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Arthur J. Gallagher Co. (AJG) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Gallagher Arthur J Co

CIK: 354190 Ticker: AJG

Exhibit 99.1

 

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NEWS RELEASE

ARTHUR J. GALLAGHER & CO. ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS

ROLLING MEADOWS, IL, January 27, 2022 — Arthur J. Gallagher & Co. (NYSE: AJG) today reported its financial results for the quarter and full year ended December 31, 2021. Management will host a webcast conference call to discuss these results on Thursday, January 27, 2022 at 5:15 p.m. ET/4:15 p.m. CT. To listen to the call, and for printer-friendly formats of this release and the “Supplemental Quarterly Data” and “CFO Commentary,” which may also be referenced during the call, please visit

ajg.com/IR. These documents contain both GAAP and non-GAAP measures. Investors and other users of this information should read carefully the section entitled “Information Regarding Non-GAAP Measures” beginning on page 10.

Summary of Financial Results - Fourth Quarter

 

     Revenues Before                             Diluted Net Earnings  
     Reimbursements     Net Earnings (Loss)     EBITDAC     (Loss) Per Share  

Segment

   4th Q 21     4th Q 20     4th Q 21     4th Q 20     4th Q 21     4th Q 20     4th Q 21     4th Q 20  
                                                  
     (in millions)     (in millions)     (in millions)              

Brokerage, as reported

   $ 1,467.4     $ 1,235.8     $ 171.0     $ 157.7     $ 417.6     $ 341.8     $ 0.79     $ 0.79  

Net (gains) losses on divestitures

     (9.9     10.4       (8.0     8.3       (9.9     10.4       (0.04     0.04  

Acquisition integration

     —         —         12.7       4.5       15.6       5.6       0.06       0.02  

Workforce and lease termination

     —         —         6.1       8.3       7.4       10.4       0.03       0.04  

Acquisition related adjustments

     —         —         46.0       15.0       7.8       4.8       0.22       0.08  

Levelized foreign currency translation

     —         2.7       —         0.6       —         1.2       —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Brokerage, as adjusted *

     1,457.5       1,248.9       227.8       194.4       438.5       374.2       1.06       0.97  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Risk Management, as reported

     254.3       216.4       24.6       19.1       46.0       39.9       0.12       0.10  

Workforce and lease termination

     —         —         1.0       1.2       1.3       1.5       —         0.01  

Acquisition related adjustments

     —         —         0.1       —         0.1       —         —         —    

Levelized foreign currency translation

     —         (0.2     —         0.3       —         0.3       —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Risk Management, as adjusted *

     254.3       216.2       25.7       20.6       47.4       41.7       0.12       0.11  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate, as reported

     219.7       211.4       (74.7     (23.7     (86.0     (46.4     (0.40     (0.17

Transaction-related costs

     —         —         21.6       —         26.7       —         0.10       —    

Legal and income tax related

     —         —         19.4       (6.6     9.5       —         0.10       (0.03
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate, as adjusted *

     219.7       211.4       (33.7     (30.3     (49.8     (46.4     (0.20     (0.20
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Company, as reported

   $ 1,941.4     $ 1,663.6     $ 120.9     $ 153.1     $ 377.6     $ 335.3     $ 0.51     $ 0.72  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Company, as adjusted *

   $ 1,931.5     $ 1,676.5     $ 219.8     $ 184.7     $ 436.1     $ 369.5     $ 0.98     $ 0.88  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Brokerage & Risk Management, as reported

   $ 1,721.7     $ 1,452.2     $ 195.6     $ 176.8     $ 463.6     $ 381.7     $ 0.91     $ 0.89  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Brokerage & Risk Management, as adjusted *

   $ 1,711.8     $ 1,465.1     $ 253.5     $ 215.0     $ 485.9     $ 415.9     $ 1.18     $ 1.08  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

*

For fourth quarter 2021, the pretax impact of the Brokerage segment adjustments totals $69.7 million, with a corresponding adjustment to the provision for income taxes of $12.9 million relating to these items. For fourth quarter 2021, the pretax impact of the Risk Management segment adjustments totals $1.4 million, with a corresponding adjustment to the provision for income taxes of $0.3 million relating to these items. The pretax impact of the Corporate segment adjustments totals $36.2 million, with a corresponding adjustment to the benefit for income taxes of $(4.8) million relating to these items and the other tax items noted on pages 8 and 9. A detailed reconciliation of the 2021 and 2020 provision (benefit) for income taxes is shown on pages 14 and 15.

 

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The following information was filed by Gallagher Arthur J Co (AJG) on Thursday, January 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Gallagher Arthur J Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Earnings
Consolidated Statement Of Earnings
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Additional Information (Detail)
Accumulated Other Comprehensive Loss - Schedule Of Accumulated Other Comprehensive Loss Attributable To Controlling Interests (Detail)
Business Combinations
Business Combinations (Tables)
Business Combinations - Acquisition Method For Recording Business Combinations (Detail)
Business Combinations - Additional Information (Detail)
Business Combinations - Summary Of Estimated Fair Values Of Net Assets Acquired (Detail)
Business Combinations - Summary Of Unaudited Pro Forma Historical Results (Detail)
Commitments, Contingencies And Off-Balance Sheet Arrangements
Commitments, Contingencies And Off-Balance Sheet Arrangements (Tables)
Commitments, Contingencies And Off-Balance Sheet Arrangements - Additional Information (Detail)
Commitments, Contingencies And Off-Balance Sheet Arrangements - Contractual Obligations (Detail)
Commitments, Contingencies And Off-Balance Sheet Arrangements - Off-Balance Sheet Commitments (Detail)
Commitments, Contingencies And Off-Balance Sheet Arrangements - Outstanding Letters Of Credit, Financial Guarantees And Funding Commitments (Detail)
Contracts With Customers
Contracts With Customers (Tables)
Contracts With Customers - Additional Information (Detail)
Contracts With Customers - Summary Of Changes In Deferred Revenue Balances (Detail)
Contracts With Customers - Summary Of Expected Revenue Related To Performance Obligations (Detail)
Contracts With Customers - Summary Of Expected Revenue Related To Performance Obligations 1 (Detail)
Contracts With Customers - Summary Of Unbilled Receivables, Contract Assets And Contract Liabilities From Contracts With Customers (Detail)
Credit And Other Debt Agreements
Credit And Other Debt Agreements (Tables)
Credit And Other Debt Agreements - Credit Agreement - Additional Information (Detail)
Credit And Other Debt Agreements - Note Purchase Agreements - Additional Information (Detail)
Credit And Other Debt Agreements - Senior Notes - Additional Information (Detail)
Credit And Other Debt Agreements - Summary Of Corporate And Other Debt (Detail)
Credit And Other Debt Agreements - Summary Of Corporate And Other Debt (Parenthetical) (Detail)
Deferred Compensation
Deferred Compensation - Additional Information (Detail)
Derivatives And Hedging Activity
Derivatives And Hedging Activity (Tables)
Derivatives And Hedging Activity - Additional Information (Detail)
Derivatives And Hedging Activity - Summary Of Amounts Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss (Detail)
Derivatives And Hedging Activity - Summary Of Amounts Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Loss (Parenthetical) (Detail)
Derivatives And Hedging Activity - Summary Of Notional And Fair Values Of Derivative Instruments (Detail)
Derivatives And Hedging Activity - Summary Of Notional And Fair Values Of Derivative Instruments (Parenthetical) (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Computation Of Basic And Diluted Net Eps (Detail)
Effect Of New Accounting Pronouncements
Effect Of New Accounting Pronouncements - Additional Information (Detail)
Fixed Assets
Fixed Assets (Tables)
Fixed Assets - Summary Of Fixed Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Earnings Before Income Taxes And Provision For Income Taxes (Detail)
Income Taxes - Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Gross Unrecognized Tax Benefit (Detail)
Income Taxes - Reconciliation Of Provision For Income Taxes With Federal Statutory Income Tax Rate (Detail)
Insurance Operations
Insurance Operations (Tables)
Insurance Operations - Additional Information (Detail)
Insurance Operations - Summary Of Reconciliations Of Direct To Net Premiums On Written And Earned Basis Related To Wholly Owned Underwriting Enterprise Subsidiary (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Carrying Amount Of Goodwill Allocated By Domestic And Foreign Operations (Detail)
Intangible Assets - Changes In Carrying Amount Of Goodwill (Detail)
Intangible Assets - Estimated Aggregate Amortization Expense (Detail)
Intangible Assets - Major Classes Of Amortizable Intangible Assets (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Clean Coal Investments - Additional Information (Detail)
Investments - Investments Reported In Other Non-Current Assets (Detail)
Investments - Other Investments - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Components Of Lease Expense (Detail)
Leases - Maturities Of Operating Lease Liabilities (Detail)
Leases - Summary Of Supplemental Balance Sheet Information Related To Leases (Detail)
Leases - Summary Of Supplemental Cash Flow Information Related To Leases (Detail)
Other Financial Data
Other Financial Data (Tables)
Other Financial Data - Summary Of Major Classes Of Other Current Assets (Detail)
Restricted Stock, Performance Share And Cash Awards
Restricted Stock, Performance Share And Cash Awards (Tables)
Restricted Stock, Performance Share And Cash Awards - Additional Information (Detail)
Restricted Stock, Performance Share And Cash Awards - Schedule Of Restricted Stock Awards Vesting Periods (Detail)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Detail)
Retirement Plans - Components Of Net Periodic Pension Benefit Cost And Other Changes In Plan Assets And Obligations Recognized In Earnings And Other Comprehensive Earnings (Detail)
Retirement Plans - Reconciliation Of Balances Of Pension Benefit Obligation And Fair Value Of Plan Assets (Detail)
Retirement Plans - Reconciliation Of Beginning And Ending Balances For Level 3 Assets Of Plan Measured At Fair Value (Detail)
Retirement Plans - Schedule Of Benefit Payments Expected To Be Paid By Plan (Detail)
Retirement Plans - Summary Of Plan's Assets Carried At Fair Value (Detail)
Retirement Plans - Summary Of Plan's Weighted Average Asset Allocations (Detail)
Retirement Plans - Weighted Average Assumptions Of Pension Benefit Obligation And Net Periodic Pension Benefit Cost (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Schedule Ii. Valuation And Qualifying Accounts
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Schedule Of Segment Reporting Information By Segment (Detail)
Stock Option Plans
Stock Option Plans (Tables)
Stock Option Plans - Additional Information (Detail)
Stock Option Plans - Black-Scholes Option Pricing Model With Weighted Average (Detail)
Stock Option Plans - Stock Option Activity And Related Information (Detail)
Stock Option Plans - Stock Options Outstanding And Exercisable (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Life Of Fixed Assets (Detail)
Supplemental Disclosures Of Cash Flow Information
Supplemental Disclosures Of Cash Flow Information (Tables)
Supplemental Disclosures Of Cash Flow Information - Additional Information (Detail)
Supplemental Disclosures Of Cash Flow Information - Cash Equivalents And Restricted Cash (Detail)
Supplemental Disclosures Of Cash Flow Information - Cash Flow (Detail)
Ticker: AJG
CIK: 354190
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-005714
Submitted to the SEC: Fri Feb 18 2022 4:59:42 PM EST
Accepted by the SEC: Fri Feb 18 2022
Period: Friday, December 31, 2021
Industry: Insurance Agents Brokers And Service

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