Arthur J. Gallagher & Co. Files 10-Q for Period Ending March 31, 2024
Ticker: AJG · Form: 10-Q · Filed: May 1, 2024 · CIK: 354190
Sentiment: neutral
Topics: 10-Q, Arthur J. Gallagher & Co., Financials, Debt, Insurance Broker
TL;DR
<b>Arthur J. Gallagher & Co. filed its Q1 2024 10-Q, detailing financial performance and various debt instruments.</b>
AI Summary
Arthur J. Gallagher & Co. (AJG) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Arthur J. Gallagher & Co. filed a 10-Q report for the period ending March 31, 2024. The filing details financial information including operating segments, foreign exchange contracts, and various debt agreements. Key dates mentioned include March 31, 2024, December 31, 2023, and various debt maturity dates. Specific financial instruments like fixed-rate notes with varying interest rates and balloon payments are referenced. The company operates within the Insurance Agents, Brokers & Services industry (SIC 6411).
Why It Matters
For investors and stakeholders tracking Arthur J. Gallagher & Co., this filing contains several important signals. This filing provides investors with a quarterly update on the company's financial health, operational segments, and debt obligations. Understanding the specifics of their debt, including interest rates and maturity dates, is crucial for assessing financial risk and future cash flow.
Risk Assessment
Risk Level: medium — Arthur J. Gallagher & Co. shows moderate risk based on this filing. The company has multiple debt agreements with fixed interest rates and balloon payments due in the coming years, which could impact future liquidity.
Analyst Insight
Monitor the company's debt repayment schedule and interest rate exposure in future filings to assess financial risk.
Key Numbers
- 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-05-01 — Filing Date (FILED AS OF DATE)
- 6411 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
- 4.14% — Fixed Interest Rate (FixedRateOfFourPointOneFourPercentBalloonDueAugustFourTwoThousandTwentySevenMember)
- 5.04% — Fixed Interest Rate (FixedRatesOfFivePointZeroFourPercentageBalloonDueFebruaryThirteenTwoThousandTwentyNineMember)
- 4.36% — Fixed Interest Rate (FixedRateOfFourPointThreeSixPercentBalloonDueJuneTwentyFourTwoThousandTwentySixMember)
- 4.55% — Fixed Interest Rate (FixedRateOfFourPointFiveFivePercentBalloonDueJuneTwoTwoThousandTwentyEightMember)
- 4.24% — Fixed Interest Rate (FixedRateOfFourPointTwoFourPercentBalloonDueJanuaryThirtyTwoThousandThirtyFiveMember)
Key Players & Entities
- Arthur J. Gallagher & Co. (company) — FILER
- 0000354190 (company) — CENTRAL INDEX KEY
- 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
- 2024-05-01 (date) — FILED AS OF DATE
- 6411 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
- 2850 GOLF ROAD (address) — BUSINESS ADDRESS STREET 1
- ROLLING MEADOWS (city) — BUSINESS ADDRESS CITY
- IL (state) — BUSINESS ADDRESS STATE
FAQ
When did Arthur J. Gallagher & Co. file this 10-Q?
Arthur J. Gallagher & Co. filed this Quarterly Report (10-Q) with the SEC on May 1, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Arthur J. Gallagher & Co. (AJG).
Where can I read the original 10-Q filing from Arthur J. Gallagher & Co.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Arthur J. Gallagher & Co..
What are the key takeaways from Arthur J. Gallagher & Co.'s 10-Q?
Arthur J. Gallagher & Co. filed this 10-Q on May 1, 2024. Key takeaways: Arthur J. Gallagher & Co. filed a 10-Q report for the period ending March 31, 2024.. The filing details financial information including operating segments, foreign exchange contracts, and various debt agreements.. Key dates mentioned include March 31, 2024, December 31, 2023, and various debt maturity dates..
Is Arthur J. Gallagher & Co. a risky investment based on this filing?
Based on this 10-Q, Arthur J. Gallagher & Co. presents a moderate-risk profile. The company has multiple debt agreements with fixed interest rates and balloon payments due in the coming years, which could impact future liquidity.
What should investors do after reading Arthur J. Gallagher & Co.'s 10-Q?
Monitor the company's debt repayment schedule and interest rate exposure in future filings to assess financial risk. The overall sentiment from this filing is neutral.
Risk Factors
- Debt Obligations [medium — financial]: The company has various fixed-rate debt instruments with balloon payments due in the future, requiring careful management of liquidity.
- Investment Performance [medium — market]: Fluctuations in investment performance can impact the company's overall financial results.
- Errors and Omissions [low — operational]: Potential claims related to errors and omissions in brokerage services could lead to financial losses.
Filing Stats: 4,329 words · 17 min read · ~14 pages · Grade level 9.6 · Accepted 2024-05-01 10:24:31
Key Financial Figures
- $1.00 — ch registered Common Stock, par value $1.00 per share AJG New York Stock Exchan
Filing Documents
- ajg-20240331.htm (10-Q) — 4439KB
- ajg-ex31_1.htm (EX-31.1) — 12KB
- ajg-ex31_2.htm (EX-31.2) — 11KB
- ajg-ex32_1.htm (EX-32.1) — 6KB
- ajg-ex32_2.htm (EX-32.2) — 6KB
- 0000950170-24-050950.txt ( ) — 16788KB
- ajg-20240331.xsd (EX-101.SCH) — 1924KB
- ajg-20240331_htm.xml (XML) — 3793KB
Financial Statements (Unaudited)
Financial Statements (Unaudited): Consolidated Statement of Earnings for the Three-month Periods Ended March 31, 2024 and 2023 6 Consolidated Statement of Comprehensive Earnings for the Three-month Periods Ended March 31, 2024 and 2023 7 Consolidated Balance Sheet at March 31, 2024 and December 31, 2023 8 Consolidated Statement of Cash Flows for the Three-month Periods Ended March 31, 2024 and 2023 9 Consolidated Statement of Stockholders' Equity for the Three-month Periods Ended March 31, 2024 and 2023 10 - 11 Notes to March 31, 2024 Consolidated Financial Statements 12 - 32 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 - 56 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 56 - 57 Item 4.
Controls and Procedures
Controls and Procedures 57 - 58 Part II. Other Information Item 1.
Legal Proceedings
Legal Proceedings 58 Item 1A. Risk Factors . 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 - 59 Item 6. Exhibits 59 Signature 60 - 5 -
- Financi al Information
Part I - Financi al Information
Financial Sta tements (Unaudited)
Item 1. Financial Sta tements (Unaudited) Arthur J. Gallagher & Co. Consolidated State ment of Earnings (Unaudited - in millions, except per share data) Three-month period ended March 31, 2024 2023 Commissions $ 1,993.6 $ 1,747.4 Fees 951.2 705.7 Supplemental revenues 93.9 81.6 Contingent revenues 86.0 71.8 Interest income, premium finance revenues and other income 93.4 66.4 Revenues before reimbursements 3,218.1 2,672.9 Reimbursements 38.6 33.2 Total revenues 3,256.7 2,706.1 Compensation 1,725.9 1,415.5 Operating 435.7 382.5 Reimbursements 38.6 33.2 Interest 92.2 67.9 Depreciation 45.4 37.7 Amortization 162.3 121.7 Change in estimated acquisition earnout payables ( 16.1 ) 41.8 Total expenses 2,484.0 2,100.3 Earnings before income taxes 772.7 605.8 Provision for income taxes 160.0 119.2 Net earnings 612.7 486.6 Net earnings attributable to noncontrolling interests 4.3 0.1 Net earnings attributable to controlling interests $ 608.4 $ 486.5 Basic net earnings per share $ 2.80 $ 2.29 Diluted net earnings per share 2.74 2.24 Dividends declared per common share 0.60 0.55 See notes to consolidated financial statements. - 6 - Arthur J. Gallagher & Co. Consolidated Statement o f Comprehensive Earnings (Unaudited - in millions) Three-month period ended March 31, 2024 2023 Net earnings $ 612.7 $ 486.6 Change in pension liability, net of taxes 0.3 0.8 Foreign currency translation, net of taxes ( 155.8 ) 33.3 Change in fair value of derivative investments, net of taxes ( 1.4 ) 4.9 Comprehensive earnings 455.8 525.6 Comprehensive earnings attributable to noncontrolling interests 4.3 — Comprehensive earnings attributable to controlling interests $ 451.5 $ 525.6 See notes to consolidated financial statements. - 7 - Arthur J. Gallaghe