Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AJG | ||
Entity Registrant Name | GALLAGHER ARTHUR J & CO | ||
Entity Central Index Key | 354,190 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 184,060,000 | ||
Entity Public Float | $ 10,435,000 |
Consolidated Statement of Earni
Consolidated Statement of Earnings - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenues before reimbursements | $ 6,792.4 | $ 6,113 | [1] | $ 5,548.4 | [1] | ||||||||
Total revenues | 6,934 | 6,249 | [1] | 5,680.5 | [1] | ||||||||
Compensation | 3,026.3 | 2,747.4 | [1] | 2,537.2 | [1] | ||||||||
Operating | 903.7 | 829.1 | [1] | 776.3 | [1] | ||||||||
Reimbursements | 141.6 | 136 | [1] | 132.1 | [1] | ||||||||
Cost of revenues from clean coal activities | 1,816 | 1,635.9 | 1,408.6 | ||||||||||
Interest | 138.4 | 124.1 | [1] | 109.8 | [1] | ||||||||
Depreciation | 127.8 | 121.1 | [1] | 103.6 | [1] | ||||||||
Amortization | 291.2 | 264.7 | [1] | 247.2 | [1] | ||||||||
Change in estimated acquisition earnout payables | 9.6 | 30.9 | [1] | 32.1 | [1] | ||||||||
Total expenses | 6,454.6 | 5,889.2 | [1] | 5,346.9 | [1] | ||||||||
Earnings before income taxes | 479.4 | 359.8 | [1] | 333.6 | [1] | ||||||||
Benefit for income taxes | (196.5) | (157.1) | [1] | (96.7) | [1] | ||||||||
Net earnings | 675.9 | 516.9 | [1] | 430.3 | [1] | ||||||||
Net earnings attributable to noncontrolling interests | 42.4 | 35.6 | [1] | 33.5 | [1] | ||||||||
Net earnings attributable to controlling interests | $ 117.3 | $ 127.6 | $ 114.9 | $ 273.7 | $ 71.5 | $ 111 | $ 70 | $ 228.8 | $ 633.5 | $ 481.3 | [1] | $ 396.8 | [1] |
Basic net earnings per share | $ 3.47 | $ 2.67 | [1] | $ 2.23 | [1] | ||||||||
Diluted net earnings per share | 3.40 | 2.64 | [1] | 2.22 | [1] | ||||||||
Dividends declared per common share | $ 1.64 | $ 1.56 | [1] | $ 1.52 | [1] | ||||||||
Commissions [Member] | |||||||||||||
Total revenues | $ 2,920.7 | $ 2,641 | [1] | $ 2,409.9 | [1] | ||||||||
Broker Fees [Member] | |||||||||||||
Total revenues | 1,756.3 | 1,591.9 | [1] | 1,491.7 | [1] | ||||||||
Supplemental Revenue Member [Member] | |||||||||||||
Total revenues | 189.9 | 158 | [1] | 139.9 | [1] | ||||||||
Contingent Revenue [Member] | |||||||||||||
Total revenues | 98 | 99.5 | [1] | 97.9 | [1] | ||||||||
Investment income [Member] | |||||||||||||
Total revenues | 70.1 | 58.7 | [1] | 53.6 | [1] | ||||||||
Gains on Books of Business Sales [Member] | |||||||||||||
Total revenues | 10.2 | 3.4 | [1] | 6.6 | [1] | ||||||||
Clean Coal Activities [Member] | |||||||||||||
Total revenues | 1,746.3 | 1,560.5 | [1] | 1,350.1 | [1] | ||||||||
Cost of revenues from clean coal activities | 1,816 | 1,635.9 | [1] | 1,408.6 | [1] | ||||||||
Product and Service, Other [Member] | |||||||||||||
Total revenues | 0.9 | (1.3) | [1] | ||||||||||
Reimbursements [Member] | |||||||||||||
Total revenues | $ 141.6 | $ 136 | [1] | $ 132.1 | [1] | ||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Earnings - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [1] | |
Statement of Comprehensive Income [Abstract] | |||||
Net earnings | $ 675.9 | $ 516.9 | $ 430.3 | ||
Change in pension liability, net of taxes | (10.3) | 4.3 | (4.4) | ||
Foreign currency translation | (197.7) | 180.9 | (224.8) | ||
Change in fair value of derivative instruments, net of taxes | (15.6) | 16 | (4.9) | ||
Comprehensive earnings | 452.3 | 718.1 | 196.2 | ||
Comprehensive earnings attributable to noncontrolling interests | 40.4 | 36.4 | 37.9 | ||
Comprehensive earnings attributable to controlling interests | $ 411.9 | $ 681.7 | $ 158.3 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | [1] |
Statement of Financial Position [Abstract] | |||
Cash and cash equivalents | $ 607.2 | $ 681.2 | |
Restricted cash | 1,629.6 | 1,623.8 | |
Premiums and fees receivable | 4,857.5 | 4,082.8 | |
Other current assets | 1,024.4 | 881.6 | |
Total current assets | 8,118.7 | 7,269.4 | |
Fixed assets - net | 436.9 | 412.2 | |
Deferred income taxes | 806.2 | 851.6 | |
Other noncurrent assets | 573.6 | 567.1 | |
Goodwill - net | 4,625.6 | 4,164.8 | |
Amortizable intangible assets - net | 1,773 | 1,644.6 | |
Total assets | 16,334 | 14,909.7 | |
Premiums payable to underwriting enterprises | 5,740.2 | 4,986 | |
Accrued compensation and other accrued liabilities | 1,055.1 | 947.8 | |
Deferred revenue - current | 379.3 | 355.3 | |
Premium financing borrowings | 154 | 151.1 | |
Corporate related borrowings - current | 365 | 290 | |
Total current liabilities | 7,693.6 | 6,730.2 | |
Corporate related borrowings - noncurrent | 3,091.4 | 2,691.9 | |
Deferred revenue - noncurrent | 78.4 | 75.3 | |
Other noncurrent liabilities | 900.9 | 1,112.6 | |
Total liabilities | 11,764.3 | 10,610 | |
Stockholders' equity: | |||
Common stock - authorized 400.0 shares; issued and outstanding 184.0 shares in 2018 and 181.0 shares in 2017 | 184 | 181 | |
Capital in excess of par value | 3,541.9 | 3,388.2 | |
Retained earnings | 1,558.6 | 1,221.8 | |
Accumulated other comprehensive loss | (785.6) | (555.4) | |
Stockholders' equity attributable to controlling interests | 4,498.9 | 4,235.6 | |
Stockholders' equity attributable to noncontrolling interests | 70.8 | 64.1 | |
Total stockholders' equity | 4,569.7 | 4,299.7 | |
Total liabilities and stockholders' equity | $ 16,334 | $ 14,909.7 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares | Dec. 31, 2018 | Dec. 31, 2017 | [1] |
Statement of Financial Position [Abstract] | |||
Common stock - authorized shares | 400,000,000 | 400,000,000 | |
Common stock - issued shares | 184,000,000 | 181,000,000 | |
Common stock - outstanding shares | 184,000,000 | 181,000,000 | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Cash flows from operating activities: | ||||||
Net earnings | $ 675.9 | $ 516.9 | [1] | $ 430.3 | [1] | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
Net gain on investments and other | (8.4) | (0.1) | [1] | (6.5) | [1] | |
Depreciation and amortization | 419 | 385.8 | [1] | 350.8 | [1] | |
Change in estimated acquisition earnout payables | 9.6 | 30.9 | [1] | 32.1 | [1] | |
Amortization of deferred compensation and restricted stock | 41.6 | 33.5 | [1] | 28.5 | [1] | |
Stock-based and other noncash compensation expense | 13.7 | 17.3 | [1] | 14.7 | [1] | |
Payments on acquisition earnouts in excess of original estimates | (64.6) | (57.9) | [1] | (22.8) | [1] | |
Effect of changes in foreign exchange rate | (2.9) | 3.9 | [1] | (5.3) | [1] | |
Net change in premium and fees receivable | (783.1) | (47.7) | [1] | (777.2) | [1] | |
Net change in deferred revenue | 18.4 | 0.9 | [1] | 15.1 | [1] | |
Net change in premiums payable to underwriting enterprises | 819.7 | 166.9 | [1] | 770 | [1] | |
Net change in other current assets | (134.7) | (35.3) | [1] | (45.5) | [1] | |
Net change in accrued compensation and other accrued liabilities | 44.9 | 69.6 | [1] | 69.8 | [1] | |
Net change in income taxes payable | (46) | 2 | [1] | (10.8) | [1] | |
Net change in deferred income taxes | (216) | (219.3) | [1] | (166.1) | [1] | |
Net change in other noncurrent assets and liabilities | (22) | (13.2) | [1] | (27.5) | [1] | |
Net cash provided by operating activities | 765.1 | 854.2 | [1] | 649.6 | [1] | |
Cash flows from investing activities: | ||||||
Capital expenditures | (124.4) | (129.2) | [1] | (217.8) | [1] | |
Cash paid for acquisitions, net of cash and restricted cash acquired | (784.8) | (376.1) | [1] | (243.4) | [1] | |
Net proceeds from sales of operations/books of business | 14.5 | 3.2 | [1] | 7.8 | [1] | |
Net funding of investment transactions | (15.6) | (8.9) | [1] | (31.9) | [1] | |
Net cash used by investing activities | (910.3) | (511) | [1] | (485.3) | [1] | |
Cash flows from financing activities: | ||||||
Payments on acquisition earnouts | (62.1) | (41.7) | [1] | (45.5) | [1] | |
Proceeds from issuance of common stock | 81.9 | 60.4 | [1] | 45.6 | [1] | |
Tax impact from issuance of common stock | [1] | 6.5 | ||||
Repurchases of common stock | (11.3) | (17.7) | [1] | (101) | [1] | |
Payments to noncontrolling interests | (54.2) | (35) | [1] | (41.8) | [1] | |
Dividends paid | (301.8) | (282.7) | [1] | (272.2) | [1] | |
Net borrowings on premium financing debt facility | 32.9 | 0.6 | [1] | (12.2) | [1] | |
Borrowings on line of credit facility | 3,075 | 3,643 | [1] | 2,740 | [1] | |
Repayments on line of credit facility | (3,000) | (3,731) | [1] | (2,657) | [1] | |
Net borrowings of corporate related long-term debt | 400 | 348 | [1] | 326 | [1] | |
Debt acquisition costs | (1.3) | |||||
Settlements on terminated interest rate swaps | 2.9 | 8.3 | [1] | |||
Net cash provided (used) by financing activities | 162 | (47.8) | [1] | (11.6) | [1] | |
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | (85) | 72 | [1] | (107.6) | [1] | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (68.2) | 367.4 | [1] | 45.1 | [1] | |
Cash, cash equivalents and restricted cash at beginning of year | [1] | 2,305 | 1,937.6 | 1,892.5 | ||
Cash, cash equivalents and restricted cash at end of year | 2,236.8 | 2,305 | [1] | 1,937.6 | [1] | |
Supplemental disclosures of cash flow information: | ||||||
Interest paid | 139.2 | 124.8 | [1] | 112.8 | [1] | |
Income taxes paid | $ 68.1 | $ 55.8 | [1] | $ 66.1 | [1] | |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | As Previously Reported [Member] | Common Stock [Member] | Common Stock [Member]As Previously Reported [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]As Previously Reported [Member] | Retained Earnings [Member] | Retained Earnings [Member]As Previously Reported [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member]As Previously Reported [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]As Previously Reported [Member] | |
Adoption of Topic 606 (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2015 | $ 127.5 | $ 125.3 | $ 2.2 | ||||||||||
Beginning Balance at Dec. 31, 2015 | $ 3,688.2 | $ 176.9 | $ 3,209.4 | $ 774.5 | $ (522.5) | $ 49.9 | |||||||
Beginning Balance, as restated at Dec. 31, 2015 | 3,815.7 | $ 176.9 | $ 3,209.4 | 899.8 | $ (522.5) | 52.1 | |||||||
Beginning Balance (in shares) at Dec. 31, 2015 | 176.9 | 176.9 | |||||||||||
Net earnings | 430.3 | [1] | 445 | 396.8 | 33.5 | ||||||||
Net purchase of subsidiary shares from noncontrolling interests | 8.3 | 8.3 | |||||||||||
Dividends paid to noncontrolling interests | (34.1) | (34.1) | |||||||||||
Net change in pension asset/liability, net of taxes | (4.4) | [1] | (4.4) | (4.4) | |||||||||
Foreign currency translation | (220.4) | (224.8) | 4.4 | ||||||||||
Change in fair value of derivative instruments, net of taxes | (4.9) | [1] | (4.9) | (4.9) | |||||||||
Compensation expense related to stock option plan grants | 14.7 | 14.7 | |||||||||||
Tax impact from issuance of common stock | 6.5 | 6.5 | |||||||||||
Common stock issued in: Nine purchase transactions | 91.6 | $ 2 | 89.6 | ||||||||||
Common stock issued in: Nine purchase transactions (In Shares) | 2 | ||||||||||||
Stock option plans | 29.7 | $ 1.1 | 28.6 | ||||||||||
Stock option plans (in shares) | 1.1 | ||||||||||||
Employee stock purchase plan | 15.9 | $ 0.4 | 15.5 | ||||||||||
Employee stock purchase plan (in shares) | 0.4 | ||||||||||||
Deferred compensation and restricted stock | 0.1 | $ 0.2 | (0.1) | ||||||||||
Deferred compensation and restricted stock (in shares) | 0.2 | ||||||||||||
Common stock repurchases | (101) | $ (2.3) | (98.7) | ||||||||||
Common stock repurchases (in shares) | (2.3) | ||||||||||||
Cash dividends declared on common stock | (272.5) | (272.5) | |||||||||||
Ending Balance at Dec. 31, 2016 | 3,775.5 | 3,655.8 | $ 178.3 | 3,265.5 | 1,024.1 | 916.4 | (756.6) | (763.6) | 64.2 | 59.2 | |||
Ending Balance (in shares) at Dec. 31, 2016 | 178.3 | ||||||||||||
Beginning Balance, as restated at Dec. 31, 2016 | 3,775.5 | 1,024.1 | (756.6) | 64.2 | |||||||||
Net earnings | 516.9 | [1] | 499.2 | 481.3 | 35.6 | ||||||||
Net purchase of subsidiary shares from noncontrolling interests | (2.1) | (2.1) | |||||||||||
Dividends paid to noncontrolling interests | (34.4) | (34.4) | |||||||||||
Net change in pension asset/liability, net of taxes | 4.3 | [1] | 4.3 | 4.3 | |||||||||
Foreign currency translation | 181.7 | 180.9 | 0.8 | ||||||||||
Change in fair value of derivative instruments, net of taxes | 16 | [1] | 16 | 16 | |||||||||
Compensation expense related to stock option plan grants | 17.3 | 17.3 | |||||||||||
Common stock issued in: Nine purchase transactions | 60.6 | $ 1 | 59.6 | ||||||||||
Common stock issued in: Nine purchase transactions (In Shares) | 1 | ||||||||||||
Stock option plans | $ 41.1 | $ 1.3 | 39.8 | ||||||||||
Stock option plans (in shares) | 1.3 | 1.3 | |||||||||||
Employee stock purchase plan | $ 19.3 | $ 0.4 | 18.9 | ||||||||||
Employee stock purchase plan (in shares) | 0.4 | ||||||||||||
Deferred compensation and restricted stock | 4.8 | $ 0.3 | 4.5 | ||||||||||
Deferred compensation and restricted stock (in shares) | 0.3 | ||||||||||||
Common stock repurchases | (17.7) | $ (0.3) | (17.4) | ||||||||||
Common stock repurchases (in shares) | (0.3) | ||||||||||||
Cash dividends declared on common stock | (283.6) | (283.6) | |||||||||||
Ending Balance at Dec. 31, 2017 | 4,299.7 | [1] | $ 4,164.9 | $ 181 | 3,388.2 | 1,221.8 | $ 1,095.9 | (555.4) | $ (559.9) | 64.1 | $ 59.7 | ||
Ending Balance (in shares) at Dec. 31, 2017 | 181 | ||||||||||||
Beginning Balance, as restated at Dec. 31, 2017 | 4,299.7 | 1,221.8 | (555.4) | 64.1 | |||||||||
Reclassification of the income tax effects within accumulated other comprehensive loss related to the Tax Act | 6.6 | (6.6) | |||||||||||
Net earnings | 675.9 | 633.5 | 42.4 | ||||||||||
Net purchase of subsidiary shares from noncontrolling interests | (0.7) | (5) | 4.3 | ||||||||||
Dividends paid to noncontrolling interests | (38) | (38) | |||||||||||
Net change in pension asset/liability, net of taxes | (10.3) | (10.3) | |||||||||||
Foreign currency translation | (199.7) | (197.7) | (2) | ||||||||||
Change in fair value of derivative instruments, net of taxes | (15.6) | (15.6) | |||||||||||
Compensation expense related to stock option plan grants | 13.7 | 13.7 | |||||||||||
Common stock issued in: Nine purchase transactions | 61.6 | $ 0.8 | 60.8 | ||||||||||
Common stock issued in: Nine purchase transactions (In Shares) | 0.8 | ||||||||||||
Stock option plans | $ 58.6 | $ 1.6 | 57 | ||||||||||
Stock option plans (in shares) | 1.6 | 1.6 | |||||||||||
Employee stock purchase plan | $ 23.3 | $ 0.4 | 22.9 | ||||||||||
Employee stock purchase plan (in shares) | 0.4 | ||||||||||||
Deferred compensation and restricted stock | 15.8 | $ 0.3 | 15.5 | ||||||||||
Deferred compensation and restricted stock (in shares) | 0.3 | ||||||||||||
Common stock repurchases | (11.3) | $ (0.1) | (11.2) | ||||||||||
Common stock repurchases (in shares) | (0.1) | ||||||||||||
Cash dividends declared on common stock | (303.3) | (303.3) | |||||||||||
Ending Balance at Dec. 31, 2018 | $ 4,569.7 | $ 184 | $ 3,541.9 | $ 1,558.6 | $ (785.6) | $ 70.8 | |||||||
Ending Balance (in shares) at Dec. 31, 2018 | 184 | ||||||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax effect on net change in pension asset/liability | $ 6.2 | $ 2.8 | $ (2.9) |
Net change in fair value of derivative instruments, tax | $ (5.6) | $ 4 | $ (3.2) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Terms Used in Notes to Consolidated Financial Statements ASU FASB GAAP IRC IRS Topic 606 2014-09, Underwriting enterprises VIE Nature of Operations Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or the company, provide insurance brokerage, consulting and third party claims settlement and administration services to both domestic and international entities through three reportable operating segments. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients. Our brokerage segment operations provide brokerage and consulting services to companies and entities of all types, including commercial, not-for-profit, not-for-profit, Chem-Mod LLC’s We do not assume underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for events of loss coverages is provided by underwriting enterprises. Investment income and other revenues are generated from our premium financing operations and our investment portfolio, which includes our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. We are headquartered in Rolling Meadows, Illinois, have operations in 35 countries and offer client-service capabilities in more than 150 countries globally through a network of correspondent insurance brokers and consultants. Basis of Presentation The accompanying consolidated financial statements include our accounts and all of our majority-owned subsidiaries (50% or greater ownership). Substantially all of our investments in partially owned entities in which our ownership is less than 50% are accounted for using the equity method based on the legal form of our ownership interest and the applicable ownership percentage of the entity. However, in situations where a less than 50%-owned investment has been determined to be a VIE and we are deemed to be the primary beneficiary in accordance with the variable interest model of consolidation, we will consolidate the investment into our consolidated financial statements. For partially owned entities accounted for using the equity method, our share of the net earnings of these entities is included in consolidated net earnings. All material intercompany accounts and transactions have been eliminated in consolidation. In the preparation of our consolidated financial statements as of December 31, 2018, management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition in our consolidated financial statements and/or disclosure in the notes therein. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses, and the disclosure of contingent assets and liabilities at the date of our consolidated financial statements. We are also required to make certain judgments and estimates that affect the disclosed and recorded amounts of revenues and expenses related to the impact of the adoption of and accounting under Topic 606. We periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, investments (including our IRC Section 45 investments), income taxes, revenue recognition, deferred costs, stock-based compensation, claims handling obligations, retirement plans, litigation and contingencies. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Revenue Recognition Our revenues are derived from commissions and fees as primarily specified in a written contract, or unwritten business understanding, with our clients or underwriting enterprises. We also recognize investment income over time from our invested assets and invested assets we hold on behalf of our clients or underwriting enterprises. BROKERAGE SEGMENT Our brokerage segment generates revenues by: (i) Identifying, negotiating and placing all forms of insurance or reinsurance coverage, as well as providing risk-shifting, risk-sharing and risk-mitigation consulting services, principally related to property/casualty, life, health, welfare and disability insurance. We also provide these services through, or in conjunction with, other unrelated agents and brokers, consultants and management advisors. (ii) Acting as an agent or broker for multiple underwriting enterprises by providing services such as sales, marketing, selecting, negotiating, underwriting, servicing and placing insurance coverage on their behalf. (iii) Providing consulting services related to health and welfare benefits, voluntary benefits, executive benefits, compensation, retirement planning, institutional investment and fiduciary, actuarial, compliance, private insurance exchange, human resource technology, communications and benefits administration. (iv) Providing management and administrative services to captives, pools, risk-retention groups, healthcare exchanges, small underwriting enterprises, such as accounting, claims and loss processing assistance, feasibility studies, actuarial studies, data analytics and other administrative services. The majority of our brokerage contracts and service understandings are for a period of one year or less. Commissions and fees The primary source of revenues for our brokerage services is commissions from underwriting enterprises, based on a percentage of premiums paid by our clients, or fees received from clients based on an agreed level of service usually in lieu of commissions. These commissions and fees revenues are substantially recognized at a point in time on the effective date of the associated policies when control of the policy transfers to the client, as well as deferring certain revenues to reflect delivery of services over the contract period. Commissions are fixed at the contract effective date and generally are based on a percentage of premiums for insurance coverage or employee head count for employer sponsored benefit plans. Commissions depend upon a large number of factors, including the type of risk being placed, the particular underwriting enterprise’s demand, the expected loss experience of the particular risk of coverage, and historical benchmarks surrounding the level of effort necessary for us to place and service the insurance contract. Rather than being tied to the amount of premiums, fees are most often based on an expected level of effort to provide our services. Whether we are paid a commission or a fee, the vast majority of our services are associated with the placement of an insurance (or insurance-like) contract. Accordingly, we recognize approximately 80% of our commission and fee revenues on the effective date of the underlying insurance contract. The amount of revenue we recognize is based on our costs to provide our services up and through that effective date, including an appropriate estimate of our profit margin on a portfolio basis (a practical expedient as defined in Topic 606). Based on the proportion of additional services we provide in each period after the effective date of the insurance contract, including an appropriate estimate of our profit margin, we recognize approximately 15% of our commission and fee revenues in the first three months, and the remaining 5% thereafter. These periods may be different than the underlying premium payment patterns of the insurance contracts, but the vast majority of our services are fully provided within one year of the insurance contract effective date. For consulting and advisory services, we recognize our revenue in the period in which we provide the service or advice. For management and administrative services, our revenue is recognized ratably over the contract period consistent with the performance of our obligations, mostly over an annual term. Supplemental revenues Certain underwriting enterprises may pay us additional revenues for the volume of premium placed with them and for insights into our sales pipeline, our sales capabilities or our risk selection knowledge. These amounts are in excess of the commission and fee revenues discussed above, and not all business we place with underwriting enterprises is eligible for supplemental revenues. Unlike contingent revenues, discussed below, these revenues are primarily a fixed amount or fixed percentage of premium of the underlying eligible insurance contracts. For supplemental revenue contracts based on a fixed percentage of premium, our obligation to the underwriting enterprise is substantially completed upon the effective date of the underlying insurance contract and revenue is fully earned at that time. For supplemental revenue contracts based on a fixed amount, revenue is recognized ratably over the contract period consistent with the performance of our obligations, almost always over an annual term. We receive these revenues on a quarterly or annual basis. Contingent revenues Certain underwriting enterprises may pay us additional revenues for our sales capabilities, our risk selection knowledge, or our administrative efficiencies. These amounts are in excess of the commission or fee revenues discussed above, and not all business we place with participating underwriting enterprises is eligible for contingent revenues. Unlike supplemental revenues, also discussed above, these revenues are variable, generally based on growth, the loss experience of the underlying insurance contracts, and/or our efficiency in processing the business. We generally operate under calendar year contracts, but we do not receive these revenues from the underwriting enterprises until the following calendar year, generally in the first and second quarters, after verification of the performance indicators outlined in the contracts. Accordingly, during each reporting period, we must make our best estimate of amounts we have earned using historical averages and other factors to project such revenues. We base our estimates each period on a contract-by-contract Sub-brokerage Sub-brokerage revenues. Sub-brokerage sub-brokers RISK MANAGEMENT SEGMENT Revenues for our risk management segment are comprised of fees generally negotiated (i) on a per-claim cost-plus Per-claim Where we operate under a contract with our fee established on a per-claim claim-by-claim Cost-plus fees Where we provide services and generate revenues on a cost-plus basis, we recognize revenue over the contract period consistent with the performance of our obligations. Performance-based fees Certain clients pay us additional fee revenues for our efficiency in managing claims or on the basis of claim outcome effectiveness. These amounts are in excess of the fee revenues discussed above. These revenues are variable, generally based on performance metrics set forth in the underlying contracts. We generally operate under multi-year contracts with fiscal year measurement periods. We do not receive these fees, if earned, until the following year after verification of the performance metrics outlined in the contracts. Each period we base our estimates on a contract-by-contract Reimbursements Reimbursements represent amounts received from clients reimbursing us for certain third-party costs associated with providing our claims management services. In certain service partner relationships, we are considered a principal because we direct the third party, control the specified service and combine the services provided into an integrated solution. Given this principal relationship, we are required to recognize revenue gross and service partner vendor fees in the operating expense in our consolidated statement of earnings. Deferred Costs We incur costs to provide brokerage and risk management services. Those costs are either (i) costs to obtain a contract or (ii) costs to fulfill such contract, or (iii) all other costs. (i) Costs to obtain - we incur costs to obtain a contract with a client. Those costs would not have been incurred if the contract had not been obtained. Almost all of our costs to obtain are incurred prior to, or on, the effective date of the contract and consist primarily of incentive compensation we pay to our production employees. Our costs to obtain are expensed as incurred as described in Note 3 to these consolidated financial statements. (ii) Costs to fulfill - we incur costs to fulfill a contract (or anticipated contract) with a client. Those costs are incurred prior to the effective date of the contract and relate to fulfilling our primary placement obligations to our clients. Our costs to fulfill prior to the effective date are capitalized and amortized on the effective date. These fulfillment activities include collecting underwriting information from our client, assessing their insurance needs and negotiating their placement with one or more underwriting enterprises. The majority of costs that we incur relate to compensation and benefits of our client service employees. Costs incurred during preplacement activities are expected to be recovered in the future. If the capitalized costs are no longer deemed to be recoverable, then they would be expensed. (iii) Other costs that are not costs to obtain or fulfill are expensed as incurred. Examples include other operating costs such as rent, utilities, management costs, overhead costs, legal and other professional fees, technology costs, insurance related costs, communication and advertising, and travel and entertainment. Depreciation, amortization and change in estimated acquisition earnout payable are expensed as incurred. Investment income Investment income primarily includes interest and dividend income (including interest income from our premium financing operations), which is accrued as it is earned. Gains on books of business sales represent one-time Earnings per Share Basic net earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the reporting period. Diluted net earnings per share is computed by dividing net earnings by the weighted average number of common and common equivalent shares outstanding during the reporting period. Common equivalent shares include incremental shares from dilutive stock options, which are calculated from the date of grant under the treasury stock method using the average market price for the period. Cash and Cash Equivalents Short-term investments, consisting principally of cash and money market accounts that have average maturities of 90 days or less, are considered cash equivalents. Restricted Cash In our capacity as an insurance broker, we collect premiums from insureds and, after deducting our commissions and/or fees, remit these premiums to underwriting enterprises. We hold unremitted insurance premiums in a fiduciary capacity until we disburse them, and the use of such funds is restricted by laws in certain states and foreign jurisdictions in which our subsidiaries operate. Various state and foreign agencies regulate insurance brokers and provide specific requirements that limit the type of investments that may be made with such funds. Accordingly, we invest these funds in cash and U.S. Treasury fund accounts. We can earn interest income on these unremitted funds, which is included in investment income in the accompanying consolidated statement of earnings. These unremitted amounts are reported as restricted cash in the accompanying consolidated balance sheet, with the related liability reported as premiums payable to underwriting enterprises. Additionally, several of our foreign subsidiaries are required by various foreign agencies to meet certain liquidity and solvency requirements. We were in compliance with these requirements at December 31, 2018. Related to our third party administration business and in certain of our brokerage operations, we are responsible for client claim funds that we hold in a fiduciary capacity. We do not earn any interest income on the funds held. These client funds have been included in restricted cash, along with a corresponding liability in premiums payable to underwriting enterprises in the accompanying consolidated balance sheet. Premiums and fees receivable Premiums and fees receivable in the accompanying consolidated balance sheet are net of allowances for estimated policy cancellations and doubtful accounts. The allowance for estimated policy cancellations was $7.8 million and $7.4 million at December 31, 2018 and 2017, respectively, which represents a reserve for future reversals in commission and fee revenues related to the potential cancellation of client insurance policies that were in force as of each year end. The allowance for doubtful accounts was $10.0 million and $13.5 million at December 31, 2018 and 2017, respectively. We establish the allowance for estimated policy cancellations through a charge to revenues and the allowance for doubtful accounts through a charge to operating expenses. Both of these allowances are based on estimates and assumptions using historical data to project future experience. Such estimates and assumptions could change in the future as more information becomes known which could impact the amounts reported and disclosed herein. We periodically review the adequacy of these allowances and make adjustments as necessary. Derivative Instruments We are exposed to market risks, including changes in foreign currency exchange rates and interest rates. To manage the risk related to these exposures, we enter into various derivative instruments that reduce these risks by creating offsetting exposures. In the normal course of business, we are exposed to the impact of foreign currency fluctuations that impact our results of operations and cash flows. We utilize a foreign currency risk management program involving foreign currency derivatives that consist of several monthly put/call options designed to hedge a portion of our future foreign currency disbursements through various future payment dates. To mitigate the counterparty credit risk we only enter into contracts with major financial institutions based upon their credit ratings and other factors. These derivative instrument contracts are cash flow hedges that qualify for hedge accounting and primarily hedge against fluctuations between changes in the GBP and Indian Rupee versus the U.S. dollar. Changes in fair value of the derivative instruments are reflected in other comprehensive earnings in the accompanying consolidated balance sheet. The impact of the hedge at maturity is recognized in the income statement as a component of investment income, compensation and operating expenses depending on the nature of the hedged item. We enter into various long-term debt agreements. We use interest rate derivatives, typically swaps, to reduce our exposure to the effects of interest rate fluctuations on the forecasted interest rates for up to three years into the future. These derivative instrument contracts are periodically monitored for hedge ineffectiveness, the amount of which has not been material to the accompanying consolidated financial statements. We do not use derivatives for trading or speculative purposes. Premium Financing Seven subsidiaries of the brokerage segment make short-term loans (generally with terms of twelve months or less) to our clients to finance premiums. These premium financing contracts are structured to minimize potential bad debt expense to us. Such receivables are generally considered delinquent after seven days of the payment due date. In normal course, insurance policies are cancelled within one month of the contractual payment due date if the payment remains delinquent. We recognize interest income as it is earned over the life of the contract using the “level-yield” method. Unearned interest related to contracts receivable is included in the receivable balance in the accompanying consolidated balance sheet. The outstanding loan receivable balance was $316.2 million and $305.5 million at December 31, 2018 and 2017, respectively. Fixed Assets We carry fixed assets at cost, less accumulated depreciation, in the accompanying consolidated balance sheet. We periodically review long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. Under those circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference. Depreciation for fixed assets is computed using the straight-line method over the following estimated useful lives: Useful Life Office equipment Three to ten years Furniture and fixtures Three to ten years Computer equipment Three to five years Building Fifteen to forty years Software Three to five years Refined fuel plants Ten years Leasehold improvements Shorter of the lease term or useful life of the asset Intangible Assets Intangible assets represent the excess of cost over the estimated fair value of net tangible assets of acquired businesses. Our primary intangible assets are classified as either goodwill, expiration lists, non-compete non-compete non-compete non-compete We review all of our intangible assets for impairment periodically (at least annually for goodwill) and whenever events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. We perform such impairment reviews at the division (i.e., reporting unit) level with respect to goodwill and at the business unit level for amortizable intangible assets. In reviewing intangible assets, if the fair value were less than the carrying amount of the respective (or underlying) asset, an indicator of impairment would exist and further analysis would be required to determine whether or not a loss would need to be charged against current period earnings as a component of amortization expense. Based on the results of impairment reviews in 2018, 2017 and 2016, we wrote off $10.6 million, $6.2 million and $1.8 million, respectively, of amortizable intangible assets primarily related to prior year acquisitions of our brokerage segment, which is included in amortization expense in the accompanying consolidated statement of earnings. The determinations of impairment indicators and fair value are based on estimates and assumptions related to the amount and timing of future cash flows and future interest rates. Such estimates and assumptions could change in the future as more information becomes known which could impact the amounts reported and disclosed herein. Income Taxes Our tax rate reflects the statutory tax rates applicable to our taxable earnings and tax planning in the various jurisdictions in which we operate. Significant judgment is required in determining the annual effective tax rate and in evaluating uncertain tax positions. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We evaluate our tax positions using a two-step Uncertain tax positions are measured based upon the facts and circumstances that exist at each reporting period and involve significant management judgment. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition and measurement. Adjustments may result, for example, upon resolution of an issue with the taxing authorities, or expiration of a statute of limitations barring an assessment for an issue. We recognize interest and penalties, if any, related to unrecognized tax benefits in our provision for income taxes. Tax law requires certain items to be included in our tax returns at different times than such items are reflected in the financial statements. As a result, the annual tax expense reflected in our consolidated statements of earnings is different than that reported in our tax returns. Some of these differences are permanent, such as expenses that are not deductible in our tax returns, and some differences are temporary and reverse over time, such as depreciation expense and amortization expense deductible for income tax purposes. Temporary differences create deferred tax assets and liabilities. Deferred tax liabilities generally represent tax expense recognized in the financial statements for which a tax payment has been deferred, or expense which has been deducted in the tax return but has not yet been recognized in the financial statements. Deferred tax assets generally represent items that can be used as a tax deduction or credit in tax returns in future years for which a benefit has already been recorded in the financial statements. We establish or adjust valuation allowances for deferred tax assets when we estimate that it is more likely than not that future taxable income will be insufficient to fully use a deduction or credit in a specific jurisdiction. In assessing the need for the recognition of a valuation allowance for deferred tax assets, we consider whether it is more likely than not that some portion, or all, of the deferred tax assets will not be realized and adjust the valuation allowance accordingly. We evaluate all significant available positive and negative evidence as part of our analysis. Negative evidence includes the existence of losses in recent years. Positive evidence includes the forecast of future taxable income by jurisdiction, tax-planning Fair Value of Financial Instruments Fair value accounting establishes a framework for measuring fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). This framework includes a fair value hierarchy that prioritizes the inputs to the valuation technique used to measure fair value. The classification of a financial instrument within the valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels of the hierarchy in order of priority of inputs to the valuation technique are defined as follows: • Level 1 - Valuations are based on unadjusted quoted prices in active markets for identical financial instruments; • Level 2 - Valuations are based on quoted market prices, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument; and • Level 3 - Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management’s own assumptions about the assumptions a market participant would use in pricing the financial instrument. The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety. The carrying amounts of financial assets and liabilities reported in the accompanying consolidated balance sheet for cash and cash equivalents, restricted cash, premiums and fees receivable, other current assets, premiums payable to underwriting enterprises, accrued compensation and other accrued liabilities and deferred revenue-current, at December 31, 2018 and 2017, approximate fair value because of the short-term duration of these instruments. See Note 4 to these consolidated financial statements for the fair values related to the establishment of intangible assets and the establishment and adjustment of earnout payables. See Note 8 to these consolidated financial statements for the fair values related to borrowings outstanding at December 31, 2018 and 2017 under our debt agreements. See Note 13 to these consolidated financial statements for the fair values related to investments at December 31, 2018 and 2017 under our defined benefit pension plan. Litigation We are the defendant in various legal actions related to claims, lawsuits and proceedings incident to the nature of our business. We record liabilities for loss contingencies, including legal costs (such as fees and expenses of external lawyers and other service providers) to be incurred, when it is probable that a liability has been incurred on or before the balance sheet date and the amount of the liability can be reasonably estimated. We do not discount such contingent liabilities. To the extent recovery of such losses and legal costs is probable under our insurance programs, we record estimated recoveries concurrently with the losses recognized. Significant management judgment is required to estimate the amounts of such contingent liabilities and the related insurance recoveries. In order to assess our potential liability, we analyze our litigation exposure based on available information, including consultation with outside counsel handling the defense of these matters. As these liabilities are uncertain by their nature, the recorded amounts may change due to a variety of different factors, including new developments in, or changes in approach, such as changing the settlement strategy as applicable to each matter. Retention bonus arrangements In connection with the hiring and retention of both new talent and experienced personnel, including our senior management, brokers and other key personnel, we have entered into various agreements with key employees setting up the conditions for the cash payment of certain retention bonuses. These bonuses are an incentive for these employees to remain with the company, for a fixed period of time, to allow us to capitalize on their knowledge and experience. We have various forms of retention bonus arrangements; some are paid up front and some are paid at the end of the term, but all are contingent upon successfully completing a minimum period of employment. A retention bonus that is paid to an employee upfront that is contingent on a certain minimum period of employment, will be initially classified as a prepaid asset and amortized to compensation expense as the future services are rendered over the duration of the stay period. A retention bonus that is paid to an employee at the end of the term that is contingent on a certain minimum period of employment, will be accrued as a liability through compensation expense as the future services are rendered over the duration of the stay period. If an employee leaves prior to the required time frame to earn the retention bonus outright, then all or any portion that is ultimately unearned or refundable, and recovered by the company if prepaid, is forfeited and reversed through compensation expense. Stock-Based Compensation We have several employee equity-settled and cash-settled share-based compensation plans. Equity-settled share-based payments to employees include grants of stock options, performance stock units and restricted stock units and are measured based on estimated grant date fair value. We have elected to use the Black-Scholes option pricing model to determine the fair value of stock options on the dates of grant. Performance stock units are measured on the probable outcome of the performance conditions applicable to each grant. Restricted stock units are measured based on the fair market values of the underlying stock on the dates of grant. Shares are issued on the vesting dates net of the minimum statutory tax withholding requirements, as applicable, to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of performance stock units and restricted stock units outstanding. Furthermore, we record the liability for withholding amounts to be paid by us as a reduction to additional paid-in Cash-settled share-based payments to employees include awards under our Performance Unit Program and stock appreciation rights. The fair value of t |
Effect of New Accounting Pronou
Effect of New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of New Accounting Pronouncements | 2. Effect of New Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Leases In February 2016, the FASB issued ASU No. 2016-02, right-of-use ASU No. 2018-10, ASU No. 2018-11, To facilitate transition, the new guidance includes a package of practical expedients that entities may elect to apply on adoption. The package of practical expedients relate to the identification and classification of leases that commenced before the effective date and initial direct costs for leases that commenced before the effective date. The new guidance also includes a practical expedient permitting the use of hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. We have assessed all potential impacts of the new guidance and have determined that this guidance will have an impact on our consolidated financial statements, including significant new disclosures about our leasing activities. The most significant impact relates to our real estate operating leases and the related recognition of right-of-use Income Taxes In October 2016, the FASB issued ASU No. 2016-16, In February 2018, the FASB issued ASU No. 2018-02, Topic 740-10-45-15, In March 2018, the FASB issued ASU No. 2018-05 Additionally, we reevaluated our indefinite reinvestment assertion during 2018 for certain foreign jurisdictions and determined that our intention to repatriate undistributed earnings from certain jurisdictions has changed. The impact of this change is not material to our consolidated financial statements. Business Combinations In January 2017, the FASB issued ASU No. 2017-01, Presentation of Net Periodic Pension and Postretirement Benefit Cost In March 2017, the FASB issued ASU No. 2017-07, Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, ASU 2016-18 The following is a reconciliation of our December 31 cash, cash equivalents and restricted cash balances as presented in the consolidated statement of cash flows for the years ended December 31, 2018, 2017 and 2016 (in millions): December 31, 2018 2017 2016 Cash and cash equivalents $ 607.2 $ 681.2 $ 545.5 Restricted cash 1,629.6 1,623.8 1,392.1 Total cash, cash equivalents and restricted cash $ 2,236.8 $ 2,305.0 $ 1,937.6 Credit Impairment In June 2016, the FASB issued ASU No. 2016 -13, off-balance Disclosure Framework In August 2018, the FASB issued ASU No. 2018-13, In August 2018, the FASB also issued ASU No. 2018-14, (Topic 715-20): We do not expect adoption of either standard will have a material impact on our consolidated financial statements. Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, last-of-layer Intangibles - Goodwill and Other In January 2017, the FASB issued ASU No. 2017-04, non-cash Internal-use In August 2018, the FASB issued ASU No. 2018-15, Other-Internal-Use (Subtopic 350-40): internal-use Stock Compensation In May 2017, the FASB issued ASU No. 2017-09, (ASU 2017-09). ASU 2017-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation (ASU 2016-09). equity. ASU 2016-09 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers New Accounting Statement Impact on Consolidated Financial Statements As a result of adopting Topic 606, we restated our consolidated financial statements and related information in these notes thereto from amounts previously reported for 2017 and 2016. The primary impacts of the adoption of the new revenue recognition guidance to our segments were as follows. Brokerage segment Revenue The primary reason for the increase in the amount of revenue recognized relates to our employee benefit brokerage business. Historically we recognized this revenue throughout the contract period as underlying client exposure units became certain. Under the new guidance, the full year revenue under each of these contracts is now estimated at the effective date of the underlying policies resulting in acceleration of revenue recognized, with a reassessment at each reporting date. This also causes a shift in the timing of revenue recognized in the interim periods as a majority of these annual contracts are effective in the first quarter. Partially offsetting this interim impact is the recognition of contingent revenues related to our brokerage business as these revenues are now estimated and accrued throughout the year as the underlying business is placed with the underwriting enterprises rather than our historical practice of recognizing the majority of these revenues in the first quarter, because this is typically when we receive cash or the related policy detail or other carrier specific information from the underwriting enterprise. Expense Risk management segment Revenue Expense - Corporate segment The timing related to recognition of revenue in our corporate segment remains substantially unchanged. While there is no material impact on our annual after tax earnings, there is a material change to our after tax earnings in the interim quarterly periods, as income tax credits are recognized based on our quarterly consolidated pretax earnings patterns. Impact on 2017 and 2016 Consolidated Financial Statements The consolidated statement of earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions, except per share data): Year ended December 31, 2017 As Previously Impact of As Restated Commissions $ 2,627.1 $ 13.9 $ 2,641.0 Fees 1,636.8 (44.9 ) 1,591.9 Supplemental revenues 163.7 (5.7 ) 158.0 Contingent revenues 111.8 (12.3 ) 99.5 Investment income 56.3 2.4 58.7 Gains on books of business sales 3.4 — 3.4 Revenues from clean coal activities 1,560.5 — 1,560.5 Revenues before reimbursements 6,159.6 (46.6 ) 6,113.0 Reimbursements — 136.0 136.0 Total revenues 6,159.6 89.4 6,249.0 Compensation 2,752.3 (4.9 ) 2,747.4 Operating 852.5 (23.4 ) 829.1 Reimbursements — 136.0 136.0 Cost of revenues from clean coal activities 1,635.9 — 1,635.9 Interest 124.1 — 124.1 Depreciation 121.1 — 121.1 Amortization 264.7 — 264.7 Change in estimated acquisition earnout payables 30.9 — 30.9 Total expenses 5,781.5 107.7 5,889.2 Earnings before income taxes 378.1 (18.3 ) 359.8 Benefit for income taxes (121.1 ) (36.0 ) (157.1 ) Net earnings 499.2 17.7 516.9 Net earnings attributable to noncontrolling interests 36.1 (0.5 ) 35.6 Net earnings attributable to controlling interests $ 463.1 $ 18.2 $ 481.3 Basic net earnings per share $ 2.57 $ 0.10 $ 2.67 Diluted net earnings per share 2.54 0.10 2.64 Dividends declared per common share 1.56 — 1.56 Year ended December 31, 2016 As Previously Impact of As Restated Commissions $ 2,439.1 $ (29.2 ) $ 2,409.9 Fees 1,492.8 (1.1 ) 1,491.7 Supplemental revenues 147.0 (7.1 ) 139.9 Contingent revenues 107.2 (9.3 ) 97.9 Investment income 53.3 0.3 53.6 Gains on books of business sales 6.6 — 6.6 Revenues from clean coal activities 1,350.1 — 1,350.1 Other net losses (1.3 ) — (1.3 ) Revenues before reimbursements 5,594.8 (46.4 ) 5,548.4 Reimbursements — 132.1 132.1 Total revenues 5,594.8 85.7 5,680.5 Compensation 2,538.9 (1.7 ) 2,537.2 Operating 797.7 (21.4 ) 776.3 Reimbursements — 132.1 132.1 Cost of revenues from clean coal activities 1,408.6 — 1,408.6 Interest 109.8 — 109.8 Depreciation 103.6 — 103.6 Amortization 247.2 — 247.2 Change in estimated acquisition earnout payables 32.1 — 32.1 Total expenses 5,237.9 109.0 5,346.9 Earnings before income taxes 356.9 (23.3 ) 333.6 Benefit for income taxes (88.1 ) (8.6 ) (96.7 ) Net earnings 445.0 (14.7 ) 430.3 Net earnings attributable to noncontrolling interests 30.6 2.9 33.5 Net earnings attributable to controlling interests $ 414.4 $ (17.6 ) $ 396.8 Basic net earnings per share $ 2.33 $ (0.10 ) $ 2.23 Diluted net earnings per share 2.32 (0.10 ) 2.22 Dividends declared per common share 1.52 — 1.52 Select consolidated statement of comprehensive earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions): Year ended December 31, 2017 As Previously Impact of As Restated Net earnings $ 499.2 $ 17.7 $ 516.9 Change in pension liability, net of taxes 4.3 — 4.3 Foreign currency translation 183.4 (2.5 ) 180.9 Change in fair value of derivative instruments, net of taxes 16.0 — 16.0 Comprehensive earnings 702.9 15.2 718.1 Comprehensive earnings attributable to noncontrolling interests 37.0 (0.6 ) 36.4 Comprehensive earnings attributable to controlling interests $ 665.9 $ 15.8 $ 681.7 Year ended December 31, 2016 As Previously Impact of As Restated Net earnings $ 445.0 $ (14.7 ) $ 430.3 Change in pension liability, net of taxes (4.4 ) — (4.4 ) Foreign currency translation (231.8 ) 7.0 (224.8 ) Change in fair value of derivative instruments, net of taxes (4.9 ) — (4.9 ) Comprehensive earnings 203.9 (7.7 ) 196.2 Comprehensive earnings attributable to noncontrolling interests 35.1 2.8 37.9 Comprehensive earnings attributable to controlling interests $ 168.8 $ (10.5 ) $ 158.3 Select balance sheet line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): December 31, 2017 As Previously Impact of As Restated Assets Premium and fees receivables $ 2,157.2 $ 1,925.6 $ 4,082.8 Other current assets 708.4 173.2 881.6 Deferred income taxes 905.1 (53.5 ) 851.6 Other noncurrent assets 567.0 0.1 567.1 Goodwill 4,197.9 (33.1 ) 4,164.8 Liabilities Premiums payable to underwriting enterprises 3,475.9 1,510.1 4,986.0 Accrued compensation and other current liabilities 864.1 83.7 947.8 Deferred revenue - current/unearned fees 74.8 280.5 355.3 Other current liabilities 56.4 (56.4 ) — Deferred revenue - noncurrent — 75.3 75.3 Other noncurrent liabilities 1,128.3 (15.7 ) 1,112.6 Stockholders’ equity Retained earnings 1,095.9 125.9 1,221.8 Accumulated other comprehensive loss (559.9 ) 4.5 (555.4 ) Stockholders’ equity attributable to controlling interests 4,105.2 130.4 4,235.6 Stockholders’ equity attributable to noncontrolling interests 59.7 4.4 64.1 Select consolidated statement of cash flows line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Year ended December 31, 2017 As Previously Impact of As Restated Cash flows from operating activities Net earnings $ 499.2 $ 17.7 $ 516.9 Adjustments to reconcile net earnings to net cash provided by operating activities: Net change in premiums and fees receivable (220.3 ) 172.6 (47.7 ) Net change in deferred revenue — 0.9 0.9 Net change in premiums payable to underwriting enterprises 334.3 (167.4 ) 166.9 Net change in other current assets (48.5 ) 13.2 (35.3 ) Net change in accrued compensation and other current liabilities 69.3 0.3 69.6 Net change in deferred income taxes (183.4 ) (35.9 ) (219.3 ) Net change in other noncurrent assets and liabilities (11.1 ) (2.1 ) (13.2 ) Year ended December 31, 2016 As Previously Impact of As Restated Cash flows from operating activities Net earnings $ 445.0 $ (14.7 ) $ 430.3 Adjustments to reconcile net earnings to net cash provided by operating activities: Net change in premiums and fees receivable (242.8 ) (534.4 ) (777.2 ) Net change in deferred revenue — 15.1 15.1 Net change in premiums payable to underwriting enterprises 240.2 529.8 770.0 Net change in other current assets (55.2 ) 9.7 (45.5 ) Net change in accrued compensation and other current liabilities 69.1 0.7 69.8 Net change in deferred income taxes (158.0 ) (8.1 ) (166.1 ) Net change in other noncurrent assets and liabilities (34.5 ) 7.0 (27.5 ) Select statement of stockholders’ equity items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Retained Accumulated Stockholders’ Total Balance at December 31, 2015, as reported $ 774.5 $ (522.5 ) $ 49.9 $ 3,688.2 Adoption of Topic 606 125.3 — 2.2 127.5 Balance at December 31, 2015, as restated $ 899.8 $ (522.5 ) $ 52.1 $ 3,815.7 Balance at December 31, 2016, as reported $ 916.4 $ (763.6 ) $ 59.2 $ 3,655.8 Adoption of Topic 606 107.7 7.0 5.0 119.7 Balance at December 31, 2016, as restated $ 1,024.1 $ (756.6 ) $ 64.2 $ 3,775.5 Balance at December 31, 2017, as reported $ 1,095.9 $ (559.9 ) $ 59.7 $ 4,164.9 Adoption of Topic 606 125.9 4.5 4.4 134.8 Balance at December 31, 2017, as restated $ 1,221.8 $ (555.4 ) $ 64.1 $ 4,299.7 Contract Assets and Liabilities/Contract Balances Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions): December 31, December 31, Unbilled receivables $ 496.2 $ 415.2 Deferred contract costs 91.6 83.3 Deferred revenue 457.7 430.6 The unbilled receivables primarily relate to our rights to consideration for work completed but not billed at the reporting date. These are transferred to the receivables when the client is billed. The deferred contract costs represent the costs we incur to fulfill a new or renewal contract with our clients prior to the effective date of the contract. These costs are expensed on the contract effective date. The deferred revenue represents the remaining performance obligations under our contracts. Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions): Brokerage Risk Total Deferred revenue at December 31, 2016 $ 233.8 $ 170.8 $ 404.6 Incremental deferred revenue 247.2 135.7 382.9 Revenue recognized during the year ended December 31, 2017 included in deferred revenue at December 31, 2016 (227.8 ) (135.0 ) (362.8 ) Deferred revenue recognized from business acquisitions 5.5 0.4 5.9 Deferred revenue at December 31, 2017 258.7 171.9 430.6 Incremental deferred revenue 244.0 138.1 382.1 Revenue recognized during the year ended December 31, 2018 included in deferred revenue at December 31, 2017 (236.5 ) (137.0 ) (373.5 ) Deferred revenue recognized from business acquisitions 18.5 — 18.5 Deferred revenue at December 31, 2018 $ 284.7 $ 173.0 $ 457.7 Remaining Performance Obligations Remaining performance obligations represent the portion of the contract price for which work has not been performed. As of December 31, 2018, the aggregate amount of the contract price allocated to remaining performance obligations was $457.7 million. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions): Brokerage Risk Total 2019 $ 253.2 $ 96.4 $ 349.6 2020 17.7 28.5 46.2 2021 12.1 15.4 27.5 2022 0.8 9.0 9.8 2023 0.5 5.4 5.9 Thereafter 0.4 18.3 18.7 Total $ 284.7 $ 173.0 $ 457.7 Deferred Contract Costs We capitalize costs incurred to fulfill contracts as “deferred contract costs” which are included in other current assets in our consolidated balance sheet. Deferred contract costs were $91.6 million and $83.3 million as of December 31, 2018 and 2017, respectively. Capitalized fulfillment costs are amortized on the contract effective date. The amount of amortization of the deferred contract costs was $309.7 million and $283.7 million for the year ended December 31, 2018, and 2017, respectively. As part of our adoption of the new revenue recognition guidance, we have elected to apply the practical expedient to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less for our brokerage segment. These costs are included in compensation and operating expenses in our consolidated statement of earnings. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | 4. Business Combinations During 2018, we acquired substantially all of the net assets of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data): Name and Effective Date of Acquisition Common Common Cash Paid Accrued Escrow Recorded Total Maximum (000s) Market Financial Group, Ltd and Austin Consulting Group, Inc. (MFG) 53 $ 3.7 $ 33.9 $ — $ 4.2 $ 2.7 $ 44.5 $ 7.0 McGregor & Associates (M&A) — — 13.5 — 2.5 5.1 21.1 12.0 Pronto Insurance (PI) — — 294.8 — 18.7 — 313.5 — Reassurance Holdings, Inc. (RHI) 343 24.4 84.4 — 13.3 3.3 125.4 21.5 Buckman-Mitchell, Inc. (BMI) November 1, 2018 — — 43.9 — 1.9 3.6 49.4 8.5 Accompass Inc. (AI) December 1, 2018 — — 29.8 — 2.6 4.4 36.8 11.3 42 other acquisitions completed in 2018 430 26.1 291.9 3.1 28.2 74.9 424.2 141.2 826 $ 54.2 $ 792.2 $ 3.1 $ 71.4 $ 94.0 $ 1,014.9 $ 201.5 On December 22, 2018, we signed a definitive agreement to acquire 100% of the equity of Stackhouse Poland Group Limited (which we refer to as Stackhouse Poland) headquartered in Guildford, Surrey, U.K., for approximately $350.0 million of cash consideration. Stackhouse Poland is a large-scale specialist U.K. insurance broker that generates over £55 million in annualized revenues, has more than 500 employees and operates from a network of 23 offices across the U.K. The transaction is subject to regulatory approval and is expected to close in the first quarter of 2019. Common shares issued in connection with acquisitions are valued at closing market prices as of the effective date of the applicable acquisition. We record escrow deposits that are returned to us as a result of adjustments to net assets acquired as reductions of goodwill when the escrows are settled. The maximum potential earnout payables disclosed in the foregoing table represent the maximum amount of additional consideration that could be paid pursuant to the terms of the purchase agreement for the applicable acquisition. The amounts recorded as earnout payables, which are primarily based upon the estimated future operating results of the acquired entities over a two- The fair value of these earnout obligations is based on the present value of the expected future payments to be made to the sellers of the acquired entities in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, we estimated the acquired entity’s future performance using financial projections developed by management for the acquired entity and market participant assumptions that were derived for revenue growth and/or profitability. Revenue growth rates generally ranged from 3.0% to 15.0% for our 2018 acquisitions. We estimated future payments using the earnout formula and performance targets specified in each purchase agreement and these financial projections. We then discounted these payments to present value using a risk-adjusted rate that takes into consideration market-based During 2018, 2017 and 2016, we recognized $18.8 million, $20.2 million and $16.9 million, respectively, of expense in our consolidated statement of earnings related to the accretion of the discount recorded for earnout obligations in connection with our acquisitions. In addition, during 2018, 2017 and 2016, we recognized $9.2 million of income, $10.7 million and $15.2 million of expense, respectively, related to net adjustments in the estimated fair value of the liability for earnout obligations in connection with revised projections of future performance for 112, 108 and 101 acquisitions, respectively. The aggregate amount of maximum earnout obligations related to acquisitions made in 2015 and subsequent years was $558.1 million as of December 31, 2018, of which $258.8 million was recorded in the consolidated balance sheet as of that date based on the estimated fair value of the expected future payments to be made. The aggregate amount of maximum earnout obligations related to acquisitions made in 2014 and subsequent years was $567.9 million as of December 31, 2017, of which $264.2 million was recorded in the consolidated balance sheet as of that date based on the estimated fair value of the expected future payments to be made. The following is a summary of the estimated fair values of the net assets acquired at the date of each acquisition made in 2018 (in millions): 42 Other MFG M&A PI RHI BMI AI Acquisitions Total Cash $ 0.1 $ — $ 7.2 $ — $ 0.1 $ 0.4 $ 11.8 $ 19.6 Other current assets 3.0 0.5 66.8 18.4 12.4 1.9 103.1 206.1 Fixed assets 0.4 1.4 2.6 2.2 0.1 0.1 1.5 8.3 Noncurrent assets — — 8.3 0.4 — — 17.5 26.2 Goodwill 24.6 5.2 209.4 77.9 18.8 21.4 227.3 584.6 Expiration lists 19.6 15.1 56.7 41.9 26.0 17.2 205.3 381.8 Non-compete — 0.1 0.2 0.5 0.2 1.7 2.6 5.3 Trade names 0.1 — 58.1 3.2 — — 0.1 61.5 Total assets acquired 47.8 22.3 409.3 144.5 57.6 42.7 569.2 1,293.4 Current liabilities 2.3 0.4 64.2 7.2 8.2 0.8 94.6 177.7 Noncurrent liabilities 1.0 0.8 31.6 11.9 — 5.1 50.4 100.8 Total liabilities assumed 3.3 1.2 95.8 19.1 8.2 5.9 145.0 278.5 Total net assets acquired $ 44.5 $ 21.1 $ 313.5 $ 125.4 $ 49.4 $ 36.8 $ 424.2 $ 1,014.9 Among other things, these acquisitions allow us to expand into desirable geographic locations, further extend our presence in the retail and wholesale insurance brokerage services and risk management industries and increase the volume of general services currently provided. The excess of the purchase price over the estimated fair value of the tangible net assets acquired at the acquisition date was allocated to goodwill, expiration lists, non-compete Provisional estimates of fair value are established at the time of the acquisition and are subsequently reviewed within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. The fair value of the tangible assets and liabilities for each applicable acquisition at the acquisition date approximated their carrying values. The fair value of expiration lists was established using the excess earnings method, which is an income approach based on estimated financial projections developed by management for each acquired entity using market participant assumptions. Revenue growth and attrition rates generally ranged from 3.0% to 4.4% and 3.5% to 11.0% for our 2018 acquisitions, respectively, for which valuations were performed in 2018. We estimate the fair value as the present value of the benefits anticipated from ownership of the subject customer list in excess of returns required on the investment in contributory assets necessary to realize those benefits. The rate used to discount the net benefits was based on a risk-adjusted rate that takes into consideration market-based rates of return and reflects the risk of the asset relative to the acquired business. These discount rates generally ranged from 11.5% to 14.0% for our 2018 acquisitions, for which a valuation was performed. The fair value of non-compete non-compete Expiration lists, non-compete non-compete Of the $381.8 million of expiration lists, $5.3 million of non-compete Our consolidated financial statements for the year ended December 31, 2018 include the operations of the acquired entities from their respective acquisition dates. The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2017 (in millions, except per share data): Year Ended December 31, 2018 2017 Total revenues $ 7,125.5 $ 6,572.4 Net earnings attributable to controlling interests 646.1 496.4 Basic earnings per share 3.53 2.74 Diluted earnings per share 3.46 2.71 The unaudited pro forma results above have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which actually would have resulted had these acquisitions occurred at January 1, 2017, nor are they necessarily indicative of future operating results. Annualized revenues of entities acquired in 2018 totaled approximately $339.8 million. Total revenues and net earnings recorded in our consolidated statement of earnings for 2018 related to the 2018 acquisitions in the aggregate, were $158.0 million and $6.9 million, respectively. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | 5. Other Current Assets Major classes of other current assets consist of the following (in millions): December 31, 2018 2017 Premium finance advances and loans $ 316.2 $ 305.5 Accrued supplemental, direct bill and other receivables 348.2 244.5 Refined coal production related receivables 160.2 156.8 Deferred contract costs 91.6 83.3 Prepaid expenses 108.2 91.5 Total other current assets $ 1,024.4 $ 881.6 The premium finance loans represent short-term loans which we make to many of our brokerage related clients and other non-brokerage |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 6. Fixed Assets Major classes of fixed assets consist of the following (in millions): December 31, 2018 2017 Office equipment $ 30.0 $ 28.6 Furniture and fixtures 116.9 112.3 Leasehold improvements 132.1 124.2 Computer equipment 145.1 147.9 Land and buildings - corporate headquarters 144.3 143.6 Software 346.0 291.9 Other 12.4 12.0 Work in process 14.9 20.1 941.7 880.6 Accumulated depreciation (504.8 ) (468.4 ) Net fixed assets $ 436.9 $ 412.2 The amounts in work in process in the table above primarily are for capitalized expenditures incurred related to IT development projects in 2018 and 2017. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets The carrying amount of goodwill at December 31, 2018 and 2017 allocated by domestic and foreign operations is as follows (in millions): Risk Brokerage Management Corporate Total At December 31, 2018 United States $ 2,715.3 $ 29.6 $ — $ 2,744.9 United Kingdom 753.7 9.2 — 762.9 Canada 378.6 — — 378.6 Australia 406.3 0.3 — 406.6 New Zealand 209.6 10.2 — 219.8 Other foreign 110.1 — 2.7 112.8 Total goodwill - net $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 At December 31, 2017 United States $ 2,280.9 $ 25.8 $ — $ 2,306.7 United Kingdom 738.5 7.2 — 745.7 Canada 374.0 — — 374.0 Australia 416.6 — — 416.6 New Zealand 209.3 9.6 — 218.9 Other foreign 99.9 — 3.0 102.9 Total goodwill - net $ 4,119.2 $ 42.6 $ 3.0 $ 4,164.8 The changes in the carrying amount of goodwill for 2018 and 2017 are as follows (in millions): Risk Brokerage Management Corporate Total Balance as of January 1, 2017, as reported $ 3,736.9 $ 28.1 $ 2.8 $ 3,767.8 Adoption of Topic 606 related to 2016 acquisitions (14.6 ) — — (14.6 ) Balance as of January 1, 2017, as restated 3,722.3 28.1 2.8 3,753.2 Goodwill acquired during the year 290.4 14.1 — 304.5 Adoption of Topic 606 related to 2017 acquisitions (18.5 ) — — (18.5 ) Goodwill adjustments related to appraisals and other acquisition adjustments 14.7 — — 14.7 Foreign currency translation adjustments during the year 110.3 0.4 0.2 110.9 Balance as of December 31, 2017, as restated 4,119.2 42.6 3.0 4,164.8 Goodwill acquired during the year 574.7 9.9 — 584.6 Goodwill adjustments related to appraisals and other acquisition adjustments 2.2 (2.3 ) — (0.1 ) Foreign currency translation adjustments during the year (122.5 ) (0.9 ) (0.3 ) (123.7 ) Balance as of December 31, 2018 $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 Major classes of amortizable intangible assets consist of the following (in millions): December 31, 2018 2017 Expiration lists $ 3,379.4 $ 3,055.9 Accumulated amortization - expiration lists (1,676.8 ) (1,422.1 ) 1,702.6 1,633.8 Non-compete 58.0 53.5 Accumulated amortization - non-compete (48.5 ) (46.1 ) 9.5 7.4 Trade names 86.0 25.9 Accumulated amortization - trade names (25.1 ) (22.5 ) 60.9 3.4 Net amortizable assets $ 1,773.0 $ 1,644.6 Estimated aggregate amortization expense for each of the next five years is as follows (in millions): 2019 $ 287.2 2020 270.7 2021 247.3 2022 222.2 2023 198.2 Thereafter 547.4 Total $ 1,773.0 |
Credit and Other Debt Agreement
Credit and Other Debt Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit and Other Debt Agreements | 8. Credit and Other Debt Agreements The following is a summary of our corporate and other debt (in millions): December 31, 2018 2017 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 2.80%, balloon due June 24, 2018 $ — $ 50.0 Semi-annual payments of interest, fixed rate of 5.85%, $50 million due November 30, 2018 and November 30, 2019 50.0 100.0 Semi-annual payments of interest, fixed rate of 3.20%, balloon due June 24, 2019 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48%, balloon due June 24, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99%, balloon due July 10, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 5.18%, balloon due February 10, 2021 75.0 75.0 Semi-annual payments of interest, fixed rate of 3.69%, balloon due June 14, 2022 200.0 200.0 Semi-annual payments of interest, fixed rate of 5.49%, balloon due February 10, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.13%, balloon due June 24, 2023 200.0 200.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.65%, balloon due August 2, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due February 27, 2024 325.0 325.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.40%, balloon due June 13, 2024 50.0 — Semi-annual payments of interest, fixed rate of 4.31%, balloon due June 24, 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.73%, balloon due February 27, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.40%, balloon due June 2, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36%, balloon due June 24, 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due June 27, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due August 2, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.14%, balloon due August 4, 2027 98.0 98.0 Semi-annual payments of interest, fixed rate of 3.46%, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55%, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 13, 2028 125.0 — Semi-annual payments of interest, fixed rate of 4.98%, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due June 27, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due August 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.44%, balloon due June 13, 2030 125.0 — Semi-annual payments of interest, fixed rate of 4.70%, balloon due June 2, 2031 25.0 25.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 27, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due August 2, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.59%, balloon due June 13, 2033 125.0 — Semi-annual payments of interest, fixed rate of 4.69%, balloon due June 13, 2038 75.0 — Total Note Purchase Agreements 3,198.0 2,798.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires April 8, 2021 265.0 190.0 Premium Financing Debt Facility - expires May 18, 2020: Periodic payments of interest and principal, Interbank rates plus 1.05% for Facility B; plus 0.55% for Facilities C and D Facility B AUD denominated tranche 133.9 116.4 NZD denominated tranche 10.1 5.7 Facility C and D AUD denominated tranche — 18.5 NZD denominated tranche 10.0 10.5 Total Premium Financing Debt Facility 154.0 151.1 Total corporate and other debt 3,617.0 3,139.1 Less unamortized debt acquisition costs on Note Purchase Agreements (6.6 ) (6.1 ) Net corporate and other debt $ 3,610.4 $ 3,133.0 Note Purchase Agreements - pre-issuance On June 13, 2018, we closed and funded offerings of $500.0 million aggregate principal amount of private placement senior unsecured notes (both fixed and floating rate), which was used in part to fund the $50.0 million June 24, 2018 Series K notes maturity. The weighted average maturity of the $450.0 million of senior fixed rate notes is 13.6 years and their weighted average interest rate is 4.42% after giving effect to net hedging gains. The interest rate on the $50.0 million of floating rate notes would be 4.14% using three-month LIBOR on February 4, 2019. In 2017 and 2018, we entered into pre-issuance The notes consist of the following tranches: • $125.0 million of 4.34% senior notes due in 2028 (4.00% after giving effect to hedging gains); • $125.0 million of 4.44% senior notes due in 2030; • $125.0 million of 4.59% senior notes due in 2033; • $75.0 million of 4.69% senior notes due in 2038; and • $50.0 million of floating rate notes due in 2024, at an interest rate of 1.40% plus three-month LIBOR, calculated quarterly. On June 24, 2018 we funded the $50.0 million maturity of our Series K notes, and on November 30, 2018 we funded the $50.0 million maturity of our Series C notes. Under the terms of the note purchase agreements described above, we may redeem the notes at any time, in whole or in part, at 100% of the principal amount of such notes being redeemed, together with accrued and unpaid interest and a “make-whole amount”. The “make-whole amount” is derived from a net present value computation of the remaining scheduled payments of principal and interest using a discount rate based on the U.S. Treasury yield plus 0.5% and is designed to compensate the purchasers of the notes for their investment risk in the event prevailing interest rates at the time of prepayment are less favorable than the interest rates under the notes. We do not currently intend to prepay any of the notes. The note purchase agreements described above contain customary provisions for transactions of this type, including representations and warranties regarding us and our subsidiaries and various financial covenants, including covenants that require us to maintain specified financial ratios. We were in compliance with these covenants as of December 31, 2018. The note purchase agreements also provide customary events of default, generally with corresponding grace periods, including, without limitation, payment defaults with respect to the notes, covenant defaults, cross-defaults to other agreements evidencing our or our subsidiaries’ indebtedness, certain judgments against us or our subsidiaries and events of bankruptcy involving us or our material subsidiaries. The notes issued under the note purchase agreement are senior unsecured obligations of ours and rank equal in right of payment with our Credit Agreement discussed below. Credit Agreement The Credit Agreement provides that we may elect that each borrowing in U.S. dollars be either base rate loans or eurocurrency loans, each as defined in the Credit Agreement. However, the Credit Agreement provides that all loans denominated in currencies other than U.S. dollars will be eurocurrency loans. Interest rates on base rate loans and outstanding drawings on letters of credit in U.S. dollars under the Credit Agreement will be based on the base rate, as defined in the Credit Agreement, plus a margin of 0.00% to 0.45%, depending on the financial leverage ratio we maintain. Interest rates on eurocurrency loans or outstanding drawings on letters of credit in currencies other than U.S. dollars under the Credit Agreement will be based on adjusted LIBOR, as defined in the Credit Agreement, plus a margin of 0.85% to 1.45%, depending on the financial leverage ratio we maintain. Interest rates on swing loans will be based, at our election, on either the base rate or an alternate rate that may be quoted by the lead lender. The annual facility fee related to the Credit Agreement is 0.15% and 0.30% of the revolving credit commitment, depending on the financial leverage ratio we maintain. In connection with entering into the Credit Agreement, we incurred approximately $2.0 million of debt acquisition costs that were capitalized and will be amortized on a pro rata basis over the term of the Credit Agreement. The terms of the Credit Agreement include various financial covenants, including covenants that require us to maintain specified financial ratios. We were in compliance with these covenants as of December 31, 2018. The Credit Agreement also includes customary provisions for transactions of this type, including events of default, with corresponding grace periods and cross-defaults At December 31, 2018, $17.0 million of letters of credit (for which we had $15.8 million of liabilities recorded at December 31, 2018) were outstanding under the Credit Agreement. See Note 16 to these consolidated financial statements for a discussion of the letters of credit. There were $265.0 million of borrowings outstanding under the Credit Agreement at December 31, 2018. Accordingly, at December 31, 2018, $518.0 million remained available for potential borrowings, of which $58.0 million was available for additional letters of credit. Premium Financing Debt Facility - The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. The terms of our Premium Financing Debt Facility include various financial covenants, including covenants that require us to maintain specified financial ratios. We were in compliance with these covenants as of December 31, 2018. The Premium Financing Debt Facility also includes customary provisions for transactions of this type, including events of default, with corresponding grace periods and cross-defaults to other agreements evidencing our indebtedness. Facilities B, C and D are secured by the premium finance receivables of the Australian and New Zealand premium finance subsidiaries. At December 31, 2018, AU$190.0 million and NZ$15.0 million of borrowings were outstanding under Facility B, there were no borrowings outstanding under Facility C and NZ$14.9 million of borrowings were outstanding under Facility D. Accordingly, as of December 31, 2018, zero and NZ$10.0 million remained available for potential borrowing under Facility B, and AU$25.0 million and NZ$0.1 million under Facilities C and D, respectively. See Note 16 to these 2018 consolidated financial statements for additional discussion on our contractual obligations and commitments as of December 31, 2018. The aggregate estimated fair value of the $3,198.0 million in debt under the note purchase agreements at December 31, 2018 was $3,194.4 million due to the long-term duration and fixed interest rates associated with these debt obligations. No active or observable market exists for our private long-term debt. Therefore, the estimated fair value of this debt is based on discounted future cash flows, which is a Level 3 fair value measurement, using current interest rates available for debt with similar terms and remaining maturities. The estimated fair value of this debt is based on the income valuation approach, which is a valuation technique that converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. The fair value measurement is determined on the basis of the value indicated by current market expectations about those future amounts. Because our debt issuances generate a measurable income stream for each lender, the income approach was deemed to be an appropriate methodology for valuing the private placement long-term debt. The methodology used calculated the original deal spread at the time of each debt issuance, which was equal to the difference between the yield of each issuance (the coupon rate) and the equivalent benchmark treasury yield at that time. The market spread as of the valuation date was calculated, which is equal to the difference between an index for investment grade insurers and the equivalent benchmark treasury yield today. An implied premium or discount to the par value of each debt issuance based on the difference between the origination deal spread and market as of the valuation date was then calculated. The index we relied on to represent investment graded insurers was the Bloomberg Valuation Services (BVAL) U.S. Insurers BBB index. This index is comprised primarily of insurance brokerage firms and was representative of the industry in which we operate. For the purposes of our analysis, the average BBB rate was assumed to be the appropriate borrowing rate for us based on our current estimated credit rating. The estimated fair value of the $265.0 million of borrowings outstanding under our Credit Agreement approximate their carrying value due to their short-term duration and variable interest rates. The estimated fair value of the $154.0 million of borrowings outstanding under our Premium Financing Debt Facility approximates their carrying value due to their short-term duration and variable interest rates. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 9. Earnings per Share The following table sets forth the computation of basic and diluted net earnings per share (in millions, except per share data): Year Ended December 31, 2018 2017 2016 Net earnings attributable to controlling interests $ 633.5 $ 481.3 $ 396.8 Weighted average number of common shares outstanding 182.7 180.1 177.6 Dilutive effect of stock options using the treasury stock method 3.5 2.0 0.8 Weighted average number of common and common equivalent shares outstanding 186.2 182.1 178.4 Basic net earnings per share $ 3.47 $ 2.67 $ 2.23 Diluted net earnings per share $ 3.40 $ 2.64 $ 2.22 Options to purchase 1.0 million, 1.3 million and 5.9 million shares of our common stock were outstanding at December 31, 2018, 2017 and 2016, respectively, but were not included in the computation of the dilutive effect of stock options for the year then ended. These stock options were excluded from the computation because the options’ exercise prices were greater than the average market price of our common shares during the respective period and, therefore, would be anti-dilutive to earnings per share under the treasury stock method. |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Stock Option Plans | 10. Stock Option Plans On May 16, 2017, our stockholders approved the Arthur J. Gallagher 2017 Long-Term Incentive Plan (which we refer to as the LTIP), which replaced our previous stockholder-approved Arthur J. Gallagher & Co. 2014 Long-Term Incentive Plan (which we refer to as the 2014 LTIP). The LTIP term began May 16, 2017 and terminates on the date of the annual meeting of stockholders in 2027, unless terminated earlier by our board of directors. All of our officers, employees and non-employee non-qualified Shares of our common stock available for issuance under the LTIP include authorized and unissued shares of common stock or authorized and issued shares of common stock reacquired and held as treasury shares or otherwise, or a combination thereof. The number of available shares will be reduced by the aggregate number of shares that become subject to outstanding awards granted under the LTIP. To the extent that shares subject to an outstanding award granted under either the LTIP or prior equity plans are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or by reason of the settlement of such award in cash, then such shares will again be available for grant under the LTIP. The maximum number of shares available under the LTIP for restricted stock, restricted stock unit awards and performance unit awards settled with stock (i.e., all awards other than stock options and stock appreciation rights) is 3.3 million as of December 31, 2018. The LTIP provides for the grant of stock options, which may be either tax-qualified non-qualified non-qualified tax-qualified non-qualified tax-qualified Upon exercise, the option exercise price may be paid in cash, by the delivery of previously owned shares of our common stock, through a net-exercise non-transferable. On March 15, 2018, the compensation committee granted 1,261,000 options under the 2017 LTIP to our officers and key employees that become exercisable at the rate of 34%, 33% and 33% on the anniversary date of the grant in 2021, 2022 and 2023, respectively. On March 16, 2017, the compensation committee granted 1,650,400 options under the 2014 LTIP to our officers and key employees that become exercisable at the rate of 34%, 33% and 33% on the anniversary date of the grant in 2020, 2021 and 2022, respectively. On March 17, 2016, the compensation committee granted 2,576,000 options to our officers and key employees that become exercisable at the rate of 34%, 33% and 33% on the anniversary date of the grant in 2019, 2020 and 2021, respectively. The 2018, 2017 and 2016 options expire seven years from the date of grant, or earlier in the event of certain terminations of employment. For certain of our executive officers age 55 or older, stock options awarded in 2018, 2017 and 2016 are no longer subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. Our stock option plans provide for the immediate vesting of all outstanding stock option grants in the event of a change in control of our company, as defined in the applicable plan documents. During 2018, 2017 and 2016, we recognized $13.7 million, $17.3 million and $14.7 million, respectively, of compensation expense related to our stock option grants. For purposes of expense recognition in 2018, 2017 and 2016, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended December 31, 2018 2017 2016 Expected dividend yield 2.3 % 2.8 % 3.0 % Expected risk-free interest rate 2.7 % 2.3 % 1.6 % Volatility 15.1 % 27.2 % 27.7 % Expected life (in years) 5.5 5.0 5.5 Option valuation models require the input of highly subjective assumptions including the expected stock price volatility. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. Because our employee and director stock options have characteristics significantly different from those of traded options, and because changes in the selective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee and non-employee The following is a summary of our stock option activity and related information for 2018 and 2017 (in millions, except exercise price and year data): Shares Weighted Weighted Aggregate Year Ended December 31, 2018 Beginning balance 9.5 $ 45.27 Granted 1.3 70.74 Exercised (1.6 ) 37.85 Forfeited or canceled (0.4 ) 49.23 Ending balance 8.8 $ 50.16 3.86 $ 206.8 Exercisable at end of year 2.1 $ 42.84 1.83 $ 64.4 Ending unvested and expected to vest 6.5 $ 52.14 4.46 $ 140.3 Year Ended December 31, 2017 Beginning balance 9.5 $ 41.45 Granted 1.7 56.87 Exercised (1.3 ) 33.11 Forfeited or canceled (0.4 ) 44.48 Ending balance 9.5 $ 45.27 3.99 $ 171.5 Exercisable at end of year 2.1 $ 37.81 1.75 $ 52.7 Ending unvested and expected to vest 7.2 $ 47.30 4.64 $ 115.8 Options with respect to 14.4 million shares (less any shares of restricted stock issued under the LTIP - see Note 12 to these consolidated financial statements) were available for grant under the LTIP at December 31, 2018. The total intrinsic value of options exercised during 2018, 2017 and 2016 amounted to $54.2 million, $33.7 million and $19.3 million, respectively. As of December 31, 2018, we had approximately $30.8 million of total unrecognized compensation cost related to nonvested options. We expect to recognize that cost over a weighted average period of approximately four years. Other information regarding stock options outstanding and exercisable at December 31, 2018 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 35.71 - $ 39.17 0.9 0.92 $ 38.20 0.9 $ 38.20 43.71 - 43.71 2.3 4.21 43.71 — — 46.17 - 46.87 2.8 2.75 46.48 1.1 46.61 47.92 - 63.60 1.6 5.20 56.81 — — 70.74 - 70.74 1.2 6.21 70.74 0.1 70.74 $ 35.71 - $ 70.74 8.8 3.86 $ 50.16 2.1 $ 42.84 |
Deferred Compensation
Deferred Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation | 11. Deferred Compensation We have a Deferred Equity Participation Plan, (which we refer to as the DEPP), which is a non-qualified one-year one-year sub-plans sub-plans) Our common stock that is issued to or purchased by the rabbi trust as a contribution under DEPP is valued at historical cost, which equals its fair market value at the date of grant or date of purchase. When common stock is issued, we record an unearned deferred compensation obligation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair market value of our common stock owed to the participants do not have any impact on the amounts recorded in our consolidated financial statements. In the first quarter of each of 2018, 2017 and 2016, the compensation committee approved $11.5 million, $14.0 million and $10.1 million, respectively, of awards in the aggregate to certain key executives under the DEPP that were contributed to the rabbi trust in the first quarters of 2018, 2017 and 2016. We contributed cash to the rabbi trust and instructed the trustee to acquire a specified number of shares of our common stock on the open market to fund these 2018, 2017 and 2016 awards. During 2018, 2017 and 2016, we charged $9.1 million, $9.6 million and $7.5 million, respectively, to compensation expense related to these awards. In 2018, 2017 and 2016, the compensation committee approved $0.9 million, $4.0 million and $13.6 million, respectively, of awards under the sub-plans sub-plans At December 31, 2018 and 2017, we recorded $57.6 million (related to 2.7 million shares) and $54.7 million (related to 2.6 million shares), respectively, of unearned deferred compensation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet. The total intrinsic value of our unvested equity based awards under the plan at December 31, 2018 and 2017 was $199.8 million and $166.0 million, respectively. During 2018, 2017 and 2016, cash and equity awards with an aggregate fair value of $6.4 million, $8.4 million and $7.6 million, respectively, were vested and distributed to executives under the DEPP. We have a Deferred Cash Participation Plan (which we refer to as the DCPP), which is a non-qualified |
Restricted Stock, Performance S
Restricted Stock, Performance Share and Cash Awards | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Restricted Stock, Performance Share and Cash Awards | 12. Restricted Stock, Performance Share and Cash Awards Restricted Stock Awards As discussed in Note 10 to these consolidated financial statements, on May 16, 2017, our stockholders approved the LTIP, which replaced our previous stockholder-approved 2014 LTIP. The LTIP provides for the grant of a stock award either as restricted stock or as restricted stock units to officers, employees and non-employee non-transferable The agreements awarding restricted stock units under the LTIP will specify whether such awards may be settled in shares of our common stock, cash or a combination of shares and cash and whether the holder will be entitled to receive dividend equivalents, on a current or deferred basis, with respect to such award. Prior to the settlement of a restricted stock unit, the holder of a restricted stock unit will have no rights as a stockholder of the company. The maximum number of shares available under the LTIP for restricted stock, restricted stock units and performance unit awards settled with stock (i.e., all awards other than stock options and stock appreciation rights) is 4.0 million. At December 31, 2018, 3.3 million shares were available for grant under the LTIP for such awards. In 2018, 2017 and 2016, we granted 439,100, 476,350 and 479,167 restricted stock units, respectively, to employees under the LTIP and 2014 LTIP, with an aggregate fair value of $28.7 million, $26.8 million and $20.4 million, respectively, at the date of grant. The 2018, 2017 and 2016 restricted stock units vest as follows: 420,200 units granted in first quarter 2018, 477,500 units granted in first quarter 2017 and 466,600 units granted in first quarter 2016, vest in full based on continued employment through March 15, 2023, March 19, 2022 and March 17, 2021, respectively, while the other 2018, 2017 and 2016 restricted stock unit awards generally vest in full based on continued employment through the vesting period on the anniversary date of the grant. For certain of our executive officers age 55 or older, restricted stock units awarded in 2018, 2017 and 2016 are not subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. The vesting periods of the 2018, 2017 and 2016 restricted stock unit awards are as follows (in actual shares): Restricted Stock Units Granted Vesting Period 2018 2017 2016 One year 18,900 21,600 27,417 Two years 12,700 12,750 — Five years 407,500 442,000 451,750 Total shares granted 439,100 476,350 479,167 We account for restricted stock awards at historical cost, which equals its fair market value at the date of grant, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair value of our common stock that is owed to the participants do not have any impact on the amounts recorded in our consolidated financial statements. During 2018, 2017 and 2016, we charged $27.2 million, $19.6 million and $18.2 million, respectively, to compensation expense related to restricted stock awards granted in 2008 through 2018. The total intrinsic value of unvested restricted stock at December 31, 2018 and 2017 was $140.8 million and $109.3 million, respectively. During 2018 and 2017, equity awards (including accrued dividends) with an aggregate fair value of $23.6 million and $23.3 million were vested and distributed to employees under this plan. Performance Share Awards On March 15, 2018, March 16, 2017 and March 17, 2016, pursuant to the LTIP and 2014 LTIP, the compensation committee approved 78,200, 86,250 and 72,900, respectively of provisional performance unit awards, with an aggregate fair value of $5.3 million, $4.9 million and $3.2 million, respectively, for future grants to our officers and key employees. Each performance unit award was equivalent to the value of one share of our common stock on the date such provisional award was approved. At the end of the performance period, eligible participants will be granted a number of units based on achievement of the performance goal and subject to approval by the compensation committee. Granted units for the 2018, 2017 and 2016 provisional awards will fully vest based on continuous employment through March 15, 2021, March 16, 2020 and March 17, 2019, respectively, and will be settled in shares of our common stock on a one-for-one one-year two-year one-for-one Cash Awards On March 15, 2018, pursuant to our Performance Unit Program (which we refer to as the Program), the compensation committee approved provisional cash awards of $15.0 million in the aggregate for future grants to our officers and key employees that are denominated in units (219,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional award was approved. The Program consists of a one-year two-year On March 16, 2017, pursuant to the Program, the compensation committee approved provisional cash awards of $14.3 million in the aggregate for future grants to our officers and key employees that are denominated in units (255,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional awards were approved. Terms of the 2017 provisional award were similar to the terms of the 2018 provisional awards. Based on our performance for 2017, we granted 242,000 units under the Program in first quarter 2018 that will fully vest on January 1, 2020. During 2018, we charged $8.7 million to compensation expense related to these awards. We did not recognize any compensation expense during 2017 related to the 2017 provisional award under the Program. On March 17, 2016, pursuant to the Program, the compensation committee approved provisional cash awards of $17.4 million in the aggregate for future grants to our officers and key employees that are denominated in units (397,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional award was approved. Terms of the 2016 provisional award were similar to the terms of the 2017 provisional awards. Based on our performance for 2016, we granted 385,000 units under the Program in first quarter 2017 that will fully vest on January 1, 2019. During 2018 and 2017, we charged $11.7 million, and $10.6 million to compensation expense related to these awards. We did not recognize any compensation expense during 2016 related to the 2016 provisional award under the Program. On March 11, 2015, pursuant to the Program, the compensation committee approved the provisional cash awards of $14.6 million in the aggregate for future grants to our officers and key employees that are denominated in units (315,000 units in the aggregate), each of which was equivalent to the value of one share of our common stock on the date the provisional awards were approved. Terms of the 2015 provisional award were similar to the terms of the 2016 provisional awards. Based on our performance for 2015, we granted 294,000 units under the Program in first quarter 2016 that fully vested on January 1, 2018. During 2017 and 2016, we charged $9.3 million and $6.6 million to compensation expense related to these awards. During 2018, cash awards related to the 2015 provisional awards with an aggregate fair value of $15.8 million (269,000 units in the aggregate) were vested and distributed to employees under the Program. During 2017, cash awards related to the 2014 provisional awards with an aggregate fair value of $9.3 million (199,000 units in the aggregate) were vested and distributed to employees under the Program. During 2016, cash awards related to the 2013 provisional awards with an aggregate fair value of $11.2 million (246,000 units in the aggregate) were vested and distributed to employees under the Program. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 13. Retirement Plans We have a noncontributory defined benefit pension plan that, prior to July 1, 2005, covered substantially all of our domestic employees who had attained a specified age and one year of employment. Benefits under the plan were based on years of service and salary history. In 2005, we amended our defined benefit pension plan to freeze the accrual of future benefits for all U.S. employees, effective on July 1, 2005. Since the plan is frozen, there is no difference between the projected benefit obligation and accumulated benefit obligation at December 31, 2018 and 2017. In the table below, the service cost component represents plan administration costs that are incurred directly by the plan. A reconciliation of the beginning and ending balances of the pension benefit obligation and fair value of plan assets and the funded status of the plan is as follows (in millions): Year Ended December 31, 2018 2017 Change in pension benefit obligation: Benefit obligation at beginning of year $ 271.4 $ 261.3 Service cost 0.8 1.7 Interest cost 9.3 10.0 Net actuarial (gain) loss (14.3 ) 11.5 Benefits paid (14.0 ) (13.1 ) Benefit obligation at end of year $ 253.2 $ 271.4 Change in plan assets: Fair value of plan assets at beginning of year $ 219.4 $ 207.8 Actual return on plan assets (15.4 ) 24.7 Contributions by the company 30.0 — Benefits paid (14.0 ) (13.1 ) Fair value of plan assets at end of year $ 220.0 $ 219.4 Funded status of the plan (underfunded) $ (33.2 ) $ (52.0 ) Amounts recognized in the consolidated balance sheet consist of: Noncurrent liabilities - accrued benefit liability $ (33.2 ) $ (52.0 ) Accumulated other comprehensive loss - net actuarial loss 76.0 63.7 Net amount included in retained earnings $ 42.8 $ 11.7 The components of the net periodic pension benefit cost for the plan and other changes in plan assets and obligations recognized in earnings and other comprehensive earnings consist of the following (in millions): Year Ended December 31, 2018 2017 2016 Net periodic pension cost: Service cost $ 0.8 $ 1.7 $ 1.5 Interest cost on benefit obligation 9.3 10.0 10.8 Expected return on plan assets (16.0 ) (14.0 ) (14.6 ) Amortization of net loss 4.9 5.0 5.3 Net periodic benefit cost (1.0 ) 2.7 3.0 Other changes in plan assets and obligations recognized in other comprehensive earnings: Net loss incurred 17.2 0.8 1.4 Amortization of net loss (4.9 ) (5.0 ) (5.3 ) Total recognized in other comprehensive loss 12.3 (4.2 ) (3.9 ) Total recognized in net periodic pension cost and other comprehensive loss $ 11.3 $ (1.5 ) $ (0.9 ) Estimated amortization for the following year: Amortization of net loss $ 7.2 $ 5.0 $ 5.5 The following weighted average assumptions were used at December 31 in determining the plan’s pension benefit obligation: December 31, 2018 2017 Discount rate 4.00 % 3.50 % Weighted average expected long-term rate of return on plan assets 7.00 % 7.00 % The following weighted average assumptions were used at January 1 in determining the plan’s net periodic pension benefit cost: Year Ended December 31, 2018 2017 2016 Discount rate 3.50 % 4.00 % 4.25 % Weighted average expected long-term rate of return on plan assets 7.00 % 7.00 % 7.25 % The following benefit payments are expected to be paid by the plan (in millions): 2019 $ 15.8 2020 16.1 2021 16.3 2022 16.5 2023 16.6 Years 2024 to 2028 82.8 The following is a summary of the plan’s weighted average asset allocations at December 31 by asset category: December 31, Asset Category 2018 2017 Equity securities 57.0 % 61.0 % Debt securities 36.0 % 32.0 % Real estate 7.0 % 7.0 % Total 100.0 % 100.0 % Plan assets are invested in various pooled separate accounts under annuity contracts managed by two life underwriting enterprises. The plan’s investment policy provides that investments will be allocated in a manner designed to provide a long-term investment return greater than the actuarial assumptions, maximize investment return commensurate with risk and to comply with the Employee Income Retirement Security Act of 1974, as amended (which we refer to as ERISA), by investing the funds in a manner consistent with ERISA’s fiduciary standards. The weighted average expected long-term rate of return on plan assets assumption was determined based on a review of the asset allocation strategy of the plan using expected ten-year The following is a summary of the plan’s assets carried at fair value as of December 31 by level within the fair value hierarchy (in millions): December 31, Fair Value Hierarchy 2018 2017 Level 1 $ — $ — Level 2 125.1 107.5 Level 3 94.9 111.9 Total fair value $ 220.0 $ 219.4 The plan’s Level 2 assets consist of ownership interests in various pooled separate accounts within a life insurance carrier’s group annuity contract. The fair value of the pooled separate accounts is determined based on the net asset value of the respective funds, which is obtained from the underwriting enterprise and determined each business day with issuances and redemptions of units of the funds made based on the net asset value per unit as determined on the valuation date. We have not adjusted the net asset values provided by the underwriting enterprise. There are no restrictions as to the plan’s ability to redeem its investment at the net asset value of the respective funds as of the reporting date. The plan’s Level 3 assets consist of pooled separate accounts within another life insurance carrier’s annuity contracts for which fair value has been determined by an independent valuation. Due to the nature of these annuity contracts, our management makes assumptions to determine how a market participant would price these Level 3 assets. In determining fair value, the future cash flows to be generated by the annuity contracts were estimated using the underlying benefit provisions specified in each contract, market participant assumptions and various actuarial and financial models. These cash flows were then discounted to present value using a risk-adjusted rate that takes into consideration market based rates of return and probability-weighted present values. The following is a reconciliation of the beginning and ending balances for the Level 3 assets of the plan measured at fair value (in millions): Year Ended December 31, 2018 2017 Fair value at January 1 $ 111.9 $ 99.7 Settlements (9.6 ) — Unrealized (loss) gains (7.4 ) 12.2 Fair value at December 31 $ 94.9 $ 111.9 We were not required under the IRC to make any minimum contributions to the plan for each of the 2018, 2017 and 2016 plan years. This level of required funding is based on the plan being frozen and the aggregate amount of our historical funding. During 2018 we made a $30.0 million discretionary contribution to the plan. During 2017 and 2016 we did not make discretionary contributions to the plan. We also have a qualified contributory savings and thrift (401(k)) plan covering the majority of our domestic employees. For eligible employees who have met the plan’s age and service requirements to receive matching contributions, we match 100% of pre-tax We also have a nonqualified deferred compensation plan, the Supplemental Savings and Thrift Plan, for certain employees who, due to IRS rules, cannot take full advantage of our matching contributions under the 401(k) plan. The plan permits these employees to annually elect to defer a portion of their compensation until their retirement or a future date. Our matching contributions to this plan (up to a maximum of the lesser of a participant’s elective deferral of base salary, annual bonus and commissions or 5.0% of eligible compensation, less matching amounts contributed under the 401(k) plan) are also at the discretion of our board of directors. We expensed $6.5 million, $6.4 million and $5.8 million related to contributions made to a rabbi trust maintained under the plan in 2018, 2017 and 2016, respectively. The fair value of the assets in the plan’s rabbi trust at December 31, 2018 and 2017, including employee contributions and investment earnings, was $355.0 million and $329.0 million, respectively, and has been included in other noncurrent assets and the corresponding liability has been included in other noncurrent liabilities in the accompanying consolidated balance sheet. We also have several foreign benefit plans, the largest of which is a defined contribution plan that provides for us to make contributions of 5.0% of eligible compensation. In addition, the plan allows for voluntary contributions by U.K. employees, which we match 100%, up to a maximum of an additional 5.0% of eligible compensation. Net expense for foreign retirement plans amounted to $34.9 million, $32.0 million and $30.6 million in 2018, 2017 and 2016, respectively. In 1992, we amended our health benefits plan to eliminate retiree coverage, except for retirees and those employees who had already attained a specified age and length of service at the time of the amendment. The retiree health plan is contributory, with contributions adjusted annually, and is funded on a pay-as-you-go |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 14. Investments The following is a summary of our investments and the related funding commitments (in millions): December 31, 2018 December 31, Funding 2017 Assets Commitments Assets Chem-Mod $ 4.0 $ — $ 4.0 Chem-Mod 2.0 — 2.0 Clean-coal investments: Controlling interest in 6 limited liability companies that own 14 2009 Era Clean Coal Plants 5.1 — 10.2 Non-controlling 0.4 — 0.6 Controlling interest in 17 limited liability companies that own 19 2011 Era Clean Coal Plants 43.0 — 58.5 Other investments 5.0 — 3.8 Total investments $ 59.5 $ — $ 79.1 Chem-Mod LLC - Chem-Mod LLC. Chem-Mod LLC Chem-Mod LLC’s Chem-Mod™ Chem-Mod™ We believe that the application of The Chem-Mod™ Chem-Mod LLC Chem-Mod LLC Chem-Mod LLC Chem-Mod’s Chem-Mod Chem-Mod Chem-Mod Chem-Mod™ C-Quest LLC and C-Quest LLC (which we refer to as together, C-Quest) C-Quest’s C-Quest C-Quest’s C-Quest C-Quest’s Clean Coal Investments - • We have investments in limited liability companies that own 34 refined coal production plants which produce refined coal using proprietary technologies owned by Chem-Mod LLC. • As of December 31, 2018: • Thirty-one • For two of the 2009 Era Plants, we are not in current active negotiations for long-term production contracts. For one of the 2011 Era Plants, we are in early stages of negotiations for a long-term production contract. • We have a noncontrolling interest in one plant, which is owned by a limited liability company (which we refer to as a LLC). We have determined that this LLC is a VIE, for which we are not the primary beneficiary. At December 31, 2018, total assets and total liabilities of this VIE were $31.4 million and $30.0 million, respectively. For 2018, total revenues and expenses of this VIE were $90.1 million and $110.2 million, respectively. • We and our co-investors on-going on-going Other Investments - non-controlling, low-income low-income |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activity | 15. Derivatives and Hedging Activity We are exposed to market risks, including changes in foreign currency exchange rates and interest rates. To manage the risk related to these exposures, we enter into various derivative instruments that reduce these risks by creating offsetting exposures. We generally do not enter into derivative transactions for trading or speculative purposes. Foreign Exchange Risk Management We are exposed to foreign exchange risk when we earn revenues, pay expenses, or enter into monetary intercompany transfers denominated in a currency that differs from our functional currency, or other transactions that are denominated in a currency other than our functional currency. We use foreign exchange derivatives, typically forward contracts and options, to reduce our overall exposure to the effects of currency fluctuations on cash flows. These exposures are hedged, on average, for less than three years. Interest Rate Risk Management We enter into various long-term debt agreements. We use interest rate derivatives, typically swaps, to reduce our exposure to the effects of interest rate fluctuations on the forecasted interest rates for up to three years into the future. We have not received or pledged any collateral related to derivative arrangements at December 31, 2018. The notional and fair values of derivative instruments are as follows at December 31, 2018 and 2017 (in millions): Notional Amount Derivatives Assets (1) Derivative Liabilities (2) 2018 2017 2018 2017 2018 2017 Derivatives accounted for as hedges: Interest rate contracts $ 850.0 $ 200.0 $ 3.0 $ 2.2 $ 13.0 $ — Foreign exchange contracts (3) 51.4 18.7 6.6 8.1 12.8 2.9 Total $ 901.4 $ 218.7 $ 9.6 $ 10.3 $ 25.8 $ 2.9 (1) Included within other current assets $3.9 million and $7.7 million at December 31, 2018 and 2017, respectively and other non-current (2) Included within other current liabilities $17.9 million and $1.6 million at December 31, 2018 and 2017, respectively and other non-current (3) Included within foreign exchange contracts at December 31, 2018 were $276.4 million of call options offset with $276.4 million of put options and $23.1 million of buy forwards offset with $72.9 million of sell forwards. Included within foreign exchange contracts at December 31, 2017 were $141.0 million of call options offset with $141.0 million of put options and $13.3 million of buy forwards offset with $31.0 million of sell forwards. The amounts of derivative gains (losses) recognized in accumulated other comprehensive loss were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total Year Ended December 31, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (9.3 ) $ (9.3 ) Foreign exchange contracts (3.1 ) (1.9 ) (1.4 ) — (6.4 ) Total $ (3.1 ) $ (1.9 ) $ (1.4 ) $ (9.3 ) $ (15.7 ) Year Ended December 31, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (0.9 ) $ (0.9 ) Foreign exchange contracts 10.4 3.2 2.3 — 15.9 Total $ 10.4 $ 3.2 $ 2.3 $ (0.9 ) $ 15.0 Year Ended December 31, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 12.4 $ 12.4 Foreign exchange contracts (24.0 ) 0.1 — — (23.9 ) Total $ (24.0 ) $ 0.1 $ — $ 12.4 $ (11.5 ) The amounts of derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total Year Ended December 31, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 1.1 $ 1.1 Foreign exchange contracts 2.3 1.3 1.0 — 4.6 Total $ 2.3 $ 1.3 $ 1.0 $ 1.1 $ 5.7 Year Ended December 31, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 0.4 $ 0.4 Foreign exchange contracts (8.7 ) 1.8 1.3 — (5.6 ) Total $ (8.7 ) $ 1.8 $ 1.3 $ 0.4 $ (5.2 ) Year Ended December 31, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 0.1 $ 0.1 Foreign exchange contracts (9.1 ) 0.5 0.3 — (8.3 ) Total $ (9.1 ) $ 0.5 $ 0.3 $ 0.1 $ (8.2 ) We estimate that approximately $3.5 million of pretax loss currently included within accumulated other comprehensive loss will be reclassified into earnings in the next twelve months. The amount of gain (loss) recognized in earnings on the ineffective portion of derivatives for 2018, 2017 and 2016 was $(0.6) million, $(0.2) million and $1.6 million, respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Arrangements | 16. Commitments, Contingencies and Off-Balance In connection with our investing and operating activities, we have entered into certain contractual obligations and commitments. See Notes 8 and 14 to these consolidated financial statements for additional discussion of these obligations and commitments. Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the note purchase agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase commitments at December 31, 2018 were as follows (in millions): Payments Due by Period Contractual Obligations 2019 2020 2021 2022 2023 Thereafter Total Note purchase agreements $ 100.0 $ 100.0 $ 75.0 $ 200.0 $ 300.0 $ 2,423.0 $ 3,198.0 Credit Agreement 265.0 — — — — — 265.0 Premium Financing Debt Facility 154.0 — — — — — 154.0 Interest on debt 138.0 132.5 127.9 122.5 113.1 444.5 1,078.5 Total debt obligations 657.0 232.5 202.9 322.5 413.1 2,867.5 4,695.5 Operating lease obligations 106.8 92.0 78.8 61.1 44.3 87.4 470.4 Less sublease arrangements (0.8 ) (0.6 ) (0.6 ) (0.3 ) (0.3 ) (1.0 ) (3.6 ) Outstanding purchase obligations 32.1 14.6 11.3 2.1 — — 60.1 Total contractual obligations $ 795.1 $ 338.5 $ 292.4 $ 385.4 $ 457.1 $ 2,953.9 $ 5,222.4 The amounts presented in the table above may not necessarily reflect our actual future cash funding requirements, because the actual timing of the future payments made may vary from the stated contractual obligation. On December 22, 2018, we signed a definitive agreement to acquire 100% of the equity of Stackhouse Poland headquartered in Guildford, Surrey, U.K., for approximately $350.0 million of cash consideration. The transaction is subject to regulatory approval and is expected to close in the first quarter of 2019. Note Purchase Agreements, Credit Agreement and Premium Financing Debt Facility - Operating Lease Obligations - tax-increment We generally operate in leased premises at our other locations. Certain of these leases have options permitting renewals for additional periods. In addition to minimum fixed rentals, a number of leases contain annual escalation clauses which are generally related to increases in an inflation index. Total rent expense, including rent relating to cancelable leases and leases with initial terms of less than one year, amounted to $140.0 million in 2018, $137.7 million in 2017 and $134.2 million in 2016. We have leased certain office space to several non-affiliated Outstanding Purchase Obligations - Off-Balance - Total Amount of Commitment Expiration by Period Amounts Off-Balance 2019 2020 2021 2022 2023 Thereafter Committed Letters of credit $ — $ 1.3 $ — $ — $ — $ 17.0 $ 18.3 Financial guarantees 0.2 0.2 0.2 0.2 0.2 0.6 1.6 Total commitments $ 0.2 $ 1.5 $ 0.2 $ 0.2 $ 0.2 $ 17.6 $ 19.9 Since commitments may expire unused, the amounts presented in the table above do not necessarily reflect our actual future cash funding requirements. See Note 14 to these consolidated financial statements for a discussion of our funding commitments related to our corporate segment and the Off-Balance Since January 1, 2002, we have acquired 507 companies, all of which were accounted for using the acquisition method for recording business combinations. Substantially all of the purchase agreements related to these acquisitions contain provisions for potential earnout obligations. For all of our acquisitions made in the period from 2013 to 2018 that contain potential earnout obligations, such obligations are measured at fair value as of the acquisition date and are included on that basis in the recorded purchase price consideration for the respective acquisition. The amounts recorded as earnout payables are primarily based upon estimated future potential operating results of the acquired entities over a two- Off-Balance - At December 31, 2018, we had posted two letters of credit totaling $10.2 million in the aggregate, related to our self-insurance deductibles, for which we had a recorded liability of $15.8 million. We have an equity investment in a rent-a-captive Our commitments associated with outstanding letters of credit, financial guarantees and funding commitments at December 31, 2018 were as follows (all dollar amounts in table are in millions): Compensation Maximum Liability Description, Purpose and Trigger Collateral to Us Exposure Recorded Credit support under letters of credit (LOC) for deductibles due by us on our own insurance coverages - expires after 2023 Trigger - We do not reimburse the insurance companies for deductibles the insurance companies advance on our behalf None None $ 10.2 $ 15.8 Credit enhancement under letters of credit for our captive insurance operations to meet minimum statutory capital requirements - expires after 2023 Trigger - Dissolution or catastrophic financial results of the operation None Reimbursement 6.3 — Collateral related to claims funds held in a fiduciary capacity by a recent acquisition - expires 2020 Trigger - Claim payments are not made None None 1.3 — Credit support under letters of credit in lieu of a security deposit for an acquisition’s lease - expires 2023 Trigger - Lease payments do not get made None None 0.5 — Financial guarantees of loans to 6 Canadian-based employees - expires when loan balances are reduced to zero through May 2029 - Principal and interest payments are paid quarterly Trigger - Default on loan payments (1) None 1.6 — $ 19.9 $ 15.8 (1) The guarantees are collateralized by shares in minority holdings of our Canadian operating companies. Since commitments may expire unused, the amounts presented in the table above do not necessarily reflect our actual future cash funding requirements. Litigation, Regulatory and Taxation Matters - non-compete On April 18, 2018, Nalco Company (which we refer to as Nalco) filed patent infringement lawsuits in the Western District of Wisconsin against two unaffiliated power plants that burn refined coal using the Chem-Mod TM Solution. These complaints were filed following Nalco’s voluntary dismissal of its action against Chem-Mod LLC Chem-Mod LLC Chem-Mod TM solution to produce and refined coal. The complaints allege that the named defendants infringed a patent licensed exclusively to Nalco and seek unspecified damages and injunctive relief. Although neither we nor Chem-Mod LLC Chem-Mod LLC Chem-Mod LLC Our micro-captive advisory services are under investigation by the IRS. Additionally, the IRS has initiated audits for the 2012 tax year of over 100 of the micro-captive underwriting enterprises organized and/or managed by us. Among other matters, the IRS is investigating whether we have been acting as a tax shelter promoter in connection with these operations. While the IRS has not made specific allegations relating to our operations or the pre-acquisition On December 7, 2018, a class action lawsuit was filed against us, our subsidiary Artex Risk Solutions, Inc. (which we refer to as Artex) and other defendants including Tribeca. The named plaintiffs are micro-captive clients of Artex or Tribeca and their related entities and owners who had IRS Section 831(b) tax benefits disallowed by the IRS. The complaint attempts to state various causes of action and alleges that the defendants defrauded the plaintiffs by marketing and managing micro-captives with the knowledge that the captives did not constitute bona fide Contingent Liabilities - Tax-advantaged Due to the contingent nature of this exposure and our related assessment of its likelihood, no reserve has been recorded in our December 31, 2018 consolidated balance sheet related to this exposure. |
Insurance Operations
Insurance Operations | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Insurance Operations | 17. Insurance Operations We have ownership interests in several underwriting enterprises based in the U.S., Bermuda, Gibraltar, Guernsey, Isle of Man and Malta that primarily operate segregated account “rent-a-captive” “rent-a-captive” “rent-a-captive” rent-a-captive rent-a-captive We have a wholly owned underwriting enterprise subsidiary based in the U.S. that cedes all of its insurance risk to reinsurers or captives under facultative and quota share treaty reinsurance agreements. This company was established in fourth quarter 2014 and began writing business in December 2014. These reinsurance arrangements diversify our business and minimize our exposure to losses or hazards of an unusual nature. The ceding of insurance does not discharge us of our primary liability to the policyholder. In the event that all or any of the reinsuring companies are unable to meet their obligations, we would be liable for such defaulted amounts. Therefore, we are subject to credit risk with respect to the obligations of our reinsurers or captives. In order to minimize our exposure to losses from reinsurer credit risk and insolvencies, we have managed that exposure by obtaining full collateral for which we typically require pledged assets, including cash and/or investment accounts or letters of credit, to fully offset the risk. Reconciliations of direct to net premiums, on a written and earned basis, for 2018, 2017 and 2016 related to the wholly-owned underwriting enterprise subsidiary discussed above are as follows (in millions): 2018 2017 2016 Written Earned Written Earned Written Earned Direct $ 57.6 $ 53.2 $ 60.7 $ 60.4 $ 71.8 $ 69.6 Assumed 4.7 4.6 5.0 4.5 5.2 4.9 Ceded (62.3 ) (57.8 ) (65.7 ) (64.9 ) (77.0 ) (74.5 ) Net $ — $ — $ — $ — $ — $ — At December 31, 2018 and 2017, our underwriting enterprise subsidiary had reinsurance recoverables of $68.5 million and $59.8 million, respectively, related to liabilities established for ceded unearned premium reserves and loss and loss adjustment expense reserves. These reinsurance recoverables relate to direct and assumed business that has been fully ceded to our reinsurers or captives and have been included in premiums and fees receivables in the accompanying consolidated balance sheet. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes We and our principal domestic subsidiaries are included in a consolidated U.S. federal income tax return. Our international subsidiaries file various income tax returns in their jurisdictions. Earnings before income taxes in the table below include the impact of intercompany interest expense between domestic and foreign legal entities. Domestic intercompany interest income and offsetting foreign intercompany interest expense were $65.8 million in 2018, $64.2 million in 2017 and $110.7 million in 2016. Significant components of earnings before income taxes and the provision for income taxes are as follows (in millions): Year Ended December 31, 2018 2017 2016 Earnings (losses) before income taxes: United States $ 337.6 $ 274.1 $ 335.7 Foreign, principally Australia, Canada, New Zealand and the U.K. 141.8 85.7 (2.1 ) Total earnings before income taxes $ 479.4 $ 359.8 $ 333.6 Provision (benefit) for income taxes: Federal: Current $ — $ 7.1 $ 40.2 Deferred (214.0 ) (183.5 ) (146.7 ) (214.0 ) (176.4 ) (106.5 ) State and local: Current 15.4 11.6 7.2 Deferred (29.0 ) (3.9 ) (0.3 ) (13.6 ) 7.7 6.9 Foreign: Current 60.7 25.9 20.7 Deferred (29.6 ) (14.3 ) (17.8 ) 31.1 11.6 2.9 Total benefit for income taxes $ (196.5 ) $ (157.1 ) $ (96.7 ) A reconciliation of the provision for income taxes with the U.S. federal statutory income tax rate is as follows (in millions, except percentages): Year Ended December 31, 2018 2017 2016 Amount % of Amount % of Amount % of Federal statutory rate $ 100.7 21.0 $ 126.0 35.0 $ 116.7 35.0 State income taxes - net of Federal benefit 8.5 1.8 5.0 1.4 4.5 1.3 Differences related to non U.S. operations (14.8 ) (3.1 ) (46.9 ) (13.0 ) (33.1 ) (9.9 ) Alternative energy, foreign and other tax credits (252.9 ) (52.8 ) (230.1 ) (64.0 ) (194.4 ) (58.2 ) Other permanent differences 0.9 0.2 (10.6 ) (2.9 ) (4.8 ) (1.4 ) U.S. repatriation tax (1.8 ) (0.4 ) 36.8 10.2 — — Stock-based compensation (15.0 ) (3.1 ) (15.1 ) (4.2 ) — — Changes in unrecognized tax benefits (0.2 ) — (0.9 ) (0.3 ) 2.2 0.7 Change in valuation allowance (22.0 ) (4.6 ) 12.3 3.4 14.0 4.2 Change in U.S. and U.K. tax rates — — (33.2 ) (9.2 ) (1.5 ) (0.4 ) Other 0.1 — (0.4 ) (0.1 ) (0.3 ) (0.1 ) Benefit for income taxes $ (196.5 ) (41.0 ) $ (157.1 ) (43.7 ) $ (96.7 ) (29.0 ) A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in millions): December 31, 2018 2017 Gross unrecognized tax benefits at January 1 $ 10.9 $ 14.5 Increases in tax positions for current year 1.7 1.6 Settlements — (1.8 ) Lapse in statute of limitations (1.4 ) (0.7 ) Increases in tax positions for prior years 0.4 0.6 Decreases in tax positions for prior years (0.9 ) (3.3 ) Gross unrecognized tax benefits at December 31 $ 10.7 $ 10.9 The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $8.8 million, and $9.0 million at December 31, 2018 and 2017, respectively. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2018 and 2017, we had accrued interest and penalties related to unrecognized tax benefits of $2.9 million and $2.9 million, respectively. We file income tax returns in the U.S. and in various state, local and foreign jurisdictions. We are routinely examined by tax authorities in these jurisdictions. At December 31, 2018, our corporate returns had been examined by the IRS through calendar year 2010. The IRS is currently conducting various examinations of calendar years 2011 and 2012. In addition, a number of foreign, state, local and partnership examinations are currently ongoing. It is reasonably possible that our gross unrecognized tax benefits may change within the next twelve months. However, we believe any changes in the recorded balance would not have a significant impact on our consolidated financial statements. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows (in millions): December 31, 2018 2017 Deferred tax assets: Alternative minimum tax and other credit carryforwards $ 856.9 $ 683.3 Accrued and unfunded compensation and employee benefits 158.8 141.2 Amortizable intangible assets 48.8 45.8 Compensation expense related to stock options 12.2 13.4 Accrued liabilities 63.8 64.8 Accrued pension liability 11.5 16.8 Investments 1.5 1.1 Net operating loss carryforwards 36.8 30.5 Capital loss carryforwards 12.2 12.9 Deferred rent liability 4.2 4.8 Hedging instruments 1.9 — Other 3.4 5.4 Total deferred tax assets 1,212.0 1,020.0 Valuation allowance for deferred tax assets (67.4 ) (79.1 ) Deferred tax assets 1,144.6 940.9 Deferred tax liabilities: Nondeductible amortizable intangible assets 297.6 273.8 Investment-related partnerships 13.6 17.6 Depreciable fixed assets 25.4 26.5 Revenue recognition 98.1 80.6 Hedging instruments — 3.8 Other prepaid items 10.6 10.3 Total deferred tax liabilities 445.3 412.6 Net deferred tax assets $ 699.3 $ 528.3 At December 31, 2018 and 2017, $106.9 million and $323.3 million, respectively, have been included in noncurrent liabilities in the accompanying consolidated balance sheet. Alternative minimum tax credits of $48.5 million have an indefinite life and will be utilized or refunded beginning in 2019 and ending in 2021, according to a specific formula, general business tax credits of $799.1 million begin to expire, if not utilized, in 2034, excess foreign tax credits of $1.9 million will be carried back for utilization in 2017, and state credits, net of federal benefit, of $7.4 million expire, if not used, by 2023. We expect the historically favorable trend in earnings before income taxes to continue in the foreseeable future. Accordingly, we expect to make full use of the net deferred tax assets. Valuation allowances have been established for certain foreign intangible assets and various state net operating loss carryforwards that may not be utilized in the future. We have not provided for state or withholding income taxes on the undistributed earnings ($631.0 million and $651.0 million at December 31, 2018 and 2017, respectively, of foreign subsidiaries which are considered permanently invested outside of the U.S. The amount of unrecognized deferred tax liability on these undistributed earnings is not expected to be material at December 31, 2018 and 2017. There are only select jurisdictions for which the company regards the undistributed earnings as no longer permanently reinvested. We have recognized the deferred tax liability associated with these undistributed earnings during 2018, however, such liability was also not material. For U.S. federal income tax purposes, we now recognize current income tax expense on undistributed earnings of foreign subsidiaries in accordance with the provisions of the Tax Cuts and Jobs Act (which we refer to as the Tax Act). On December 22, 2017, the U.S. enacted tax legislation commonly referred to as the Tax Act, which significantly revises the U.S. tax code by, among other things, lowering the corporate income tax rate from 35.0% to 21.0%, limiting the deductibility of interest expense; implementing a territorial tax system, and imposing a repatriation tax on earnings of foreign subsidiaries. See discussion of the various impacts of the Tax Act below. SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (which we refer to as SAB 118) describes three scenarios associated with a company’s status of accounting for income tax reform. Under the SAB 118 guidance, we made reasonable estimates for certain effects of tax reform in our 2017 consolidated financial statements. We recognized provisional amounts for our deferred income taxes and repatriation tax based on reasonable estimates. As of the date of this Annual Report on Form 10-K, Deferred Income Taxes - Repatriation Tax one-time Cost Recovery We have also completed our analysis of the broader tax effects of the Tax Act which is reflected in our 2018 consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings | 19. Accumulated Other Comprehensive Earnings The after-tax Pension Foreign Fair Value Accumulated Balance as of January 1, 2016, as previously reported $ (42.9 ) $ (477.4 ) $ (2.2 ) $ (522.5 ) Adoption of Topic 606 — 7.0 — 7.0 Net change in period (4.4 ) (231.8 ) (4.9 ) (241.1 ) Balance as of December 31, 2016, as restated (47.3 ) (702.2 ) (7.1 ) (756.6 ) Adoption of Topic 606 — (2.5 ) — (2.5 ) Net change in period 4.3 183.4 16.0 203.7 Balance as of December 31, 2017, as restated (43.0 ) (521.3 ) 8.9 (555.4 ) Reclassification to retained earnings of income tax effects related to the Tax Act (7.9 ) — 1.3 (6.6 ) Net change in period (10.3 ) (197.7 ) (15.6 ) (223.6 ) Balance as of December 31, 2018 $ (61.2 ) $ (719.0 ) $ (5.4 ) $ (785.6 ) The foreign currency translation in 2018, 2017 and 2016 primarily relates to the net impact of changes in the value of the local currencies relative to the U.S. dollar for our operations in Australia, Canada, the Caribbean, India, New Zealand and the U.K. During 2018, 2017 and 2016, $4.9 million, $5.0 million and $5.3 million, respectively, of expense related to the pension liability was reclassified from accumulated other comprehensive earnings (loss) to compensation expense in the statement of earnings. During 2018, 2017 and 2016, $5.7 million of income, $5.2 million of expense and $8.2 million of expense, respectively, related to the fair value of derivative investments, was reclassified from accumulated other comprehensive earnings (loss) to the statement of earnings. During 2018, 2017 and 2016, no amounts related to foreign currency translation were reclassified from accumulated other comprehensive earnings (loss) to the statement of earnings. |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (unaudited) | 20. Quarterly Operating Results (unaudited) Quarterly operating results for 2018 and 2017 were as follows (in millions, except per share data): 1st 2nd 3rd 4th 2018 Total revenues $ 1,837.7 $ 1,660.4 $ 1,778.5 $ 1,657.4 Total expenses 1,595.4 1,556.8 1,688.2 1,614.2 Earnings before income taxes $ 242.3 $ 103.6 $ 90.3 $ 43.2 Net earnings attributable to controlling interests $ 273.7 $ 114.9 $ 127.6 $ 117.3 Basic net earnings per share $ 1.51 $ 0.63 $ 0.70 $ 0.64 Diluted net earnings per share $ 1.48 $ 0.62 $ 0.68 $ 0.63 2017 Total revenues $ 1,646.4 $ 1,489.5 $ 1,593.7 $ 1,519.4 Total expenses 1,446.8 1,435.4 1,516.8 1,490.2 Earnings before income taxes $ 199.6 $ 54.1 $ 76.9 $ 29.2 Net earnings attributable to controlling interests $ 228.8 $ 70.0 $ 111.0 $ 71.5 Basic net earnings per share $ 1.28 $ 0.39 $ 0.61 $ 0.39 Diluted net earnings per share $ 1.27 $ 0.39 $ 0.61 $ 0.39 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 21. Segment Information We have three reportable operating segments: brokerage, risk management and corporate. Our brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks. Our risk management segment provides contract claim settlement and administration services for enterprises and public entities that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim per-service Our corporate segment manages our clean energy investments. In addition, the corporate segment reports the financial information related to our debt and other corporate costs, external acquisition-related expenses and the impact of foreign currency translation. Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local county statutory rates. Reported operating results by segment would change if different methods were applied. Financial information relating to our segments for 2018, 2017 and 2016 is as follows (in millions): Year Ended December 31, 2018 Brokerage Risk Management Corporate Total Revenues: Commissions $ 2,920.7 $ — $ — $ 2,920.7 Fees 958.5 797.8 — 1,756.3 Supplemental revenues 189.9 — — 189.9 Contingent revenues 98.0 — — 98.0 Investment income 69.6 0.5 — 70.1 Gains on books of business sales 10.2 — — 10.2 Revenue from clean coal activities — — 1,746.3 1,746.3 Other net revenues — — 0.9 0.9 Revenues before reimbursements 4,246.9 798.3 1,747.2 6,792.4 Reimbursements — 141.6 — 141.6 Total revenues 4,246.9 939.9 1,747.2 6,934.0 Compensation 2,447.1 489.7 89.5 3,026.3 Operating 673.5 174.6 55.6 903.7 Reimbursements — 141.6 — 141.6 Cost of revenues from clean coal activities — — 1,816.0 1,816.0 Interest — — 138.4 138.4 Depreciation 60.9 38.7 28.2 127.8 Amortization 286.9 4.3 — 291.2 Change in estimated acquisition earnout payables 14.3 (4.7 ) — 9.6 Total expenses 3,482.7 844.2 2,127.7 6,454.6 Earnings (loss) before income taxes 764.2 95.7 (380.5 ) 479.4 Provision (benefit) for income taxes 191.0 25.3 (412.8 ) (196.5 ) Net earnings 573.2 70.4 32.3 675.9 Net earnings attributable to noncontrolling interests 10.7 — 31.7 42.4 Net earnings attributable to controlling interests $ 562.5 $ 70.4 $ 0.6 $ 633.5 Net foreign exchange gain $ — $ — $ 2.9 $ 2.9 Revenues: United States $ 2,840.9 $ 789.7 $ 1,747.2 $ 5,377.8 United Kingdom 738.5 35.4 — 773.9 Australia 195.9 94.7 — 290.6 Canada 181.1 4.3 — 185.4 New Zealand 141.7 15.8 — 157.5 Other foreign 148.8 — — 148.8 Total revenues $ 4,246.9 $ 939.9 $ 1,747.2 $ 6,934.0 At December 31, 2018 Identifiable assets: United States $ 6,865.4 $ 571.4 $ 1,800.8 $ 9,237.6 United Kingdom 3,758.5 103.8 — 3,862.3 Australia 1,096.1 47.2 — 1,143.3 Canada 783.1 4.4 — 787.5 New Zealand 688.5 21.3 — 709.8 Other foreign 593.5 — — 593.5 Total identifiable assets $ 13,785.1 $ 748.1 $ 1,800.8 $ 16,334.0 Goodwill - net $ 4,573.7 $ 49.2 $ 2.7 $ 4,625.6 Amortizable intangible assets - net 1,753.7 19.3 — 1,773.0 Year Ended December 31, 2017, as restated Brokerage Risk Corporate Total Revenues: Commissions $ 2,641.0 $ — $ — $ 2,641.0 Fees 855.1 736.8 — 1,591.9 Supplemental revenues 158.0 — — 158.0 Contingent revenues 99.5 — — 99.5 Investment income 58.1 0.6 — 58.7 Gains on books of business sales 3.4 — — 3.4 Revenue from clean coal activities — — 1,560.5 1,560.5 Revenues before reimbursements 3,815.1 737.4 1,560.5 6,113.0 Reimbursements — 136.0 — 136.0 Total revenues 3,815.1 873.4 1,560.5 6,249.0 Compensation 2,212.3 446.9 88.2 2,747.4 Operating 614.0 164.8 50.3 829.1 Reimbursements — 136.0 — 136.0 Cost of revenues from clean coal activities — — 1,635.9 1,635.9 Interest — — 124.1 124.1 Depreciation 61.8 31.1 28.2 121.1 Amortization 261.8 2.9 — 264.7 Change in estimated acquisition earnout payables 29.3 1.6 — 30.9 Total expenses 3,179.2 783.3 1,926.7 5,889.2 Earnings (loss) before income taxes 635.9 90.1 (366.2 ) 359.8 Provision (benefit) for income taxes 221.2 34.4 (412.7 ) (157.1 ) Net earnings 414.7 55.7 46.5 516.9 Net earnings attributable to noncontrolling interests 7.6 — 28.0 35.6 Net earnings attributable to controlling interests $ 407.1 $ 55.7 $ 18.5 $ 481.3 Net foreign exchange loss $ (2.0 ) $ (0.1 ) $ (1.8 ) $ (3.9 ) Revenues: United States $ 2,533.7 $ 745.1 $ 1,560.5 $ 4,839.3 United Kingdom 679.3 30.6 — 709.9 Australia 191.1 78.2 — 269.3 Canada 149.4 4.2 — 153.6 New Zealand 134.4 15.3 — 149.7 Other foreign 127.2 — — 127.2 Total revenues $ 3,815.1 $ 873.4 $ 1,560.5 $ 6,249.0 At December 31, 2017 Identifiable assets: United States $ 5,890.5 $ 572.9 $ 1,766.8 $ 8,230.2 United Kingdom 3,496.2 91.3 — 3,587.5 Australia 1,102.9 48.9 — 1,151.8 Canada 743.3 6.8 — 750.1 New Zealand 709.9 18.7 — 728.6 Other foreign 461.5 — — 461.5 Total identifiable assets $ 12,404.3 $ 738.6 $ 1,766.8 $ 14,909.7 Goodwill - net $ 4,119.2 $ 42.6 $ 3.0 $ 4,164.8 Amortizable intangible assets - net 1,630.6 14.0 — 1,644.6 Year Ended December 31, 2016, as restated Brokerage Risk Management Corporate Total Revenues: Commissions $ 2,409.9 $ — $ — $ 2,409.9 Fees 794.7 697.0 — 1,491.7 Supplemental revenues 139.9 — — 139.9 Contingent revenues 97.9 — — 97.9 Investment income 52.6 1.0 — 53.6 Gains on books of business sales 6.6 — — 6.6 Revenue from clean coal activities — — 1,350.1 1,350.1 Other net losses — — (1.3 ) (1.3 ) Revenues before reimbursements 3,501.6 698.0 1,348.8 5,548.4 Reimbursements — 132.1 — 132.1 Total revenues 3,501.6 830.1 1,348.8 5,680.5 Compensation 2,040.2 424.4 72.6 2,537.2 Operating 598.2 152.7 25.4 776.3 Reimbursements — 132.1 — 132.1 Cost of revenues from clean coal activities — — 1,408.6 1,408.6 Interest — — 109.8 109.8 Depreciation 57.2 27.2 19.2 103.6 Amortization 244.7 2.5 — 247.2 Change in estimated acquisition earnout payables 32.1 — — 32.1 Total expenses 2,972.4 738.9 1,635.6 5,346.9 Earnings (loss) before income taxes 529.2 91.2 (286.8 ) 333.6 Provision (benefit) for income taxes 186.6 34.5 (317.8 ) (96.7 ) Net earnings 342.6 56.7 31.0 430.3 Net earnings attributable to noncontrolling interests 6.5 — 27.0 33.5 Net earnings attributable to controlling interests $ 336.1 $ 56.7 $ 4.0 $ 396.8 Net foreign exchange gain $ 5.2 $ — $ 0.1 $ 5.3 Revenues: United States $ 2,319.3 $ 721.1 $ 1,348.8 $ 4,389.2 United Kingdom 661.5 26.8 — 688.3 Australia 170.0 73.0 — 243.0 Canada 132.4 4.1 — 136.5 New Zealand 120.4 5.1 — 125.5 Other foreign 98.0 — — 98.0 Total revenues $ 3,501.6 $ 830.1 $ 1,348.8 $ 5,680.5 At December 31, 2016 Identifiable assets: United States $ 5,545.1 $ 545.0 $ 1,548.7 $ 7,638.8 United Kingdom 3,172.9 61.8 — 3,234.7 Australia 931.8 56.9 — 988.7 Canada 584.2 2.8 — 587.0 New Zealand 672.0 4.4 — 676.4 Other foreign 402.6 — — 402.6 Total identifiable assets $ 11,308.6 $ 670.9 $ 1,548.7 $ 13,528.2 Goodwill - net $ 3,722.3 $ 28.1 $ 2.8 $ 3,753.2 Amortizable intangible assets - net 1,613.6 13.7 — 1,627.3 |
Schedule II. Valuation and Qual
Schedule II. Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II. Valuation and Qualifying Accounts | Schedule II Arthur J. Gallagher & Co. Valuation and Qualifying Accounts Balance Amounts Adjustments Balance (In millions) Year ended December 31, 2018 Allowance for doubtful accounts $ 13.5 $ 5.8 $ (9.3 ) (1) $ 10.0 Allowance for estimated policy cancellations 7.4 (1.2 ) 1.6 (2) 7.8 Valuation allowance for deferred tax assets 79.1 (11.7 ) — 67.4 Accumulated amortization of expiration lists, noncompete agreements and trade names 1,490.7 291.3 (31.6 ) (3) 1,750.4 Year ended December 31, 2017 Allowance for doubtful accounts $ 12.8 $ 5.4 $ (4.7 ) (1) $ 13.5 Allowance for estimated policy cancellations 7.1 2.1 (1.8 ) (2) 7.4 Valuation allowance for deferred tax assets 66.8 12.3 — 79.1 Accumulated amortization of expiration lists, noncompete agreements and trade names 1,203.6 264.7 22.4 (3) 1,490.7 Year ended December 31, 2016 Allowance for doubtful accounts $ 13.3 $ 4.9 $ (5.4 ) (1) $ 12.8 Allowance for estimated policy cancellations 7.4 0.2 (0.5 ) (2) 7.1 Valuation allowance for deferred tax assets 52.8 14.0 — 66.8 Accumulated amortization of expiration lists, noncompete agreements and trade names 983.9 247.2 (27.5 ) (3) 1,203.6 (1) Net activity of bad debt write offs and recoveries and acquired businesses. (2) Additions to allowance related to acquired businesses. (3) Elimination of fully amortized expiration lists, non-compete |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or the company, provide insurance brokerage, consulting and third party claims settlement and administration services to both domestic and international entities through three reportable operating segments. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients. Our brokerage segment operations provide brokerage and consulting services to companies and entities of all types, including commercial, not-for-profit, not-for-profit, Chem-Mod LLC’s We do not assume underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for events of loss coverages is provided by underwriting enterprises. Investment income and other revenues are generated from our premium financing operations and our investment portfolio, which includes our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. We are headquartered in Rolling Meadows, Illinois, have operations in 35 countries and offer client-service capabilities in more than 150 countries globally through a network of correspondent insurance brokers and consultants. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include our accounts and all of our majority-owned subsidiaries (50% or greater ownership). Substantially all of our investments in partially owned entities in which our ownership is less than 50% are accounted for using the equity method based on the legal form of our ownership interest and the applicable ownership percentage of the entity. However, in situations where a less than 50%-owned investment has been determined to be a VIE and we are deemed to be the primary beneficiary in accordance with the variable interest model of consolidation, we will consolidate the investment into our consolidated financial statements. For partially owned entities accounted for using the equity method, our share of the net earnings of these entities is included in consolidated net earnings. All material intercompany accounts and transactions have been eliminated in consolidation. In the preparation of our consolidated financial statements as of December 31, 2018, management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition in our consolidated financial statements and/or disclosure in the notes therein. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses, and the disclosure of contingent assets and liabilities at the date of our consolidated financial statements. We are also required to make certain judgments and estimates that affect the disclosed and recorded amounts of revenues and expenses related to the impact of the adoption of and accounting under Topic 606. We periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, investments (including our IRC Section 45 investments), income taxes, revenue recognition, deferred costs, stock-based compensation, claims handling obligations, retirement plans, litigation and contingencies. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. |
Revenue Recognition | Revenue Recognition Our revenues are derived from commissions and fees as primarily specified in a written contract, or unwritten business understanding, with our clients or underwriting enterprises. We also recognize investment income over time from our invested assets and invested assets we hold on behalf of our clients or underwriting enterprises. |
Brokerage Segment | BROKERAGE SEGMENT Our brokerage segment generates revenues by: (i) Identifying, negotiating and placing all forms of insurance or reinsurance coverage, as well as providing risk-shifting, risk-sharing and risk-mitigation consulting services, principally related to property/casualty, life, health, welfare and disability insurance. We also provide these services through, or in conjunction with, other unrelated agents and brokers, consultants and management advisors. (ii) Acting as an agent or broker for multiple underwriting enterprises by providing services such as sales, marketing, selecting, negotiating, underwriting, servicing and placing insurance coverage on their behalf. (iii) Providing consulting services related to health and welfare benefits, voluntary benefits, executive benefits, compensation, retirement planning, institutional investment and fiduciary, actuarial, compliance, private insurance exchange, human resource technology, communications and benefits administration. (iv) Providing management and administrative services to captives, pools, risk-retention groups, healthcare exchanges, small underwriting enterprises, such as accounting, claims and loss processing assistance, feasibility studies, actuarial studies, data analytics and other administrative services. The majority of our brokerage contracts and service understandings are for a period of one year or less. |
Risk Management Segment | RISK MANAGEMENT SEGMENT Revenues for our risk management segment are comprised of fees generally negotiated (i) on a per-claim cost-plus Per-claim Where we operate under a contract with our fee established on a per-claim claim-by-claim Cost-plus fees Where we provide services and generate revenues on a cost-plus basis, we recognize revenue over the contract period consistent with the performance of our obligations. Performance-based fees Certain clients pay us additional fee revenues for our efficiency in managing claims or on the basis of claim outcome effectiveness. These amounts are in excess of the fee revenues discussed above. These revenues are variable, generally based on performance metrics set forth in the underlying contracts. We generally operate under multi-year contracts with fiscal year measurement periods. We do not receive these fees, if earned, until the following year after verification of the performance metrics outlined in the contracts. Each period we base our estimates on a contract-by-contract Reimbursements Reimbursements represent amounts received from clients reimbursing us for certain third-party costs associated with providing our claims management services. In certain service partner relationships, we are considered a principal because we direct the third party, control the specified service and combine the services provided into an integrated solution. Given this principal relationship, we are required to recognize revenue gross and service partner vendor fees in the operating expense in our consolidated statement of earnings. |
Deferred Costs | Deferred Costs We incur costs to provide brokerage and risk management services. Those costs are either (i) costs to obtain a contract or (ii) costs to fulfill such contract, or (iii) all other costs. (i) Costs to obtain - we incur costs to obtain a contract with a client. Those costs would not have been incurred if the contract had not been obtained. Almost all of our costs to obtain are incurred prior to, or on, the effective date of the contract and consist primarily of incentive compensation we pay to our production employees. Our costs to obtain are expensed as incurred as described in Note 3 to these consolidated financial statements. (ii) Costs to fulfill - we incur costs to fulfill a contract (or anticipated contract) with a client. Those costs are incurred prior to the effective date of the contract and relate to fulfilling our primary placement obligations to our clients. Our costs to fulfill prior to the effective date are capitalized and amortized on the effective date. These fulfillment activities include collecting underwriting information from our client, assessing their insurance needs and negotiating their placement with one or more underwriting enterprises. The majority of costs that we incur relate to compensation and benefits of our client service employees. Costs incurred during preplacement activities are expected to be recovered in the future. If the capitalized costs are no longer deemed to be recoverable, then they would be expensed. (iii) Other costs that are not costs to obtain or fulfill are expensed as incurred. Examples include other operating costs such as rent, utilities, management costs, overhead costs, legal and other professional fees, technology costs, insurance related costs, communication and advertising, and travel and entertainment. Depreciation, amortization and change in estimated acquisition earnout payable are expensed as incurred. |
Investment income | Investment income Investment income primarily includes interest and dividend income (including interest income from our premium financing operations), which is accrued as it is earned. Gains on books of business sales represent one-time |
Earnings per Share | Earnings per Share Basic net earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the reporting period. Diluted net earnings per share is computed by dividing net earnings by the weighted average number of common and common equivalent shares outstanding during the reporting period. Common equivalent shares include incremental shares from dilutive stock options, which are calculated from the date of grant under the treasury stock method using the average market price for the period. |
Cash and Cash Equivalents | Cash and Cash Equivalents Short-term investments, consisting principally of cash and money market accounts that have average maturities of 90 days or less, are considered cash equivalents. |
Restricted Cash | Restricted Cash In our capacity as an insurance broker, we collect premiums from insureds and, after deducting our commissions and/or fees, remit these premiums to underwriting enterprises. We hold unremitted insurance premiums in a fiduciary capacity until we disburse them, and the use of such funds is restricted by laws in certain states and foreign jurisdictions in which our subsidiaries operate. Various state and foreign agencies regulate insurance brokers and provide specific requirements that limit the type of investments that may be made with such funds. Accordingly, we invest these funds in cash and U.S. Treasury fund accounts. We can earn interest income on these unremitted funds, which is included in investment income in the accompanying consolidated statement of earnings. These unremitted amounts are reported as restricted cash in the accompanying consolidated balance sheet, with the related liability reported as premiums payable to underwriting enterprises. Additionally, several of our foreign subsidiaries are required by various foreign agencies to meet certain liquidity and solvency requirements. We were in compliance with these requirements at December 31, 2018. Related to our third party administration business and in certain of our brokerage operations, we are responsible for client claim funds that we hold in a fiduciary capacity. We do not earn any interest income on the funds held. These client funds have been included in restricted cash, along with a corresponding liability in premiums payable to underwriting enterprises in the accompanying consolidated balance sheet. |
Premiums and fees receivable | Premiums and fees receivable Premiums and fees receivable in the accompanying consolidated balance sheet are net of allowances for estimated policy cancellations and doubtful accounts. The allowance for estimated policy cancellations was $7.8 million and $7.4 million at December 31, 2018 and 2017, respectively, which represents a reserve for future reversals in commission and fee revenues related to the potential cancellation of client insurance policies that were in force as of each year end. The allowance for doubtful accounts was $10.0 million and $13.5 million at December 31, 2018 and 2017, respectively. We establish the allowance for estimated policy cancellations through a charge to revenues and the allowance for doubtful accounts through a charge to operating expenses. Both of these allowances are based on estimates and assumptions using historical data to project future experience. Such estimates and assumptions could change in the future as more information becomes known which could impact the amounts reported and disclosed herein. We periodically review the adequacy of these allowances and make adjustments as necessary. |
Derivative Instruments | Derivative Instruments We are exposed to market risks, including changes in foreign currency exchange rates and interest rates. To manage the risk related to these exposures, we enter into various derivative instruments that reduce these risks by creating offsetting exposures. In the normal course of business, we are exposed to the impact of foreign currency fluctuations that impact our results of operations and cash flows. We utilize a foreign currency risk management program involving foreign currency derivatives that consist of several monthly put/call options designed to hedge a portion of our future foreign currency disbursements through various future payment dates. To mitigate the counterparty credit risk we only enter into contracts with major financial institutions based upon their credit ratings and other factors. These derivative instrument contracts are cash flow hedges that qualify for hedge accounting and primarily hedge against fluctuations between changes in the GBP and Indian Rupee versus the U.S. dollar. Changes in fair value of the derivative instruments are reflected in other comprehensive earnings in the accompanying consolidated balance sheet. The impact of the hedge at maturity is recognized in the income statement as a component of investment income, compensation and operating expenses depending on the nature of the hedged item. We enter into various long-term debt agreements. We use interest rate derivatives, typically swaps, to reduce our exposure to the effects of interest rate fluctuations on the forecasted interest rates for up to three years into the future. These derivative instrument contracts are periodically monitored for hedge ineffectiveness, the amount of which has not been material to the accompanying consolidated financial statements. We do not use derivatives for trading or speculative purposes. |
Premium Financing | Premium Financing Seven subsidiaries of the brokerage segment make short-term loans (generally with terms of twelve months or less) to our clients to finance premiums. These premium financing contracts are structured to minimize potential bad debt expense to us. Such receivables are generally considered delinquent after seven days of the payment due date. In normal course, insurance policies are cancelled within one month of the contractual payment due date if the payment remains delinquent. We recognize interest income as it is earned over the life of the contract using the “level-yield” method. Unearned interest related to contracts receivable is included in the receivable balance in the accompanying consolidated balance sheet. The outstanding loan receivable balance was $316.2 million and $305.5 million at December 31, 2018 and 2017, respectively. |
Fixed Assets | Fixed Assets We carry fixed assets at cost, less accumulated depreciation, in the accompanying consolidated balance sheet. We periodically review long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. Under those circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference. Depreciation for fixed assets is computed using the straight-line method over the following estimated useful lives: Useful Life Office equipment Three to ten years Furniture and fixtures Three to ten years Computer equipment Three to five years Building Fifteen to forty years Software Three to five years Refined fuel plants Ten years Leasehold improvements Shorter of the lease term or useful life of the asset |
Intangible Assets | Intangible Assets Intangible assets represent the excess of cost over the estimated fair value of net tangible assets of acquired businesses. Our primary intangible assets are classified as either goodwill, expiration lists, non-compete non-compete non-compete non-compete We review all of our intangible assets for impairment periodically (at least annually for goodwill) and whenever events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. We perform such impairment reviews at the division (i.e., reporting unit) level with respect to goodwill and at the business unit level for amortizable intangible assets. In reviewing intangible assets, if the fair value were less than the carrying amount of the respective (or underlying) asset, an indicator of impairment would exist and further analysis would be required to determine whether or not a loss would need to be charged against current period earnings as a component of amortization expense. Based on the results of impairment reviews in 2018, 2017 and 2016, we wrote off $10.6 million, $6.2 million and $1.8 million, respectively, of amortizable intangible assets primarily related to prior year acquisitions of our brokerage segment, which is included in amortization expense in the accompanying consolidated statement of earnings. The determinations of impairment indicators and fair value are based on estimates and assumptions related to the amount and timing of future cash flows and future interest rates. Such estimates and assumptions could change in the future as more information becomes known which could impact the amounts reported and disclosed herein. |
Income Taxes | Income Taxes Our tax rate reflects the statutory tax rates applicable to our taxable earnings and tax planning in the various jurisdictions in which we operate. Significant judgment is required in determining the annual effective tax rate and in evaluating uncertain tax positions. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We evaluate our tax positions using a two-step Uncertain tax positions are measured based upon the facts and circumstances that exist at each reporting period and involve significant management judgment. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition and measurement. Adjustments may result, for example, upon resolution of an issue with the taxing authorities, or expiration of a statute of limitations barring an assessment for an issue. We recognize interest and penalties, if any, related to unrecognized tax benefits in our provision for income taxes. Tax law requires certain items to be included in our tax returns at different times than such items are reflected in the financial statements. As a result, the annual tax expense reflected in our consolidated statements of earnings is different than that reported in our tax returns. Some of these differences are permanent, such as expenses that are not deductible in our tax returns, and some differences are temporary and reverse over time, such as depreciation expense and amortization expense deductible for income tax purposes. Temporary differences create deferred tax assets and liabilities. Deferred tax liabilities generally represent tax expense recognized in the financial statements for which a tax payment has been deferred, or expense which has been deducted in the tax return but has not yet been recognized in the financial statements. Deferred tax assets generally represent items that can be used as a tax deduction or credit in tax returns in future years for which a benefit has already been recorded in the financial statements. We establish or adjust valuation allowances for deferred tax assets when we estimate that it is more likely than not that future taxable income will be insufficient to fully use a deduction or credit in a specific jurisdiction. In assessing the need for the recognition of a valuation allowance for deferred tax assets, we consider whether it is more likely than not that some portion, or all, of the deferred tax assets will not be realized and adjust the valuation allowance accordingly. We evaluate all significant available positive and negative evidence as part of our analysis. Negative evidence includes the existence of losses in recent years. Positive evidence includes the forecast of future taxable income by jurisdiction, tax-planning |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value accounting establishes a framework for measuring fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). This framework includes a fair value hierarchy that prioritizes the inputs to the valuation technique used to measure fair value. The classification of a financial instrument within the valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels of the hierarchy in order of priority of inputs to the valuation technique are defined as follows: • Level 1 - Valuations are based on unadjusted quoted prices in active markets for identical financial instruments; • Level 2 - Valuations are based on quoted market prices, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument; and • Level 3 - Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management’s own assumptions about the assumptions a market participant would use in pricing the financial instrument. The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety. The carrying amounts of financial assets and liabilities reported in the accompanying consolidated balance sheet for cash and cash equivalents, restricted cash, premiums and fees receivable, other current assets, premiums payable to underwriting enterprises, accrued compensation and other accrued liabilities and deferred revenue-current, at December 31, 2018 and 2017, approximate fair value because of the short-term duration of these instruments. See Note 4 to these consolidated financial statements for the fair values related to the establishment of intangible assets and the establishment and adjustment of earnout payables. See Note 8 to these consolidated financial statements for the fair values related to borrowings outstanding at December 31, 2018 and 2017 under our debt agreements. See Note 13 to these consolidated financial statements for the fair values related to investments at December 31, 2018 and 2017 under our defined benefit pension plan. |
Litigation | Litigation We are the defendant in various legal actions related to claims, lawsuits and proceedings incident to the nature of our business. We record liabilities for loss contingencies, including legal costs (such as fees and expenses of external lawyers and other service providers) to be incurred, when it is probable that a liability has been incurred on or before the balance sheet date and the amount of the liability can be reasonably estimated. We do not discount such contingent liabilities. To the extent recovery of such losses and legal costs is probable under our insurance programs, we record estimated recoveries concurrently with the losses recognized. Significant management judgment is required to estimate the amounts of such contingent liabilities and the related insurance recoveries. In order to assess our potential liability, we analyze our litigation exposure based on available information, including consultation with outside counsel handling the defense of these matters. As these liabilities are uncertain by their nature, the recorded amounts may change due to a variety of different factors, including new developments in, or changes in approach, such as changing the settlement strategy as applicable to each matter. |
Retention bonus arrangements | Retention bonus arrangements In connection with the hiring and retention of both new talent and experienced personnel, including our senior management, brokers and other key personnel, we have entered into various agreements with key employees setting up the conditions for the cash payment of certain retention bonuses. These bonuses are an incentive for these employees to remain with the company, for a fixed period of time, to allow us to capitalize on their knowledge and experience. We have various forms of retention bonus arrangements; some are paid up front and some are paid at the end of the term, but all are contingent upon successfully completing a minimum period of employment. A retention bonus that is paid to an employee upfront that is contingent on a certain minimum period of employment, will be initially classified as a prepaid asset and amortized to compensation expense as the future services are rendered over the duration of the stay period. A retention bonus that is paid to an employee at the end of the term that is contingent on a certain minimum period of employment, will be accrued as a liability through compensation expense as the future services are rendered over the duration of the stay period. If an employee leaves prior to the required time frame to earn the retention bonus outright, then all or any portion that is ultimately unearned or refundable, and recovered by the company if prepaid, is forfeited and reversed through compensation expense. |
Stock-Based Compensation | Stock-Based Compensation We have several employee equity-settled and cash-settled share-based compensation plans. Equity-settled share-based payments to employees include grants of stock options, performance stock units and restricted stock units and are measured based on estimated grant date fair value. We have elected to use the Black-Scholes option pricing model to determine the fair value of stock options on the dates of grant. Performance stock units are measured on the probable outcome of the performance conditions applicable to each grant. Restricted stock units are measured based on the fair market values of the underlying stock on the dates of grant. Shares are issued on the vesting dates net of the minimum statutory tax withholding requirements, as applicable, to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of performance stock units and restricted stock units outstanding. Furthermore, we record the liability for withholding amounts to be paid by us as a reduction to additional paid-in Cash-settled share-based payments to employees include awards under our Performance Unit Program and stock appreciation rights. The fair value of the amount payable to employees in respect of cash-settled share-based payments is recognized as compensation expense, with a corresponding increase in liabilities, over the vesting period. The liability is remeasured at each reporting date and at settlement date. Any changes in fair value of the liability are recognized as compensation expense. We recognize share-based compensation expense over the requisite service period for awards expected to ultimately vest. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture activity differs from original estimates. |
Employee Stock Purchase Plan | Employee Stock Purchase Plan We have an employee stock purchase plan (which we refer to as the ESPP), under which the sale of 8.0 million shares of our common stock has been authorized. Eligible employees may contribute up to 15% of their compensation towards the quarterly purchase of our common stock at a purchase price equal to 95% of the lesser of the fair market value of our common stock on the first business day or the last business day of the quarterly offering period. Eligible employees may annually purchase shares of our common stock with an aggregate fair market value of up to $25,000 (measured as of the first day of each quarterly offering period of each calendar year), provided that no employee may purchase more than 2,000 shares of our common stock under the ESPP during any calendar year. At December 31, 2018, 6.8 million shares of our common stock was reserved for future issuance under the ESPP. |
Defined Benefit Pension and Other Postretirement Plans | Defined Benefit Pension and Other Postretirement Plans We recognize in our consolidated balance sheet, an asset for our defined benefit postretirement plans’ overfunded status or a liability for our plans’ underfunded status. We recognize changes in the funded status of our defined benefit postretirement plans in comprehensive earnings in the year in which the changes occur. We use December 31 as the measurement date for our plans’ assets and benefit obligations. See Note 13 to these consolidated financial statements for additional information required to be disclosed related to our defined benefit postretirement plans. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Life of Fixed Assets | Depreciation for fixed assets is computed using the straight-line method over the following estimated useful lives: Useful Life Office equipment Three to ten years Furniture and fixtures Three to ten years Computer equipment Three to five years Building Fifteen to forty years Software Three to five years Refined fuel plants Ten years Leasehold improvements Shorter of the lease term or useful life of the asset |
Effect of New Accounting Pron_2
Effect of New Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | The following is a reconciliation of our December 31 cash, cash equivalents and restricted cash balances as presented in the consolidated statement of cash flows for the years ended December 31, 2018, 2017 and 2016 (in millions): December 31, 2018 2017 2016 Cash and cash equivalents $ 607.2 $ 681.2 $ 545.5 Restricted cash 1,629.6 1,623.8 1,392.1 Total cash, cash equivalents and restricted cash $ 2,236.8 $ 2,305.0 $ 1,937.6 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers | Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions): December 31, December 31, Unbilled receivables $ 496.2 $ 415.2 Deferred contract costs 91.6 83.3 Deferred revenue 457.7 430.6 |
Summary of Changes in Deferred Revenue Balances | Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions): Brokerage Risk Total Deferred revenue at December 31, 2016 $ 233.8 $ 170.8 $ 404.6 Incremental deferred revenue 247.2 135.7 382.9 Revenue recognized during the year ended December 31, 2017 included in deferred revenue at December 31, 2016 (227.8 ) (135.0 ) (362.8 ) Deferred revenue recognized from business acquisitions 5.5 0.4 5.9 Deferred revenue at December 31, 2017 258.7 171.9 430.6 Incremental deferred revenue 244.0 138.1 382.1 Revenue recognized during the year ended December 31, 2018 included in deferred revenue at December 31, 2017 (236.5 ) (137.0 ) (373.5 ) Deferred revenue recognized from business acquisitions 18.5 — 18.5 Deferred revenue at December 31, 2018 $ 284.7 $ 173.0 $ 457.7 |
Summary of Expected Revenue Related to Performance Obligations | The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions): Brokerage Risk Total 2019 $ 253.2 $ 96.4 $ 349.6 2020 17.7 28.5 46.2 2021 12.1 15.4 27.5 2022 0.8 9.0 9.8 2023 0.5 5.4 5.9 Thereafter 0.4 18.3 18.7 Total $ 284.7 $ 173.0 $ 457.7 |
Accounting Standards Update 2014-09 [Member] | |
Summary of Consolidated Statement Line Items, which Reflect Adoption of New Revenue Recognition Guidance | The consolidated statement of earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions, except per share data): Year ended December 31, 2017 As Previously Impact of As Restated Commissions $ 2,627.1 $ 13.9 $ 2,641.0 Fees 1,636.8 (44.9 ) 1,591.9 Supplemental revenues 163.7 (5.7 ) 158.0 Contingent revenues 111.8 (12.3 ) 99.5 Investment income 56.3 2.4 58.7 Gains on books of business sales 3.4 — 3.4 Revenues from clean coal activities 1,560.5 — 1,560.5 Revenues before reimbursements 6,159.6 (46.6 ) 6,113.0 Reimbursements — 136.0 136.0 Total revenues 6,159.6 89.4 6,249.0 Compensation 2,752.3 (4.9 ) 2,747.4 Operating 852.5 (23.4 ) 829.1 Reimbursements — 136.0 136.0 Cost of revenues from clean coal activities 1,635.9 — 1,635.9 Interest 124.1 — 124.1 Depreciation 121.1 — 121.1 Amortization 264.7 — 264.7 Change in estimated acquisition earnout payables 30.9 — 30.9 Total expenses 5,781.5 107.7 5,889.2 Earnings before income taxes 378.1 (18.3 ) 359.8 Benefit for income taxes (121.1 ) (36.0 ) (157.1 ) Net earnings 499.2 17.7 516.9 Net earnings attributable to noncontrolling interests 36.1 (0.5 ) 35.6 Net earnings attributable to controlling interests $ 463.1 $ 18.2 $ 481.3 Basic net earnings per share $ 2.57 $ 0.10 $ 2.67 Diluted net earnings per share 2.54 0.10 2.64 Dividends declared per common share 1.56 — 1.56 Year ended December 31, 2016 As Previously Impact of As Restated Commissions $ 2,439.1 $ (29.2 ) $ 2,409.9 Fees 1,492.8 (1.1 ) 1,491.7 Supplemental revenues 147.0 (7.1 ) 139.9 Contingent revenues 107.2 (9.3 ) 97.9 Investment income 53.3 0.3 53.6 Gains on books of business sales 6.6 — 6.6 Revenues from clean coal activities 1,350.1 — 1,350.1 Other net losses (1.3 ) — (1.3 ) Revenues before reimbursements 5,594.8 (46.4 ) 5,548.4 Reimbursements — 132.1 132.1 Total revenues 5,594.8 85.7 5,680.5 Compensation 2,538.9 (1.7 ) 2,537.2 Operating 797.7 (21.4 ) 776.3 Reimbursements — 132.1 132.1 Cost of revenues from clean coal activities 1,408.6 — 1,408.6 Interest 109.8 — 109.8 Depreciation 103.6 — 103.6 Amortization 247.2 — 247.2 Change in estimated acquisition earnout payables 32.1 — 32.1 Total expenses 5,237.9 109.0 5,346.9 Earnings before income taxes 356.9 (23.3 ) 333.6 Benefit for income taxes (88.1 ) (8.6 ) (96.7 ) Net earnings 445.0 (14.7 ) 430.3 Net earnings attributable to noncontrolling interests 30.6 2.9 33.5 Net earnings attributable to controlling interests $ 414.4 $ (17.6 ) $ 396.8 Basic net earnings per share $ 2.33 $ (0.10 ) $ 2.23 Diluted net earnings per share 2.32 (0.10 ) 2.22 Dividends declared per common share 1.52 — 1.52 Select consolidated statement of comprehensive earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions): Year ended December 31, 2017 As Previously Impact of As Restated Net earnings $ 499.2 $ 17.7 $ 516.9 Change in pension liability, net of taxes 4.3 — 4.3 Foreign currency translation 183.4 (2.5 ) 180.9 Change in fair value of derivative instruments, net of taxes 16.0 — 16.0 Comprehensive earnings 702.9 15.2 718.1 Comprehensive earnings attributable to noncontrolling interests 37.0 (0.6 ) 36.4 Comprehensive earnings attributable to controlling interests $ 665.9 $ 15.8 $ 681.7 Year ended December 31, 2016 As Previously Impact of As Restated Net earnings $ 445.0 $ (14.7 ) $ 430.3 Change in pension liability, net of taxes (4.4 ) — (4.4 ) Foreign currency translation (231.8 ) 7.0 (224.8 ) Change in fair value of derivative instruments, net of taxes (4.9 ) — (4.9 ) Comprehensive earnings 203.9 (7.7 ) 196.2 Comprehensive earnings attributable to noncontrolling interests 35.1 2.8 37.9 Comprehensive earnings attributable to controlling interests $ 168.8 $ (10.5 ) $ 158.3 Select balance sheet line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): December 31, 2017 As Previously Impact of As Restated Assets Premium and fees receivables $ 2,157.2 $ 1,925.6 $ 4,082.8 Other current assets 708.4 173.2 881.6 Deferred income taxes 905.1 (53.5 ) 851.6 Other noncurrent assets 567.0 0.1 567.1 Goodwill 4,197.9 (33.1 ) 4,164.8 Liabilities Premiums payable to underwriting enterprises 3,475.9 1,510.1 4,986.0 Accrued compensation and other current liabilities 864.1 83.7 947.8 Deferred revenue - current/unearned fees 74.8 280.5 355.3 Other current liabilities 56.4 (56.4 ) — Deferred revenue - noncurrent — 75.3 75.3 Other noncurrent liabilities 1,128.3 (15.7 ) 1,112.6 Stockholders’ equity Retained earnings 1,095.9 125.9 1,221.8 Accumulated other comprehensive loss (559.9 ) 4.5 (555.4 ) Stockholders’ equity attributable to controlling interests 4,105.2 130.4 4,235.6 Stockholders’ equity attributable to noncontrolling interests 59.7 4.4 64.1 Select consolidated statement of cash flows line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Year ended December 31, 2017 As Previously Impact of As Restated Cash flows from operating activities Net earnings $ 499.2 $ 17.7 $ 516.9 Adjustments to reconcile net earnings to net cash provided by operating activities: Net change in premiums and fees receivable (220.3 ) 172.6 (47.7 ) Net change in deferred revenue — 0.9 0.9 Net change in premiums payable to underwriting enterprises 334.3 (167.4 ) 166.9 Net change in other current assets (48.5 ) 13.2 (35.3 ) Net change in accrued compensation and other current liabilities 69.3 0.3 69.6 Net change in deferred income taxes (183.4 ) (35.9 ) (219.3 ) Net change in other noncurrent assets and liabilities (11.1 ) (2.1 ) (13.2 ) Year ended December 31, 2016 As Previously Impact of As Restated Cash flows from operating activities Net earnings $ 445.0 $ (14.7 ) $ 430.3 Adjustments to reconcile net earnings to net cash provided by operating activities: Net change in premiums and fees receivable (242.8 ) (534.4 ) (777.2 ) Net change in deferred revenue — 15.1 15.1 Net change in premiums payable to underwriting enterprises 240.2 529.8 770.0 Net change in other current assets (55.2 ) 9.7 (45.5 ) Net change in accrued compensation and other current liabilities 69.1 0.7 69.8 Net change in deferred income taxes (158.0 ) (8.1 ) (166.1 ) Net change in other noncurrent assets and liabilities (34.5 ) 7.0 (27.5 ) Select statement of stockholders’ equity items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions): Retained Accumulated Stockholders’ Total Balance at December 31, 2015, as reported $ 774.5 $ (522.5 ) $ 49.9 $ 3,688.2 Adoption of Topic 606 125.3 — 2.2 127.5 Balance at December 31, 2015, as restated $ 899.8 $ (522.5 ) $ 52.1 $ 3,815.7 Balance at December 31, 2016, as reported $ 916.4 $ (763.6 ) $ 59.2 $ 3,655.8 Adoption of Topic 606 107.7 7.0 5.0 119.7 Balance at December 31, 2016, as restated $ 1,024.1 $ (756.6 ) $ 64.2 $ 3,775.5 Balance at December 31, 2017, as reported $ 1,095.9 $ (559.9 ) $ 59.7 $ 4,164.9 Adoption of Topic 606 125.9 4.5 4.4 134.8 Balance at December 31, 2017, as restated $ 1,221.8 $ (555.4 ) $ 64.1 $ 4,299.7 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition Method for Recording Business Combinations | During 2018, we acquired substantially all of the net assets of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data): Name and Effective Date of Acquisition Common Common Cash Paid Accrued Escrow Recorded Total Maximum (000s) Market Financial Group, Ltd and Austin Consulting Group, Inc. (MFG) 53 $ 3.7 $ 33.9 $ — $ 4.2 $ 2.7 $ 44.5 $ 7.0 McGregor & Associates (M&A) — — 13.5 — 2.5 5.1 21.1 12.0 Pronto Insurance (PI) — — 294.8 — 18.7 — 313.5 — Reassurance Holdings, Inc. (RHI) 343 24.4 84.4 — 13.3 3.3 125.4 21.5 Buckman-Mitchell, Inc. (BMI) November 1, 2018 — — 43.9 — 1.9 3.6 49.4 8.5 Accompass Inc. (AI) December 1, 2018 — — 29.8 — 2.6 4.4 36.8 11.3 42 other acquisitions completed in 2018 430 26.1 291.9 3.1 28.2 74.9 424.2 141.2 826 $ 54.2 $ 792.2 $ 3.1 $ 71.4 $ 94.0 $ 1,014.9 $ 201.5 |
Summary of Estimated Fair Values of Net Assets Acquired | The following is a summary of the estimated fair values of the net assets acquired at the date of each acquisition made in 2018 (in millions): 42 Other MFG M&A PI RHI BMI AI Acquisitions Total Cash $ 0.1 $ — $ 7.2 $ — $ 0.1 $ 0.4 $ 11.8 $ 19.6 Other current assets 3.0 0.5 66.8 18.4 12.4 1.9 103.1 206.1 Fixed assets 0.4 1.4 2.6 2.2 0.1 0.1 1.5 8.3 Noncurrent assets — — 8.3 0.4 — — 17.5 26.2 Goodwill 24.6 5.2 209.4 77.9 18.8 21.4 227.3 584.6 Expiration lists 19.6 15.1 56.7 41.9 26.0 17.2 205.3 381.8 Non-compete — 0.1 0.2 0.5 0.2 1.7 2.6 5.3 Trade names 0.1 — 58.1 3.2 — — 0.1 61.5 Total assets acquired 47.8 22.3 409.3 144.5 57.6 42.7 569.2 1,293.4 Current liabilities 2.3 0.4 64.2 7.2 8.2 0.8 94.6 177.7 Noncurrent liabilities 1.0 0.8 31.6 11.9 — 5.1 50.4 100.8 Total liabilities assumed 3.3 1.2 95.8 19.1 8.2 5.9 145.0 278.5 Total net assets acquired $ 44.5 $ 21.1 $ 313.5 $ 125.4 $ 49.4 $ 36.8 $ 424.2 $ 1,014.9 |
Summary of Unaudited Pro Forma Historical Results | The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2017 (in millions, except per share data): Year Ended December 31, 2018 2017 Total revenues $ 7,125.5 $ 6,572.4 Net earnings attributable to controlling interests 646.1 496.4 Basic earnings per share 3.53 2.74 Diluted earnings per share 3.46 2.71 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Major Classes of Other Current Assets | Major classes of other current assets consist of the following (in millions): December 31, 2018 2017 Premium finance advances and loans $ 316.2 $ 305.5 Accrued supplemental, direct bill and other receivables 348.2 244.5 Refined coal production related receivables 160.2 156.8 Deferred contract costs 91.6 83.3 Prepaid expenses 108.2 91.5 Total other current assets $ 1,024.4 $ 881.6 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Fixed Assets | Major classes of fixed assets consist of the following (in millions): December 31, 2018 2017 Office equipment $ 30.0 $ 28.6 Furniture and fixtures 116.9 112.3 Leasehold improvements 132.1 124.2 Computer equipment 145.1 147.9 Land and buildings - corporate headquarters 144.3 143.6 Software 346.0 291.9 Other 12.4 12.0 Work in process 14.9 20.1 941.7 880.6 Accumulated depreciation (504.8 ) (468.4 ) Net fixed assets $ 436.9 $ 412.2 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations | The carrying amount of goodwill at December 31, 2018 and 2017 allocated by domestic and foreign operations is as follows (in millions): Risk Brokerage Management Corporate Total At December 31, 2018 United States $ 2,715.3 $ 29.6 $ — $ 2,744.9 United Kingdom 753.7 9.2 — 762.9 Canada 378.6 — — 378.6 Australia 406.3 0.3 — 406.6 New Zealand 209.6 10.2 — 219.8 Other foreign 110.1 — 2.7 112.8 Total goodwill - net $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 At December 31, 2017 United States $ 2,280.9 $ 25.8 $ — $ 2,306.7 United Kingdom 738.5 7.2 — 745.7 Canada 374.0 — — 374.0 Australia 416.6 — — 416.6 New Zealand 209.3 9.6 — 218.9 Other foreign 99.9 — 3.0 102.9 Total goodwill - net $ 4,119.2 $ 42.6 $ 3.0 $ 4,164.8 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for 2018 and 2017 are as follows (in millions): Risk Brokerage Management Corporate Total Balance as of January 1, 2017, as reported $ 3,736.9 $ 28.1 $ 2.8 $ 3,767.8 Adoption of Topic 606 related to 2016 acquisitions (14.6 ) — — (14.6 ) Balance as of January 1, 2017, as restated 3,722.3 28.1 2.8 3,753.2 Goodwill acquired during the year 290.4 14.1 — 304.5 Adoption of Topic 606 related to 2017 acquisitions (18.5 ) — — (18.5 ) Goodwill adjustments related to appraisals and other acquisition adjustments 14.7 — — 14.7 Foreign currency translation adjustments during the year 110.3 0.4 0.2 110.9 Balance as of December 31, 2017, as restated 4,119.2 42.6 3.0 4,164.8 Goodwill acquired during the year 574.7 9.9 — 584.6 Goodwill adjustments related to appraisals and other acquisition adjustments 2.2 (2.3 ) — (0.1 ) Foreign currency translation adjustments during the year (122.5 ) (0.9 ) (0.3 ) (123.7 ) Balance as of December 31, 2018 $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 |
Major Classes of Amortizable Intangible Assets | Major classes of amortizable intangible assets consist of the following (in millions): December 31, 2018 2017 Expiration lists $ 3,379.4 $ 3,055.9 Accumulated amortization - expiration lists (1,676.8 ) (1,422.1 ) 1,702.6 1,633.8 Non-compete 58.0 53.5 Accumulated amortization - non-compete (48.5 ) (46.1 ) 9.5 7.4 Trade names 86.0 25.9 Accumulated amortization - trade names (25.1 ) (22.5 ) 60.9 3.4 Net amortizable assets $ 1,773.0 $ 1,644.6 |
Estimated Aggregate Amortization Expense | Estimated aggregate amortization expense for each of the next five years is as follows (in millions): 2019 $ 287.2 2020 270.7 2021 247.3 2022 222.2 2023 198.2 Thereafter 547.4 Total $ 1,773.0 |
Credit and Other Debt Agreeme_2
Credit and Other Debt Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Corporate and Other Debt | The following is a summary of our corporate and other debt (in millions): December 31, 2018 2017 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 2.80%, balloon due June 24, 2018 $ — $ 50.0 Semi-annual payments of interest, fixed rate of 5.85%, $50 million due November 30, 2018 and November 30, 2019 50.0 100.0 Semi-annual payments of interest, fixed rate of 3.20%, balloon due June 24, 2019 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.48%, balloon due June 24, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 3.99%, balloon due July 10, 2020 50.0 50.0 Semi-annual payments of interest, fixed rate of 5.18%, balloon due February 10, 2021 75.0 75.0 Semi-annual payments of interest, fixed rate of 3.69%, balloon due June 14, 2022 200.0 200.0 Semi-annual payments of interest, fixed rate of 5.49%, balloon due February 10, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.13%, balloon due June 24, 2023 200.0 200.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.65%, balloon due August 2, 2023 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.58%, balloon due February 27, 2024 325.0 325.0 Quarterly payments of interest, floating rate of 90 day LIBOR plus 1.40%, balloon due June 13, 2024 50.0 — Semi-annual payments of interest, fixed rate of 4.31%, balloon due June 24, 2025 200.0 200.0 Semi-annual payments of interest, fixed rate of 4.73%, balloon due February 27, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.40%, balloon due June 2, 2026 175.0 175.0 Semi-annual payments of interest, fixed rate of 4.36%, balloon due June 24, 2026 150.0 150.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due June 27, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.09%, balloon due August 2, 2027 125.0 125.0 Semi-annual payments of interest, fixed rate of 4.14%, balloon due August 4, 2027 98.0 98.0 Semi-annual payments of interest, fixed rate of 3.46%, balloon due December 1, 2027 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.55%, balloon due June 2, 2028 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 13, 2028 125.0 — Semi-annual payments of interest, fixed rate of 4.98%, balloon due February 27, 2029 100.0 100.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due June 27, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.19%, balloon due August 2, 2029 50.0 50.0 Semi-annual payments of interest, fixed rate of 4.44%, balloon due June 13, 2030 125.0 — Semi-annual payments of interest, fixed rate of 4.70%, balloon due June 2, 2031 25.0 25.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 27, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.34%, balloon due August 2, 2032 75.0 75.0 Semi-annual payments of interest, fixed rate of 4.59%, balloon due June 13, 2033 125.0 — Semi-annual payments of interest, fixed rate of 4.69%, balloon due June 13, 2038 75.0 — Total Note Purchase Agreements 3,198.0 2,798.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires April 8, 2021 265.0 190.0 Premium Financing Debt Facility - expires May 18, 2020: Periodic payments of interest and principal, Interbank rates plus 1.05% for Facility B; plus 0.55% for Facilities C and D Facility B AUD denominated tranche 133.9 116.4 NZD denominated tranche 10.1 5.7 Facility C and D AUD denominated tranche — 18.5 NZD denominated tranche 10.0 10.5 Total Premium Financing Debt Facility 154.0 151.1 Total corporate and other debt 3,617.0 3,139.1 Less unamortized debt acquisition costs on Note Purchase Agreements (6.6 ) (6.1 ) Net corporate and other debt $ 3,610.4 $ 3,133.0 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net EPS | The following table sets forth the computation of basic and diluted net earnings per share (in millions, except per share data): Year Ended December 31, 2018 2017 2016 Net earnings attributable to controlling interests $ 633.5 $ 481.3 $ 396.8 Weighted average number of common shares outstanding 182.7 180.1 177.6 Dilutive effect of stock options using the treasury stock method 3.5 2.0 0.8 Weighted average number of common and common equivalent shares outstanding 186.2 182.1 178.4 Basic net earnings per share $ 3.47 $ 2.67 $ 2.23 Diluted net earnings per share $ 3.40 $ 2.64 $ 2.22 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Black-Scholes Option Pricing Model with Weighted Average | For purposes of expense recognition in 2018, 2017 and 2016, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended December 31, 2018 2017 2016 Expected dividend yield 2.3 % 2.8 % 3.0 % Expected risk-free interest rate 2.7 % 2.3 % 1.6 % Volatility 15.1 % 27.2 % 27.7 % Expected life (in years) 5.5 5.0 5.5 |
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2018 and 2017 (in millions, except exercise price and year data): Shares Weighted Weighted Aggregate Year Ended December 31, 2018 Beginning balance 9.5 $ 45.27 Granted 1.3 70.74 Exercised (1.6 ) 37.85 Forfeited or canceled (0.4 ) 49.23 Ending balance 8.8 $ 50.16 3.86 $ 206.8 Exercisable at end of year 2.1 $ 42.84 1.83 $ 64.4 Ending unvested and expected to vest 6.5 $ 52.14 4.46 $ 140.3 Year Ended December 31, 2017 Beginning balance 9.5 $ 41.45 Granted 1.7 56.87 Exercised (1.3 ) 33.11 Forfeited or canceled (0.4 ) 44.48 Ending balance 9.5 $ 45.27 3.99 $ 171.5 Exercisable at end of year 2.1 $ 37.81 1.75 $ 52.7 Ending unvested and expected to vest 7.2 $ 47.30 4.64 $ 115.8 |
Other Information Regarding Stock Options Outstanding and Exercisable | Other information regarding stock options outstanding and exercisable at December 31, 2018 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 35.71 - $ 39.17 0.9 0.92 $ 38.20 0.9 $ 38.20 43.71 - 43.71 2.3 4.21 43.71 — — 46.17 - 46.87 2.8 2.75 46.48 1.1 46.61 47.92 - 63.60 1.6 5.20 56.81 — — 70.74 - 70.74 1.2 6.21 70.74 0.1 70.74 $ 35.71 - $ 70.74 8.8 3.86 $ 50.16 2.1 $ 42.84 |
Restricted Stock, Performance_2
Restricted Stock, Performance Share and Cash Awards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Restricted Stock Awards Vesting Periods | The vesting periods of the 2018, 2017 and 2016 restricted stock unit awards are as follows (in actual shares): Restricted Stock Units Granted Vesting Period 2018 2017 2016 One year 18,900 21,600 27,417 Two years 12,700 12,750 — Five years 407,500 442,000 451,750 Total shares granted 439,100 476,350 479,167 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Reconciliation of Balances of Pension Benefit Obligation and Fair Value of Plan Assets | A reconciliation of the beginning and ending balances of the pension benefit obligation and fair value of plan assets and the funded status of the plan is as follows (in millions): Year Ended December 31, 2018 2017 Change in pension benefit obligation: Benefit obligation at beginning of year $ 271.4 $ 261.3 Service cost 0.8 1.7 Interest cost 9.3 10.0 Net actuarial (gain) loss (14.3 ) 11.5 Benefits paid (14.0 ) (13.1 ) Benefit obligation at end of year $ 253.2 $ 271.4 Change in plan assets: Fair value of plan assets at beginning of year $ 219.4 $ 207.8 Actual return on plan assets (15.4 ) 24.7 Contributions by the company 30.0 — Benefits paid (14.0 ) (13.1 ) Fair value of plan assets at end of year $ 220.0 $ 219.4 Funded status of the plan (underfunded) $ (33.2 ) $ (52.0 ) Amounts recognized in the consolidated balance sheet consist of: Noncurrent liabilities - accrued benefit liability $ (33.2 ) $ (52.0 ) Accumulated other comprehensive loss - net actuarial loss 76.0 63.7 Net amount included in retained earnings $ 42.8 $ 11.7 |
Components of Net Periodic Pension Benefit Cost and Other Changes in Plan Assets and Obligations Recognized in Earnings and Other Comprehensive Earnings | The components of the net periodic pension benefit cost for the plan and other changes in plan assets and obligations recognized in earnings and other comprehensive earnings consist of the following (in millions): Year Ended December 31, 2018 2017 2016 Net periodic pension cost: Service cost $ 0.8 $ 1.7 $ 1.5 Interest cost on benefit obligation 9.3 10.0 10.8 Expected return on plan assets (16.0 ) (14.0 ) (14.6 ) Amortization of net loss 4.9 5.0 5.3 Net periodic benefit cost (1.0 ) 2.7 3.0 Other changes in plan assets and obligations recognized in other comprehensive earnings: Net loss incurred 17.2 0.8 1.4 Amortization of net loss (4.9 ) (5.0 ) (5.3 ) Total recognized in other comprehensive loss 12.3 (4.2 ) (3.9 ) Total recognized in net periodic pension cost and other comprehensive loss $ 11.3 $ (1.5 ) $ (0.9 ) Estimated amortization for the following year: Amortization of net loss $ 7.2 $ 5.0 $ 5.5 |
Weighted Average Assumptions of Pension Benefit Obligation and Net Periodic Pension Benefit Cost | The following weighted average assumptions were used at December 31 in determining the plan’s pension benefit obligation: December 31, 2018 2017 Discount rate 4.00 % 3.50 % Weighted average expected long-term rate of return on plan assets 7.00 % 7.00 % The following weighted average assumptions were used at January 1 in determining the plan’s net periodic pension benefit cost: Year Ended December 31, 2018 2017 2016 Discount rate 3.50 % 4.00 % 4.25 % Weighted average expected long-term rate of return on plan assets 7.00 % 7.00 % 7.25 % |
Schedule of Benefit Payments Expected to be Paid by Plan | The following benefit payments are expected to be paid by the plan (in millions): 2019 $ 15.8 2020 16.1 2021 16.3 2022 16.5 2023 16.6 Years 2024 to 2028 82.8 |
Summary of Plans Weighted Average Asset Allocations | The following is a summary of the plan’s weighted average asset allocations at December 31 by asset category: December 31, Asset Category 2018 2017 Equity securities 57.0 % 61.0 % Debt securities 36.0 % 32.0 % Real estate 7.0 % 7.0 % Total 100.0 % 100.0 % |
Summary of Plan's Assets Carried at Fair Value | The following is a summary of the plan’s assets carried at fair value as of December 31 by level within the fair value hierarchy (in millions): December 31, Fair Value Hierarchy 2018 2017 Level 1 $ — $ — Level 2 125.1 107.5 Level 3 94.9 111.9 Total fair value $ 220.0 $ 219.4 |
Reconciliation of Beginning and Ending Balances for Level 3 Assets of Plan Measured at Fair Value | The following is a reconciliation of the beginning and ending balances for the Level 3 assets of the plan measured at fair value (in millions): Year Ended December 31, 2018 2017 Fair value at January 1 $ 111.9 $ 99.7 Settlements (9.6 ) — Unrealized (loss) gains (7.4 ) 12.2 Fair value at December 31 $ 94.9 $ 111.9 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Reported in Other Current and Non-Current Assets | The following is a summary of our investments and the related funding commitments (in millions): December 31, 2018 December 31, Funding 2017 Assets Commitments Assets Chem-Mod $ 4.0 $ — $ 4.0 Chem-Mod 2.0 — 2.0 Clean-coal investments: Controlling interest in 6 limited liability companies that own 14 2009 Era Clean Coal Plants 5.1 — 10.2 Non-controlling 0.4 — 0.6 Controlling interest in 17 limited liability companies that own 19 2011 Era Clean Coal Plants 43.0 — 58.5 Other investments 5.0 — 3.8 Total investments $ 59.5 $ — $ 79.1 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional and Fair Values of Derivative Instruments | The notional and fair values of derivative instruments are as follows at December 31, 2018 and 2017 (in millions): Notional Amount Derivatives Assets (1) Derivative Liabilities (2) 2018 2017 2018 2017 2018 2017 Derivatives accounted for as hedges: Interest rate contracts $ 850.0 $ 200.0 $ 3.0 $ 2.2 $ 13.0 $ — Foreign exchange contracts (3) 51.4 18.7 6.6 8.1 12.8 2.9 Total $ 901.4 $ 218.7 $ 9.6 $ 10.3 $ 25.8 $ 2.9 (1) Included within other current assets $3.9 million and $7.7 million at December 31, 2018 and 2017, respectively and other non-current (2) Included within other current liabilities $17.9 million and $1.6 million at December 31, 2018 and 2017, respectively and other non-current (3) Included within foreign exchange contracts at December 31, 2018 were $276.4 million of call options offset with $276.4 million of put options and $23.1 million of buy forwards offset with $72.9 million of sell forwards. Included within foreign exchange contracts at December 31, 2017 were $141.0 million of call options offset with $141.0 million of put options and $13.3 million of buy forwards offset with $31.0 million of sell forwards. |
Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss | The amounts of derivative gains (losses) recognized in accumulated other comprehensive loss were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total Year Ended December 31, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (9.3 ) $ (9.3 ) Foreign exchange contracts (3.1 ) (1.9 ) (1.4 ) — (6.4 ) Total $ (3.1 ) $ (1.9 ) $ (1.4 ) $ (9.3 ) $ (15.7 ) Year Ended December 31, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ (0.9 ) $ (0.9 ) Foreign exchange contracts 10.4 3.2 2.3 — 15.9 Total $ 10.4 $ 3.2 $ 2.3 $ (0.9 ) $ 15.0 Year Ended December 31, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 12.4 $ 12.4 Foreign exchange contracts (24.0 ) 0.1 — — (23.9 ) Total $ (24.0 ) $ 0.1 $ — $ 12.4 $ (11.5 ) The amounts of derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) were as follows (in millions): Commission Compensation Operating Interest Revenue Expense Expense Expense Total Year Ended December 31, 2018 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 1.1 $ 1.1 Foreign exchange contracts 2.3 1.3 1.0 — 4.6 Total $ 2.3 $ 1.3 $ 1.0 $ 1.1 $ 5.7 Year Ended December 31, 2017 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 0.4 $ 0.4 Foreign exchange contracts (8.7 ) 1.8 1.3 — (5.6 ) Total $ (8.7 ) $ 1.8 $ 1.3 $ 0.4 $ (5.2 ) Year Ended December 31, 2016 Cash flow hedges: Interest rate contracts $ — $ — $ — $ 0.1 $ 0.1 Foreign exchange contracts (9.1 ) 0.5 0.3 — (8.3 ) Total $ (9.1 ) $ 0.5 $ 0.3 $ 0.1 $ (8.2 ) |
Commitments, Contingencies an_2
Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations | Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the note purchase agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase commitments at December 31, 2018 were as follows (in millions): Payments Due by Period Contractual Obligations 2019 2020 2021 2022 2023 Thereafter Total Note purchase agreements $ 100.0 $ 100.0 $ 75.0 $ 200.0 $ 300.0 $ 2,423.0 $ 3,198.0 Credit Agreement 265.0 — — — — — 265.0 Premium Financing Debt Facility 154.0 — — — — — 154.0 Interest on debt 138.0 132.5 127.9 122.5 113.1 444.5 1,078.5 Total debt obligations 657.0 232.5 202.9 322.5 413.1 2,867.5 4,695.5 Operating lease obligations 106.8 92.0 78.8 61.1 44.3 87.4 470.4 Less sublease arrangements (0.8 ) (0.6 ) (0.6 ) (0.3 ) (0.3 ) (1.0 ) (3.6 ) Outstanding purchase obligations 32.1 14.6 11.3 2.1 — — 60.1 Total contractual obligations $ 795.1 $ 338.5 $ 292.4 $ 385.4 $ 457.1 $ 2,953.9 $ 5,222.4 |
Off-Balance Sheet Commitments | Off-Balance - Total Amount of Commitment Expiration by Period Amounts Off-Balance 2019 2020 2021 2022 2023 Thereafter Committed Letters of credit $ — $ 1.3 $ — $ — $ — $ 17.0 $ 18.3 Financial guarantees 0.2 0.2 0.2 0.2 0.2 0.6 1.6 Total commitments $ 0.2 $ 1.5 $ 0.2 $ 0.2 $ 0.2 $ 17.6 $ 19.9 |
Outstanding Letters of Credit and Funding Commitments | Our commitments associated with outstanding letters of credit, financial guarantees and funding commitments at December 31, 2018 were as follows (all dollar amounts in table are in millions): Compensation Maximum Liability Description, Purpose and Trigger Collateral to Us Exposure Recorded Credit support under letters of credit (LOC) for deductibles due by us on our own insurance coverages - expires after 2023 Trigger - We do not reimburse the insurance companies for deductibles the insurance companies advance on our behalf None None $ 10.2 $ 15.8 Credit enhancement under letters of credit for our captive insurance operations to meet minimum statutory capital requirements - expires after 2023 Trigger - Dissolution or catastrophic financial results of the operation None Reimbursement 6.3 — Collateral related to claims funds held in a fiduciary capacity by a recent acquisition - expires 2020 Trigger - Claim payments are not made None None 1.3 — Credit support under letters of credit in lieu of a security deposit for an acquisition’s lease - expires 2023 Trigger - Lease payments do not get made None None 0.5 — Financial guarantees of loans to 6 Canadian-based employees - expires when loan balances are reduced to zero through May 2029 - Principal and interest payments are paid quarterly Trigger - Default on loan payments (1) None 1.6 — $ 19.9 $ 15.8 (1) The guarantees are collateralized by shares in minority holdings of our Canadian operating companies. |
Insurance Operations (Tables)
Insurance Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Summary of Reconciliations of Direct to Net premiums on Written and Earned Basis Related to Wholly Owned Underwriting Enterprise Subsidiary | Reconciliations of direct to net premiums, on a written and earned basis, for 2018, 2017 and 2016 related to the wholly-owned underwriting enterprise subsidiary discussed above are as follows (in millions): 2018 2017 2016 Written Earned Written Earned Written Earned Direct $ 57.6 $ 53.2 $ 60.7 $ 60.4 $ 71.8 $ 69.6 Assumed 4.7 4.6 5.0 4.5 5.2 4.9 Ceded (62.3 ) (57.8 ) (65.7 ) (64.9 ) (77.0 ) (74.5 ) Net $ — $ — $ — $ — $ — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings Before Income Taxes and Provision for Income Taxes | Significant components of earnings before income taxes and the provision for income taxes are as follows (in millions): Year Ended December 31, 2018 2017 2016 Earnings (losses) before income taxes: United States $ 337.6 $ 274.1 $ 335.7 Foreign, principally Australia, Canada, New Zealand and the U.K. 141.8 85.7 (2.1 ) Total earnings before income taxes $ 479.4 $ 359.8 $ 333.6 Provision (benefit) for income taxes: Federal: Current $ — $ 7.1 $ 40.2 Deferred (214.0 ) (183.5 ) (146.7 ) (214.0 ) (176.4 ) (106.5 ) State and local: Current 15.4 11.6 7.2 Deferred (29.0 ) (3.9 ) (0.3 ) (13.6 ) 7.7 6.9 Foreign: Current 60.7 25.9 20.7 Deferred (29.6 ) (14.3 ) (17.8 ) 31.1 11.6 2.9 Total benefit for income taxes $ (196.5 ) $ (157.1 ) $ (96.7 ) |
Reconciliation of Provision for Income Taxes with Federal Statutory Income Tax Rate | A reconciliation of the provision for income taxes with the U.S. federal statutory income tax rate is as follows (in millions, except percentages): Year Ended December 31, 2018 2017 2016 Amount % of Amount % of Amount % of Federal statutory rate $ 100.7 21.0 $ 126.0 35.0 $ 116.7 35.0 State income taxes - net of Federal benefit 8.5 1.8 5.0 1.4 4.5 1.3 Differences related to non U.S. operations (14.8 ) (3.1 ) (46.9 ) (13.0 ) (33.1 ) (9.9 ) Alternative energy, foreign and other tax credits (252.9 ) (52.8 ) (230.1 ) (64.0 ) (194.4 ) (58.2 ) Other permanent differences 0.9 0.2 (10.6 ) (2.9 ) (4.8 ) (1.4 ) U.S. repatriation tax (1.8 ) (0.4 ) 36.8 10.2 — — Stock-based compensation (15.0 ) (3.1 ) (15.1 ) (4.2 ) — — Changes in unrecognized tax benefits (0.2 ) — (0.9 ) (0.3 ) 2.2 0.7 Change in valuation allowance (22.0 ) (4.6 ) 12.3 3.4 14.0 4.2 Change in U.S. and U.K. tax rates — — (33.2 ) (9.2 ) (1.5 ) (0.4 ) Other 0.1 — (0.4 ) (0.1 ) (0.3 ) (0.1 ) Benefit for income taxes $ (196.5 ) (41.0 ) $ (157.1 ) (43.7 ) $ (96.7 ) (29.0 ) |
Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in millions): December 31, 2018 2017 Gross unrecognized tax benefits at January 1 $ 10.9 $ 14.5 Increases in tax positions for current year 1.7 1.6 Settlements — (1.8 ) Lapse in statute of limitations (1.4 ) (0.7 ) Increases in tax positions for prior years 0.4 0.6 Decreases in tax positions for prior years (0.9 ) (3.3 ) Gross unrecognized tax benefits at December 31 $ 10.7 $ 10.9 |
Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows (in millions): December 31, 2018 2017 Deferred tax assets: Alternative minimum tax and other credit carryforwards $ 856.9 $ 683.3 Accrued and unfunded compensation and employee benefits 158.8 141.2 Amortizable intangible assets 48.8 45.8 Compensation expense related to stock options 12.2 13.4 Accrued liabilities 63.8 64.8 Accrued pension liability 11.5 16.8 Investments 1.5 1.1 Net operating loss carryforwards 36.8 30.5 Capital loss carryforwards 12.2 12.9 Deferred rent liability 4.2 4.8 Hedging instruments 1.9 — Other 3.4 5.4 Total deferred tax assets 1,212.0 1,020.0 Valuation allowance for deferred tax assets (67.4 ) (79.1 ) Deferred tax assets 1,144.6 940.9 Deferred tax liabilities: Nondeductible amortizable intangible assets 297.6 273.8 Investment-related partnerships 13.6 17.6 Depreciable fixed assets 25.4 26.5 Revenue recognition 98.1 80.6 Hedging instruments — 3.8 Other prepaid items 10.6 10.3 Total deferred tax liabilities 445.3 412.6 Net deferred tax assets $ 699.3 $ 528.3 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests | The after-tax Pension Foreign Fair Value Accumulated Balance as of January 1, 2016, as previously reported $ (42.9 ) $ (477.4 ) $ (2.2 ) $ (522.5 ) Adoption of Topic 606 — 7.0 — 7.0 Net change in period (4.4 ) (231.8 ) (4.9 ) (241.1 ) Balance as of December 31, 2016, as restated (47.3 ) (702.2 ) (7.1 ) (756.6 ) Adoption of Topic 606 — (2.5 ) — (2.5 ) Net change in period 4.3 183.4 16.0 203.7 Balance as of December 31, 2017, as restated (43.0 ) (521.3 ) 8.9 (555.4 ) Reclassification to retained earnings of income tax effects related to the Tax Act (7.9 ) — 1.3 (6.6 ) Net change in period (10.3 ) (197.7 ) (15.6 ) (223.6 ) Balance as of December 31, 2018 $ (61.2 ) $ (719.0 ) $ (5.4 ) $ (785.6 ) |
Quarterly Operating Results (_2
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Operating Results | Quarterly operating results for 2018 and 2017 were as follows (in millions, except per share data): 1st 2nd 3rd 4th 2018 Total revenues $ 1,837.7 $ 1,660.4 $ 1,778.5 $ 1,657.4 Total expenses 1,595.4 1,556.8 1,688.2 1,614.2 Earnings before income taxes $ 242.3 $ 103.6 $ 90.3 $ 43.2 Net earnings attributable to controlling interests $ 273.7 $ 114.9 $ 127.6 $ 117.3 Basic net earnings per share $ 1.51 $ 0.63 $ 0.70 $ 0.64 Diluted net earnings per share $ 1.48 $ 0.62 $ 0.68 $ 0.63 2017 Total revenues $ 1,646.4 $ 1,489.5 $ 1,593.7 $ 1,519.4 Total expenses 1,446.8 1,435.4 1,516.8 1,490.2 Earnings before income taxes $ 199.6 $ 54.1 $ 76.9 $ 29.2 Net earnings attributable to controlling interests $ 228.8 $ 70.0 $ 111.0 $ 71.5 Basic net earnings per share $ 1.28 $ 0.39 $ 0.61 $ 0.39 Diluted net earnings per share $ 1.27 $ 0.39 $ 0.61 $ 0.39 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Financial information relating to our segments for 2018, 2017 and 2016 is as follows (in millions): Year Ended December 31, 2018 Brokerage Risk Management Corporate Total Revenues: Commissions $ 2,920.7 $ — $ — $ 2,920.7 Fees 958.5 797.8 — 1,756.3 Supplemental revenues 189.9 — — 189.9 Contingent revenues 98.0 — — 98.0 Investment income 69.6 0.5 — 70.1 Gains on books of business sales 10.2 — — 10.2 Revenue from clean coal activities — — 1,746.3 1,746.3 Other net revenues — — 0.9 0.9 Revenues before reimbursements 4,246.9 798.3 1,747.2 6,792.4 Reimbursements — 141.6 — 141.6 Total revenues 4,246.9 939.9 1,747.2 6,934.0 Compensation 2,447.1 489.7 89.5 3,026.3 Operating 673.5 174.6 55.6 903.7 Reimbursements — 141.6 — 141.6 Cost of revenues from clean coal activities — — 1,816.0 1,816.0 Interest — — 138.4 138.4 Depreciation 60.9 38.7 28.2 127.8 Amortization 286.9 4.3 — 291.2 Change in estimated acquisition earnout payables 14.3 (4.7 ) — 9.6 Total expenses 3,482.7 844.2 2,127.7 6,454.6 Earnings (loss) before income taxes 764.2 95.7 (380.5 ) 479.4 Provision (benefit) for income taxes 191.0 25.3 (412.8 ) (196.5 ) Net earnings 573.2 70.4 32.3 675.9 Net earnings attributable to noncontrolling interests 10.7 — 31.7 42.4 Net earnings attributable to controlling interests $ 562.5 $ 70.4 $ 0.6 $ 633.5 Net foreign exchange gain $ — $ — $ 2.9 $ 2.9 Revenues: United States $ 2,840.9 $ 789.7 $ 1,747.2 $ 5,377.8 United Kingdom 738.5 35.4 — 773.9 Australia 195.9 94.7 — 290.6 Canada 181.1 4.3 — 185.4 New Zealand 141.7 15.8 — 157.5 Other foreign 148.8 — — 148.8 Total revenues $ 4,246.9 $ 939.9 $ 1,747.2 $ 6,934.0 At December 31, 2018 Identifiable assets: United States $ 6,865.4 $ 571.4 $ 1,800.8 $ 9,237.6 United Kingdom 3,758.5 103.8 — 3,862.3 Australia 1,096.1 47.2 — 1,143.3 Canada 783.1 4.4 — 787.5 New Zealand 688.5 21.3 — 709.8 Other foreign 593.5 — — 593.5 Total identifiable assets $ 13,785.1 $ 748.1 $ 1,800.8 $ 16,334.0 Goodwill - net $ 4,573.7 $ 49.2 $ 2.7 $ 4,625.6 Amortizable intangible assets - net 1,753.7 19.3 — 1,773.0 Year Ended December 31, 2017, as restated Brokerage Risk Corporate Total Revenues: Commissions $ 2,641.0 $ — $ — $ 2,641.0 Fees 855.1 736.8 — 1,591.9 Supplemental revenues 158.0 — — 158.0 Contingent revenues 99.5 — — 99.5 Investment income 58.1 0.6 — 58.7 Gains on books of business sales 3.4 — — 3.4 Revenue from clean coal activities — — 1,560.5 1,560.5 Revenues before reimbursements 3,815.1 737.4 1,560.5 6,113.0 Reimbursements — 136.0 — 136.0 Total revenues 3,815.1 873.4 1,560.5 6,249.0 Compensation 2,212.3 446.9 88.2 2,747.4 Operating 614.0 164.8 50.3 829.1 Reimbursements — 136.0 — 136.0 Cost of revenues from clean coal activities — — 1,635.9 1,635.9 Interest — — 124.1 124.1 Depreciation 61.8 31.1 28.2 121.1 Amortization 261.8 2.9 — 264.7 Change in estimated acquisition earnout payables 29.3 1.6 — 30.9 Total expenses 3,179.2 783.3 1,926.7 5,889.2 Earnings (loss) before income taxes 635.9 90.1 (366.2 ) 359.8 Provision (benefit) for income taxes 221.2 34.4 (412.7 ) (157.1 ) Net earnings 414.7 55.7 46.5 516.9 Net earnings attributable to noncontrolling interests 7.6 — 28.0 35.6 Net earnings attributable to controlling interests $ 407.1 $ 55.7 $ 18.5 $ 481.3 Net foreign exchange loss $ (2.0 ) $ (0.1 ) $ (1.8 ) $ (3.9 ) Revenues: United States $ 2,533.7 $ 745.1 $ 1,560.5 $ 4,839.3 United Kingdom 679.3 30.6 — 709.9 Australia 191.1 78.2 — 269.3 Canada 149.4 4.2 — 153.6 New Zealand 134.4 15.3 — 149.7 Other foreign 127.2 — — 127.2 Total revenues $ 3,815.1 $ 873.4 $ 1,560.5 $ 6,249.0 At December 31, 2017 Identifiable assets: United States $ 5,890.5 $ 572.9 $ 1,766.8 $ 8,230.2 United Kingdom 3,496.2 91.3 — 3,587.5 Australia 1,102.9 48.9 — 1,151.8 Canada 743.3 6.8 — 750.1 New Zealand 709.9 18.7 — 728.6 Other foreign 461.5 — — 461.5 Total identifiable assets $ 12,404.3 $ 738.6 $ 1,766.8 $ 14,909.7 Goodwill - net $ 4,119.2 $ 42.6 $ 3.0 $ 4,164.8 Amortizable intangible assets - net 1,630.6 14.0 — 1,644.6 Year Ended December 31, 2016, as restated Brokerage Risk Management Corporate Total Revenues: Commissions $ 2,409.9 $ — $ — $ 2,409.9 Fees 794.7 697.0 — 1,491.7 Supplemental revenues 139.9 — — 139.9 Contingent revenues 97.9 — — 97.9 Investment income 52.6 1.0 — 53.6 Gains on books of business sales 6.6 — — 6.6 Revenue from clean coal activities — — 1,350.1 1,350.1 Other net losses — — (1.3 ) (1.3 ) Revenues before reimbursements 3,501.6 698.0 1,348.8 5,548.4 Reimbursements — 132.1 — 132.1 Total revenues 3,501.6 830.1 1,348.8 5,680.5 Compensation 2,040.2 424.4 72.6 2,537.2 Operating 598.2 152.7 25.4 776.3 Reimbursements — 132.1 — 132.1 Cost of revenues from clean coal activities — — 1,408.6 1,408.6 Interest — — 109.8 109.8 Depreciation 57.2 27.2 19.2 103.6 Amortization 244.7 2.5 — 247.2 Change in estimated acquisition earnout payables 32.1 — — 32.1 Total expenses 2,972.4 738.9 1,635.6 5,346.9 Earnings (loss) before income taxes 529.2 91.2 (286.8 ) 333.6 Provision (benefit) for income taxes 186.6 34.5 (317.8 ) (96.7 ) Net earnings 342.6 56.7 31.0 430.3 Net earnings attributable to noncontrolling interests 6.5 — 27.0 33.5 Net earnings attributable to controlling interests $ 336.1 $ 56.7 $ 4.0 $ 396.8 Net foreign exchange gain $ 5.2 $ — $ 0.1 $ 5.3 Revenues: United States $ 2,319.3 $ 721.1 $ 1,348.8 $ 4,389.2 United Kingdom 661.5 26.8 — 688.3 Australia 170.0 73.0 — 243.0 Canada 132.4 4.1 — 136.5 New Zealand 120.4 5.1 — 125.5 Other foreign 98.0 — — 98.0 Total revenues $ 3,501.6 $ 830.1 $ 1,348.8 $ 5,680.5 At December 31, 2016 Identifiable assets: United States $ 5,545.1 $ 545.0 $ 1,548.7 $ 7,638.8 United Kingdom 3,172.9 61.8 — 3,234.7 Australia 931.8 56.9 — 988.7 Canada 584.2 2.8 — 587.0 New Zealand 672.0 4.4 — 676.4 Other foreign 402.6 — — 402.6 Total identifiable assets $ 11,308.6 $ 670.9 $ 1,548.7 $ 13,528.2 Goodwill - net $ 3,722.3 $ 28.1 $ 2.8 $ 3,753.2 Amortizable intangible assets - net 1,613.6 13.7 — 1,627.3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)CountrySegmentshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of reportable operating segments | Segment | 3 | ||
Number of commercial clean coal production facilities | 34 | ||
Number of countries in which the company has operations | Country | 35 | ||
Number of countries in which the company does business through a network of correspondent brokers and consultants | Country | 150 | ||
Percentage of ownership interest | 50.00% | ||
Percentage of variable ownership interest | 50.00% | ||
Description of contracts renewal period | One year or less | ||
Percentage of commission and fee revenues on the effective date | 80.00% | ||
Percentage of commission and fee revenues in the first three months | 15.00% | ||
Percentage of commission and fee revenues after the first three months | 5.00% | ||
Maturity period of short-term investments | 90 days or less | ||
Allowances for estimated policy cancellations | $ 7,800,000 | $ 7,400,000 | |
Allowance for doubtful accounts | $ 10,000,000 | 13,500,000 | |
Premium financing contracts, terms | Premium financing contracts are structured to minimize potential bad debt expense to us. Such receivables are generally considered delinquent after seven days of the payment due date. In normal course, insurance policies are cancelled within one month of the contractual payment due date if the payment remains delinquent. | ||
Outstanding loan receivable | $ 316,200,000 | 305,500,000 | |
Write-off of amortizable intangible assets | $ 10,600,000 | $ 6,200,000 | $ 1,800,000 |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Percentage of ownership interest | 1.00% | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Percentage of ownership interest | 50.00% | ||
Employee Stock Purchase Plan [Member] | |||
Significant Accounting Policies [Line Items] | |||
Shares authorized | shares | 8,000,000 | ||
Percentage of employees contribution | 15.00% | ||
Purchase price of common stock, percentage | 95.00% | ||
Aggregate fair market value of shares purchased | $ 25,000 | ||
Maximum number of shares purchased by employees | shares | 2,000 | ||
Shares available for grant | shares | 6,800,000 | ||
Expiration Lists [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangibles assets, years | 2 years | ||
Expiration Lists [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangibles assets, years | 15 years | ||
Non-Compete Agreements [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangibles assets, years | 3 years | ||
Non-Compete Agreements [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangibles assets, years | 5 years | ||
Trade Names [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangibles assets, years | 2 years | ||
Trade Names [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of intangibles assets, years | 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives, years | Shorter of the lease term or useful life of the asset |
Refined Fuel Plants [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 10 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 3 years |
Minimum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 3 years |
Minimum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 3 years |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 15 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 5 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 10 years |
Maximum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 10 years |
Maximum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 5 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life, years | 40 years |
Effect of New Accounting Pron_3
Effect of New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect on retained earnings | $ 125.3 | |||||
Corporate income tax rate | 21.00% | 35.00% | 35.00% | |||
Benefit for income taxes | $ (196.5) | $ (157.1) | [1] | $ (96.7) | [1] | |
Net cash provided by operating activities | 765.1 | 854.2 | [1] | 649.6 | [1] | |
Cash paid for acquisitions, net of cash and restricted cash | 784.8 | 376.1 | [1] | 243.4 | [1] | |
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | (85) | 72 | [1] | (107.6) | [1] | |
Accounting Standards Update 2016-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Benefit for income taxes | 15 | $ 15.1 | 6.5 | |||
Accounting Standards Update 2016-18 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net cash provided by operating activities | 50.3 | |||||
Cash paid for acquisitions, net of cash and restricted cash | 15.6 | |||||
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | $ 85.9 | |||||
Accounting Standards Update 2018-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect on retained earnings | 6.6 | |||||
Accounting Standards Update 2018-05 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Benefit for income taxes | $ 5.8 | |||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Effect of New Accounting Pron_4
Effect of New Accounting Pronouncements - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | [1] | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||
Cash and cash equivalents | $ 607.2 | $ 681.2 | $ 545.5 | ||||
Restricted cash | 1,629.6 | 1,623.8 | 1,392.1 | ||||
Total cash, cash equivalents and restricted cash | $ 2,236.8 | $ 2,305 | $ 1,937.6 | [1] | $ 1,892.5 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Consolidated Statement of Earnings Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Revenues before reimbursements | $ 6,792.4 | $ 6,113 | [1] | $ 5,548.4 | [1] | ||||||||
Total revenues | 6,934 | 6,249 | [1] | 5,680.5 | [1] | ||||||||
Compensation | 3,026.3 | 2,747.4 | [1] | 2,537.2 | [1] | ||||||||
Cost of revenues from clean coal activities | 1,816 | 1,635.9 | 1,408.6 | ||||||||||
Operating | 903.7 | 829.1 | [1] | 776.3 | [1] | ||||||||
Reimbursements | 141.6 | 136 | [1] | 132.1 | [1] | ||||||||
Interest | 138.4 | 124.1 | [1] | 109.8 | [1] | ||||||||
Depreciation | 127.8 | 121.1 | [1] | 103.6 | [1] | ||||||||
Amortization | 291.2 | 264.7 | [1] | 247.2 | [1] | ||||||||
Change in estimated acquisition earnout payables | 9.6 | 30.9 | [1] | 32.1 | [1] | ||||||||
Total expenses | 6,454.6 | 5,889.2 | [1] | 5,346.9 | [1] | ||||||||
Earnings before income taxes | 479.4 | 359.8 | [1] | 333.6 | [1] | ||||||||
Benefit for income taxes | (196.5) | (157.1) | [1] | (96.7) | [1] | ||||||||
Net earnings | 675.9 | 516.9 | [1] | 430.3 | [1] | ||||||||
Net earnings attributable to noncontrolling interests | 42.4 | 35.6 | [1] | 33.5 | [1] | ||||||||
Net earnings attributable to controlling interests | $ 117.3 | $ 127.6 | $ 114.9 | $ 273.7 | $ 71.5 | $ 111 | $ 70 | $ 228.8 | $ 633.5 | $ 481.3 | [1] | $ 396.8 | [1] |
Basic net earnings per share | $ 3.47 | $ 2.67 | [1] | $ 2.23 | [1] | ||||||||
Diluted net earnings per share | 3.40 | 2.64 | [1] | 2.22 | [1] | ||||||||
Dividends declared per common share | $ 1.64 | $ 1.56 | [1] | $ 1.52 | [1] | ||||||||
Commissions [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | $ 2,920.7 | $ 2,641 | [1] | $ 2,409.9 | [1] | ||||||||
Broker Fees [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 1,756.3 | 1,591.9 | [1] | 1,491.7 | [1] | ||||||||
Supplemental Revenue Member [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 189.9 | 158 | [1] | 139.9 | [1] | ||||||||
Contingent Revenue [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 98 | 99.5 | [1] | 97.9 | [1] | ||||||||
Investment income [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 70.1 | 58.7 | [1] | 53.6 | [1] | ||||||||
Gains on Books of Business Sales [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 10.2 | 3.4 | [1] | 6.6 | [1] | ||||||||
Clean Coal Activities [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 1,746.3 | 1,560.5 | [1] | 1,350.1 | [1] | ||||||||
Cost of revenues from clean coal activities | 1,816 | 1,635.9 | [1] | 1,408.6 | [1] | ||||||||
Reimbursements [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 141.6 | 136 | [1] | 132.1 | [1] | ||||||||
Product and Service, Other [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | $ 0.9 | (1.3) | [1] | ||||||||||
As Previously Reported [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Revenues before reimbursements | 6,159.6 | 5,594.8 | |||||||||||
Total revenues | 6,159.6 | 5,594.8 | |||||||||||
Compensation | 2,752.3 | 2,538.9 | |||||||||||
Operating | 852.5 | 797.7 | |||||||||||
Interest | 124.1 | 109.8 | |||||||||||
Depreciation | 121.1 | 103.6 | |||||||||||
Amortization | 264.7 | 247.2 | |||||||||||
Change in estimated acquisition earnout payables | 30.9 | 32.1 | |||||||||||
Total expenses | 5,781.5 | 5,237.9 | |||||||||||
Earnings before income taxes | 378.1 | 356.9 | |||||||||||
Benefit for income taxes | (121.1) | (88.1) | |||||||||||
Net earnings | 499.2 | 445 | |||||||||||
Net earnings attributable to noncontrolling interests | 36.1 | 30.6 | |||||||||||
Net earnings attributable to controlling interests | $ 463.1 | $ 414.4 | |||||||||||
Basic net earnings per share | $ 2.57 | $ 2.33 | |||||||||||
Diluted net earnings per share | 2.54 | 2.32 | |||||||||||
Dividends declared per common share | $ 1.56 | $ 1.52 | |||||||||||
As Previously Reported [Member] | Commissions [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | $ 2,627.1 | $ 2,439.1 | |||||||||||
As Previously Reported [Member] | Broker Fees [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 1,636.8 | 1,492.8 | |||||||||||
As Previously Reported [Member] | Supplemental Revenue Member [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 163.7 | 147 | |||||||||||
As Previously Reported [Member] | Contingent Revenue [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 111.8 | 107.2 | |||||||||||
As Previously Reported [Member] | Investment income [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 56.3 | 53.3 | |||||||||||
As Previously Reported [Member] | Gains on Books of Business Sales [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 3.4 | 6.6 | |||||||||||
As Previously Reported [Member] | Clean Coal Activities [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 1,560.5 | 1,350.1 | |||||||||||
Cost of revenues from clean coal activities | 1,635.9 | 1,408.6 | |||||||||||
As Previously Reported [Member] | Product and Service, Other [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | (1.3) | ||||||||||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Revenues before reimbursements | (46.6) | (46.4) | |||||||||||
Total revenues | 89.4 | 85.7 | |||||||||||
Compensation | (4.9) | (1.7) | |||||||||||
Operating | (23.4) | (21.4) | |||||||||||
Reimbursements | 136 | 132.1 | |||||||||||
Total expenses | 107.7 | 109 | |||||||||||
Earnings before income taxes | (18.3) | (23.3) | |||||||||||
Benefit for income taxes | (36) | (8.6) | |||||||||||
Net earnings | 17.7 | (14.7) | |||||||||||
Net earnings attributable to noncontrolling interests | (0.5) | 2.9 | |||||||||||
Net earnings attributable to controlling interests | $ 18.2 | $ (17.6) | |||||||||||
Basic net earnings per share | $ 0.10 | $ (0.10) | |||||||||||
Diluted net earnings per share | $ 0.10 | $ (0.10) | |||||||||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Commissions [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | $ 13.9 | $ (29.2) | |||||||||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Broker Fees [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | (44.9) | (1.1) | |||||||||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Supplemental Revenue Member [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | (5.7) | (7.1) | |||||||||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Contingent Revenue [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | (12.3) | (9.3) | |||||||||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Investment income [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | 2.4 | 0.3 | |||||||||||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Reimbursements [Member] | |||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||
Total revenues | $ 136 | $ 132.1 | |||||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Consolidated Statement of Comprehensive Earnings Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net earnings | $ 675.9 | $ 516.9 | [1] | $ 430.3 | [1] |
Change in pension liability, net of taxes | (10.3) | 4.3 | [1] | (4.4) | [1] |
Foreign currency translation | (197.7) | 180.9 | [1] | (224.8) | [1] |
Change in fair value of derivative instruments, net of taxes | (15.6) | 16 | [1] | (4.9) | [1] |
Comprehensive earnings | 452.3 | 718.1 | [1] | 196.2 | [1] |
Comprehensive earnings attributable to noncontrolling interests | 40.4 | 36.4 | [1] | 37.9 | [1] |
Comprehensive earnings attributable to controlling interests | $ 411.9 | 681.7 | [1] | 158.3 | [1] |
As Previously Reported [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net earnings | 499.2 | 445 | |||
Change in pension liability, net of taxes | 4.3 | (4.4) | |||
Foreign currency translation | 183.4 | (231.8) | |||
Change in fair value of derivative instruments, net of taxes | 16 | (4.9) | |||
Comprehensive earnings | 702.9 | 203.9 | |||
Comprehensive earnings attributable to noncontrolling interests | 37 | 35.1 | |||
Comprehensive earnings attributable to controlling interests | 665.9 | 168.8 | |||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net earnings | 17.7 | (14.7) | |||
Foreign currency translation | (2.5) | 7 | |||
Comprehensive earnings | 15.2 | (7.7) | |||
Comprehensive earnings attributable to noncontrolling interests | (0.6) | 2.8 | |||
Comprehensive earnings attributable to controlling interests | $ 15.8 | $ (10.5) | |||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Balance Sheet Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Premium and fees receivables | $ 4,857.5 | $ 4,082.8 | [1] | |
Other current assets | 1,024.4 | 881.6 | [1] | |
Deferred income taxes | 806.2 | 851.6 | [1] | |
Other noncurrent assets | 573.6 | 567.1 | [1] | |
Goodwill | 4,625.6 | 4,164.8 | [1] | $ 3,753.2 |
Liabilities | ||||
Premiums payable to underwriting enterprises | 5,740.2 | 4,986 | [1] | |
Accrued compensation and other current liabilities | 947.8 | |||
Deferred revenue - current/unearned fees | 379.3 | 355.3 | [1] | |
Deferred revenue - noncurrent | 78.4 | 75.3 | [1] | |
Other noncurrent liabilities | 900.9 | 1,112.6 | [1] | |
Stockholders' equity | ||||
Retained earnings | 1,558.6 | 1,221.8 | [1] | |
Accumulated other comprehensive loss | (785.6) | (555.4) | [1] | |
Stockholders' equity attributable to controlling interests | 4,498.9 | 4,235.6 | [1] | |
Stockholders' equity attributable to noncontrolling interests | $ 70.8 | 64.1 | [1] | |
As Previously Reported [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Premium and fees receivables | 2,157.2 | |||
Other current assets | 708.4 | |||
Deferred income taxes | 905.1 | |||
Other noncurrent assets | 567 | |||
Goodwill | 4,197.9 | |||
Liabilities | ||||
Premiums payable to underwriting enterprises | 3,475.9 | |||
Accrued compensation and other current liabilities | 864.1 | |||
Deferred revenue - current/unearned fees | 74.8 | |||
Other current liabilities | 56.4 | |||
Other noncurrent liabilities | 1,128.3 | |||
Stockholders' equity | ||||
Retained earnings | 1,095.9 | |||
Accumulated other comprehensive loss | (559.9) | |||
Stockholders' equity attributable to controlling interests | 4,105.2 | |||
Stockholders' equity attributable to noncontrolling interests | 59.7 | |||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Premium and fees receivables | 1,925.6 | |||
Other current assets | 173.2 | |||
Deferred income taxes | (53.5) | |||
Other noncurrent assets | 0.1 | |||
Goodwill | (33.1) | |||
Liabilities | ||||
Premiums payable to underwriting enterprises | 1,510.1 | |||
Accrued compensation and other current liabilities | 83.7 | |||
Deferred revenue - current/unearned fees | 280.5 | |||
Other current liabilities | (56.4) | |||
Deferred revenue - noncurrent | 75.3 | |||
Other noncurrent liabilities | (15.7) | |||
Stockholders' equity | ||||
Retained earnings | 125.9 | |||
Accumulated other comprehensive loss | 4.5 | |||
Stockholders' equity attributable to controlling interests | 130.4 | |||
Stockholders' equity attributable to noncontrolling interests | $ 4.4 | |||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Summary of Consolidated Statement of Cash Flows Line Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Cash flows from operating activities | |||||
Net earnings | $ 675.9 | $ 516.9 | [1] | $ 430.3 | [1] |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
Net change in premiums and fees receivable | (47.7) | (777.2) | |||
Net change in deferred revenue | 18.4 | 0.9 | [1] | 15.1 | [1] |
Net change in premiums payable to underwriting enterprises | 819.7 | 166.9 | [1] | 770 | [1] |
Net change in other current assets | (134.7) | (35.3) | [1] | (45.5) | [1] |
Net change in accrued compensation and other current liabilities | 69.6 | 69.8 | |||
Net change in deferred income taxes | (216) | (219.3) | [1] | (166.1) | [1] |
Net change in other noncurrent assets and liabilities | $ (22) | (13.2) | [1] | (27.5) | [1] |
As Previously Reported [Member] | |||||
Cash flows from operating activities | |||||
Net earnings | 499.2 | 445 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
Net change in premiums and fees receivable | (220.3) | (242.8) | |||
Net change in premiums payable to underwriting enterprises | 334.3 | 240.2 | |||
Net change in other current assets | (48.5) | (55.2) | |||
Net change in accrued compensation and other current liabilities | 69.3 | 69.1 | |||
Net change in deferred income taxes | (183.4) | (158) | |||
Net change in other noncurrent assets and liabilities | (11.1) | (34.5) | |||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Cash flows from operating activities | |||||
Net earnings | 17.7 | (14.7) | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
Net change in premiums and fees receivable | 172.6 | (534.4) | |||
Net change in deferred revenue | 0.9 | 15.1 | |||
Net change in premiums payable to underwriting enterprises | (167.4) | 529.8 | |||
Net change in other current assets | 13.2 | 9.7 | |||
Net change in accrued compensation and other current liabilities | 0.3 | 0.7 | |||
Net change in deferred income taxes | (35.9) | (8.1) | |||
Net change in other noncurrent assets and liabilities | $ (2.1) | $ 7 | |||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Summary of Statement of Stockholders' Equity Items, which Reflect Adoption of New Revenue Recognition Guidance (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | $ 4,569.7 | $ 4,299.7 | [1] | $ 3,775.5 | |
Balance at December 31, 2015, as restated | 4,299.7 | 3,775.5 | $ 3,815.7 | ||
Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Adoption of Topic 606 | 127.5 | ||||
As Previously Reported [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | 4,164.9 | 3,655.8 | 3,688.2 | ||
Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Adoption of Topic 606 | 134.8 | 119.7 | 127.5 | ||
Retained Earnings [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | 1,558.6 | 1,221.8 | 1,024.1 | ||
Balance at December 31, 2015, as restated | 1,221.8 | 1,024.1 | 899.8 | ||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Adoption of Topic 606 | 125.3 | ||||
Retained Earnings [Member] | As Previously Reported [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | 1,095.9 | 916.4 | 774.5 | ||
Retained Earnings [Member] | Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Adoption of Topic 606 | 125.9 | 107.7 | 125.3 | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | (785.6) | (555.4) | (756.6) | ||
Balance at December 31, 2015, as restated | (555.4) | (756.6) | (522.5) | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | As Previously Reported [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | (559.9) | (763.6) | (522.5) | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Adoption of Topic 606 | 4.5 | 7 | |||
Noncontrolling Interests [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | $ 70.8 | 64.1 | 64.2 | ||
Balance at December 31, 2015, as restated | 64.1 | 64.2 | 52.1 | ||
Noncontrolling Interests [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Adoption of Topic 606 | 2.2 | ||||
Noncontrolling Interests [Member] | As Previously Reported [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Balance at December 31, 2015, as reported | 59.7 | 59.2 | 49.9 | ||
Noncontrolling Interests [Member] | Impact of Adoption of Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Adoption of Topic 606 | $ 4.4 | $ 5 | $ 2.2 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Revenue from Contracts with C_8
Revenue from Contracts with Customers - Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Contract with Customer, Asset and Liability [Abstract] | ||
Unbilled receivables | $ 496.2 | $ 415.2 |
Deferred contract costs | 91.6 | 83.3 |
Deferred revenue | $ 457.7 | $ 430.6 |
Revenue from Contracts with C_9
Revenue from Contracts with Customers - Summary of Changes in Deferred Revenue Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue beginning balance | $ 430.6 | $ 404.6 |
Incremental deferred revenue | 382.1 | 382.9 |
Revenue recognized during the year ended December 31, 2017 included in deferred revenue at December 31, 2016 | (373.5) | (362.8) |
Deferred revenue recognized from business acquisitions | 18.5 | 5.9 |
Deferred revenue ending balance | 457.7 | 430.6 |
Brokerage [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue beginning balance | 258.7 | 233.8 |
Incremental deferred revenue | 244 | 247.2 |
Revenue recognized during the year ended December 31, 2017 included in deferred revenue at December 31, 2016 | (236.5) | (227.8) |
Deferred revenue recognized from business acquisitions | 18.5 | 5.5 |
Deferred revenue ending balance | 284.7 | 258.7 |
Risk Management [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue beginning balance | 171.9 | 170.8 |
Incremental deferred revenue | 138.1 | 135.7 |
Revenue recognized during the year ended December 31, 2017 included in deferred revenue at December 31, 2016 | (137) | (135) |
Deferred revenue recognized from business acquisitions | 0.4 | |
Deferred revenue ending balance | $ 173 | $ 171.9 |
Revenue from Contracts with _10
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligations | $ 457.7 | |
Deferred contract costs | 91.6 | $ 83.3 |
Amortization of deferred contract costs | $ 309.7 | $ 283.7 |
Revenue from Contracts with _11
Revenue from Contracts with Customers - Summary of Expected Revenue Related to Performance Obligations (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 457.7 |
2019 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 349.6 |
2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 46.2 |
2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 27.5 |
2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 9.8 |
2023 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 5.9 |
Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 18.7 |
Brokerage [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 284.7 |
Brokerage [Member] | 2019 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 253.2 |
Brokerage [Member] | 2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 17.7 |
Brokerage [Member] | 2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 12.1 |
Brokerage [Member] | 2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 0.8 |
Brokerage [Member] | 2023 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 0.5 |
Brokerage [Member] | Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 0.4 |
Risk Management [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 173 |
Risk Management [Member] | 2019 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 96.4 |
Risk Management [Member] | 2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 28.5 |
Risk Management [Member] | 2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 15.4 |
Risk Management [Member] | 2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 9 |
Risk Management [Member] | 2023 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 5.4 |
Risk Management [Member] | Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 18.3 |
Business Combinations - Acquisi
Business Combinations - Acquisition Method for Recording Business Combinations (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)shares | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 826 |
Common Share Value | $ 54,200,000 |
Cash Paid | 792,200,000 |
Accrued Liability | 3,100,000 |
Escrow Deposited | 71,400,000 |
Recorded Earnout Payable | 94,000,000 |
Total Recorded Purchase Price | 1,014,900,000 |
Maximum Potential Earnout Payable | $ 201,500,000 |
Market Financial Group, Ltd and Austin Consulting Group Inc. (MFG) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 53 |
Common Share Value | $ 3,700,000 |
Cash Paid | 33,900,000 |
Escrow Deposited | 4,200,000 |
Recorded Earnout Payable | 2,700,000 |
Total Recorded Purchase Price | 44,500,000 |
Maximum Potential Earnout Payable | 7,000,000 |
McGregor & Associates (M&A) [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 13,500,000 |
Escrow Deposited | 2,500,000 |
Recorded Earnout Payable | 5,100,000 |
Total Recorded Purchase Price | 21,100,000 |
Maximum Potential Earnout Payable | 12,000,000 |
Pronto Insurance (PI) [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 294,800,000 |
Escrow Deposited | 18,700,000 |
Total Recorded Purchase Price | $ 313,500,000 |
Reassurance Holdings, Inc (RHI) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 343 |
Common Share Value | $ 24,400,000 |
Cash Paid | 84,400,000 |
Escrow Deposited | 13,300,000 |
Recorded Earnout Payable | 3,300,000 |
Total Recorded Purchase Price | 125,400,000 |
Maximum Potential Earnout Payable | 21,500,000 |
Buckman Mitchell, Inc. (BMI) [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 43,900,000 |
Escrow Deposited | 1,900,000 |
Recorded Earnout Payable | 3,600,000 |
Total Recorded Purchase Price | 49,400,000 |
Maximum Potential Earnout Payable | 8,500,000 |
Accompass Inc. (AI) [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 29,800,000 |
Escrow Deposited | 2,600,000 |
Recorded Earnout Payable | 4,400,000 |
Total Recorded Purchase Price | 36,800,000 |
Maximum Potential Earnout Payable | $ 11,300,000 |
42 Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 430 |
Common Share Value | $ 26,100,000 |
Cash Paid | 291,900,000 |
Accrued Liability | 3,100,000 |
Escrow Deposited | 28,200,000 |
Recorded Earnout Payable | 74,900,000 |
Total Recorded Purchase Price | 424,200,000 |
Maximum Potential Earnout Payable | $ 141,200,000 |
Business Combinations - Acqui_2
Business Combinations - Acquisition Method for Recording Business Combinations (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Market Financial Group, Ltd and Austin Consulting Group Inc. (MFG) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jan. 1, 2018 |
McGregor & Associates (M&A) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Mar. 1, 2018 |
Pronto Insurance (PI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jun. 5, 2018 |
Reassurance Holdings, Inc (RHI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Jul. 1, 2018 |
Buckman Mitchell, Inc. (BMI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Nov. 1, 2018 |
Accompass Inc. (AI) [Member] | |
Business Acquisition [Line Items] | |
Effective Date of Acquisition | Dec. 1, 2018 |
42 Other Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Effective Year of Acquisition | 2,018 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Dec. 22, 2018USD ($)EmployeeOffice | Dec. 31, 2018USD ($)EntityEmployees | Dec. 31, 2017USD ($)Entity | Dec. 31, 2016USD ($)Entity | Dec. 31, 2018USD ($)Entity | Dec. 22, 2018GBP (£) |
Business Acquisition [Line Items] | ||||||
Maximum Potential Earnout Payable | $ 201,500,000 | $ 201,500,000 | ||||
Number of employees | Employees | 2,000 | |||||
Accretion of the discount on acquisition | $ 18,800,000 | $ 20,200,000 | $ 16,900,000 | |||
Number of companies acquired | Entity | 112 | 108 | 101 | 507 | ||
Aggregate amount of maximum earnout obligations related to acquisitions | $ 558,100,000 | $ 567,900,000 | ||||
Expense related to net adjustments to estimated fair value of liability for earnout obligations | 9,200,000 | 10,700,000 | $ 15,200,000 | |||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 258,800,000 | 264,200,000 | ||||
Goodwill | 584,600,000 | $ 584,600,000 | ||||
Expiration lists | 381,800,000 | 381,800,000 | ||||
Non-compete agreements | 5,300,000 | 5,300,000 | ||||
Trade names | 61,500,000 | 61,500,000 | ||||
Write-off of amortizable intangible assets | 10,600,000 | 6,200,000 | $ 1,800,000 | |||
Total revenues related to acquisitions in the aggregate | 7,125,500,000 | $ 6,572,400,000 | ||||
Brokerage and Risk Management [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 584,600,000 | 584,600,000 | ||||
Expiration lists | 381,800,000 | 381,800,000 | ||||
Non-compete agreements | 5,300,000 | 5,300,000 | ||||
Trade names | $ 61,500,000 | $ 61,500,000 | ||||
Minimum [Member] | Expiration Lists [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of intangibles assets, years | 2 years | |||||
Minimum [Member] | Non-Compete Agreements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of intangibles assets, years | 3 years | |||||
Minimum [Member] | Trade Names [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of intangibles assets, years | 2 years | |||||
Maximum [Member] | Expiration Lists [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of intangibles assets, years | 15 years | |||||
Maximum [Member] | Non-Compete Agreements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of intangibles assets, years | 5 years | |||||
Maximum [Member] | Trade Names [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of intangibles assets, years | 15 years | |||||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 3 | 3 | ||||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 15 | 15 | ||||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 7.5 | 7.5 | ||||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 9.5 | 9.5 | ||||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Attrition rate | 3.50% | |||||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Attrition rate | 11.00% | |||||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 3 | 3 | ||||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 4.4 | 4.4 | ||||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 11.5 | 11.5 | ||||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 14 | 14 | ||||
Business Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Annualized revenue of business acquisitions | $ 339,800,000 | |||||
Total revenues related to acquisitions in the aggregate | 158,000,000 | |||||
Net earnings | 6,900,000 | |||||
Business Acquisition [Member] | Brokerage [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Expiration lists | 381,800,000 | $ 381,800,000 | ||||
Non-compete agreements | 5,300,000 | 5,300,000 | ||||
Trade names | 61,500,000 | 61,500,000 | ||||
Deferred tax liability | 58,800,000 | 58,800,000 | ||||
Goodwill related to nondeductible amortizable intangible assets | 58,800,000 | |||||
Business Acquisition [Member] | Expiration Lists [Member] | Brokerage [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition not deductible for income tax purposes | 219,300,000 | 219,300,000 | ||||
Business Acquisition [Member] | Non-Compete Agreements [Member] | Brokerage [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition not deductible for income tax purposes | 4,100,000 | 4,100,000 | ||||
Business Acquisition [Member] | Trade Names [Member] | Brokerage [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition not deductible for income tax purposes | $ 61,500,000 | $ 61,500,000 | ||||
Stackhouse Poland Group Limited [Member] | United Kingdom, Pounds | Definitive Agreement [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 350,000,000 | |||||
Maximum Potential Earnout Payable | £ | £ 55,000,000 | |||||
Percentage of interest acquired in acquired entity | 100.00% | |||||
Number of employees | Employee | 500 | |||||
Number of offices | Office | 23 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Net Assets Acquired (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | $ 19.6 |
Other current assets | 206.1 |
Fixed assets | 8.3 |
Noncurrent assets | 26.2 |
Goodwill | 584.6 |
Expiration lists | 381.8 |
Non-compete agreements | 5.3 |
Trade names | 61.5 |
Total assets acquired | 1,293.4 |
Current liabilities | 177.7 |
Noncurrent liabilities | 100.8 |
Total liabilities assumed | 278.5 |
Total net assets acquired | 1,014.9 |
Market Financial Group, Ltd and Austin Consulting Group Inc. (MFG) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.1 |
Other current assets | 3 |
Fixed assets | 0.4 |
Goodwill | 24.6 |
Expiration lists | 19.6 |
Trade names | 0.1 |
Total assets acquired | 47.8 |
Current liabilities | 2.3 |
Noncurrent liabilities | 1 |
Total liabilities assumed | 3.3 |
Total net assets acquired | 44.5 |
McGregor & Associates (M&A) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 0.5 |
Fixed assets | 1.4 |
Goodwill | 5.2 |
Expiration lists | 15.1 |
Non-compete agreements | 0.1 |
Total assets acquired | 22.3 |
Current liabilities | 0.4 |
Noncurrent liabilities | 0.8 |
Total liabilities assumed | 1.2 |
Total net assets acquired | 21.1 |
Pronto Insurance (PI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 7.2 |
Other current assets | 66.8 |
Fixed assets | 2.6 |
Noncurrent assets | 8.3 |
Goodwill | 209.4 |
Expiration lists | 56.7 |
Non-compete agreements | 0.2 |
Trade names | 58.1 |
Total assets acquired | 409.3 |
Current liabilities | 64.2 |
Noncurrent liabilities | 31.6 |
Total liabilities assumed | 95.8 |
Total net assets acquired | 313.5 |
Reassurance Holdings, Inc (RHI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 18.4 |
Fixed assets | 2.2 |
Noncurrent assets | 0.4 |
Goodwill | 77.9 |
Expiration lists | 41.9 |
Non-compete agreements | 0.5 |
Trade names | 3.2 |
Total assets acquired | 144.5 |
Current liabilities | 7.2 |
Noncurrent liabilities | 11.9 |
Total liabilities assumed | 19.1 |
Total net assets acquired | 125.4 |
Buckman Mitchell, Inc. (BMI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.1 |
Other current assets | 12.4 |
Fixed assets | 0.1 |
Goodwill | 18.8 |
Expiration lists | 26 |
Non-compete agreements | 0.2 |
Total assets acquired | 57.6 |
Current liabilities | 8.2 |
Total liabilities assumed | 8.2 |
Total net assets acquired | 49.4 |
Accompass Inc. (AI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 0.4 |
Other current assets | 1.9 |
Fixed assets | 0.1 |
Goodwill | 21.4 |
Expiration lists | 17.2 |
Non-compete agreements | 1.7 |
Total assets acquired | 42.7 |
Current liabilities | 0.8 |
Noncurrent liabilities | 5.1 |
Total liabilities assumed | 5.9 |
Total net assets acquired | 36.8 |
42 Other Acquisitions [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 11.8 |
Other current assets | 103.1 |
Fixed assets | 1.5 |
Noncurrent assets | 17.5 |
Goodwill | 227.3 |
Expiration lists | 205.3 |
Non-compete agreements | 2.6 |
Trade names | 0.1 |
Total assets acquired | 569.2 |
Current liabilities | 94.6 |
Noncurrent liabilities | 50.4 |
Total liabilities assumed | 145 |
Total net assets acquired | $ 424.2 |
Business Combinations - Summa_2
Business Combinations - Summary of Unaudited Pro Forma Historical Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Total revenues | $ 7,125.5 | $ 6,572.4 |
Net earnings attributable to controlling interests | $ 646.1 | $ 496.4 |
Basic earnings per share | $ 3.53 | $ 2.74 |
Diluted earnings per share | $ 3.46 | $ 2.71 |
Other Current Assets - Summary
Other Current Assets - Summary of Major Classes of Other Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Premium finance advances and loans | $ 316.2 | $ 305.5 | |
Accrued supplemental, direct bill and other receivables | 348.2 | 244.5 | |
Refined coal production related receivables | 160.2 | 156.8 | |
Deferred contract costs | 91.6 | 83.3 | |
Prepaid expenses | 108.2 | 91.5 | |
Total other current assets | $ 1,024.4 | $ 881.6 | [1] |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Collateralized delinquency period of receivables | 7 days |
Fixed Assets - Summary of Fixed
Fixed Assets - Summary of Fixed Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant and Equipment Useful Life and Values [Abstract] | |||
Office equipment | $ 30 | $ 28.6 | |
Furniture and fixtures | 116.9 | 112.3 | |
Leasehold improvements | 132.1 | 124.2 | |
Computer equipment | 145.1 | 147.9 | |
Land and buildings - corporate headquarters | 144.3 | 143.6 | |
Software | 346 | 291.9 | |
Other | 12.4 | 12 | |
Work in process | 14.9 | 20.1 | |
Gross fixed assets | 941.7 | 880.6 | |
Accumulated depreciation | (504.8) | (468.4) | |
Net fixed assets | $ 436.9 | $ 412.2 | [1] |
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||||
Total goodwill - net | $ 4,625.6 | $ 4,164.8 | [1] | $ 3,753.2 |
Unites States [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 2,744.9 | 2,306.7 | ||
United Kingdom [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 762.9 | 745.7 | ||
Canada [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 378.6 | 374 | ||
Australia [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 406.6 | 416.6 | ||
New Zealand [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 219.8 | 218.9 | ||
Other Foreign [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 112.8 | 102.9 | ||
Brokerage [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 4,573.6 | 4,119.2 | 3,722.3 | |
Brokerage [Member] | Unites States [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 2,715.3 | 2,280.9 | ||
Brokerage [Member] | United Kingdom [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 753.7 | 738.5 | ||
Brokerage [Member] | Canada [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 378.6 | 374 | ||
Brokerage [Member] | Australia [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 406.3 | 416.6 | ||
Brokerage [Member] | New Zealand [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 209.6 | 209.3 | ||
Brokerage [Member] | Other Foreign [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 110.1 | 99.9 | ||
Risk Management [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 49.3 | 42.6 | 28.1 | |
Risk Management [Member] | Unites States [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 29.6 | 25.8 | ||
Risk Management [Member] | United Kingdom [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 9.2 | 7.2 | ||
Risk Management [Member] | Australia [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 0.3 | |||
Risk Management [Member] | New Zealand [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 10.2 | 9.6 | ||
Corporate [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | 2.7 | 3 | $ 2.8 | |
Corporate [Member] | Other Foreign [Member] | ||||
Goodwill [Line Items] | ||||
Total goodwill - net | $ 2.7 | $ 3 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |||
Goodwill [Line Items] | |||||
Beginning Balance | $ 4,164.8 | [1] | $ 3,753.2 | ||
Goodwill acquired during the year | 584.6 | 304.5 | |||
Goodwill adjustments related to appraisals and other acquisition adjustments | (0.1) | 14.7 | |||
Foreign currency translation adjustments during the year | (123.7) | 110.9 | |||
Ending Balance | 4,625.6 | 4,164.8 | [1] | ||
As reported [Member] | |||||
Goodwill [Line Items] | |||||
Beginning Balance | 3,767.8 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Goodwill [Line Items] | |||||
Adoption of Topic 606 related to 2016 acquisitions | $ (127.5) | ||||
Accounting Standards Update 2014-09 [Member] | 2016 Acquisitions [Member] | |||||
Goodwill [Line Items] | |||||
Adoption of Topic 606 related to 2016 acquisitions | (14.6) | ||||
Accounting Standards Update 2014-09 [Member] | 2017 Acquisitions [Member] | |||||
Goodwill [Line Items] | |||||
Adoption of Topic 606 related to 2016 acquisitions | (18.5) | ||||
Brokerage [Member] | |||||
Goodwill [Line Items] | |||||
Beginning Balance | 4,119.2 | 3,722.3 | |||
Goodwill acquired during the year | 574.7 | 290.4 | |||
Goodwill adjustments related to appraisals and other acquisition adjustments | 2.2 | 14.7 | |||
Foreign currency translation adjustments during the year | (122.5) | 110.3 | |||
Ending Balance | 4,573.6 | 4,119.2 | |||
Brokerage [Member] | As reported [Member] | |||||
Goodwill [Line Items] | |||||
Beginning Balance | 3,736.9 | ||||
Brokerage [Member] | Accounting Standards Update 2014-09 [Member] | 2016 Acquisitions [Member] | |||||
Goodwill [Line Items] | |||||
Adoption of Topic 606 related to 2016 acquisitions | (14.6) | ||||
Brokerage [Member] | Accounting Standards Update 2014-09 [Member] | 2017 Acquisitions [Member] | |||||
Goodwill [Line Items] | |||||
Adoption of Topic 606 related to 2016 acquisitions | (18.5) | ||||
Risk Management [Member] | |||||
Goodwill [Line Items] | |||||
Beginning Balance | 42.6 | 28.1 | |||
Goodwill acquired during the year | 9.9 | 14.1 | |||
Goodwill adjustments related to appraisals and other acquisition adjustments | (2.3) | ||||
Foreign currency translation adjustments during the year | (0.9) | 0.4 | |||
Ending Balance | 49.3 | 42.6 | |||
Risk Management [Member] | As reported [Member] | |||||
Goodwill [Line Items] | |||||
Beginning Balance | 28.1 | ||||
Corporate [Member] | |||||
Goodwill [Line Items] | |||||
Beginning Balance | 3 | 2.8 | |||
Foreign currency translation adjustments during the year | (0.3) | 0.2 | |||
Ending Balance | $ 2.7 | 3 | |||
Corporate [Member] | As reported [Member] | |||||
Goodwill [Line Items] | |||||
Beginning Balance | $ 2.8 | ||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Intangible Assets - Major Class
Intangible Assets - Major Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets, net | $ 1,773 | $ 1,644.6 | [1] | $ 1,627.3 |
Expiration Lists [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets, gross | 3,379.4 | 3,055.9 | ||
Accumulated amortization | (1,676.8) | (1,422.1) | ||
Amortizable intangible assets, net | 1,702.6 | 1,633.8 | ||
Non-Compete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets, gross | 58 | 53.5 | ||
Accumulated amortization | (48.5) | (46.1) | ||
Amortizable intangible assets, net | 9.5 | 7.4 | ||
Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets, gross | 86 | 25.9 | ||
Accumulated amortization | (25.1) | (22.5) | ||
Amortizable intangible assets, net | $ 60.9 | $ 3.4 | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Intangible Assets - Estimated A
Intangible Assets - Estimated Aggregate Amortization Expense (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 287.2 |
2,020 | 270.7 |
2,021 | 247.3 |
2,022 | 222.2 |
2,023 | 198.2 |
Thereafter | 547.4 |
Total | $ 1,773 |
Credit and Other Debt Agreeme_3
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 3,617 | $ 3,139.1 |
Less unamortized debt acquisition costs on Note Purchase Agreements | (6.6) | (6.1) |
Semi-annual payments of interest, Net | 3,610.4 | 3,133 |
Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 3,198 | 2,798 |
Fixed Rate of 2.80%, Balloon Due June 24, 2018 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | |
Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 100 |
Fixed Rate of 3.20%, Balloon Due June 24, 2019 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.48%, Balloon Due June 24, 2020 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 3.99%, Balloon Due July 10, 2020 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 5.18%, Balloon Due February 10, 2021 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 3.69%, Balloon Due June 14, 2022 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 5.49%, Balloon Due February 10, 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.13%, Balloon Due June 24, 2023 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Floating Rate of 1.65% LIBOR Plus Balloon Due August 2, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest | 50 | 50 |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 325 | 325 |
Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest | 50 | |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 200 | 200 |
Fixed Rate of 4.73%, Balloon Due February 27, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.40%, Balloon Due June 2, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | 175 |
Fixed Rate of 4.36%, Balloon Due June 24, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 150 | 150 |
Fixed Rate of 4.09%, Balloon Due June 27, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 4.09%, Balloon Due August 2, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | 125 |
Fixed Rate of 4.14%, Balloon Due August 4, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 98 | 98 |
Fixed Rate of 3.46%, Balloon Due December 1, 2027 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.55%, Balloon Due June 2, 2028 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.34% Balloon Due June 13, 2028 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | |
Fixed Rate of 4.98%, Balloon Due February 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | 100 |
Fixed Rate of 4.19%, Balloon Due June 27, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.19%, Balloon Due August 2, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 50 | 50 |
Fixed Rate of 4.44% Balloon Due June 13, 2030 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | |
Fixed Rate of 4.70%, Balloon Due June 2, 2031 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 25 | 25 |
Fixed Rate of 4.34%, Balloon Due June 27, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.34%, Balloon Due August 2, 2032 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | 75 |
Fixed Rate of 4.59% Balloon Due June 13, 2033 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 125 | |
Fixed Rate of 4.69% Balloon Due June 13, 2038 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 75 | |
Prime or LIBOR Plus up to 1.45%, Expires April 8, 2021 [Member] | Multi Currency Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 265 | 190 |
Interbank Rates Plus 1.05% Expires May 18, 2020 [Member] | AUD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 133.9 | 116.4 |
Interbank Rates Plus 1.05% Expires May 18, 2020 [Member] | NZD Denominated Tranche [Member] | Facility B [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 10.1 | 5.7 |
Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 154 | 151.1 |
Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | AUD Denominated Tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 18.5 | |
Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | NZD Denominated Tranche [Member] | Facility C and D [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 10 | $ 10.5 |
Credit and Other Debt Agreeme_4
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | 2,020 | 2,020 |
Fixed Rate of 2.80%, Balloon Due June 24, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 2.80% | 2.80% |
Periodic payments of interest and principal, expiry date | 2,018 | 2,018 |
Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.85% | 5.85% |
Long-Term debt maturities repayments in 2018 | $ 50 | $ 50 |
Long-Term debt maturities repayments in 2019 | $ 50 | $ 50 |
Fixed Rate of 3.20%, Balloon Due June 24, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.20% | 3.20% |
Periodic payments of interest and principal, expiry date | 2,019 | 2,019 |
Fixed Rate of 3.48%, Balloon Due June 24, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.48% | 3.48% |
Periodic payments of interest and principal, expiry date | 2,020 | 2,020 |
Fixed Rate of 3.99%, Balloon Due July 10, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.99% | 3.99% |
Periodic payments of interest and principal, expiry date | 2,020 | 2,020 |
Fixed Rate of 5.18%, Balloon Due February 10, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.18% | 5.18% |
Periodic payments of interest and principal, expiry date | 2,021 | 2,021 |
Fixed Rate of 3.69%, Balloon Due June 14, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.69% | 3.69% |
Periodic payments of interest and principal, expiry date | 2,022 | 2,022 |
Fixed Rate of 5.49%, Balloon Due February 10, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 5.49% | 5.49% |
Periodic payments of interest and principal, expiry date | 2,023 | 2,023 |
Fixed Rate of 4.13%, Balloon Due June 24, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.13% | 4.13% |
Periodic payments of interest and principal, expiry date | 2,023 | 2,023 |
Floating Rate of 1.65% LIBOR Plus Balloon Due August 2, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest rate | 1.65% | 1.65% |
Periodic payments of interest and principal, expiry date | 2,023 | 2,023 |
Quarterly payments of interest, description | 90 day LIBOR plus | 90 day LIBOR plus |
Fixed Rate of 4.58%, Balloon Due February 27, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.58% | 4.58% |
Periodic payments of interest and principal, expiry date | 2,024 | 2,024 |
Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest rate | 1.40% | 1.40% |
Periodic payments of interest and principal, expiry date | 2,024 | 2,024 |
Quarterly payments of interest, description | 90 day LIBOR plus | 90 day LIBOR plus |
Fixed Rate of 4.31%, Balloon Due June 24, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.31% | 4.31% |
Periodic payments of interest and principal, expiry date | 2,025 | 2,025 |
Fixed Rate of 4.73%, Balloon Due February 27, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.73% | 4.73% |
Periodic payments of interest and principal, expiry date | 2,026 | 2,026 |
Fixed Rate of 4.40%, Balloon Due June 2, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.40% | 4.40% |
Periodic payments of interest and principal, expiry date | 2,026 | 2,026 |
Fixed Rate of 4.36%, Balloon Due June 24, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.36% | 4.36% |
Periodic payments of interest and principal, expiry date | 2,026 | 2,026 |
Fixed Rate of 4.09%, Balloon Due June 27, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.09% | 4.09% |
Periodic payments of interest and principal, expiry date | 2,027 | 2,027 |
Fixed Rate of 4.09%, Balloon Due August 2, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.09% | 4.09% |
Periodic payments of interest and principal, expiry date | 2,027 | 2,027 |
Fixed Rate of 4.14%, Balloon Due August 4, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.14% | 4.14% |
Periodic payments of interest and principal, expiry date | 2,027 | 2,027 |
Fixed Rate of 3.46%, Balloon Due December 1, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 3.46% | 3.46% |
Periodic payments of interest and principal, expiry date | 2,027 | 2,027 |
Fixed Rate of 4.55%, Balloon Due June 2, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.55% | 4.55% |
Periodic payments of interest and principal, expiry date | 2,028 | 2,028 |
Fixed Rate of 4.34% Balloon Due June 13, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | 2,028 | 2,028 |
Fixed Rate of 4.98%, Balloon Due February 27, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.98% | 4.98% |
Periodic payments of interest and principal, expiry date | 2,029 | 2,029 |
Fixed Rate of 4.19%, Balloon Due June 27, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.19% | 4.19% |
Periodic payments of interest and principal, expiry date | 2,029 | 2,029 |
Fixed Rate of 4.19%, Balloon Due August 2, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.19% | 4.19% |
Periodic payments of interest and principal, expiry date | 2,029 | 2,029 |
Fixed Rate of 4.44% Balloon Due June 13, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.44% | 4.44% |
Periodic payments of interest and principal, expiry date | 2,030 | 2,030 |
Fixed Rate of 4.70%, Balloon Due June 2, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.70% | 4.70% |
Periodic payments of interest and principal, expiry date | 2,031 | 2,031 |
Fixed Rate of 4.34%, Balloon Due June 27, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | 2,032 | 2,032 |
Fixed Rate of 4.34%, Balloon Due August 2, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.34% | 4.34% |
Periodic payments of interest and principal, expiry date | 2,032 | 2,032 |
Fixed Rate of 4.59% Balloon Due June 13, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.59% | 4.59% |
Periodic payments of interest and principal, expiry date | 2,033 | 2,033 |
Fixed Rate of 4.69% Balloon Due June 13, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 4.69% | 4.69% |
Periodic payments of interest and principal, expiry date | 2,038 | 2,038 |
Prime or LIBOR Plus up to 1.45%, Expires April 8, 2021 [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 1.45% | 1.45% |
Periodic payments of interest and principal, expiry date | 2,021 | 2,021 |
First Installment [Member] | Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | 2,018 | 2,018 |
Second Installment [Member] | Fixed Rate of 5.85%, $50 Million Due November 30, 2018 and November 30, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Periodic payments of interest and principal, expiry date | 2,019 | 2,019 |
Facility B [Member] | Interbank Rates Plus 1.05% Expires May 18, 2020 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 1.05% | 1.05% |
Facility C and D [Member] | Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Periodic Payment of Interest | 0.55% | 0.55% |
Credit and Other Debt Agreeme_5
Credit and Other Debt Agreements - Note Purchase Agreements - Additional Information (Detail) - USD ($) $ in Millions | Nov. 30, 2018 | Jun. 24, 2018 | Jan. 13, 2018 | Aug. 04, 2017 | Aug. 02, 2017 | Jun. 27, 2017 | Jun. 13, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||||||
Realized a cash gain on hedging transaction | $ 8.3 | ||||||||
Fixed Rate of 4.34% Balloon Due June 13, 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 4.34% | 4.34% | |||||||
Debt instrument, due date | 2,028 | 2,028 | |||||||
Fixed Rate of 4.44% Balloon Due June 13, 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 4.44% | 4.44% | |||||||
Debt instrument, due date | 2,030 | 2,030 | |||||||
Fixed Rate of 4.59% Balloon Due June 13, 2033 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 4.59% | 4.59% | |||||||
Debt instrument, due date | 2,033 | 2,033 | |||||||
Fixed Rate of 4.69% Balloon Due June 13, 2038 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 4.69% | 4.69% | |||||||
Debt instrument, due date | 2,038 | 2,038 | |||||||
Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Quarterly payments of interest | $ 50 | ||||||||
Debt instrument, interest rate | 1.40% | 1.40% | |||||||
Debt instrument, interest rate description | 90 day LIBOR plus | 90 day LIBOR plus | |||||||
Debt instrument, due date | 2,024 | 2,024 | |||||||
Note Purchase Agreements [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 500 | ||||||||
Realized a cash gain on hedging transaction | $ 2.9 | ||||||||
Amount payable to redeem the notes, percent of the principal amount | 100.00% | ||||||||
Discount rate used to compute the remaining scheduled payments of principal and interest | U.S. Treasury yield plus 0.5% | ||||||||
Note Purchase Agreements [Member] | Floating Interest Rate 4.39% LIBOR Due February 4, 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Quarterly payments of interest | $ 50 | ||||||||
Debt instrument, interest rate | 4.39% | ||||||||
Debt instrument, maturity date | Feb. 4, 2019 | ||||||||
Debt instrument, interest rate description | Three-month LIBOR | ||||||||
Note Purchase Agreements [Member] | Fixed Rate of 4.34% Balloon Due June 13, 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 125 | ||||||||
Debt instrument, interest rate | 4.34% | ||||||||
Debt instrument, due date | 2,028 | ||||||||
Debt instrument, interest raet effect to hedging gains | 4.00% | ||||||||
Note Purchase Agreements [Member] | Fixed Rate of 4.44% Balloon Due June 13, 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 125 | ||||||||
Debt instrument, interest rate | 4.44% | ||||||||
Debt instrument, due date | 2,030 | ||||||||
Note Purchase Agreements [Member] | Fixed Rate of 4.59% Balloon Due June 13, 2033 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 125 | ||||||||
Debt instrument, interest rate | 4.59% | ||||||||
Debt instrument, due date | 2,033 | ||||||||
Note Purchase Agreements [Member] | Fixed Rate of 4.69% Balloon Due June 13, 2038 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 75 | ||||||||
Debt instrument, interest rate | 4.69% | ||||||||
Debt instrument, due date | 2,038 | ||||||||
Note Purchase Agreements [Member] | Floating Interest Rate of 1.40% LIBOR Plus Balloon Due June 13, 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 50 | ||||||||
Debt instrument, interest rate | 1.40% | ||||||||
Debt instrument, interest rate description | 90 day LIBOR plus | ||||||||
Debt instrument, due date | 2,024 | ||||||||
Note Purchase Agreements [Member] | Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 50 | $ 50 | |||||||
Note Purchase Agreements [Member] | Senior Unsecured Notes [Member] | Private Placement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 50 | $ 500 | $ 98 | $ 300 | $ 250 | $ 648 | |||
Note Purchase Agreements [Member] | Senior Fixed Rate Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 450 | $ 598 | |||||||
Weighted average interest rate of notes | 4.42% | 4.04% | |||||||
Quarterly payments of interest | $ 50 | ||||||||
Debt instrument, interest rate | 4.14% | ||||||||
Debt instrument, maturity date | Feb. 4, 2019 | ||||||||
Debt instrument, interest rate description | Three-month LIBOR | ||||||||
Note Purchase Agreements [Member] | Senior Fixed Rate Notes [Member] | Weighted Average [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average maturity of notes | 13 years 7 months 6 days | 11 years 7 months 6 days | |||||||
Note Purchase Agreements [Member] | 6.44% Senior Notes, Series B [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes issued and sold | $ 300 | ||||||||
Repayment of notes | $ 300 | ||||||||
Debt instrument, maturity date | Aug. 3, 2017 |
Credit and Other Debt Agreeme_6
Credit and Other Debt Agreements - Credit Agreement - Additional Information (Detail) $ in Millions | Apr. 08, 2016USD ($)Institution | Dec. 31, 2018USD ($) | Dec. 31, 2018NZD ($) | Dec. 31, 2018AUD ($) | Dec. 31, 2017USD ($) | [1] | Dec. 31, 2016USD ($) | [1] | Dec. 31, 2018NZD ($) | Dec. 31, 2018AUD ($) |
Debt Instrument [Line Items] | ||||||||||
Liabilities | $ 11,764,300,000 | $ 10,610,000,000 | ||||||||
Line of credit facility, increase in additional borrowings | 3,075,000,000 | $ 3,643,000,000 | $ 2,740,000,000 | |||||||
Long-term debt | $ 19,900,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Date of expire | May 18, 2020 | May 18, 2020 | May 18, 2020 | |||||||
Interest rate for facility | The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. | The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. | The interest rates on Facility B are Interbank rates, which vary by tranche, duration and currency, plus a margin of 1.05%. The interest rates on Facilities C and D are 30 day Interbank rates, plus a margin of 0.55%. The annual fee for Facility B is 0.4725% of the undrawn commitments for the two tranches of the facility. The annual fee for Facilities C and D is 0.50% of the total commitments of the facilities. | |||||||
Debt instrument fair value amount | $ 154,000,000 | |||||||||
Credit Facility Two [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, amount outstanding | $ 15 | $ 190,000,000 | ||||||||
Line of credit facility, remaining borrowing capacity | 10 | 0 | ||||||||
Net borrowings on premium financing debt facility | $ 25 | $ 160,000,000 | ||||||||
Additional margin percentage on interest rate | 1.05% | 1.05% | 1.05% | |||||||
Annual fee percentage | 0.4725% | 0.4725% | 0.4725% | |||||||
Credit Facility Two [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Increase in premium financing debt facility | $ 160,000,000 | |||||||||
Credit Facility Three [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, amount outstanding | 0 | |||||||||
Line of credit facility, remaining borrowing capacity | 0.1 | 25,000,000 | ||||||||
Net borrowings on premium financing debt facility | $ 25,000,000 | |||||||||
Additional margin percentage on interest rate | 0.55% | 0.55% | 0.55% | |||||||
Annual fee percentage | 0.50% | 0.50% | 0.50% | |||||||
Credit Facility Four [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, amount outstanding | 14.9 | |||||||||
Line of credit facility, remaining borrowing capacity | $ 0.1 | $ 25,000,000 | ||||||||
Net borrowings on premium financing debt facility | $ 15 | |||||||||
Additional margin percentage on interest rate | 0.55% | 0.55% | 0.55% | |||||||
Annual fee percentage | 0.50% | 0.50% | 0.50% | |||||||
Multi Currency Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of financial institutions entered in unsecured multicurrency credit agreement | Institution | 15 | |||||||||
Line of credit facility, maximum amount outstanding during period | $ 1,100,000,000 | |||||||||
Debt acquisition costs | 2,000,000 | |||||||||
Estimated fair value of outstanding borrowings | $ 265,000,000 | |||||||||
Multi Currency Credit Agreement [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | Sep. 19, 2018 | |||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | |||||||||
Interest rates on base rate loans | 0.00% | 0.00% | 0.00% | |||||||
Fixed rate over LIBOR | 0.85% | 0.85% | 0.85% | |||||||
Annual facility fee of revolving credit facility | 0.15% | 0.15% | 0.15% | |||||||
Multi Currency Credit Agreement [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | Apr. 8, 2021 | |||||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | |||||||||
Interest rates on base rate loans | 0.45% | 0.45% | 0.45% | |||||||
Fixed rate over LIBOR | 1.45% | 1.45% | 1.45% | |||||||
Annual facility fee of revolving credit facility | 0.30% | 0.30% | 0.30% | |||||||
Multi Currency Credit Agreement [Member] | Swing Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 75,000,000 | |||||||||
Multi Currency Credit Agreement [Member] | Standby Letters of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | 75,000,000 | |||||||||
Line of credit facility, amount outstanding | 17,000,000 | |||||||||
Liabilities | 15,800,000 | |||||||||
Line of credit facility, fair value of amount outstanding | 265,000,000 | |||||||||
Line of credit facility, remaining borrowing capacity | 518,000,000 | |||||||||
Line of credit facility, increase in additional borrowings | 58,000,000 | |||||||||
Note Purchase Agreements [Member] | Level 3 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, fair value of amount outstanding | 3,194,400,000 | |||||||||
Long-term debt | $ 3,198,000,000 | |||||||||
Line Of Credit Facility Five [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Date of expire | Jan. 31, 2019 | Jan. 31, 2019 | Jan. 31, 2019 | |||||||
Line Of Credit Facility Five [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Increase in premium financing debt facility | $ 190,000,000 | |||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Earnings Per Share [Abstract] | |||||||||||||
Net earnings attributable to controlling interests | $ 117.3 | $ 127.6 | $ 114.9 | $ 273.7 | $ 71.5 | $ 111 | $ 70 | $ 228.8 | $ 633.5 | $ 481.3 | [1] | $ 396.8 | [1] |
Weighted average number of common shares outstanding | 182.7 | 180.1 | 177.6 | ||||||||||
Dilutive effect of stock options using the treasury stock method | 3.5 | 2 | 0.8 | ||||||||||
Weighted average number of common and common equivalent shares outstanding | 186.2 | 182.1 | 178.4 | ||||||||||
Basic net earnings per share | $ 3.47 | $ 2.67 | [1] | $ 2.23 | [1] | ||||||||
Diluted net earnings per share | $ 3.40 | $ 2.64 | [1] | $ 2.22 | [1] | ||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Options to purchase common stock shares outstanding | 1 | 1.3 | 5.9 |
Stock Option Plans - Additional
Stock Option Plans - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 15, 2018 | Mar. 17, 2017 | Mar. 16, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Stock Option Plans [Line Items] | |||||||
Maximum number of shares available | 439,100 | 476,350 | 479,167 | ||||
Compensation expense related to stock option grants | $ 13.7 | $ 17.3 | $ 14.7 | ||||
Total intrinsic value of options exercised | 54.2 | $ 33.7 | $ 19.3 | ||||
Total unrecognized compensation cost related to nonvested options | $ 30.8 | ||||||
Weighted average period, years | 4 years | ||||||
Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Maximum number of shares available | 3,300,000 | ||||||
Shares available for grant | 14,400,000 | ||||||
2014 Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Number of years options expire from date of grant | 7 years | 7 years | 7 years | ||||
Officer and Key Employees [Member] | 2014 Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Shares available for grant | 2,576,000 | 1,650,400 | |||||
Stock options granted, exercise percentage, on the third anniversary date of the grant | 34.00% | 34.00% | |||||
Stock options granted, exercise percentage, on the fourth anniversary date of the grant | 33.00% | 33.00% | |||||
Stock options granted, exercise percentage, on the fifth anniversary date of the grant | 33.00% | 33.00% | |||||
Officer and Key Employees [Member] | 2017 Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Shares available for grant | 1,261,000 | ||||||
Stock options granted, exercise percentage, on the third anniversary date of the grant | 34.00% | ||||||
Stock options granted, exercise percentage, on the fourth anniversary date of the grant | 33.00% | ||||||
Stock options granted, exercise percentage, on the fifth anniversary date of the grant | 33.00% | ||||||
Maximum [Member] | Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Maximum period for the exercise of stock options, years | 7 years | ||||||
Minimum [Member] | Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Minimum exercise price of stock options, percent of fair market value of a share of common stock on the date of grant | 100.00% | ||||||
Minimum [Member] | 2014 Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Period of service from grant date stock options awarded not subject to forfeiture | 2 years | 2 years | 2 years | ||||
Minimum [Member] | Executive Officer [Member] | 2014 Long Term Incentive Plan [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Minimum age of employee with not subject to award forfeiture on condition compliance | 55 years | 55 years | 55 years | ||||
Black-Scholes Option Pricing Model [Member] | |||||||
Stock Option Plans [Line Items] | |||||||
Weighted average fair value per option for all options | $ 9.27 | $ 11.42 | $ 8.45 |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option Pricing Model with Weighted Average (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected dividend yield | 2.30% | 2.80% | 3.00% |
Expected risk-free interest rate | 2.70% | 2.30% | 1.60% |
Volatility | 15.10% | 27.20% | 27.70% |
Expected life (in years) | 5 years 6 months | 5 years | 5 years 6 months |
Stock Option Plans - Stock Opti
Stock Option Plans - Stock Option Activity and Related Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares Under Option, Beginning balance | 9.5 | 9.5 |
Shares Under Option, Granted | 1.3 | 1.7 |
Shares Under Option, Exercised | (1.6) | (1.3) |
Shares Under Option, Forfeited or canceled | (0.4) | (0.4) |
Shares Under Option, Ending balance | 8.8 | 9.5 |
Shares Under Option, Exercisable at end of year | 2.1 | 2.1 |
Shares Under Option, Ending unvested and expected to vest | 6.5 | 7.2 |
Weighted Average Exercise Price, Beginning balance | $ 45.27 | $ 41.45 |
Weighted Average Exercise Price, Granted | 70.74 | 56.87 |
Weighted Average Exercise Price, Exercised | 37.85 | 33.11 |
Weighted Average Exercise Price, Forfeited or canceled | 49.23 | 44.48 |
Weighted Average Exercise Price, Ending balance | 50.16 | 45.27 |
Weighted Average Exercise Price, Exercisable at end of year | 42.84 | 37.81 |
Weighted Average Exercise Price, Ending unvested and expected to vest | $ 52.14 | $ 47.30 |
Weighted Average Remaining Contractual Term (in years), Ending balance | 3 years 10 months 9 days | 3 years 4 months 20 days |
Weighted Average Remaining Contractual Term (in years), Exercisable at end of year | 1 year 9 months 29 days | 1 year 9 months |
Weighted Average Remaining Contractual Term (in years), Ending unvested and expected to vest | 4 years 5 months 15 days | 4 years 7 months 20 days |
Aggregate Intrinsic Value, Ending Balance | $ 206.8 | $ 171.5 |
Aggregate Intrinsic Value, Exercisable at end of year | 64.4 | 52.7 |
Aggregate Intrinsic Value, Ending unvested and expected to vest | $ 140.3 | $ 115.8 |
Stock Option Plans - Stock Op_2
Stock Option Plans - Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, minimum | $ 35.71 | ||
Range of Exercise Prices, maximum | $ 70.74 | ||
Option Outstanding, Number Outstanding | 8.8 | ||
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 3 years 10 months 9 days | 3 years 4 months 20 days | |
Option Outstanding, Weighted Average Exercise Price | $ 50.16 | $ 45.27 | $ 41.45 |
Options Exercisable, Number Exercisable | 2.1 | ||
Option Exercisable, Weighted Average Exercise Price | $ 42.84 | ||
Exercise Prices Range $ 35.71 - $ 39.17 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, minimum | 35.71 | ||
Range of Exercise Prices, maximum | $ 39.17 | ||
Option Outstanding, Number Outstanding | 0.9 | ||
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 11 months 1 day | ||
Option Outstanding, Weighted Average Exercise Price | $ 38.20 | ||
Options Exercisable, Number Exercisable | 0.9 | ||
Option Exercisable, Weighted Average Exercise Price | $ 38.20 | ||
Exercise Prices Range $ 43.71 - $ 43.71 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, minimum | 43.71 | ||
Range of Exercise Prices, maximum | $ 43.71 | ||
Option Outstanding, Number Outstanding | 2.3 | ||
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 2 months 15 days | ||
Option Outstanding, Weighted Average Exercise Price | $ 43.71 | ||
Exercise Prices Range $ 46.17 - $ 46.87 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, minimum | 46.17 | ||
Range of Exercise Prices, maximum | $ 46.87 | ||
Option Outstanding, Number Outstanding | 2.8 | ||
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 9 months | ||
Option Outstanding, Weighted Average Exercise Price | $ 46.48 | ||
Options Exercisable, Number Exercisable | 1.1 | ||
Option Exercisable, Weighted Average Exercise Price | $ 46.61 | ||
Exercise Prices Range $ 47.92 - $ 63.60 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, minimum | 47.92 | ||
Range of Exercise Prices, maximum | $ 63.60 | ||
Option Outstanding, Number Outstanding | 1.6 | ||
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 2 months 12 days | ||
Option Outstanding, Weighted Average Exercise Price | $ 56.81 | ||
Exercise Prices Range $ 70.74 - $ 70.74 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, minimum | 70.74 | ||
Range of Exercise Prices, maximum | $ 70.74 | ||
Option Outstanding, Number Outstanding | 1.2 | ||
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 2 months 15 days | ||
Option Outstanding, Weighted Average Exercise Price | $ 70.74 | ||
Options Exercisable, Number Exercisable | 0.1 | ||
Option Exercisable, Weighted Average Exercise Price | $ 70.74 |
Deferred Compensation - Additio
Deferred Compensation - Additional information (Detail) - USD ($) shares in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||||
Deferred Equity Participation Plan, distributions to key executives, age | Age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) or upon or after their actual retirement. | ||||||||
Deferred Equity Participation Sub-plans, distributions to key executives, age | Age 65 | ||||||||
Deferred Equity Participation Sub-plans, distributions requisite service description | We made awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after earlier of fifteen years or the participant reaching age 65. | ||||||||
Deferred Equity Participation Plan (DEPP) [Member] | |||||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||||
Awards approved by committee, value | $ 11,500,000 | $ 14,000,000 | $ 10,100,000 | ||||||
Charge to compensation expenses related to awards | $ 9,100,000 | $ 9,600,000 | $ 7,500,000 | ||||||
Cash and equity awards with aggregate fair value vested and distributed to participants | 6,400,000 | 8,400,000 | 7,600,000 | ||||||
Unearned deferred compensation, value | $ 57,600,000 | $ 54,700,000 | |||||||
Unearned deferred compensation, shares | 2.7 | 2.6 | |||||||
Total intrinsic value of unvested equity based awards | $ 199,800,000 | $ 166,000,000 | |||||||
Deferred Cash Participation Plan (DCPP) [Member] | |||||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||||
Awards approved by committee, value | $ 5,600,000 | $ 5,100,000 | $ 3,100,000 | ||||||
Charge to compensation expenses related to awards | 3,000,000 | 2,500,000 | 1,500,000 | ||||||
Cash and equity awards with aggregate fair value vested and distributed to participants | 3,600,000 | 0 | 0 | ||||||
Deferred Equity Participation Plan Sub Plans [Member] | |||||||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||||||
Awards approved by committee, value | 900,000 | 4,000,000 | 13,600,000 | ||||||
Charge to compensation expenses related to awards | 2,200,000 | 1,900,000 | 1,300,000 | ||||||
Cash and equity awards with aggregate fair value vested and distributed to participants | $ 0 | $ 0 | $ 0 |
Restricted Stock, Performance_3
Restricted Stock, Performance Share and Cash Awards - Additional Information (Detail) | Mar. 15, 2018USD ($)shares | Mar. 16, 2017USD ($)shares | Mar. 17, 2016USD ($)shares | Mar. 31, 2018shares | Mar. 31, 2017shares | Mar. 31, 2016shares | Dec. 31, 2018USD ($)Timesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Mar. 11, 2015USD ($)shares |
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Share-based compensation, shares outstanding | shares | 8,800,000 | 9,500,000 | 9,500,000 | |||||||
Shares granted in the period | shares | 439,100 | 476,350 | 479,167 | |||||||
Long Term Incentive Plan [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Share-based compensation, shares outstanding, Value | $ 4,000,000 | |||||||||
Share-based compensation, shares outstanding | shares | 3,300,000 | |||||||||
Shares granted in the period | shares | 3,300,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Shares granted in the period | shares | 420,200 | 477,500 | 466,600 | 439,100 | 476,350 | 479,167 | ||||
Fair value of grants in period | $ 28,700,000 | $ 26,800,000 | $ 20,400,000 | |||||||
Share based payment award vesting date | Mar. 15, 2023 | Mar. 19, 2022 | Mar. 17, 2021 | |||||||
Restricted stock or unit expense | 27,200,000 | 19,600,000 | 18,200,000 | |||||||
Unvested Restricted Stock [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Total intrinsic value | 140,800,000 | 109,300,000 | ||||||||
Equity awards with an aggregate fair value | 23,600,000 | 23,300,000 | ||||||||
Performance Shares [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Equity awards with an aggregate fair value | $ 3,700,000 | 3,300,000 | ||||||||
Shares authorized | shares | 78,200 | 86,250 | 72,900 | |||||||
Performance unit awards approved, Fair value | $ 5,300,000 | $ 4,900,000 | $ 3,200,000 | |||||||
Provisional awards, terms | Granted units for the 2018 and 2017 provisional awards will fully vest based on continuous employment through March 16, 2021 and 2020, respectively, and will be settled in shares of our common stock on a one-for-one basis as soon as practicable thereafter. | |||||||||
Performance awards period, years | 1 year | |||||||||
Vesting period, years | 2 years | |||||||||
2018 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Performance awards expiration date | Jan. 1, 2021 | |||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 190,000 | |||||||||
Cash-based compensation awards, expenses | $ 0 | |||||||||
2017 Performance Share Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Provisional awards, terms | The 2018 and 2017 awards are subject to a three-year performance period that begins on January 1, 2018 and 2017, respectively, and vest on the three-year anniversary of the date of grant (March 15, 2021 and March 16, 2020) | |||||||||
Performance awards period, years | 3 years | |||||||||
Vesting period, years | 3 years | |||||||||
Performance awards expiration date | Mar. 15, 2021 | |||||||||
2017 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Performance awards expiration date | Jan. 1, 2020 | |||||||||
Cash-based compensation awards, expenses | $ 8,700,000 | |||||||||
2016 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Performance awards expiration date | Jan. 1, 2019 | |||||||||
Cash-based compensation awards, expenses | $ 11,700,000 | 10,600,000 | ||||||||
2015 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Performance awards expiration date | Jan. 1, 2018 | |||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 269,000 | |||||||||
Cash-based compensation awards, expenses | $ 15,800,000 | $ 9,300,000 | $ 6,600,000 | |||||||
2014 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 199,000 | |||||||||
Grants vested in period fair value | $ 9,300,000 | |||||||||
2013 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 246,000 | |||||||||
Grants vested in period fair value | $ 11,200,000 | |||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Period of service from grant date stock options awarded not subject to forfeiture | 2 years | 2 years | 2 years | |||||||
Officer and Key Employees [Member] | Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Provisional awards, terms | He ultimate award value will be equal to the trailing twelve-month price of our common stock on December 31, 2020, multiplied by the number of units subject to the award, but limited to between 0.5 and 1.5 times the original value of the units determined as of the grant date. | |||||||||
Performance awards period, years | 1 year | |||||||||
Vesting period, years | 2 years | |||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 15,000,000 | $ 14,300,000 | ||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 219,000 | 255,000 | 242,000 | |||||||
Ultimate award value, multiples of original value of the units, minimum | Times | 0.5 | |||||||||
Ultimate award value, multiples of original value of the units, maximum | Times | 1.5 | |||||||||
Officer and Key Employees [Member] | 2016 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 17,400,000 | |||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 397,000 | 385,000 | ||||||||
Officer and Key Employees [Member] | 2015 Provisional Cash Awards [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 14,600,000 | |||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 294,000 | 315,000 | ||||||||
Executive Officer [Member] | Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | ||||||||||
Minimum age of employee with not subject to award forfeiture on condition compliance | 55 years | 55 years | 55 years |
Restricted Stock, Performance_4
Restricted Stock, Performance Share and Cash Awards - Schedule of Restricted Stock Awards Vesting Periods (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Vesting Period [Line Items] | |||
Shares granted in the period | 439,100 | 476,350 | 479,167 |
Vesting Period One Year [Member] | |||
Vesting Period [Line Items] | |||
Shares granted in the period | 18,900 | 21,600 | 27,417 |
Vesting period, years | 1 year | ||
Vesting Period Two Years [Member] | |||
Vesting Period [Line Items] | |||
Shares granted in the period | 12,700 | 12,750 | |
Vesting period, years | 2 years | ||
Vesting Period Five Years [Member] | |||
Vesting Period [Line Items] | |||
Shares granted in the period | 407,500 | 442,000 | 451,750 |
Vesting period, years | 5 years |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Balances of Pension Benefit Obligation and Fair Value of Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan [Abstract] | |||
Benefit obligation at beginning of year | $ 271.4 | $ 261.3 | |
Service cost | 0.8 | 1.7 | $ 1.5 |
Interest cost | 9.3 | 10 | 10.8 |
Net actuarial (gain) loss | (14.3) | 11.5 | |
Benefits paid | (14) | (13.1) | |
Benefit obligation at end of year | 253.2 | 271.4 | 261.3 |
Fair value of plan assets at beginning of year | 219.4 | 207.8 | |
Actual return on plan assets | (15.4) | 24.7 | |
Contributions by the company | 30 | 0 | 0 |
Benefits paid | (14) | (13.1) | |
Fair value of plan assets at end of year | 220 | 219.4 | $ 207.8 |
Funded status of the plan (underfunded) | (33.2) | (52) | |
Noncurrent liabilities - accrued benefit liability | (33.2) | (52) | |
Accumulated other comprehensive loss-net actuarial loss | 76 | 63.7 | |
Net amount included in retained earnings | $ 42.8 | $ 11.7 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Pension Benefit Cost and Other Changes in Plan Assets and Obligations Recognized in Earnings and Other Comprehensive Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 0.8 | $ 1.7 | $ 1.5 |
Interest cost on benefit obligation | 9.3 | 10 | 10.8 |
Expected return on plan assets | (16) | (14) | (14.6) |
Amortization of net loss | 4.9 | 5 | 5.3 |
Net periodic benefit cost | (1) | 2.7 | 3 |
Net loss incurred | 17.2 | 0.8 | 1.4 |
Amortization of net loss | (4.9) | (5) | (5.3) |
Total recognized in other comprehensive loss | 12.3 | (4.2) | (3.9) |
Total recognized in net periodic pension cost and other comprehensive loss | 11.3 | (1.5) | (0.9) |
Amortization of net loss | $ 7.2 | $ 5 | $ 5.5 |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Assumptions of Pension Benefit Obligation and Net Periodic Pension Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan [Abstract] | |||
Discount rate, pension benefit obligation | 4.00% | 3.50% | |
Weighted average expected long-term rate of return on plan assets, pension benefit obligation | 7.00% | 7.00% | |
Discount rate, net periodic pension benefit cost | 3.50% | 4.00% | 4.25% |
Weighted average expected long-term rate of return on plan assets, net periodic pension benefit cost | 7.00% | 7.00% | 7.25% |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Benefit Payments Expected to be Paid by Plan (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Defined Benefit Plan [Abstract] | |
2,019 | $ 15.8 |
2,020 | 16.1 |
2,021 | 16.3 |
2,022 | 16.5 |
2,023 | 16.6 |
Years 2024 to 2028 | $ 82.8 |
Retirement Plans - Summary of P
Retirement Plans - Summary of Plan's Weighted Average Asset Allocations (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total weighted average asset | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total weighted average asset | 57.00% | 61.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total weighted average asset | 36.00% | 32.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total weighted average asset | 7.00% | 7.00% |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected period of return on plan assets, years | 10 years | 10 years | |
Minimum contribution by employer | $ 30,000,000 | $ 0 | $ 0 |
Discretionary contributions by employer | 30,000,000 | 0 | 0 |
Fair value of plan assets | 220,000,000 | 219,400,000 | 207,800,000 |
Postretirement benefit obligation and unfunded status of plan | 253,200,000 | 271,400,000 | 261,300,000 |
Net periodic postretirement benefit cost | $ (1,000,000) | 2,700,000 | 3,000,000 |
Foreign Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of eligible compensation for matching contributions by employer | 5.00% | ||
Contribution expense to plan | $ 34,900,000 | 32,000,000 | 30,600,000 |
Matching contributions by employer, percentage | 100.00% | ||
Additional percentage of eligible compensation for matching contributions by employer | 5.00% | ||
Qualified Contributory Savings and Thrift 401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of eligible compensation for matching contributions by employer | 5.00% | ||
Contribution expense to plan | $ 53,900,000 | 51,600,000 | 47,700,000 |
Matching contributions by employer, percentage | 100.00% | ||
Matching contributions vesting schedule | 5 years | ||
Nonqualified Deferred Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of eligible compensation for matching contributions by employer | 5.00% | ||
Contribution expense to plan | $ 6,500,000 | 6,400,000 | 5,800,000 |
Fair value of plan assets | 355,000,000 | 329,000,000 | |
Retiree Health Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postretirement benefit obligation and unfunded status of plan | 2,000,000 | 2,500,000 | |
Net periodic postretirement benefit cost | $ (300,000) | $ (300,000) | $ (300,000) |
Retirement Plans - Summary of_2
Retirement Plans - Summary of Plan's Assets Carried at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | $ 220 | $ 219.4 | $ 207.8 |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 125.1 | 107.5 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | $ 94.9 | $ 111.9 | $ 99.7 |
Retirement Plans - Reconcilia_2
Retirement Plans - Reconciliation of Beginning and Ending Balances for Level 3 Assets of Plan Measured at Fair Value (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 219.4 | $ 207.8 |
Fair value of plan assets at end of year | 220 | 219.4 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 111.9 | 99.7 |
Settlements | (9.6) | |
Unrealized (loss) gains | (7.4) | 12.2 |
Fair value of plan assets at end of year | $ 94.9 | $ 111.9 |
Investments - Investments Repor
Investments - Investments Reported in Other Current and Non-Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 59.5 | $ 79.1 |
Funding Commitments | 0 | |
Chem-Mod LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 4 | 4 |
Funding Commitments | 0 | |
Chem-Mod International LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2 | 2 |
Funding Commitments | 0 | |
Clean-Coal Investments [Member] | Controlling Interest [Member] | 14 2009 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 5.1 | 10.2 |
Funding Commitments | 0 | |
Clean-Coal Investments [Member] | Controlling Interest [Member] | 19 2011 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 43 | 58.5 |
Funding Commitments | 0 | |
Clean-Coal Investments [Member] | Noncontrolling Interests [Member] | One 2011 Era Clean Coal Plant [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 0.4 | 0.6 |
Funding Commitments | 0 | |
Other Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 5 | $ 3.8 |
Funding Commitments | $ 0 |
Investments - Investments Rep_2
Investments - Investments Reported in Other Current and Non-Current Assets (Parenthetical) (Detail) - Clean-Coal Investments [Member] | 12 Months Ended | |
Dec. 31, 2018EntityPlant | Dec. 31, 2017EntityPlant | |
Schedule of Equity Method Investments [Line Items] | ||
Number of variable interest entities | 1 | |
14 2009 Era Clean Coal Plants [Member] | Controlling Interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of coal plants | Plant | 14 | 14 |
Number of variable interest entities | 6 | 6 |
One 2011 Era Clean Coal Plant [Member] | Noncontrolling Interests [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of coal plants | Plant | 1 | 1 |
Number of variable interest entities | 1 | 1 |
19 2011 Era Clean Coal Plants [Member] | Controlling Interest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of coal plants | Plant | 19 | 19 |
Number of variable interest entities | 17 | 17 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest held | 50.00% | |
Chem-Mod Clean-Coal Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets of variable interest entities | $ 14 | $ 11.1 |
Total liabilities of variable interest entities | 1.4 | 0.7 |
Total revenues of limited liability companies | 73.7 | 64.4 |
Total expenses of limited liability companies | $ 4.1 | $ 2.3 |
Chem-Mod Clean-Coal Venture - U.S. and Canadian Operations [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest held | 46.50% | |
Chem-Mod International LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest held | 31.50% | |
C-Quest Technology LLC and C-Quest Technologies International LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest held | 12.00% | |
Option to acquire additional interest, percent | 15.00% | |
Option to acquire additional interest, total price | $ 7.5 | |
End date for acquiring additional interest | Feb. 15, 2019 |
Investments - Clean Coal Invest
Investments - Clean Coal Investments - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)EntityPlant | |
2009 Era Plants [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of clean coal production plants seeking and negotiating for long term production contract | 2 |
2011 Era Plants [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of clean coal production plants seeking and negotiating for long term production contract | 1 |
Chem-Mod LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of clean coal production plants owned | 34 |
Chem-Mod LLC [Member] | 2009 Era Plants [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of clean coal production plants owned | 14 |
Chem-Mod LLC [Member] | 2011 Era Plants [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of clean coal production plants owned | 20 |
Long Term Production Contracts [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of clean coal production plants owned | 31 |
Clean-Coal Investments [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of variable interest entities | Entity | 1 |
Clean-Coal Investments [Member] | VIE [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Total assets of limited liability companies | $ | $ 31.4 |
Total liability of limited liability companies | $ | 30 |
Total revenues of limited liability companies | $ | 90.1 |
Total expenses of limited liability companies | $ | $ 110.2 |
Investments - Other Investments
Investments - Other Investments - Additional Information (Detail) | Dec. 31, 2018USD ($)InvestmentVenture | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 59,500,000 | $ 79,100,000 |
Non controlling interest certified low-income housing developments | Investment | 8 | |
Other Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 5,000,000 | $ 3,800,000 |
Other Investments [Member] | Four Venture Capital Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 5,000,000 | |
Non controlling interest in venture capital funds number | Venture | 4 | |
Other Investments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 15,000,000 | |
Liabilities | 0 | |
Other Investments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Eight Certified Low Income Housing Developments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value of investments | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 901,400,000 | $ 218,700,000 |
Derivatives Assets | 9,600,000 | 10,300,000 |
Derivative Liabilities | 25,800,000 | 2,900,000 |
Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 850,000,000 | 200,000,000 |
Derivatives Assets | 3,000,000 | 2,200,000 |
Derivative Liabilities | 13,000,000 | |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 51,400,000 | 18,700,000 |
Derivatives Assets | 6,600,000 | 8,100,000 |
Derivative Liabilities | $ 12,800,000 | $ 2,900,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets - current | $ 3.9 | $ 7.7 |
Derivative assets - non current | 5.7 | 2.7 |
Derivative liabilities - current | 17.9 | 1.6 |
Derivative liabilities - non current | 7.9 | 1.3 |
Foreign Exchange Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 276.4 | 141 |
Foreign Exchange Contracts [Member] | Put Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 276.4 | 141 |
Foreign Exchange Contracts [Member] | Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 23.1 | 13.3 |
Foreign Exchange Contracts [Member] | Forward Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | $ 72.9 | $ 31 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activity - Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | $ (15.7) | $ 15 | $ (11.5) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 5.7 | (5.2) | (8.2) |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (9.3) | (0.9) | 12.4 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.1 | 0.4 | 0.1 |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (6.4) | 15.9 | (23.9) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 4.6 | (5.6) | (8.3) |
Commission Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (3.1) | 10.4 | (24) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 2.3 | (8.7) | (9.1) |
Commission Revenue [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (3.1) | 10.4 | (24) |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 2.3 | (8.7) | (9.1) |
Compensation Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (1.9) | 3.2 | 0.1 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.3 | 1.8 | 0.5 |
Compensation Expense [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (1.9) | 3.2 | 0.1 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.3 | 1.8 | 0.5 |
Operating Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (1.4) | 2.3 | |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1 | 1.3 | 0.3 |
Operating Expense [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (1.4) | 2.3 | |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1 | 1.3 | 0.3 |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (9.3) | (0.9) | 12.4 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | 1.1 | 0.4 | 0.1 |
Interest Expense [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) recognized in accumulated other comprehensive loss | (9.3) | (0.9) | 12.4 |
Derivative gains (losses) reclassified from accumulated other comprehensive loss into income (effective portion) | $ 1.1 | $ 0.4 | $ 0.1 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activity - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) related to hedge ineffectiveness | $ (0.6) | $ (0.2) | $ 1.6 | |
Scenario, Forecast [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Estimated pretax loss to be reclassified from accumulated other comprehensive loss into earnings | $ (3.5) |
Commitments, Contingencies an_3
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contractual Obligations (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Note Purchase Agreements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | $ 100 |
Contractual Obligations, Payments Due by Period, 2020 | 100 |
Contractual Obligations, Payments Due by Period, 2021 | 75 |
Contractual Obligations, Payments Due by Period, 2022 | 200 |
Contractual Obligations, Payments Due by Period, 2023 | 300 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,423 |
Contractual Obligations, Payments Due by Period, Total | 3,198 |
Multi Currency Credit Agreement [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 265 |
Contractual Obligations, Payments Due by Period, Total | 265 |
Premium Financing Debt Facility [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 154 |
Contractual Obligations, Payments Due by Period, Total | 154 |
Interest On Debt [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 138 |
Contractual Obligations, Payments Due by Period, 2020 | 132.5 |
Contractual Obligations, Payments Due by Period, 2021 | 127.9 |
Contractual Obligations, Payments Due by Period, 2022 | 122.5 |
Contractual Obligations, Payments Due by Period, 2023 | 113.1 |
Contractual Obligations, Payments Due by Period, Thereafter | 444.5 |
Contractual Obligations, Payments Due by Period, Total | 1,078.5 |
Total Debt Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 657 |
Contractual Obligations, Payments Due by Period, 2020 | 232.5 |
Contractual Obligations, Payments Due by Period, 2021 | 202.9 |
Contractual Obligations, Payments Due by Period, 2022 | 322.5 |
Contractual Obligations, Payments Due by Period, 2023 | 413.1 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,867.5 |
Contractual Obligations, Payments Due by Period, Total | 4,695.5 |
Operating Lease Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 106.8 |
Contractual Obligations, Payments Due by Period, 2020 | 92 |
Contractual Obligations, Payments Due by Period, 2021 | 78.8 |
Contractual Obligations, Payments Due by Period, 2022 | 61.1 |
Contractual Obligations, Payments Due by Period, 2023 | 44.3 |
Contractual Obligations, Payments Due by Period, Thereafter | 87.4 |
Contractual Obligations, Payments Due by Period, Total | 470.4 |
Less Sublease Arrangements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | (0.8) |
Contractual Obligations, Payments Due by Period, 2020 | (0.6) |
Contractual Obligations, Payments Due by Period, 2021 | (0.6) |
Contractual Obligations, Payments Due by Period, 2022 | (0.3) |
Contractual Obligations, Payments Due by Period, 2023 | (0.3) |
Contractual Obligations, Payments Due by Period, Thereafter | (1) |
Contractual Obligations, Payments Due by Period, Total | (3.6) |
Outstanding Purchase Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 32.1 |
Contractual Obligations, Payments Due by Period, 2020 | 14.6 |
Contractual Obligations, Payments Due by Period, 2021 | 11.3 |
Contractual Obligations, Payments Due by Period, 2022 | 2.1 |
Contractual Obligations, Payments Due by Period, Total | 60.1 |
Total Contractual Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 795.1 |
Contractual Obligations, Payments Due by Period, 2020 | 338.5 |
Contractual Obligations, Payments Due by Period, 2021 | 292.4 |
Contractual Obligations, Payments Due by Period, 2022 | 385.4 |
Contractual Obligations, Payments Due by Period, 2023 | 457.1 |
Contractual Obligations, Payments Due by Period, Thereafter | 2,953.9 |
Contractual Obligations, Payments Due by Period, Total | $ 5,222.4 |
Commitments, Contingencies an_4
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) | Dec. 22, 2018USD ($)Employee | Dec. 31, 2018USD ($)ft²EntityLetterOfCreditEmployees | Dec. 31, 2017USD ($)Entity | Dec. 31, 2016USD ($)Entity | Dec. 31, 2018USD ($)ft²EntityLetterOfCredit |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Number of square feet | ft² | 360,000 | 360,000 | |||
Number of employees will accommodate at new facility | Employees | 2,000 | ||||
Lease abandonment charges | $ 13,200,000 | ||||
Total rent expense | $ 140,000,000 | $ 137,700,000 | $ 134,200,000 | ||
Number of companies acquired | Entity | 112 | 108 | 101 | 507 | |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 558,100,000 | $ 567,900,000 | |||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | $ 258,800,000 | $ 264,200,000 | |||
Ownership interest | 50.00% | 50.00% | |||
Debt | $ 19,900,000 | $ 19,900,000 | |||
Liabilities recorded on self-insurance | $ 15,800,000 | 15,800,000 | |||
Definitive Agreement [Member] | Stackhouse Poland Group Limited [Member] | United Kingdom, Pounds | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Cash consideration | $ 350,000,000 | ||||
Percentage of interest acquired in acquired entity | 100.00% | ||||
Number of employees will accommodate at new facility | Employee | 500 | ||||
Tax Increment Financing [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Property tax credit expect to receive period | 15 years | ||||
Economic development for growing economy tax credit | $ 11,800,000 | 11,800,000 | |||
Letter of Credit [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 1,300,000 | $ 1,300,000 | |||
Number of letters of credit issued | LetterOfCredit | 1 | 1 | |||
Letter of Credit [Member] | Security Deposit [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 500,000 | $ 500,000 | |||
Number of letters of credit issued | LetterOfCredit | 1 | 1 | |||
Letter of Credit [Member] | Self-Insurance Deductibles [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 10,200,000 | $ 10,200,000 | |||
Liabilities recorded on self-insurance | $ 15,800,000 | $ 15,800,000 | |||
Number of letters of credit issued | LetterOfCredit | 2 | 2 | |||
Letter of Credit [Member] | Rent-A-Captive Facility [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Debt | $ 6,300,000 | $ 6,300,000 | |||
Number of letters of credit issued | LetterOfCredit | 7 | 7 | |||
Minimum [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Ownership interest | 1.00% | 1.00% | |||
Minimum [Member] | Tax Increment Financing [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Property tax credit expect to receive | $ 60,000,000 | $ 60,000,000 | |||
Maximum [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Maximum [Member] | Tax Increment Financing [Member] | |||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |||||
Property tax credit expect to receive | $ 90,000,000 | $ 90,000,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Off-Balance Sheet Arrangements - Off-Balance Sheet Commitments (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2019 | $ 0.2 |
Amount of Commitment Expiration by Period - 2020 | 1.5 |
Amount of Commitment Expiration by Period - 2021 | 0.2 |
Amount of Commitment Expiration by Period - 2022 | 0.2 |
Amount of Commitment Expiration by Period - 2023 | 0.2 |
Amount of Commitment Expiration by Period - Thereafter | 17.6 |
Total Amounts Committed | 19.9 |
Letters of Credit [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2020 | 1.3 |
Amount of Commitment Expiration by Period - Thereafter | 17 |
Total Amounts Committed | 18.3 |
Financial Guarantees [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2019 | 0.2 |
Amount of Commitment Expiration by Period - 2020 | 0.2 |
Amount of Commitment Expiration by Period - 2021 | 0.2 |
Amount of Commitment Expiration by Period - 2022 | 0.2 |
Amount of Commitment Expiration by Period - 2023 | 0.2 |
Amount of Commitment Expiration by Period - Thereafter | 0.6 |
Total Amounts Committed | $ 1.6 |
Commitments, Contingencies an_6
Commitments, Contingencies and Off-Balance Sheet Arrangements - Outstanding Letters of Credit, Financial Guarantees and Funding Commitments (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Maximum Exposure | $ 19.9 |
Liability Recorded | $ 15.8 |
Credit Support Under Letters of Credit for Deductibles Due by Us on Our Own Insurance Coverage's Expires After 2023 [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Collateral | None |
Compensation to Us | None |
Maximum Exposure | $ 10.2 |
Liability Recorded | $ 15.8 |
Credit Enhancement Under Letters of Credit for Our Captive Insurance Operations to Meet Minimum Statutory Capital Requirement's Expires After 2023 [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Collateral | None |
Compensation to Us | Reimbursement of LOC fees |
Maximum Exposure | $ 6.3 |
Collateral Related to Claims Funds Held in a Fiduciary Capacity by a Recent Acquisition Expires 2020 [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Collateral | None |
Compensation to Us | None |
Maximum Exposure | $ 1.3 |
Credit Support Under Letters of Credit in Lieu of Security Deposit for Acquisition Lease Expires 2023 [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Collateral | None |
Compensation to Us | None |
Maximum Exposure | $ 0.5 |
Financial Guarantees of Loans to Nineteen Canadian Based Employees Trigger [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Collateral | (1) |
Compensation to Us | None |
Maximum Exposure | $ 1.6 |
Commitments, Contingencies an_7
Commitments, Contingencies and Off-Balance Sheet Arrangements - Litigation, Regulatory and Taxation Matters- Additional Information (Detail) $ in Millions | 12 Months Ended | 24 Months Ended |
Dec. 31, 2018Companies | Dec. 31, 2018USD ($) | |
Minimum [Member] | ||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||
Number of micro-captive insurance companies organized or managed | Companies | 100 | |
Maximum [Member] | ||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||
Micro-captive operations, net earnings | $ 3.2 | |
Micro-captive operations, EBITDAC | $ 5 |
Commitments, Contingencies an_8
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contingent Liabilities - Additional Information (Detail) - Errors and Omissions [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Insurance claims, amount retained | $ 5,000,000 |
Amount of losses in excess of retained amounts | 350,000,000 |
Maximum [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Actuarial range value | 7,900,000 |
Minimum [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Actuarial range value | $ 700,000 |
Commitments, Contingencies an_9
Commitments, Contingencies and Off-Balance Sheet Arrangements - Tax - advantaged Investments No Longer Held - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Income tax credits and adjustments | $ 108 |
Insurance Operations - Summary
Insurance Operations - Summary of Reconciliations of Direct to Net premiums on Written and Earned Basis Related to Wholly Owned Underwriting Enterprise Subsidiary (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Premiums Written and Earned [Abstract] | |||
Written, Direct | $ 57.6 | $ 60.7 | $ 71.8 |
Written, Assumed | 4.7 | 5 | 5.2 |
Written, Ceded | (62.3) | (65.7) | (77) |
Written, Net | 0 | 0 | 0 |
Earned, Direct | 53.2 | 60.4 | 69.6 |
Earned, Assumed | 4.6 | 4.5 | 4.9 |
Earned, Ceded | (57.8) | (64.9) | (74.5) |
Earned, Net | $ 0 | $ 0 | $ 0 |
Insurance Operations - Addition
Insurance Operations - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Insurance [Abstract] | ||
Reinsurance recoverables amount | $ 68.5 | $ 59.8 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Tax Expense Benefit [Line Items] | ||||
Interest expense, domestic deposits | $ 65.8 | $ 64.2 | $ 110.7 | |
Net unrecognized tax benefits | 8.8 | 9 | ||
Accrued interest and penalties related to unrecognized tax benefits | $ 2.9 | 2.9 | ||
Open tax year | 2011 2012 | |||
Deferred tax liabilities | $ 445.3 | 412.6 | ||
Undistributed earnings of foreign subsidiaries | $ 631 | $ 651 | ||
Federal statutory rate | 21.00% | 35.00% | 35.00% | |
Deferred income taxes | $ 806.2 | $ 851.6 | [1] | |
Noncurrent Liabilities [Member] | ||||
Income Tax Expense Benefit [Line Items] | ||||
Deferred tax liabilities | 106.9 | 323.3 | ||
Deferred minimum tax credits | 48.5 | |||
General Business Tax Credits [Member] | ||||
Income Tax Expense Benefit [Line Items] | ||||
Deferred tax credits | $ 799.1 | |||
Deferred tax credits expiration year | 2,034 | |||
State Tax Credits [Member] | ||||
Income Tax Expense Benefit [Line Items] | ||||
Deferred tax credits | $ 7.4 | |||
Deferred tax credits expiration year | 2,021 | |||
Deferred tax credits, Foreign | 1.9 | |||
HR One [Member] | ||||
Income Tax Expense Benefit [Line Items] | ||||
Deferred income taxes | $ 2.9 | $ 1 | ||
U.S. repatriation tax rate | 10.00% | |||
U.S. repatriation tax amount | $ 40 | |||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings Before Income Taxes and Provision for Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Tax Disclosure [Abstract] | |||||||||||||
United States | $ 337.6 | $ 274.1 | $ 335.7 | ||||||||||
Foreign, principally Australia, Canada, New Zealand and the U.K. | 141.8 | 85.7 | (2.1) | ||||||||||
Earnings before income taxes | $ 43.2 | $ 90.3 | $ 103.6 | $ 242.3 | $ 29.2 | $ 76.9 | $ 54.1 | $ 199.6 | 479.4 | 359.8 | 333.6 | ||
Federal Current | 7.1 | 40.2 | |||||||||||
Federal Deferred | (214) | (183.5) | (146.7) | ||||||||||
Total Provision (benefit) for income taxes, Federal | (214) | (176.4) | (106.5) | ||||||||||
State and local Current | 15.4 | 11.6 | 7.2 | ||||||||||
State and local Deferred | (29) | (3.9) | (0.3) | ||||||||||
Total Provision (benefit) for income taxes, State and local | (13.6) | 7.7 | 6.9 | ||||||||||
Foreign Current | 60.7 | 25.9 | 20.7 | ||||||||||
Foreign Deferred | (29.6) | (14.3) | (17.8) | ||||||||||
Total Provision (benefit) for income taxes, Foreign | 31.1 | 11.6 | 2.9 | ||||||||||
Benefit for income taxes | $ (196.5) | $ (157.1) | [1] | $ (96.7) | [1] | ||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Provision for Income Taxes with Federal Statutory Income Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Tax Disclosure [Abstract] | |||||
Federal statutory rate | $ 100.7 | $ 126 | $ 116.7 | ||
State income taxes-net of Federal benefit | 8.5 | 5 | 4.5 | ||
Differences related to non U.S. operations | (14.8) | (46.9) | (33.1) | ||
Alternative energy, foreign and other tax credits | (252.9) | (230.1) | (194.4) | ||
Other permanent differences | 0.9 | (10.6) | (4.8) | ||
U.S. repatriation tax | (1.8) | 36.8 | |||
Stock-based compensation | (15) | (15.1) | |||
Changes in unrecognized tax benefits | (0.2) | (0.9) | 2.2 | ||
Change in valuation allowance | (22) | 12.3 | 14 | ||
Change in U.S. and U.K. tax rates | (33.2) | (1.5) | |||
Other | 0.1 | (0.4) | (0.3) | ||
Benefit for income taxes | $ (196.5) | $ (157.1) | [1] | $ (96.7) | [1] |
Federal statutory rate, % of Pretax Earnings | 21.00% | 35.00% | 35.00% | ||
State income taxes-net of Federal benefit, % of Pretax Earnings | 1.80% | 1.40% | 1.30% | ||
Differences related to non U.S. operations, % of Pretax Earnings | (3.10%) | (13.00%) | (9.90%) | ||
Alternative energy, foreign and other tax credits, % of Pretax Earnings | (52.80%) | (64.00%) | (58.20%) | ||
Other permanent differences, % of Pretax Earnings | 0.20% | (2.90%) | (1.40%) | ||
U.S. repatriation tax | (0.40%) | 10.20% | |||
Stock-based compensation | (3.10%) | (4.20%) | |||
Changes in unrecognized tax benefits, % of Pretax Earnings | (0.30%) | 0.70% | |||
Change in valuation allowance, % of Pretax Earnings | (4.60%) | 3.40% | 4.20% | ||
Change in U.S. and U.K. tax rates | (9.20%) | (0.40%) | |||
Other, % of Pretax Earnings | (0.10%) | (0.10%) | |||
Total benefit for income taxes-continuing operations, % of Pretax Earnings | (41.00%) | (43.70%) | (29.00%) | ||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefit (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at January | $ 10.9 | $ 14.5 |
Increases in tax positions for current year | 1.7 | 1.6 |
Settlements | (1.8) | |
Lapse in statute of limitations | (1.4) | (0.7) |
Increases in tax positions for prior years | 0.4 | 0.6 |
Decreases in tax positions for prior years | (0.9) | (3.3) |
Gross unrecognized tax benefits at December | $ 10.7 | $ 10.9 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Alternative minimum tax and other credit carryforwards | $ 856.9 | $ 683.3 |
Accrued and unfunded compensation and employee benefits | 158.8 | 141.2 |
Amortizable intangible assets | 48.8 | 45.8 |
Compensation expense related to stock options | 12.2 | 13.4 |
Accrued liabilities | 63.8 | 64.8 |
Accrued pension liability | 11.5 | 16.8 |
Investments | 1.5 | 1.1 |
Net operating loss carryforwards | 36.8 | 30.5 |
Capital loss carryforwards | 12.2 | 12.9 |
Deferred rent liability | 4.2 | 4.8 |
Hedging instruments | 1.9 | |
Other | 3.4 | 5.4 |
Total deferred tax assets | 1,212 | 1,020 |
Valuation allowance for deferred tax assets | (67.4) | (79.1) |
Deferred tax assets | 1,144.6 | 940.9 |
Nondeductible amortizable intangible assets | 297.6 | 273.8 |
Investment-related partnerships | 13.6 | 17.6 |
Depreciable fixed assets | 25.4 | 26.5 |
Revenue recognition | 98.1 | 80.6 |
Hedging instruments | 3.8 | |
Other prepaid items | 10.6 | 10.3 |
Total deferred tax liabilities | 445.3 | 412.6 |
Net deferred tax assets | $ 699.3 | $ 528.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings - Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | [1] | $ (555.4) | |||
Ending Balance | (785.6) | $ (555.4) | [1] | ||
As Previously Reported [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (559.9) | ||||
Ending Balance | (559.9) | ||||
Pension Liability [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (43) | (47.3) | |||
Reclassification to retained earnings of income tax effects related to the Tax Act | (7.9) | ||||
Net change in period | (10.3) | 4.3 | $ (4.4) | ||
Ending Balance | (61.2) | (43) | (47.3) | ||
Pension Liability [Member] | As Previously Reported [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (42.9) | ||||
Foreign Currency Translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (521.3) | (702.2) | |||
Net change in period | (197.7) | 183.4 | (231.8) | ||
Ending Balance | (719) | (521.3) | (702.2) | ||
Foreign Currency Translation [Member] | As Previously Reported [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (477.4) | ||||
Foreign Currency Translation [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (2.5) | 7 | |||
Ending Balance | (2.5) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 8.9 | (7.1) | |||
Reclassification to retained earnings of income tax effects related to the Tax Act | 1.3 | ||||
Net change in period | (15.6) | 16 | (4.9) | ||
Ending Balance | (5.4) | 8.9 | (7.1) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | As Previously Reported [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (2.2) | ||||
Accumulated Other Comprehensive Earnings (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (555.4) | (756.6) | |||
Reclassification to retained earnings of income tax effects related to the Tax Act | (6.6) | ||||
Net change in period | (223.6) | 203.7 | (241.1) | ||
Ending Balance | $ (785.6) | (555.4) | (756.6) | ||
Accumulated Other Comprehensive Earnings (Loss) [Member] | As Previously Reported [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (522.5) | ||||
Accumulated Other Comprehensive Earnings (Loss) [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ (2.5) | 7 | |||
Ending Balance | $ (2.5) | ||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Earnings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Expense related to pension liability reclassified from accumulated other comprehensive earnings | $ 4,900,000 | $ 5,000,000 | $ 5,300,000 |
Income (expense) related to fair value of derivative investments reclassified from accumulated other comprehensive earnings | 5,700,000 | 5,200,000 | 8,200,000 |
Foreign currency translation reclassified from accumulated other comprehensive earnings | $ 0 | $ 0 | $ 0 |
Quarterly Operating Results (_3
Quarterly Operating Results (unaudited) - Quarterly Operating Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Statement [Abstract] | |||||||||||||
Total revenues | $ 1,657.4 | $ 1,778.5 | $ 1,660.4 | $ 1,837.7 | $ 1,519.4 | $ 1,593.7 | $ 1,489.5 | $ 1,646.4 | |||||
Total expenses | 1,614.2 | 1,688.2 | 1,556.8 | 1,595.4 | 1,490.2 | 1,516.8 | 1,435.4 | 1,446.8 | |||||
Earnings before income taxes | 43.2 | 90.3 | 103.6 | 242.3 | 29.2 | 76.9 | 54.1 | 199.6 | $ 479.4 | $ 359.8 | $ 333.6 | ||
Net earnings attributable to controlling interests | $ 117.3 | $ 127.6 | $ 114.9 | $ 273.7 | $ 71.5 | $ 111 | $ 70 | $ 228.8 | $ 633.5 | $ 481.3 | [1] | $ 396.8 | [1] |
Basic net earnings per share | $ 0.64 | $ 0.70 | $ 0.63 | $ 1.51 | $ 0.39 | $ 0.61 | $ 0.39 | $ 1.28 | |||||
Diluted net earnings per share | $ 0.63 | $ 0.68 | $ 0.62 | $ 1.48 | $ 0.39 | $ 0.61 | $ 0.39 | $ 1.27 | |||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues before reimbursements | $ 6,792.4 | $ 6,113 | [1] | $ 5,548.4 | [1] | |||||||||
Total revenues | 6,934 | 6,249 | [1] | 5,680.5 | [1] | |||||||||
Compensation | 3,026.3 | 2,747.4 | [1] | 2,537.2 | [1] | |||||||||
Operating | 903.7 | 829.1 | [1] | 776.3 | [1] | |||||||||
Reimbursements | 141.6 | 136 | [1] | 132.1 | [1] | |||||||||
Cost of revenues from clean coal activities | 1,816 | 1,635.9 | 1,408.6 | |||||||||||
Interest | 138.4 | 124.1 | [1] | 109.8 | [1] | |||||||||
Depreciation | 127.8 | 121.1 | [1] | 103.6 | [1] | |||||||||
Amortization | 291.2 | 264.7 | [1] | 247.2 | [1] | |||||||||
Change in estimated acquisition earnout payables | 9.6 | 30.9 | [1] | 32.1 | [1] | |||||||||
Total expenses | 6,454.6 | 5,889.2 | [1] | 5,346.9 | [1] | |||||||||
Earnings (loss) before income taxes | 479.4 | 359.8 | [1] | 333.6 | [1] | |||||||||
Provision (benefit) for income taxes | (196.5) | (157.1) | [1] | (96.7) | [1] | |||||||||
Net earnings | 675.9 | 516.9 | [1] | 430.3 | [1] | |||||||||
Net earnings attributable to noncontrolling interests | 42.4 | 35.6 | [1] | 33.5 | [1] | |||||||||
Net earnings attributable to controlling interests | $ 117.3 | $ 127.6 | $ 114.9 | $ 273.7 | $ 71.5 | $ 111 | $ 70 | $ 228.8 | 633.5 | 481.3 | [1] | 396.8 | [1] | |
Net foreign exchange gain | 2.9 | (3.9) | 5.3 | |||||||||||
Total revenues | 6,934 | 6,249 | [1] | 5,680.5 | [1] | |||||||||
Total identifiable assets | 16,334 | 14,909.7 | [1] | 16,334 | 14,909.7 | [1] | 13,528.2 | |||||||
Goodwill - net | 4,625.6 | 4,164.8 | [1] | 4,625.6 | 4,164.8 | [1] | 3,753.2 | |||||||
Amortizable intangible assets - net | 1,773 | 1,644.6 | [1] | 1,773 | 1,644.6 | [1] | 1,627.3 | |||||||
Unites States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 5,377.8 | 4,839.3 | 4,389.2 | |||||||||||
Total revenues | 5,377.8 | 4,839.3 | 4,389.2 | |||||||||||
Total identifiable assets | 9,237.6 | 8,230.2 | 9,237.6 | 8,230.2 | 7,638.8 | |||||||||
Goodwill - net | 2,744.9 | 2,306.7 | 2,744.9 | 2,306.7 | ||||||||||
United Kingdom [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 773.9 | 709.9 | 688.3 | |||||||||||
Total revenues | 773.9 | 709.9 | 688.3 | |||||||||||
Total identifiable assets | 3,862.3 | 3,587.5 | 3,862.3 | 3,587.5 | 3,234.7 | |||||||||
Goodwill - net | 762.9 | 745.7 | 762.9 | 745.7 | ||||||||||
Australia [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 290.6 | 269.3 | 243 | |||||||||||
Total revenues | 290.6 | 269.3 | 243 | |||||||||||
Total identifiable assets | 1,143.3 | 1,151.8 | 1,143.3 | 1,151.8 | 988.7 | |||||||||
Goodwill - net | 406.6 | 416.6 | 406.6 | 416.6 | ||||||||||
Canada [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 185.4 | 153.6 | 136.5 | |||||||||||
Total revenues | 185.4 | 153.6 | 136.5 | |||||||||||
Total identifiable assets | 787.5 | 750.1 | 787.5 | 750.1 | 587 | |||||||||
Goodwill - net | 378.6 | 374 | 378.6 | 374 | ||||||||||
New Zealand [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 157.5 | 149.7 | 125.5 | |||||||||||
Total revenues | 157.5 | 149.7 | 125.5 | |||||||||||
Total identifiable assets | 709.8 | 728.6 | 709.8 | 728.6 | 676.4 | |||||||||
Goodwill - net | 219.8 | 218.9 | 219.8 | 218.9 | ||||||||||
Other Foreign [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 148.8 | 127.2 | 98 | |||||||||||
Total revenues | 148.8 | 127.2 | 98 | |||||||||||
Total identifiable assets | 593.5 | 461.5 | 593.5 | 461.5 | 402.6 | |||||||||
Goodwill - net | 112.8 | 102.9 | 112.8 | 102.9 | ||||||||||
Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 4,573.6 | 4,119.2 | 4,573.6 | 4,119.2 | 3,722.3 | |||||||||
Brokerage [Member] | Unites States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 2,715.3 | 2,280.9 | 2,715.3 | 2,280.9 | ||||||||||
Brokerage [Member] | United Kingdom [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 753.7 | 738.5 | 753.7 | 738.5 | ||||||||||
Brokerage [Member] | Australia [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 406.3 | 416.6 | 406.3 | 416.6 | ||||||||||
Brokerage [Member] | Canada [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 378.6 | 374 | 378.6 | 374 | ||||||||||
Brokerage [Member] | New Zealand [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 209.6 | 209.3 | 209.6 | 209.3 | ||||||||||
Brokerage [Member] | Other Foreign [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 110.1 | 99.9 | 110.1 | 99.9 | ||||||||||
Risk Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 49.3 | 42.6 | 49.3 | 42.6 | 28.1 | |||||||||
Risk Management [Member] | Unites States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 29.6 | 25.8 | 29.6 | 25.8 | ||||||||||
Risk Management [Member] | United Kingdom [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 9.2 | 7.2 | 9.2 | 7.2 | ||||||||||
Risk Management [Member] | Australia [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 0.3 | 0.3 | ||||||||||||
Risk Management [Member] | New Zealand [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 10.2 | 9.6 | 10.2 | 9.6 | ||||||||||
Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 2.7 | 3 | 2.7 | 3 | 2.8 | |||||||||
Corporate [Member] | Other Foreign [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Goodwill - net | 2.7 | 3 | 2.7 | 3 | ||||||||||
Commissions [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 2,920.7 | 2,641 | [1] | 2,409.9 | [1] | |||||||||
Total revenues | 2,920.7 | 2,641 | [1] | 2,409.9 | [1] | |||||||||
Broker Fees [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 1,756.3 | 1,591.9 | [1] | 1,491.7 | [1] | |||||||||
Total revenues | 1,756.3 | 1,591.9 | [1] | 1,491.7 | [1] | |||||||||
Supplemental Revenue Member [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 189.9 | 158 | [1] | 139.9 | [1] | |||||||||
Total revenues | 189.9 | 158 | [1] | 139.9 | [1] | |||||||||
Contingent Revenue [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 98 | 99.5 | [1] | 97.9 | [1] | |||||||||
Total revenues | 98 | 99.5 | [1] | 97.9 | [1] | |||||||||
Investment income [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 70.1 | 58.7 | [1] | 53.6 | [1] | |||||||||
Total revenues | 70.1 | 58.7 | [1] | 53.6 | [1] | |||||||||
Gains on Books of Business Sales [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 10.2 | 3.4 | [1] | 6.6 | [1] | |||||||||
Total revenues | 10.2 | 3.4 | [1] | 6.6 | [1] | |||||||||
Clean Coal Activities [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 1,746.3 | 1,560.5 | [1] | 1,350.1 | [1] | |||||||||
Cost of revenues from clean coal activities | 1,816 | 1,635.9 | [1] | 1,408.6 | [1] | |||||||||
Total revenues | 1,746.3 | 1,560.5 | [1] | 1,350.1 | [1] | |||||||||
Product and Service, Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 0.9 | (1.3) | [1] | |||||||||||
Total revenues | 0.9 | (1.3) | [1] | |||||||||||
Reimbursements [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 141.6 | 136 | [1] | 132.1 | [1] | |||||||||
Total revenues | 141.6 | 136 | [1] | 132.1 | [1] | |||||||||
Operating Segments [Member] | Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues before reimbursements | 4,246.9 | 3,815.1 | 3,501.6 | |||||||||||
Total revenues | 4,246.9 | 3,815.1 | 3,501.6 | |||||||||||
Compensation | 2,447.1 | 2,212.3 | 2,040.2 | |||||||||||
Operating | 673.5 | 614 | 598.2 | |||||||||||
Depreciation | 60.9 | 61.8 | 57.2 | |||||||||||
Amortization | 286.9 | 261.8 | 244.7 | |||||||||||
Change in estimated acquisition earnout payables | 14.3 | 29.3 | 32.1 | |||||||||||
Total expenses | 3,482.7 | 3,179.2 | 2,972.4 | |||||||||||
Earnings (loss) before income taxes | 764.2 | 635.9 | 529.2 | |||||||||||
Provision (benefit) for income taxes | 191 | 221.2 | 186.6 | |||||||||||
Net earnings | 573.2 | 414.7 | 342.6 | |||||||||||
Net earnings attributable to noncontrolling interests | 10.7 | 7.6 | 6.5 | |||||||||||
Net earnings attributable to controlling interests | 562.5 | 407.1 | 336.1 | |||||||||||
Net foreign exchange gain | (2) | 5.2 | ||||||||||||
Total revenues | 4,246.9 | 3,815.1 | 3,501.6 | |||||||||||
Total identifiable assets | 13,785.1 | 12,404.3 | 13,785.1 | 12,404.3 | 11,308.6 | |||||||||
Goodwill - net | 4,573.7 | 4,119.2 | 4,573.7 | 4,119.2 | 3,722.3 | |||||||||
Amortizable intangible assets - net | 1,753.7 | 1,630.6 | 1,753.7 | 1,630.6 | 1,613.6 | |||||||||
Operating Segments [Member] | Brokerage [Member] | Unites States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 2,840.9 | 2,533.7 | 2,319.3 | |||||||||||
Total revenues | 2,840.9 | 2,533.7 | 2,319.3 | |||||||||||
Total identifiable assets | 6,865.4 | 5,890.5 | 6,865.4 | 5,890.5 | 5,545.1 | |||||||||
Operating Segments [Member] | Brokerage [Member] | United Kingdom [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 738.5 | 679.3 | 661.5 | |||||||||||
Total revenues | 738.5 | 679.3 | 661.5 | |||||||||||
Total identifiable assets | 3,758.5 | 3,496.2 | 3,758.5 | 3,496.2 | 3,172.9 | |||||||||
Operating Segments [Member] | Brokerage [Member] | Australia [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 195.9 | 191.1 | 170 | |||||||||||
Total revenues | 195.9 | 191.1 | 170 | |||||||||||
Total identifiable assets | 1,096.1 | 1,102.9 | 1,096.1 | 1,102.9 | 931.8 | |||||||||
Operating Segments [Member] | Brokerage [Member] | Canada [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 181.1 | 149.4 | 132.4 | |||||||||||
Total revenues | 181.1 | 149.4 | 132.4 | |||||||||||
Total identifiable assets | 783.1 | 743.3 | 783.1 | 743.3 | 584.2 | |||||||||
Operating Segments [Member] | Brokerage [Member] | New Zealand [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 141.7 | 134.4 | 120.4 | |||||||||||
Total revenues | 141.7 | 134.4 | 120.4 | |||||||||||
Total identifiable assets | 688.5 | 709.9 | 688.5 | 709.9 | 672 | |||||||||
Operating Segments [Member] | Brokerage [Member] | Other Foreign [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 148.8 | 127.2 | 98 | |||||||||||
Total revenues | 148.8 | 127.2 | 98 | |||||||||||
Total identifiable assets | 593.5 | 461.5 | 593.5 | 461.5 | 402.6 | |||||||||
Operating Segments [Member] | Risk Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues before reimbursements | 798.3 | 737.4 | 698 | |||||||||||
Total revenues | 939.9 | 873.4 | 830.1 | |||||||||||
Compensation | 489.7 | 446.9 | 424.4 | |||||||||||
Operating | 174.6 | 164.8 | 152.7 | |||||||||||
Reimbursements | 141.6 | 136 | 132.1 | |||||||||||
Depreciation | 38.7 | 31.1 | 27.2 | |||||||||||
Amortization | 4.3 | 2.9 | 2.5 | |||||||||||
Change in estimated acquisition earnout payables | (4.7) | 1.6 | ||||||||||||
Total expenses | 844.2 | 783.3 | 738.9 | |||||||||||
Earnings (loss) before income taxes | 95.7 | 90.1 | 91.2 | |||||||||||
Provision (benefit) for income taxes | 25.3 | 34.4 | 34.5 | |||||||||||
Net earnings | 70.4 | 55.7 | 56.7 | |||||||||||
Net earnings attributable to controlling interests | 70.4 | 55.7 | 56.7 | |||||||||||
Net foreign exchange gain | (0.1) | |||||||||||||
Total revenues | 939.9 | 873.4 | 830.1 | |||||||||||
Total identifiable assets | 748.1 | 738.6 | 748.1 | 738.6 | 670.9 | |||||||||
Goodwill - net | 49.2 | 42.6 | 49.2 | 42.6 | 28.1 | |||||||||
Amortizable intangible assets - net | 19.3 | 14 | 19.3 | 14 | 13.7 | |||||||||
Operating Segments [Member] | Risk Management [Member] | Unites States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 789.7 | 745.1 | 721.1 | |||||||||||
Total revenues | 789.7 | 745.1 | 721.1 | |||||||||||
Total identifiable assets | 571.4 | 572.9 | 571.4 | 572.9 | 545 | |||||||||
Operating Segments [Member] | Risk Management [Member] | United Kingdom [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 35.4 | 30.6 | 26.8 | |||||||||||
Total revenues | 35.4 | 30.6 | 26.8 | |||||||||||
Total identifiable assets | 103.8 | 91.3 | 103.8 | 91.3 | 61.8 | |||||||||
Operating Segments [Member] | Risk Management [Member] | Australia [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 94.7 | 78.2 | 73 | |||||||||||
Total revenues | 94.7 | 78.2 | 73 | |||||||||||
Total identifiable assets | 47.2 | 48.9 | 47.2 | 48.9 | 56.9 | |||||||||
Operating Segments [Member] | Risk Management [Member] | Canada [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 4.3 | 4.2 | 4.1 | |||||||||||
Total revenues | 4.3 | 4.2 | 4.1 | |||||||||||
Total identifiable assets | 4.4 | 6.8 | 4.4 | 6.8 | 2.8 | |||||||||
Operating Segments [Member] | Risk Management [Member] | New Zealand [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 15.8 | 15.3 | 5.1 | |||||||||||
Total revenues | 15.8 | 15.3 | 5.1 | |||||||||||
Total identifiable assets | 21.3 | 18.7 | 21.3 | 18.7 | 4.4 | |||||||||
Operating Segments [Member] | Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues before reimbursements | 1,747.2 | 1,560.5 | 1,348.8 | |||||||||||
Total revenues | 1,747.2 | 1,560.5 | 1,348.8 | |||||||||||
Compensation | 89.5 | 88.2 | 72.6 | |||||||||||
Operating | 55.6 | 50.3 | 25.4 | |||||||||||
Cost of revenues from clean coal activities | 1,816 | 1,635.9 | 1,408.6 | |||||||||||
Interest | 138.4 | 124.1 | 109.8 | |||||||||||
Depreciation | 28.2 | 28.2 | 19.2 | |||||||||||
Total expenses | 2,127.7 | 1,926.7 | 1,635.6 | |||||||||||
Earnings (loss) before income taxes | (380.5) | (366.2) | (286.8) | |||||||||||
Provision (benefit) for income taxes | (412.8) | (412.7) | (317.8) | |||||||||||
Net earnings | 32.3 | 46.5 | 31 | |||||||||||
Net earnings attributable to noncontrolling interests | 31.7 | 28 | 27 | |||||||||||
Net earnings attributable to controlling interests | 0.6 | 18.5 | 4 | |||||||||||
Net foreign exchange gain | 2.9 | (1.8) | 0.1 | |||||||||||
Total revenues | 1,747.2 | 1,560.5 | 1,348.8 | |||||||||||
Total identifiable assets | 1,800.8 | 1,766.8 | 1,800.8 | 1,766.8 | 1,548.7 | |||||||||
Goodwill - net | 2.7 | 3 | 2.7 | 3 | 2.8 | |||||||||
Operating Segments [Member] | Corporate [Member] | Unites States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 1,747.2 | 1,560.5 | 1,348.8 | |||||||||||
Total revenues | 1,747.2 | 1,560.5 | 1,348.8 | |||||||||||
Total identifiable assets | $ 1,800.8 | $ 1,766.8 | 1,800.8 | 1,766.8 | 1,548.7 | |||||||||
Operating Segments [Member] | Commissions [Member] | Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 2,920.7 | 2,641 | 2,409.9 | |||||||||||
Total revenues | 2,920.7 | 2,641 | 2,409.9 | |||||||||||
Operating Segments [Member] | Broker Fees [Member] | Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 958.5 | 855.1 | 794.7 | |||||||||||
Total revenues | 958.5 | 855.1 | 794.7 | |||||||||||
Operating Segments [Member] | Broker Fees [Member] | Risk Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 797.8 | 736.8 | 697 | |||||||||||
Total revenues | 797.8 | 736.8 | 697 | |||||||||||
Operating Segments [Member] | Supplemental Revenue Member [Member] | Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 189.9 | 158 | 139.9 | |||||||||||
Total revenues | 189.9 | 158 | 139.9 | |||||||||||
Operating Segments [Member] | Contingent Revenue [Member] | Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 98 | 99.5 | 97.9 | |||||||||||
Total revenues | 98 | 99.5 | 97.9 | |||||||||||
Operating Segments [Member] | Investment income [Member] | Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 69.6 | 58.1 | 52.6 | |||||||||||
Total revenues | 69.6 | 58.1 | 52.6 | |||||||||||
Operating Segments [Member] | Investment income [Member] | Risk Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 0.5 | 0.6 | 1 | |||||||||||
Total revenues | 0.5 | 0.6 | 1 | |||||||||||
Operating Segments [Member] | Gains on Books of Business Sales [Member] | Brokerage [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 10.2 | 3.4 | 6.6 | |||||||||||
Total revenues | 10.2 | 3.4 | 6.6 | |||||||||||
Operating Segments [Member] | Clean Coal Activities [Member] | Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 1,746.3 | 1,560.5 | 1,350.1 | |||||||||||
Total revenues | 1,746.3 | 1,560.5 | 1,350.1 | |||||||||||
Operating Segments [Member] | Product and Service, Other [Member] | Corporate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 0.9 | (1.3) | ||||||||||||
Total revenues | 0.9 | (1.3) | ||||||||||||
Operating Segments [Member] | Reimbursements [Member] | Risk Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total revenues | 141.6 | 136 | 132.1 | |||||||||||
Total revenues | $ 141.6 | $ 136 | $ 132.1 | |||||||||||
[1] | See Note 3 - Revenues from Contracts with Customers for additional information about the restatements related to Topic 606. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 13.5 | $ 12.8 | $ 13.3 |
Amounts Recorded in Earnings | 5.8 | 5.4 | 4.9 |
Adjustments | (9.3) | (4.7) | (5.4) |
Balance at End of Year | 10 | 13.5 | 12.8 |
Allowance for Estimated Policy Cancellations [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 7.4 | 7.1 | 7.4 |
Amounts Recorded in Earnings | (1.2) | 2.1 | 0.2 |
Adjustments | 1.6 | (1.8) | (0.5) |
Balance at End of Year | 7.8 | 7.4 | 7.1 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 79.1 | 66.8 | 52.8 |
Amounts Recorded in Earnings | (11.7) | 12.3 | 14 |
Balance at End of Year | 67.4 | 79.1 | 66.8 |
Accumulated Amortization of Expiration Lists, Noncompete Agreements and Trade Names [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,490.7 | 1,203.6 | 983.9 |
Amounts Recorded in Earnings | 291.3 | 264.7 | 247.2 |
Adjustments | (31.6) | 22.4 | (27.5) |
Balance at End of Year | $ 1,750.4 | $ 1,490.7 | $ 1,203.6 |