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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Acquisition Method for Recording Business Combinations

During the six-month period ended June 30, 2023, we acquired substantially all of the ownership interest or net assets, as applicable, 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)
First Ireland Risk Management Ltd. January 1, 2023 (FIR)			—			$	—			$	86.4			$	—			$	5.3			$	5.9			$	97.6			$	6.6
BCHR Holdings, L.P. dba Buck April 1, 2023 (BCHR)			—				—				600.8				24.7				19.5				—				645.0				—
Boley-Featherston-Huffman & Deal Co. April 1, 2023 (BFH)			243				45.2				8.8				—				6.0				7.9				67.9				15.0
Tay River Holdings Limited April 1, 2023 (TRH)			—				—				40.3				4.3				2.4				32.4				79.4				88.7
Insurance by Ken Brown May 1, 2023 (IKB)			273				53.9				1.8				—				2.9				13.6				72.2				17.5
RHP General Agency May 1, 2023 (RHP)			335				65.7				1.3				—				5.0				3.3				75.3				11.0
Nineteen other acquisitions completed in 2023			14				—				311.8				5.7				12.3				61.7				391.5				96.2
			865			$	164.8			$	1,051.2			$	34.7			$	53.4			$	124.8			$	1,428.9			$	235.0

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 six-month period ended June 30, 2023 (in millions):


																										Nineteen Other
		FIR				BCHR				BFH				TRH				IKB				RHP				Acquisitions				Total
Cash and cash equivalents		$	13.0			$	25.8			$	0.6			$	5.3			$	2.0			$	—			$	6.7			$	53.4
Fiduciary assets			13.8				—				3.7				—				0.5				3.0				15.5				36.5
Other current assets			1.5				60.9				1.4				8.3				2.6				1.5				5.7				81.9
Fixed assets			0.8				36.7				—				—				0.1				—				0.2				37.8
Noncurrent assets			8.6				53.2				0.2				0.3				0.5				0.3				10.1				73.2
Goodwill			58.8				419.3				38.5				50.0				46.4				49.6				196.1				858.7
Expiration lists			27.5				203.3				37.4				22.0				30.4				34.0				195.3				549.9
Non-compete agreements			4.3				—				0.4				2.2				0.2				0.2				4.1				11.4
Trade names			—				2.6				—				—				—				—				1.3				3.9
Total assets acquired			128.3				801.8				82.2				88.1				82.7				88.6				435.0				1,706.7
Fiduciary liabilities			13.8				—				3.7				—				0.5				3.0				15.5				36.5
Current liabilities			3.9				53.0				0.6				2.6				1.7				1.2				5.4				68.4
Noncurrent liabilities			13.0				103.8				10.0				6.1				8.3				9.1				22.6				172.9
Total liabilities assumed			30.7				156.8				14.3				8.7				10.5				13.3				43.5				277.8
Total net assets acquired		$	97.6			$	645.0			$	67.9			$	79.4			$	72.2			$	75.3			$	391.5			$	1,428.9

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, 2022 (in millions, except per share data):


	Three-month period ended								Six-month period ended
	June 30,								June 30,
	2023				2022				2023				2022
Total revenues	$	2,447.6			$	2,146.3			$	5,250.6			$	4,686.8
Net earnings attributable to controlling interests		234.8				283.4				724.3				726.1
Basic net earnings per share		1.09				1.34				3.38				3.45
Diluted net earnings per share		1.07				1.32				3.31				3.38