Business Combinations (Tables)

9 Months Ended

Sep. 30, 2017

Acquisition Method for Recording Business Combinations

During the nine-month period ended September 30, 2017, we acquired substantially all of the net assets of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data):


Name and Effective Date of Acquisition	Common Shares Issued		Common Share Value		Cash Paid		Accrued Liability		Escrow Deposited		Recorded Earnout Payable		Total Recorded Purchase Price		Maximum Potential Earnout Payable
	(000s)
Construction Risk Solutions, LLC (CRS) January 1, 2017		—	$	—	$	27.9	$	—	$	3.1	$	4.4	$	35.4	$	10.0
Hill, Chesson & Woody (HCW) January 1, 2017		—		—		34.8		—		0.7		15.9		51.4		24.4
Presidio Group, Inc. (PG) January 1, 2017		—		—		41.8		—		4.8		7.0		53.6		15.0
Commercial Insurance Brokers (CIB) April 1, 2017		—		—		17.7		—		2.0		0.8		20.5		3.6
Williams - Mannny Insurance Group (WMI) May 1, 2017		170		9.8		28.2		—		2.0		5.4		45.4		11.5
GPL Assurance Inc. (GPL) August 1, 2017		—		—		37.8		—		4.2		4.3		46.3		8.0
Lutgert Insurance (LI) September 1, 2017		—		—		25.2		—		1.3		4.4		30.9		10.2
Twenty-three other acquisitions completed in 2017		245		12.3		86.7		—		7.3		27.2		133.5		64.2

		415	$	22.1	$	300.1	$	—	$	25.4	$	69.4	$	417.0	$	146.9

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 nine-month period ended September 30, 2017 (in millions):


	CRS		HCW		PG		CIB		WMI		GPL		LI		Twenty-three Other Acquisitions		Total
Cash	$	—	$	—	$	—	$	0.1	$	0.3	$	0.4	$	0.2	$	5.4	$	6.4
Other current assets		3.6		2.1		2.4		3.6		1.8		13.6		1.2		7.7		36.0
Fixed assets		—		—		0.5		0.1		0.2		1.0		0.6		1.2		3.6
Noncurrent assets		—		0.2		—		—		—		—		—		—		0.2
Goodwill		20.3		29.9		25.6		11.7		26.1		27.1		15.0		72.4		228.1
Expiration lists		14.6		19.2		27.9		9.0		18.5		21.1		14.8		63.8		188.9
Non-compete agreements		0.1		0.1		0.1		—		0.1		0.5		0.1		1.8		2.8


Total assets acquired		38.6		51.5		56.5		24.5		47.0		63.7		31.9		152.3		466.0


Current liabilities		3.2		0.1		2.9		4.0		1.6		11.6		1.0		9.9		34.3
Noncurrent liabilities		—		—		—		—		—		5.8		—		8.9		14.7


Total liabilities assumed		3.2		0.1		2.9		4.0		1.6		17.4		1.0		18.8		49.0


Total net assets acquired	$	35.4	$	51.4	$	53.6	$	20.5	$	45.4	$	46.3	$	30.9	$	133.5	$	417.0

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, 2016 (in millions, except per share data):


	Three-month period ended September 30,				Nine-month period ended September 30,
	2017		2016		2017		2016
Total revenues	$	1,589.3	$	1,517.5	$	4,600.0	$	4,317.2
Net earnings attributable to controlling interests		130.1		123.4		359.8		320.4
Basic net earnings per share		0.72		0.69		2.00		1.80
Diluted net earnings per share		0.71		0.69		1.98		1.79