Business Combinations (Tables)

9 Months Ended

Sep. 30, 2018

Acquisition Method for Recording Business Combinations

During the nine-month period ended September 30, 2018, we acquired substantially all of the net assets of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data):


Name and Effective Date of Acquisition	Common Shares Issued		Common Share Value		Cash Paid		Accrued Liability		Escrow Deposited		Recorded Earnout Payable		Total Recorded Purchase Price		Maximum Potential Earnout Payable
	(000s)
Market Financial Group, Ltd and Austin Consulting Group, Inc. (MFG) January 1, 2018		53	$	3.7	$	33.9	$	—	$	4.2	$	2.7	$	44.5	$	7.0
McGregor & Associates (M&A) March 1, 2018		—		—		13.5		—		2.5		5.1		21.1		12.0
Pronto Insurance (PI) June 5, 2018		—		—		294.8		—		18.7		—		313.5		—
Reassurance Holdings, Inc. (RHI) July 1, 2018		343		24.4		84.4		—		13.3		8.3		130.4		21.5
25 other acquisitions completed in 2018		382		22.6		133.8		0.4		15.3		36.7		208.8		80.0

		778	$	50.7	$	560.4	$	0.4	$	54.0	$	52.8	$	718.3	$	120.5

Summary of Estimated Fair Values of Net Assets Acquired

The following is a summary of the estimated fair values of the net assets acquired at the date of each acquisition made in the nine-month period ended September 30, 2018 (in millions):


	MFG		M&A		PI		RHI		25 Other Acquisitions		Total
Cash	$	0.1	$	—	$	7.2	$	—	$	6.4	$	13.7
Other current assets		3.0		0.5		66.8		18.4		43.1		131.8
Fixed assets		0.4		1.4		2.6		1.4		0.7		6.5
Noncurrent assets		—		—		8.3		0.5		0.2		9.0
Goodwill		24.6		5.2		193.3		63.1		118.5		404.7
Expiration lists		19.6		15.1		105.7		72.4		105.4		318.2
Non-compete agreements		—		0.1		0.3		0.8		1.6		2.8
Trade names		0.1		—		35.4		—		—		35.5


Total assets acquired		47.8		22.3		419.6		156.6		275.9		922.2


Current liabilities		2.3		0.4		62.2		7.2		43.5		115.6
Noncurrent liabilities		1.0		0.8		43.9		19.0		23.6		88.3


Total liabilities assumed		3.3		1.2		106.1		26.2		67.1		203.9


Total net assets acquired	$	44.5	$	21.1	$	313.5	$	130.4	$	208.8	$	718.3

Summary of Unaudited Pro Forma Historical Results

The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2017 (in millions, except per share data):


	Three-month period ended September 30,				Nine-month period ended September 30,
	2018		2017		2018		2017
Total revenues	$	1,780.3	$	1,650.2	$	5,385.8	$	4,904.7
Net earnings attributable to controlling interests		127.5		113.0		524.0		421.5
Basic net earnings per share		0.70		0.62		2.86		2.33
Diluted net earnings per share		0.68		0.62		2.81		2.31