ASGN (ASGN) 10-Q1 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
Document and Entity Information - shares shares in Millions	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-35636
Entity Registrant Name	ASGN Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4023433
Entity Address, Address Description	4400 Cox Road, Suite 110
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060
City Area Code	888
Local Phone Number	482-8068
Title of 12(b) Security	Common Stock
Trading Symbol	ASGN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		47.2
Entity Central Index Key	0000890564
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 145.6	$ 70.3
Accounts receivable, net	804.6	853.6
Prepaid expenses and income taxes	25.4	39.9
Other current assets	18.3	17.3
Total current assets	993.9	981.1
Property and equipment, net	78.6	66.3
Operating lease right-of-use assets	60.1	51.1
Identifiable intangible assets, net	515.7	569.6
Goodwill	1,893.5	1,892
Other non-current assets	37.1	25.6
Total assets	3,578.9	3,585.7
Current liabilities:
Accounts payable	32.1	35.2
Accrued payroll	250.8	285.1
Operating lease liabilities	20.5	22.9
Other current liabilities	139.8	98.7
Total current liabilities	443.2	441.9
Long-term debt	1,037.5	1,066.6
Operating lease liabilities	43.5	32.3
Deferred income tax liabilities	130.6	129.2
Other long-term liabilities	15.4	14.4
Total liabilities	1,670.2	1,684.4
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	0.5	0.5
Paid-in capital	701.9	703.5
Retained earnings	1,207.9	1,200
Accumulated other comprehensive loss	(1.6)	(2.7)
Total stockholders’ equity	1,908.7	1,901.3
Total liabilities and stockholders’ equity	$ 3,578.9	$ 3,585.7

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	1	1
Preferred Stock, shares issued (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Outstanding	47.5	49.5
Common Stock, shares authorized (in shares)	75	75

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 1,116.8	$ 1,197.9	$ 3,376.5	$ 3,430.7
Cost of services	794.4	839	2,401.4	2,401.2
Gross profit	322.4	358.9	975.1	1,029.5
Selling, general and administrative expenses	206	232.6	640.6	665.1
Amortization of intangible assets	17.8	17.9	53.8	45.3
Operating income	98.6	108.4	280.7	319.1
Interest expense	(18.5)	(12.1)	(49.7)	(31.5)
Income before Income Taxes	80.1	96.3	231	287.6
Provision for income taxes	20.7	25.2	62	76.3
Income from continuing operations	59.4	71.1	169	211.3
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0	2.1	0	1.2
Net income	$ 59.4	$ 73.2	$ 169	$ 212.5
Basic —
Earnings Per Share Basic Continuing Operation	$ 1.23	$ 1.42	$ 3.46	$ 4.15
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	0.04	0	0.02
Basic earnings per share:	1.23	1.46	3.46	4.17
Diluted —
Earnings Per Share Diluted Continuing Operation	1.23	1.40	3.43	4.09
Earnings Per Share Diluted Discontinued Operations	0	0.04	0	0.02
Diluted earnings per share:	$ 1.23	$ 1.44	$ 3.43	$ 4.11
Number of shares and share equivalents used to calculate earnings per share:
Weighted-average number of common shares outstanding — basic	48.1	50.1	48.8	50.9
Diluted	48.4	50.7	49.2	51.6
Reconciliation of net income to comprehensive income:
Net income	$ 59.4	$ 73.2	$ 169	$ 212.5
Foreign currency translation adjustment	(1.3)	(2.2)	1.1	(3.9)
Comprehensive income	$ 58.1	$ 71	$ 170.1	$ 208.6

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-in Capital	Retained Earnings	Other
Common Stock, Shares		51.8
Total stockholders’ equity at Dec. 31, 2021	$ 1,865.4	$ 0.5	$ 690.8	$ 1,174.4	$ (0.3)
Stock-based compensation expense	35.9		35.9
Employee stock purchase plan, shares		0.4
Employee stock purchase plan, value	18.9		18.9
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(12.9)		(12.9)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(2.2)
Stock Repurchased and Retired During Period, Value	(226.8)		(30)	(196.8)
Foreign currency translation adjustments	(3.9)				(3.9)
Net income	212.5			212.5
Shares Outstanding at Sep. 30, 2022		50
Total stockholders’ equity at Sep. 30, 2022	1,889.1	$ 0.5	702.7	1,190.1	(4.2)
Common Stock, Shares		50.4
Total stockholders’ equity at Jun. 30, 2022	1,856.1	$ 0.5	692.1	1,165.5	(2)
Stock-based compensation expense	11.9		11.9
Employee stock purchase plan, shares		0.2
Employee stock purchase plan, value	8.5		8.5
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(1.6)		(1.6)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(0.6)
Stock Repurchased and Retired During Period, Value	(56.8)		(8.2)	(48.6)
Foreign currency translation adjustments	(2.2)				(2.2)
Net income	73.2			73.2
Shares Outstanding at Sep. 30, 2022		50
Total stockholders’ equity at Sep. 30, 2022	1,889.1	$ 0.5	702.7	1,190.1	(4.2)
Total stockholders’ equity at Dec. 31, 2022	1,901.3	$ 0.5	703.5	1,200	(2.7)
Stock-based compensation expense	33.7		33.7
Employee stock purchase plan, shares		0.6
Employee stock purchase plan, value	18.9		18.9
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(15.7)		(15.7)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(2.6)
Stock Repurchased and Retired During Period, Value	(199.6)		(38.5)	(161.1)
Foreign currency translation adjustments	1.1				1.1
Net income	169			169
Shares Outstanding at Sep. 30, 2023		47.5
Total stockholders’ equity at Sep. 30, 2023	1,908.7	$ 0.5	701.9	1,207.9	(1.6)
Common Stock, Shares		48.5
Total stockholders’ equity at Jun. 30, 2023	1,926.6	$ 0.5	702.8	1,223.6	(0.3)
Stock-based compensation expense	10.3		10.3
Employee stock purchase plan, shares		0.2
Employee stock purchase plan, value	7.8		7.8
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(1.5)		(1.5)
Vesting of restricted stock units, shares		0
Stock Repurchased and Retired During Period, Shares		(1.2)
Stock Repurchased and Retired During Period, Value	(92.6)		(17.5)	(75.1)
Foreign currency translation adjustments	(1.3)				(1.3)
Net income	59.4			59.4
Shares Outstanding at Sep. 30, 2023		47.5
Total stockholders’ equity at Sep. 30, 2023	$ 1,908.7	$ 0.5	$ 701.9	$ 1,207.9	$ (1.6)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income	$ 169	$ 212.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74.6	64.8
Stock-based compensation	33.7	35.9
Other	9.3	6.8
Changes in operating assets and liabilities, net of effects of acquisitions and divestiture:
Accounts receivable	48.1	(154.2)
Prepaid expenses and income taxes	14.5	26.4
Accounts payable	(2.5)	10
Accrued payroll	(34.8)	20
Income taxes payable	31.6	15.1
Other	(3)	(4.8)
Net cash provided by operating activities	340.5	232.5
Cash Flows from Investing Activities
Cash paid for property and equipment	(32.7)	(27)
Cash paid for acquisitions, net of cash acquired	0	351.8
Cash received from the sale of a business	0	9.8
Other	(0.6)	2.4
Net cash used in investing activities	(33.3)	(366.6)
Cash Flows from Financing Activities
Proceeds from long term debt	571.8	46
Principal payments of long term debt	(595.3)	0
Debt issuance and amendment costs	(8.6)	0
Proceeds from employee stock purchase plan	18.9	18.9
Repurchases of common stock	(197.7)	(227.6)
Payment of employment taxes related to release of restricted stock awards	(15.7)	(12.9)
Payment of contingent consideration	(5)	(8.1)
Net cash used in financing activities	(231.6)	(183.7)
Effect of exchange rate changes on cash and cash equivalents	(0.3)	(0.6)
Net increase (decrease) in cash and cash equivalents	75.3	(318.4)
Cash and cash equivalents at beginning of year	70.3	529.6
Cash and cash equivalents at end of period	145.6	211.2
Supplemental Disclosure of Cash Flow Information
Income taxes	12	33.4
Interest	39.4	23.6
Operating leases	20	20.4
Noncash transactions —
Operating lease right of use assets obtained in exchange for operating lease liabilities	$ 26.9	$ 15.5

General (Notes)

General (Notes)	9 Months Ended
General (Notes)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	GeneralBasis 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, 2022 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, 2022 ("2022 10-K").

Goodwill and Identifiable Asset

Goodwill and Identifiable Assets (Notes)	9 Months Ended
Goodwill and Identifiable Assets (Notes)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets The following table summarizes the activity related to the carrying amount of goodwill by segment since December 31, 2021 (in millions). Commercial Federal Government Total Balance as of December 31, 2021 $ 829.3 $ 740.2 $ 1,569.5 2022 acquisitions 246.4 85.5 331.9 Purchase price adjustments 0.4 (8.5) (8.1) Translation adjustment (1.4) — (1.4) Balance as of December 31, 2022 1,074.7 817.2 1,891.9 Purchase price adjustments — 1.1 1.1 Translation adjustment 0.5 — 0.5 Balance as of September 30, 2023 $ 1,075.2 $ 818.3 $ 1,893.5 ________________________________ Approximately $250.7 million of the goodwill for the 2022 acquisitions is deductible for income tax purposes. Acquired identifiable intangible assets consisted of the following (in millions): September 30, 2023 December 31, 2022 Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer and contractual relationships 1 - 13 $ 589.3 $ 360.4 $ 228.9 $ 589.3 $ 315.7 $ 273.6 Contract backlog 1 - 3 44.1 42.2 1.9 44.1 36.5 7.6 Non-compete agreements 1 - 7 41.2 29.1 12.1 41.2 25.6 15.6 674.6 431.7 242.9 674.6 377.8 296.8 Not subject to amortization: Trademarks 272.8 — 272.8 272.8 — 272.8 Total $ 947.4 $ 431.7 $ 515.7 $ 947.4 $ 377.8 $ 569.6 Estimated future amortization expense follows (in millions): Remainder of 2023 $ 17.9 2024 58.1 2025 48.8 2026 41.8 2027 32.0 Thereafter 44.3 $ 242.9

Long-Term Debt (Notes)

Long-Term Debt (Notes)	9 Months Ended
Long-Term Debt (Notes)	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions): September 30, December 31, Senior Secured Credit Facility: Revolving credit facility $ — $ 31.5 Term loan B 500.0 490.8 Unsecured Senior Notes 550.0 550.0 1,050.0 1,072.3 Unamortized deferred loan costs (7.5) (5.7) Term loan B, principal payments due in the next 12 months (1) (5.0) — Long-term debt $ 1,037.5 $ 1,066.6 __________ (1) In connection with the amendments described below, the Company is required to make quarterly minimum principal payments totaling $5.0 million annually on the term loan until its maturity date; this amount is included in other current liabilities on the accompanying condensed consolidated balance sheet as of September 30, 2023. Senior Secured Credit Facility — In August 2023, the Company amended its senior secured credit facility (the "facility") to extend the maturity date of the term loan B ("term loan") to August 2030 and the maturity date of the revolving credit facility (the "revolver") to February 2028 and increased the borrowing capacity of the revolver to $500.0 million. Borrowings under the $500.0 million term loan bear interest, at the Company's election, at (i) the secured overnight financing rate ("SOFR") plus 2.25 percent, or (ii) the bank’s base rate plus 1.25 percent. Borrowings under the revolver bear interest, at the Company's election, at (i) SOFR plus a 10 basis points adjustment plus 2.00 to 3.00 percent, or (ii) the bank’s base rate plus 1.00 to 2.00 percent, depending on leverage levels. A commitment fee of 0.30 to 0.45 percent is payable on the undrawn portion of the revolver. The facility is subject to various restrictive covenants including, when amounts are drawn under the revolver, a maximum ratio of senior secured debt to trailing-twelve-months of lender-defined consolidated EBITDA of 3.75 to 1, which was 0.95 to 1 at September 30, 2023. The facility is secured by substantially all of the Company's assets and at September 30, 2023, the Company was in compliance with its debt covenants.

Commitments and Contingencies (

Commitments and Contingencies (Notes)	9 Months Ended
Commitments and Contingencies (Notes)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies

Income Taxes (Notes)

Income Taxes (Notes)	9 Months Ended
Income Taxes (Notes)	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	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. Income taxes payable were $33.9 million at September 30, 2023 and $1.1 million at December 31, 2022, and are included in other current liabilities in the condensed consolidated balance sheets. Prepaid income taxes were $16.3 million at December 31, 2022, and are included in prepaid expenses and income taxes in the condensed consolidated balance sheets.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	9 Months Ended
Earnings Per Share (Notes)	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per share	Earnings per Share The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data). Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income from continuing operations $ 59.4 $ 71.1 $ 169.0 $ 211.3 Loss from discontinued operations, net of income taxes — 2.1 — 1.2 Net income $ 59.4 $ 73.2 $ 169.0 $ 212.5 Weighted-average number of common shares outstanding — basic 48.1 50.1 48.8 50.9 Dilutive effect of common share equivalents 0.3 0.6 0.4 0.7 Weighted-average number of common shares and share equivalents outstanding — diluted 48.4 50.7 49.2 51.6 Basic earnings per share: Continuing operations $ 1.23 $ 1.42 $ 3.46 $ 4.15 Discontinued operations — 0.04 — 0.02 $ 1.23 $ 1.46 $ 3.46 $ 4.17 Diluted earnings per share: Continuing operations $ 1.23 $ 1.40 $ 3.43 $ 4.09 Discontinued operations — 0.04 — 0.02 $ 1.23 $ 1.44 $ 3.43 $ 4.11

Segment Reporting (Notes)

Segment Reporting (Notes)	9 Months Ended
Segment Reporting (Notes)	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting Disclosure	Segment Reporting ASGN provides information technology ("IT") services and professional solutions across the commercial and government sectors. ASGN operates through two segments, Commercial and Federal Government. The Commercial Segment, which is the largest segment, provides consulting, creative digital marketing and permanent placement services primarily to large enterprises and Fortune 1000 companies. The Federal Government Segment provides mission-critical solutions to the Department of Defense, the intelligence community and federal civilian agencies. Virtually all of the Company's revenues are generated in the United States. Management evaluates the performance of each segment primarily based on revenues, gross profit and operating income derived directly from internal financial reporting of the segments used for corporate management purposes, which is presented below by segment (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Commercial Revenues $ 782.4 $ 900.0 $ 2,425.8 $ 2,583.5 Gross profit 254.2 297.8 777.5 852.1 Operating income 91.4 108.7 267.0 319.6 Depreciation 5.0 5.0 14.5 12.0 Amortization 8.6 9.9 26.1 21.1 Federal Government Revenues $ 334.4 $ 297.9 $ 950.7 $ 847.2 Gross profit 68.2 61.1 197.6 177.4 Operating income 27.2 23.0 74.9 66.4 Depreciation 1.4 1.3 4.3 4.2 Amortization 9.2 8.0 27.7 24.2 Consolidated Revenues $ 1,116.8 $ 1,197.9 $ 3,376.5 $ 3,430.7 Gross profit 322.4 358.9 975.1 1,029.5 Operating income 98.6 108.4 280.7 319.1 Depreciation 7.0 7.2 20.8 19.5 Amortization 17.8 17.9 53.8 45.3 _______ Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These include stock-based compensation expense, depreciation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses, and public company expenses. The majority 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. Revenues by segment and by type are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Commercial Assignment $ 508.2 $ 631.4 $ 1,598.8 $ 1,888.0 Consulting 274.2 268.6 827.0 695.5 782.4 900.0 2,425.8 2,583.5 Federal Government Firm-fixed-price 107.3 91.7 297.9 242.9 Time and materials 126.8 113.7 377.9 338.5 Cost reimbursable 100.3 92.5 274.9 265.8 334.4 297.9 950.7 847.2 Consolidated $ 1,116.8 $ 1,197.9 $ 3,376.5 $ 3,430.7 Federal Government Segment revenues by customer type are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Department of Defense and Intelligence Agencies $ 164.8 $ 165.5 $ 452.7 $ 458.4 Federal Civilian 159.5 124.8 468.3 361.9 Other 10.1 7.6 29.7 26.9 $ 334.4 $ 297.9 $ 950.7 $ 847.2

Fair Value Measurements (Note)

Fair Value Measurements (Note)	9 Months Ended
Fair Value Measurements (Note)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Fair Value Measurements Recurring Fair Value Measurements — The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll approximate their fair value based on their short-term nature. Nonrecurring Fair Value Measurements — Certain assets, such as goodwill and trademarks, are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as, when there is evidence of impairment. There were no fair value adjustments for non-financial assets or liabilities during the nine months ended September 30, 2023. The carrying amount of long-term debt recorded in the Company’s accompanying condensed consolidated balance sheet at September 30, 2023 was $1.1 billion (see Note 3. Long-Term Debt ) and its fair value, determined using quoted prices in active markets for identical liabilities (Level 1 inputs), was $1.0 billion.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 59.4	$ 73.2	$ 169	$ 212.5

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Identifiable Ass_2

Goodwill and Identifiable Assets (Tables)	9 Months Ended
Goodwill and Identifiable Assets (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the activity related to the carrying amount of goodwill by segment since December 31, 2021 (in millions). Commercial Federal Government Total Balance as of December 31, 2021 $ 829.3 $ 740.2 $ 1,569.5 2022 acquisitions 246.4 85.5 331.9 Purchase price adjustments 0.4 (8.5) (8.1) Translation adjustment (1.4) — (1.4) Balance as of December 31, 2022 1,074.7 817.2 1,891.9 Purchase price adjustments — 1.1 1.1 Translation adjustment 0.5 — 0.5 Balance as of September 30, 2023 $ 1,075.2 $ 818.3 $ 1,893.5 ________________________________ Approximately $250.7 million of the goodwill for the 2022 acquisitions is deductible for income tax purposes.
Schedule of Acquired Intangible Assets	Acquired identifiable intangible assets consisted of the following (in millions): September 30, 2023 December 31, 2022 Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer and contractual relationships 1 - 13 $ 589.3 $ 360.4 $ 228.9 $ 589.3 $ 315.7 $ 273.6 Contract backlog 1 - 3 44.1 42.2 1.9 44.1 36.5 7.6 Non-compete agreements 1 - 7 41.2 29.1 12.1 41.2 25.6 15.6 674.6 431.7 242.9 674.6 377.8 296.8 Not subject to amortization: Trademarks 272.8 — 272.8 272.8 — 272.8 Total $ 947.4 $ 431.7 $ 515.7 $ 947.4 $ 377.8 $ 569.6
Schedule of Estimated Future Amortization Expense	Estimated future amortization expense follows (in millions): Remainder of 2023 $ 17.9 2024 58.1 2025 48.8 2026 41.8 2027 32.0 Thereafter 44.3 $ 242.9

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in millions): September 30, December 31, Senior Secured Credit Facility: Revolving credit facility $ — $ 31.5 Term loan B 500.0 490.8 Unsecured Senior Notes 550.0 550.0 1,050.0 1,072.3 Unamortized deferred loan costs (7.5) (5.7) Term loan B, principal payments due in the next 12 months (1) (5.0) — Long-term debt $ 1,037.5 $ 1,066.6 __________ (1) In connection with the amendments described below, the Company is required to make quarterly minimum principal payments totaling $5.0 million annually on the term loan until its maturity date; this amount is included in other current liabilities on the accompanying condensed consolidated balance sheet as of September 30, 2023.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the calculation of basic and diluted earnings per share (in millions, except per share data). Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income from continuing operations $ 59.4 $ 71.1 $ 169.0 $ 211.3 Loss from discontinued operations, net of income taxes — 2.1 — 1.2 Net income $ 59.4 $ 73.2 $ 169.0 $ 212.5 Weighted-average number of common shares outstanding — basic 48.1 50.1 48.8 50.9 Dilutive effect of common share equivalents 0.3 0.6 0.4 0.7 Weighted-average number of common shares and share equivalents outstanding — diluted 48.4 50.7 49.2 51.6 Basic earnings per share: Continuing operations $ 1.23 $ 1.42 $ 3.46 $ 4.15 Discontinued operations — 0.04 — 0.02 $ 1.23 $ 1.46 $ 3.46 $ 4.17 Diluted earnings per share: Continuing operations $ 1.23 $ 1.40 $ 3.43 $ 4.09 Discontinued operations — 0.04 — 0.02 $ 1.23 $ 1.44 $ 3.43 $ 4.11

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2023
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment	Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Commercial Revenues $ 782.4 $ 900.0 $ 2,425.8 $ 2,583.5 Gross profit 254.2 297.8 777.5 852.1 Operating income 91.4 108.7 267.0 319.6 Depreciation 5.0 5.0 14.5 12.0 Amortization 8.6 9.9 26.1 21.1 Federal Government Revenues $ 334.4 $ 297.9 $ 950.7 $ 847.2 Gross profit 68.2 61.1 197.6 177.4 Operating income 27.2 23.0 74.9 66.4 Depreciation 1.4 1.3 4.3 4.2 Amortization 9.2 8.0 27.7 24.2 Consolidated Revenues $ 1,116.8 $ 1,197.9 $ 3,376.5 $ 3,430.7 Gross profit 322.4 358.9 975.1 1,029.5 Operating income 98.6 108.4 280.7 319.1 Depreciation 7.0 7.2 20.8 19.5 Amortization 17.8 17.9 53.8 45.3 _______ Consolidated operating income includes corporate operating expenses, which are not allocated to the segments. These include stock-based compensation expense, depreciation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses, and public company expenses.
Disaggregation of Revenue	Revenues by segment and by type are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Commercial Assignment $ 508.2 $ 631.4 $ 1,598.8 $ 1,888.0 Consulting 274.2 268.6 827.0 695.5 782.4 900.0 2,425.8 2,583.5 Federal Government Firm-fixed-price 107.3 91.7 297.9 242.9 Time and materials 126.8 113.7 377.9 338.5 Cost reimbursable 100.3 92.5 274.9 265.8 334.4 297.9 950.7 847.2 Consolidated $ 1,116.8 $ 1,197.9 $ 3,376.5 $ 3,430.7
Revenue from External Customers by Products and Services	Federal Government Segment revenues by customer type are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Department of Defense and Intelligence Agencies $ 164.8 $ 165.5 $ 452.7 $ 458.4 Federal Civilian 159.5 124.8 468.3 361.9 Other 10.1 7.6 29.7 26.9 $ 334.4 $ 297.9 $ 950.7 $ 847.2

Goodwill and Identifiable Ass_3

Goodwill and Identifiable Assets (Goodwill) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Gross goodwill	$ 1,893.5	$ 1,891.9	$ 1,569.5
Goodwill, Purchase Accounting Adjustments	1.1	(8.1)
Translation adjustment	0.5	(1.4)
Commercial Business
Goodwill [Roll Forward]
Gross goodwill	1,075.2	1,074.7	829.3
Goodwill, Purchase Accounting Adjustments	0	0.4
Translation adjustment	0.5	(1.4)
Federal Government Business
Goodwill [Roll Forward]
Gross goodwill	818.3	817.2	$ 740.2
Goodwill, Purchase Accounting Adjustments	1.1	(8.5)
Translation adjustment	$ 0	0
2022 Acquisitions
Goodwill [Roll Forward]
Goodwill, Acquired During Period		331.9
Business Acquisition, Goodwill, Expected Tax Deductible Amount		250.7
2022 Acquisitions \| Commercial Business
Goodwill [Roll Forward]
Goodwill, Acquired During Period		246.4
2022 Acquisitions \| Federal Government Business
Goodwill [Roll Forward]
Goodwill, Acquired During Period		$ 85.5

Goodwill and Identifiable Ass_4

Goodwill and Identifiable Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 674.6	$ 674.6
Accumulated Amortization	431.7	377.8
Net Carrying Amount	242.9	296.8
Intangible assets not subject to amortization:
Trademarks, Carrying Amount	272.8	272.8
Intangible Assets, Gross (Excluding Goodwill)	947.4	947.4
Intangible Assets, Net (Excluding Goodwill), Total	515.7	569.6
Customer and Contractual Relationships
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	589.3	589.3
Accumulated Amortization	360.4	315.7
Net Carrying Amount	$ 228.9	273.6
Customer and Contractual Relationships \| Minimum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Customer and Contractual Relationships \| Maximum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	13 years
Backlog
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 44.1	44.1
Accumulated Amortization	42.2	36.5
Net Carrying Amount	$ 1.9	7.6
Backlog \| Minimum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Backlog \| Maximum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Noncompete Agreements
Intangible assets subject to amortization:
Other Finite-Lived Intangible Assets, Gross	$ 41.2	41.2
Accumulated Amortization	29.1	25.6
Net Carrying Amount	$ 12.1	$ 15.6
Noncompete Agreements \| Minimum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Noncompete Agreements \| Maximum [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years

Goodwill and Identifiable Ass_5

Goodwill and Identifiable Assets (Future Amortization Expense) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Carrying Amount	$ 242.9	$ 296.8
Remainder of 2023	17.9
2023	58.1
2024	48.8
2025	41.8
2026	32
Thereafter	$ 44.3

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Aug. 31, 2023	Dec. 31, 2022	Nov. 22, 2019
Debt Instrument [Line Items]
Long-Term Line of Credit	$ 0		$ 31.5
Senior Notes	550		550	$ 550
Long-term Debt, Gross	1,050		1,072.3
Unamortized Debt Issuance Expense	7.5		5.7
Long-Term Debt, Maturities, Repayments of Principal in Next Rolling 12 Months	(5)		0
Long-term debt	1,037.5		1,066.6
$490.8 Million Term B Loan Facility, due April 2025
Debt Instrument [Line Items]
Secured Debt			$ 490.8
$500.0 Million Term B Loan Facility, due August 2030
Debt Instrument [Line Items]
Secured Debt	$ 500	$ 500

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
Long-term Debt - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 22, 2019 USD ($)
Debt Instrument [Line Items]
Debt Covenant, Maximum Senior Secured Debt to EBIDTA Ratio [Abstract]	3.75	3.75
leverage ratio	0.95
Senior Notes	$ 550	$ 550		$ 550	$ 550
Long-Term Line of Credit	0	$ 0		31.5
$490.8 Million Term B Loan Facility, due April 2025
Debt Instrument [Line Items]
Secured Debt				$ 490.8
Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					4.625%
$500 Million Revolving Credit Facility, Due February 2028
Debt Instrument [Line Items]
Long-Term Line of Credit			$ 500
$500 Million Revolving Credit Facility, Due February 2028 \| Bank base rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%
$500 Million Revolving Credit Facility, Due February 2028 \| Bank base rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.45%
$500 Million Revolving Credit Facility, Due February 2028 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2%
$500 Million Revolving Credit Facility, Due February 2028 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3%
$500.0 Million Term B Loan Facility, due August 2030
Debt Instrument [Line Items]
Secured Debt	$ 500	$ 500	$ 500
$500.0 Million Term B Loan Facility, due August 2030 \| Bank base rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.25%
$500.0 Million Term B Loan Facility, due August 2030 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.25%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Taxes Payable, Current	$ 33.9	$ 1.1
Prepaid Taxes		$ 16.3

Calculation of Basic and Dilute

Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Calculation of Basic and Diluted Earnings per Share [Abstract]
Net Income from Continuing Operations	$ 59.4	$ 71.1	$ 169	$ 211.3
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0	2.1	0	1.2
Net income	$ 59.4	$ 73.2	$ 169	$ 212.5
Weighted-average number of common shares outstanding — basic	48.1	50.1	48.8	50.9
Dilutive effect of common share equivalents	0.3	0.6	0.4	0.7
Weighted-average number of common shares and share equivalents outstanding — diluted	48.4	50.7	49.2	51.6
Continuing operations	$ 1.23	$ 1.42	$ 3.46	$ 4.15
Basic earnings per share:	1.23	1.46	3.46	4.17
Continuing operations	1.23	1.40	3.43	4.09
Discontinued operations	0	0.04	0	0.02
Diluted earnings per share:	$ 1.23	$ 1.44	$ 3.43	$ 4.11

Segment Reporting (Segment Repo

Segment Reporting (Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Revenues	$ 1,116.8	$ 1,197.9	$ 3,376.5	$ 3,430.7
Gross Profit:
Total Gross Profit	322.4	358.9	975.1	1,029.5
Operating Income (Loss):
Total Operating Income	98.6	108.4	280.7	319.1
Depreciation	7	7.2	20.8	19.5
Amortization of intangible assets	17.8	17.9	53.8	45.3
Commercial Business
Revenues:
Revenues	782.4	900	2,425.8	2,583.5
Gross Profit:
Total Gross Profit	254.2	297.8	777.5	852.1
Operating Income (Loss):
Total Operating Income	91.4	108.7	267	319.6
Depreciation	5	5	14.5	12
Amortization of intangible assets	8.6	9.9	26.1	21.1
Federal Government Business
Revenues:
Revenues	334.4	297.9	950.7	847.2
Gross Profit:
Total Gross Profit	68.2	61.1	197.6	177.4
Operating Income (Loss):
Total Operating Income	27.2	23	74.9	66.4
Depreciation	1.4	1.3	4.3	4.2
Amortization of intangible assets	9.2	8	27.7	24.2
Assignment \| Commercial Business
Revenues:
Revenues	508.2	631.4	1,598.8	1,888
Consulting \| Commercial Business
Revenues:
Revenues	274.2	268.6	827	695.5
Firm-fixed-price \| Federal Government Business
Revenues:
Revenues	107.3	91.7	297.9	242.9
Time and materials \| Federal Government Business
Revenues:
Revenues	126.8	113.7	377.9	338.5
Cost reimbursable \| Federal Government Business
Revenues:
Revenues	$ 100.3	$ 92.5	$ 274.9	$ 265.8

Segment Reporting Revenue by Cu

Segment Reporting Revenue by Customer Type (details) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from External Customer [Line Items]
Revenues	$ 1,116.8	$ 1,197.9	$ 3,376.5	$ 3,430.7
Department of Defense and Intelligence Agencies
Revenue from External Customer [Line Items]
Revenues	164.8	165.5	452.7	458.4
Federal Civilian
Revenue from External Customer [Line Items]
Revenues	159.5	124.8	468.3	361.9
Other
Revenue from External Customer [Line Items]
Revenues	$ 10.1	$ 7.6	$ 29.7	$ 26.9

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value Inputs, Liabilities, Quantitative Information
Long-term Debt, Gross	$ 1,050	$ 1,072.3
Long-term debt	1,037.5	$ 1,066.6
Long-term debt, fair value	$ 1,000
Fair Value, Inputs, Level 1
Fair Value Inputs, Liabilities, Quantitative Information
Fair value level 1 inputs	Level 1 inputs