filings.toolsItem 16. Form 10-K Summary.
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Item 16. Form 10-K Summary.
None.
Signat****ures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 9****th day of February, 2024.
| ARTHUR J. GALLAGHER & CO. | |||
| By | /S/ J. PATRICK GALLAGHER, JR. | ||
| J. Patrick Gallagher, Jr. | |||
| Chairman and Chief Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on the 9****th day of February, 2024 by the following persons on behalf of the Registrant in the capacities indicated.
| Name | Title | |
| /S/ J. PATRICK GALLAGHER, JR. | Chairman, Chief Executive Officer and Director (Principal Executive Officer) | |
| J. Patrick Gallagher, Jr. | ||
| /S/ DOUGLAS K. HOWELL | Vice President and Chief Financial Officer (Principal Financial Officer) | |
| Douglas K. Howell | ||
| /S/ RICHARD C. CARY | Controller (Principal Accounting Officer) | |
| Richard C. Cary | ||
| *SHERRY S. BARRAT | Director | |
| Sherry S. Barrat | ||
| *WILLIAM L. BAX | Director | |
| WILLIAM L. BAX | ||
| *TERESA H. CLARKE | Director | |
| Teresa H. Clarke | ||
| * D. JOHN COLDMAN | Director | |
| D. John Coldman | ||
| * DAVID S. JOHNSON | Director | |
| David S. Johnson | ||
| *CHRISTOPHER C. MISKEL | Director | |
| Christopher C. Miskel | ||
| * RALPH J. NICOLETTI | Director | |
| Ralph J. Nicoletti | ||
| *NORMAN L. ROSENTHAL | Director | |
| Norman L. Rosenthal |
| *By: | /S/ WALTER D. BAY | |
| Walter D. Bay, Attorney-in-Fact |
Schedu****le II
Arthur J. Gallagher & Co.
Valuation and Qualifying Accounts
| Balance at Beginning of Year | Amounts Recorded in Earnings | Adjustments | Balance at End of Year | |||||||||||||
| (In millions) | ||||||||||||||||
| Year ended December 31, 2023 | ||||||||||||||||
| Allowance for doubtful accounts | $ | 11.1 | $ | 26.0 | $ | (14.1 | ) | (1) | $ | 23.0 | ||||||
| Allowance for estimated policy cancellations | 9.3 | (0.5 | ) | 1.1 | (2) | 9.9 | ||||||||||
| Valuation allowance for deferred tax assets | 135.2 | 60.6 | — | 195.8 | ||||||||||||
| Accumulated amortization of expiration | ||||||||||||||||
| lists, non-compete agreements and trade names | 3,300.0 | 531.3 | 42.2 | (3) | 3,873.5 | |||||||||||
| Year ended December 31, 2022 | ||||||||||||||||
| Allowance for doubtful accounts | $ | 8.3 | $ | 6.8 | $ | (4.0 | ) | (1) | $ | 11.1 | ||||||
| Allowance for estimated policy cancellations | 10.0 | 2.4 | (3.1 | ) | (2) | 9.3 | ||||||||||
| Valuation allowance for deferred tax assets | 154.9 | (19.7 | ) | — | 135.2 | |||||||||||
| Accumulated amortization of expiration | ||||||||||||||||
| lists, non-compete agreements and trade names | 2,924.0 | 454.9 | (78.9 | ) | (3) | 3,300.0 | ||||||||||
| Year ended December 31, 2021 | ||||||||||||||||
| Allowance for doubtful accounts | $ | 10.1 | $ | 7.0 | $ | (8.8 | ) | (1) | $ | 8.3 | ||||||
| Allowance for estimated policy cancellations | 9.9 | (1.3 | ) | 1.4 | (2) | 10.0 | ||||||||||
| Valuation allowance for deferred tax assets | 94.9 | 60.0 | — | 154.9 | ||||||||||||
| Accumulated amortization of expiration | ||||||||||||||||
| lists, non-compete agreements and trade names | 2,537.0 | 415.1 | (28.1 | ) | (3) | 2,924.0 |
(1)
Net activity of bad debt write offs and recoveries and acquired businesses.
(2)
Additions to allowance related to acquired businesses.
(3)
Elimination of fully amortized expiration lists, non-compete agreements and trade names, intangible asset/amortization reclassifications and disposal of acquired businesses.
Previous: Item 15. Exhibits and Financial Statement Schedules.