ASGN (ASGN) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2024	Jul. 26, 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)		44.8
Entity Central Index Key	0000890564
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Period End Date	Jun. 30, 2024

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 132.2	$ 175.9
Accounts receivable, net	721.4	741.5
Prepaid expenses and income taxes	42.8	36.8
Other current assets	17.5	19.1
Total current assets	913.9	973.3
Property and equipment, net	79.1	81.4
Operating lease right-of-use assets	60.7	64.2
Identifiable intangible assets, net	467.7	497.9
Goodwill	1,893.7	1,894.1
Other non-current assets	35.7	33.7
Total assets	3,450.8	3,544.6
Current liabilities:
Accounts payable	22.7	34
Accrued payroll	233.4	236.5
Operating lease liabilities	19.8	19.5
Other current liabilities	114.2	104.1
Total current liabilities	390.1	394.1
Long-term debt	1,035.4	1,036.6
Operating lease liabilities	44.9	49.1
Deferred income tax liabilities	156.1	156
Other long-term liabilities	16.4	16.7
Total liabilities	1,642.9	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	687.2	696
Retained earnings	1,122.5	1,195.6
Accumulated other comprehensive loss	(2.3)	0
Total stockholders’ equity	1,807.9	1,892.1
Total liabilities and stockholders’ equity	$ 3,450.8	$ 3,544.6

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 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	1
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	75
Common stock, shares outstanding (in shares)	45.1

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 1,034.7	$ 1,130.9	$ 2,083.7	$ 2,259.7
Cost of services	733.6	804.6	1,486.4	1,607
Gross profit	301.1	326.3	597.3	652.7
Selling, general and administrative expenses	205.6	210.5	415.8	434.6
Amortization of intangible assets	15.1	17.9	30.2	36
Operating income	80.4	97.9	151.3	182.1
Interest expense	(15.8)	(15.8)	(33.4)	(31.2)
Income before Income Taxes	64.6	82.1	117.9	150.9
Provision for income taxes	17.4	22	32.6	41.3
Net income	$ 47.2	$ 60.1	$ 85.3	$ 109.6
Basic
Basic earnings per share	$ 1.03	$ 1.23	$ 1.85	$ 2.23
Diluted
Diluted earnings per share	$ 1.02	$ 1.22	$ 1.83	$ 2.21
Number of shares and share equivalents used to calculate earnings per share:
Weighted-average number of common shares outstanding - basic	45.7	49	46.1	49.1
Diluted	46.1	49.2	46.5	49.5
Reconciliation of net income to comprehensive income:
Net income	$ 47.2	$ 60.1	$ 85.3	$ 109.6
Foreign currency translation adjustment	2.1	1.4	2.3	2.4
Comprehensive income	$ 49.3	$ 61.5	$ 87.6	$ 112

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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	23.4		23.4
Employee stock purchase plan, shares		0.4
Employee stock purchase plan, value	11.1		11.1
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(14.2)		(14.2)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(1.4)
Stock Repurchased and Retired During Period, Value	(107)		(21)	(86)
Foreign currency translation adjustments	2.4				2.4
Net income	109.6			109.6
Shares Outstanding at Jun. 30, 2023		48.5
Total stockholders’ equity at Jun. 30, 2023	1,926.6	$ 0.5	702.8	1,223.6	(0.3)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11.3		11.3
Employee stock purchase plan, shares		0.2
Employee stock purchase plan, value	0
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(10)		(10)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(0.9)
Stock Repurchased and Retired During Period, Value	(59.7)		(12.9)	(46.8)
Foreign currency translation adjustments	1.4				1.4
Net income	60.1			60.1
Shares Outstanding at Jun. 30, 2023		48.5
Total stockholders’ equity at Jun. 30, 2023	1,926.6	$ 0.5	702.8	1,223.6	(0.3)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	22.7		22.7
Employee stock purchase plan, shares		0.4
Employee stock purchase plan, value	9.5		9.5
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(10)		(10)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(2)
Stock Repurchased and Retired During Period, Value	(189.4)		(31)	(158.4)
Foreign currency translation adjustments	(2.3)				(2.3)
Net income	85.3			85.3
Shares Outstanding at Jun. 30, 2024		45.1
Total stockholders’ equity at Jun. 30, 2024	1,807.9	$ 0.5	687.2	1,122.5	(2.3)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11		11
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(1.5)		(1.5)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(1.1)
Stock Repurchased and Retired During Period, Value	(108.1)		(18)	(90.1)
Foreign currency translation adjustments	(2.1)				(2.1)
Net income	47.2			47.2
Shares Outstanding at Jun. 30, 2024		45.1
Total stockholders’ equity at Jun. 30, 2024	$ 1,807.9	$ 0.5	$ 687.2	$ 1,122.5	$ (2.3)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income	$ 85.3	$ 109.6
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	49	49.8
Stock-based compensation	22.7	23.4
Other	5.6	3.4
Changes in operating assets and liabilities:
Accounts receivable	18	24.7
Prepaid expenses and income taxes	(6.2)	6.8
Accounts payable	(9.8)	(10.4)
Accrued payroll	(2.7)	(19.3)
Income taxes payable	11.2	16.1
Other	(9.1)	(11.1)
Net cash provided by operating activities	164	193
Cash Flows from Investing Activities
Cash paid for property and equipment	(16.1)	(22.9)
Other	0.1	(0.6)
Net cash used in investing activities	(16)	(23.5)
Cash Flows from Financing Activities
Proceeds from long-term debt	0	73
Principal payments of long-term debt	(2.5)	(104.5)
Proceeds from employee stock purchase plan	9.5	11.1
Repurchase of common stock	(187.7)	(106.4)
Payment of employment taxes related to release of restricted stock awards	(10)	(14.2)
Payment of contingent consideration	0	(5)
Net cash used in financing activities	(190.7)	(146)
Effect of exchange rate changes on cash and cash equivalents	(1)	0
Net Increase (Decrease) in Cash and Cash Equivalents	(43.7)	23.5
Cash and Cash Equivalents at Beginning of Year	175.9	70.3
Cash and Cash Equivalents at End of Period	132.2	93.8
Supplemental Disclosure of Cash Flow Information
Income taxes	13.1	8
Interest	31.8	30.1
Operating leases	12.2	13.2
Noncash transactions —
Operating lease right of use assets obtained in exchange for operating lease liabilities	$ 7.2	$ 13.9

General (Notes)

General (Notes)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Basis of Presentation

Goodwill and Identifiable Asset

Goodwill and Identifiable Assets (Notes)	6 Months Ended
	Jun. 30, 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 as of December 31, 2022 $ 1,074.7 $ 817.2 $ 1,891.9 Purchase price adjustment — 1.1 1.1 Translation adjustment 1.1 — 1.1 Balance as of December 31, 2023 1,075.8 818.3 1,894.1 Translation adjustment (0.4) — (0.4) Balance at June 30, 2024 $ 1,075.4 $ 818.3 $ 1,893.7 Acquired identifiable intangible assets consisted of the following (in millions): June 30, 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 $ 310.1 $ 185.9 $ 496.0 $ 282.0 $ 214.0 Non-compete agreements 2 - 7 29.3 20.3 9.0 29.3 18.2 11.1 525.3 330.4 194.9 525.3 300.2 225.1 Not subject to amortization: Trademarks 272.8 — 272.8 272.8 — 272.8 $ 798.1 $ 330.4 $ 467.7 $ 798.1 $ 300.2 $ 497.9 Estimated future amortization expense is as follows (in millions): Remainder of 2024 $ 27.9 2025 48.8 2026 41.8 2027 32.0 2028 21.2 Thereafter 23.2 $ 194.9

Long-Term Debt (Notes)

Long-Term Debt (Notes)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions): June 30, December 31, Senior Secured Credit Facility: $500 million revolving credit facility, due 2028 $ — $ — Term loan B, due 2030 496.3 498.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,046.3 1,048.8 Unamortized deferred loan costs (5.9) (7.2) Term loan B, principal payments due in the next 12 months (5.0) (5.0) Long-term debt $ 1,035.4 $ 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 $496.3 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 1.03 to 1 at June 30, 2024. The facility is secured by substantially all of the Company's assets and at June 30, 2024, the Company was in compliance with its debt covenants. Unsecured Senior Notes

Commitments and Contingencies (

Commitments and Contingencies (Notes)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies

Income Taxes (Notes)

Income Taxes (Notes)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income $ 47.2 $ 60.1 $ 85.3 $ 109.6 Weighted-average number of common shares outstanding - basic 45.7 49.0 46.1 49.1 Dilutive effect of common share equivalents 0.4 0.2 0.4 0.4 Weighted-average number of common shares and share equivalents outstanding - diluted 46.1 49.2 46.5 49.5 Basic earnings per share $ 1.03 $ 1.23 $ 1.85 $ 2.23 Diluted earnings per share $ 1.02 $ 1.22 $ 1.83 $ 2.21

Segment Reporting (Notes)

Segment Reporting (Notes)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	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 Fortune 1000 and large mid-market companies . The Federal Government Segment provides advanced IT 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Commercial Revenues $ 725.7 $ 811.3 $ 1,457.2 $ 1,643.4 Gross profit 237.3 260.9 471.1 523.3 Operating income 74.7 91.7 143.5 175.6 Depreciation and other amortization 7.3 4.9 14.5 9.5 Amortization of intangible assets 7.7 8.7 15.4 17.5 Federal Government Revenues $ 309.0 $ 319.6 $ 626.5 $ 616.3 Gross profit 63.8 65.4 126.2 129.4 Operating income 24.7 25.1 47.7 47.7 Depreciation and other amortization 1.7 1.5 3.4 2.9 Amortization of intangible assets 7.4 9.2 14.8 18.5 Consolidated Revenues $ 1,034.7 $ 1,130.9 $ 2,083.7 $ 2,259.7 Gross profit 301.1 326.3 597.3 652.7 Operating income 80.4 97.9 151.3 182.1 Depreciation and other amortization 9.4 7.0 18.8 13.8 Amortization of intangible assets 15.1 17.9 30.2 36.0 _______ Depreciation and other amortization includes $1.2 million and $2.5 million amortization related to capitalized cloud-based application implementation costs in the three and six months ended June 30, 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Commercial Assignment $ 444.2 $ 530.2 $ 898.7 $ 1,090.6 Consulting 281.5 281.1 558.5 552.8 725.7 811.3 1,457.2 1,643.4 Federal Government Firm-fixed-price 92.0 97.8 181.2 190.6 Time and materials 136.2 129.2 267.4 251.1 Cost reimbursable 80.8 92.6 177.9 174.6 309.0 319.6 626.5 616.3 Consolidated $ 1,034.7 $ 1,130.9 $ 2,083.7 $ 2,259.7 Federal Government Segment revenues by customer type are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Department of Defense and Intelligence Agencies $ 141.6 $ 155.0 $ 291.7 $ 287.9 Federal Civilian 155.5 155.7 313.3 308.8 Other 11.9 8.9 21.5 19.6 $ 309.0 $ 319.6 $ 626.5 $ 616.3

Fair Value Measurements (Note)

Fair Value Measurements (Note)	6 Months Ended
	Jun. 30, 2024
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 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 June 30, 2024. The carrying amount of long-term debt recorded in the Company’s accompanying condensed consolidated balance sheet at June 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 47.2	$ 60.1	$ 85.3	$ 109.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Identifiable Ass_2

Goodwill and Identifiable Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill by reportable segment is as follows (in millions): Commercial Federal Government Total Balance as of December 31, 2022 $ 1,074.7 $ 817.2 $ 1,891.9 Purchase price adjustment — 1.1 1.1 Translation adjustment 1.1 — 1.1 Balance as of December 31, 2023 1,075.8 818.3 1,894.1 Translation adjustment (0.4) — (0.4) Balance at June 30, 2024 $ 1,075.4 $ 818.3 $ 1,893.7
Schedule of Acquired Intangible Assets	Acquired identifiable intangible assets consisted of the following (in millions): June 30, 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 $ 310.1 $ 185.9 $ 496.0 $ 282.0 $ 214.0 Non-compete agreements 2 - 7 29.3 20.3 9.0 29.3 18.2 11.1 525.3 330.4 194.9 525.3 300.2 225.1 Not subject to amortization: Trademarks 272.8 — 272.8 272.8 — 272.8 $ 798.1 $ 330.4 $ 467.7 $ 798.1 $ 300.2 $ 497.9
Schedule of Estimated Future Amortization Expense	Estimated future amortization expense is as follows (in millions): Remainder of 2024 $ 27.9 2025 48.8 2026 41.8 2027 32.0 2028 21.2 Thereafter 23.2 $ 194.9

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
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: $500 million revolving credit facility, due 2028 $ — $ — Term loan B, due 2030 496.3 498.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,046.3 1,048.8 Unamortized deferred loan costs (5.9) (7.2) Term loan B, principal payments due in the next 12 months (5.0) (5.0) Long-term debt $ 1,035.4 $ 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)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income $ 47.2 $ 60.1 $ 85.3 $ 109.6 Weighted-average number of common shares outstanding - basic 45.7 49.0 46.1 49.1 Dilutive effect of common share equivalents 0.4 0.2 0.4 0.4 Weighted-average number of common shares and share equivalents outstanding - diluted 46.1 49.2 46.5 49.5 Basic earnings per share $ 1.03 $ 1.23 $ 1.85 $ 2.23 Diluted earnings per share $ 1.02 $ 1.22 $ 1.83 $ 2.21

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Commercial Revenues $ 725.7 $ 811.3 $ 1,457.2 $ 1,643.4 Gross profit 237.3 260.9 471.1 523.3 Operating income 74.7 91.7 143.5 175.6 Depreciation and other amortization 7.3 4.9 14.5 9.5 Amortization of intangible assets 7.7 8.7 15.4 17.5 Federal Government Revenues $ 309.0 $ 319.6 $ 626.5 $ 616.3 Gross profit 63.8 65.4 126.2 129.4 Operating income 24.7 25.1 47.7 47.7 Depreciation and other amortization 1.7 1.5 3.4 2.9 Amortization of intangible assets 7.4 9.2 14.8 18.5 Consolidated Revenues $ 1,034.7 $ 1,130.9 $ 2,083.7 $ 2,259.7 Gross profit 301.1 326.3 597.3 652.7 Operating income 80.4 97.9 151.3 182.1 Depreciation and other amortization 9.4 7.0 18.8 13.8 Amortization of intangible assets 15.1 17.9 30.2 36.0 _______ Depreciation and other amortization includes $1.2 million and $2.5 million amortization related to capitalized cloud-based application implementation costs in the three and six months ended June 30, 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Commercial Assignment $ 444.2 $ 530.2 $ 898.7 $ 1,090.6 Consulting 281.5 281.1 558.5 552.8 725.7 811.3 1,457.2 1,643.4 Federal Government Firm-fixed-price 92.0 97.8 181.2 190.6 Time and materials 136.2 129.2 267.4 251.1 Cost reimbursable 80.8 92.6 177.9 174.6 309.0 319.6 626.5 616.3 Consolidated $ 1,034.7 $ 1,130.9 $ 2,083.7 $ 2,259.7
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, 2024 2023 2024 2023 Department of Defense and Intelligence Agencies $ 141.6 $ 155.0 $ 291.7 $ 287.9 Federal Civilian 155.5 155.7 313.3 308.8 Other 11.9 8.9 21.5 19.6 $ 309.0 $ 319.6 $ 626.5 $ 616.3

Goodwill and Identifiable Ass_3

Goodwill and Identifiable Assets (Goodwill) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 1,894.1	$ 1,891.9
Purchase price adjustment		1.1
Translation adjustment	(0.4)	1.1
Ending balance	1,893.7	1,894.1
Commercial
Goodwill [Roll Forward]
Beginning balance	1,075.8	1,074.7
Purchase price adjustment		0
Translation adjustment	(0.4)	1.1
Ending balance	1,075.4	1,075.8
Federal Government
Goodwill [Roll Forward]
Beginning balance	818.3	817.2
Purchase price adjustment		1.1
Translation adjustment	0	0
Ending balance	$ 818.3	$ 818.3

Goodwill and Identifiable Ass_4

Goodwill and Identifiable Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 525.3	$ 525.3
Accumulated Amortization	330.4	300.2
Net Carrying Amount	194.9	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	467.7	497.9
Customer and Contractual Relationships
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	496	496
Accumulated Amortization	310.1	282
Net Carrying Amount	$ 185.9	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
Noncompete Agreements
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 29.3	29.3
Accumulated Amortization	20.3	18.2
Net Carrying Amount	$ 9	$ 11.1
Noncompete Agreements | Minimum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
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, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 27.9
2025	48.8
2026	41.8
2027	32
2028	21.2
Thereafter	23.2
Net Carrying Amount	$ 194.9	$ 225.1

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 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	1,046.3	1,048.8
Unamortized deferred loan costs	(5.9)	(7.2)
Term loan B, principal payments due in the next 12 months	(5)	(5)
Long-term debt	1,035.4	1,036.6
Principal due at maturity	466.3
Term B Loan Facility, due August 2030
Debt Instrument [Line Items]
Secured Debt	$ 496.3	$ 498.8	$ 496.3

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	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		3.75	3.75
leverage ratio		1.03
Senior Notes		$ 550	$ 550	$ 550		$ 550
Long-Term Line of Credit		0	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]
Reduction in interest rate	0.50%
Secured Debt		496.3	496.3	$ 498.8	$ 496.3
Debt amendment, fees		$ 0.9	$ 0.9
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%

Earnings Per Share (Calculation

Earnings Per Share (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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Calculation of Basic and Diluted Earnings per Share [Abstract]
Net income	$ 47.2	$ 60.1	$ 85.3	$ 109.6
Weighted-average number of common shares outstanding - basic	45.7	49	46.1	49.1
Dilutive effect of common share equivalents	0.4	0.2	0.4	0.4
Weighted-average number of common shares and share equivalents outstanding - diluted	46.1	49.2	46.5	49.5
Basic earnings per share	$ 1.03	$ 1.23	$ 1.85	$ 2.23
Diluted earnings per share	$ 1.02	$ 1.22	$ 1.83	$ 2.21

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of Operating Segments	2

Segment Reporting (Segment Repo

Segment Reporting (Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 1,034.7	$ 1,130.9	$ 2,083.7	$ 2,259.7
Gross Profit:
Total Gross Profit	301.1	326.3	597.3	652.7
Operating Income (Loss):
Total Operating Income	80.4	97.9	151.3	182.1
Depreciation	9.4	7	18.8	13.8
Amortization of intangible assets	15.1	17.9	30.2	36
Cloud Based Application
Operating Income (Loss):
Amortization of intangible assets	1.2		2.5
Commercial
Revenues:
Revenues	725.7	811.3	1,457.2	1,643.4
Gross Profit:
Total Gross Profit	237.3	260.9	471.1	523.3
Operating Income (Loss):
Total Operating Income	74.7	91.7	143.5	175.6
Depreciation	7.3	4.9	14.5	9.5
Amortization of intangible assets	7.7	8.7	15.4	17.5
Commercial | Assignment
Revenues:
Revenues	444.2	530.2	898.7	1,090.6
Commercial | Consulting
Revenues:
Revenues	281.5	281.1	558.5	552.8
Federal Government
Revenues:
Revenues	309	319.6	626.5	616.3
Gross Profit:
Total Gross Profit	63.8	65.4	126.2	129.4
Operating Income (Loss):
Total Operating Income	24.7	25.1	47.7	47.7
Depreciation	1.7	1.5	3.4	2.9
Amortization of intangible assets	7.4	9.2	14.8	18.5
Federal Government | Firm-fixed-price
Revenues:
Revenues	92	97.8	181.2	190.6
Federal Government | Time and materials
Revenues:
Revenues	136.2	129.2	267.4	251.1
Federal Government | Cost reimbursable
Revenues:
Revenues	$ 80.8	$ 92.6	$ 177.9	$ 174.6

Segment Reporting Revenue by Cu

Segment Reporting Revenue by Customer Type (details) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Revenues	$ 1,034.7	$ 1,130.9	$ 2,083.7	$ 2,259.7
Federal Government
Revenue from External Customer [Line Items]
Revenues	309	319.6	626.5	616.3
Department of Defense and Intelligence Agencies
Revenue from External Customer [Line Items]
Revenues	141.6	155	291.7	287.9
Federal Civilian
Revenue from External Customer [Line Items]
Revenues	155.5	155.7	313.3	308.8
Other
Revenue from External Customer [Line Items]
Revenues	$ 11.9	$ 8.9	$ 21.5	$ 19.6

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Long-term Debt, Gross	$ 1,046.3	$ 1,048.8