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Business Combinations (Tables)
6 Months Ended
Jun. 30, 2022
Business Combinations [Abstract]  
Acquisition Method for Recording Business Combinations

During the six-month period ended June 30, 2022, we acquired substantially all of the net assets of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Maximum

 

 

 

Common

 

 

Common

 

 

 

 

 

 

 

 

 

 

 

Recorded

 

 

Recorded

 

 

Potential

 

Name and Effective

 

Shares

 

 

Share

 

 

 

 

 

Accrued

 

 

Escrow

 

 

Earnout

 

 

Purchase

 

 

Earnout

 

Date of Acquisition

 

Issued

 

 

Value

 

 

Cash Paid

 

 

Liability

 

 

Deposited

 

 

Payable

 

 

Price

 

 

Payable

 

 

 

(000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Devitt Insurance Services Ltd
   February 1, 2022 (DIS)

 

 

 

 

$

 

 

$

73.6

 

 

$

1.3

 

 

$

3.4

 

 

$

12.5

 

 

$

90.8

 

 

$

12.5

 

Innovu Group Holding
   Company Limited
      June 1, 2022 (IGH)

 

 

 

 

 

 

 

 

85.4

 

 

 

 

 

 

 

 

 

 

 

 

85.4

 

 

 

 

Twelve other acquisitions
   completed in 2022

 

 

 

 

 

 

 

 

164.7

 

 

 

6.5

 

 

 

9.1

 

 

 

35.5

 

 

 

215.8

 

 

 

79.2

 

 

 

 

 

 

$

 

 

$

323.7

 

 

$

7.8

 

 

$

12.5

 

 

$

48.0

 

 

$

392.0

 

 

$

91.7

 

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 period ended June 30, 2022 (in millions):

 

 

 

 

 

 

 

 

 

Twelve Other

 

 

 

 

 

 

DIS

 

 

IGH

 

 

Acquisitions

 

 

Total

 

Cash and restricted cash

 

$

3.9

 

 

$

7.8

 

 

$

6.7

 

 

$

18.4

 

Other current assets

 

 

18.5

 

 

 

6.5

 

 

 

47.0

 

 

 

72.0

 

Fixed assets

 

 

0.4

 

 

 

0.5

 

 

 

0.9

 

 

 

1.8

 

Noncurrent assets

 

 

1.3

 

 

 

2.0

 

 

 

5.9

 

 

 

9.2

 

Goodwill

 

 

54.4

 

 

 

47.2

 

 

 

112.0

 

 

 

213.6

 

Expiration lists

 

 

33.3

 

 

 

35.0

 

 

 

101.5

 

 

 

169.8

 

Non-compete agreements

 

 

4.1

 

 

 

4.0

 

 

 

2.7

 

 

 

10.8

 

Trade names

 

 

0.8

 

 

 

0.8

 

 

 

0.1

 

 

 

1.7

 

Total assets acquired

 

 

116.7

 

 

 

103.8

 

 

 

276.8

 

 

 

497.3

 

Current liabilities

 

 

15.3

 

 

 

11.2

 

 

 

47.4

 

 

 

73.9

 

Noncurrent liabilities

 

 

10.6

 

 

 

7.2

 

 

 

13.6

 

 

 

31.4

 

Total liabilities assumed

 

 

25.9

 

 

 

18.4

 

 

 

61.0

 

 

 

105.3

 

Total net assets acquired

 

$

90.8

 

 

$

85.4

 

 

$

215.8

 

 

$

392.0

 

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, 2021 (in millions, except per share data):

 

 

Three-month period ended

 

 

Six-month period ended

 

 

June 30,

 

 

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Total revenues

$

2,048.5

 

 

$

1,953.8

 

 

$

4,501.8

 

 

$

4,137.2

 

Net earnings attributable to controlling interests

 

284.5

 

 

 

190.8

 

 

 

723.1

 

 

 

572.5

 

Basic net earnings per share

 

1.35

 

 

 

0.95

 

 

 

3.45

 

 

 

2.89

 

Diluted net earnings per share

 

1.33

 

 

 

0.93

 

 

 

3.38

 

 

 

2.83