Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document and Entity Information [Abstract] | |
Amendment Flag | false |
Document Type | 10-Q |
Document Fiscal Year Focus | 2019 |
Entity Interactive Data Current | Yes |
Document Fiscal Period Focus | Q2 |
Document Quarterly Report | true |
Entity Central Index Key | 0000354190 |
Document Transition Report | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2019 |
Entity Registrant Name | GALLAGHER ARTHUR J & CO |
Entity File Number | 1-09761 |
Entity Tax Identification Number | 36-2151613 |
Entity Incorporation, State or Country Code | DE |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 2850 W. Golf Road |
Entity Address, City or Town | Rolling Meadows |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60008-4050 |
City Area Code | 630 |
Local Phone Number | 773-3800 |
Trading Symbol | AJG |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Stock |
Entity Common Stock, Shares Outstanding | 186,070,000 |
Consolidated Statement of Earni
Consolidated Statement of Earnings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues before reimbursements | $ 1,624.8 | $ 1,625 | $ 3,582.3 | $ 3,427.9 |
Total revenues | 1,657.8 | 1,660.4 | 3,648.4 | 3,498.1 |
Compensation | 806.3 | 724.7 | 1,643.4 | 1,500.5 |
Operating | 257.7 | 222.8 | 520.2 | 438.9 |
Reimbursements | 33 | 35.4 | 66.1 | 70.2 |
Cost of revenues from clean coal activities | 292 | 441.8 | 674.5 | 873 |
Interest | 44.9 | 33.9 | 85.1 | 65.2 |
Depreciation | 35.3 | 30.8 | 69.3 | 61.4 |
Amortization | 79.7 | 73.4 | 156.2 | 141.6 |
Change in estimated acquisition earnout payables | 3.4 | (6) | 6.3 | 1.4 |
Total expenses | 1,552.3 | 1,556.8 | 3,221.1 | 3,152.2 |
Earnings before income taxes | 105.5 | 103.6 | 427.3 | 345.9 |
Benefit for income taxes | (15.9) | (20.1) | (45.8) | (63.8) |
Net earnings | 121.4 | 123.7 | 473.1 | 409.7 |
Net earnings attributable to noncontrolling interests | 11.3 | 8.8 | 28.9 | 21.1 |
Net earnings attributable to controlling interests | $ 110.1 | $ 114.9 | $ 444.2 | $ 388.6 |
Basic net earnings per share | $ 0.59 | $ 0.63 | $ 2.40 | $ 2.14 |
Diluted net earnings per share | 0.58 | 0.62 | 2.35 | 2.10 |
Dividends declared per common share | $ 0.43 | $ 0.41 | $ 0.86 | $ 0.82 |
Commissions [Member] | ||||
Total revenues | $ 777.7 | $ 688 | $ 1,718.1 | $ 1,527.4 |
Broker Fees [Member] | ||||
Total revenues | 464.7 | 422.2 | 929.4 | 870.3 |
Supplemental Revenue Member [Member] | ||||
Total revenues | 46.9 | 48.1 | 103.6 | 100.1 |
Contingent Revenue [Member] | ||||
Total revenues | 29.5 | 21.8 | 77.5 | 56.7 |
Investment income [Member] | ||||
Total revenues | 19.6 | 15.8 | 37.9 | 29.2 |
Gains On Divestitures [Member] | ||||
Total revenues | 1.9 | 6.1 | 59 | 9 |
Clean Coal Activities [Member] | ||||
Total revenues | 284.4 | 422.4 | 656.7 | 834.6 |
Other net gains [Member] | ||||
Total revenues | 0.1 | 0.6 | 0.1 | 0.6 |
Reimbursements [Member] | ||||
Total revenues | $ 33 | $ 35.4 | $ 66.1 | $ 70.2 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 121.4 | $ 123.7 | $ 473.1 | $ 409.7 |
Change in pension liability, net of taxes | 0.8 | (5.5) | 2.4 | 1.5 |
Foreign currency translation, net of taxes in 2019 | (60.7) | (150.7) | 13.8 | (88.4) |
Change in fair value of derivative investments, net of taxes | (21.1) | 4.3 | (32.9) | (2.5) |
Comprehensive earnings (loss) | 40.4 | (28.2) | 456.4 | 320.3 |
Comprehensive earnings attributable to noncontrolling interests | 11.1 | 3.3 | 29.3 | 17.8 |
Comprehensive earnings (loss) attributable to controlling interests | $ 29.3 | $ (31.5) | $ 427.1 | $ 302.5 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 512.3 | $ 607.2 |
Restricted cash | 2,034.3 | 1,629.6 |
Premiums and fees receivable | 6,007.6 | 4,857.5 |
Other current assets | 993.2 | 1,024.4 |
Total current assets | 9,547.4 | 8,118.7 |
Fixed assets - net | 458 | 436.9 |
Deferred income taxes | 905.7 | 806.2 |
Other noncurrent assets | 670.1 | 573.6 |
Right-of-use assets | 368.4 | |
Goodwill | 5,241.9 | 4,625.6 |
Amortizable intangible assets - net | 2,008.8 | 1,773 |
Total assets | 19,200.3 | 16,334 |
Premiums payable to underwriting enterprises | 6,873.8 | 5,740.2 |
Accrued compensation and other current liabilities | 1,067.4 | 1,055.1 |
Deferred revenue - current | 429 | 379.3 |
Premium financing debt | 137.3 | 154 |
Corporate related borrowings - current | 425 | 365 |
Total current liabilities | 8,932.5 | 7,693.6 |
Corporate related borrowings - noncurrent | 3,815.6 | 3,091.4 |
Deferred revenue - noncurrent | 75.3 | 78.4 |
Lease liabilities - noncurrent | 327.4 | |
Other noncurrent liabilities | 1,101.7 | 900.9 |
Total liabilities | 14,252.5 | 11,764.3 |
Stockholders' equity: | ||
Common stock - issued and outstanding 186.1 shares in 2019 and 184.0 shares in 2018 | 186.1 | 184 |
Capital in excess of par value | 3,656.5 | 3,541.9 |
Retained earnings | 1,839.3 | 1,558.6 |
Accumulated other comprehensive loss | (802.5) | (785.6) |
Stockholders' equity attributable to controlling interests | 4,879.4 | 4,498.9 |
Stockholders' equity attributable to noncontrolling interests | 68.4 | 70.8 |
Total stockholders' equity | 4,947.8 | 4,569.7 |
Total liabilities and stockholders' equity | $ 19,200.3 | $ 16,334 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock - issued shares | 186.1 | 184 |
Common stock - outstanding shares | 186.1 | 184 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 473.1 | $ 409.7 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Net gain on investments and other | (58.7) | (7.6) |
Depreciation and amortization | 225.5 | 203 |
Change in estimated acquisition earnout payables | 6.3 | 1.4 |
Amortization of deferred compensation and restricted stock | 22.7 | 21.9 |
Stock-based and other noncash compensation expense | 7.1 | 6.4 |
Payments on acquisition earnouts in excess of original estimates | (9.8) | (20) |
Effect of changes in foreign exchange rates | 4.1 | (1.4) |
Net change in premiums and fees receivable | (1,109) | (1,097.3) |
Net change in deferred revenue | 27 | 32.4 |
Net change in premiums payable to underwriting enterprises | 1,079.2 | 1,106.9 |
Net change in other current assets | 50.4 | 1 |
Net change in accrued compensation and other current liabilities | (167.8) | (135.7) |
Net change in income taxes payable | 5.6 | 4.7 |
Net change in deferred income taxes | (93.6) | (146.4) |
Net change in other noncurrent assets and liabilities | (42.5) | (65.7) |
Net cash provided by operating activities | 419.6 | 313.3 |
Cash flows from investing activities: | ||
Capital expenditures | (75.3) | (62.7) |
Cash paid for acquisitions, net of cash and restricted cash acquired | (733.9) | (395.4) |
Net proceeds from sales of operations/books of business | 77.1 | 12.1 |
Net funding of investment transactions | (0.7) | 0.3 |
Net cash used by investing activities | (732.8) | (445.7) |
Cash flows from financing activities: | ||
Payments on acquisition earnouts | (14) | (25.1) |
Proceeds from issuance of common stock | 65.1 | 47.7 |
Repurchases of common stock | (11.3) | |
Payments to noncontrolling interests | (30.6) | (22.2) |
Dividends paid | (159.7) | (150.9) |
Net borrowings on premium financing debt facility | (15.4) | (34.5) |
Borrowings on line of credit facility | 2,000 | 1,805 |
Repayments on line of credit facility | (1,940) | (1,860) |
Net borrowings of corporate related long-term debt | 725 | 450 |
Debt acquisition costs | (3.9) | |
Settlements on terminated interest rate swaps | (6.4) | 2.9 |
Net cash provided by financing activities | 620.1 | 201.6 |
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash | 2.9 | (29.5) |
Net increase in cash, cash equivalents and restricted cash | 309.8 | 39.7 |
Cash, cash equivalents and restricted cash at beginning of period | 2,236.8 | 2,305 |
Cash, cash equivalents and restricted cash at end of period | $ 2,546.6 | $ 2,344.7 |
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] |
Beginning Balance at Dec. 31, 2017 | $ 4,164.9 | $ 181 | $ 3,388.2 | $ 1,095.9 | $ (559.9) | $ 59.7 | ||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 181 | 181 | ||||||||||
Adoption of Topic 606 (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2017 | $ 134.8 | $ 125.9 | $ 4.5 | $ 4.4 | ||||||||
Beginning Balance, as restated at Dec. 31, 2017 | 4,299.7 | $ 181 | $ 3,388.2 | 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 | 286 | 273.7 | 12.3 | |||||||||
Dividends paid to noncontrolling interests | (8.7) | (8.7) | ||||||||||
Net change in pension asset/liability, net of taxes | 0.9 | 0.9 | ||||||||||
Foreign currency translation | 58.4 | 56.2 | 2.2 | |||||||||
Change in fair value of derivative instruments, net of taxes | 5.4 | 5.4 | ||||||||||
Compensation expense related to stock option plan grants | 4.8 | 4.8 | ||||||||||
Common stock issued in: purchase transactions | 6.5 | $ 0.1 | 6.4 | |||||||||
Common stock issued in: purchase transactions (in shares) | 0.1 | |||||||||||
Stock option plans | 28.2 | $ 0.8 | 27.4 | |||||||||
Stock option plans (in shares) | 0.8 | |||||||||||
Employee stock purchase plan | 4.1 | $ 0.1 | 4 | |||||||||
Employee stock purchase plan (in shares) | 0.1 | |||||||||||
Deferred compensation and restricted stock | (14.1) | $ 0.2 | (14.3) | |||||||||
Deferred compensation and restricted stock (in shares) | 0.2 | |||||||||||
Common stock repurchases | (11.3) | $ (0.1) | (11.2) | |||||||||
Common stock repurchases (in shares) | (0.1) | |||||||||||
Cash dividends declared on common stock | (75.4) | (75.4) | ||||||||||
Ending Balance at Mar. 31, 2018 | 4,584.5 | $ 182.1 | 3,405.3 | 1,426.7 | (499.5) | 69.9 | ||||||
Ending Balance (in shares) at Mar. 31, 2018 | 182.1 | |||||||||||
Beginning Balance at Dec. 31, 2017 | $ 4,164.9 | $ 181 | $ 3,388.2 | $ 1,095.9 | $ (559.9) | $ 59.7 | ||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 181 | 181 | ||||||||||
Adoption of Topic 606 (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2017 | 134.8 | 125.9 | 4.5 | 4.4 | ||||||||
Beginning Balance, as restated at Dec. 31, 2017 | 4,299.7 | $ 181 | 3,388.2 | 1,221.8 | (555.4) | 64.1 | ||||||
Net earnings | 409.7 | |||||||||||
Net change in pension asset/liability, net of taxes | 1.5 | |||||||||||
Change in fair value of derivative instruments, net of taxes | (2.5) | |||||||||||
Compensation expense related to stock option plan grants | 6.4 | |||||||||||
Ending Balance at Jun. 30, 2018 | 4,513.1 | $ 182.6 | 3,446.4 | 1,466 | (651.4) | 69.5 | ||||||
Ending Balance (in shares) at Jun. 30, 2018 | 182.6 | |||||||||||
Beginning Balance at Mar. 31, 2018 | 4,584.5 | $ 182.1 | 3,405.3 | 1,426.7 | (499.5) | 69.9 | ||||||
Beginning Balance (in shares) at Mar. 31, 2018 | 182.1 | |||||||||||
Net earnings | 123.7 | 114.9 | 8.8 | |||||||||
Net purchase of subsidiary shares from noncontrolling interests | 2.9 | (1.6) | 4.5 | |||||||||
Dividends paid to noncontrolling interests | (8.2) | (8.2) | ||||||||||
Net change in pension asset/liability, net of taxes | (5.5) | 0.6 | ||||||||||
Foreign currency translation | (150.1) | (144.6) | (5.5) | |||||||||
Change in fair value of derivative instruments, net of taxes | 4.3 | (7.9) | ||||||||||
Compensation expense related to stock option plan grants | 1.6 | 1.6 | ||||||||||
Common stock issued in: purchase transactions | 14.2 | $ 0.2 | 14 | |||||||||
Common stock issued in: purchase transactions (in shares) | 0.2 | |||||||||||
Stock option plans | 6.4 | $ 0.2 | 6.2 | |||||||||
Stock option plans (in shares) | 0.2 | |||||||||||
Employee stock purchase plan | 9 | $ 0.1 | 8.9 | |||||||||
Employee stock purchase plan (in shares) | 0.1 | |||||||||||
Deferred compensation and restricted stock | 12 | 12 | ||||||||||
Cash dividends declared on common stock | (75.6) | (75.6) | ||||||||||
Ending Balance at Jun. 30, 2018 | 4,513.1 | $ 182.6 | 3,446.4 | 1,466 | (651.4) | 69.5 | ||||||
Ending Balance (in shares) at Jun. 30, 2018 | 182.6 | |||||||||||
Beginning Balance at Dec. 31, 2018 | 4,569.7 | $ 184 | 3,541.9 | 1,558.6 | (785.6) | 70.8 | ||||||
Beginning Balance (in shares) at Dec. 31, 2018 | 184 | |||||||||||
Adoption of Topic 606 (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2018 | (2.4) | (2.2) | (0.2) | |||||||||
Net earnings | 351.7 | 334.1 | 17.6 | |||||||||
Net purchase of subsidiary shares from noncontrolling interests | (0.3) | (0.2) | (0.1) | |||||||||
Dividends paid to noncontrolling interests | (11) | (11) | ||||||||||
Net change in pension asset/liability, net of taxes | 1.6 | 1.6 | ||||||||||
Foreign currency translation | 75.1 | 74.5 | 0.6 | |||||||||
Change in fair value of derivative instruments, net of taxes | (11.8) | (11.8) | ||||||||||
Compensation expense related to stock option plan grants | 3.6 | 3.6 | ||||||||||
Common stock issued in: purchase transactions | 37 | $ 0.5 | 36.5 | |||||||||
Common stock issued in: purchase transactions (in shares) | 0.5 | |||||||||||
Stock option plans | 28.1 | $ 0.7 | 27.4 | |||||||||
Stock option plans (in shares) | 0.7 | |||||||||||
Employee stock purchase plan | 4.7 | $ 0.1 | 4.6 | |||||||||
Employee stock purchase plan (in shares) | 0.1 | |||||||||||
Deferred compensation and restricted stock | (7.5) | (7.5) | ||||||||||
Cash dividends declared on common stock | (80.3) | (80.3) | ||||||||||
Ending Balance at Mar. 31, 2019 | 4,958.2 | $ 185.3 | 3,606.3 | 1,810.2 | (721.5) | 77.9 | ||||||
Ending Balance (in shares) at Mar. 31, 2019 | 185.3 | |||||||||||
Beginning Balance at Dec. 31, 2018 | 4,569.7 | $ 184 | 3,541.9 | 1,558.6 | (785.6) | 70.8 | ||||||
Beginning Balance (in shares) at Dec. 31, 2018 | 184 | |||||||||||
Adoption of Topic 606 (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2018 | (2.4) | (2.2) | (0.2) | |||||||||
Net earnings | 473.1 | |||||||||||
Net change in pension asset/liability, net of taxes | 2.4 | |||||||||||
Change in fair value of derivative instruments, net of taxes | (32.9) | |||||||||||
Compensation expense related to stock option plan grants | $ 7.1 | |||||||||||
Stock option plans (in shares) | 1.3 | |||||||||||
Ending Balance at Jun. 30, 2019 | $ 4,947.8 | $ 186.1 | 3,656.5 | 1,839.3 | (802.5) | 68.4 | ||||||
Ending Balance (in shares) at Jun. 30, 2019 | 186.1 | |||||||||||
Beginning Balance at Mar. 31, 2019 | 4,958.2 | $ 185.3 | 3,606.3 | 1,810.2 | (721.5) | 77.9 | ||||||
Beginning Balance (in shares) at Mar. 31, 2019 | 185.3 | |||||||||||
Net earnings | 121.4 | 110.1 | 11.3 | |||||||||
Net purchase of subsidiary shares from noncontrolling interests | (7.3) | (7.3) | ||||||||||
Dividends paid to noncontrolling interests | (13.3) | (13.3) | ||||||||||
Net change in pension asset/liability, net of taxes | 0.8 | 0.8 | ||||||||||
Foreign currency translation | (60.9) | (60.7) | (0.2) | |||||||||
Change in fair value of derivative instruments, net of taxes | (21.1) | (21.1) | ||||||||||
Compensation expense related to stock option plan grants | 3.5 | 3.5 | ||||||||||
Common stock issued in: purchase transactions | 11 | $ 0.1 | 10.9 | |||||||||
Common stock issued in: purchase transactions (in shares) | 0.1 | |||||||||||
Stock option plans | 21.8 | $ 0.5 | 21.3 | |||||||||
Stock option plans (in shares) | 0.5 | |||||||||||
Employee stock purchase plan | 10.5 | $ 0.1 | 10.4 | |||||||||
Employee stock purchase plan (in shares) | 0.1 | |||||||||||
Deferred compensation and restricted stock | 4.2 | $ 0.1 | 4.1 | |||||||||
Deferred compensation and restricted stock (in shares) | 0.1 | |||||||||||
Cash dividends declared on common stock | (81) | (81) | ||||||||||
Ending Balance at Jun. 30, 2019 | $ 4,947.8 | $ 186.1 | $ 3,656.5 | $ 1,839.3 | $ (802.5) | $ 68.4 | ||||||
Ending Balance (in shares) at Jun. 30, 2019 | 186.1 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Tax effect on net change in pension asset/liability | $ 0.2 | $ 0.4 | $ 3.7 | $ 0.6 |
Net change in fair value of derivative instruments, tax | 7.1 | 4.4 | $ 0.2 | $ 1.2 |
Foreign currency translation, net of taxes | $ 0.4 | $ 2.5 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
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 Underwriting enterprises Nature of Operations and Basis of Presentation 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 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 primarily generated from our premium financing operations, our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. In addition, our share of the net earnings related to partially owned entities that are accounted for using the equity method is included in investment income. 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. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to such rules and regulations. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited consolidated financial statements for the year ended December 31, 2018, except as disclosed in Note 2, and include all normal recurring adjustments necessary for a fair presentation of the information set forth. The quarterly results of operations are not necessarily indicative of the results of operations to be reported for subsequent quarters or the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K 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 periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, right-of-use |
Effect of New Accounting Pronou
Effect of New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Effect of New Accounting Pronouncements | 2. Effect of New Accounting Pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, , 2018-11, right-of-use We adopted ASC Topic 842 for all leases effective January 1, 2019, using the modified retrospective approach allowing us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the first quarter of 2019. Consequently, the reporting for the comparative prior year periods presented in 2019 will continue to be in accordance with the previous lease guidance under ASC Topic 840, including comparative disclosure requirements. We elected the package of practical expedients to carryforward historical identification and classification of leases that commenced before January 1, 2019 and to not re-assess non-lease right-of-use Right-of-use right-of-use right-of-use Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, 2017-12, We adopted ASU 2017-12 2017-12, mark-to-market Income Taxes In February 2018, the FASB issued ASU No. 2018-02, 740-10-45-15, 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, 715-20): We do not expect adoption of either standard will have a material impact on our consolidated financial statements. 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 350-40): internal-use |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations During the six-month Name and Effective Date of Acquisition Common Common Cash Paid Accrued Escrow Recorded Total Maximum (000s) Inversion Holding Company, LLC (IHC) January 1, 2019 452 $ 35.9 $ 31.2 $ — $ 4.5 $ 20.9 $ 92.5 $ 35.0 Jones Brown Inc. (JBI) January 1, 2019 — — 65.9 — 8.7 — 74.6 — Stackhouse Poland Group Limited (SPG) April 5, 2019 — — 326.8 — 4.8 — 331.6 — RPA Insurance Services LLC (RPA) May 1, 2019 — — 44.0 — 3.9 16.9 64.8 22.0 JLT Aerospace (JLT) June 1, 2019 — — 162.8 — — 63.6 226.4 75.1 19 other acquisitions completed in 2019 71 5.3 118.9 0.2 8.4 30.8 163.6 79.7 523 $ 41.2 $ 749.6 $ 0.2 $ 30.3 $ 132.2 $ 953.5 $ 211.8 Common shares issued in connection with acquisitions are valued at closing market prices as of the effective date of the applicable acquisition or on the days when the shares are issued if purchase consideration is deferred. 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 20.0% for our 2019 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 rates of return that reflect the ability of the acquired entity to achieve the targets. The discount rates generally ranged from 7.5% to 8.2% for all of our 2019 acquisitions. Changes in financial projections, market participant assumptions for revenue growth and/or profitability, or the risk-adjusted discount rate, would result in a change in the fair value of recorded earnout obligations. During the three-month periods ended June 30 , 2019 and 2018 , we recognized $5.8 million and $4.9 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. During the six-month 30 , 2019 and 2018 , we recognized $11.4 million and $10.0 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 the three-month periods ended June 30 , 2019 and 2018 , we recognized $2.4 million and $10.9 million of income, 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 46 and 49 acquisitions, respectively. In addition, during the six-month 30 , 2019 and 2018 , we recognized $5.1 million and $8.6 million of income, 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 68 and 76 acquisitions, respectively. The aggregate amount of maximum earnout obligations related to acquisitions was $732.6 million as of June 30 , 2019 , of which $393.4 million was recorded in the consolidated balance sheet as of June 30 , 2019 , 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 the six-month IHC JBI SPG RPA JLT 19 Other Total Cash $ — $ 2.7 $ 13.6 $ — $ — $ 2.0 $ 18.3 Other current assets 3.8 22.2 35.9 10.6 6.3 16.4 95.2 Fixed assets 0.3 1.1 3.1 0.2 — 0.5 5.2 Noncurrent assets 0.5 2.9 9.9 0.7 2.9 4.5 21.4 Goodwill 41.8 51.2 302.6 34.5 106.2 68.0 604.3 Expiration lists 50.6 22.7 56.8 32.6 118.8 93.1 374.6 Non-compete 1.1 0.8 11.4 0.1 2.4 0.7 16.5 Trade names — — — — 2.3 — 2.3 Total assets acquired 98.1 103.6 433.3 78.7 238.9 185.2 1,137.8 Current liabilities 5.1 20.4 78.5 13.2 12.5 14.1 143.8 Noncurrent liabilities 0.5 8.6 23.2 0.7 — 7.5 40.5 Total liabilities assumed 5.6 29.0 101.7 13.9 12.5 21.6 184.3 Total net assets acquired $ 92.5 $ 74.6 $ 331.6 $ 64.8 $ 226.4 $ 163.6 $ 953.5 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 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 each 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 2.5% to 3.0% and 5.0% to 6.5%, respectively, for our 2018 and 2019 acquisitions for which valuations were performed in 2019. 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 12.0% to 12.5% for our 2018 and 2019 acquisitions for which valuations were performed in 2019. The fair value of non-compete non-compete Expiration lists, non-compete two fifteen years three five years non-compete two fifteen years Of the $374.6 million of expiration lists, $16.5 million of non-compete six-month six-month Our consolidated financial statements for the six-month six-month The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1 , 2018 (in millions, except per share data): Three-month Six-month 2019 2018 2019 2018 Total revenues $ 1,672.1 $ 1,717.3 $ 3,696.3 $ 3,602.5 Net earnings attributable to controlling interests 109.1 117.0 435.8 386.4 Basic net earnings per share 0.59 0.64 2.35 2.12 Diluted net earnings per share 0.57 0.63 2.30 2.08 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, 2018, nor are they necessarily indicative of future operating results. Annualized revenues of entities acquired during the six-month six-month six-month |
Contracts with Customers
Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contracts with Customers | 4. Contracts with Customers Contract Assets and Liabilities/Contract Balances Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions): June 30, 2019 December 31, 2018 Unbilled receivables $ 703.9 $ 496.2 Deferred contract costs 64.9 91.6 Deferred revenue 504.3 457.7 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, 2018 $ 284.7 $ 173.0 $ 457.7 Incremental deferred revenue 234.3 77.1 311.4 Revenue recognized during the six-month (205.3 ) (79.4 ) (284.7 ) Deferred revenue recognized from business acquisitions 19.9 — 19.9 Deferred revenue at June 30, 2019 $ 333.6 $ 170.7 $ 504.3 Remaining Performance Obligations Remaining performance obligations represent the portion of the contract price for which work has not been performed. As of June 30, 2019, the aggregate amount of the contract price allocated to remaining performance obligations was $504.3 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 (remaining six months) $ 240.4 $ 68.9 $ 309.3 2020 64.4 44.6 109.0 2021 21.9 20.9 42.8 2022 5.7 11.9 17.6 2023 0.6 6.9 7.5 Thereafter 0.6 17.5 18.1 Total $ 333.6 $ 170.7 $ 504.3 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 $64.9 million and $91.6 million as of June 30, 2019 and December 31, 2018, respectively. Capitalized fulfillment costs are amortized on the contract effective date. The amount of amortization of the deferred contract costs was $191.9 million and $168.5 million for the six-month We have applied 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. |
Other Financial Data
Other Financial Data | 6 Months Ended |
Jun. 30, 2019 | |
Other Financial Data Disclosure [Abstract] | |
Other Financial Data | 5. Other Financial Data Other Current Assets Major classes of other current assets consist of the following (in millions): June 30, December 31, Premium finance advances and loans $ 340.9 $ 316.2 Accrued supplemental, direct bill and other receivables 368.5 348.2 Refined coal production related receivables 117.4 160.2 Deferred contract costs 64.9 91.6 Prepaid expenses 101.5 108.2 Total other current assets $ 993.2 $ 1,024.4 The premium finance loans represent short-term loans which we make to many of our brokerage related clients and other non-brokerage |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The carrying amount of goodwill at June 30, 2019 and December 31, 2018 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At June 30, 2019 United States $ 2,861.9 $ 29.6 $ — $ 2,891.5 United Kingdom 1,144.6 8.8 — 1,153.4 Canada 446.5 — — 446.5 Australia 415.7 0.3 — 416.0 New Zealand 207.9 10.1 — 218.0 Other foreign 113.4 — 3.1 116.5 Total goodwill $ 5,190.0 $ 48.8 $ 3.1 $ 5,241.9 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 $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 The changes in the carrying amount of goodwill for the six-month Brokerage Risk Corporate Total Balance as of December 31, 2018 $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 Goodwill acquired during the period 603.9 — 0.4 604.3 Goodwill adjustments due to appraisals and other acquisition adjustments 17.3 (0.3 ) — 17.0 Goodwill written-off (7.2 ) — — (7.2 ) Foreign currency translation adjustments during the period 2.4 (0.2 ) — 2.2 Balance as of June 30, 2019 $ 5,190.0 $ 48.8 $ 3.1 $ 5,241.9 Major classes of amortizable intangible assets at June 30, 2019 and December 31, 2018 consist of the following (in millions): June 30, December 31, Expiration lists $ 3,749.6 $ 3,379.4 Accumulated amortization - expiration lists (1,824.6 ) (1,676.8 ) 1,925.0 1,702.6 Non-compete 74.6 58.0 Accumulated amortization - non-compete (51.5 ) (48.5 ) 23.1 9.5 Trade names 88.4 86.0 Accumulated amortization - trade names (27.7 ) (25.1 ) 60.7 60.9 Net amortizable assets $ 2,008.8 $ 1,773.0 Estimated aggregate amortization expense for each of the next five years and thereafter is as follows: 2019 (remaining six months) $ 162.3 2020 311.8 2021 287.5 2022 258.3 2023 232.9 Thereafter 756.0 Total $ 2,008.8 |
Credit and Other Debt Agreement
Credit and Other Debt Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Credit and Other Debt Agreements | 7. Credit and Other Debt Agreements The following is a summary of our corporate and other debt (in millions): June 30, December 31, 2019 2018 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 3.20%, balloon due June 24, 2019 $ — $ 50.0 Semi-annual payments of interest, fixed rate of 5.85%, balloon due November 30, 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 4.72%, balloon due February 13, 2024 100.0 — 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 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 4.85%, balloon due February 13, 2026 140.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.04%, balloon due February 13, 2029 100.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.14%, balloon due March 13, 2031 180.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.29%, balloon due March 13, 2034 40.0 — Semi-annual payments of interest, fixed rate of 4.48%, balloon due June 12, 2034 175.0 — Semi-annual payments of interest, fixed rate of 4.69%, balloon due June 13, 2038 75.0 75.0 Semi-annual payments of interest, fixed rate of 5.45%, balloon due March 13, 2039 40.0 — Total Note Purchase Agreements 3,923.0 3,198.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires June 7, 2024 325.0 265.0 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 111.7 133.9 NZD denominated tranche — 10.1 Facility C and D AUD denominated tranche 15.6 — NZD denominated tranche 10.0 10.0 Total Premium Financing Debt Facility 137.3 154.0 Total corporate and other debt 4,385.3 3,617.0 Less unamortized debt acquisition costs on Note Purchase Agreements (7.4 ) (6.6 ) Net corporate and other debt $ 4,377.9 $ 3,610.4 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 8. Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share (in millions, except per share data): Three-month June 30, Six-month 2019 2018 2019 2018 Net earnings attributable to controlling interests $ 110.1 $ 114.9 $ 444.2 $ 388.6 Weighted average number of common shares outstanding 185.8 182.4 185.1 181.9 Dilutive effect of stock options using the treasury stock method 4.0 3.1 4.0 3.3 Weighted average number of common and common equivalent shares outstanding 189.8 185.5 189.1 185.2 Basic net earnings per share $ 0.59 $ 0.63 $ 2.40 $ 2.14 Diluted net earnings per share $ 0.58 $ 0.62 $ 2.35 $ 2.10 Anti-dilutive stock-based awards of 1.3 million and 1.7 million shares were outstanding at June 30, 2019 and 2018, respectively, but were excluded in the computation of the dilutive effect of stock-based awards for the three-month six-month |
Stock Option Plans
Stock Option Plans | 6 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Stock Option Plans | 9. Stock Option Plans On May 16, 2017, our stockholders approved the Arthur J. Gallagher & Co. 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 2.8 million at June 30, 2019. 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 14, 2019, the compensation committee granted 1,283,300 options under the 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 2022, 2023 and 2024, respectively. On March 15, 2018, the compensation committee granted 1,261,000 options under the 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. The 2019 and 2018 options expire seven years During the three-month periods ended June 30, 2019 and 2018, we recognized $3.6 million and $1.6 million, respectively, of compensation expense related to our stock option grants. During the six-month For purposes of expense recognition, 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: 2019 2018 Expected dividend yield 1.7 % 2.3 % Expected risk-free interest rate 2.5 % 2.7 % Volatility 15.6 % 15.1 % Expected life (in years) 5.5 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. The weighted average fair value per option for all options granted during the six-month The following is a summary of our stock option activity and related information for 2019 (in millions, except exercise price and year data): Six-month Shares Weighted Weighted Aggregate Beginning balance 8.8 $ 50.16 Granted 1.3 79.59 Exercised (1.3 ) 42.34 Forfeited or canceled (0.1 ) 55.66 Ending balance 8.7 $ 55.55 4.09 $ 279.0 Exercisable at end of period 2.7 $ 44.81 2.22 $ 113.7 Ending unvested and expected to vest 5.8 $ 59.67 4.85 $ 160.7 Options with respect to 13.1 million shares (less any shares of restricted stock issued under the LTIP - see Note 11 to these unaudited consolidated financial statements) were available for grant under the LTIP at June 30 , 2019 . The total intrinsic value of options exercised during the six-month periods ended June 30, 2019 and 2018 was $48.3 million and $33.4 million, respectively. As of June 30, 2019, we had approximately $36.4 million of total unrecognized compensation expense 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 June 30, 2019 is summarized as follows (in millions, except exercise price and year data): Options Outstanding Options Exercisable Weighted Average Remaining Weighted Weighted Contractual Average Average Number Term Exercise Number Exercise Range of Exercise Prices Outstanding (in years) Price Exercisable Price $ 39.17 — $ 39.17 0.4 0.70 $ 39.17 0.5 $ 39.17 43.71 — 43.71 2.0 3.72 43.71 0.5 43.71 46.17 — 46.87 2.3 2.27 46.47 1.7 46.56 47.92 63.60 1.5 4.71 56.83 — — 70.74 — 70.74 1.2 5.71 70.74 — — 79.59 — 79.59 1.3 6.71 79.59 — — $ 39.17 — $ 79.59 8.7 4.09 $ 55.55 2.7 $ 44.81 |
Deferred Compensation
Deferred Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation | 10. Deferred Compensation We have a Deferred Equity Participation Plan (which we refer to as the DEPP), which is a non-qualified 62 (or the one-year 61 as of the grant date) and are subject to forfeiture in the event of voluntary termination of employment prior to then. DEPP awards are generally made annually in the first quarter. In addition, we annually make 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 the earlier of fifteen years or the participant reaching age 65. All contributions to the plan (including sub-plans) Our common stock that is issued to or purchased by the rabbi trust as a contribution under the 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 quarters of 2019 and 2018 , the compensation committee approved $10.1 million and $11.5 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 2019 and 2018 , respectively. 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 2019 and 2018 awards. During the three-month periods ended June 30 , 2019 and 2018 , we charged $2.6 million and $2.4 million, respectively, to compensation expense related to these awards. During the six-month 30 , 2019 and 2018 , we charged $4.6 million and $4.3 million, respectively, to compensation expense related to these awards. In the first quarters of 2019 and 2018, the compensation committee approved $2.6 million and $0.9 million, respectively, of awards under the sub-plans six-month sub-plans six-month At June 30, 2019 and December 31, 2018, we recorded $73.0 million (related to 2.9 million shares) and $57.6 million (related to 2.7 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 June 30, 2019 and December 31, 2018 was $254.9 million and $199.8 million, respectively. During the six-month six-month We have a Deferred Cash Participation Plan (which we refer to as the DCPP), which is a non-qualified three-month six-month six-month six-month |
Restricted Stock, Performance S
Restricted Stock, Performance Share and Cash Awards | 6 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Restricted Stock, Performance Share and Cash Awards | 11. Restricted Stock, Performance Share and Cash Awards Restricted Stock Awards As discussed in Note 9 to these unaudited 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 June 30, 2019, 2.8 million shares were available for grant under the LTIP for such awards. In the first quarters of 2019 and 2018, we granted 399,900 and 420,200 restricted stock units, respectively, to employees under the LTIP, with an aggregate fair value of $31.8 million and $28.7 million, respectively, at the date of grant. These 2019 and 2018 awards of restricted stock units vest as follows: 399,900 units granted in the first quarter of 2019 and 420,200 units granted in the first quarter of 2018, vest in full based on continued employment through March 14, 2024 and March 15, 2023, respectively. For our executive officers age 55 or older, restricted stock units are not subject to forfeiture upon such officers’ departure from the company after two years from the date of grant. 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 the three-month periods ended June 30, 2019 and 2018, we recognized $8.4 million and $8.2 million, respectively, to compensation expense related to restricted stock unit awards granted in 2012 through 2019. During the six-month During the six-month period ended June 30 , 2019 , equity awards (including accrued dividends) with an aggregate value of $2.0 million, were vested and distributed to employees under this plan. During the six-month 30 , 2018 , equity awards (including accrued dividends) with an aggregate fair value of $22.4 million, were vested and distributed to employees under this plan. Performance Share Awards On March 14, 2019 and March 15, 2018, pursuant to the LTIP, the compensation committee approved 73,600 and 78,200, respectively of provisional performance unit awards, with an aggregate fair value of $5.8 million and $5.3 million, respectively, for future grants to our officers and key employees. Each performance unit award was equivalent to the value of one three three six-month Cash Awards On March 14, 2019, pursuant to our Performance Unit Program (which we refer to as the Program), the compensation committee approved provisional cash awards of $16.5 million in the aggregate for future grants to our officers and key employees that are denominated in units (206,800 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 three six-month 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. Terms of the 2018 provisional awards were similar to the terms of the 2019 provisional awards. Based on our performance for 2018, we granted 190,000 units under the Program in the first quarter of 2019 that will fully vest on January 1, 2021. During the three-month period ended June 30, 2019, we recognized $2.2 million to compensation expense related to these awards. During the six-month six-month On March 16, 2017, pursuant to the Program, the compensation committee approved provisional cash awards of $14.3 million in the aggregate for future grant 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 awards 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 the first quarter of 2018 that will fully vest on January 1, 2020. During the three-month periods ended June 30, 2019 and 2018, we recognized $2.6 million and $1.9 million to compensation expense related to these 2017 awards. During the six-month On March 17, 2016, pursuant to the Program, the compensation committee approved provisional cash awards of $17.4 million in the aggregate for future grant 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 awards were approved. Terms of the 2016 provisional awards were similar to the terms of the 2017 provisional awards. Based on our performance for 2016, we granted 383,000 units under the Program in the first quarter of 2017 that fully vested on January 1, 2019. During the three-month period ended June 30, 2018, we recognized $2.4 million to compensation expense related to these 2016 awards. During the six-month During the six-month six-month |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 12. Investments The following is a summary of our investments, included in other noncurrent assets in the consolidated balance sheet (in millions): June 30, 2019 December 31, 2018 Chem-Mod $ 4.0 $ 4.0 Chem-Mod 2.0 2.0 Clean-coal investments: Controlling interest in six limited liability companies that own fourteen 2009 Era Clean Coal Plants 2.5 5.1 Non-controlling 0.3 0.4 Controlling interest in seventeen limited liability companies that own nineteen 2011 Era Clean Coal Plants 36.0 43.0 Other investments 4.4 5.0 Total investments $ 49.2 $ 59.5 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 13. Leases We have operating leases primarily related to branch facilities, data centers, sales offices, and agent locations, automobiles and office equipment. Many of our leases include both lease (fixed rent payments) and non-lease non-lease We exclude options to extend or terminate a lease from our recognition as part of our right-of-use As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. We consider qualitative factors including our derived credit rating, notched adjustments for collateralization, lease term, and, if significant, adjustments to our collateralized rate to borrow in the same currency in which the lease is denominated. The components of lease expense are as follows (in millions): Lease Components Statement of Earnings Three-month Six-month Operating lease expense Operating expense $ 29.4 $ 58.9 Variable lease expense Operating expense 4.5 9.0 Sublease income Investment income (0.3 ) (0.6 ) Net lease expense $ 33.6 $ 67.3 Variable lease cost consist primarily of common area and other maintenance costs for our lease facilities, as well as variable lease payments related to indexed and/or market adjustments. Our sublease income derives primarily from a few office lease arrangements and we have no significant sublease losses. Supplemental Cash Flow Information Related to Leases (in millions) Six-month Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 57.6 Right-of-use 25.2 We present all noncash transactions related to adjustments to the lease liability or right-of- Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): Lease Components Balance Sheet Classification June 30, 2019 Lease right-of-use Right-of-use $ 368.4 Other current lease liabilities Accrued compensation and other current liabilities $ 75.4 Lease liabilities Lease liabilities - noncurrent 327.4 Total lease liabilities $ 402.8 Weighted-average remaining lease term, years 5.4 years Weighted-average discount rate 3.9 % Maturities of operating lease liabilities for each of the next five years and thereafter are as follows: 2019 (remaining six months) $ 48.5 2020 100.3 2021 85.2 2022 66.4 2023 51.3 Thereafter 100.0 Total lease payments 451.7 Less interest (48.9 ) Total $ 402.8 Our leases have remaining lease terms of 0.2 years to 13.6 years, some of which may include options to extend the leases for up to 5.0 years, and some of which may include options to terminate the leases. As of June 30, 2019, we have additional leases that have not yet commenced of $3.9 million. These leases will commence in 2019 with lease terms of 3.0 years to 7.4 years. |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activity | 14. Derivatives and Hedging Activity We adopted ASU 2017-12 2017-12. 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 June 30, 2019. The notional and fair values of derivatives designated as hedging instruments are as follows at June 30, 2019 and December 31, 2018 (in millions): Derivative Assets Derivative Liabilities Instrument Notional Balance Sheet Classification Fair Balance Sheet Classification Fair At June 30, 2019 Interest rate contracts $ 600.0 Other current assets $ — Accrued compensation and other current liabilities $ 20.3 Other noncurrent liabilities 28.9 Foreign exchange contracts (1) 33.5 Other current assets 0.9 Accrued compensation and other current liabilities 3.3 Other noncurrent assets 2.5 Other noncurrent liabilities 4.0 Total $ 633.5 $ 3.4 $ 56.5 At December 31, 2018 Interest rate contracts $ 850.0 Other current assets $ 3.0 Accrued compensation and other current liabilities $ 13.0 Foreign exchange contracts (1) 51.4 Other current assets 0.9 Accrued compensation and other current liabilities 4.9 Other noncurrent assets 5.7 Other noncurrent liabilities 7.9 Total $ 901.4 $ 9.6 $ 25.8 (1) Included within foreign exchange contracts at June 30, 2019 were $215.0 million of call options offset with $215.0 million of put options, and $27.2 million of buy forwards offset with $63.2 million of sell forwards. 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. The effect of cash flow hedge accounting on accumulated other comprehensive earnings (loss) for the three-month and six-month Instrument Amount of Amount of Amount of Statement of Earnings Three-month period ended June 30, 2019 Interest rate contracts $ (25.8 ) $ (0.3 ) $ — Interest expense Foreign exchange contracts (3.6 ) (0.1 ) (0.2 ) Commission revenue (0.4 ) 0.3 Compensation expense (0.4 ) 0.3 Operating expense Total $ (29.4 ) $ (1.2 ) $ 0.4 Three-month period ended June 30, 2018 Interest rate contracts $ 1.7 $ 0.3 Interest expense Foreign exchange contracts (10.4 ) 0.4 Commission revenue 0.4 Compensation expense 0.2 Operating expense Total $ (8.7 ) $ 1.3 Six-month period ended June 30, 2019 Interest rate contracts $ (46.7 ) $ (0.6 ) $ — Interest expense Foreign exchange contracts 0.1 (0.2 ) (0.4 ) Commission revenue (0.6 ) 0.7 Compensation expense (0.5 ) 0.5 Operating expense Total $ (46.6 ) $ (1.9 ) $ 0.8 Six-month Interest rate contracts $ 5.9 $ 0.5 Interest expense Foreign exchange contracts (6.1 ) 1.1 Commission revenue 0.9 Compensation expense 0.6 Operating expense Total $ (0.2 ) $ 3.1 (1) For the three-month and six-month periods ended June 30, 2019, the amounts excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive earnings were losses of $0.2 million and $0.3 million, respectively. We estimate that approximately $3.1 million of pretax loss currently included within accumulated other comprehensive loss will be reclassified into earnings in the next twelve months. |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Arrangements | 15. Commitments, Contingencies and Off-Balance In connection with our investing and operating activities, we have entered into certain contractual 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 and purchase commitments at June 30, 2019 were as follows (in millions): Payments Due by Period Contractual Obligations 2019 2020 2021 2022 2023 Thereafter Total Note purchase agreements $ 50.0 $ 100.0 $ 75.0 $ 200.0 $ 300.0 $ 3,198.0 $ 3,923.0 Credit Agreement 325.0 — — — — — 325.0 Premium Financing Debt Facility 137.3 — — — — — 137.3 Interest on debt 87.5 171.0 165.8 160.1 150.6 698.9 1,433.9 Total debt obligations 599.8 271.0 240.8 360.1 450.6 3,896.9 5,819.2 Operating lease obligations 48.5 100.3 85.2 66.4 51.3 100.0 451.7 Less sublease arrangements (1.0 ) (0.8 ) (0.8 ) (0.3 ) (0.2 ) (0.9 ) (4.0 ) Outstanding purchase obligations 34.7 41.7 34.1 16.8 8.0 23.1 158.4 Total contractual obligations $ 682.0 $ 412.2 $ 359.3 $ 443.0 $ 509.7 $ 4,019.1 $ 6,425.3 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. Note Purchase Agreements, Credit Agreement and Premium Financing Debt Facility - Operating Lease Obligations - 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. We have leased certain office space to several non-affiliated Outstanding Purchase Obligations - Off-Balance Sheet Commitments - Total Amount of Commitment Expiration by Period Amounts Off-Balance 2019 2020 2021 2022 2023 Thereafter Committed Letters of credit $ — $ — $ — $ — $ — $ 18.3 $ 18.3 Financial guarantees 0.1 0.2 0.2 0.2 0.2 0.6 1.5 Total commitments $ 0.1 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 18.9 $ 19.8 Since commitments may expire unused, the amounts presented in the table above do not necessarily reflect our actual future cash funding requirements. See the Off-Balance Since January 1, 2002, we have acquired 531 6 732.6 393.4 Off-Balance Sheet Debt - 1 50 At June 30, 2019, we had posted two 10.2 15.8 seven 6.3 one 1.3 one 0.5 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 Chem-Mod hem-Mod Chem-Mod TM Chem-Mod Chem-Mod Chem-Mod On July 17, 2019, Midwest Energy Emissions Corp. and MES Inc. (which we refer to together as Midwest Energy) filed a patent infringement lawsuit in the District of Delaware against over fifty parties including Arthur J. Gallagher & Co., certain of our subsidiaries, and Chem-Mod LLC. The complaint alleges that the named defendants infringe two patents held exclusively by Midwest Energy and seeks unspecified damages and injunctive relief. We dispute the allegations contained in the complaint and intend to defend this matter vigorously. We believe the probability of a material loss is remote. However, litigation is inherently uncertain and it is not possible for us to predict the ultimate outcome of either of these matters or the financial impact to us. An unfavorable outcome could negatively impact our results in one or more reporting periods and limit the ability of the clean energy operations in which we are invested to generate additional tax credits. A portion of our brokerage business includes the development and management of “micro-captives,” through operations we acquired in 2010 in our acquisition of the assets of Tribeca Strategic Advisors (which we refer to as Tribeca). A “captive” is an underwriting enterprise that insures the risks of its owner, affiliates or a group of companies. Micro-captives are captive underwriting enterprises that are subject to taxation only on net investment income under IRC Section 831(b). Our micro-captive advisory services are under investigation by the IRS. A 100 3.2 5.0 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, in the District of Arizona. An amended complaint was filed on March 29, 2019. 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 Investments No Longer Held - 108.0 Due to the contingent nature of this exposure and our related assessment of its likelihood, no reserve has been recorded in our June 30, 2019 consolidated balance sheet related to this exposure. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 16. Supplemental Disclosures of Cash Flow Information Six-month period Supplemental disclosures of cash flow information (in millions): 2019 2018 Interest paid $ 74.6 $ 65.9 Income taxes paid, net 31.2 40.5 The following is a reconciliation of our June 30 cash, cash equivalents and restricted cash balances as presented in the consolidated statement of cash flows for the six-month periods ended June 30, 2019 and 2018 (in millions): June 30, 2019 2018 Cash and cash equivalents $ 512.3 $ 652.2 Restricted cash 2,034.3 1,692.5 Total cash, cash equivalents and restricted cash $ 2,546.6 $ 2,344.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings (Loss) | 17. Accumulated Other Comprehensive Earnings (Loss) The after-tax components of our accumulated other comprehensive earnings (loss) attributable to controlling interests consist of the following: Pension Foreign Fair Value of Accumulated Balance as of December 31, 2018 $ (61.2 ) $ (719.0 ) $ (5.4 ) $ (785.6 ) Cumulative effect of adoption of new accounting standards — — (0.2 ) (0.2 ) Net change in period 2.4 13.8 (32.9 ) (16.7 ) Balance as of June 30, 2019 $ (58.8 ) $ (705.2 ) $ (38.5 ) $ (802.5 ) The foreign currency translation durin six-month During the six-month six-month six-month |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 18. Segment Information We have three segments: The 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. The 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 or per-service fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered. The corporate segment manages our clean energy and other 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. During the six-month period ended June 30, 2019, we reviewed our allocation of corporate costs to our business segments. In conjunction with that review, additional costs were allocated to the business segments reflecting management’s current view of the costs necessary to support the business segments. The amounts were less than 4 Financial information relating to our segments for the three-month and six-month Three-month Six-month ended June 30, 2019 2018 2019 2018 Brokerage Total revenues $ 1,131.2 $ 1,000.1 $ 2,513.1 $ 2,195.7 Earnings before income taxes $ 182.3 $ 170.6 $ 594.7 $ 489.5 Identifiable assets at June 30, 2019 and 2018 $ 16,464.3 $ 13,779.0 Risk Management Total revenues $ 242.1 $ 237.3 $ 478.5 $ 467.2 Earnings before income taxes $ 21.0 $ 24.0 $ 43.0 $ 45.6 Identifiable assets at June 30, 2019 and 2018 $ 847.9 $ 739.5 Corporate Total revenues $ 284.5 $ 423.0 $ 656.8 $ 835.2 Loss before income taxes $ (97.8 ) $ (91.0 ) $ (210.4 ) $ (189.2 ) Identifiable assets at June 30, 2019 and 2018 $ 1,888.1 $ 1,712.0 Disaggregation of Revenue We disaggregate our revenue from contracts with clients by type and geographic location for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenues by type and segment for the three-month period ended June 30, 2019 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 777.7 $ — $ — $ 777.7 Fees 256.1 208.6 — 464.7 Supplemental revenues 46.9 — — 46.9 Contingent revenues 29.5 — — 29.5 Investment income 19.1 0.5 — 19.6 Net gains on divestitures 1.9 — — 1.9 Revenues from clean coal activities — — 284.4 284.4 Other net gains — — 0.1 0.1 Revenues before reimbursements 1,131.2 209.1 284.5 1,624.8 Reimbursements — 33.0 — 33.0 Total revenues $ 1,131.2 $ 242.1 $ 284.5 $ 1,657.8 Revenues by type and segment for the six-month Brokerage Risk Corporate Total Revenues: Commissions $ 1,718.1 $ — $ — $ 1,718.1 Fees 517.9 411.5 — 929.4 Supplemental revenues 103.6 — — 103.6 Contingent revenues 77.5 — — 77.5 Investment income 37.0 0.9 — 37.9 Net gains on divestitures 59.0 — — 59.0 Revenues from clean coal activities — — 656.7 656.7 Other net gains — — 0.1 0.1 Revenues before reimbursements 2,513.1 412.4 656.8 3,582.3 Reimbursements — 66.1 — 66.1 Total revenues $ 2,513.1 $ 478.5 $ 656.8 $ 3,648.4 Revenues by geographical location and segment for the three-month period ended June 30, 2019 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 685.3 $ 206.9 $ 284.5 $ 1,176.7 United Kingdom 248.7 10.0 — 258.7 Australia 58.8 20.0 — 78.8 Canada 58.4 1.1 — 59.5 New Zealand 41.2 4.1 — 45.3 Other foreign 38.8 — — 38.8 Total revenues $ 1,131.2 $ 242.1 $ 284.5 $ 1,657.8 Revenues by geographical location and segment for the six-month period ended June 30, 2019 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 1,691.8 $ 405.4 $ 656.8 $ 2,754.0 United Kingdom 452.4 20.2 — 472.6 Australia 104.8 42.5 — 147.3 Canada 115.6 2.3 — 117.9 New Zealand 71.5 8.1 — 79.6 Other foreign 77.0 — — 77.0 Total revenues $ 2,513.1 $ 478.5 $ 656.8 $ 3,648.4 Revenues by type and segment for the three-month period ended June 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 688.0 $ — $ — $ 688.0 Fees 220.4 201.8 — 422.2 Supplemental revenues 48.1 — — 48.1 Contingent revenues 21.8 — — 21.8 Investment income 15.7 0.1 — 15.8 Net gains on divestitures 6.1 — — 6.1 Revenues from clean coal activities — — 422.4 422.4 Other net revenues — — 0.6 0.6 Revenues before reimbursements 1,000.1 201.9 423.0 1,625.0 Reimbursements — 35.4 — 35.4 Total revenues $ 1,000.1 $ 237.3 $ 423.0 $ 1,660.4 Revenues by type and segment for the six-month Brokerage Risk Corporate Total Revenues: Commissions $ 1,527.4 $ — $ — $ 1,527.4 Fees 473.6 396.7 — 870.3 Supplemental revenues 100.1 — — 100.1 Contingent revenues 56.7 — — 56.7 Investment income 28.9 0.3 — 29.2 Net gains on divestitures 9.0 — — 9.0 Revenues from clean coal activities — — 834.6 834.6 Other net revenues — — 0.6 0.6 Revenues before reimbursements 2,195.7 397.0 835.2 3,427.9 Reimbursements — 70.2 — 70.2 Total revenues $ 2,195.7 $ 467.2 $ 835.2 $ 3,498.1 Revenues by geographical location and segment for the three-month period ended June 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 615.5 $ 197.3 $ 423.0 $ 1,235.8 United Kingdom 204.4 8.8 — 213.2 Australia 53.9 25.7 — 79.6 Canada 47.8 1.2 — 49.0 New Zealand 39.4 4.3 — 43.7 Other foreign 39.1 — — 39.1 Total revenues $ 1,000.1 $ 237.3 $ 423.0 $ 1,660.4 Revenues by geographical location and segment for the six-month Brokerage Risk Corporate Total Revenues: United States $ 1,468.3 $ 390.1 $ 835.2 $ 2,693.6 United Kingdom 395.4 17.7 — 413.1 Australia 97.5 49.4 — 146.9 Canada 90.6 2.2 — 92.8 New Zealand 69.5 7.8 — 77.3 Other foreign 74.4 — — 74.4 Total revenues $ 2,195.7 $ 467.2 $ 835.2 $ 3,498.1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation 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 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 primarily generated from our premium financing operations, our invested cash and restricted cash we hold on behalf of our clients, as well as clean energy investments. In addition, our share of the net earnings related to partially owned entities that are accounted for using the equity method is included in investment income. 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. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to such rules and regulations. The unaudited consolidated financial statements included herein are, in the opinion of management, prepared on a basis consistent with our audited consolidated financial statements for the year ended December 31, 2018, except as disclosed in Note 2, and include all normal recurring adjustments necessary for a fair presentation of the information set forth. The quarterly results of operations are not necessarily indicative of the results of operations to be reported for subsequent quarters or the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K |
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 periodically evaluate our estimates and assumptions, including those relating to the valuation of goodwill and other intangible assets, right-of-use |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition Method for Recording Business Combinations | During the six-month Name and Effective Date of Acquisition Common Common Cash Paid Accrued Escrow Recorded Total Maximum (000s) Inversion Holding Company, LLC (IHC) January 1, 2019 452 $ 35.9 $ 31.2 $ — $ 4.5 $ 20.9 $ 92.5 $ 35.0 Jones Brown Inc. (JBI) January 1, 2019 — — 65.9 — 8.7 — 74.6 — Stackhouse Poland Group Limited (SPG) April 5, 2019 — — 326.8 — 4.8 — 331.6 — RPA Insurance Services LLC (RPA) May 1, 2019 — — 44.0 — 3.9 16.9 64.8 22.0 JLT Aerospace (JLT) June 1, 2019 — — 162.8 — — 63.6 226.4 75.1 19 other acquisitions completed in 2019 71 5.3 118.9 0.2 8.4 30.8 163.6 79.7 523 $ 41.2 $ 749.6 $ 0.2 $ 30.3 $ 132.2 $ 953.5 $ 211.8 |
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 the six-month IHC JBI SPG RPA JLT 19 Other Total Cash $ — $ 2.7 $ 13.6 $ — $ — $ 2.0 $ 18.3 Other current assets 3.8 22.2 35.9 10.6 6.3 16.4 95.2 Fixed assets 0.3 1.1 3.1 0.2 — 0.5 5.2 Noncurrent assets 0.5 2.9 9.9 0.7 2.9 4.5 21.4 Goodwill 41.8 51.2 302.6 34.5 106.2 68.0 604.3 Expiration lists 50.6 22.7 56.8 32.6 118.8 93.1 374.6 Non-compete 1.1 0.8 11.4 0.1 2.4 0.7 16.5 Trade names — — — — 2.3 — 2.3 Total assets acquired 98.1 103.6 433.3 78.7 238.9 185.2 1,137.8 Current liabilities 5.1 20.4 78.5 13.2 12.5 14.1 143.8 Noncurrent liabilities 0.5 8.6 23.2 0.7 — 7.5 40.5 Total liabilities assumed 5.6 29.0 101.7 13.9 12.5 21.6 184.3 Total net assets acquired $ 92.5 $ 74.6 $ 331.6 $ 64.8 $ 226.4 $ 163.6 $ 953.5 |
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 , 2018 (in millions, except per share data): Three-month Six-month 2019 2018 2019 2018 Total revenues $ 1,672.1 $ 1,717.3 $ 3,696.3 $ 3,602.5 Net earnings attributable to controlling interests 109.1 117.0 435.8 386.4 Basic net earnings per share 0.59 0.64 2.35 2.12 Diluted net earnings per share 0.57 0.63 2.30 2.08 |
Contracts with Customers (Table
Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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): June 30, 2019 December 31, 2018 Unbilled receivables $ 703.9 $ 496.2 Deferred contract costs 64.9 91.6 Deferred revenue 504.3 457.7 |
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, 2018 $ 284.7 $ 173.0 $ 457.7 Incremental deferred revenue 234.3 77.1 311.4 Revenue recognized during the six-month (205.3 ) (79.4 ) (284.7 ) Deferred revenue recognized from business acquisitions 19.9 — 19.9 Deferred revenue at June 30, 2019 $ 333.6 $ 170.7 $ 504.3 |
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 (remaining six months) $ 240.4 $ 68.9 $ 309.3 2020 64.4 44.6 109.0 2021 21.9 20.9 42.8 2022 5.7 11.9 17.6 2023 0.6 6.9 7.5 Thereafter 0.6 17.5 18.1 Total $ 333.6 $ 170.7 $ 504.3 |
Other Financial Data (Tables)
Other Financial Data (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Financial Data Disclosure [Abstract] | |
Schedule of other current assets | Major classes of other current assets consist of the following (in millions): June 30, December 31, Premium finance advances and loans $ 340.9 $ 316.2 Accrued supplemental, direct bill and other receivables 368.5 348.2 Refined coal production related receivables 117.4 160.2 Deferred contract costs 64.9 91.6 Prepaid expenses 101.5 108.2 Total other current assets $ 993.2 $ 1,024.4 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations | The carrying amount of goodwill at June 30, 2019 and December 31, 2018 allocated by domestic and foreign operations is as follows (in millions): Brokerage Risk Corporate Total At June 30, 2019 United States $ 2,861.9 $ 29.6 $ — $ 2,891.5 United Kingdom 1,144.6 8.8 — 1,153.4 Canada 446.5 — — 446.5 Australia 415.7 0.3 — 416.0 New Zealand 207.9 10.1 — 218.0 Other foreign 113.4 — 3.1 116.5 Total goodwill $ 5,190.0 $ 48.8 $ 3.1 $ 5,241.9 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 $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the six-month Brokerage Risk Corporate Total Balance as of December 31, 2018 $ 4,573.6 $ 49.3 $ 2.7 $ 4,625.6 Goodwill acquired during the period 603.9 — 0.4 604.3 Goodwill adjustments due to appraisals and other acquisition adjustments 17.3 (0.3 ) — 17.0 Goodwill written-off (7.2 ) — — (7.2 ) Foreign currency translation adjustments during the period 2.4 (0.2 ) — 2.2 Balance as of June 30, 2019 $ 5,190.0 $ 48.8 $ 3.1 $ 5,241.9 |
Major Classes of Amortizable Intangible Assets | Major classes of amortizable intangible assets at June 30, 2019 and December 31, 2018 consist of the following (in millions): June 30, December 31, Expiration lists $ 3,749.6 $ 3,379.4 Accumulated amortization - expiration lists (1,824.6 ) (1,676.8 ) 1,925.0 1,702.6 Non-compete 74.6 58.0 Accumulated amortization - non-compete (51.5 ) (48.5 ) 23.1 9.5 Trade names 88.4 86.0 Accumulated amortization - trade names (27.7 ) (25.1 ) 60.7 60.9 Net amortizable assets $ 2,008.8 $ 1,773.0 |
Estimated Aggregate Amortization Expense | Estimated aggregate amortization expense for each of the next five years and thereafter is as follows: 2019 (remaining six months) $ 162.3 2020 311.8 2021 287.5 2022 258.3 2023 232.9 Thereafter 756.0 Total $ 2,008.8 |
Credit and Other Debt Agreeme_2
Credit and Other Debt Agreements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Corporate and Other Debt | The following is a summary of our corporate and other debt (in millions): June 30, December 31, 2019 2018 Note Purchase Agreements: Semi-annual payments of interest, fixed rate of 3.20%, balloon due June 24, 2019 $ — $ 50.0 Semi-annual payments of interest, fixed rate of 5.85%, balloon due November 30, 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 4.72%, balloon due February 13, 2024 100.0 — 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 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 4.85%, balloon due February 13, 2026 140.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.04%, balloon due February 13, 2029 100.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.14%, balloon due March 13, 2031 180.0 — 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 125.0 125.0 Semi-annual payments of interest, fixed rate of 5.29%, balloon due March 13, 2034 40.0 — Semi-annual payments of interest, fixed rate of 4.48%, balloon due June 12, 2034 175.0 — Semi-annual payments of interest, fixed rate of 4.69%, balloon due June 13, 2038 75.0 75.0 Semi-annual payments of interest, fixed rate of 5.45%, balloon due March 13, 2039 40.0 — Total Note Purchase Agreements 3,923.0 3,198.0 Credit Agreement: Periodic payments of interest and principal, prime or LIBOR plus up to 1.45%, expires June 7, 2024 325.0 265.0 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 111.7 133.9 NZD denominated tranche — 10.1 Facility C and D AUD denominated tranche 15.6 — NZD denominated tranche 10.0 10.0 Total Premium Financing Debt Facility 137.3 154.0 Total corporate and other debt 4,385.3 3,617.0 Less unamortized debt acquisition costs on Note Purchase Agreements (7.4 ) (6.6 ) Net corporate and other debt $ 4,377.9 $ 3,610.4 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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): Three-month June 30, Six-month 2019 2018 2019 2018 Net earnings attributable to controlling interests $ 110.1 $ 114.9 $ 444.2 $ 388.6 Weighted average number of common shares outstanding 185.8 182.4 185.1 181.9 Dilutive effect of stock options using the treasury stock method 4.0 3.1 4.0 3.3 Weighted average number of common and common equivalent shares outstanding 189.8 185.5 189.1 185.2 Basic net earnings per share $ 0.59 $ 0.63 $ 2.40 $ 2.14 Diluted net earnings per share $ 0.58 $ 0.62 $ 2.35 $ 2.10 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Black-Scholes Option Pricing Model with Weighted Average | For purposes of expense recognition, 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: 2019 2018 Expected dividend yield 1.7 % 2.3 % Expected risk-free interest rate 2.5 % 2.7 % Volatility 15.6 % 15.1 % Expected life (in years) 5.5 5.5 |
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2019 (in millions, except exercise price and year data): Six-month Shares Weighted Weighted Aggregate Beginning balance 8.8 $ 50.16 Granted 1.3 79.59 Exercised (1.3 ) 42.34 Forfeited or canceled (0.1 ) 55.66 Ending balance 8.7 $ 55.55 4.09 $ 279.0 Exercisable at end of period 2.7 $ 44.81 2.22 $ 113.7 Ending unvested and expected to vest 5.8 $ 59.67 4.85 $ 160.7 |
Other Information Regarding Stock Options Outstanding and Exercisable | Options Outstanding Options Exercisable Weighted Average Remaining Weighted Weighted Contractual Average Average Number Term Exercise Number Exercise Range of Exercise Prices Outstanding (in years) Price Exercisable Price $ 39.17 — $ 39.17 0.4 0.70 $ 39.17 0.5 $ 39.17 43.71 — 43.71 2.0 3.72 43.71 0.5 43.71 46.17 — 46.87 2.3 2.27 46.47 1.7 46.56 47.92 63.60 1.5 4.71 56.83 — — 70.74 — 70.74 1.2 5.71 70.74 — — 79.59 — 79.59 1.3 6.71 79.59 — — $ 39.17 — $ 79.59 8.7 4.09 $ 55.55 2.7 $ 44.81 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Reported in Other Current and Non-Current Assets | The following is a summary of our investments, included in other noncurrent assets in the consolidated balance sheet (in millions): June 30, 2019 December 31, 2018 Chem-Mod $ 4.0 $ 4.0 Chem-Mod 2.0 2.0 Clean-coal investments: Controlling interest in six limited liability companies that own fourteen 2009 Era Clean Coal Plants 2.5 5.1 Non-controlling 0.3 0.4 Controlling interest in seventeen limited liability companies that own nineteen 2011 Era Clean Coal Plants 36.0 43.0 Other investments 4.4 5.0 Total investments $ 49.2 $ 59.5 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Lease, Cost | The components of lease expense are as follows (in millions): Lease Components Statement of Earnings Three-month Six-month Operating lease expense Operating expense $ 29.4 $ 58.9 Variable lease expense Operating expense 4.5 9.0 Sublease income Investment income (0.3 ) (0.6 ) Net lease expense $ 33.6 $ 67.3 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental Cash Flow Information Related to Leases (in millions) Six-month Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 57.6 Right-of-use 25.2 |
Summary of Supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): Lease Components Balance Sheet Classification June 30, 2019 Lease right-of-use Right-of-use $ 368.4 Other current lease liabilities Accrued compensation and other current liabilities $ 75.4 Lease liabilities Lease liabilities - noncurrent 327.4 Total lease liabilities $ 402.8 Weighted-average remaining lease term, years 5.4 years Weighted-average discount rate 3.9 % |
Maturities of operating lease liabilities | Maturities of operating lease liabilities for each of the next five years and thereafter are as follows: 2019 (remaining six months) $ 48.5 2020 100.3 2021 85.2 2022 66.4 2023 51.3 Thereafter 100.0 Total lease payments 451.7 Less interest (48.9 ) Total $ 402.8 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional and Fair Values of Derivative Instruments | The notional and fair values of derivatives designated as hedging instruments are as follows at June 30, 2019 and December 31, 2018 (in millions): Derivative Assets Derivative Liabilities Instrument Notional Balance Sheet Classification Fair Balance Sheet Classification Fair At June 30, 2019 Interest rate contracts $ 600.0 Other current assets $ — Accrued compensation and other current liabilities $ 20.3 Other noncurrent liabilities 28.9 Foreign exchange contracts (1) 33.5 Other current assets 0.9 Accrued compensation and other current liabilities 3.3 Other noncurrent assets 2.5 Other noncurrent liabilities 4.0 Total $ 633.5 $ 3.4 $ 56.5 At December 31, 2018 Interest rate contracts $ 850.0 Other current assets $ 3.0 Accrued compensation and other current liabilities $ 13.0 Foreign exchange contracts (1) 51.4 Other current assets 0.9 Accrued compensation and other current liabilities 4.9 Other noncurrent assets 5.7 Other noncurrent liabilities 7.9 Total $ 901.4 $ 9.6 $ 25.8 (1) Included within foreign exchange contracts at June 30, 2019 were $215.0 million of call options offset with $215.0 million of put options, and $27.2 million of buy forwards offset with $63.2 million of sell forwards. 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. |
Summary of Amounts of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss | The effect of cash flow hedge accounting on accumulated other comprehensive earnings (loss) for the three-month and six-month Instrument Amount of Amount of Amount of Statement of Earnings Three-month period ended June 30, 2019 Interest rate contracts $ (25.8 ) $ (0.3 ) $ — Interest expense Foreign exchange contracts (3.6 ) (0.1 ) (0.2 ) Commission revenue (0.4 ) 0.3 Compensation expense (0.4 ) 0.3 Operating expense Total $ (29.4 ) $ (1.2 ) $ 0.4 Three-month period ended June 30, 2018 Interest rate contracts $ 1.7 $ 0.3 Interest expense Foreign exchange contracts (10.4 ) 0.4 Commission revenue 0.4 Compensation expense 0.2 Operating expense Total $ (8.7 ) $ 1.3 Six-month period ended June 30, 2019 Interest rate contracts $ (46.7 ) $ (0.6 ) $ — Interest expense Foreign exchange contracts 0.1 (0.2 ) (0.4 ) Commission revenue (0.6 ) 0.7 Compensation expense (0.5 ) 0.5 Operating expense Total $ (46.6 ) $ (1.9 ) $ 0.8 Six-month Interest rate contracts $ 5.9 $ 0.5 Interest expense Foreign exchange contracts (6.1 ) 1.1 Commission revenue 0.9 Compensation expense 0.6 Operating expense Total $ (0.2 ) $ 3.1 (1) For the three-month and six-month periods ended June 30, 2019, the amounts excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive earnings were losses of $0.2 million and $0.3 million, respectively. |
Commitments, Contingencies an_2
Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 and purchase commitments at June 30, 2019 were as follows (in millions): Payments Due by Period Contractual Obligations 2019 2020 2021 2022 2023 Thereafter Total Note purchase agreements $ 50.0 $ 100.0 $ 75.0 $ 200.0 $ 300.0 $ 3,198.0 $ 3,923.0 Credit Agreement 325.0 — — — — — 325.0 Premium Financing Debt Facility 137.3 — — — — — 137.3 Interest on debt 87.5 171.0 165.8 160.1 150.6 698.9 1,433.9 Total debt obligations 599.8 271.0 240.8 360.1 450.6 3,896.9 5,819.2 Operating lease obligations 48.5 100.3 85.2 66.4 51.3 100.0 451.7 Less sublease arrangements (1.0 ) (0.8 ) (0.8 ) (0.3 ) (0.2 ) (0.9 ) (4.0 ) Outstanding purchase obligations 34.7 41.7 34.1 16.8 8.0 23.1 158.4 Total contractual obligations $ 682.0 $ 412.2 $ 359.3 $ 443.0 $ 509.7 $ 4,019.1 $ 6,425.3 |
Off-Balance Sheet Commitments | Off-Balance Sheet Commitments - Total Amount of Commitment Expiration by Period Amounts Off-Balance 2019 2020 2021 2022 2023 Thereafter Committed Letters of credit $ — $ — $ — $ — $ — $ 18.3 $ 18.3 Financial guarantees 0.1 0.2 0.2 0.2 0.2 0.6 1.5 Total commitments $ 0.1 $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 18.9 $ 19.8 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental disclosures of cash flow information | Six-month period Supplemental disclosures of cash flow information (in millions): 2019 2018 Interest paid $ 74.6 $ 65.9 Income taxes paid, net 31.2 40.5 |
Summary of Cash, Cash Equivalents and Restricted Cash | The following is a reconciliation of our June 30 cash, cash equivalents and restricted cash balances as presented in the consolidated statement of cash flows for the six-month periods ended June 30, 2019 and 2018 (in millions): June 30, 2019 2018 Cash and cash equivalents $ 512.3 $ 652.2 Restricted cash 2,034.3 1,692.5 Total cash, cash equivalents and restricted cash $ 2,546.6 $ 2,344.7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests | The after-tax components of our accumulated other comprehensive earnings (loss) attributable to controlling interests consist of the following: Pension Foreign Fair Value of Accumulated Balance as of December 31, 2018 $ (61.2 ) $ (719.0 ) $ (5.4 ) $ (785.6 ) Cumulative effect of adoption of new accounting standards — — (0.2 ) (0.2 ) Net change in period 2.4 13.8 (32.9 ) (16.7 ) Balance as of June 30, 2019 $ (58.8 ) $ (705.2 ) $ (38.5 ) $ (802.5 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Financial information relating to our segments for the three-month and six-month Three-month Six-month ended June 30, 2019 2018 2019 2018 Brokerage Total revenues $ 1,131.2 $ 1,000.1 $ 2,513.1 $ 2,195.7 Earnings before income taxes $ 182.3 $ 170.6 $ 594.7 $ 489.5 Identifiable assets at June 30, 2019 and 2018 $ 16,464.3 $ 13,779.0 Risk Management Total revenues $ 242.1 $ 237.3 $ 478.5 $ 467.2 Earnings before income taxes $ 21.0 $ 24.0 $ 43.0 $ 45.6 Identifiable assets at June 30, 2019 and 2018 $ 847.9 $ 739.5 Corporate Total revenues $ 284.5 $ 423.0 $ 656.8 $ 835.2 Loss before income taxes $ (97.8 ) $ (91.0 ) $ (210.4 ) $ (189.2 ) Identifiable assets at June 30, 2019 and 2018 $ 1,888.1 $ 1,712.0 |
Summary of Revenues by Type and Segment | Revenues by type and segment for the three-month period ended June 30, 2019 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 777.7 $ — $ — $ 777.7 Fees 256.1 208.6 — 464.7 Supplemental revenues 46.9 — — 46.9 Contingent revenues 29.5 — — 29.5 Investment income 19.1 0.5 — 19.6 Net gains on divestitures 1.9 — — 1.9 Revenues from clean coal activities — — 284.4 284.4 Other net gains — — 0.1 0.1 Revenues before reimbursements 1,131.2 209.1 284.5 1,624.8 Reimbursements — 33.0 — 33.0 Total revenues $ 1,131.2 $ 242.1 $ 284.5 $ 1,657.8 Revenues by type and segment for the six-month Brokerage Risk Corporate Total Revenues: Commissions $ 1,718.1 $ — $ — $ 1,718.1 Fees 517.9 411.5 — 929.4 Supplemental revenues 103.6 — — 103.6 Contingent revenues 77.5 — — 77.5 Investment income 37.0 0.9 — 37.9 Net gains on divestitures 59.0 — — 59.0 Revenues from clean coal activities — — 656.7 656.7 Other net gains — — 0.1 0.1 Revenues before reimbursements 2,513.1 412.4 656.8 3,582.3 Reimbursements — 66.1 — 66.1 Total revenues $ 2,513.1 $ 478.5 $ 656.8 $ 3,648.4 Revenues by type and segment for the three-month period ended June 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: Commissions $ 688.0 $ — $ — $ 688.0 Fees 220.4 201.8 — 422.2 Supplemental revenues 48.1 — — 48.1 Contingent revenues 21.8 — — 21.8 Investment income 15.7 0.1 — 15.8 Net gains on divestitures 6.1 — — 6.1 Revenues from clean coal activities — — 422.4 422.4 Other net revenues — — 0.6 0.6 Revenues before reimbursements 1,000.1 201.9 423.0 1,625.0 Reimbursements — 35.4 — 35.4 Total revenues $ 1,000.1 $ 237.3 $ 423.0 $ 1,660.4 Revenues by type and segment for the six-month Brokerage Risk Corporate Total Revenues: Commissions $ 1,527.4 $ — $ — $ 1,527.4 Fees 473.6 396.7 — 870.3 Supplemental revenues 100.1 — — 100.1 Contingent revenues 56.7 — — 56.7 Investment income 28.9 0.3 — 29.2 Net gains on divestitures 9.0 — — 9.0 Revenues from clean coal activities — — 834.6 834.6 Other net revenues — — 0.6 0.6 Revenues before reimbursements 2,195.7 397.0 835.2 3,427.9 Reimbursements — 70.2 — 70.2 Total revenues $ 2,195.7 $ 467.2 $ 835.2 $ 3,498.1 |
Summary of Geographical Location and Segment | Revenues by geographical location and segment for the three-month period ended June 30, 2019 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 685.3 $ 206.9 $ 284.5 $ 1,176.7 United Kingdom 248.7 10.0 — 258.7 Australia 58.8 20.0 — 78.8 Canada 58.4 1.1 — 59.5 New Zealand 41.2 4.1 — 45.3 Other foreign 38.8 — — 38.8 Total revenues $ 1,131.2 $ 242.1 $ 284.5 $ 1,657.8 Revenues by geographical location and segment for the six-month period ended June 30, 2019 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 1,691.8 $ 405.4 $ 656.8 $ 2,754.0 United Kingdom 452.4 20.2 — 472.6 Australia 104.8 42.5 — 147.3 Canada 115.6 2.3 — 117.9 New Zealand 71.5 8.1 — 79.6 Other foreign 77.0 — — 77.0 Total revenues $ 2,513.1 $ 478.5 $ 656.8 $ 3,648.4 Revenues by geographical location and segment for the three-month period ended June 30, 2018 are as follows (in millions): Brokerage Risk Corporate Total Revenues: United States $ 615.5 $ 197.3 $ 423.0 $ 1,235.8 United Kingdom 204.4 8.8 — 213.2 Australia 53.9 25.7 — 79.6 Canada 47.8 1.2 — 49.0 New Zealand 39.4 4.3 — 43.7 Other foreign 39.1 — — 39.1 Total revenues $ 1,000.1 $ 237.3 $ 423.0 $ 1,660.4 Revenues by geographical location and segment for the six-month Brokerage Risk Corporate Total Revenues: United States $ 1,468.3 $ 390.1 $ 835.2 $ 2,693.6 United Kingdom 395.4 17.7 — 413.1 Australia 97.5 49.4 — 146.9 Canada 90.6 2.2 — 92.8 New Zealand 69.5 7.8 — 77.3 Other foreign 74.4 — — 74.4 Total revenues $ 2,195.7 $ 467.2 $ 835.2 $ 3,498.1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019CountrySegment | |
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 | 35 |
Number of countries in which the company does business through a network of correspondent brokers and consultants | 150 |
Effect of New Accounting Pron_2
Effect of New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Corporate income tax rate | 21.00% | 35.00% | ||
Operating lease right of use assets | $ 368.4 | $ 379.6 | ||
Operating lease liabilities | 402.8 | 420.3 | ||
Net rent related asset and liabilities | 38.3 | |||
Cumulative effect of adoption of new accounting standards | 2.4 | |||
Accumulated Other Comprehensive Earnings (Loss) [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of adoption of new accounting standards | $ (0.2) | $ (0.2) | ||
Accounting Standards Update 2018-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect on retained earnings | $ 6.6 |
Business Combinations - Acquisi
Business Combinations - Acquisition Method for Recording Business Combinations (Detail) shares in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)shares | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 523 |
Common Share Value | $ 41,200,000 |
Cash Paid | 749,600,000 |
Accrued Liability | 200,000 |
Escrow Deposited | 30,300,000 |
Recorded Earnout Payable | 132,200,000 |
Total Recorded Purchase Price | 953,500,000 |
Maximum Potential Earnout Payable | $ 211,800,000 |
Inverson Holding Company - Company, LLC (IHC) [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 452 |
Common Share Value | $ 35,900,000 |
Cash Paid | 31,200,000 |
Escrow Deposited | 4,500,000 |
Recorded Earnout Payable | 20,900,000 |
Total Recorded Purchase Price | 92,500,000 |
Maximum Potential Earnout Payable | 35,000,000 |
James Brown Inc. (JBI) [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 65,900,000 |
Escrow Deposited | 8,700,000 |
Total Recorded Purchase Price | 74,600,000 |
Limited SPG [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 326,800,000 |
Escrow Deposited | 4,800,000 |
Total Recorded Purchase Price | 331,600,000 |
RPA Insurance Services LLC [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 44,000,000 |
Escrow Deposited | 3,900,000 |
Recorded Earnout Payable | 16,900,000 |
Total Recorded Purchase Price | 64,800,000 |
Maximum Potential Earnout Payable | 22,000,000 |
JLT Aerospace [Member] | |
Business Acquisition [Line Items] | |
Cash Paid | 162,800,000 |
Recorded Earnout Payable | 63,600,000 |
Total Recorded Purchase Price | 226,400,000 |
Maximum Potential Earnout Payable | $ 75,100,000 |
Ninteen Other Acquisition [Member] | |
Business Acquisition [Line Items] | |
Common Shares Issued | shares | 71 |
Common Share Value | $ 5,300,000 |
Cash Paid | 118,900,000 |
Accrued Liability | 200,000 |
Escrow Deposited | 8,400,000 |
Recorded Earnout Payable | 30,800,000 |
Total Recorded Purchase Price | 163,600,000 |
Maximum Potential Earnout Payable | $ 79,700,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 210 Months Ended | ||
Jun. 30, 2019USD ($)Entity | Jun. 30, 2018USD ($)Entity | Jun. 30, 2019USD ($)Entity | Jun. 30, 2018USD ($)Entity | Jun. 30, 2019USD ($)Entity | |
Business Acquisition [Line Items] | |||||
Accretion of the discount on acquisition | $ 5,800,000 | $ 4,900,000 | $ 11,400,000 | $ 10,000,000 | |
Number of companies acquired | Entity | 46 | 49 | 68 | 76 | 531 |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 732,600,000 | ||||
Income related to net adjustments to estimated fair value of liability for earnout obligations | $ 2,400,000 | $ 10,900,000 | 5,100,000 | $ 8,600,000 | |
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 393,400,000 | ||||
Goodwill | 604,300,000 | 604,300,000 | $ 604,300,000 | ||
Expiration lists | 374,600,000 | 374,600,000 | 374,600,000 | ||
Non-compete agreements | 16,500,000 | 16,500,000 | 16,500,000 | ||
Trade names | 2,300,000 | $ 2,300,000 | 2,300,000 | ||
Estimated useful lives of intangibles assets, years | 2 years | ||||
Total revenues related to acquisitions in the aggregate | 1,672,100,000 | $ 1,717,300,000 | $ 3,696,300,000 | $ 3,602,500,000 | |
Brokerage and Risk Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 604,300,000 | 604,300,000 | 604,300,000 | ||
Expiration lists | 374,600,000 | 374,600,000 | 374,600,000 | ||
Non-compete agreements | 16,500,000 | 16,500,000 | 16,500,000 | ||
Trade names | $ 2,300,000 | $ 2,300,000 | $ 2,300,000 | ||
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 | ||||
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 | 2.5 | 2.5 | 2.5 | ||
2018 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 3 | 3 | 3 | ||
2018 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 12 | 12 | 12 | ||
2018 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 12.5 | 12.5 | 12.5 | ||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Attrition rate | 5.00% | ||||
2017 Acquisitions [Member] | Valuation, Income Approach [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Attrition rate | 6.50% | ||||
Business Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Annualized revenue of business acquisitions | $ 265,700,000 | ||||
Total revenues related to acquisitions in the aggregate | 61,900,000 | ||||
Net earnings | 2,500,000 | ||||
Business Acquisition [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Expiration lists | $ 374,600,000 | 374,600,000 | $ 374,600,000 | ||
Non-compete agreements | 16,500,000 | 16,500,000 | 16,500,000 | ||
Deferred tax liability | 21,200,000 | 21,200,000 | 21,200,000 | ||
Business Acquisition [Member] | Expiration Lists [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | 95,700,000 | 95,700,000 | 95,700,000 | ||
Business Acquisition [Member] | Non-Compete Agreements [Member] | Brokerage [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition not deductible for income tax purposes | 12,300,000 | 12,300,000 | 12,300,000 | ||
Business Acquisition [Member] | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Trade names | $ 2,300,000 | $ 2,300,000 | $ 2,300,000 | ||
2019 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 3 | 3 | 3 | ||
2019 Acquisitions [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 20 | 20 | 20 | ||
2019 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 7.5 | 7.5 | 7.5 | ||
2019 Acquisitions [Member] | Valuation, Income Approach [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Measurement input | 8.2 | 8.2 | 8.2 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Net Assets Acquired (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | $ 18.3 |
Other current assets | 95.2 |
Fixed assets | 5.2 |
Noncurrent assets | 21.4 |
Goodwill | 604.3 |
Expiration lists | 374.6 |
Non-compete agreements | 16.5 |
Trade names | 2.3 |
Total assets acquired | 1,137.8 |
Current liabilities | 143.8 |
Non-current liabilities | 40.5 |
Total liabilities assumed | 184.3 |
Total net assets acquired | 953.5 |
Inverson Holding Company - Company, LLC (IHC) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 3.8 |
Fixed assets | 0.3 |
Noncurrent assets | 0.5 |
Goodwill | 41.8 |
Expiration lists | 50.6 |
Non-compete agreements | 1.1 |
Total assets acquired | 98.1 |
Current liabilities | 5.1 |
Non-current liabilities | 0.5 |
Total liabilities assumed | 5.6 |
Total net assets acquired | 92.5 |
James Brown Inc. (JBI) [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 2.7 |
Other current assets | 22.2 |
Fixed assets | 1.1 |
Noncurrent assets | 2.9 |
Goodwill | 51.2 |
Expiration lists | 22.7 |
Non-compete agreements | 0.8 |
Total assets acquired | 103.6 |
Current liabilities | 20.4 |
Non-current liabilities | 8.6 |
Total liabilities assumed | 29 |
Total net assets acquired | 74.6 |
Stackhouse Poland Group [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 13.6 |
Other current assets | 35.9 |
Fixed assets | 3.1 |
Noncurrent assets | 9.9 |
Goodwill | 302.6 |
Expiration lists | 56.8 |
Non-compete agreements | 11.4 |
Total assets acquired | 433.3 |
Current liabilities | 78.5 |
Non-current liabilities | 23.2 |
Total liabilities assumed | 101.7 |
Total net assets acquired | 331.6 |
RPA Insurance Services LLC [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 10.6 |
Fixed assets | 0.2 |
Noncurrent assets | 0.7 |
Goodwill | 34.5 |
Expiration lists | 32.6 |
Non-compete agreements | 0.1 |
Total assets acquired | 78.7 |
Current liabilities | 13.2 |
Non-current liabilities | 0.7 |
Total liabilities assumed | 13.9 |
Total net assets acquired | 64.8 |
JLT Aerospace [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Other current assets | 6.3 |
Noncurrent assets | 2.9 |
Goodwill | 106.2 |
Expiration lists | 118.8 |
Non-compete agreements | 2.4 |
Trade names | 2.3 |
Total assets acquired | 238.9 |
Current liabilities | 12.5 |
Total liabilities assumed | 12.5 |
Total net assets acquired | 226.4 |
Ninteen Other Acquisition [Member] | |
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |
Cash | 2 |
Other current assets | 16.4 |
Fixed assets | 0.5 |
Noncurrent assets | 4.5 |
Goodwill | 68 |
Expiration lists | 93.1 |
Non-compete agreements | 0.7 |
Total assets acquired | 185.2 |
Current liabilities | 14.1 |
Non-current liabilities | 7.5 |
Total liabilities assumed | 21.6 |
Total net assets acquired | $ 163.6 |
Business Combinations - Summa_2
Business Combinations - Summary of Unaudited Pro Forma Historical Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Combinations [Abstract] | ||||
Total revenues | $ 1,672.1 | $ 1,717.3 | $ 3,696.3 | $ 3,602.5 |
Net earnings attributable to controlling interests | $ 109.1 | $ 117 | $ 435.8 | $ 386.4 |
Basic net earnings per share | $ 0.59 | $ 0.64 | $ 2.35 | $ 2.12 |
Diluted net earnings per share | $ 0.57 | $ 0.63 | $ 2.30 | $ 2.08 |
Contracts with Customers - Summ
Contracts with Customers - Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Contract with Customer, Asset and Liability [Abstract] | ||
Unbilled receivables | $ 703.9 | $ 496.2 |
Deferred contract costs | 64.9 | 91.6 |
Deferred revenue | $ 504.3 | $ 457.7 |
Contracts with Customers - Su_2
Contracts with Customers - Summary of Changes in Deferred Revenue Balances (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | $ 457.7 |
Incremental deferred revenue | 311.4 |
Revenue recognized during the six-month period ended June 30, 2019 included in deferred revenue at December 31, 2018 | (284.7) |
Deferred revenue recognized from business acquisitions | 19.9 |
Deferred revenue ending balance | 504.3 |
Brokerage [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | 284.7 |
Incremental deferred revenue | 234.3 |
Revenue recognized during the six-month period ended June 30, 2019 included in deferred revenue at December 31, 2018 | (205.3) |
Deferred revenue recognized from business acquisitions | 19.9 |
Deferred revenue ending balance | 333.6 |
Risk Management [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Deferred revenue beginning balance | 173 |
Incremental deferred revenue | 77.1 |
Revenue recognized during the six-month period ended June 30, 2019 included in deferred revenue at December 31, 2018 | (79.4) |
Deferred revenue ending balance | $ 170.7 |
Contracts with Customers - Addi
Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Revenue from Contract with Customer [Abstract] | |||
Remaining performance obligations | $ 504.3 | ||
Deferred contract costs | 64.9 | $ 91.6 | |
Amortization of deferred contract costs | $ 191.9 | $ 168.5 |
Contracts with Customers - Su_3
Contracts with Customers - Summary of Expected Revenue Related to Performance Obligations (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 504.3 |
2019 (remaining six months) [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 309.3 |
2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 109 |
2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 42.8 |
2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 17.6 |
2023 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 7.5 |
Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 18.1 |
Brokerage [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 333.6 |
Brokerage [Member] | 2019 (remaining six months) [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 240.4 |
Brokerage [Member] | 2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 64.4 |
Brokerage [Member] | 2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 21.9 |
Brokerage [Member] | 2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 5.7 |
Brokerage [Member] | 2023 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 0.6 |
Brokerage [Member] | Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 0.6 |
Risk Management [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 170.7 |
Risk Management [Member] | 2019 (remaining six months) [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 68.9 |
Risk Management [Member] | 2020 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 44.6 |
Risk Management [Member] | 2021 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 20.9 |
Risk Management [Member] | 2022 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 11.9 |
Risk Management [Member] | 2023 [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | 6.9 |
Risk Management [Member] | Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected revenue related to performance obligations | $ 17.5 |
Other Financial Data - (Other C
Other Financial Data - (Other Current Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Premium finance advances and loans | $ 340.9 | $ 316.2 |
Accrued supplemental, direct bill and other receivables | 368.5 | 348.2 |
Refined coal production related receivables | 117.4 | 160.2 |
Deferred contract costs | 64.9 | 91.6 |
Prepaid expenses | 101.5 | 108.2 |
Total other current assets | $ 993.2 | $ 1,024.4 |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amount of Goodwill Allocated by Domestic and Foreign Operations (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Total goodwill | $ 5,241.9 | $ 4,625.6 |
Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 2,891.5 | 2,744.9 |
United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 1,153.4 | 762.9 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 446.5 | 378.6 |
Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 416 | 406.6 |
New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 218 | 219.8 |
Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 116.5 | 112.8 |
Brokerage [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 5,190 | 4,573.6 |
Brokerage [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 2,861.9 | 2,715.3 |
Brokerage [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 1,144.6 | 753.7 |
Brokerage [Member] | Canada [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 446.5 | 378.6 |
Brokerage [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 415.7 | 406.3 |
Brokerage [Member] | New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 207.9 | 209.6 |
Brokerage [Member] | Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 113.4 | 110.1 |
Risk Management [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 48.8 | 49.3 |
Risk Management [Member] | Unites States [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 29.6 | 29.6 |
Risk Management [Member] | United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 8.8 | 9.2 |
Risk Management [Member] | Australia [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 0.3 | 0.3 |
Risk Management [Member] | New Zealand [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 10.1 | 10.2 |
Corporate [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | 3.1 | 2.7 |
Corporate [Member] | Other Foreign [Member] | ||
Goodwill [Line Items] | ||
Total goodwill | $ 3.1 | $ 2.7 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 4,625.6 |
Goodwill acquired during the period | 604.3 |
Goodwill adjustments due to appraisals and other acquisition adjustments | 17 |
Goodwill written-off related to sales of business | (7.2) |
Foreign currency translation adjustments during the period | 2.2 |
Ending Balance | 5,241.9 |
Brokerage [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 4,573.6 |
Goodwill acquired during the period | 603.9 |
Goodwill adjustments due to appraisals and other acquisition adjustments | 17.3 |
Goodwill written-off related to sales of business | (7.2) |
Foreign currency translation adjustments during the period | 2.4 |
Ending Balance | 5,190 |
Risk Management [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 49.3 |
Goodwill adjustments due to appraisals and other acquisition adjustments | (0.3) |
Foreign currency translation adjustments during the period | (0.2) |
Ending Balance | 48.8 |
Corporate [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 2.7 |
Goodwill acquired during the period | 0.4 |
Ending Balance | $ 3.1 |
Intangible Assets - Major Class
Intangible Assets - Major Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, net | $ 2,008.8 | $ 1,773 |
Expiration Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 3,749.6 | 3,379.4 |
Accumulated amortization | (1,824.6) | (1,676.8) |
Amortizable intangible assets, net | 1,925 | 1,702.6 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 74.6 | 58 |
Accumulated amortization | (51.5) | (48.5) |
Amortizable intangible assets, net | 23.1 | 9.5 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 88.4 | 86 |
Accumulated amortization | (27.7) | (25.1) |
Amortizable intangible assets, net | $ 60.7 | $ 60.9 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Aggregate Amortization Expense (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 (remaining six months) | $ 162.3 |
2020 | 311.8 |
2021 | 287.5 |
2022 | 258.3 |
2023 | 232.9 |
Thereafter | 756 |
Total | $ 2,008.8 |
Credit and Other Debt Agreeme_3
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | $ 4,385.3 | $ 3,617 |
Less unamortized debt acquisition costs on Note Purchase Agreements | (7.4) | (6.6) |
Semi-annual payments of interest, Net | 4,377.9 | 3,610.4 |
Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 3,923 | 3,198 |
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 | |
Fixed Rate of 5.85%, balloon Due November 30, 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] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest | 50 | 50 |
Fixed Rate of 4.72%, Balloon due February 13, 2024 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | |
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] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Quarterly payments of interest | 50 | 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 4.85%, Balloon due February 13, 2026 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 140 | |
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 | 125 |
Fixed Rate of 5.04%, Balloon due February 13, 2029 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 100 | |
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 | 125 |
Fixed Rate of 5.14%, Balloon due March 13, 2031 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 180 | |
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] | Note Purchase Agreements [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 | 125 |
Fixed Rate of 5.29%, balloon due March 13, 2034 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 40 | |
Fixed Rate of 4.48%, Balloon Due June 12, 2034 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 175 | |
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 | 75 |
Fixed Rate of 5.45%, balloon due March 13, 2039 [Member] | Note Purchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 40 | |
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 | 325 | 265 |
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 | 111.7 | 133.9 |
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 | 0 | 10.1 |
Interbank Rates Plus 0.55%, Expires May 18 2020 [Member] | Premium Financing Debt Facility [Member] | ||
Debt Instrument [Line Items] | ||
Semi-annual payments of interest | 137.3 | 154 |
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 | 15.6 | |
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 |
Credit and Other Debt Agreeme_4
Credit and Other Debt Agreements - Summary of Corporate and Other Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Premium Financing Debt Facility [Member] | |||
Debt Instrument [Line Items] | |||
Periodic payments of interest and principal, expiry date | 2020 | 2020 | |
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 | 2019 | 2019 | |
Fixed Rate of 5.85%, balloon Due November 30, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 5.85% | 5.85% | |
Periodic payments of interest and principal, expiry date | 2019 | 2019 | |
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 | 2020 | 2020 | |
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 | 2020 | 2020 | |
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 | 2021 | 2021 | |
Prime or LIBOR Plus up to 1.45%, Expires June 7, 2024 [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 1.45% | ||
Periodic payments of interest and principal, expiry date | 2024 | ||
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 | 2022 | 2022 | |
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 | 2023 | 2023 | |
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 | 2023 | 2023 | |
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 | 2023 | 2023 | |
Quarterly payments of interest, description | 90 day LIBOR plus | 90 day LIBOR plus | |
Fixed Rate of 4.72%, Balloon due February 13, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 4.72% | 4.72% | |
Periodic payments of interest and principal, expiry date | 2024 | 2024 | |
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 | 2024 | 2024 | |
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 | 2024 | 2024 | |
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 | 2025 | 2025 | |
Fixed Rate of 4.85%, Balloon due February 13, 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 4.85% | 4.85% | |
Periodic payments of interest and principal, expiry date | 2026 | 2026 | |
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 | 2026 | 2026 | |
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 | 2026 | 2026 | |
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 | 2026 | 2026 | |
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 | 2027 | 2027 | |
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 | 2027 | 2027 | |
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 | 2027 | 2027 | |
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 | 2027 | 2027 | |
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 | 2028 | 2028 | |
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 | 2028 | 2028 | |
Fixed Rate of 5.04%, Balloon due February 13, 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 5.04% | 5.04% | |
Periodic payments of interest and principal, expiry date | 2029 | 2029 | |
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 | 2029 | 2029 | |
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 | 2029 | 2029 | |
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 | 2029 | 2029 | |
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 | 2030 | 2030 | |
Fixed Rate of 5.14%, Balloon due March 13, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 5.14% | 5.14% | |
Periodic payments of interest and principal, expiry date | 2031 | 2031 | |
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 | 2031 | 2031 | |
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 | 2032 | 2032 | |
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 | 2032 | 2032 | |
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 | 2033 | 2033 | |
Fixed Rate of 5.29%, balloon due March 13, 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 5.29% | 5.29% | |
Periodic payments of interest and principal, expiry date | 2034 | 2034 | |
Fixed Rate of 4.48%, Balloon Due June 12, 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 4.48% | 4.48% | |
Periodic payments of interest and principal, expiry date | 2034 | 2034 | |
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 | 2038 | 2038 | |
Fixed Rate of 5.45%, balloon due March 13, 2039 [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 5.45% | 5.45% | |
Periodic payments of interest and principal, expiry date | 2039 | 2039 | |
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 1.05% Expires May 18, 2020 [Member] | Premium Financing Debt Facility [Member] | |||
Debt Instrument [Line Items] | |||
Periodic Payment of Interest | 0.55% | 0.55% |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to controlling interests | $ 110.1 | $ 114.9 | $ 444.2 | $ 388.6 |
Weighted average number of common shares outstanding | 185.8 | 182.4 | 185.1 | 181.9 |
Dilutive effect of stock options using the treasury stock method | 4 | 3.1 | 4 | 3.3 |
Weighted average number of common and common equivalent shares outstanding | 189.8 | 185.5 | 189.1 | 185.2 |
Basic net earnings per share | $ 0.59 | $ 0.63 | $ 2.40 | $ 2.14 |
Diluted net earnings per share | $ 0.58 | $ 0.62 | $ 2.35 | $ 2.10 |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock-based awards shares outstanding | 1.3 | 1.7 | 0.8 | 1 |
Stock Option Plans - Additional
Stock Option Plans - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 14, 2019 | Mar. 15, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Stock Option Plans [Line Items] | ||||||||
Maximum number of shares available | 399,900 | 420,200 | ||||||
Compensation expense related to stock option grants | $ 3.5 | $ 3.6 | $ 1.6 | $ 4.8 | $ 7.1 | $ 6.4 | ||
Total intrinsic value of options exercised | 48.3 | $ 33.4 | ||||||
Total unrecognized compensation cost related to nonvested options | $ 36.4 | $ 36.4 | ||||||
Weighted average period, years | 4 years | |||||||
Long Term Incentive Plan [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Maximum number of shares available | 2,800,000 | |||||||
Shares available for grant | 13,100,000 | 13,100,000 | ||||||
Number of years options expire from date of grant | 7 years | |||||||
Officer and Key Employees [Member] | Long Term Incentive Plan [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Shares available for grant | 1,283,300 | 1,261,000 | ||||||
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% | ||||||
Maximum [Member] | Long Term Incentive Plan [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Maximum period for the exercise of stock options, years | 7 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% | |||||||
Period of service from grant date stock options awarded not subject to forfeiture | 2 years | 2 years | ||||||
Minimum [Member] | Executive Officer [Member] | 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 | ||||||
Black-Scholes Option Pricing Model [Member] | ||||||||
Stock Option Plans [Line Items] | ||||||||
Weighted average fair value per option for all options | $ 10.71 | $ 9.27 |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option Pricing Model with Weighted Average (Detail) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected dividend yield | 1.70% | 2.30% |
Expected risk-free interest rate | 2.50% | 2.70% |
Volatility | 15.60% | 15.10% |
Expected life (in years) | 5 years 6 months | 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 | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares Under Option, Beginning balance | 8.8 |
Shares Under Option, Granted | 1.3 |
Shares Under Option, Exercised | (1.3) |
Shares Under Option, Forfeited or canceled | (0.1) |
Shares Under Option, Ending balance | 8.7 |
Shares Under Option, Exercisable at end of year | 2.7 |
Shares Under Option, Ending unvested and expected to vest | 5.8 |
Weighted Average Exercise Price, Beginning balance | $ 50.16 |
Weighted Average Exercise Price, Granted | 79.59 |
Weighted Average Exercise Price, Exercised | 42.34 |
Weighted Average Exercise Price, Forfeited or canceled | 55.66 |
Weighted Average Exercise Price, Ending balance | 55.55 |
Weighted Average Exercise Price, Exercisable at end of year | 44.81 |
Weighted Average Exercise Price, Ending unvested and expected to vest | $ 59.67 |
Weighted Average Remaining Contractual Term (in years), Ending balance | 4 years 1 month 2 days |
Weighted Average Remaining Contractual Term (in years), Exercisable at end of year | 2 years 2 months 19 days |
Weighted Average Remaining Contractual Term (in years), Ending unvested and expected to vest | 4 years 10 months 6 days |
Aggregate Intrinsic Value, Ending Balance | $ 279 |
Aggregate Intrinsic Value, Exercisable at end of year | 113.7 |
Aggregate Intrinsic Value, Ending unvested and expected to vest | $ 160.7 |
Stock Option Plans - Stock Op_2
Stock Option Plans - Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | $ 39.17 | |
Range of Exercise Prices, maximum | $ 79.59 | |
Option Outstanding, Number Outstanding | 8.7 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 1 month 2 days | |
Option Outstanding, Weighted Average Exercise Price | $ 55.55 | $ 50.16 |
Options Exercisable, Number Exercisable | 2.7 | |
Option Exercisable, Weighted Average Exercise Price | $ 44.81 | |
Exercise Prices Range $ 39.17 - $ 39.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 39.17 | |
Range of Exercise Prices, maximum | $ 39.17 | |
Option Outstanding, Number Outstanding | 0.4 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 8 months 12 days | |
Option Outstanding, Weighted Average Exercise Price | $ 39.17 | |
Options Exercisable, Number Exercisable | 0.5 | |
Option Exercisable, Weighted Average Exercise Price | $ 39.17 | |
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 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 3 years 8 months 19 days | |
Option Outstanding, Weighted Average Exercise Price | $ 43.71 | |
Options Exercisable, Number Exercisable | 0.5 | |
Option Exercisable, 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 | 2.3 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 3 months 7 days | |
Option Outstanding, Weighted Average Exercise Price | $ 46.47 | |
Options Exercisable, Number Exercisable | 1.7 | |
Option Exercisable, Weighted Average Exercise Price | $ 46.56 | |
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 | 1.5 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 8 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 56.83 | |
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) | 5 years 8 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 70.74 | |
Exercise Prices Range $ 79.59 - $ 79.59 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, minimum | 79.59 | |
Range of Exercise Prices, maximum | $ 79.59 | |
Option Outstanding, Number Outstanding | 1.3 | |
Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 6 years 8 months 15 days | |
Option Outstanding, Weighted Average Exercise Price | $ 79.59 |
Deferred Compensation - Additio
Deferred Compensation - Additional information (Detail) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
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 annually make 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 the 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 | $ 10,100,000 | $ 11,500,000 | |||
Charge to compensation expenses related to awards | 2,600,000 | 2,400,000 | $ 4,600,000 | $ 4,300,000 | |
Cash and equity awards with aggregate fair value vested and distributed to participants | 1,300,000 | ||||
Unearned deferred compensation, value | $ 73,000,000 | $ 57,600,000 | |||
Unearned deferred compensation, shares | 2.9 | 2.7 | |||
Total intrinsic value of unvested equity based awards | $ 254,900,000 | $ 199,800,000 | |||
Deferred Cash Participation Plan (DCPP) [Member] | |||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||
Awards approved by committee, value | 2,400,000 | 5,600,000 | |||
Charge to compensation expenses related to awards | 1,200,000 | 1,000,000 | 2,300,000 | 1,800,000 | |
Cash and equity awards with aggregate fair value vested and distributed to participants | 2,500,000 | ||||
Deferred Equity Participation Plan Sub Plans [Member] | |||||
Investments And Employee Deferred Compensation Plan [Line Items] | |||||
Awards approved by committee, value | 2,600,000 | 900,000 | |||
Charge to compensation expenses related to awards | $ 700,000 | $ 600,000 | $ 1,200,000 | 1,100,000 | |
Cash and equity awards with aggregate fair value vested and distributed to participants | $ 0 |
Restricted Stock, Performance_2
Restricted Stock, Performance Share and Cash Awards - Additional Information (Detail) | Mar. 14, 2019USD ($)shares | Mar. 15, 2018USD ($)shares | Jun. 30, 2019USD ($)shares | Mar. 31, 2019shares | Jun. 30, 2018USD ($)shares | Mar. 31, 2018shares | Mar. 31, 2017shares | Mar. 31, 2016 | Jun. 30, 2019USD ($)Timesshares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018shares | Mar. 16, 2017USD ($)shares | Mar. 17, 2016USD ($)shares |
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Share-based compensation, shares outstanding | shares | 8,700,000 | 8,700,000 | 8,800,000 | ||||||||||
Shares granted in the period | shares | 399,900 | 420,200 | |||||||||||
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 | $ 4,000,000 | |||||||||||
Share-based compensation, shares outstanding | shares | 2,800,000 | 2,800,000 | |||||||||||
Shares granted in the period | shares | 2,800,000 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Shares granted in the period | shares | 399,900 | 420,200 | |||||||||||
Fair value of grants in period | $ 31,800,000 | $ 28,700,000 | |||||||||||
Share based payment award vesting date | Mar. 14, 2024 | Mar. 15, 2023 | |||||||||||
Restricted stock or unit expense | 8,400,000 | 8,200,000 | $ 14,800,000 | $ 14,600,000 | |||||||||
Unvested Restricted Stock [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Total intrinsic value | $ 199,700,000 | $ 125,700,000 | 199,700,000 | 125,700,000 | |||||||||
Equity awards with an aggregate fair value | 2,000,000 | 22,400,000 | |||||||||||
Performance Shares [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Equity awards with an aggregate fair value | $ 5,700,000 | 3,700,000 | |||||||||||
Shares authorized | shares | 73,600 | 78,200 | |||||||||||
Performance unit awards approved, Fair value | $ 5,800,000 | $ 5,300,000 | |||||||||||
Provisional awards, terms | Granted units for the 2019 and 2018 provisional awards will fully vest based on continuous employment through March 14, 2022 and March 15, 2021, 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 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 0 | 0 | |||||||||||
2019 Provisional Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Performance awards expiration date | Jan. 1, 2022 | ||||||||||||
Cash-based compensation awards, expenses | $ 2,200,000 | $ 4,100,000 | |||||||||||
2017 Performance Share Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Provisional awards, terms | The 2019 and 2018 awards are subject to a three-year performance period that begins on January 1, 2019 and 2018, respectively, and vest on the three-year anniversary of the date of grant (March 14, 2022 and March 15, 2021). | ||||||||||||
Performance awards period, years | 3 days | ||||||||||||
Vesting period, years | 3 years | ||||||||||||
Performance awards expiration date | Mar. 14, 2022 | ||||||||||||
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 | $ 2,600,000 | $ 1,900,000 | $ 5,000,000 | 3,900,000 | |||||||||
2016 Provisional Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Performance awards expiration date | Jan. 1, 2019 | ||||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 341,000 | 341,000 | |||||||||||
Cash-based compensation awards, expenses | $ 2,400,000 | $ 22,400,000 | $ 6,600,000 | ||||||||||
2015 Provisional Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Performance awards expiration date | Jan. 1, 2019 | ||||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 269,000 | 269,000 | |||||||||||
Cash-based compensation awards, expenses | $ 15,800,000 | ||||||||||||
Minimum [Member] | Long Term Incentive Plan [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 | |||||||||||
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 | ||||||||||||
Officer and Key Employees [Member] | Cash Awards [Member] | |||||||||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||||||||
Provisional awards, terms | The ultimate award value will be equal to the trailing twelve-month price of our common stock on December 31, 2021, 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 | 3 years | ||||||||||||
Provisional compensation cash awards approved for future grant by compensation committee, value | $ 16,500,000 | $ 15,000,000 | $ 14,300,000 | ||||||||||
Provisional compensation cash award approved for future grant by compensation committee, units | shares | 206,800 | 219,000 | 190,000 | 242,000 | 190,000 | 255,000 | |||||||
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 | 383,000 | 397,000 | |||||||||||
Executive Officer [Member] | Minimum [Member] | Long Term Incentive Plan [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 | |||||||||||
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 |
Investments - Investments Repor
Investments - Investments Reported in Other Current and Non-Current Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 49.2 | $ 59.5 |
Chem-Mod LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 4 | 4 |
Chem-Mod International LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2 | 2 |
Clean-Coal Investments [Member] | Controlling Interest [Member] | Fourteen 2009 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 2.5 | 5.1 |
Clean-Coal Investments [Member] | Controlling Interest [Member] | Nineteen 2011 Era Clean Coal Plants [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 36 | 43 |
Clean-Coal Investments [Member] | Noncontrolling Interests [Member] | One 2011 Era Clean Coal Plant [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 0.3 | 0.4 |
Other Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 4.4 | $ 5 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 4 months 24 days |
Lessee, Operating Lease, Option to Extend | 5.0 years |
Operating Lease Liability Not Yet Commenced | $ 3.9 |
Maximum [Member] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 7 years 4 months 24 days |
Operating Lease, Weighted Average Remaining Lease Term | 13 years 7 months 6 days |
Minimum [Member] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 3 years |
Operating Lease, Weighted Average Remaining Lease Term | 2 months 12 days |
Leases - (Components of Lease E
Leases - (Components of Lease Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Net lease expense | $ 33.6 | $ 67.3 |
Operating | ||
Operating lease expense | 29.4 | 58.9 |
Variable lease expense | 4.5 | 9 |
Investment Income | ||
Sublease income | $ (0.3) | $ (0.6) |
Leases - (Supplemental Cash Flo
Leases - (Supplemental Cash Flow Information Related to Leases) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 57.6 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 25.2 |
Leases - (Supplemental balance
Leases - (Supplemental balance sheet information related to leases) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Lease right-of-use assets | $ 368.4 | $ 379.6 |
Other current lease liabilities | 75.4 | |
Lease liabilities | 327.4 | |
Total | $ 402.8 | $ 420.3 |
Weighted-average remaining lease term, years | 5 years 4 months 24 days | |
Weighted-average discount rate | 3.90% |
Leases - (Maturities of operati
Leases - (Maturities of operating lease liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
2019 (remaining six months) | $ 48.5 | |
2020 | 100.3 | |
2021 | 85.2 | |
2022 | 66.4 | |
2023 | 51.3 | |
Thereafter | 100 | |
Total lease payments | 451.7 | |
Less interest | (48.9) | |
Total | $ 402.8 | $ 420.3 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 633,500,000 | $ 901,400,000 | |
Derivatives Assets | 3,400,000 | 9,600,000 | |
Derivative Liabilities | 56,500,000 | 25,800,000 | |
Other noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives Assets | 2,500,000 | 5,700,000 | |
Other noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 4,000,000 | 7,900,000 | |
Interest Rate Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 600,000,000 | 850,000,000 | |
Interest Rate Contracts [Member] | Other current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives Assets | 0 | 3,000,000 | |
Interest Rate Contracts [Member] | Accrued compensation and other current liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 20,300,000 | 13,000,000 | |
Interest Rate Contracts [Member] | Other noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 28,900,000 | ||
Foreign Exchange Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | [1] | 33,500,000 | 51,400,000 |
Foreign Exchange Contracts [Member] | Other current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives Assets | [1] | 900,000 | 900,000 |
Foreign Exchange Contracts [Member] | Accrued compensation and other current liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | [1] | $ 3,300,000 | $ 4,900,000 |
[1] | Included within foreign exchange contracts at June 30, 2019 were $215.0 million of call options offset with $215.0 million of put options, and $27.2 million of buy forwards offset with $63.2 million of sell forwards. 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 $72.9 million of sell forwards. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activity - Summary of Notional and Fair Values of Derivative Instruments (Parenthetical) (Detail) - Foreign Exchange Contracts [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | $ 215 | $ 276.4 |
Put Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 215 | 276.4 |
Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | 27.2 | 23.1 |
Forward Contracts [Member] | Call Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange derivative contracts | $ 63.2 | $ 72.9 |
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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Earnings | [1] | $ (29.4) | $ (8.7) | $ (46.6) | $ (0.2) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Earnings into Earnings | (1.2) | 1.3 | (1.9) | 3.1 | |
Amount of Gain (Loss) Recognized in Earnings Related to Amount Excluded from Effectiveness Testing | 0.4 | 0.8 | |||
Commission revenue [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Earnings | [1] | (3.6) | (10.4) | 0.1 | (6.1) |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Earnings into Earnings | (0.1) | 0.4 | (0.2) | 1.1 | |
Amount of Gain (Loss) Recognized in Earnings Related to Amount Excluded from Effectiveness Testing | (0.2) | (0.4) | |||
Compensation expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Earnings into Earnings | (0.4) | 0.4 | (0.6) | 0.9 | |
Amount of Gain (Loss) Recognized in Earnings Related to Amount Excluded from Effectiveness Testing | 0.3 | 0.7 | |||
Operating expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Earnings into Earnings | (0.4) | 0.2 | (0.5) | 0.6 | |
Amount of Gain (Loss) Recognized in Earnings Related to Amount Excluded from Effectiveness Testing | 0.3 | 0.5 | |||
Interest expense [Member] | Interest Rate Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Earnings | [1] | (25.8) | 1.7 | (46.7) | 5.9 |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Earnings into Earnings | $ (0.3) | $ 0.3 | $ (0.6) | $ 0.5 | |
[1] | For the three-month and six-month periods ended June 30, 2019, the amounts excluded from the assessment of hedge effectiveness for our foreign exchange contracts recognized in accumulated other comprehensive earnings were losses of $0.2 million and $0.3 million, respectively. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activity - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (60.9) | $ 75.1 | $ (150.1) | $ 58.4 | ||
Foreign Exchange [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 0.2 | $ 0.3 | ||||
Scenario, Forecast [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Estimated pretax loss to be reclassified from accumulated other comprehensive loss into earnings | $ 3.1 |
Commitments, Contingencies an_3
Commitments, Contingencies and Off-Balance Sheet Arrangements - Contractual Obligations (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Note Purchase Agreements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | $ 50 |
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 | 3,198 |
Contractual Obligations, Payments Due by Period, Total | 3,923 |
Multi Currency Credit Agreement [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 325 |
Contractual Obligations, Payments Due by Period, Total | 325 |
Premium Financing Debt Facility [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 137.3 |
Contractual Obligations, Payments Due by Period, Total | 137.3 |
Interest On Debt [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 87.5 |
Contractual Obligations, Payments Due by Period, 2020 | 171 |
Contractual Obligations, Payments Due by Period, 2021 | 165.8 |
Contractual Obligations, Payments Due by Period, 2022 | 160.1 |
Contractual Obligations, Payments Due by Period, 2023 | 150.6 |
Contractual Obligations, Payments Due by Period, Thereafter | 698.9 |
Contractual Obligations, Payments Due by Period, Total | 1,433.9 |
Total Debt Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 599.8 |
Contractual Obligations, Payments Due by Period, 2020 | 271 |
Contractual Obligations, Payments Due by Period, 2021 | 240.8 |
Contractual Obligations, Payments Due by Period, 2022 | 360.1 |
Contractual Obligations, Payments Due by Period, 2023 | 450.6 |
Contractual Obligations, Payments Due by Period, Thereafter | 3,896.9 |
Contractual Obligations, Payments Due by Period, Total | 5,819.2 |
Operating Lease Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 48.5 |
Contractual Obligations, Payments Due by Period, 2020 | 100.3 |
Contractual Obligations, Payments Due by Period, 2021 | 85.2 |
Contractual Obligations, Payments Due by Period, 2022 | 66.4 |
Contractual Obligations, Payments Due by Period, 2023 | 51.3 |
Contractual Obligations, Payments Due by Period, Thereafter | 100 |
Contractual Obligations, Payments Due by Period, Total | 451.7 |
Less Sublease Arrangements [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | (1) |
Contractual Obligations, Payments Due by Period, 2020 | (0.8) |
Contractual Obligations, Payments Due by Period, 2021 | (0.8) |
Contractual Obligations, Payments Due by Period, 2022 | (0.3) |
Contractual Obligations, Payments Due by Period, 2023 | (0.2) |
Contractual Obligations, Payments Due by Period, Thereafter | (0.9) |
Contractual Obligations, Payments Due by Period, Total | (4) |
Outstanding Purchase Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 34.7 |
Contractual Obligations, Payments Due by Period, 2020 | 41.7 |
Contractual Obligations, Payments Due by Period, 2021 | 34.1 |
Contractual Obligations, Payments Due by Period, 2022 | 16.8 |
Contractual Obligations, Payments Due by Period, 2023 | 8 |
Contractual Obligations, Payments Due by Period, Thereafter | 23.1 |
Contractual Obligations, Payments Due by Period, Total | 158.4 |
Total Contractual Obligations [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Contractual Obligations, Payments Due by Period, 2019 | 682 |
Contractual Obligations, Payments Due by Period, 2020 | 412.2 |
Contractual Obligations, Payments Due by Period, 2021 | 359.3 |
Contractual Obligations, Payments Due by Period, 2022 | 443 |
Contractual Obligations, Payments Due by Period, 2023 | 509.7 |
Contractual Obligations, Payments Due by Period, Thereafter | 4,019.1 |
Contractual Obligations, Payments Due by Period, Total | $ 6,425.3 |
Commitments, Contingencies an_4
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 36 Months Ended | 210 Months Ended | ||
Jun. 30, 2019USD ($)ft²LetterOfCreditEntity | Jun. 30, 2018Entity | Jun. 30, 2019USD ($)ft²LetterOfCreditCompaniesEntityEmployees | Jun. 30, 2018Entity | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($)ft²LetterOfCreditEntity | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||||||
Number of square feet | ft² | 360,000 | 360,000 | 360,000 | |||
Number of employees will accommodate at new facility | Employees | 2,000 | |||||
Number of companies acquired | Entity | 46 | 49 | 68 | 76 | 531 | |
Aggregate amount of maximum earnout obligations related to acquisitions | $ 732,600,000 | |||||
Aggregate amount of maximum earnout obligations related to acquisitions, recorded in consolidated balance sheet | 393,400,000 | |||||
Income tax credits and adjustments | 108,000,000 | |||||
Errors And Omissions [Member] | ||||||
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 | 350,000,000 | $ 350,000,000 | |||
Letter of Credit [Member] | ||||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||||||
Debt | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 | |||
Number of letters of credit issued | LetterOfCredit | 1 | 1 | 1 | |||
Letter of Credit [Member] | Security Deposit [Member] | ||||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||||||
Debt | $ 500,000 | $ 500,000 | $ 500,000 | |||
Number of letters of credit issued | LetterOfCredit | 1 | 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 | $ 10,200,000 | |||
Liabilities recorded on self-insurance | $ 15,800,000 | $ 15,800,000 | $ 15,800,000 | |||
Number of letters of credit issued | LetterOfCredit | 2 | 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 | $ 6,300,000 | |||
Number of letters of credit issued | LetterOfCredit | 7 | 7 | 7 | |||
Minimum [Member] | ||||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||||||
Ownership interest | 1.00% | 1.00% | 1.00% | |||
Number of micro-captive insurance companies organized or managed | Companies | 100 | |||||
Minimum [Member] | Errors And Omissions [Member] | ||||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||||||
Actuarial range value | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | |||
Maximum [Member] | ||||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||||||
Ownership interest | 50.00% | 50.00% | 50.00% | |||
Micro-captive operations, net earnings | $ 3,200,000 | |||||
Micro-captive operations, EBITDAC | $ 5,000,000 | |||||
Maximum [Member] | Errors And Omissions [Member] | ||||||
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | ||||||
Actuarial range value | $ 8,300,000 | $ 8,300,000 | $ 8,300,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Off-Balance Sheet Arrangements - Off-Balance Sheet Commitments (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2019 | $ 0.1 |
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 | 18.9 |
Total Amounts Committed | 19.8 |
Letters of Credit [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - Thereafter | 18.3 |
Total Amounts Committed | 18.3 |
Financial Guarantees [Member] | |
Commitments Contingencies And Off Balance Sheet Arrangements [Line Items] | |
Amount of Commitment Expiration by Period - 2019 | 0.1 |
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 | $ 1.5 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information - Cash Flow (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | ||
Interest paid | $ 74.6 | $ 65.9 |
Income taxes paid, net | $ 31.2 | $ 40.5 |
Supplemental Disclosures of C_4
Supplemental Disclosures of Cash Flow Information - Cash Equivalents And Restricted Cash (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 512.3 | $ 607.2 | $ 652.2 | |
Restricted cash | 2,034.3 | 1,629.6 | 1,692.5 | |
Total cash, cash equivalents and restricted cash | $ 2,546.6 | $ 2,236.8 | $ 2,344.7 | $ 2,305 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss) Attributable to Controlling Interests (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (785.6) | |
Cumulative effect of adoption of new accounting standards | $ 2.4 | |
Ending Balance | (802.5) | |
Pension Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (61.2) | |
Net change in period | 2.4 | |
Ending Balance | (58.8) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (719) | |
Net change in period | 13.8 | |
Ending Balance | (705.2) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5.4) | |
Cumulative effect of adoption of new accounting standards | (0.2) | |
Net change in period | (32.9) | |
Ending Balance | (38.5) | |
Accumulated Other Comprehensive Earnings (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (785.6) | |
Cumulative effect of adoption of new accounting standards | (0.2) | $ (0.2) |
Net change in period | (16.7) | |
Ending Balance | $ (802.5) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Earnings - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Expense related to pension liability reclassified from accumulated other comprehensive earnings | $ 3.6 | $ 2.4 |
(Income) expense related to fair value of derivative investments reclassified from accumulated other comprehensive earnings | 1.9 | 3.1 |
Foreign currency translation reclassified from accumulated other comprehensive earnings | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segment | |
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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 1,657.8 | $ 1,660.4 | $ 3,648.4 | $ 3,498.1 | |
Earnings (loss) before income taxes | 105.5 | 103.6 | 427.3 | 345.9 | |
Identifiable assets at June 30, 2019 and 2018 | 19,200.3 | 19,200.3 | $ 16,334 | ||
Operating Segments [Member] | Brokerage [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,131.2 | 1,000.1 | 2,513.1 | 2,195.7 | |
Earnings (loss) before income taxes | 182.3 | 170.6 | 594.7 | 489.5 | |
Identifiable assets at June 30, 2019 and 2018 | 16,464.3 | 13,779 | 16,464.3 | 13,779 | |
Operating Segments [Member] | Risk Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 242.1 | 237.3 | 478.5 | 467.2 | |
Earnings (loss) before income taxes | 21 | 24 | 43 | 45.6 | |
Identifiable assets at June 30, 2019 and 2018 | 847.9 | 739.5 | 847.9 | 739.5 | |
Operating Segments [Member] | Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 284.5 | 423 | 656.8 | 835.2 | |
Earnings (loss) before income taxes | (97.8) | (91) | (210.4) | (189.2) | |
Identifiable assets at June 30, 2019 and 2018 | $ 1,888.1 | $ 1,712 | $ 1,888.1 | $ 1,712 |
Segment Information - Summary o
Segment Information - Summary of Revenues by Type and Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues before reimbursements | $ 1,624.8 | $ 1,625 | $ 3,582.3 | $ 3,427.9 |
Total revenues | 1,657.8 | 1,660.4 | 3,648.4 | 3,498.1 |
Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues before reimbursements | 1,131.2 | 1,000.1 | 2,513.1 | 2,195.7 |
Total revenues | 1,131.2 | 1,000.1 | 2,513.1 | 2,195.7 |
Risk Management [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues before reimbursements | 209.1 | 201.9 | 412.4 | 397 |
Total revenues | 242.1 | 237.3 | 478.5 | 467.2 |
Corporate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues before reimbursements | 284.5 | 423 | 656.8 | 835.2 |
Total revenues | 284.5 | 423 | 656.8 | 835.2 |
Commissions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 777.7 | 688 | 1,718.1 | 1,527.4 |
Commissions [Member] | Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 777.7 | 688 | 1,718.1 | 1,527.4 |
Broker Fees [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 464.7 | 422.2 | 929.4 | 870.3 |
Broker Fees [Member] | Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 256.1 | 220.4 | 517.9 | 473.6 |
Broker Fees [Member] | Risk Management [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 208.6 | 201.8 | 411.5 | 396.7 |
Supplemental Revenue Member [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 46.9 | 48.1 | 103.6 | 100.1 |
Supplemental Revenue Member [Member] | Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 46.9 | 48.1 | 103.6 | 100.1 |
Contingent Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 29.5 | 21.8 | 77.5 | 56.7 |
Contingent Revenue [Member] | Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 29.5 | 21.8 | 77.5 | 56.7 |
Investment income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 19.6 | 15.8 | 37.9 | 29.2 |
Investment income [Member] | Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 19.1 | 15.7 | 37 | 28.9 |
Investment income [Member] | Risk Management [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0.5 | 0.1 | 0.9 | 0.3 |
Net gains on divestitures [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1.9 | 6.1 | 59 | 9 |
Net gains on divestitures [Member] | Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1.9 | 6.1 | 59 | 9 |
Clean Coal Activities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 284.4 | 422.4 | 656.7 | 834.6 |
Clean Coal Activities [Member] | Corporate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 284.4 | 422.4 | 656.7 | 834.6 |
Other net gains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0.1 | 0.6 | 0.1 | 0.6 |
Other net gains [Member] | Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0.1 | 0.6 | 0.1 | 0.6 |
Reimbursements [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 33 | 35.4 | 66.1 | 70.2 |
Reimbursements [Member] | Risk Management [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 33 | $ 35.4 | $ 66.1 | $ 70.2 |
Segment Information - Summary_2
Segment Information - Summary of Geographical Location and Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 1,657.8 | $ 1,660.4 | $ 3,648.4 | $ 3,498.1 |
Unites States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,176.7 | 1,235.8 | 2,754 | 2,693.6 |
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 258.7 | 213.2 | 472.6 | 413.1 |
Australia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 78.8 | 79.6 | 147.3 | 146.9 |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 59.5 | 49 | 117.9 | 92.8 |
New Zealand [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 45.3 | 43.7 | 79.6 | 77.3 |
Other Foreign [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 38.8 | 39.1 | 77 | 74.4 |
Brokerage [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,131.2 | 1,000.1 | 2,513.1 | 2,195.7 |
Brokerage [Member] | Unites States [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 685.3 | 615.5 | 1,691.8 | 1,468.3 |
Brokerage [Member] | United Kingdom [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 248.7 | 204.4 | 452.4 | 395.4 |
Brokerage [Member] | Australia [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 58.8 | 53.9 | 104.8 | 97.5 |
Brokerage [Member] | Canada [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 58.4 | 47.8 | 115.6 | 90.6 |
Brokerage [Member] | New Zealand [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 41.2 | 39.4 | 71.5 | 69.5 |
Brokerage [Member] | Other Foreign [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 38.8 | 39.1 | 77 | 74.4 |
Risk Management [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 242.1 | 237.3 | 478.5 | 467.2 |
Risk Management [Member] | Unites States [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 206.9 | 197.3 | 405.4 | 390.1 |
Risk Management [Member] | United Kingdom [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 10 | 8.8 | 20.2 | 17.7 |
Risk Management [Member] | Australia [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 20 | 25.7 | 42.5 | 49.4 |
Risk Management [Member] | Canada [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1.1 | 1.2 | 2.3 | 2.2 |
Risk Management [Member] | New Zealand [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 4.1 | 4.3 | 8.1 | 7.8 |
Corporate [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 284.5 | 423 | 656.8 | 835.2 |
Corporate [Member] | Unites States [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 284.5 | $ 423 | $ 656.8 | $ 835.2 |