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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2021          

or

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                           to                           

Commission File Number:  1-09761        

 

ARTHUR J. GALLAGHER & CO.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-2151613

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

2850 Golf Road, Rolling Meadows, Illinois 60008

(Address of principal executive offices) (Zip Code)

(630) 773-3800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

AJG

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company 

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of outstanding shares of the registrant’s common stock, $1.00 par value, as of September 30, 2021 was approximately 207,278,000.

 

 

 


 

 

Information Concerning Forward-Looking Statements

This report contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Forward‑looking statements relate to expectations or forecasts of future events. Such statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “contemplate,” “forecast,” “project,” “intend,” “plan,” “potential,” and other similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “see,” “should,” “will” and “would.”  You can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.  For example, we may use forward-looking statements when addressing topics such as: comments regarding the expected benefits of our agreement to acquire the Willis Towers Watson plc treaty reinsurance brokerage operations; the expected consideration to be paid in the proposed acquisition; the size and status of the combined organization within various jurisdictions following the proposed acquisition; required regulatory approvals for the proposed acquisition; the expected timing of the completion of the proposed acquisition; expected duration and costs of integration; the anticipated financing of the proposed acquisition; plans with respect to deploying funds raised through our public offering of common stock on May 17, 2021; market and industry conditions, including competitive and pricing trends; acquisition strategy including the expected size of our acquisition program; the expected impact of acquisitions and dispositions; the development and performance of our services and products; changes in the composition or level of our revenues or earnings; our cost structure and the size and outcome of cost-saving or restructuring initiatives; future capital expenditures; future debt levels and anticipated actions to be taken in connection with maturing debt; future debt to earnings ratios; the outcome of contingencies; dividend policy; pension obligations; cash flow and liquidity; capital structure and financial losses; future actions by regulators; the outcome of existing regulatory actions, audits, reviews or litigation; the impact of changes in accounting rules; financial markets; interest rates; foreign exchange rates; matters relating to our operations; income taxes; expectations regarding our investments, including our clean energy investments; human capital management, including diversity and inclusion initiatives; environmental, social and governance matters, including climate-resilience products and services and carbon emissions; and integrating recent acquisitions.  These forward‑looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors.  

Potential factors from the agreement to acquire the Willis Towers Watson plc treaty reinsurance brokerage operations that could impact results include:

 

Risks related to the integration of the operations, businesses and assets acquired in the proposed acquisition into the Company;

 

Risks related to retention of clients following completion of the proposed acquisition;

 

The possibility that the proposed acquisition is not completed when expected or at all because required regulatory approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all;

 

Potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed acquisition;

 

The possibility that our estimates of lost revenue in the operations acquired in the proposed acquisition from breakage due to departing key brokers and other employees and the loss of clients are incorrect and actual lost revenue is greater than expected;

 

The possibility that the anticipated benefits of the proposed acquisition, including cost savings and expected synergies, are not realized when expected or at all, including as a result of the impact of, or issues arising from, the integration of the acquired operations;

 

The increased legal and regulatory complexity of entering additional geographic markets, including the risks associated with the labor and employment law frameworks in certain countries where the Company does not currently operate;

 

Conditions imposed in order to obtain required regulatory approvals for the proposed acquisition;

 

Diversion of management’s attention from ongoing business operations and opportunities;

 

The inability to retain certain key employees of the operations acquired in the proposed acquisition or the Company;

- 2 -


 

 

 

Competitive responses to the proposed acquisition;

 

Uncertainties as to the timing of the consummation of the proposed acquisition and the ability of each party to consummate the proposed acquisition; and

 

That financial information subsequently presented for the business acquired in the proposed acquisition in our subsequent public filings may be different from that presented herein.

Additional potential factors that could impact results include:  

 

The ongoing COVID-19 pandemic, including its effect on the economy, our employees, our clients, the regulatory environment and our operations;

 

A future economic downturn or unstable economic conditions, whatever the cause, including the pace of economic recovery following COVID-19, or other factors like Brexit, worsening international relations, tariffs, trade wars, political violence and unrest in the U.S. or around the world, or climate change and other long-term environmental, social and governance matters and global health risks;

 

Volatility or declines in premiums or other adverse trends in the insurance industry;

 

Competitive pressures, including as a result of innovation, in each of our businesses;

 

Risks that could negatively affect the success of our acquisition strategy, including the impact of economic uncertainty on our ability to source, review and price acquisitions, continuing consolidation in our industry and growing interest in acquiring insurance brokers on the part of private equity firms and newly public insurance brokers, which could make it more difficult to identify targets and could make them more expensive, the risk that we may not receive timely regulatory approval of desired transactions, execution risks, integration risks, poor cultural fit, the risk of post-acquisition deterioration leading to intangible asset impairment charges, and the risk we could incur or assume unanticipated liabilities such as cybersecurity issues or those relating to violations of anti-corruption and sanctions laws;

 

Failure to successfully and cost-effectively integrate recently acquired businesses and their operations or fully realize synergies from such acquisitions in the expected time frame;

 

Cyber attacks or other cybersecurity incidents, including the ransomware incident we publicly disclosed in September 2020; improper disclosure of confidential, personal or proprietary data; and changes to laws and regulations governing cybersecurity and data privacy;

 

Risks arising from changes in U.S. or foreign tax laws, including the current U.S. president’s administration’s potential reversal of all or part of the U.S. Tax Cuts and Jobs Act 2017 (which we refer to as the TCJA) and related regulations and the recent increase in U.K. corporate tax rates;

 

Uncertainty from the expected discontinuance of LIBOR;

 

Our failure to attract and retain experienced and qualified talent, including our senior management team, and the risk of our CEO or another senior executive contracting COVID-19;

 

Risks arising from our international operations, including the risks posed by political and economic uncertainty in certain countries (such as the risks posed by Brexit), risks related to maintaining regulatory and legal compliance across multiple jurisdictions (such as those relating to violations of anti-corruption, sanctions and privacy laws), rising global tensions and protectionism, and risks arising from the complexity of managing businesses across different time zones, languages, geographies, cultures and legal regimes that conflict with one another at times;

 

Risks particular to our risk management segment, including any slowing of the trend toward outsourcing claims administration, and of the concentration of large amounts of revenue with certain clients;

 

Risks particular to our benefit consulting operations, including risks to the business posed by potential changes to health legislation under the current U.S. president’s administration;

 

The higher level of variability inherent in contingent and supplemental revenues versus standard commission revenues, particularly in light of the changed revenue recognition accounting standard;

 

Sustained increases in the cost of employee benefits;

- 3 -


 

 

 

A disaster or other significant disruption to business continuity; including natural disasters and political violence and unrest in the U.S. or elsewhere around the world;

 

Damage to our reputation including as a result of environmental, social and governance (ESG) matters;

 

Climate risks, including the risk of a systemic economic crisis and disruptions to our business caused by the transition to a low-carbon economy;

 

Our failure to apply technology effectively in driving value for our clients through technology-based solutions, or failure to gain internal efficiencies and effective internal controls through the application of technology and related tools;

 

Our failure to comply with regulatory requirements, including those related to governance and control requirements in particular jurisdictions, international sanctions, or a change in regulations or enforcement policies that adversely affects our operations (for example, relating to insurance broker compensation methods);

 

Violations or alleged violations of the U.S. Foreign Corrupt Practices Act (which we refer to as FCPA), the U.K. Bribery Act 2010 or other anti-corruption laws and the Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act (which we refer to as FATCA);

 

The outcome of any existing or future investigation, review, regulatory action or litigation;

 

Unfavorable determinations related to contingencies and legal proceedings;

 

Significant changes in foreign exchange rates;

 

Changes to our financial presentation from new accounting estimates and assumptions;

 

Risks related to our clean energy investments, including intellectual property claims, utilities switching from coal to natural gas or renewable energy sources, environmental and product liability claims, environmental compliance costs and the risk of disallowance by the Internal Revenue Service (which we refer to as the IRS) of previously claimed tax credits;

 

The risk that our outstanding debt adversely affects our financial flexibility and restrictions and limitations in the agreements and instruments governing our debt;

 

The risk we may not be able to receive dividends or other distributions from subsidiaries;

 

The risk of share ownership dilution when we issue common stock as consideration for acquisitions and for other reasons; and

 

Volatility of the price of our common stock.

 

Forward-looking statements are not guarantees of future performance.  They involve risks, uncertainties and assumptions, including the risk factors referred to above, and are currently, or in the future could be, amplified by the COVID-19 pandemic.  Our future performance and actual results may differ materially from those expressed in forward-looking statements.  Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of, and are based on information available to us on, the date of the applicable document.  Many of the factors that will determine these results are beyond our ability to control or predict.  All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.  Forward-looking statements speak only as of the date that they are made, and we do not undertake any obligation to update any such statements or release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect new information, future or unexpected events or otherwise, except as required by applicable law or regulation.

A detailed discussion of the factors that could cause actual results to differ materially from our published expectations is contained under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, this Quarterly Report on Form 10-Q and any other reports we file with the SEC in the future.

- 4 -


 

Arthur J. Gallagher & Co.

Index

 

 

 

 

Page No.

Part I.

Financial Information

 

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited):

 

 

 

 

 

 

 

 

 

Consolidated Statement of Earnings for the Three-month and Nine-month Periods Ended September 30, 2021 and 2020

 

6

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Earnings for the Three-month and Nine-month Periods Ended September 30, 2021 and 2020

 

7

 

 

 

 

 

 

 

Consolidated Balance Sheet at September 30, 2021 and December 31, 2020

 

8

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows for the Nine-month Periods Ended September 30, 2021 and 2020

 

9

 

 

 

 

 

 

 

Consolidated Statement of Stockholders’ Equity for the Three-month and Nine-month Periods Ended September 30, 2021 and 2020

 

10-13

 

 

 

 

 

 

 

Notes to September 30, 2021 Consolidated Financial Statements

 

14-38

 

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

39-70

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

70-71

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

72

 

 

 

 

 

Part II.

Other Information

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

72

 

 

 

 

 

 

Item 1A.

Risk Factors.

 

72-73

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

74-75

 

 

 

 

 

 

Item 6.

Exhibits

 

75

 

 

 

 

 

 

Signature

 

76

 

- 5 -


 

 

Part I - Financial Information

Item 1.

Financial Statements (Unaudited)

Arthur J. Gallagher & Co.

Consolidated Statement of Earnings

(Unaudited - in millions, except per share data)

 

 

Three-month period ended

 

 

Nine-month period ended

 

 

September 30,

 

 

September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Commissions

$

1,016.2

 

 

$

889.9

 

 

$

3,118.7

 

 

$

2,734.6

 

Fees

 

601.7

 

 

 

495.8

 

 

 

1,696.4

 

 

 

1,462.8

 

Supplemental revenues

 

61.0

 

 

 

54.7

 

 

 

183.0

 

 

 

164.0

 

Contingent revenues

 

43.7

 

 

 

34.5

 

 

 

150.3

 

 

 

117.0

 

Investment income

 

20.8

 

 

 

19.0

 

 

 

56.0

 

 

 

53.6

 

Net gains on divestitures

 

4.3

 

 

 

3.4

 

 

 

9.0

 

 

 

4.6

 

Revenues from clean coal activities

 

357.6

 

 

 

310.8

 

 

 

919.2

 

 

 

652.1

 

Other net revenues (losses)

 

0.3

 

 

 

(0.6

)

 

 

2.4

 

 

 

(0.4

)

Revenues before reimbursements

 

2,105.6

 

 

 

1,807.5

 

 

 

6,135.0

 

 

 

5,188.3

 

Reimbursements

 

32.6

 

 

 

41.6

 

 

 

101.7

 

 

 

111.7

 

Total revenues

 

2,138.2

 

 

 

1,849.1

 

 

 

6,236.7

 

 

 

5,300.0

 

Compensation

 

1,000.5

 

 

 

873.5

 

 

 

2,913.2

 

 

 

2,585.3

 

Operating

 

265.6

 

 

 

203.2

 

 

 

752.1

 

 

 

675.7

 

Reimbursements

 

32.6

 

 

 

41.6

 

 

 

101.7

 

 

 

111.7

 

Cost of revenues from clean coal activities

 

366.1

 

 

 

319.2

 

 

 

944.0

 

 

 

665.8

 

Interest

 

60.3

 

 

 

48.1

 

 

 

164.6

 

 

 

148.6

 

Loss on extinguishment of debt

 

16.2

 

 

 

 

 

 

16.2

 

 

 

 

Depreciation

 

38.4

 

 

 

36.5

 

 

 

113.7

 

 

 

107.7

 

Amortization

 

92.9

 

 

 

97.4

 

 

 

306.1

 

 

 

321.2

 

Change in estimated acquisition earnout payables

 

34.2

 

 

 

20.1

 

 

 

63.0

 

 

 

(53.2

)

Total expenses

 

1,906.8

 

 

 

1,639.6

 

 

 

5,374.6

 

 

 

4,562.8

 

Earnings before income taxes

 

231.4

 

 

 

209.5

 

 

 

862.1

 

 

 

737.2

 

Provision (benefit) for income taxes

 

(7.2

)

 

 

21.7

 

 

 

28.0

 

 

 

32.2

 

Net earnings

 

238.6

 

 

 

187.8

 

 

 

834.1

 

 

 

705.0

 

Net earnings attributable to noncontrolling interests

 

13.5

 

 

 

11.2

 

 

 

36.7

 

 

 

28.4

 

Net earnings attributable to controlling interests

$

225.1

 

 

$

176.6

 

 

$

797.4

 

 

$

676.6

 

Basic net earnings per share

$

1.09

 

 

$

0.92

 

 

$

3.97

 

 

$

3.55

 

Diluted net earnings per share

 

1.06

 

 

 

0.90

 

 

 

3.88

 

 

 

3.48

 

Dividends declared per common share

 

0.48

 

 

 

0.45

 

 

 

1.44

 

 

 

1.35

 

 

See notes to consolidated financial statements.

- 6 -


 

Arthur J. Gallagher & Co.

Consolidated Statement of Comprehensive Earnings

(Unaudited - in millions)

 

 

Three-month period ended

 

 

Nine-month period ended

 

 

September 30,

 

 

September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

$

238.6

 

 

$

187.8

 

 

$

834.1

 

 

$

705.0

 

Change in pension liability, net of taxes

 

0.6

 

 

 

0.4

 

 

 

1.7

 

 

 

1.6

 

Foreign currency translation, net of taxes

 

(98.1

)

 

 

101.9

 

 

 

(9.7

)

 

 

(28.7

)

Change in fair value of derivative investments,

   net of taxes

 

4.8

 

 

 

9.5

 

 

 

28.4

 

 

 

(83.7

)

Comprehensive earnings

 

145.9

 

 

 

299.6

 

 

 

854.5

 

 

 

594.2

 

Comprehensive earnings attributable to

   noncontrolling interests

 

13.8

 

 

 

11.7

 

 

 

37.3

 

 

 

29.3

 

Comprehensive earnings attributable to

   controlling interests

$

132.1

 

 

$

287.9

 

 

$

817.2

 

 

$

564.9

 

 

See notes to consolidated financial statements.

- 7 -


 

Arthur J. Gallagher & Co.

Consolidated Balance Sheet

(Unaudited - in millions)

 

 

 

September 30,