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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Acquisition Method for Recording Business Combinations | During the nine-month period ended September 30, 2022, we acquired substantially all of the net assets of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | Maximum |
|  | Common |  |  | Common |  |  |  |  |  |  |  |  |  |  |  | Recorded |  |  | Recorded |  |  | Potential |
Name and Effective |  | Shares |  |  | Share |  |  |  |  |  | Accrued |  |  | Escrow |  |  | Earnout |  |  | Purchase |  |  | Earnout |
Date of Acquisition |  | Issued |  |  | Value |  |  | Cash Paid |  |  | Liability |  |  | Deposited |  |  | Payable |  |  | Price |  |  | Payable |
|  | (000s) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Devitt Insurance Services Ltd February 1, 2022 (DIS) |  |  | — |  |  | $ | — |  |  | $ | 73.6 |  |  | $ | 1.3 |  |  | $ | 3.4 |  |  | $ | 11.6 |  |  | $ | 89.9 |  |  | $ | 12.5 |
Innovu Group Holding Company Limited June 1, 2022 (IGH) |  |  | — |  |  |  | — |  |  |  | 85.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85.4 |  |  |  | — |
Eighteen other acquisitions completed in 2022 |  |  | 92.0 |  |  |  | 15.6 |  |  |  | 232.3 |  |  |  | 17.6 |  |  |  | 15.2 |  |  |  | 51.9 |  |  |  | 332.6 |  |  |  | 118.3 |
|  |  | 92.0 |  |  | $ | 15.6 |  |  | $ | 391.3 |  |  | $ | 18.9 |  |  | $ | 18.6 |  |  | $ | 63.5 |  |  | $ | 507.9 |  |  | $ | 130.8 |
On September 29, 2022, we signed a definitive agreement to acquire 100% of the equity of M&T Insurance Agency, Inc., an indirect subsidiary of M&T Bank Corporation, headquartered in Buffalo, New York for approximately $170.0 million of cash consideration, plus a potential earnout obligation of approximately $22.5 million. In connection with the transaction, we will become the preferred insurance broking partner of M&T Bank. The transaction was subject to regulatory approval and customary closing conditions and closed October 31, 2022.
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, 2022 (in millions):
|  |  |  |  |  |  |  | Eighteen Other |  |  |  |
|  | DIS |  |  | IGH |  |  | Acquisitions |  |  | Total |
Cash and restricted cash |  | $ | 3.9 |  |  | $ | 7.8 |  |  | $ | 12.9 |  |  | $ | 24.6 |
Other current assets |  |  | 18.5 |  |  |  | 6.5 |  |  |  | 49.8 |  |  |  | 74.8 |
Fixed assets |  |  | 0.4 |  |  |  | 0.5 |  |  |  | 1.3 |  |  |  | 2.2 |
Noncurrent assets |  |  | 1.3 |  |  |  | 2.0 |  |  |  | 7.5 |  |  |  | 10.8 |
Goodwill |  |  | 59.6 |  |  |  | 47.2 |  |  |  | 176.3 |  |  |  | 283.1 |
Expiration lists |  |  | 28.6 |  |  |  | 35.0 |  |  |  | 149.7 |  |  |  | 213.3 |
Non-compete agreements |  |  | 0.7 |  |  |  | 4.0 |  |  |  | 3.7 |  |  |  | 8.4 |
Trade names |  |  | 0.9 |  |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 2.3 |
Total assets acquired |  |  | 113.9 |  |  |  | 103.8 |  |  |  | 401.8 |  |  |  | 619.5 |
Current liabilities |  |  | 15.3 |  |  |  | 11.2 |  |  |  | 52.6 |  |  |  | 79.1 |
Noncurrent liabilities |  |  | 8.7 |  |  |  | 7.2 |  |  |  | 16.6 |  |  |  | 32.5 |
Total liabilities assumed |  |  | 24.0 |  |  |  | 18.4 |  |  |  | 69.2 |  |  |  | 111.6 |
Total net assets acquired |  | $ | 89.9 |  |  | $ | 85.4 |  |  | $ | 332.6 |  |  | $ | 507.9 |
Summary of Unaudited Pro Forma Historical Results | The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2021 (in millions, except per share data):
| Three-month period ended |  |  | Nine-month period ended |
| September 30, |  |  | September 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Total revenues | $ | 2,046.0 |  |  | $ | 2,165.1 |  |  | $ | 6,560.0 |  |  | $ | 6,313.3 |
Net earnings attributable to controlling interests |  | 255.5 |  |  |  | 227.1 |  |  |  | 980.0 |  |  |  | 801.6 |
Basic net earnings per share |  | 1.21 |  |  |  | 1.10 |  |  |  | 4.67 |  |  |  | 3.99 |
Diluted net earnings per share |  | 1.19 |  |  |  | 1.07 |  |  |  | 4.57 |  |  |  | 3.90 |

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