluted 46.9 49.8 Basic earnings per share $ 0.82 $ 1.00 Diluted earnings per share $ 0.81 $ 0.99 |
Segment Reporting (Notes)
Segment Reporting (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment Reporting ASGN provides information technology ("IT") services and professional solutions across the commercial and government sectors. ASGN operates through two segments, Commercial and Federal Government. The Commercial Segment, which is the largest segment, provides consulting, creative digital marketing, and permanent placement services primarily to large mid-market and Fortune 1000 companies. The Federal Government Segment provides mission-critical solutions to the Department of Defense, the intelligence community, and federal civilian agencies. Virtually all of the Company's revenues are generated in the United States. 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 March 31, 2024 2023 Commercial Revenues $ 731.5 $ 832.1 Gross profit 233.8 262.4 Operating income 68.8 83.9 Depreciation and other amortization 7.2 4.6 Amortization of intangible assets 7.7 8.8 Federal Government Revenues $ 317.5 $ 296.7 Gross profit 62.4 64.0 Operating income 23.0 22.6 Depreciation and other amortization 1.7 1.4 Amortization of intangible assets 7.4 9.3 Consolidated Revenues $ 1,049.0 $ 1,128.8 Gross profit 296.2 326.4 Operating income 70.9 84.2 Depreciation and other amortization 9.4 6.8 Amortization of intangible assets 15.1 18.1 _______ Depreciation and other amortization includes $1.3 million amortization related to capitalized cloud-based application implementation costs in the three months ended March 31, 2024. 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. Revenues by segment and by type are as follows (in millions): Three Months Ended March 31, 2024 2023 Commercial Assignment $ 454.5 $ 560.4 Consulting 277.0 271.7 731.5 832.1 Federal Government Firm-fixed-price 89.2 92.8 Time and materials 131.2 121.9 Cost reimbursable 97.1 82.0 317.5 296.7 Consolidated $ 1,049.0 $ 1,128.8 Federal Government Segment revenues by customer type are as follows (in millions): Three Months Ended March 31, 2024 2023 Department of Defense and Intelligence Agencies $ 150.1 $ 132.9 Federal Civilian 157.8 153.1 Other 9.6 10.7 $ 317.5 $ 296.7 |
Fair Value Measurements (Note)
Fair Value Measurements (Note) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements Recurring Fair Value Measurements — The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued payroll approximate their fair value based on their short-term nature. 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 months ended March 31, 2024. The carrying amount of long-term debt recorded in the Company’s accompanying condensed consolidated balance sheet at March 31, 2024 was $1.0 billion (see Note 3. Long-Term Debt ) and its fair value, determined using quoted prices in active markets for identical liabilities (Level 1 inputs), was slightly less than the carrying value. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 38.1 | $ 49.5 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Goodwill and Identifiable Ass_2
Goodwill and Identifiable Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill by reportable segment is as follows (in millions): Commercial Federal Government Total Balance at March 31, 2024 and December 31, 2023 $ 1,075.8 $ 818.3 $ 1,894.1 |
Schedule of Acquired Intangible Assets | Acquired identifiable intangible assets consisted of the following (in millions): March 31, 2024 December 31, 2023 Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Subject to amortization: Customer and contractual relationships 7 - 13 $ 496.0 $ 296.0 $ 200.0 $ 496.0 $ 282.0 $ 214.0 Non-compete agreements 2 - 7 29.3 19.3 10.0 29.3 18.2 11.1 525.3 315.3 210.0 525.3 300.2 225.1 Not subject to amortization: Trademarks 272.8 — 272.8 272.8 — 272.8 $ 798.1 $ 315.3 $ 482.8 $ 798.1 $ 300.2 $ 497.9 |
Schedule of Estimated Future Amortization Expense | Estimated future amortization expense is as follows (in millions): Remainder of 2024 $ 43.0 2025 48.8 2026 41.8 2027 32.0 2028 21.2 Thereafter 23.2 $ 210.0 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following (in millions): March 31, December 31, Senior Secured Credit Facility: $500 million revolving credit facility, due 2028 $ — $ — Term loan B, due 2030 497.5 498.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,047.5 1,048.8 Unamortized deferred loan costs (6.2) (7.2) Term loan B, principal payments due in the next 12 months (5.0) (5.0) Long-term debt $ 1,036.3 $ 1,036.6 __________ The Company is required to make quarterly minimum principal payments totaling $5.0 million annually on the term loan until its maturity date; this amount is included in other current liabilities on the accompanying condensed consolidated balance sheets. Taking into consideration the $5.0 million annual required principal payments, the balance due at maturity will be $466.3 million. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | (in millions, except per share data). Three Months Ended March 31, 2024 2023 Net income $ 38.1 $ 49.5 Weighted-average number of common shares outstanding - basic 46.5 49.3 Dilutive effect of common share equivalents 0.4 0.5 Weighted-average number of common shares and share equivalents outstanding - diluted 46.9 49.8 Basic earnings per share $ 0.82 $ 1.00 Diluted earnings per share $ 0.81 $ 0.99 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended March 31, 2024 2023 Commercial Revenues $ 731.5 $ 832.1 Gross profit 233.8 262.4 Operating income 68.8 83.9 Depreciation and other amortization 7.2 4.6 Amortization of intangible assets 7.7 8.8 Federal Government Revenues $ 317.5 $ 296.7 Gross profit 62.4 64.0 Operating income 23.0 22.6 Depreciation and other amortization 1.7 1.4 Amortization of intangible assets 7.4 9.3 Consolidated Revenues $ 1,049.0 $ 1,128.8 Gross profit 296.2 326.4 Operating income 70.9 84.2 Depreciation and other amortization 9.4 6.8 Amortization of intangible assets 15.1 18.1 _______ Depreciation and other amortization includes $1.3 million amortization related to capitalized cloud-based application implementation costs in the three months ended March 31, 2024. 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 March 31, 2024 2023 Commercial Assignment $ 454.5 $ 560.4 Consulting 277.0 271.7 731.5 832.1 Federal Government Firm-fixed-price 89.2 92.8 Time and materials 131.2 121.9 Cost reimbursable 97.1 82.0 317.5 296.7 Consolidated $ 1,049.0 $ 1,128.8 |
Revenue from External Customers by Products and Services | Federal Government Segment revenues by customer type are as follows (in millions): Three Months Ended March 31, 2024 2023 Department of Defense and Intelligence Agencies $ 150.1 $ 132.9 Federal Civilian 157.8 153.1 Other 9.6 10.7 $ 317.5 $ 296.7 |
Goodwill and Identifiable Ass_3
Goodwill and Identifiable Assets (Goodwill) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Goodwill [Roll Forward] | |
Gross goodwill | $ 1,894.1 |
Commercial Business | |
Goodwill [Roll Forward] | |
Gross goodwill | 1,075.8 |
Federal Government Business | |
Goodwill [Roll Forward] | |
Gross goodwill | $ 818.3 |
Goodwill and Identifiable Ass_4
Goodwill and Identifiable Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible assets subject to amortization: | ||
Other Finite-Lived Intangible Assets, Gross | $ 525.3 | $ 525.3 |
Accumulated Amortization | 315.3 | 300.2 |
Net Carrying Amount | 210 | 225.1 |
Intangible assets not subject to amortization: | ||
Trademarks, Carrying Amount | 272.8 | 272.8 |
Intangible Assets, Gross (Excluding Goodwill) | 798.1 | 798.1 |
Identifiable intangible assets, net | 482.8 | 497.9 |
Customer and Contractual Relationships | ||
Intangible assets subject to amortization: | ||
Other Finite-Lived Intangible Assets, Gross | 496 | 496 |
Accumulated Amortization | 296 | 282 |
Net Carrying Amount | $ 200 | 214 |
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 | |
Backlog | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Backlog | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Noncompete Agreements | ||
Intangible assets subject to amortization: | ||
Other Finite-Lived Intangible Assets, Gross | $ 29.3 | 29.3 |
Accumulated Amortization | 19.3 | 18.2 |
Net Carrying Amount | $ 10 | $ 11.1 |
Goodwill and Identifiable Ass_5
Goodwill and Identifiable Assets (Future Amortization Expense) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Net Carrying Amount | $ 210 | $ 225.1 |
Remainder of 2024 | 43 | |
2025 | 48.8 | |
2026 | 41.8 | |
2027 | 32 | |
2028 | 21.2 | |
Thereafter | $ 23.2 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Aug. 31, 2023 | Nov. 22, 2019 |
Debt Instrument [Line Items] | ||||
Long-Term Line of Credit | $ 0 | $ 0 | ||
Senior Notes | 550 | 550 | $ 550 | |
Long-term Debt, Gross | 1,047.5 | 1,048.8 | ||
Unamortized Debt Issuance Expense | 6.2 | 7.2 | ||
Long-Term Debt, Maturities, Repayments of Principal in Next Rolling 12 Months | (5) | (5) | ||
Long-term debt | 1,036.3 | 1,036.6 | ||
Principal due at maturity | 466.3 | |||
Term B Loan Facility, due August 2030 | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 497.5 | $ 498.8 | $ 497.5 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | Nov. 22, 2019 USD ($) | |
Debt Instrument [Line Items] | ||||
Debt Covenant, Maximum Senior Secured Debt to EBIDTA Ratio [Abstract] | 3.75 | |||
leverage ratio | 0.99 | |||
Senior Notes | $ 550 | $ 550 | $ 550 | |
Long-Term Line of Credit | 0 | 0 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||
Term B Loan Facility, due August 2030 | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 497.5 | $ 498.8 | $ 497.5 | |
Debt Instrument, Fee | 0.9 million | |||
Debt Instrument, Fee | 0.9 million | |||
Term B Loan Facility, due August 2030 | Bank base rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Term B Loan Facility, due August 2030 | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
$500 Million Revolving Credit Facility, Due February 2028 | ||||
Debt Instrument [Line Items] | ||||
Long-Term Line of Credit | $ 500 | |||
$500 Million Revolving Credit Facility, Due February 2028 | Bank base rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||
$500 Million Revolving Credit Facility, Due February 2028 | Bank base rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% | |||
$500 Million Revolving Credit Facility, Due February 2028 | Secured Overnight Financing Rate (SOFR) | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
$500 Million Revolving Credit Facility, Due February 2028 | Secured Overnight Financing Rate (SOFR) | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||
$500 Million Revolving Credit Facility, Due February 2028 | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Calculation of Basic and Diluted Earnings per Share [Abstract] | ||
Net income | $ 38.1 | $ 49.5 |
Weighted-average number of common shares outstanding - basic | 46.5 | 49.3 |
Dilutive effect of common share equivalents | 0.4 | 0.5 |
Weighted-average number of common shares and share equivalents outstanding - diluted | 46.9 | 49.8 |
Basic earnings per share | $ 0.82 | $ 1 |
Diluted earnings per share | $ 0.81 | $ 0.99 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Revenues | $ 1,049,000 | $ 1,128,800 |
Gross Profit: | ||
Total Gross Profit | 296,200 | 326,400 |
Operating Income (Loss): | ||
Total Operating Income | 70,900 | 84,200 |
Depreciation | 9,400 | 6,800 |
Amortization of intangible assets | 15,100 | 18,100 |
Cloud Based Application | ||
Operating Income (Loss): | ||
Amortization of intangible assets | 1,300 | |
Commercial Business | ||
Revenues: | ||
Revenues | 731,500 | 832,100 |
Gross Profit: | ||
Total Gross Profit | 233,800 | 262,400 |
Operating Income (Loss): | ||
Total Operating Income | 68,800 | 83,900 |
Depreciation | 7,200 | 4,600 |
Amortization of intangible assets | 7,700 | 8,800 |
Federal Government Business | ||
Revenues: | ||
Revenues | 317,500 | 296,700 |
Gross Profit: | ||
Total Gross Profit | 62,400 | 64,000 |
Operating Income (Loss): | ||
Total Operating Income | 23,000 | 22,600 |
Depreciation | 1,700 | 1,400 |
Amortization of intangible assets | 7,400 | 9,300 |
Assignment | Commercial Business | ||
Revenues: | ||
Revenues | 454,500 | 560,400 |
Consulting | Commercial Business | ||
Revenues: | ||
Revenues | 277,000 | 271,700 |
Firm-fixed-price | Federal Government Business | ||
Revenues: | ||
Revenues | 89,200 | 92,800 |
Time and materials | Federal Government Business | ||
Revenues: | ||
Revenues | 131,200 | 121,900 |
Cost reimbursable | Federal Government Business | ||
Revenues: | ||
Revenues | $ 97,100 | $ 82,000 |
Segment Reporting Revenue by Cu
Segment Reporting Revenue by Customer Type (details) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from External Customer [Line Items] | ||
Revenues | $ 1,049 | $ 1,128.8 |
Department of Defense and Intelligence Agencies | ||
Revenue from External Customer [Line Items] | ||
Revenues | 150.1 | 132.9 |
Federal Civilian | ||
Revenue from External Customer [Line Items] | ||
Revenues | 157.8 | 153.1 |
Other | ||
Revenue from External Customer [Line Items] | ||
Revenues | $ 9.6 | $ 10.7 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Inputs, Liabilities, Quantitative Information | ||
Long-term Debt, Gross | $ 1,047.5 | $ 1,048.8 |
Long-term debt | $ 1,036.3 | $ 1,036.6 |
Fair Value, Inputs, Level 1 | ||
Fair Value Inputs, Liabilities, Quantitative Information | ||
Fair value level 1 inputs | Level 1 inputs |