10-Q 1 asgn-20210930.htm 10-Q asgn-20210930
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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
 
Commission file number: 001-35636
 
ASGN Incorporated
(Exact name of registrant as specified in its charter)
Delaware95-4023433
(State of Incorporation)
 
(I.R.S. Employer Identification No.)
 

4400 Cox Road, Suite 110
Glen Allen, Virginia 23060
(Address, including zip code, of Principal Executive Offices)
(888) 482-8068
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockASGNNYSE

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 
 
At October 31, 2021, the total number of outstanding shares of the Common Stock of ASGN Incorporated (the "Company") ($0.01 par value) was 52.1 million.




ASGN INCORPORATED AND SUBSIDIARIES

INDEX
 
 

 
 
 
 


2


PART I FINANCIAL INFORMATION

Item 1 — Condensed Consolidated Financial Statements (Unaudited)


ASGN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share data)
September 30,
2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents$679.4 $274.4 
Accounts receivable, net697.7 602.8 
Prepaid expenses and income taxes10.9 22.5 
Current assets of discontinued operations 77.4 
Other current assets34.2 17.3 
Total current assets1,422.2 994.4 
Property and equipment, net52.1 54.9 
Operating lease right-of-use assets57.2 73.0 
Identifiable intangible assets, net509.9 469.9 
Goodwill1,562.6 1,420.7 
Non-current assets of discontinued operations 244.5 
Other non-current assets22.5 20.6 
Total assets$3,626.5 $3,278.0 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$32.0 $38.3 
Accrued payroll and contract professional pay312.1 238.5 
Operating lease liabilities23.4 24.3 
Income taxes payable130.2  
Current liabilities of discontinued operations 39.7 
Other current liabilities93.3 75.4 
Total current liabilities591.0 416.2 
Long-term debt1,033.5 1,033.4 
Operating lease liabilities39.6 55.4 
Deferred income tax liabilities66.0 108.5 
Long-term liabilities of discontinued operations 11.5 
Other long-term liabilities62.0 65.9 
Total liabilities1,792.1 1,690.9 
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1.0 million shares authorized; no shares issued
  
Common stock, $0.01 par value; 75.0 million shares authorized; 52.3 million and 52.9 million shares outstanding at September 30, 2021 and December 31, 2020, respectively
0.5 0.5 
Paid-in capital688.7 661.3 
Retained earnings1,145.5 926.3 
Accumulated other comprehensive loss(0.3)(1.0)
Total stockholders’ equity1,834.4 1,587.1 
Total liabilities and stockholders’ equity$3,626.5 $3,278.0 
See notes to condensed consolidated financial statements.
3



ASGN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
(in millions, except per share data)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Revenues$1,073.8 $904.4 $2,955.7 $2,601.7 
Costs of services765.1 668.1 2,127.0 1,895.3 
Gross profit308.7 236.3 828.7 706.4 
Selling, general and administrative expenses192.7 150.1 533.4 462.0 
Amortization of intangible assets15.9 12.7 39.9 37.1 
Operating income100.1 73.5 255.4 207.3 
Interest expense(9.6)(9.3)(28.2)(30.4)
Income before income taxes90.5 64.2 227.2 176.9 
Provision for income taxes24.2 17.5 60.8 47.6 
Income from continuing operations, net of income taxes66.3 46.7 166.4 129.3 
Income from discontinued operations, net of income taxes145.7 5.6 158.5 15.6 
Net income$212.0 $52.3 $324.9 $144.9 
Earnings per share:
Basic —
Continuing operations$1.26 $0.89 $3.14 $2.46 
Discontinued operations2.76 0.11 2.99 0.29 
$4.02 $1.00 $6.13 $2.75 
Diluted —
Continuing operations$1.24 $0.88 $3.10 $2.44 
Discontinued operations2.73 0.11 2.95 0.29 
$3.97 $0.99 $6.05 $2.73 
Shares and share equivalents used to calculate earnings per share:
Basic52.7 52.5 53.0 52.6 
Diluted53.4 53.0 53.7 53.1 
Reconciliation of net income to comprehensive income:
Net income$212.0 $52.3 $324.9 $144.9 
Foreign currency translation adjustment2.6 3.0 0.7 2.1 
Comprehensive income$214.6 $55.3 $325.6 $147.0 

 See notes to condensed consolidated financial statements.
 
 

 

4


ASGN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
(in millions)
Common StockPaid-in CapitalRetained EarningsOtherTotal
SharesPar Value
Three Months Ended September 30, 2021
Balance at June 30, 2021
53.2 $0.5 $683.0 $1,039.2 $(2.9)$1,719.8 
Issuances under equity plans0.1 — 6.6 — — 6.6 
Stock-based compensation expense— — 20.5 — — 20.5 
Tax withholding on restricted stock vesting0.2 — (6.7)— — (6.7)
Stock repurchase and retirement of shares(1.2)— (14.7)(105.7)— (120.4)
Foreign currency translation adjustments— — — — 2.6 2.6 
Net income— — — 212.0 — 212.0 
Balance at September 30, 2021
52.3 $0.5 $688.7 $1,145.5 $(0.3)$1,834.4 
Three Months Ended September 30, 2020
Balance at June 30, 2020
52.5 $0.5 $645.9 $818.6 $(7.9)$1,457.1 
Issuances under equity plans0.3 — 5.8 — — 5.8 
Stock-based compensation expense— — 7.1 — — 7.1 
Tax withholding on restricted stock vesting — (1.1)— — (1.1)
Foreign currency translation adjustments— — — — 3.0 3.0 
Net income— — — 52.3 — 52.3 
Balance at September 30, 2020
52.8 $0.5 $657.7 $870.9 $(4.9)$1,524.2 
Common StockPaid-in CapitalRetained EarningsOtherTotal
SharesPar Value
Nine Months Ended September 30, 2021
Balance at December 31, 2020
52.9 $0.5 $661.3 $926.3 $(1.0)$1,587.1 
Issuances under equity plans0.2 — 14.3 — — 14.3 
Stock-based compensation expense— — 41.7 — — 41.7 
Tax withholding on restricted stock vesting0.4 — (13.9)— — (13.9)
Stock repurchase and retirement of shares(1.2)— (14.7)(105.7)— (120.4)
Foreign currency translation adjustments— — — — 0.7 0.7 
Net income— — — 324.9 — 324.9 
Balance at September 30, 2021
52.3 $0.5 $688.7 $1,145.5 $(0.3)$1,834.4 
Nine Months Ended September 30, 2020
Balance at December 31, 2019
52.9 $0.5 $638.0 $744.7 $(7.0)$1,376.2 
Issuances under equity plans0.5 — 11.7 — — 11.7 
Stock-based compensation expense— — 24.2 — — 24.2 
Tax withholding on restricted stock vesting0.2 — (7.0)— — (7.0)
Stock repurchase and retirement of shares(0.8)— (9.2)(18.7)— (27.9)
Foreign currency translation adjustments— — — — 2.1 2.1 
Net income— — — 144.9 — 144.9 
Balance at September 30, 2020
52.8 $0.5 $657.7 $870.9 $(4.9)$1,524.2 


 
See notes to condensed consolidated financial statements.
5


ASGN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
Nine Months Ended September 30,
20212020
Cash Flows from Operating Activities
Net income$324.9 $144.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of discontinued operations(218.6) 
Depreciation and amortization67.5 65.6 
Stock-based compensation41.7 23.9 
Deferred income taxes(42.4) 
Other3.7 5.4 
Changes in operating assets and liabilities, net of effects of acquisitions and divestiture:
Accounts receivable(99.5)(18.4)
Prepaid expenses and income taxes12.6 19.2 
Accounts payable(12.0)13.3 
Accrued payroll and contract professional pay75.3 27.9 
Income taxes payable130.6 0.8 
Other(7.9)55.2 
Net cash provided by operating activities275.9 337.8 
Cash Flows from Investing Activities
Cash paid for property and equipment(25.6)(28.3)
Cash paid for acquisitions, net of cash acquired(224.4)(151.5)
Cash received from sale of discontinued operations499.1  
Other0.1 (0.3)
Net cash provided by (used in) investing activities249.2 (180.1)
Cash Flows from Financing Activities
Proceeds from long-term debt 65.5 
Principal payments of long-term debt (65.5)
Debt issuance and amendment costs(1.4)(1.2)
Proceeds from option exercises and employee stock purchase plan14.3 11.7 
Payment of employment taxes related to release of restricted stock awards(13.9)(7.0)
Repurchase of common stock(118.4)(27.9)
Net cash used in financing activities(119.4)(24.4)
Effect of exchange rate changes on cash and cash equivalents(0.7)1.2 
Net Increase in Cash and Cash Equivalents405.0 134.5 
Cash and Cash Equivalents at Beginning of Year 274.4 95.2 
Cash and Cash Equivalents at End of Period$679.4 $229.7 
Supplemental Disclosure of Cash Flow Information
Cash paid for —
Income taxes$39.6 $40.7 
Interest$20.1 $22.4 
Operating leases$25.3 $25.0 


See notes to condensed consolidated financial statements.
6


ASGN INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. General

Basis of presentation — The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The December 31, 2020 balance sheet was derived from audited financial statements. The financial statements include adjustments consisting of normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the financial position of ASGN Incorporated and its subsidiaries ("ASGN" or the "Company") and its results of operations for the interim dates and periods set forth herein. The results for any of the interim periods are not necessarily indicative of the results to be expected for the full year or any other period. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 ("2020 10-K").

Retrospective reclassifications have been made to prior period financial statements and disclosures to present the Oxford Global Resources business unit ("Oxford business") as discontinued operations (see Note 2. Discontinued Operations). Unless otherwise noted, amounts and disclosures included herein relate to our continuing operations. Certain reclassifications were also made to prior year amounts to conform with current year presentation.

2. Discontinued Operations

On August 17, 2021, the Company sold its Oxford business to an affiliate of H.I.G. Capital for $525.0 million. The gain on the sale was $218.6 million ($149.3 million net of income taxes). Income taxes of $111.7 million on the gain will be paid on December 15, 2021. The sale of the Oxford business allows for the redeployment of capital on acquisitions of businesses that enhance the Company's IT consulting capabilities and services.

As a result of the sale of the Oxford business, the financial results of that business are reported as discontinued operations in the accompanying statements of operations. The Company's reporting segments were changed for the effects of the sale, as described in Note 9. Segment Reporting.

The following table presents the major classes of assets and liabilities of the Oxford business at December 31, 2020 in the accompanying balance sheets (in millions).

Accounts receivable, net$75.9 
Prepaid expenses and income taxes0.8 
Other current assets0.7 
Property and equipment, net14.5 
Operating lease right-of-use assets11.9 
Identifiable intangible assets, net18.0 
Goodwill197.7 
Other non-current assets2.4 
Total assets of discontinued operations$321.9 
Accounts payable$1.5 
Accrued payroll and contract professional pay27.5 
Operating lease liabilities5.1 
Other current liabilities5.6 
Operating lease liabilities, long-term7.5 
Other long-term liabilities4.0 
Total liabilities of discontinued operations$51.2 

7


The following table summarizes the results of operations of the Oxford business that are reported as discontinued operations (in millions).

Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Revenues$71.6 $107.5 $324.3 $337.5 
Costs of services49.0 72.8 223.0 231.2 
Gross profit22.6 34.7 101.3 106.3 
Selling, general and administrative expenses27.5 27.1 89.9 85.2 
Amortization of intangible assets0.1 0.2 0.4 0.5 
Income (loss) before income taxes(5.0)7.4 11.0 20.6 
Provision (benefit) for income taxes(1.4)1.8 1.8 5.0 
Gain on sale, net of income taxes149.3 — 149.3 — 
Income from discontinued operations, net of income taxes$145.7 $5.6 $158.5 $15.6 

Select cash flow information related to the Oxford business follows (in millions):

Nine Months Ended
September 30,
20212020
Net cash provided by operating activities$8.2 $42.5 
Net cash provided by (used in) investing activities
   Cash received from sale of discontinued operations499.1  
   Other(3.9)(4.2)
$495.2 $(4.2)


3. Acquisitions

During the first nine months of 2021, the Company acquired three consulting services businesses for $221.3 million in cash and in 2020 acquired four consulting services businesses for $186.0 million in cash. These acquisitions include future contingent consideration of up to $34.0 million, of which $15.3 million is accrued at September 30, 2021. These acquisitions are part of the Company's strategy to acquire IT consulting businesses to position the Company as an industry-leading provider of IT services and solutions in the commercial and government end markets. None of these acquisitions were material individually or in the aggregate. At September 30, 2021, the Company had not finalized the determination of fair values allocated to the assets and liabilities for certain of these acquisitions.

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4. Goodwill and Identifiable Intangible Assets

The following table summarizes the activity related to the carrying amount of goodwill by reportable segment since December 31, 2019 (in millions). See Note 9. Segment Reporting for more information on the change in the Company's reportable segments.
CommercialFederal GovernmentTotal
Balance as of December 31, 2019
$738.4 $552.9 $1,291.3 
2020 acquisitions
40.3 89.2 129.5 
Translation adjustment(0.1)— (0.1)
Balance as of December 31, 2020
778.6 642.1 1,420.7 
2021 acquisitions
49.5 88.9 138.4 
Purchase price adjustments— 3.5 3.5 
Balance as of September 30, 2021
$828.1 $734.5 $1,562.6 
___________________

Approximately $125.1 million and $77.1 million of the goodwill for the 2021 and 2020 acquisitions,respectively, is deductible for income tax purposes.

Acquired intangible assets consisted of the following (in millions):
September 30, 2021December 31, 2020
Estimated Useful Life in YearsGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer and contractual relationships
7 - 13
$499.0 $246.5 $252.5 $428.0 $211.3 $216.7 
Contractor relationships445.5 45.5  45.5 45.3 0.2 
Contract Backlog
1 - 3
35.4 29.9 5.5 29.3 28.5 0.8 
Non-compete agreements
1 - 7
29.9 20.6 9.3 27.0 17.4 9.6 
609.8 342.5 267.3 529.8 302.5 227.3 
Not subject to amortization:
Trademarks242.6 — 242.6 242.6 — 242.6 
Total$852.4 $342.5 $509.9 $772.4 $302.5 $469.9 

Estimated future amortization expense follows (in millions): 
Remainder of 2021$16.6 
202255.6 
202345.4 
202435.9 
202529.2 
Thereafter84.6 
$267.3 

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5. Long-Term Debt

Long-term debt consisted of the following (in millions):
September 30,
2021
December 31,
2020
Senior Secured Credit Facility:
Borrowings under $250 million revolving credit facility, due 2024$— $— 
Term B loan facility, due 2025490.8 490.8 
Unsecured Senior Notes, due 2028550.0 550.0 
1,040.8 1,040.8 
Unamortized deferred loan costs(7.3)(7.4)
$1,033.5 $1,033.4 

Senior Secured Credit Facility — The senior secured credit facility consists of a term B loan and a $250.0 million revolving credit facility. Borrowings under the term B loan bear interest at LIBOR plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the revolver bear interest at LIBOR plus 1.25 to 2.25 percent, or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the revolver. The revolver is limited to a maximum ratio of senior secured debt to trailing 12-months of lender-defined consolidated EBITDA of 3.75 to 1.00, which was 1.08 to 1.00 at September 30, 2021. There are no required minimum payments on the facility. The facility is secured by substantially all of the Company's assets and includes various restrictive covenants. At September 30, 2021, the Company was in compliance with its debt covenants. The Company amended its facility to, among other things, permit the sale of its Oxford business and allow the proceeds to be used for future acquisitions.
Unsecured Senior Notes — The Company has $550.0 million of unsecured senior notes, which bear interest at 4.625 percent payable semiannually in arrears on May 15 and November 15. These notes are unsecured obligations and are subordinate to the senior secured credit facility. These notes also contain certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets and make certain distributions.

6. Commitments and Contingencies

The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business. The Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its financial statements.
7. Income Taxes

For interim reporting periods, the Company’s provision for income taxes is calculated using its annualized estimated effective tax rate for the year. This rate is based on its estimated full year income and the related income tax expense for each jurisdiction in which the Company operates. The effective tax rate can be affected by changes in the geographical mix, permanent differences and the estimate of full year pretax accounting income. This rate is adjusted for the effects of discrete items occurring in the period.

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8. Earnings per Share

The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data).
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Income from continuing operations, net of income taxes $66.3 $46.7 $166.4 $129.3 
Income from discontinued operations, net of income taxes145.7 5.6 158.5 15.6 
Net income
$212.0 $52.3 $324.9 $144.9 
Weighted-average number of common shares outstanding - basic52.7 52.5 53.0 52.6 
Dilutive effect of common share equivalents0.7 0.5 0.7 0.5 
Weighted-average number of common shares and share equivalents outstanding - diluted53.4 53.0 53.7 53.1 
Basic earnings per share:
Continuing operations$1.26 $0.89 $3.14 $2.46 
Discontinued operations2.76 0.11 2.99 0.29 
$4.02 $1.00 $6.13 $2.75 
Diluted earnings per share:
Continuing operations$1.24 $0.88 $3.10 $2.44 
Discontinued operations2.73 0.11 2.95 0.29 
$3.97 $0.99 $6.05 $2.73 

9. Segment Reporting

ASGN provides information technology and professional services in the technology, digital and creative fields across the commercial and government sectors. ASGN operates through its Commercial and Federal Government segments. Virtually all of the Company's revenues are generated in the United States.

Prior to the divestiture of the Oxford business, the Company had three reportable segments: Apex, Oxford and ECS. As a result of the divestiture, the Oxford Segment is no longer a reportable segment, the Apex Segment was renamed the Commercial Segment and the ECS Segment was renamed the Federal Government Segment. The Company's CyberCoders division, which was previously part of the Oxford Segment, is now included in the Commercial Segment. All segment information included herein reflects these changes.



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The Commercial Segment provides assignment and consulting information technology, digital and creative services to Fortune 1000 and mid-market clients across the United States, Canada and Europe. The Federal Government Segment delivers advanced solutions in cloud, cybersecurity, artificial intelligence, machine learning, application and IT modernization, science and engineering to defense, intelligence and federal civilian agencies. Management evaluates the performance of each segment primarily based on revenues, gross profit and operating income, which is derived directly from internal financial reporting of the segments used for corporate management purposes, which is presented below by segment (in millions):

Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Commercial
Revenues$774.9 $615.8 $2,136.7 $1,860.7 
Gross profit251.1 190.4 678.1 579.6 
Operating income98.5 72.7 258.8 207.6 
Depreciation3.5 3.7 10.4 10.9 
Amortization7.3 5.7 18.6 16.5 
Federal Government
Revenues$298.9 $288.6 $819.0 $741.0 
Gross profit57.6 45.9 150.6 126.8 
Operating income23.3 16.7 56.8 44.3 
Depreciation2.3 2.5 6.8 6.5 
Amortization8.6 7.0 21.3 20.6 
Consolidated
Revenues$1,073.8 $904.4 $2,955.7 $2,601.7 
Gross profit308.7 236.3 828.7 706.4 
Operating income100.1 73.5 255.4 207.3 
Depreciation7.1 7.5 21.7 20.7 
Amortization15.9 12.7 39.9 37.1 
___________________

Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These expenses include, among other things, stock-based compensation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses and public company expenses. Consolidated depreciation includes depreciation expense for corporate assets.

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Virtually all of the revenues from the Commercial Segment are generated from time-and-materials ("T&M") contracts where payments are based on fixed hourly rates for each direct labor hour expended and reimbursements for allowable material costs and out-of-pocket expenses. Revenues from the Federal Government Segment are generated from: (i) firm-fixed-price, (ii) T&M and (iii) cost reimbursable contracts. Virtually all of the Company's revenues are recognized over time. The following table presents revenues by segment and type (in millions).

Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Commercial
Assignment$587.3 $519.2 $1,687.2 $1,589.2 
Consulting187.6 96.6 449.5 271.5 
774.9 615.8 2,136.7 1,860.7 
Federal Government
Firm-fixed-price94.5 82.0 217.0 201.2 
Time and materials106.0 80.8 296.9 234.6 
Cost reimbursable98.4 125.8 305.1 305.2 
298.9 288.6 819.0 741.0 
Consolidated$1,073.8 $904.4 $2,955.7 $2,601.7 

The following table presents the Federal Government Segment revenues by customer type (in millions).
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Department of Defense and Intelligence Agencies$166.0 $172.0 $450.8 $414.4 
Federal Civilian112.1 96.2 303.5 276.1 
Other20.8 20.4 64.7 50.5 
$298.9 $288.6 $819.0 $741.0