10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-35636

ASGN Incorporated

(Exact name of registrant as specified in its charter)

Delaware	95-4023433
(State of Incorporation)	(I.R.S. Employer Identification No.)

4400 Cox Road, Suite 110

Glen Allen, Virginia 23060

(Address, including zip code, of Principal Executive Offices)

(888) 482-8068

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock	ASGN	NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒Yes ☐ No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 ☐ Yes ☒ No 

At April 28, 2023, the total number of outstanding shares of the Common Stock of ASGN Incorporated (the "Company") ($0.01 par value) was 49.3 million.

ASGN INCORPORATED AND SUBSIDIARIES

INDEX

PART I — FINANCIAL INFORMATION
Item 1 — Condensed Consolidated Financial Statements (Unaudited)	3
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Operations and Comprehensive Income	4
Condensed Consolidated Statements of Stockholders’ Equity	5
Condensed Consolidated Statements of Cash Flows	6
Notes to Condensed Consolidated Financial Statements	7
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3 — Quantitative and Qualitative Disclosures about Market Risks	15
Item 4 — Controls and Procedures	15
PART II — OTHER INFORMATION
Item 1 — Legal Proceedings	16
Item 1A — Risk Factors	16
Item 2 — Unregistered Sales of Securities and Use of Proceeds	16
Item 3 — Defaults Upon Senior Securities	16
Item 4 — Mine Safety Disclosures	16
Item 5 — Other Information	16
Item 6 — Exhibits	17
Signature	18

2

PART I — FINANCIAL INFORMATION

Item 1 — Condensed Consolidated Financial Statements (Unaudited)

ASGN INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions, except share data)

	March 31, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	65.0	$	70.3
Accounts receivable, net	822.8		853.6
Prepaid expenses and income taxes	23.5		39.9
Other current assets	15.5		17.3
Total current assets	926.8		981.1
Property and equipment, net	71.8		66.3
Operating lease right-of-use assets	52.5		51.1
Identifiable intangible assets, net	551.5		569.6
Goodwill	1,893.5		1,892.0
Other non-current assets	29.2		25.6
Total assets	$	3,525.3	$	3,585.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	34.0	$	35.2
Accrued payroll	251.6		285.1
Operating lease liabilities	21.1		22.9
Other current liabilities	79.2		98.7
Total current liabilities	385.9		441.9
Long-term debt	1,035.4		1,066.6
Operating lease liabilities	36.2		32.3
Deferred income tax liabilities	129.2		129.2
Other long-term liabilities	15.1		14.4
Total liabilities	1,601.8		1,684.4
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 1.0 million shares authorized; no shares issued	—		—
Common stock, $0.01 par value; 75.0 million shares authorized; 49.2 million and 49.5 million shares outstanding at March 31, 2023 and December 31, 2022, respectively	0.5		0.5
Paid-in capital	714.4		703.5
Retained earnings	1,210.3		1,200.0
Accumulated other comprehensive loss	(1.7)		(2.7)
Total stockholders’ equity	1,923.5		1,901.3
Total liabilities and stockholders’ equity	$	3,525.3	$	3,585.7

See notes to condensed consolidated financial statements.

3

ASGN INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

(in millions, except per share data)

	Three Months Ended
	March 31,
	2023		2022
Revenues	$	1,128.8	$	1,091.0
Costs of services	802.4		764.4
Gross profit	326.4		326.6
Selling, general and administrative expenses	224.1		212.1
Amortization of intangible assets	18.1		13.9
Operating income	84.2		100.6
Interest expense	(15.4)		(9.3)
Income before income taxes	68.8		91.3
Provision for income taxes	19.3		23.7
Income from continuing operations	49.5		67.6
Income from discontinued operations, net of income taxes	—		(0.8)
Net income	$	49.5	$	66.8
Earnings per share:
Basic —
Continuing operations	$	1.00	$	1.31
Discontinued operations	—		(0.01)
	$	1.00	$	1.30
Diluted —
Continuing operations	$	0.99	$	1.29
Discontinued operations	—		(0.01)
	$	0.99	$	1.28
Shares and share equivalents used to calculate earnings per share:
Basic	49.3		51.6
Diluted	49.8		52.3
Reconciliation of net income to comprehensive income:
Net income	$	49.5	$	66.8
Foreign currency translation adjustment	1.0		—
Comprehensive income	$	50.5	$	66.8

    

 See notes to condensed consolidated financial statements.

4

ASGN INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

(in millions)

	Common Stock			Paid-in Capital		Retained Earnings		Other		Total
	Shares	Par Value
Three Months Ended March 31, 2023
Balance at December 31, 2022	49.5	$	0.5	$	703.5	$	1,200.0	$	(2.7)	$	1,901.3
Stock-based compensation expense	—	—		12.1		—		—		12.1
Issuances under equity plans	0.2	—		11.1		—		—		11.1
Tax withholding on restricted stock vesting	—	—		(4.2)		—		—		(4.2)
Stock repurchases and retirement of shares	(0.5)	—		(8.1)		(39.2)		—		(47.3)
Other	—	—		—		—		1.0		1.0
Net income	—	—		—		49.5		—		49.5
Balance at March 31, 2023	49.2	$	0.5	$	714.4	$	1,210.3	$	(1.7)	$	1,923.5
Three Months Ended March 31, 2022
Balance at December 31, 2021	51.8	$	0.5	$	690.8	$	1,174.4	$	(0.3)	$	1,865.4
Stock-based compensation expense	—	—		12.8		—		—		12.8
Issuances under equity plans	0.2	—		10.4		—		—		10.4
Tax withholding on restricted stock vesting	—	—		(8.8)		—		—		(8.8)
Stock repurchases and retirement of shares	(0.7)	—		(9.2)		(68.2)		—		(77.4)
Net income	—	—		—		66.8		—		66.8
Balance at March 31, 2022	51.3	$	0.5	$	696.0	$	1,173.0	$	(0.3)	$	1,869.2

See notes to condensed consolidated financial statements.

5

ASGN INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

	Three Months Ended
	March 31,
	2023		2022
Cash Flows from Operating Activities
Net income	$	49.5	$	66.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24.9		20.1
Stock-based compensation	12.1		12.8
Other	1.5		2.8
Changes in operating assets and liabilities, net of effects of acquisitions and divestiture:
Accounts receivable	31.0		(67.7)
Prepaid expenses and income taxes	16.5		23.1
Accounts payable	(1.2)		(0.5)
Accrued payroll	(33.8)		6.6
Other	(20.0)		(8.0)
Net cash provided by operating activities	80.5		56.0
Cash Flows from Investing Activities
Cash paid for property and equipment	(11.7)		(9.6)
Cash received from sale of the Oxford business	—		9.8
Other	(0.6)		—
Net cash provided by (used in) investing activities	(12.3)		0.2
Cash Flows from Financing Activities
Proceeds from long term debt	36.0		—
Principal payments of long term debt	(67.5)		—
Proceeds from employee stock purchase plan	11.1		10.4
Repurchases of common stock	(48.8)		(76.9)
Payment of employment taxes related to release of restricted stock awards	(4.2)		(8.8)
Payment of contingent consideration	—		(8.1)
Net cash used in financing activities	(73.4)		(83.4)
Effect of exchange rate changes on cash and cash equivalents	(0.1)		—
Net decrease in cash and cash equivalents	(5.3)		(27.2)
Cash and cash equivalents at beginning of year	70.3		529.6
Cash and cash equivalents at end of period	$	65.0	$	502.4

Supplemental Disclosure of Cash Flow Information
Cash paid for —
Income taxes	$	2.0	$	1.9
Interest	$	8.6	$	2.4
Operating leases	$	6.6	$	6.9
Noncash transactions —
Operating lease right of use assets obtained in exchange for operating lease liabilities	$	7.7	$	2.5

See notes to condensed consolidated financial statements.

6

ASGN INCORPORATED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. General

Basis of presentation — The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The December 31, 2022 balance sheet was derived from audited financial statements. The financial statements include adjustments consisting of normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the financial position of ASGN Incorporated and its subsidiaries ("ASGN" or the "Company") and its results of operations for the interim dates and periods set forth herein. The results for any of the interim periods are not necessarily indicative of the results to be expected for the full year or any other period. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 10-K").

2. Goodwill and Identifiable Intangible Assets

The following table summarizes the activity related to the carrying amount of goodwill by segment since December 31, 2021 (in millions).

	Commercial		Federal Government		Total
Balance as of December 31, 2021	$	829.3	$	740.2	$	1,569.5
2022 acquisitions	246.4		85.5		331.9
Purchase price adjustments	0.4		(8.5)		(8.1)
Translation adjustment	(1.4)		—		(1.4)
Balance as of December 31, 2022	1,074.7		817.2		1,891.9
Purchase price adjustments	—		1.1		1.1
Translation adjustment	0.5		—		0.5
Balance as of March 31, 2023	$	1,075.2	$	818.3	$	1,893.5

________________________________

Approximately $250.7 million of the goodwill for the 2022 acquisitions is deductible for income tax purposes.

Acquired identifiable intangible assets consisted of the following (in millions):

		March 31, 2023						December 31, 2022
	Estimated Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer and contractual relationships	1 - 13	$	589.3	$	330.8	$	258.5	$	589.3	$	315.7	$	273.6
Contract backlog	1 - 3	44.1		38.4		5.7		44.1		36.5		7.6
Non-compete agreements	1 - 7	41.2		26.7		14.5		41.2		25.6		15.6
		674.6		395.9		278.7		674.6		377.8		296.8
Not subject to amortization:
Trademarks		272.8		—		272.8		272.8		—		272.8
Total		$	947.4	$	395.9	$	551.5	$	947.4	$	377.8	$	569.6

Estimated future amortization expense follows (in millions): 

Remainder of 2023	$	53.7
2024	58.1
2025	48.8
2026	41.8
2027	32.0
Thereafter	44.3
	$	278.7

7

3. Long-Term Debt

Long-term debt consisted of the following (in millions):

	March 31, 2023		December 31, 2022
Senior Secured Credit Facility:
Borrowings under $460 million revolving credit facility, due November 2024	$	—	$	31.5
Term B loan facility, due April 2025	490.8		490.8
Unsecured Senior Notes, due May 2028	550.0		550.0
	1,040.8		1,072.3
Unamortized deferred loan costs	(5.4)		(5.7)
	$	1,035.4	$	1,066.6

Senior Secured Credit Facility — The senior secured credit facility (the "facility") consists of a term B loan and a $460.0 million revolving credit facility (the "revolver"). Borrowings under the term B loan bear interest at the secured overnight financing rate plus a 10 basis points adjustment ("SOFR") plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the revolver bear interest at SOFR plus 1.25 to 2.25 percent, or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the revolver. There are no required minimum payments on the facility. The revolver is limited to a maximum ratio of senior secured debt to trailing-twelve-months of lender-defined consolidated EBITDA of 3.75 to 1, which was 0.90 to 1 at March 31, 2023. The facility is secured by substantially all of the Company's assets and includes various restrictive covenants. At March 31, 2023, the Company was in compliance with its debt covenants.

Unsecured Senior Notes — The Company has $550.0 million of unsecured senior notes, which bear interest at 4.625 percent payable semiannually in arrears on May 15 and November 15. These notes are unsecured obligations and are subordinate to the senior secured credit facility. These notes also contain certain customary limitations including, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets and make certain distributions.

4. Commitments and Contingencies

The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business, and collective class and Private Attorneys General Act ("PAGA") actions alleging violations of wage and hour laws. The Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its consolidated financial statements.

5. Income Taxes

For interim reporting periods, the Company’s provision for income taxes is calculated using its annualized estimated effective tax rate for the year. This rate is based on its estimated full year income and the related income tax expense for each jurisdiction in which the Company operates. The effective tax rate can be affected by changes in the geographical mix, permanent differences and the estimate of full year pretax accounting income. This rate is adjusted for the effects of discrete items occurring in the period.

8

6. Earnings per Share

The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data).

	Three Months Ended
	March 31,
	2023		2022
Income from continuing operations	$	49.5	$	67.6
Income from discontinued operations, net of income taxes	—		(0.8)
Net income	$	49.5	$	66.8
Weighted-average number of common shares outstanding — basic	49.3		51.6
Dilutive effect of common share equivalents	0.5		0.7
Weighted-average number of common shares and share equivalents outstanding — diluted	49.8		52.3
Basic earnings per share:
Continuing operations	$	1.00	$	1.31
Discontinued operations	—		(0.01)
	$	1.00	$	1.30
Diluted earnings per share:
Continuing operations	$	0.99	$	1.29
Discontinued operations	—		(0.01)
	$	0.99	$	1.28

9

7. Segment Reporting

ASGN provides information technology ("IT") services and professional solutions, including technology and creative digital marketing, across the commercial and government sectors. ASGN operates through two segments, Commercial and Federal Government. The Commercial Segment, which is the largest segment, provides consulting, creative digital marketing and permanent placement services primarily to large enterprises and Fortune 1000 companies. The Federal Government Segment provides mission-critical solutions to the Department of Defense, the intelligence community and federal civilian agencies. Virtually all of the Company's revenues are generated in the United States.

Management evaluates the performance of each segment primarily based on revenues, gross profit and operating income derived directly from internal financial reporting of the segments used for corporate management purposes, which is presented below by segment (in millions):

	Three Months Ended
	March 31,
	2023		2022
Commercial
Revenues	$	832.1	$	832.9
Gross profit	262.4		272.6
Operating income	83.9		104.9
Depreciation	4.6		3.5
Amortization	8.8		5.6
Federal Government
Revenues	$	296.7	$	258.1
Gross profit	64.0		54.0
Operating income	22.6		17.3
Depreciation	1.4		1.5
Amortization	9.3		8.3
Consolidated
Revenues	$	1,128.8	$	1,091.0
Gross profit	326.4		326.6
Operating income	84.2		100.6
Depreciation	6.8		6.2
Amortization	18.1		13.9
_______
Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These include stock-based compensation expense, depreciation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses and public company expenses.

    

10

The majority of the revenues from the Commercial Segment are generated from time-and-materials ("T&M") contracts where payments are based on fixed hourly rates for each direct labor hour expended and reimbursements for allowable material costs and out-of-pocket expenses. Revenues from the Federal Government Segment are generated from: (i) firm-fixed-price, (ii) T&M and (iii) cost reimbursable contracts. Revenues by segment and by type are as follows (in millions):

	Three Months Ended
	March 31,
	2023		2022
Commercial
Assignment	$	560.4	$	628.2
Consulting	271.7		204.7
	832.1		832.9
Federal Government
Firm-fixed-price	92.8		76.9
Time and materials	121.9		107.0
Cost reimbursable	82.0		74.2
	296.7		258.1
Consolidated	$	1,128.8	$	1,091.0

Federal Government Segment revenues by customer type are as follows (in millions):

	Three Months Ended
	March 31,
	2023		2022
Department of Defense and Intelligence Agencies	$	132.9	$	133.6
Federal Civilian	153.1		116.4
Other	10.7		8.1
	$	296.7	$	258.1

8. Fair Value Measurements

Recurring Fair Value Measurements — The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll approximate their fair value based on their short-term nature.

Nonrecurring Fair Value Measurements — Certain assets, such as goodwill and trademarks, are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as, when there is evidence of impairment. There were no fair value adjustments for non-financial assets or liabilities during the three months ended March 31, 2023.

The carrying amount of long-term debt recorded in the Company’s accompanying condensed consolidated balance sheet at March 31, 2023 was $1.0 billion (see Note 3. Long-Term Debt) and its fair value, determined using quoted prices in active markets for identical liabilities (Level 1 inputs), was slightly less than the carrying amount.

9. Subsequent Events

On April 24, 2023, the Company's Board of Directors approved a new stock repurchase program under which the Company may repurchase $500.0 million of its common stock over the next two years. Under terms of the program, purchases can be made in the open market or under a Rule 10b5-1 trading plan. The stock repurchase program does not obligate the Company to acquire any particular amount of the Company's stock and may be suspended at any time at the Company's discretion. The new program replaces the Company's previous stock repurchase program.

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Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations, as well as management's beliefs and assumptions and involve a high degree of risk and uncertainty. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Statements that include the words "believes," "anticipates," "plans," "expects," "intends," and similar expressions that convey uncertainty of future events or outcomes are forward-looking statements. Our actual results could differ materially from those discussed or suggested in the forward-looking statements herein. Factors that could cause or contribute to such differences include those described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 10-K"). In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. All forward-looking statements in this document are based on information available to us as of the filing date of this Quarterly Report on Form 10-Q and we assume no obligation to update any forward-looking statements or the reasons why our actual results may differ.

OVERVIEW

ASGN provides information technology ("IT") services and professional solutions, including technology and creative digital marketing, across the commercial and government sectors. We operate through two segments, Commercial and Federal Government. The Commercial Segment, which is the largest segment, provides consulting, creative digital marketing and permanent placement services primarily to large enterprises and Fortune 1000 companies. Our Federal Government Segment provides mission-critical solutions to the Department of Defense, the intelligence community and federal civilian agencies. Virtually all of the Company's revenues are generated in the United States.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2023 COMPARED WITH THE THREE MONTHS ENDED MARCH 31, 2022

Revenues

Revenues for the quarter were $1.1 billion, up 3.5 percent over the first quarter of last year. Revenues for the quarter included approximately $50.4 million from businesses acquired in the last 12 months. Excluding the contributions from these recent acquisitions, revenue declined 1.2 percent year-over-year. The table below shows our revenues by segment for the three months ended March 31, 2023 and 2022 (in millions).

							% of Total
	2023		2022		Change		2023		2022		Change
Commercial
Assignment	$	560.4	$	628.2	(10.8	%)	49.6	%	57.6	%	(8.0	%)
Consulting	271.7		204.7		32.7	%	24.1	%	18.7	%	5.4	%
	832.1		832.9		(0.1	%)	73.7	%	76.3	%	(2.6	%)
Federal Government	296.7		258.1		15.0	%	26.3	%	23.7	%	2.6	%
Consolidated	$	1,128.8	$	1,091.0	3.5	%	100.0	%	100.0	%

    

Commercial Segment — Revenues from our Commercial Segment (73.7 percent of total revenues) were essentially flat year-over-year. Assignment revenues were $560.4 million (67.3 percent of the segment's revenues), down 10.8 percent year-over-year. Consulting services revenues were $271.7 million (32.7 percent of the segment's revenues), up 32.7 percent year-over-year. Excluding the contribution of $25.9 million from GlideFast, consulting services revenues were up 20.0 percent.

From an industry perspective, Commercial revenues fall into five broad industry verticals: (i) Financial Services, (ii) Consumer and Industrials, (iii) Technology, Media and Telecom ("TMT"), (iv) Healthcare, and (v) Business and Government Services. Our Financial Services, Consumer and Industrials, and Healthcare verticals saw single-digit revenue growth year-over-year. The TMT and Business and Government Services verticals were down compared with the first quarter of 2022.

Within the Commercial Segment, IT services and solutions revenues, which accounted for 85.4 percent of the segment's revenues in the quarter, were up 3.1 percent over the first quarter of last year driven by double-digit growth in consulting services. The segment's more discretionary and cyclical businesses, creative digital marketing and permanent placement, accounted for 14.6 percent of the segment's revenues and were down 15.5 percent year-over-year.

Federal Government Segment — Revenues from our Federal Government Segment (26.3 percent of revenues) were up 15.0 percent year-over-year. Excluding the contribution from Iron Vine of $24.5 million, revenues increased by 5.5 percent.

12

Gross Profit and Gross Margin

The table below shows gross profit and gross margin by segment for the three months ended March 31, 2023 and 2022 (in millions).

	Gross Profit						Gross Margin
	2023		2022		Change		2023		2022		Change
Commercial	$	262.4	$	272.6	(3.7	%)	31.5	%	32.7	%	(1.2	%)
Federal Government	64.0		54.0		18.5	%	21.6	%	20.9	%	0.7	%
Consolidated	$	326.4	$	326.6	(0.1	%)	28.9	%	29.9	%	(1.0	%)

Gross profit is comprised of revenues less costs of services, which consist primarily of compensation for our contract professionals, other direct costs and reimbursable out-of-pocket expenses.

Gross margin was 28.9 percent, a reduction of 100 basis points from the first quarter of 2022. The compression mainly related to business mix, including a slightly higher mix of revenues from the Federal Government Segment, which have a lower gross margin than commercial revenues, and, within the Commercial Segment, a lower mix of revenues from the creative digital marketing and permanent placement divisions, which have higher gross margins.

Selling, General and Administrative Expenses

Selling, general and administrative ("SG&A") expenses consist primarily of compensation expense for our field operations and corporate staff, rent, information systems, marketing, telecommunications, public company expenses and other general and administrative expenses. SG&A expenses were $224.1 million (19.9 percent of revenues), compared with $212.1 million (19.4 percent of revenues) in the first quarter of 2022. This increase reflected investments in workforce and technology that were made over the course of the prior year, in support of business growth. Despite attrition during the current quarter, our workforce was larger than the year ago period.

Amortization of Intangible Assets

Amortization of intangible assets was $18.1 million, up from $13.9 million in the first quarter of 2022. This increase reflects amortization expense related to businesses acquired in the last 12 months.

Interest Expense

Interest expense was $15.4 million, up from $9.3 million in the first quarter of 2022, primarily as a result of higher interest rates on the senior secured credit facility. Interest expense was comprised of $8.5 million of interest on the senior secured credit facility, $6.4 million of interest on the unsecured senior notes, and $0.5 million in amortization of deferred loan costs. The weighted-average outstanding borrowings and interest rate in the first quarter of 2023 and 2022 were $1.1 billion and 5.6 percent, and $1.0 billion and 3.4 percent, respectively.

Provision for Income Taxes

The provision for income taxes was $19.3 million, down from $23.7 million in the first quarter of 2022 due to lower income before income taxes. The effective tax rate was 28.1 percent, up from 26.0 percent in the first quarter of 2022, which benefited from discrete tax benefits related to stock-based compensation.

Income from Continuing Operations

Income from continuing operations was $49.5 million, down from $67.6 million in the first quarter of 2022.

Loss from Discontinued Operations

Loss from discontinued operations was $0.8 million in the first quarter of 2022.

Net Income

Net income was $49.5 million, down from $66.8 million in the first quarter of 2022.

13

Commercial Segment - Consulting Metrics

Commercial consulting bookings are defined as the value of new contracts entered into during a specified period, including adjustments for the effects of changes in contract scope and contract terminations. The underlying contracts are terminable by the client on short notice with little or no termination penalties. The book-to-bill ratio for our commercial consulting revenues is the ratio of our commercial consulting bookings to the commercial consulting revenues for a specified period. The average duration of commercial consulting projects is one year.

	Three Months Ended				Trailing-Twelve-Months Ended
	March 31,				March 31,
(Dollars in millions)	2023		2022		2023		2022
Bookings	$	391.9	$	297.5	$	1,286.6	$	925.8
Book-to-Bill Ratio	1.4 to 1		1.5 to 1		1.3 to 1		1.3 to 1

Federal Government Segment Metrics

Contract backlog for our Federal Government Segment represents the estimated amount of future revenues to be recognized under awarded contracts including task orders and options. These estimates are subject to change and may be affected by the execution of new contracts, the extension or early termination of existing contracts, the non-renewal or completion of current contracts and adjustments to estimates for previously included contracts. Changes in the funded contract backlog are also affected by the funding cycles of the government.

(Dollars in millions)	March 31, 2023		December 31, 2022		March 31, 2022
Funded Contract Backlog	$	559.8	$	582.3	$	488.4
Negotiated Unfunded Contract Backlog	2,482.2		2,681.2		2,382.9
Contract Backlog	$	3,042.0	$	3,263.5	$	2,871.3
Contract Backlog Coverage Ratio	2.6 to 1		2.9 to 1		2.6 to 1

___

Contract backlog coverage ratio is calculated as total contract backlog divided by trailing-twelve-months of Federal Government Segment revenues.

The book-to-bill ratio for our Federal Government Segment was 0.9 to 1 for the trailing-twelve-months ended March 31, 2023 and 2022. The book-to-bill ratio was calculated as the sum of the change in total contract backlog during the period plus revenues for the period, divided by revenues for the period.

Liquidity and Capital Resources

Our working capital at March 31, 2023 was $540.9 million, and our cash and cash equivalents were $65.0 million. Our cash flows from operating activities have been our primary source of liquidity and have been sufficient to meet our working capital and capital expenditure needs. At March 31, 2023, we had full availability under the $460.0 million revolving credit facility. We believe that our cash and cash equivalents on hand, expected operating cash flows and availability under our revolving credit facility will be sufficient to fulfill our obligations, working capital requirements and capital expenditures for the next 12 months.

Net cash provided by operating activities was $80.5 million for the first three months of 2023, compared with $56.0 million in the same period of 2022. The year-over-year increase mainly relates to changes in accounts receivable and accounts receivable days sales outstanding.

Net cash used in investing activities was $12.3 million for the first three months of 2023 and included $11.7 million for capital expenditures. Net cash provided by investing activities in the first three months of last year was $0.2 million and was comprised of $9.8 million from the sale of Oxford, partially offset by $9.6 million for capital expenditures.

Net cash used in financing activities was $73.4 million for the first three months of 2023 and included $48.8 million to repurchase the Company's common stock, as well as net repayments of borrowings under the revolving credit facility totaling $31.5 million. Net cash used in financing activities in the first three months of last year was $83.4 million and primarily consisted of $76.9 million of stock repurchases.

For details on the Company’s senior secured facility, comprised of a revolving credit facility and term B loan, and unsecured senior notes, see Note 3. Long-Term Debt in Part I Item 1.

Recent Accounting Pronouncements

There have been no recent accounting pronouncements that significantly impact the Company.

14

Critical Accounting Policies

There were no significant changes to our critical accounting policies and estimates during the first quarter of 2023 compared with those disclosed in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2022 10-K.

Commitments

There were no material changes to the significant commitments or contractual obligations that were disclosed in our 2022 10-K.

Item 3 — Quantitative and Qualitative Disclosures about Market Risks

With respect to our quantitative and qualitative disclosures about interest rates risks, there have been no material changes to the information included in our 2022 10-K. A hypothetical 100 basis-point change in interest rates on variable-rate debt would have resulted in an interest expense fluctuation of approximately $4.9 million based on $490.8 million of debt outstanding for any 12-month period.

Item 4 — Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based on this evaluation, our Chief Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures are effective as of the end of the period covered by this report. The term "disclosure controls and procedures" means controls and other procedures of the Company that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within required time periods. We have established disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.    

There were no changes in our internal controls over financial reporting that occurred during the three months ended March 31, 2023 that have materially affected, or are reasonably likely to affect, our internal control over financial reporting.

15

PART II — OTHER INFORMATION

Item 1 — Legal Proceedings

We are involved in various legal proceedings, claims and litigation arising in the ordinary course of business, and collective class and PAGA actions alleging violations of wage and hour laws. However, based on the facts currently available, we do not believe that the disposition of matters that are pending or asserted will have a material effect on our financial position, results of operations or cash flows.

Item 1A — Risk Factors

There have been no material changes to the risk factors previously described in our 2022 10-K.

Item 2 — Unregistered Sales of Securities and Use of Proceeds

On July 27, 2022, the Company's Board of Directors approved a stock repurchase program under which the Company may repurchase $400.0 million of its common stock over the following two years. On April 24, 2023, the Company's Board of Directors approved a new stock repurchase program under which the Company may repurchase $500.0 million of its common stock over the following two years and this replaces the previous program. Under terms of these programs, purchases can be made in the open market or under a Rule 10b5-1 trading plan. The stock repurchase programs do not obligate the Company to acquire any particular amount of the Company's stock and may be suspended at any time at the Company's discretion.

The Company's repurchases of its common stock during the three months ended March 31, 2023 are shown in the table below.

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs (in millions)
January	221,268	$	86.42	221,268	$	294.8
February	135,481	$	90.96	135,481	$	282.4
March	182,116	$	84.22	182,116	$	267.1
Total	538,865	$	86.82	538,865	$	267.1

In connection with our stock-based compensation plans, during the three months ended March 31, 2023, 50,909 shares of our common stock with an aggregate value of $4.2 million were tendered by employees for payment of applicable statutory tax withholding. These shares are excluded from the table above.

Item 3 — Defaults Upon Senior Securities

None.

Item 4 — Mine Safety Disclosures

None.

Item 5 — Other Information

None.

16

Item 6 — Exhibits

INDEX TO EXHIBITS

Number		Description
3.1		Amended and Restated Certificate of Incorporation of On Assignment, Inc., effective June 23, 2014 (incorporated by reference from Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on June 25, 2014)
3.2		Certificate of Amendment of Amended and Restated Certificate of Incorporation of On Assignment, Inc. effective April 2, 2018 (incorporated by reference from Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on March 16, 2018)
3.3		Fifth Amended and Restated Bylaws of ASGN Incorporated, effective December 7, 2022 (incorporated by reference from Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on December 13, 2022)
4.1		Specimen Common Stock Certificate (incorporated by reference from an exhibit to the Company's Registration Statement on Form S-1 (File No. 33-50646) declared effective on September 21, 1992) (P)
10.1*		Severance Term Letter, dated April 19, 2023, by and between ASGN Incorporated and Rose L. Cunningham
31.1*		Certification of Theodore S. Hanson, Chief Executive Officer, pursuant to Rule 13a-14(a) or 15d-14(a)
31.2*		Certification of Marie L. Perry, Chief Financial Officer, pursuant to Rule 13a-14(a) or 15d-14(a)
32.1*		Certification of Theodore S. Hanson, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350
32.2*		Certification of Marie L. Perry, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350
101		The following material from this Quarterly Report on Form 10-Q of ASGN Incorporated, Part I, Item 1 of this Form 10-Q formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations and Comprehensive Income; (iii) Condensed Consolidated Statement of Stockholders’ Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) related notes to these financial statements.
104		Cover page interactive data file (formatted in Inline XBRL and contained in Exhibit 101)
*	Filed herewith.
(P)	This exhibit originally filed in paper format. Accordingly, a hyperlink has not been provided.

17

 SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ASGN Incorporated
Date: May 4, 2023	By:	/s/ Marie L. Perry
		Marie L. Perry
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer and Duly Authorized Officer)
Date: May 4, 2023	By:	/s/ Rose L. Cunningham
		Rose L. Cunningham
		Vice President, Chief Accounting Officer and Controller

18

EX-10.1

April 19, 2023

Dear Rose,

    As you know, you are a party to a retention letter dated June 28, 2021 (the “Retention Letter”), by and between you and ASGN Incorporated (the “Company”). As we agree, certain provisions of the Retention Letter are no longer effective and as such this letter agreement (this “Agreement”), effective as of the date hereof (the “Effective Date”), supersedes and replaces the Retention Letter, and sets forth certain benefits the Company has determined to provide you in connection with a qualifying termination of employment, as described in further detail below.

Qualifying Termination. In the event your employment with the Company is terminated by the Company for its convenience (and not for cause or due to your death or disability), you will be eligible to receive:

•12 months’ of your then-current annual base salary, payable in substantially equal installments in accordance with the Company’s normal payroll procedures during the period commencing on your termination date and ending on the 12-month anniversary thereof (the “Severance Period”); and

•during the Severance Period, and subject to your valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code and the regulations thereunder (together, the “Code”), Company-reimbursed or Company-paid coverage under its group health plans at the same levels as would have applied if your employment had not been terminated, based on your elections in effect on your termination date, provided,however, that (A) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A (as defined below) under Treasury Regulation Section 1.409A-1(a)(5), or (B) the Company is otherwise unable to continue to cover you under its group health plans without incurring penalties, then, in either case, an amount equal to each remaining Company payment or reimbursement shall thereafter be paid to you in substantially equal monthly installments over the continuation coverage period (or the remaining portion thereof).

A termination by the Company for its convenience shall include a termination of your employment by you should you be required without your consent to move to an office location greater than 25 miles from your current office location. Your eligibility to receive the payments and benefits described above will be subject to your timely execution and non-revocation of a general release of claims to be set forth in a Separation Agreement in a form prescribed by the Company.

Change in Control Termination. Notwithstanding anything contained in this Agreement, you acknowledge and agree that the Company has adopted a Change in Control Severance Plan as amended from time to time (the “CIC Plan”), and, that, in the event that you become entitled to compensation or benefits under the CIC Plan (as determined solely under the terms of the CIC Plan), the terms of the Retention Letter shall be superseded by the CIC Plan and no further compensation or benefits in any form shall become payable under the Retention Letter.

Section 409A. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other such guidance that may be issued after the Effective Date (collectively, “Section 409A”).

    Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments. Any payments subject to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A. All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of employment under this Agreement may only be made upon your “separation from service” from the Company (within the meaning of Section 409A, a “Separation from Service”).

    Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments under this Agreement, shall be paid to you during the six-month period following your Separation from Service if the Company determines that paying such amounts at the time or times

indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six-month period (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of your death), the Company shall pay you a lump-sum amount equal to the cumulative amount that would have otherwise been payable to you during such period (without interest).

Miscellaneous. Your employment remains terminable at will by the Company or by you at any time (for any reason or for no reason), subject to the provisions contained herein. This Agreement is governed by California law. No amendment or other modification of this Agreement shall be effective unless made in writing and signed by the parties hereto. The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

    We look forward to your continued contributions to ASGN!

Respectfully,

ASGN Incorporated

_______________________________

Theodore S. Hanson

Chief Executive Officer

Agreed, acknowledged and accepted:

_______________________________

Rose Cunningham

VP, Chief Accounting Officer and Controller

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

 UNDER THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO

 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Theodore S. Hanson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ASGN Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 4, 2023	/s/ Theodore S. Hanson
	Theodore S. Hanson
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

 UNDER THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO

 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Marie L. Perry, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ASGN Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 4, 2023	/s/ Marie L. Perry
	Marie L. Perry
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the Chief Executive Officer of ASGN Incorporated (the "Company"), hereby certifies that, to his knowledge on the date hereof:

(a) the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2023 filed on the date hereof with the Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 4, 2023	/s/ Theodore S. Hanson
	Theodore S. Hanson
	Chief Executive Officer
	(Principal Executive Officer)

EX-32.2

Exhibit 32.2

Certification Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the Chief Financial Officer of ASGN Incorporated (the "Company"), hereby certifies that, to her knowledge on the date hereof:

(a) the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2023 filed on the date hereof with the Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 4, 2023	/s/ Marie L. Perry
	Marie L. Perry
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

XML

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35636
Entity Registrant Name	ASGN Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4023433
Entity Address, Address Description	4400 Cox Road, Suite 110
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060
City Area Code	888
Local Phone Number	482-8068
Title of 12(b) Security	Common Stock
Trading Symbol	ASGN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		49.3
Entity Central Index Key	0000890564
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 65.0	$ 70.3
Accounts and Financing Receivable, after Allowance for Credit Loss, Current	822.8	853.6
Prepaid expenses and income taxes	23.5	39.9
Other current assets	15.5	17.3
Total current assets	926.8	981.1
Property and equipment, net	71.8	66.3
Operating lease right-of-use assets	52.5	51.1
Identifiable intangible assets, net	551.5	569.6
Goodwill	1,893.5	1,892.0
Other non-current assets	29.2	25.6
Total assets	3,525.3	3,585.7
Current liabilities:
Accounts payable	34.0	35.2
Accrued payroll	251.6	285.1
Operating lease liabilities	21.1	22.9
Other current liabilities	79.2	98.7
Total current liabilities	385.9	441.9
Long-term debt	1,035.4	1,066.6
Operating lease liabilities	36.2	32.3
Deferred income tax liabilities	129.2	129.2
Other long-term liabilities	15.1	14.4
Total liabilities	1,601.8	1,684.4
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, Value, Issued	0.0	0.0
Common Stock, Value, Issued	0.5	0.5
Paid-in capital	714.4	703.5
Retained earnings	1,210.3	1,200.0
Accumulated other comprehensive loss	(1.7)	(2.7)
Total stockholders’ equity	1,923.5	1,901.3
Total liabilities and stockholders’ equity	$ 3,525.3	$ 3,585.7

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	1.0	1.0
Preferred Stock, shares issued (in shares)	0.0	0.0
Common Stock, Shares Outstanding	49.2	49.5
Common Stock, shares authorized (in shares)	75.0	75.0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 1,128.8	$ 1,091.0
Cost of services	802.4	764.4
Gross profit	326.4	326.6
Selling, general and administrative expenses	224.1	212.1
Amortization of intangible assets	18.1	13.9
Operating income	84.2	100.6
Interest expense	(15.4)	(9.3)
Income before Income Taxes	68.8	91.3
Provision for income taxes	19.3	23.7
Income from continuing operations	49.5	67.6
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0.0	(0.8)
Net income	$ 49.5	$ 66.8
Basic —
Earnings Per Share Basic Continuing Operation	$ 1.00	$ 1.31
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	(0.01)
Basic earnings per share:	1.00	1.30
Diluted —
Earnings Per Share Diluted Continuing Operation	0.99	1.29
Earnings Per Share Diluted Discontinued Operations	0	(0.01)
Diluted earnings per share:	$ 0.99	$ 1.28
Number of shares and share equivalents used to calculate earnings per share:
Weighted-average number of common shares outstanding — basic	49.3	51.6
Diluted	49.8	52.3
Reconciliation of net income to comprehensive income:
Net income	$ 49.5	$ 66.8
Foreign currency translation adjustment	1.0	0.0
Comprehensive income	$ 50.5	$ 66.8

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-in Capital	Retained Earnings	Other
Common Stock, Shares		51.8
Total stockholders’ equity at Dec. 31, 2021	$ 1,865.4	$ 0.5	$ 690.8	$ 1,174.4	$ (0.3)
Stock-based compensation expense	12.8		12.8
Employee stock purchase plan, shares		0.2
Employee stock purchase plan, value	10.4		10.4
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(8.8)		(8.8)
Vesting of restricted stock units, shares		0.0
Stock Repurchased and Retired During Period, Shares		(0.7)
Stock Repurchased and Retired During Period, Value	(77.4)		(9.2)	(68.2)
Net income	66.8			66.8
Shares Outstanding at Mar. 31, 2022		51.3
Total stockholders’ equity at Mar. 31, 2022	1,869.2	$ 0.5	696.0	1,173.0	(0.3)
Common Stock, Shares		49.5
Total stockholders’ equity at Dec. 31, 2022	1,901.3	$ 0.5	703.5	1,200.0	(2.7)
Stock-based compensation expense	12.1		12.1
Employee stock purchase plan, shares		0.2
Employee stock purchase plan, value	11.1		11.1
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(4.2)		(4.2)
Vesting of restricted stock units, shares		0.0
Stock Repurchased and Retired During Period, Shares		(0.5)
Stock Repurchased and Retired During Period, Value	(47.3)		(8.1)	(39.2)
Foreign currency translation adjustments	1.0				1.0
Net income	49.5			49.5
Shares Outstanding at Mar. 31, 2023		49.2
Total stockholders’ equity at Mar. 31, 2023	$ 1,923.5	$ 0.5	$ 714.4	$ 1,210.3	$ (1.7)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net income	$ 49.5	$ 66.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24.9	20.1
Stock-based compensation	12.1	12.8
Other	1.5	2.8
Changes in operating assets and liabilities, net of effects of acquisitions and divestiture:
Accounts receivable	31.0	(67.7)
Prepaid expenses and income taxes	16.5	23.1
Accounts payable	(1.2)	(0.5)
Accrued payroll	(33.8)	6.6
Other	(20.0)	(8.0)
Net cash provided by operating activities	80.5	56.0
Cash Flows from Investing Activities
Cash paid for property and equipment	(11.7)	(9.6)
Cash received from sale of the Oxford business	0.0	9.8
Other	(0.6)	0.0
Net cash provided by (used in) investing activities	(12.3)	0.2
Cash Flows from Financing Activities
Proceeds from long-term debt	36.0	0.0
Repayments of Long-term Debt	67.5	0.0
Proceeds from employee stock purchase plan	11.1	10.4
Repurchases of common stock	(48.8)	(76.9)
Payment of employment taxes related to release of restricted stock awards	(4.2)	(8.8)
Payment of contingent consideration	0.0	(8.1)
Net cash used in financing activities	(73.4)	(83.4)
Effect of exchange rate changes on cash and cash equivalents	(0.1)	0.0
Net decrease in cash and cash equivalents	(5.3)	(27.2)
Cash and cash equivalents at beginning of year	70.3	529.6
Cash and cash equivalents at end of period	65.0	502.4
Supplemental Disclosure of Cash Flow Information
Income taxes	2.0	1.9
Interest	8.6	2.4
Operating leases	6.6	6.9
Noncash transactions —
Operating lease right of use assets obtained in exchange for operating lease liabilities	$ 7.7	$ 2.5

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General (Notes)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Basis of presentation — The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The December 31, 2022 balance sheet was derived from audited financial statements. The financial statements include adjustments consisting of normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the financial position of ASGN Incorporated and its subsidiaries ("ASGN" or the "Company") and its results of operations for the interim dates and periods set forth herein. The results for any of the interim periods are not necessarily indicative of the results to be expected for the full year or any other period. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 10-K").

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Goodwill and Identifiable Assets (Notes)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Goodwill and Identifiable Intangible Assets

The following table summarizes the activity related to the carrying amount of goodwill by segment since December 31, 2021 (in millions).

	Commercial		Federal Government		Total
Balance as of December 31, 2021	$	829.3	$	740.2	$	1,569.5
2022 acquisitions	246.4		85.5		331.9
Purchase price adjustments	0.4		(8.5)		(8.1)
Translation adjustment	(1.4)		—		(1.4)
Balance as of December 31, 2022	1,074.7		817.2		1,891.9
Purchase price adjustments	—		1.1		1.1
Translation adjustment	0.5		—		0.5
Balance as of March 31, 2023	$	1,075.2	$	818.3	$	1,893.5

________________________________

Approximately $250.7 million of the goodwill for the 2022 acquisitions is deductible for income tax purposes.

Acquired identifiable intangible assets consisted of the following (in millions):

		March 31, 2023						December 31, 2022
	Estimated Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer and contractual relationships	1 - 13	$	589.3	$	330.8	$	258.5	$	589.3	$	315.7	$	273.6
Contract backlog	1 - 3	44.1		38.4		5.7		44.1		36.5		7.6
Non-compete agreements	1 - 7	41.2		26.7		14.5		41.2		25.6		15.6
		674.6		395.9		278.7		674.6		377.8		296.8
Not subject to amortization:
Trademarks		272.8		—		272.8		272.8		—		272.8
Total		$	947.4	$	395.9	$	551.5	$	947.4	$	377.8	$	569.6

Estimated future amortization expense follows (in millions): 

Remainder of 2023	$	53.7
2024	58.1
2025	48.8
2026	41.8
2027	32.0
Thereafter	44.3
	$	278.7

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Long-Term Debt (Notes)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following (in millions):

	March 31, 2023		December 31, 2022
Senior Secured Credit Facility:
Borrowings under $460 million revolving credit facility, due November 2024	$	—	$	31.5
Term B loan facility, due April 2025	490.8		490.8
Unsecured Senior Notes, due May 2028	550.0		550.0
	1,040.8		1,072.3
Unamortized deferred loan costs	(5.4)		(5.7)
	$	1,035.4	$	1,066.6

Senior Secured Credit Facility — The senior secured credit facility (the "facility") consists of a term B loan and a $460.0 million revolving credit facility (the "revolver"). Borrowings under the term B loan bear interest at the secured overnight financing rate plus a 10 basis points adjustment ("SOFR") plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the revolver bear interest at SOFR plus 1.25 to 2.25 percent, or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the revolver. There are no required minimum payments on the facility. The revolver is limited to a maximum ratio of senior secured debt to trailing-twelve-months of lender-defined consolidated EBITDA of 3.75 to 1, which was 0.90 to 1 at March 31, 2023. The facility is secured by substantially all of the Company's assets and includes various restrictive covenants. At March 31, 2023, the Company was in compliance with its debt covenants.

Unsecured Senior Notes — The Company has $550.0 million of unsecured senior notes, which bear interest at 4.625 percent payable semiannually in arrears on May 15 and November 15. These notes are unsecured obligations and are subordinate to the senior secured credit facility. These notes also contain certain customary limitations including, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets and make certain distributions.

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Commitments and Contingencies (Notes)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business, and collective class and Private Attorneys General Act ("PAGA") actions alleging violations of wage and hour laws. The Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its consolidated financial statements

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Income Taxes (Notes)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	For interim reporting periods, the Company’s provision for income taxes is calculated using its annualized estimated effective tax rate for the year. This rate is based on its estimated full year income and the related income tax expense for each jurisdiction in which the Company operates. The effective tax rate can be affected by changes in the geographical mix, permanent differences and the estimate of full year pretax accounting income. This rate is adjusted for the effects of discrete items occurring in the period.

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Earnings Per Share (Notes)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings per share

The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data).

	Three Months Ended
	March 31,
	2023		2022
Income from continuing operations	$	49.5	$	67.6
Income from discontinued operations, net of income taxes	—		(0.8)
Net income	$	49.5	$	66.8
Weighted-average number of common shares outstanding — basic	49.3		51.6
Dilutive effect of common share equivalents	0.5		0.7
Weighted-average number of common shares and share equivalents outstanding — diluted	49.8		52.3
Basic earnings per share:
Continuing operations	$	1.00	$	1.31
Discontinued operations	—		(0.01)
	$	1.00	$	1.30
Diluted earnings per share:
Continuing operations	$	0.99	$	1.29
Discontinued operations	—		(0.01)
	$	0.99	$	1.28

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Segment Reporting (Notes)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure

ASGN provides information technology ("IT") services and professional solutions, including technology and creative digital marketing, across the commercial and government sectors. ASGN operates through two segments, Commercial and Federal Government. The Commercial Segment, which is the largest segment, provides consulting, creative digital marketing and permanent placement services primarily to large enterprises and Fortune 1000 companies. The Federal Government Segment provides mission-critical solutions to the Department of Defense, the intelligence community and federal civilian agencies. Virtually all of the Company's revenues are generated in the United States.

Management evaluates the performance of each segment primarily based on revenues, gross profit and operating income derived directly from internal financial reporting of the segments used for corporate management purposes, which is presented below by segment (in millions):

	Three Months Ended
	March 31,
	2023		2022
Commercial
Revenues	$	832.1	$	832.9
Gross profit	262.4		272.6
Operating income	83.9		104.9
Depreciation	4.6		3.5
Amortization	8.8		5.6
Federal Government
Revenues	$	296.7	$	258.1
Gross profit	64.0		54.0
Operating income	22.6		17.3
Depreciation	1.4		1.5
Amortization	9.3		8.3
Consolidated
Revenues	$	1,128.8	$	1,091.0
Gross profit	326.4		326.6
Operating income	84.2		100.6
Depreciation	6.8		6.2
Amortization	18.1		13.9
_______
Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These include stock-based compensation expense, depreciation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses and public company expenses.

    

The majority of the revenues from the Commercial Segment are generated from time-and-materials ("T&M") contracts where payments are based on fixed hourly rates for each direct labor hour expended and reimbursements for allowable material costs and out-of-pocket expenses. Revenues from the Federal Government Segment are generated from: (i) firm-fixed-price, (ii) T&M and (iii) cost reimbursable contracts. Revenues by segment and by type are as follows (in millions):

	Three Months Ended
	March 31,
	2023		2022
Commercial
Assignment	$	560.4	$	628.2
Consulting	271.7		204.7
	832.1		832.9
Federal Government
Firm-fixed-price	92.8		76.9
Time and materials	121.9		107.0
Cost reimbursable	82.0		74.2
	296.7		258.1
Consolidated	$	1,128.8	$	1,091.0

Federal Government Segment revenues by customer type are as follows (in millions):

	Three Months Ended
	March 31,
	2023		2022
Department of Defense and Intelligence Agencies	$	132.9	$	133.6
Federal Civilian	153.1		116.4
Other	10.7		8.1
	$	296.7	$	258.1

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Fair Value Measurements (Note)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

Recurring Fair Value Measurements — The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll approximate their fair value based on their short-term nature.

Nonrecurring Fair Value Measurements — Certain assets, such as goodwill and trademarks, are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as, when there is evidence of impairment. There were no fair value adjustments for non-financial assets or liabilities during the three months ended March 31, 2023.

The carrying amount of long-term debt recorded in the Company’s accompanying condensed consolidated balance sheet at March 31, 2023 was $1.0 billion (see Note 3. Long-Term Debt) and its fair value, determined using quoted prices in active markets for identical liabilities (Level 1 inputs), was slightly less than the carrying amount.

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Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 24, 2023, the Company's Board of Directors approved a new stock repurchase program under which the Company may repurchase $500.0 million of its common stock over the next two years. Under terms of the program, purchases can be made in the open market or under a Rule 10b5-1 trading plan. The stock repurchase program does not obligate the Company to acquire any particular amount of the Company's stock and may be suspended at any time at the Company's discretion. The new program replaces the Company's previous stock repurchase program.

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Goodwill and Identifiable Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the activity related to the carrying amount of goodwill by segment since December 31, 2021 (in millions).

	Commercial		Federal Government		Total
Balance as of December 31, 2021	$	829.3	$	740.2	$	1,569.5
2022 acquisitions	246.4		85.5		331.9
Purchase price adjustments	0.4		(8.5)		(8.1)
Translation adjustment	(1.4)		—		(1.4)
Balance as of December 31, 2022	1,074.7		817.2		1,891.9
Purchase price adjustments	—		1.1		1.1
Translation adjustment	0.5		—		0.5
Balance as of March 31, 2023	$	1,075.2	$	818.3	$	1,893.5

________________________________

Approximately $250.7 million of the goodwill for the 2022 acquisitions is deductible for income tax purposes.

Schedule of Acquired Intangible Assets

Acquired identifiable intangible assets consisted of the following (in millions):

		March 31, 2023						December 31, 2022
	Estimated Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer and contractual relationships	1 - 13	$	589.3	$	330.8	$	258.5	$	589.3	$	315.7	$	273.6
Contract backlog	1 - 3	44.1		38.4		5.7		44.1		36.5		7.6
Non-compete agreements	1 - 7	41.2		26.7		14.5		41.2		25.6		15.6
		674.6		395.9		278.7		674.6		377.8		296.8
Not subject to amortization:
Trademarks		272.8		—		272.8		272.8		—		272.8
Total		$	947.4	$	395.9	$	551.5	$	947.4	$	377.8	$	569.6

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense follows (in millions): 

Remainder of 2023	$	53.7
2024	58.1
2025	48.8
2026	41.8
2027	32.0
Thereafter	44.3
	$	278.7

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following (in millions):

	March 31, 2023		December 31, 2022
Senior Secured Credit Facility:
Borrowings under $460 million revolving credit facility, due November 2024	$	—	$	31.5
Term B loan facility, due April 2025	490.8		490.8
Unsecured Senior Notes, due May 2028	550.0		550.0
	1,040.8		1,072.3
Unamortized deferred loan costs	(5.4)		(5.7)
	$	1,035.4	$	1,066.6

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data).

	Three Months Ended
	March 31,
	2023		2022
Income from continuing operations	$	49.5	$	67.6
Income from discontinued operations, net of income taxes	—		(0.8)
Net income	$	49.5	$	66.8
Weighted-average number of common shares outstanding — basic	49.3		51.6
Dilutive effect of common share equivalents	0.5		0.7
Weighted-average number of common shares and share equivalents outstanding — diluted	49.8		52.3
Basic earnings per share:
Continuing operations	$	1.00	$	1.31
Discontinued operations	—		(0.01)
	$	1.00	$	1.30
Diluted earnings per share:
Continuing operations	$	0.99	$	1.29
Discontinued operations	—		(0.01)
	$	0.99	$	1.28

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment

	Three Months Ended
	March 31,
	2023		2022
Commercial
Revenues	$	832.1	$	832.9
Gross profit	262.4		272.6
Operating income	83.9		104.9
Depreciation	4.6		3.5
Amortization	8.8		5.6
Federal Government
Revenues	$	296.7	$	258.1
Gross profit	64.0		54.0
Operating income	22.6		17.3
Depreciation	1.4		1.5
Amortization	9.3		8.3
Consolidated
Revenues	$	1,128.8	$	1,091.0
Gross profit	326.4		326.6
Operating income	84.2		100.6
Depreciation	6.8		6.2
Amortization	18.1		13.9
_______
Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These include stock-based compensation expense, depreciation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses and public company expenses.

Disaggregation of Revenue

Revenues by segment and by type are as follows (in millions):

	Three Months Ended
	March 31,
	2023		2022
Commercial
Assignment	$	560.4	$	628.2
Consulting	271.7		204.7
	832.1		832.9
Federal Government
Firm-fixed-price	92.8		76.9
Time and materials	121.9		107.0
Cost reimbursable	82.0		74.2
	296.7		258.1
Consolidated	$	1,128.8	$	1,091.0

Revenue from External Customers by Products and Services

Federal Government Segment revenues by customer type are as follows (in millions):

	Three Months Ended
	March 31,
	2023		2022
Department of Defense and Intelligence Agencies	$	132.9	$	133.6
Federal Civilian	153.1		116.4
Other	10.7		8.1
	$	296.7	$	258.1

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Goodwill and Identifiable Assets (Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Gross goodwill	$ 1,893.5	$ 1,891.9	$ 1,569.5
Goodwill, Purchase Accounting Adjustments	1.1	(8.1)
Translation adjustment	0.5	(1.4)
Commercial Business
Goodwill [Roll Forward]
Gross goodwill	1,075.2	1,074.7	829.3
Goodwill, Purchase Accounting Adjustments	0.0	0.4
Translation adjustment	0.5	(1.4)
Federal Government Business
Goodwill [Roll Forward]
Gross goodwill	818.3	817.2	$ 740.2
Goodwill, Purchase Accounting Adjustments	1.1	(8.5)
Translation adjustment	$ 0.0	0.0
2022 Acquisitions
Goodwill [Roll Forward]
Goodwill, Acquired During Period		331.9
Business Acquisition, Goodwill, Expected Tax Deductible Amount		250.7
2022 Acquisitions | Commercial Business
Goodwill [Roll Forward]
Goodwill, Acquired During Period		246.4
2022 Acquisitions | Federal Government Business
Goodwill [Roll Forward]
Goodwill, Acquired During Period		$ 85.5

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Goodwill and Identifiable Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 674.6	$ 674.6
Accumulated Amortization	395.9	377.8
Net Carrying Amount	278.7	296.8
Intangible assets not subject to amortization:
Trademarks, Carrying Amount	272.8	272.8
Intangible Assets, Gross (Excluding Goodwill)	947.4	947.4
Intangible Assets, Net (Excluding Goodwill), Total	551.5	569.6
Customer and Contractual Relationships
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	589.3	589.3
Accumulated Amortization	330.8	315.7
Net Carrying Amount	$ 258.5	273.6
Customer and Contractual Relationships | Minimum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Customer and Contractual Relationships | Maximum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	13 years
Backlog
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 44.1	44.1
Accumulated Amortization	38.4	36.5
Net Carrying Amount	$ 5.7	7.6
Backlog | Minimum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Backlog | Maximum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Noncompete Agreements
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 41.2	41.2
Accumulated Amortization	26.7	25.6
Net Carrying Amount	$ 14.5	$ 15.6
Noncompete Agreements | Minimum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Noncompete Agreements | Maximum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years

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Goodwill and Identifiable Assets (Future Amortization Expense) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Amount	$ 278.7	$ 296.8
Remainder of 2023	53.7
2023	58.1
2024	48.8
2025	41.8
2026	32.0
Thereafter	$ 44.3

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Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Nov. 22, 2019
Debt Instrument [Line Items]
Long-Term Line of Credit	$ 0.0	$ 31.5
Senior Notes	550.0	550.0	$ 550.0
Long-term Debt, Gross	1,040.8	1,072.3
Unamortized Debt Issuance Expense	5.4	5.7
Long-term debt	1,035.4	1,066.6
$490.8 Million Term B Loan Facility, due April 2025
Debt Instrument [Line Items]
Secured Debt	$ 490.8	$ 490.8

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Long-term Debt - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 22, 2022 USD ($)	Nov. 22, 2019 USD ($)
Debt Instrument [Line Items]
Debt Covenant, Maximum Senior Secured Debt to EBIDTA Ratio [Abstract]	3.75
leverage ratio	0.90
Senior Notes	$ 550.0	$ 550.0		$ 550.0
$490.8 Million Term B Loan Facility, due April 2025
Debt Instrument [Line Items]
Secured Debt	$ 490.8	$ 490.8
$490.8 Million Term B Loan Facility, due April 2025 | Bank base rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
$490.8 Million Term B Loan Facility, due April 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.625%
$460 Million Revolving Credit Facility, Due November 2024
Debt Instrument [Line Items]
Secured Debt			$ 460.0
$460 Million Revolving Credit Facility, Due November 2024 | Bank base rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
$460 Million Revolving Credit Facility, Due November 2024 | Bank base rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
$460 Million Revolving Credit Facility, Due November 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
$460 Million Revolving Credit Facility, Due November 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%

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Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Calculation of Basic and Diluted Earnings per Share [Abstract]
Net Income from Continuing Operations	$ 49.5	$ 67.6
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0.0	(0.8)
Net income	$ 49.5	$ 66.8
Weighted-average number of common shares outstanding — basic	49.3	51.6
Dilutive effect of common share equivalents	0.5	0.7
Weighted-average number of common shares and share equivalents outstanding — diluted	49.8	52.3
Continuing operations	$ 1.00	$ 1.31
Basic earnings per share:	1.00	1.30
Continuing operations	0.99	1.29
Discontinued operations	0	(0.01)
Diluted earnings per share:	$ 0.99	$ 1.28

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Segment Reporting (Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues	$ 1,128.8	$ 1,091.0
Gross Profit:
Total Gross Profit	326.4	326.6
Operating Income (Loss):
Total Operating Income	84.2	100.6
Depreciation	6.8	6.2
Amortization of intangible assets	18.1	13.9
Commercial Business
Revenues:
Revenues	832.1	832.9
Gross Profit:
Total Gross Profit	262.4	272.6
Operating Income (Loss):
Total Operating Income	83.9	104.9
Depreciation	4.6	3.5
Amortization of intangible assets	8.8	5.6
Federal Government Business
Revenues:
Revenues	296.7	258.1
Gross Profit:
Total Gross Profit	64.0	54.0
Operating Income (Loss):
Total Operating Income	22.6	17.3
Depreciation	1.4	1.5
Amortization of intangible assets	9.3	8.3
Assignment | Commercial Business
Revenues:
Revenues	560.4	628.2
Consulting | Commercial Business
Revenues:
Revenues	271.7	204.7
Firm-fixed-price | Federal Government Business
Revenues:
Revenues	92.8	76.9
Time and materials | Federal Government Business
Revenues:
Revenues	121.9	107.0
Cost reimbursable | Federal Government Business
Revenues:
Revenues	$ 82.0	$ 74.2

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Segment Reporting Revenue by Customer Type (details) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Revenues	$ 1,128.8	$ 1,091.0
Department of Defense and Intelligence Agencies
Revenue from External Customer [Line Items]
Revenues	132.9	133.6
Federal Civilian
Revenue from External Customer [Line Items]
Revenues	153.1	116.4
Other
Revenue from External Customer [Line Items]
Revenues	$ 10.7	$ 8.1

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Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Inputs, Liabilities, Quantitative Information
Long-term Debt, Gross	$ 1,040.8	$ 1,072.3
Long-term debt	$ 1,035.4	$ 1,066.6
Fair Value, Inputs, Level 1 [Member]
Fair Value Inputs, Liabilities, Quantitative Information
Fair value level 1 inputs	Level 1 inputs