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Business Combinations (Tables)

9 Months Ended

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