0001564590-21-038320 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	BROWN & BROWN, INC.
Entity Central Index Key	0000079282
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		281,607,111
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	BRO
Security Exchange Name	NYSE
Entity File Number	001-13619
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0864469
Entity Address, Address Line One	300 North Beach Street
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	252-9601
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Commissions and fees	$ 725,919	$ 598,157	$ 1,539,956	$ 1,294,660
Investment income	229	333	479	1,495
Other income, net	1,204	316	2,193	1,147
Total revenues	727,352	598,806	1,542,628	1,297,302
EXPENSES
Employee compensation and benefits	395,611	346,515	825,111	696,139
Other operating expenses	96,255	75,568	190,619	182,700
(Gain)/loss on disposal	(3,851)	(31)	(4,044)	(291)
Amortization	29,546	26,741	59,039	53,132
Depreciation	8,801	6,168	16,257	12,189
Interest	16,285	13,809	32,626	29,100
Change in estimated acquisition earn-out payables	(1,604)	635	(2,495)	(10,322)
Total expenses	541,043	469,405	1,117,113	962,647
Income before income taxes	186,309	129,401	425,515	334,655
Income taxes	47,019	32,617	86,482	85,471
Net income	$ 139,290	$ 96,784	$ 339,033	$ 249,184
Net income per share:
Basic (in dollars per share)	$ 0.49	$ 0.34	$ 1.20	$ 0.88
Diluted (in dollars per share)	0.49	0.34	1.20	0.88
Dividends declared per share (in dollars per share)	$ 0.093	$ 0.085	$ 0.185	$ 0.170

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 139,290	$ 96,784	$ 339,033	$ 249,184
Foreign currency translation	1,471		(3,782)
Unrealized (loss) gain on available-for-sale debt securities, net of tax	(30)		233
Comprehensive income	$ 140,731	$ 96,784	$ 335,484	$ 249,184

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 850,230	$ 817,398
Restricted cash	500,790	454,517
Short-term investments	13,080	18,332
Premiums, commissions and fees receivable	1,259,483	1,099,248
Reinsurance recoverable	42,414	43,469
Prepaid reinsurance premiums	368,711	377,615
Other current assets	157,134	147,670
Total current assets	3,191,842	2,958,249
Fixed assets, net	209,279	201,115
Operating lease assets	179,502	186,998
Goodwill	4,513,970	4,395,918
Amortizable intangible assets, net	1,044,999	1,049,660
Investments	32,622	24,971
Other assets	185,681	149,581
Total assets	9,357,895	8,966,492
Current Liabilities:
Premiums payable to insurance companies	1,394,374	1,198,529
Losses and loss adjustment reserve	42,414	43,469
Unearned premiums	368,711	377,615
Premium deposits and credits due customers	107,872	102,505
Accounts payable	222,186	190,497
Accrued expenses and other liabilities	365,365	371,737
Current portion of long-term debt	300,000	70,000
Total current liabilities	2,800,922	2,354,352
Long-term debt less unamortized discount and debt issuance costs	1,762,294	2,025,906
Operating lease liabilities	164,081	172,935
Deferred income taxes, net	371,054	344,222
Other liabilities	313,542	314,854
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560,000 shares; issued 300,096 shares and outstanding 281,621 shares at 2021, issued 299,689 shares and outstanding 283,004 shares at 2020	30,010	29,969
Additional paid-in capital	784,620	794,909
Treasury stock, at cost at 18,475 shares at 2021, 16,685 shares at 2020, respectively	(672,763)	(591,338)
Accumulated other comprehensive loss	(3,549)
Retained earnings	3,807,684	3,520,683
Total shareholders’ equity	3,946,002	3,754,223
Total liabilities and shareholders’ equity	$ 9,357,895	$ 8,966,492

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	560,000,000	560,000,000
Common stock, shares issued (in shares)	300,096,000	299,689,000
Common stock, shares outstanding (in shares)	281,621,000	283,004,000
Treasury stock shares (in shares)	18,475,000	16,685,000

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance, Value at Dec. 31, 2019	$ 3,350,279	$ 29,711	$ 716,049	$ (536,243)		$ 3,140,762
Beginning Balance, Shares at Dec. 31, 2019		281,655
Net income	152,400					152,400
Net unrealized holding (loss) gain on available-for- sale securities	293		194			99
Employee stock purchase plan	2,191		2,191
Common stock issued for stock incentive plan & employee stock benefit plans	9	$ 182	(173)
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		1,828
Purchase of treasury stock	(1,429)			(1,429)
Purchase of treasury stock, Shares		(42)
Cash dividends paid	(23,902)					(23,902)
Ending Balance, Value at Mar. 31, 2020	3,479,841	$ 29,893	718,261	(537,672)		3,269,359
Ending Balance, Shares at Mar. 31, 2020		283,441
Beginning Balance, Value at Dec. 31, 2019	3,350,279	$ 29,711	716,049	(536,243)		3,140,762
Beginning Balance, Shares at Dec. 31, 2019		281,655
Net income	249,184
Ending Balance, Value at Jun. 30, 2020	3,583,518	$ 29,915	749,285	(537,672)		3,341,990
Ending Balance, Shares at Jun. 30, 2020		283,658
Beginning Balance, Value at Mar. 31, 2020	3,479,841	$ 29,893	718,261	(537,672)		3,269,359
Beginning Balance, Shares at Mar. 31, 2020		283,441
Net income	96,784					96,784
Net unrealized holding (loss) gain on available-for- sale securities	315		384			(69)
Employee stock purchase plan	1,349		1,349
Common stock issued for stock incentive plan & employee stock benefit plans	18,726	$ (7)	18,733
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		(73)
Common stock issued for agency acquisitions	10,000	$ 27	9,973
Common stock issued for agency acquisitions, Shares		274
Common stock issued to directors	587	$ 2	585
Common stock issued to directors, Shares		16
Cash dividends paid	(24,084)					(24,084)
Ending Balance, Value at Jun. 30, 2020	3,583,518	$ 29,915	749,285	(537,672)		3,341,990
Ending Balance, Shares at Jun. 30, 2020		283,658
Beginning Balance, Value at Dec. 31, 2020	$ 3,754,223	$ 29,969	794,909	(591,338)		3,520,683
Beginning Balance, Shares at Dec. 31, 2020	283,004	283,004
Net income	$ 199,744					199,744
Net unrealized holding (loss) gain on available-for- sale securities	(245)		(508)		$ 263
Foreign currency translation	(5,131)				(5,253)	122
Employee stock purchase plan	3,032		3,032
Common stock issued for stock incentive plan & employee stock benefit plans	15,646	$ 140	15,506
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		1,400
Common stock issued for agency acquisitions	4,892	$ 11	4,881
Common stock issued for agency acquisitions, Shares		107
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(45,052)	$ (98)	(44,954)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(973)
Purchase of treasury stock	(70,020)			(70,020)
Purchase of treasury stock, Shares		(1,558)
Cash dividends paid	(26,092)					(26,092)
Ending Balance, Value at Mar. 31, 2021	3,830,997	$ 30,022	772,866	(661,358)	(4,990)	3,694,457
Ending Balance, Shares at Mar. 31, 2021		281,980
Beginning Balance, Value at Dec. 31, 2020	$ 3,754,223	$ 29,969	794,909	(591,338)		3,520,683
Beginning Balance, Shares at Dec. 31, 2020	283,004	283,004
Net income	$ 339,033
Common stock issued for agency acquisitions	4,892
Ending Balance, Value at Jun. 30, 2021	$ 3,946,002	$ 30,010	784,620	(672,763)	(3,549)	3,807,684
Ending Balance, Shares at Jun. 30, 2021	281,621	281,621
Beginning Balance, Value at Mar. 31, 2021	$ 3,830,997	$ 30,022	772,866	(661,358)	(4,990)	3,694,457
Beginning Balance, Shares at Mar. 31, 2021		281,980
Net income	139,290					139,290
Net unrealized holding (loss) gain on available-for- sale securities	(30)				(30)
Foreign currency translation	1,471				1,471
Employee stock purchase plan	1,988		1,988
Common stock issued for stock incentive plan & employee stock benefit plans	12,059	$ (8)	12,067
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		(83)
Common stock issued to directors	899	$ 2	897
Common stock issued to directors, Shares		17
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(3,204)	$ (6)	(3,198)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(61)
Purchase of treasury stock	(11,405)			(11,405)
Purchase of treasury stock, Shares		(232)
Cash dividends paid	(26,063)					(26,063)
Ending Balance, Value at Jun. 30, 2021	$ 3,946,002	$ 30,010	$ 784,620	$ (672,763)	$ (3,549)	$ 3,807,684
Ending Balance, Shares at Jun. 30, 2021	281,621	281,621

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares			3 Months Ended
	May 19, 2021	Feb. 17, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Cash dividends paid	$ 0.0925	$ 0.0925	$ 0.093	$ 0.093	$ 0.085	$ 0.085

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 339,033	$ 249,184
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	59,039	53,132
Depreciation	16,257	12,189
Non-cash stock-based compensation	32,723	30,087
Change in estimated acquisition earn-out payables	(2,495)	(10,322)
Deferred income taxes	21,933	(4,766)
Amortization of debt discount and disposal of deferred financing costs	144	1,066
Amortization (accretion) of discounts and premiums, investment	1,316	14
Net (gain)/loss on sales of investments, fixed assets and customer accounts	(2,859)	86
Payments on acquisition earn-outs in excess of original estimated payables	(5,747)	(576)
Effect of changes in foreign exchange rate changes	577
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Premiums, commissions and fees receivable (increase) decrease	(120,854)	(130,110)
Reinsurance recoverables (increase) decrease	1,055	13,295
Prepaid reinsurance premiums (increase) decrease	8,904	9,201
Other assets (increase) decrease	(35,578)	(2,691)
Premiums payable to insurance companies increase (decrease)	141,074	177,685
Premium deposits and credits due customers increase (decrease)	5,265	(12,103)
Losses and loss adjustment reserve increase (decrease)	(1,055)	(13,295)
Unearned premiums increase (decrease)	(8,904)	(9,201)
Accounts payable increase (decrease)	65,212	101,124
Accrued expenses and other liabilities increase (decrease)	(21,295)	(47,742)
Other liabilities increase (decrease)	(27,478)	442
Net cash provided by operating activities	466,267	416,699
Cash flows from investing activities:
Additions to fixed assets	(25,142)	(35,938)
Payments for businesses acquired, net of cash acquired	(116,618)	(291,424)
Proceeds from sales of fixed assets and customer accounts	8,298	295
Purchases of investments	(9,754)	(3,031)
Proceeds from sales of investments	6,910	3,669
Net cash used in investing activities	(136,306)	(326,429)
Cash flows from financing activities:
Payments on acquisition earn-outs	(34,202)	(6,902)
Payments on long-term debt	(35,000)	(27,500)
Borrowings on revolving credit facility		250,000
Payments on revolving credit facilities		(150,000)
Issuances of common stock for employee stock benefit plans	903	587
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(48,256)	(7,811)
Purchase of treasury stock	(81,425)	(1,429)
Cash dividends paid	(52,155)	(47,986)
Net cash (used in) provided by financing activities	(250,135)	8,959
Effect of foreign exchange rate cash changes	(721)
Net increase in cash and cash equivalents inclusive of restricted cash	79,105	99,229
Cash and cash equivalents inclusive of restricted cash at beginning of period	1,271,915	962,975
Cash and cash equivalents inclusive of restricted cash at end of period	$ 1,351,020	$ 1,062,204

Nature of Operations

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Operations

NOTE 1 Nature of Operations

Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. Brown & Brown’s business is divided into four reportable segments. The Retail Segment provides a broad range of insurance products and services to commercial, public and quasi-public entities, professional and individual insured customers, and non-insurance risk-mitigating products through our automobile dealer services (“F&I”) businesses. The National Programs Segment, which acts as a managing general agent (“MGA”), provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through a nationwide network of independent agents, including Brown & Brown retail agents. The Wholesale Brokerage Segment markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents. The Services Segment provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare Set-aside services, Social Security disability and Medicare benefits advocacy services and claims adjusting services.

Basis of Financial Reporting

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Financial Reporting

NOTE 2 Basis of Financial Reporting

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Recently Issued Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We have evaluated our contracts and the available expedients provided by the new standard and can assert there is no impact to any carrying value of assets or liabilities as our floating-rate debt instruments that are indexed to LIBOR are carried at amortized cost.

Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The standard removes specific exceptions in the current rules and eliminates the need for an organization to analyze whether the following apply in a given period: (a) exception to the incremental approach for intra-period tax allocation; (b) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (c) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The standard also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (a) franchise taxes that are partially based on income; (b) transactions with a government that result in a step-up in the tax basis of goodwill; (c) separate financial statements of legal entities that are not subject to tax and (d) enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 effective January 1, 2021. The impact of adopting this standard was not material to the presentation of the Condensed Consolidated Financial Statements.

Revenues

6 Months Ended

Jun. 30, 2021

Revenues [Abstract]

Revenues

NOTE 3 Revenues

The following tables present the revenues disaggregated by revenue source:

	Three months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other ⁽⁸⁾			Total
Base commissions ⁽¹⁾	$	263,474	$	125,310	$	84,027	$	—	$	1		$	472,812
Fees ⁽²⁾		110,348		41,221		17,574		44,887		(500	)		213,530
Incentive commissions ⁽³⁾		15,412		210		451		—		—			16,073
Profit-sharing contingent commissions ⁽⁴⁾		8,408		9,017		2,169		—		—			19,594
Guaranteed supplemental commissions ⁽⁵⁾		3,315		373		222		—		—			3,910
Investment income⁽⁶⁾		17		134		44		—		34			229
Other income, net ⁽⁷⁾		125		9		104		—		966			1,204
Total Revenues	$	401,099	$	176,274	$	104,591	$	44,887	$	501		$	727,352

	Six months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other ⁽⁸⁾			Total
Base commissions ⁽¹⁾	$	620,932	$	236,055	$	155,371	$	—	$	9		$	1,012,367
Fees ⁽²⁾		197,399		75,550		33,636		91,858		(925	)		397,518
Incentive commissions ⁽³⁾		72,760		998		1,601		—		—			75,359
Profit-sharing contingent commissions ⁽⁴⁾		24,143		17,333		4,068		—		—			45,544
Guaranteed supplemental commissions ⁽⁵⁾		7,930		767		471		—		—			9,168
Investment income⁽⁶⁾		35		286		85		3		70			479
Other income, net ⁽⁷⁾		815		178		234		—		966			2,193
Total Revenues	$	924,014	$	331,167	$	195,466	$	91,861	$	120		$	1,542,628

(1)

Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control.

(2)	Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I products and services.

(3)	Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties.

(4)	Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention.

(5)	Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions.

(6)	Investment income consists primarily of interest on cash and investments.

(7)	Other income consists primarily of legal settlements and other miscellaneous income.

(8)	Fees within other reflects the elimination of intercompany revenues.

Contract Assets and Liabilities

The balances of contract assets and contract liabilities arising from contracts with customers as of June 30, 2021 and December 31, 2020 were as follows:

(in thousands)	June 30, 2021		December 31, 2020
Contract assets	$	365,084	$	308,755
Contract liabilities	$	82,447	$	80,997

Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in the Company's systems and are reflected in premiums, commissions and fee receivables in the Company's Condensed Consolidated Balance Sheet. The increase in contract assets over the balance as of December 31, 2020 is due to normal seasonality and growth in our business. A significant portion of our business includes policies that renew in the first six months of the year, marking the satisfaction of the contractual performance obligation of arranging insurance coverage for our customers and therefore the recognition of revenue, but for which payment is received in installments in one or more subsequent quarters.

Deferred revenue (contract liabilities) relates to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Deferred revenue is reflected within accrued expenses and other liabilities for those to be recognized in less than 12 months and in other liabilities for those to be recognized more than 12 months from the date presented in the Company's Condensed Consolidated Balance Sheet.

As of June 30, 2021, deferred revenue consisted of $54.2 million as current portion to be recognized within one year and $28.2 million in long term to be recognized beyond one year. As of December 31, 2020, deferred revenue consisted of $54.0 million as current portion to be recognized within one year and $27.0 million in long-term deferred revenue to be recognized beyond one year.

During the six months ended June 30, 2021, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $19.6 million, consisting of additional variable consideration received on our incentive and profit-sharing contingent commissions. During the six months ended June 30, 2020, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $10.5 million, consisting of $17.6 million of additional variable consideration received on our incentive and profit-sharing contingent commissions, offset by $7.1 million of revised estimates related to variable consideration on policies where the exposure units were expected to be impacted by the COVID-19 pandemic (“COVID-19”).

Other Assets and Deferred Cost

Incremental cost to obtain - The Company defers certain costs to obtain customer contracts primarily as they relate to commission-based compensation plans in the Retail Segment, in which the Company pays an incremental amount of compensation on new business. These incremental costs are deferred and amortized over a 15-year period. The cost to obtain balance within the other assets caption in the Company's Condensed Consolidated Balance Sheet was $49.6 million and $42.2 million as of June 30, 2021 and December 31, 2020, respectively. For the six months ended June 30, 2021, the Company deferred $9.1 million of incremental cost to obtain customer contracts. The Company recorded an expense of $1.7 million associated with the incremental cost to obtain customer contracts for the six months ended June 30, 2021.

Cost to fulfill - The Company defers certain costs to fulfill contracts and recognizes these costs as the associated performance obligations are fulfilled. The cost to fulfill balance within the other current assets caption in the Company's Condensed Consolidated Balance Sheet as of June 30, 2021 was $68.2 million, which is inclusive of deferrals from businesses acquired in the current year. The cost to fulfill balance as of December 31, 2020 was $77.8 million. For the six months ended June 30, 2021, the Company had net expense of $12.2 million related to the release of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, net of current year deferrals for costs incurred that related to performance obligations yet to be fulfilled.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Net Income Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 4 Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the issuance of all potentially issuable common shares. The dilutive effect of potentially issuable common shares is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding:

	Three months ended June 30,						Six months ended June 30,
(in thousands, except per share data)	2021			2020			2021			2020
Net income	$	139,290		$	96,784		$	339,033		$	249,184
Net income attributable to unvested awarded performance stock		(3,010	)		(3,580	)		(7,876	)		(8,855	)
Net income attributable to common shares	$	136,280		$	93,204		$	331,157		$	240,329
Weighted average number of common shares outstanding – basic		281,784			283,591			282,200			282,994
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(6,090	)		(10,491	)		(6,556	)		(10,056	)
Weighted average number of common shares outstanding for basic net income per common share		275,694			273,100			275,644			272,938
Dilutive effect of potentially issuable common shares		1,183			1,262			1,270			1,581
Weighted average number of shares outstanding – diluted		276,877			274,362			276,914			274,519
Net income per share:
Basic	$	0.49		$	0.34		$	1.20		$	0.88
Diluted	$	0.49		$	0.34		$	1.20		$	0.88

Business Combinations

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Business Combinations

NOTE 5 Business Combinations

During the six months ended June 30, 2021, Brown & Brown acquired all of the share capital of one insurance intermediary, assets and assumed certain liabilities of two insurance intermediaries, and one book of business (customer accounts) for a total of four acquisitions. Additionally, adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by Accounting Standards Codification Topic 805 — Business Combinations (“ASC 805”). Such adjustments are presented in the “Other” category within the following two tables. The recorded purchase price for all acquisitions includes an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the Condensed Consolidated Statements of Income when incurred.

The fair value of earn-out obligations is based on the present value of the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. In determining fair value, the acquired business’s future performance is estimated using financial projections developed by management for the acquired business and reflects market participant assumptions regarding revenue growth and/or profitability. The expected future payments are estimated on the basis of the earn-out formula and performance targets specified in each purchase agreement compared to the associated financial projections. These payments are then discounted to present value using a risk-adjusted rate that takes into consideration the likelihood that the forecasted earn-out payments will be made.

Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the six months ended June 30, 2021, adjustments were made within the permitted measurement period that resulted in a decrease in the aggregate purchase price of the affected acquisitions of $1.8 million. These measurement period adjustments have been reflected as current period adjustments in the six months ended June 30, 2021 in accordance with the guidance in ASU 2015-16 “Business Combinations.” The measurement period adjustments primarily impacted goodwill, with no effect on earnings or cash in the current period.

The following table summarizes the purchase price allocations made as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. Cash paid for four acquisitions was $162.8 million during the six months ended June 30, 2021. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. These adjustments are made in the period in which the amounts are determined, and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date.

(in thousands)
Name	Business segment	Effective date of acquisition	Cash paid		Common stock issued		Other payable		Recorded earn-out payable			Net assets acquired		Maximum potential earn- out payable
O'Leary Insurances (O'Leary)	Retail	January 1, 2021	$	117,408	$	4,892	$	—	$	15,348		$	137,648	$	30,575
Piper Jordan LLC (Piper)	Retail	May 1, 2021		43,428		—		1,397		9,854			54,679		15,000
Other	Various	Various		1,916		—		486		(117	)		2,285		750
Total			$	162,752	$	4,892	$	1,883	$	25,085		$	194,612	$	46,325

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.

(in thousands)	O'Leary			Piper		Other			Total
Cash	$	45,441		$	—	$	693		$	46,134
Other current assets		43,683			2,047		4,643			50,373
Fixed assets		546			9		3			558
Goodwill		84,318			40,369		(2,859	)		121,828
Purchased customer accounts		40,459			12,233		2,202			54,894
Non-compete agreements		819			21		55			895
Other assets		135			—		259			394
Total assets acquired		215,401			54,679		4,996			275,076
Other current liabilities		(72,683	)		—		(2,711	)		(75,394	)
Deferred income tax, net		(5,057	)		—		—			(5,057	)
Other liabilities		(13	)		—		—			(13	)
Total liabilities assumed		(77,753	)		—		(2,711	)		(80,464	)
Net assets acquired	$	137,648		$	54,679	$	2,285		$	194,612

The other column represents current year acquisitions with total net assets acquired of less than $20.0 million and adjustments from prior year acquisitions that were made within the permitted measurement period.

The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 15 years; and non-compete agreements, 5 years.

Goodwill of $121.8 million, which is net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail, National Programs, and Wholesale Brokerage Segments in the amounts of $122.6 million, ($1.3) million, and $0.6 million, respectively. Of the total goodwill of $121.8 million, the amount currently deductible for income tax purposes is $96.7 million and the remaining $25.1 million relates to the recorded earn-out payables and will not be deductible until it is earned and paid.

For the acquisitions completed during 2021, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through June 30, 2021, included in the Condensed Consolidated Statement of Income for the six months ended June 30, 2021, was $17.5 million. The income before income taxes, including the intercompany cost of capital charge, from the acquisitions completed through June 30, 2021, included in the Condensed Consolidated Statement of Income for the six months ended June 30, 2021, was a loss of $0.1 million. If the acquisitions had occurred as of the beginning of the respective periods, the Company’s estimated results of operations would be as shown in the following table. These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.

(UNAUDITED)	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2021		2020		2021		2020
Total revenues	$	728,163	$	609,781	$	1,546,249	$	1,318,896
Income before income taxes	$	186,582	$	131,738	$	426,711	$	339,204
Net income	$	139,494	$	98,532	$	339,986	$	252,571
Net income per share:
Basic	$	0.50	$	0.35	$	1.20	$	0.89
Diluted	$	0.49	$	0.35	$	1.20	$	0.89
Weighted average number of shares outstanding:
Basic		275,694		273,100		275,644		272,938
Diluted		276,877		274,362		276,914		274,519

As of June 30, 2021 and 2020, the fair values of the estimated acquisition earn-out payables were re-evaluated and measured at fair value on a recurring basis using unobservable inputs (Level 3) as defined in ASC 820- Fair Value Measurement. The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the six months ended June 30, 2021 and 2020, were as follows:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2021			2020			2021			2020
Balance as of the beginning of the period	$	257,566		$	157,720		$	258,943		$	161,513
Additions to estimated acquisition earn-out payables		10,097			60,776			25,085			74,754
Payments for estimated acquisition earn-out payables		(24,475	)		(664	)		(39,949	)		(7,478	)
Subtotal		243,188			217,832			244,079			228,789
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(3,326	)		(1,308	)		(6,040	)		(13,949	)
Interest expense accretion		1,722			1,943			3,545			3,627
Net change in earnings from estimated acquisition earn-out payables		(1,604	)		635			(2,495	)		(10,322	)
Foreign currency translation adjustments during the year		432			—			432			—
Balance as of June 30,	$	242,016		$	218,467		$	242,016		$	218,467

Of the $242.0 million estimated acquisition earn-out payables as of June 30, 2021, $88.8 million was recorded as accounts payable and $153.2 million was recorded as other non-current liabilities. As of June 30, 2021, the maximum future acquisition contingency payments related to all acquisitions was $543.2 million, inclusive of the $242.0 million estimated acquisition earn-out payables as of June 30, 2021. Included within the additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts.

Goodwill

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

NOTE 6 Goodwill

Goodwill is subject to at least an annual assessment for impairment by applying a fair value-based test. The Company completed its most recent annual assessment as of November 30, 2020 and identified no impairment as a result of the evaluation.

The changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2021 are as follows:

(in thousands)	Retail			National Programs			Wholesale Brokerage		Services		Total
Balance as of December 31, 2020	$	2,650,470		$	1,091,122		$	483,057	$	171,269	$	4,395,918
Goodwill of acquired businesses		122,612			(1,337	)		553		—		121,828
Goodwill disposed of relating to sales of businesses		(3,050	)		—			—		—		(3,050	)
Foreign currency translation adjustments during the year		(2,421	)		1,695			—		—		(726	)
Balance as of June 30, 2021	$	2,767,611		$	1,091,480		$	483,610	$	171,269	$	4,513,970

Amortizable Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

NOTE 7 Amortizable Intangible Assets

Amortizable intangible assets at June 30, 2021 and December 31, 2020 consisted of the following:

	June 30, 2021									December 31, 2020
(in thousands)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) ₍₁₎		Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) ₍₁₎
Purchased customer accounts	$	2,218,554	$	(1,176,833	)	$	1,041,721		15.0	$	2,164,968	$	(1,118,316	)	$	1,046,652		15.0
Non-compete agreements		35,964		(32,686	)		3,278		4.4		35,093		(32,085	)		3,008		4.6
Total	$	2,254,518	$	(1,209,519	)	$	1,044,999			$	2,200,061	$	(1,150,401	)	$	1,049,660

(1)	Weighted average life calculated as of the date of acquisition.

Amortization expense for amortizable intangible assets for the years ending December 31, 2021, 2022, 2023, 2024 and 2025 is estimated to be $117.5 million, $113.3 million, $106.3 million, $102.1 million, and $99.7 million, respectively.

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 8 Long-Term Debt

Long-term debt at June 30, 2021 and December 31, 2020 consisted of the following:

(in thousands)	June 30, 2021			December 31, 2020
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2022	$	270,000		$	40,000
Current portion of 5-year term loan facility expires 2023		30,000			30,000
Total current portion of long-term debt		300,000			70,000
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	$	499,495		$	499,416
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029		349,569			349,540
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031		699,288			699,252
Total notes		1,548,352			1,548,208
Credit agreements:
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires June 28, 2022		—			250,000
5-year revolving-loan facility, periodic interest payments, LIBOR plus up to 1.500%, plus commitment fees up to 0.250%, expires June 28, 2022		—			—
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires December 21, 2023		225,000			240,000
Total credit agreements		225,000			490,000
Debt issuance costs (contra)		(11,058	)		(12,302	)
Total long-term debt less unamortized discount and debt issuance costs		1,762,294			2,025,906
Current portion of long-term debt		300,000			70,000
Total debt	$	2,062,294		$	2,095,906

On June 28, 2017, the Company entered into an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) with the lenders named therein, JPMorgan Chase Bank, N.A. as administrative agent and certain other banks as co-syndication agents and co-documentation agents. The Amended and Restated Credit Agreement amended and restated the credit agreement dated April 17, 2014, among such parties (the “Original Credit Agreement”). The Amended and Restated Credit Agreement extends the applicable maturity date of the existing revolving credit facility (the “Revolving Credit Facility”) of $800.0 million to June 28, 2022 and re-evidences unsecured term loans at $400.0 million while also extending the applicable maturity date to June 28, 2022. The quarterly term loan principal amortization schedule was reset. At the time of the execution of the Amended and Restated Credit Agreement, $67.5 million of principal from the original unsecured term loans was repaid using operating cash balances, and the Company added an additional $2.8 million in debt issuance costs related to the Revolving Credit Facility to the Condensed Consolidated Balance Sheet. The Company also expensed to the Condensed Consolidated Statements of Income $0.2 million of debt issuance costs related to the Original Credit Agreement due to certain lenders exiting prior to execution of the Amended and Restated Credit Agreement. The Company also carried forward $1.6 million on the Condensed Consolidated Balance Sheet the remaining unamortized portion of the Original Credit Agreement debt issuance costs, which will be amortized over the term of the Amended and Restated Credit Agreement. As of June 30, 2021, there was an outstanding debt balance issued under the term loan of the Amended and Restated Credit Agreement of $270.0 million and no borrowings outstanding against the Revolving Credit Facility. As of December 31, 2020, there was an outstanding debt balance issued under the term loan of the Amended and Restated Credit Agreement of $290.0 million with no borrowings outstanding against the Revolving Credit Facility.

On September 18, 2014, the Company issued $500.0 million of 4.200% unsecured Senior Notes due in 2024. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions and regulations which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay the outstanding balance of $475.0 million on the Revolving Credit Facility and for other general corporate purposes. As of June 30, 2021 and December 31, 2020, there was an outstanding debt balance of $500.0 million exclusive of the associated discount balance.

On December 21, 2018, the Company entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with the lenders named therein, Wells Fargo Bank, National Association, as administrative agent, and certain other banks as co-syndication agents and as joint lead arrangers and joint bookrunners. The Term Loan Credit Agreement provides for an unsecured term loan in the initial amount of $300.0 million, which may, subject to lenders’ discretion, potentially be increased up to an aggregate amount of $450.0 million (the “Term Loan”). The Term Loan is repayable over the five-year term from the effective date of the Term Loan Credit Agreement, which was December 21, 2018. Based on the Company’s net debt leverage ratio or a non-credit enhanced senior unsecured long-term debt rating as determined by Moody’s Investor Service and Standard & Poor’s Rating Service, the rates of interest charged on the term loan are 1.00% to 1.75%, above the adjusted 1-Month LIBOR rate. On December 21, 2018, the Company borrowed $300.0 million under the Term Loan Credit Agreement and used $250.0 million of the proceeds to reduce indebtedness under the Revolving Credit Facility. As of June 30, 2021, there was an outstanding debt balance issued under the Term Loan of $255.0 million. As of December 31, 2020, there was an outstanding debt balance issued under the Term Loan of $270.0 million.

On March 11, 2019, the Company completed the issuance of $350.0 million aggregate principal amount of the Company's 4.500% Senior Notes due 2029. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions, which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount, which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay a portion of the outstanding balance of $350.0 million on the Revolving Credit Facility, utilized in connection with the financing related to the Hays Companies acquisition and for other general corporate purposes. As of June 30, 2021 and December 31, 2020, there was an outstanding debt balance of $350.0 million exclusive of the associated discount balance.

On September 24, 2020, the Company completed the issuance of $700.0 million aggregate principal amount of the Company's 2.375% Senior Notes due 2031. The Senior Notes were given investment grade ratings of BBB- stable outlook and Baa3 positive outlook. The notes are subject to certain covenant restrictions, which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount, which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay a portion of the outstanding balance of $200.0 million on the Revolving Credit Facility, utilized in connection with the financing related to the acquisitions of LP Insurance Services, LLP and CKP Insurance, LLC and for other general corporate purposes. As of June 30, 2021 there was an outstanding debt balance of $700.0 million exclusive of the associated discount balance.

The Amended and Restated Credit Agreement and the Term Loan Credit Agreement require the Company to maintain certain financial ratios and comply with certain other covenants. The Company was in compliance with all such covenants as of June 30, 2021 and December 31, 2020.

The 30-day Adjusted LIBOR Rate for the term loan of the Amended and Restated Credit Agreement and the Term Loan Credit Agreement as of June 30, 2021 were each 0.125%.

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

NOTE 9 Leases

Substantially all of the Company's operating lease right-of-use assets and operating lease liabilities represent real estate leases for office space used to conduct the Company's business that expire on various dates through 2041. Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration.

The Company assesses at inception of a contract if it contains a lease. This assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset.

The right-of-use asset is initially measured at cost, which is primarily composed of the initial lease liability, plus any initial direct costs incurred, less any lease incentives received. The lease liability is initially measured at the present value of the minimum lease payments through the term of the lease. Minimum lease payments are discounted to present value using the incremental borrowing rate at the lease commencement date, which approximates the rate of interest the Company expects to pay on a secured borrowing in an amount equal to the lease payments for the underlying asset under similar terms and economic conditions. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a total term of 12 months or less. The effect of short-term leases on the Company's right-of-use asset and lease liability would not be significant.

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows:

(in thousands)		June 30, 2021		December 31, 2020
Balance Sheet
Assets:
Operating lease right-of-use assets	Operating lease assets	$	179,502	$	186,998
Total assets			179,502		186,998
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		43,882		43,542
Non-current operating lease liabilities	Operating lease liabilities		164,081		172,935
Total liabilities		$	207,963	$	216,477

As of June 30, 2021, the Company has entered into future lease agreements expected to commence later in 2021 and 2022 consisting of undiscounted lease liabilities of $0.9 million and $8.8 million, respectively.

Lease expense for operating leases consists of the lease payments, inclusive of lease incentives, plus any initial direct costs, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Variable lease cost is lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred.

The components of lease cost for operating leases for the three and six months ended June 30, 2021 and 2020 were:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2021			2020			2021			2020
Operating leases:
Lease cost	$	13,349		$	13,383		$	26,608		$	26,351
Variable lease cost		1,093			846			2,097			1,691
Short-term lease cost		348			110			537			238
Operating lease cost	$	14,790		$	14,339		$	29,242		$	28,280
Sublease income		(392	)		(540	)		(743	)		(808	)
Total lease cost net	$	14,398		$	13,799		$	28,499		$	27,472

The weighted average remaining lease term and the weighted average discount rate for operating leases as of June 30, 2021 were:

Weighted-average remaining lease term			5.97
Weighted-average discount rate			3.12

Maturities of the operating lease liabilities by fiscal year at June 30, 2021 for the Company's operating leases are as follows:

(in thousands)	Operating leases
2021 (Remainder)	$	24,253
2022		48,621
2023		41,334
2024		33,322
2025		24,995
Thereafter		53,631
Total undiscounted lease payments		226,156
Less: Imputed interest		18,193
Present value of lease payments	$	207,963

Supplemental cash flow information for operating leases for the three and six months ended June 30, 2021 and 2020:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	14,025	$	13,773	$	27,844	$	26,774
Right-of-use assets obtained in exchange for new operating liabilities	$	14,746	$	3,023	$	19,978	$	22,181

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

NOTE 10 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

Throughout 2020, the Company deferred $31.1 million in employer-only payroll tax payments as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act), which was signed into law on March 27, 2020. During the first six months of 2021, there were no additional deferrals under the CARES Act. The cumulative deferred employer payroll taxes as of December 31, 2020 will be paid in two equal installments by December 31, 2021 and 2022, respectively, as permitted under the CARES Act.

During the second quarter of 2021, the Company received an $8.1 million reimbursement for capitalizable costs of public infrastructure improvements related to the construction of the Company’s headquarters in accordance with an economic development grant agreement between the Company and the City of Daytona Beach and Volusia County. The reimbursement has been reflected as a reduction to the additions to fixed asset line item on the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021.

Cash paid during the period for interest and income taxes are summarized as follows:

	Six months ended June 30,
(in thousands)	2021		2020
Cash paid during the period for:
Interest	$	30,832	$	28,164
Income taxes, net of refunds	$	74,833	$	12,575

Significant non-cash investing and financing activities are summarized as follows:

	Six months ended June 30,
(in thousands)	2021		2020
Other payable issued for purchased customer accounts	$	1,883	$	2,165
Estimated acquisition earn-out payables and related charges	$	25,085	$	74,754
Common stock issued for agency acquisition	$	4,892	$	—
Notes payable issued or assumed for purchased customer accounts	$	1,355	$	—

The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of June 30, 2021 and 2020.

	Balance as of June 30,
(in thousands)	2021		2020
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	850,230	$	623,240
Restricted cash		500,790		438,964
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,351,020	$	1,062,204

Legal and Regulatory Proceedings

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Legal and Regulatory Proceedings

NOTE 11 Legal and Regulatory Proceedings

The Company is involved in numerous pending or threatened proceedings by or against Brown & Brown, Inc. or one or more of its subsidiaries that arise in the ordinary course of business. The damages that may be claimed against the Company in these various proceedings are in some cases substantial, including in certain instances claims for punitive or extraordinary damages. Some of these claims and lawsuits have been resolved; others are in the process of being resolved and others are still in the investigation or discovery phase. The Company will continue to respond appropriately to these claims and lawsuits and to vigorously protect its interests.

The Company continues to assess certain litigation and claims to determine the amounts, if any, that management believes will be paid as a result of such claims and litigation and, therefore, additional losses may be accrued and paid in the future, which could adversely impact the Company’s operating results, cash flows and overall liquidity. The Company maintains third-party insurance policies to provide coverage for certain legal claims, in an effort to mitigate its overall exposure to unanticipated claims or adverse decisions. However, as (i) one or more of the Company’s insurance carriers could take the position that portions of these claims are not covered by the Company’s insurance, (ii) to the extent that payments are made to resolve claims and lawsuits, applicable insurance policy limits are eroded and (iii) the claims and lawsuits relating to these matters are continuing to develop, it is possible that future results of operations or cash flows for any particular quarterly or annual period could be materially affected by unfavorable resolutions of these matters. Based upon the AM Best Company ratings of these third-party insurers and other factors, management does not believe there is a substantial risk of an insurer’s material non-performance related to any current insured claims.

On the basis of current information, the availability of insurance and legal advice, in management’s opinion, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, would have a material adverse effect on its financial condition, operations and/or cash flows.

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

NOTE 12 Segment Information

Brown & Brown’s business is divided into four reportable segments: (1) the Retail Segment, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, and non-insurance risk-mitigating products through our F&I businesses, (2) the National Programs Segment, which acts as an MGA, provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through nationwide networks of independent agents, and Brown & Brown retail agents, (3) the Wholesale Brokerage Segment, which markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents, and (4) the Services Segment, which provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare Set-aside services, Social Security disability and Medicare benefits advocacy services and claims adjusting services.

Brown & Brown conducts most of its operations within the United States of America. International operations include, Retail operations in Bermuda, the Cayman Islands and Ireland, a National Programs operation in Canada, and a Wholesale Brokerage operation based in London, England. These operations earned $19.1 million and $9.2 million of total revenues for the three months ended June 30, 2021 and 2020, respectively. These operations earned $36.6 million and $16.1 million of total revenues for the six months ended June 30, 2021 and 2020, respectively. Tangible long-lived assets held outside of the United States as of June 30, 2021 and 2020 were not material.

The accounting policies of the reportable segments are the same as those described in Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Intersegment revenues are eliminated.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charge to the reporting segment.

	Three months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	401,099	$	176,274	$	104,591	$	44,887	$	501		$	727,352
Investment income	$	17	$	134	$	44	$	—	$	34		$	229
Amortization	$	19,002	$	6,862	$	2,364	$	1,318	$	—		$	29,546
Depreciation	$	2,805	$	2,364	$	680	$	364	$	2,588		$	8,801
Interest expense	$	22,604	$	2,869	$	4,051	$	718	$	(13,957	)	$	16,285
Income before income taxes	$	70,481	$	66,716	$	26,392	$	7,665	$	15,055		$	186,309
Total assets	$	7,393,285	$	3,570,836	$	1,844,315	$	447,265	$	(3,897,806	)	$	9,357,895
Capital expenditures	$	1,371	$	3,652	$	612	$	352	$	7,730		$	13,717

	Three months ended June 30, 2020
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	312,562	$	154,667	$	88,853	$	42,930	$	(206	)	$	598,806
Investment income	$	41	$	129	$	46	$	—	$	117		$	333
Amortization	$	16,453	$	6,866	$	2,032	$	1,390	$	—		$	26,741
Depreciation	$	2,147	$	2,093	$	467	$	353	$	1,108		$	6,168
Interest expense	$	21,303	$	5,195	$	2,594	$	1,042	$	(16,325	)	$	13,809
Income before income taxes	$	36,829	$	48,344	$	24,708	$	6,436	$	13,084		$	129,401
Total assets	$	6,487,850	$	3,398,709	$	1,574,931	$	464,905	$	(3,725,337	)	$	8,201,058
Capital expenditures	$	3,228	$	1,532	$	555	$	206	$	13,959		$	19,480

	Six months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	924,014	$	331,167	$	195,466	$	91,861	$	120		$	1,542,628
Investment income	$	35	$	286	$	85	$	3	$	70		$	479
Amortization	$	37,835	$	13,737	$	4,761	$	2,706	$	—		$	59,039
Depreciation	$	5,563	$	4,511	$	1,324	$	745	$	4,114		$	16,257
Interest expense	$	45,224	$	6,997	$	8,304	$	1,539	$	(29,438	)	$	32,626
Income before income taxes	$	221,704	$	107,864	$	45,173	$	16,922	$	33,852		$	425,515
Total assets	$	7,393,285	$	3,570,836	$	1,844,315	$	447,265	$	(3,897,806	)	$	9,357,895
Capital expenditures	$	3,687	$	6,653	$	1,101	$	509	$	13,192		$	25,142

	Six months ended June 30, 2020
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	760,051	$	283,080	$	166,551	$	87,382	$	238		$	1,297,302
Investment income	$	124	$	392	$	97	$	—	$	882		$	1,495
Amortization	$	32,740	$	13,231	$	4,381	$	2,780	$	—		$	53,132
Depreciation	$	4,183	$	3,998	$	898	$	704	$	2,406		$	12,189
Interest expense	$	43,101	$	9,877	$	4,305	$	2,133	$	(30,316	)	$	29,100
Income before income taxes	$	165,491	$	77,990	$	42,394	$	16,516	$	32,264		$	334,655
Total assets	$	6,487,850	$	3,398,709	$	1,574,931	$	464,905	$	(3,725,337	)	$	8,201,058
Capital expenditures	$	5,727	$	3,045	$	1,782	$	473	$	24,911		$	35,938

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Investments

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Investments

NOTE 13 Investments

At June 30, 2021, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:

(in thousands)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	31,533	$	294	$	(149	)	$	31,678
Corporate debt		8,316		185		(13	)		8,488
Total	$	39,849	$	479	$	(162	)	$	40,166

At June 30, 2021, the Company held $31.7 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $8.5 million issued by corporations with investment grade ratings. Of that total, $7.6 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year. Additionally, the Company holds $5.5 million in short-term investments, which are related to time deposits held with various financial institutions.

For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021:

	Less than 12 Months					12 Months or More				Total
(in thousands)	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	15,403	$	(149	)	$	—	$	—	$	15,403	$	(149	)
Corporate debt		4,012		(13	)		—		—		4,012		(13	)
Total	$	19,415	$	(162	)	$	—	$	—	$	19,415	$	(162	)

At June 30, 2021, the Company had 20 securities in an unrealized loss position. The unrealized losses for the period ended June 30, 2021 were caused by interest rate increases. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at June 30, 2021.

At December 31, 2020, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:

(in thousands)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	28,372	$	464	$	(5	)	$	28,831
Corporate debt		7,190		239		(6	)		7,423
Total	$	35,562	$	703	$	(11	)	$	36,254

At December 31, 2020, the Company held $28.8 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $7.4 million issued by corporations with investment grade ratings. Of that total, $11.3 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year, which also includes $7.0 million that is related to time deposits held with various financial institutions.

	Less than 12 Months					12 Months or More				Total
(in thousands)	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	1,995	$	(5	)	$	—	$	—	$	1,995	$	(5	)
Corporate debt		808		(6	)		—		—		808		(6	)
Total	$	2,803	$	(11	)	$	—	$	—	$	2,803	$	(11	)

The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2020, the Company had 3 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2020.

The amortized cost and estimated fair value of the fixed maturity securities at June 30, 2021 by contractual maturity are set forth below:

(in thousands)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	7,474	$	7,544
Due after one year through five years		31,375		31,649
Due after five years		1,000		973
Total	$	39,849	$	40,166

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2020 by contractual maturity are set forth below:

(in thousands)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	11,214	$	11,283
Due after one year through five years		23,348		23,976
Due after five years		1,000		995
Total	$	35,562	$	36,254

The expected maturities in the foregoing table may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty.

Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $5.4 million. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $6.9 million in the period of January 1, 2021 to June 30, 2021. These proceeds were principally used to purchase additional fixed maturity securities and time deposits. The gains and losses realized on the sale of securities for the period from January 1, 2021 to June 30, 2021 were insignificant.

Realized gains and losses are reported on the Condensed Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis.

At June 30, 2021, investments with a fair value of approximately $4.2 million were on deposit with state insurance departments to satisfy regulatory requirements.

Insurance Company WNFIC

6 Months Ended

Jun. 30, 2021

Reinsurance Disclosures [Abstract]

Insurance Company WNFIC

NOTE 14 Insurance Company WNFIC

Although the reinsurers are liable to the Company for amounts reinsured, our subsidiary, Wright National Flood Insurance Company (“WNFIC”) remains primarily liable to its policyholders for the full amount of the policies written whether or not the reinsurers meet their obligations to the Company when they become due. The effects of reinsurance on premiums written and earned are as follows:

	Six months ended June 30,
(in thousands)	Written			Earned
Direct premiums	$	349,512		$	358,417
Ceded premiums		(349,505	)		(358,410	)
Net premiums	$	7		$	7

All premiums written by WNFIC under the National Flood Insurance Program (“NFIP”) are 100% ceded to the Federal Emergency Management Agency, or FEMA, for which WNFIC received a 30.0% expense allowance from January 1, 2021 through June 30, 2021. For the period from January 1, 2021 through June 30, 2021, the Company ceded $348.4 million of written premiums to FEMA, with $1.1 million ceded to highly rated carriers for excess flood policies which are not within the NFIP.

As of June 30, 2021 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $42.4 million and prepaid reinsurance premiums of $368.7 million. There was no change in the net balance in the reserve for losses and loss adjustment expense during the period January 1, 2021 through June 30, 2021, as WNFIC’s direct premiums written were 100% to two reinsurers. The balance of the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, as of June 30, 2021 was $42.4 million.

WNFIC maintains capital in excess of the minimum statutory amount of $7.5 million as required by regulatory authorities. The unaudited statutory capital and surplus of WNFIC was $34.1 million at June 30, 2021 and $32.6 million as of December 31, 2020. For the period from January 1, 2021 through June 30, 2021, WNFIC generated statutory net income of $0.5 million. For the period from January 1, 2020 through December 31, 2020, WNFIC generated statutory net income of $0.8 million. The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12-month period is limited to the greater of 10% of statutory adjusted capital and surplus or 100% of adjusted net income. There was no dividend payout in 2020 and the maximum dividend payout that may be made in 2021 without prior approval is $3.3 million.

Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Shareholders' Equity

NOTE 15 Shareholders’ Equity

Under the authorization from the Company’s Board of Directors, shares may be purchased from time to time, at the Company’s discretion and subject to the availability of stock, market conditions, the trading price of the stock, alternative uses for capital, the Company’s financial performance and other potential factors. These purchases may be carried out through open market purchases, block trades, accelerated share repurchase plans of up to $100.0 million each (unless otherwise approved by the Board of Directors), negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

From April 1, 2021 to June 30, 2021, the Company completed share repurchases in the open market of 232,243 shares at a total cost of $11.4 million, at an average price of $49.11 per share.

From January 1, 2021 to March 31, 2021, the Company completed share repurchases in the open market of 1,557,815 shares at a total cost of $70.0 million, at an average price of $44.95 per share.

After completing these open market share repurchases, the Company has outstanding approval to purchase up to approximately $324.8 million, in the aggregate, of the Company's outstanding common stock.

During the first quarter, the Company issued 106,586 shares at a total value of $4.9 million associated with business combinations.

During the first quarter, the Company paid a dividend of $.0925 per share, which was approved by the Board of Directors on January 22, 2021 and paid on February 17, 2021 for a total of $26.1 million. During the second quarter, the Board of Director’s approved a dividend of $.0925 per share on April 26, 2021 and paid on May 19, 2021 for a total of $26.1 million.

On July 21, 2021 the Board of Directors approved a dividend of $.0925 per share payable on August 18, 2021 to shareholders of record on August 11, 2021.

Basis of Financial Reporting (Policies)	6 Months Ended
Basis of Financial Reporting (Policies)	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Accounting	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We have evaluated our contracts and the available expedients provided by the new standard and can assert there is no impact to any carrying value of assets or liabilities as our floating-rate debt instruments that are indexed to LIBOR are carried at amortized cost.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The standard removes specific exceptions in the current rules and eliminates the need for an organization to analyze whether the following apply in a given period: (a) exception to the incremental approach for intra-period tax allocation; (b) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (c) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The standard also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (a) franchise taxes that are partially based on income; (b) transactions with a government that result in a step-up in the tax basis of goodwill; (c) separate financial statements of legal entities that are not subject to tax and (d) enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 effective January 1, 2021. The impact of adopting this standard was not material to the presentation of the Condensed Consolidated Financial Statements.

Revenues (Tables)

6 Months Ended

Jun. 30, 2021

Revenues [Abstract]

Schedule of Disaggregated by Revenue

The following tables present the revenues disaggregated by revenue source:

	Three months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other ⁽⁸⁾			Total
Base commissions ⁽¹⁾	$	263,474	$	125,310	$	84,027	$	—	$	1		$	472,812
Fees ⁽²⁾		110,348		41,221		17,574		44,887		(500	)		213,530
Incentive commissions ⁽³⁾		15,412		210		451		—		—			16,073
Profit-sharing contingent commissions ⁽⁴⁾		8,408		9,017		2,169		—		—			19,594
Guaranteed supplemental commissions ⁽⁵⁾		3,315		373		222		—		—			3,910
Investment income⁽⁶⁾		17		134		44		—		34			229
Other income, net ⁽⁷⁾		125		9		104		—		966			1,204
Total Revenues	$	401,099	$	176,274	$	104,591	$	44,887	$	501		$	727,352

	Six months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other ⁽⁸⁾			Total
Base commissions ⁽¹⁾	$	620,932	$	236,055	$	155,371	$	—	$	9		$	1,012,367
Fees ⁽²⁾		197,399		75,550		33,636		91,858		(925	)		397,518
Incentive commissions ⁽³⁾		72,760		998		1,601		—		—			75,359
Profit-sharing contingent commissions ⁽⁴⁾		24,143		17,333		4,068		—		—			45,544
Guaranteed supplemental commissions ⁽⁵⁾		7,930		767		471		—		—			9,168
Investment income⁽⁶⁾		35		286		85		3		70			479
Other income, net ⁽⁷⁾		815		178		234		—		966			2,193
Total Revenues	$	924,014	$	331,167	$	195,466	$	91,861	$	120		$	1,542,628

(1)

(2)	Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I products and services.

(3)	Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties.

(4)	Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention.

(5)	Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions.

(6)	Investment income consists primarily of interest on cash and investments.

(7)	Other income consists primarily of legal settlements and other miscellaneous income.

(8)	Fees within other reflects the elimination of intercompany revenues.

Schedule of Balances of Contract Assets and Contract Liabilities Arising from Contracts with Customers

The balances of contract assets and contract liabilities arising from contracts with customers as of June 30, 2021 and December 31, 2020 were as follows:

(in thousands)	June 30, 2021		December 31, 2020
Contract assets	$	365,084	$	308,755
Contract liabilities	$	82,447	$	80,997

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Reconciliation between Basic and Diluted Weighted Average Shares Outstanding

The following is a reconciliation between basic and diluted weighted average shares outstanding:

	Three months ended June 30,						Six months ended June 30,
(in thousands, except per share data)	2021			2020			2021			2020
Net income	$	139,290		$	96,784		$	339,033		$	249,184
Net income attributable to unvested awarded performance stock		(3,010	)		(3,580	)		(7,876	)		(8,855	)
Net income attributable to common shares	$	136,280		$	93,204		$	331,157		$	240,329
Weighted average number of common shares outstanding – basic		281,784			283,591			282,200			282,994
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(6,090	)		(10,491	)		(6,556	)		(10,056	)
Weighted average number of common shares outstanding for basic net income per common share		275,694			273,100			275,644			272,938
Dilutive effect of potentially issuable common shares		1,183			1,262			1,270			1,581
Weighted average number of shares outstanding – diluted		276,877			274,362			276,914			274,519
Net income per share:
Basic	$	0.49		$	0.34		$	1.20		$	0.88
Diluted	$	0.49		$	0.34		$	1.20		$	0.88

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions

(in thousands)
Name	Business segment	Effective date of acquisition	Cash paid		Common stock issued		Other payable		Recorded earn-out payable			Net assets acquired		Maximum potential earn- out payable
O'Leary Insurances (O'Leary)	Retail	January 1, 2021	$	117,408	$	4,892	$	—	$	15,348		$	137,648	$	30,575
Piper Jordan LLC (Piper)	Retail	May 1, 2021		43,428		—		1,397		9,854			54,679		15,000
Other	Various	Various		1,916		—		486		(117	)		2,285		750
Total			$	162,752	$	4,892	$	1,883	$	25,085		$	194,612	$	46,325

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

(in thousands)	O'Leary			Piper		Other			Total
Cash	$	45,441		$	—	$	693		$	46,134
Other current assets		43,683			2,047		4,643			50,373
Fixed assets		546			9		3			558
Goodwill		84,318			40,369		(2,859	)		121,828
Purchased customer accounts		40,459			12,233		2,202			54,894
Non-compete agreements		819			21		55			895
Other assets		135			—		259			394
Total assets acquired		215,401			54,679		4,996			275,076
Other current liabilities		(72,683	)		—		(2,711	)		(75,394	)
Deferred income tax, net		(5,057	)		—		—			(5,057	)
Other liabilities		(13	)		—		—			(13	)
Total liabilities assumed		(77,753	)		—		(2,711	)		(80,464	)
Net assets acquired	$	137,648		$	54,679	$	2,285		$	194,612

Unaudited Proforma Results

These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.

(UNAUDITED)	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2021		2020		2021		2020
Total revenues	$	728,163	$	609,781	$	1,546,249	$	1,318,896
Income before income taxes	$	186,582	$	131,738	$	426,711	$	339,204
Net income	$	139,494	$	98,532	$	339,986	$	252,571
Net income per share:
Basic	$	0.50	$	0.35	$	1.20	$	0.89
Diluted	$	0.49	$	0.35	$	1.20	$	0.89
Weighted average number of shares outstanding:
Basic		275,694		273,100		275,644		272,938
Diluted		276,877		274,362		276,914		274,519

Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables

The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the six months ended June 30, 2021 and 2020, were as follows:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2021			2020			2021			2020
Balance as of the beginning of the period	$	257,566		$	157,720		$	258,943		$	161,513
Additions to estimated acquisition earn-out payables		10,097			60,776			25,085			74,754
Payments for estimated acquisition earn-out payables		(24,475	)		(664	)		(39,949	)		(7,478	)
Subtotal		243,188			217,832			244,079			228,789
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(3,326	)		(1,308	)		(6,040	)		(13,949	)
Interest expense accretion		1,722			1,943			3,545			3,627
Net change in earnings from estimated acquisition earn-out payables		(1,604	)		635			(2,495	)		(10,322	)
Foreign currency translation adjustments during the year		432			—			432			—
Balance as of June 30,	$	242,016		$	218,467		$	242,016		$	218,467

Goodwill (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill by Operating Segment

The changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2021 are as follows:

(in thousands)	Retail			National Programs			Wholesale Brokerage		Services		Total
Balance as of December 31, 2020	$	2,650,470		$	1,091,122		$	483,057	$	171,269	$	4,395,918
Goodwill of acquired businesses		122,612			(1,337	)		553		—		121,828
Goodwill disposed of relating to sales of businesses		(3,050	)		—			—		—		(3,050	)
Foreign currency translation adjustments during the year		(2,421	)		1,695			—		—		(726	)
Balance as of June 30, 2021	$	2,767,611		$	1,091,480		$	483,610	$	171,269	$	4,513,970

Amortizable Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

Amortizable intangible assets at June 30, 2021 and December 31, 2020 consisted of the following:

	June 30, 2021									December 31, 2020
(in thousands)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) ₍₁₎		Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) ₍₁₎
Purchased customer accounts	$	2,218,554	$	(1,176,833	)	$	1,041,721		15.0	$	2,164,968	$	(1,118,316	)	$	1,046,652		15.0
Non-compete agreements		35,964		(32,686	)		3,278		4.4		35,093		(32,085	)		3,008		4.6
Total	$	2,254,518	$	(1,209,519	)	$	1,044,999			$	2,200,061	$	(1,150,401	)	$	1,049,660

(1)	Weighted average life calculated as of the date of acquisition.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at June 30, 2021 and December 31, 2020 consisted of the following:

(in thousands)	June 30, 2021			December 31, 2020
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2022	$	270,000		$	40,000
Current portion of 5-year term loan facility expires 2023		30,000			30,000
Total current portion of long-term debt		300,000			70,000
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	$	499,495		$	499,416
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029		349,569			349,540
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031		699,288			699,252
Total notes		1,548,352			1,548,208
Credit agreements:
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires June 28, 2022		—			250,000
5-year revolving-loan facility, periodic interest payments, LIBOR plus up to 1.500%, plus commitment fees up to 0.250%, expires June 28, 2022		—			—
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires December 21, 2023		225,000			240,000
Total credit agreements		225,000			490,000
Debt issuance costs (contra)		(11,058	)		(12,302	)
Total long-term debt less unamortized discount and debt issuance costs		1,762,294			2,025,906
Current portion of long-term debt		300,000			70,000
Total debt	$	2,062,294		$	2,095,906

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows:

(in thousands)		June 30, 2021		December 31, 2020
Balance Sheet
Assets:
Operating lease right-of-use assets	Operating lease assets	$	179,502	$	186,998
Total assets			179,502		186,998
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		43,882		43,542
Non-current operating lease liabilities	Operating lease liabilities		164,081		172,935
Total liabilities		$	207,963	$	216,477

Schedule of Components of Lease Cost for Operating Leases

The components of lease cost for operating leases for the three and six months ended June 30, 2021 and 2020 were:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2021			2020			2021			2020
Operating leases:
Lease cost	$	13,349		$	13,383		$	26,608		$	26,351
Variable lease cost		1,093			846			2,097			1,691
Short-term lease cost		348			110			537			238
Operating lease cost	$	14,790		$	14,339		$	29,242		$	28,280
Sublease income		(392	)		(540	)		(743	)		(808	)
Total lease cost net	$	14,398		$	13,799		$	28,499		$	27,472

Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases

The weighted average remaining lease term and the weighted average discount rate for operating leases as of June 30, 2021 were:

Weighted-average remaining lease term			5.97
Weighted-average discount rate			3.12

Schedule of Maturities of Operating Lease Liabilities

Maturities of the operating lease liabilities by fiscal year at June 30, 2021 for the Company's operating leases are as follows:

(in thousands)	Operating leases
2021 (Remainder)	$	24,253
2022		48,621
2023		41,334
2024		33,322
2025		24,995
Thereafter		53,631
Total undiscounted lease payments		226,156
Less: Imputed interest		18,193
Present value of lease payments	$	207,963

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information for operating leases for the three and six months ended June 30, 2021 and 2020:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	14,025	$	13,773	$	27,844	$	26,774
Right-of-use assets obtained in exchange for new operating liabilities	$	14,746	$	3,023	$	19,978	$	22,181

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities (Tables)

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Summary of Cash Paid for Interest and Income Taxes

Cash paid during the period for interest and income taxes are summarized as follows:

	Six months ended June 30,
(in thousands)	2021		2020
Cash paid during the period for:
Interest	$	30,832	$	28,164
Income taxes, net of refunds	$	74,833	$	12,575

Summary of Significant Non-Cash Investing and Financing Activities

Significant non-cash investing and financing activities are summarized as follows:

	Six months ended June 30,
(in thousands)	2021		2020
Other payable issued for purchased customer accounts	$	1,883	$	2,165
Estimated acquisition earn-out payables and related charges	$	25,085	$	74,754
Common stock issued for agency acquisition	$	4,892	$	—
Notes payable issued or assumed for purchased customer accounts	$	1,355	$	—

Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash

The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of June 30, 2021 and 2020.

	Balance as of June 30,
(in thousands)	2021		2020
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	850,230	$	623,240
Restricted cash		500,790		438,964
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,351,020	$	1,062,204

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Summarized Financial Information Reportable Segments

	Three months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	401,099	$	176,274	$	104,591	$	44,887	$	501		$	727,352
Investment income	$	17	$	134	$	44	$	—	$	34		$	229
Amortization	$	19,002	$	6,862	$	2,364	$	1,318	$	—		$	29,546
Depreciation	$	2,805	$	2,364	$	680	$	364	$	2,588		$	8,801
Interest expense	$	22,604	$	2,869	$	4,051	$	718	$	(13,957	)	$	16,285
Income before income taxes	$	70,481	$	66,716	$	26,392	$	7,665	$	15,055		$	186,309
Total assets	$	7,393,285	$	3,570,836	$	1,844,315	$	447,265	$	(3,897,806	)	$	9,357,895
Capital expenditures	$	1,371	$	3,652	$	612	$	352	$	7,730		$	13,717

	Three months ended June 30, 2020
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	312,562	$	154,667	$	88,853	$	42,930	$	(206	)	$	598,806
Investment income	$	41	$	129	$	46	$	—	$	117		$	333
Amortization	$	16,453	$	6,866	$	2,032	$	1,390	$	—		$	26,741
Depreciation	$	2,147	$	2,093	$	467	$	353	$	1,108		$	6,168
Interest expense	$	21,303	$	5,195	$	2,594	$	1,042	$	(16,325	)	$	13,809
Income before income taxes	$	36,829	$	48,344	$	24,708	$	6,436	$	13,084		$	129,401
Total assets	$	6,487,850	$	3,398,709	$	1,574,931	$	464,905	$	(3,725,337	)	$	8,201,058
Capital expenditures	$	3,228	$	1,532	$	555	$	206	$	13,959		$	19,480

	Six months ended June 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	924,014	$	331,167	$	195,466	$	91,861	$	120		$	1,542,628
Investment income	$	35	$	286	$	85	$	3	$	70		$	479
Amortization	$	37,835	$	13,737	$	4,761	$	2,706	$	—		$	59,039
Depreciation	$	5,563	$	4,511	$	1,324	$	745	$	4,114		$	16,257
Interest expense	$	45,224	$	6,997	$	8,304	$	1,539	$	(29,438	)	$	32,626
Income before income taxes	$	221,704	$	107,864	$	45,173	$	16,922	$	33,852		$	425,515
Total assets	$	7,393,285	$	3,570,836	$	1,844,315	$	447,265	$	(3,897,806	)	$	9,357,895
Capital expenditures	$	3,687	$	6,653	$	1,101	$	509	$	13,192		$	25,142

	Six months ended June 30, 2020
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	760,051	$	283,080	$	166,551	$	87,382	$	238		$	1,297,302
Investment income	$	124	$	392	$	97	$	—	$	882		$	1,495
Amortization	$	32,740	$	13,231	$	4,381	$	2,780	$	—		$	53,132
Depreciation	$	4,183	$	3,998	$	898	$	704	$	2,406		$	12,189
Interest expense	$	43,101	$	9,877	$	4,305	$	2,133	$	(30,316	)	$	29,100
Income before income taxes	$	165,491	$	77,990	$	42,394	$	16,516	$	32,264		$	334,655
Total assets	$	6,487,850	$	3,398,709	$	1,574,931	$	464,905	$	(3,725,337	)	$	8,201,058
Capital expenditures	$	5,727	$	3,045	$	1,782	$	473	$	24,911		$	35,938

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Amortized Cost and Fair Values of Fixed Maturity Securities

At June 30, 2021, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:

(in thousands)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	31,533	$	294	$	(149	)	$	31,678
Corporate debt		8,316		185		(13	)		8,488
Total	$	39,849	$	479	$	(162	)	$	40,166

At December 31, 2020, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:

(in thousands)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	28,372	$	464	$	(5	)	$	28,831
Corporate debt		7,190		239		(6	)		7,423
Total	$	35,562	$	703	$	(11	)	$	36,254

Schedule of Investments' Gross Unrealized Loss and Fair Value

	Less than 12 Months					12 Months or More				Total
(in thousands)	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	15,403	$	(149	)	$	—	$	—	$	15,403	$	(149	)
Corporate debt		4,012		(13	)		—		—		4,012		(13	)
Total	$	19,415	$	(162	)	$	—	$	—	$	19,415	$	(162	)

	Less than 12 Months					12 Months or More				Total
(in thousands)	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	1,995	$	(5	)	$	—	$	—	$	1,995	$	(5	)
Corporate debt		808		(6	)		—		—		808		(6	)
Total	$	2,803	$	(11	)	$	—	$	—	$	2,803	$	(11	)

Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity

The amortized cost and estimated fair value of the fixed maturity securities at June 30, 2021 by contractual maturity are set forth below:

(in thousands)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	7,474	$	7,544
Due after one year through five years		31,375		31,649
Due after five years		1,000		973
Total	$	39,849	$	40,166

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2020 by contractual maturity are set forth below:

(in thousands)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	11,214	$	11,283
Due after one year through five years		23,348		23,976
Due after five years		1,000		995
Total	$	35,562	$	36,254

Insurance Company WNFIC (Tables)

6 Months Ended

Jun. 30, 2021

Reinsurance Disclosures [Abstract]

Effects of Reinsurance on Premiums Written and Earned

The effects of reinsurance on premiums written and earned are as follows:

	Six months ended June 30,
(in thousands)	Written			Earned
Direct premiums	$	349,512		$	358,417
Ceded premiums		(349,505	)		(358,410	)
Net premiums	$	7		$	7

Nature of Operations - Additional Information (Details)	6 Months Ended
Nature of Operations - Additional Information (Details)	Jun. 30, 2021 Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segments	4

Basis of Financial Reporting - Additional Information (Details) - ASU 2019-12	Jun. 30, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

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+ Details

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 229	$ 333	$ 479	$ 1,495
Other income, net	1,204	316	2,193	1,147
Total revenues	727,352	598,806	1,542,628	1,297,302
Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	472,812		1,012,367
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	213,530		397,518
Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	16,073		75,359
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	19,594		45,544
Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3,910		9,168
Retail \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	263,474		620,932
Retail \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	110,348		197,399
Retail \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	15,412		72,760
Retail \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	8,408		24,143
Retail \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3,315		7,930
National Programs \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	125,310		236,055
National Programs \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	41,221		75,550
National Programs \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	210		998
National Programs \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	9,017		17,333
National Programs \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	373		767
Wholesale Brokerage \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	84,027		155,371
Wholesale Brokerage \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	17,574		33,636
Wholesale Brokerage \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	451		1,601
Wholesale Brokerage \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	2,169		4,068
Wholesale Brokerage \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	222		471
Services \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other			0
Services \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	44,887		91,858
Services \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0		0
Services \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0		0
Services \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0		0
Operating Segments \| Retail
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	17	41	35	124
Other income, net	125		815
Total revenues	401,099	312,562	924,014	760,051
Operating Segments \| National Programs
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	134	129	286	392
Other income, net	9		178
Total revenues	176,274	154,667	331,167	283,080
Operating Segments \| Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	44	46	85	97
Other income, net	104		234
Total revenues	104,591	88,853	195,466	166,551
Operating Segments \| Services
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0	0	3	0
Total revenues	44,887	$ 42,930	91,861	$ 87,382
Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	34		70
Other income, net	966		966
Total revenues	501		120
Corporate, Non-Segment \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1		9
Corporate, Non-Segment \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ (500)		$ (925)

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenues [Abstract]
Contract assets	$ 365,084	$ 308,755
Contract liabilities	$ 82,447	$ 80,997

Revenues - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Contract with Customer, Liability	$ 54.2		$ 54.0
Contract with Customer, Liability, Noncurrent	28.2		27.0
Deferred Revenue, Revenue Recognized	19.6	$ 10.5
Variable consideration, Received		17.6
Offset of revised estimated variable consideration		$ 7.1
Deferred Costs	$ 49.6		42.2
Cost to Obtain
Segment Reporting Information [Line Items]
Capitalized contract cost, amortization period	15 years
Deferred Costs	$ 9.1
Capitalized Contract Cost, Amortization	1.7
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	68.2		$ 77.8
Capitalized Contract Cost, Amortization	$ 12.2

Net Income Per Share - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 139,290	$ 199,744	$ 96,784	$ 152,400	$ 339,033	$ 249,184
Net income attributable to unvested awarded performance stock	(3,010)		(3,580)		(7,876)	(8,855)
Net income attributable to common shares	$ 136,280		$ 93,204		$ 331,157	$ 240,329
Weighted average number of common shares outstanding – basic	281,784		283,591		282,200	282,994
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(6,090)		(10,491)		(6,556)	(10,056)
Weighted average number of common shares outstanding for basic net income per common share	275,694		273,100		275,644	272,938
Dilutive effect of potentially issuable common shares	1,183		1,262		1,270	1,581
Weighted average number of shares outstanding – diluted	276,877		274,362		276,914	274,519
Basic (in dollars per share)	$ 0.49		$ 0.34		$ 1.20	$ 0.88
Diluted (in dollars per share)	$ 0.49		$ 0.34		$ 1.20	$ 0.88

Business Combinations - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) Acquisition	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	4
Aggregate purchase price of acquisitions	$ 1,800
Payments to Acquire Businesses, Gross	162,752
Net assets acquired	194,612
Goodwill, Acquired During Period	121,828
Goodwill currently deductible for income tax purposes	96,700
Goodwill related to the recorded earn-out payables	25,100
Total revenues related to acquisitions	17,500
Loss before income taxes related to acquisitions	100
Estimated acquisition earn-out payables	242,016	$ 257,566	$ 258,943	$ 218,467	$ 157,720	$ 161,513
Maximum Future Contingency payments Acquisitions	543,200
Other Noncurrent Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	153,200
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	88,800
Retail
Business Acquisition [Line Items]
Goodwill, Acquired During Period	122,612
National Programs
Business Acquisition [Line Items]
Goodwill, Acquired During Period	(1,337)
Wholesale Brokerage
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 553
Purchased Customer Accounts
Business Acquisition [Line Items]
Weighted average life (years)	15 years
Non-compete Agreements
Business Acquisition [Line Items]
Weighted average life (years)	5 years
Business Combinations - Asset Deals
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	1
Assets and Assumed Certain Liabilities
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	2
Book of Business Purchases
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	1
Other Acquisitions
Business Acquisition [Line Items]
Net assets acquired	$ 2,285
Other Acquisitions \| Maximum
Business Acquisition [Line Items]
Net assets acquired	$ 20,000

Business Combinations - Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021
Business Combination Separately Recognized Transactions [Line Items]
Cash paid			$ 162,752
Common stock issued	$ 4,892	$ 10,000	4,892
Other payable			1,883
Recorded earn-out payable			25,085
Net assets acquired			194,612
Maximum potential earn- out payable			46,325
O'Leary Insurances (O'Leary)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired			$ 137,648
O'Leary Insurances (O'Leary) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Jan. 01, 2021
Cash paid			$ 117,408
Common stock issued			4,892
Recorded earn-out payable			15,348
Net assets acquired			137,648
Maximum potential earn- out payable			30,575
Piper Jordan LLC (Piper)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired			$ 54,679
Piper Jordan LLC (Piper) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			May 01, 2021
Cash paid			$ 43,428
Other payable			1,397
Recorded earn-out payable			9,854
Net assets acquired			54,679
Maximum potential earn- out payable			15,000
Other Acquisitions
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired			2,285
Other Acquisitions \| Various
Business Combination Separately Recognized Transactions [Line Items]
Cash paid			1,916
Other payable			486
Recorded earn-out payable			(117)
Net assets acquired			2,285
Maximum potential earn- out payable			$ 750

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	$ 46,134
Other current assets	50,373
Fixed assets	558
Goodwill	121,828
Other assets	394
Total assets acquired	275,076
Other current liabilities	(75,394)
Deferred income tax, net	(5,057)
Other liabilities	(13)
Total liabilities assumed	(80,464)
Net assets acquired	194,612
O'Leary Insurances (O'Leary)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	45,441
Other current assets	43,683
Fixed assets	546
Goodwill	84,318
Other assets	135
Total assets acquired	215,401
Other current liabilities	(72,683)
Deferred income tax, net	(5,057)
Other liabilities	(13)
Total liabilities assumed	(77,753)
Net assets acquired	137,648
Piper Jordan LLC (Piper)
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	2,047
Fixed assets	9
Goodwill	40,369
Total assets acquired	54,679
Net assets acquired	54,679
Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	693
Other current assets	4,643
Fixed assets	3
Goodwill	(2,859)
Other assets	259
Total assets acquired	4,996
Other current liabilities	(2,711)
Total liabilities assumed	(2,711)
Net assets acquired	2,285
Purchased Customer Accounts
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	54,894
Purchased Customer Accounts \| O'Leary Insurances (O'Leary)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	40,459
Purchased Customer Accounts \| Piper Jordan LLC (Piper)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	12,233
Purchased Customer Accounts \| Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	2,202
Non-compete Agreements
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	895
Non-compete Agreements \| O'Leary Insurances (O'Leary)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	819
Non-compete Agreements \| Piper Jordan LLC (Piper)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	21
Non-compete Agreements \| Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	$ 55

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Combinations [Abstract]
Total revenues	$ 728,163	$ 609,781	$ 1,546,249	$ 1,318,896
Income before income taxes	186,582	131,738	426,711	339,204
Net income	$ 139,494	$ 98,532	$ 339,986	$ 252,571
Net income per share:
Basic	$ 0.50	$ 0.35	$ 1.20	$ 0.89
Diluted	$ 0.49	$ 0.35	$ 1.20	$ 0.89
Weighted average number of shares outstanding:
Basic	275,694	273,100	275,644	272,938
Diluted	276,877	274,362	276,914	274,519

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Combinations [Abstract]
Beginning balance	$ 257,566	$ 157,720	$ 258,943	$ 161,513
Additions to estimated acquisition earn-out payables	10,097	60,776	25,085	74,754
Payments for estimated acquisition earn-out payables	(24,475)	(664)	(39,949)	(7,478)
Subtotal	243,188	217,832	244,079	228,789
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	(3,326)	(1,308)	(6,040)	(13,949)
Interest expense accretion	1,722	1,943	3,545	3,627
Net change in earnings from estimated acquisition earn-out payables	(1,604)	635	(2,495)	(10,322)
Foreign currency translation adjustments during the year	432		432
Ending balance	$ 242,016	$ 218,467	$ 242,016	$ 218,467

Goodwill - Changes in Carrying Value of Goodwill by Operating Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Beginning balance	$ 4,395,918
Goodwill of acquired businesses	121,828
Goodwill disposed of relating to sales of businesses	(3,050)
Foreign currency translation adjustments during the year	(726)
Ending balance	4,513,970
Retail
Goodwill [Line Items]
Beginning balance	2,650,470
Goodwill of acquired businesses	122,612
Goodwill disposed of relating to sales of businesses	(3,050)
Foreign currency translation adjustments during the year	(2,421)
Ending balance	2,767,611
National Programs
Goodwill [Line Items]
Beginning balance	1,091,122
Goodwill of acquired businesses	(1,337)
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year	1,695
Ending balance	1,091,480
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	483,057
Goodwill of acquired businesses	553
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year	0
Ending balance	483,610
Services
Goodwill [Line Items]
Beginning balance	171,269
Goodwill of acquired businesses	0
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year	0
Ending balance	$ 171,269

Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,254,518	$ 2,200,061
Accumulated amortization	(1,209,519)	(1,150,401)
Net carrying value	1,044,999	1,049,660
Purchased Customer Accounts
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	2,218,554	2,164,968
Accumulated amortization	(1,176,833)	(1,118,316)
Net carrying value	$ 1,041,721	$ 1,046,652
Weighted average life (years)	15 years	15 years
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 35,964	$ 35,093
Accumulated amortization	(32,686)	(32,085)
Net carrying value	$ 3,278	$ 3,008
Weighted average life (years)	4 years 4 months 24 days	4 years 7 months 6 days

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Jun. 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2021)	$ 117.5
Amortization expense estimated, year two (2022)	113.3
Amortization expense estimated, year three (2023)	106.3
Amortization expense estimated, year four (2024)	102.1
Amortization expense estimated, year five (2025)	$ 99.7

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 300,000	$ 70,000
Total notes	1,548,352	1,548,208
Long-term credit agreements	225,000	490,000
Debt issuance costs (contra)	(11,058)	(12,302)
Total long-term debt less unamortized discount and debt issuance costs	1,762,294	2,025,906
Current portion of long-term debt	300,000	70,000
Total debt	2,062,294	2,095,906
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	270,000	40,000
Long-term credit agreements		250,000
5-year Term-Loan Facility Expires in 2023
Debt Instrument [Line Items]
Total current portion of long-term debt	30,000	30,000
Long-term credit agreements	225,000	240,000
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Total notes	499,495	499,416
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Total notes	349,569	349,540
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Total notes	$ 699,288	$ 699,252

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.00%
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%
Debt instrument maturity year	2024	2024
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.50%	4.50%
Debt instrument maturity year	2029	2029
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.375%	2.375%
Debt instrument maturity year	2031	2031
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Debt instrument maturity year	2022	2022
Line of credit facility, expiration period	5 years	5 years
Line of credit facility, expiration date	Jun. 28, 2022	Jun. 28, 2022
5-year Term-Loan Facility Expires in 2022 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022
Debt Instrument [Line Items]
Line of credit facility, expiration period	5 years	5 years
Line of credit facility, expiration date	Jun. 28, 2022	Jun. 28, 2022
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022 \| Maximum
Debt Instrument [Line Items]
Commitment fee, percentage	0.25%	0.25%
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.50%	1.50%
5-year Term-Loan Facility Expires in 2023
Debt Instrument [Line Items]
Debt instrument maturity year	2023	2023
Line of credit facility, expiration period	5 years	5 years
Line of credit facility, expiration date	Dec. 21, 2023	Dec. 21, 2023
5-year Term-Loan Facility Expires in 2023 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%

Long-Term Debt - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 21, 2018	Dec. 31, 2018	Jun. 30, 2017	Jun. 30, 2021	Dec. 31, 2020	Sep. 24, 2020	Mar. 31, 2019	Mar. 11, 2019	Jun. 28, 2017	Sep. 18, 2014	Apr. 17, 2014
Debt Instrument [Line Items]
Unsecured revolving credit facility				$ 0	$ 0				$ 400,000,000.0		$ 800,000,000.0
Proceeds from issuance of debt		$ 2,800,000
Write off of deferred debt issuance cost			$ 200,000
Debt issuance costs									$ 1,600,000
Unsecured term loans				270,000,000.0	290,000,000.0
Outstanding debt balance				$ 2,062,294,000	2,095,906,000
Debt instrument, periodic payment, principal	$ 250,000,000.0
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate				1.00%
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate				1.75%
Unsecured Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount										$ 500,000,000.0
Debt instrument interest rate stated percentage						2.375%		4.50%		4.20%
Outstanding debt balance				$ 500,000,000.0	$ 500,000,000.0	$ 200,000,000.0	$ 350,000,000.0
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage				4.50%	4.50%
Senior notes				$ 350,000,000.0	$ 350,000,000.0			$ 350,000,000.0
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage				2.375%	2.375%
Senior notes				$ 700,000,000.0		$ 700,000,000.0
Term Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal		$ 67,500,000
Unsecured term loans	$ 300,000,000.0			$ 255,000,000.0	$ 270,000,000.0
Loan repayment term	5 years
Term Loan \| LIBOR
Debt Instrument [Line Items]
30-day Adjusted LIBOR Rate				0.125%
Term Loan \| Minimum
Debt Instrument [Line Items]
Unsecured term loans	$ 300,000,000.0
Term Loan \| Maximum
Debt Instrument [Line Items]
Unsecured term loans	$ 450,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount										$ 475,000,000.0
Long-term Debt \| LIBOR
Debt Instrument [Line Items]
30-day Adjusted LIBOR Rate				0.125%

Leases - Additional Information (Details) $ in Millions	6 Months Ended
Leases - Additional Information (Details) $ in Millions	Jun. 30, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating lease expiration term	2041
Future Lease Agreements
Lessee Lease Description [Line Items]
Operating lease expected to commence undiscounted lease liabilities in 2021	$ 0.9
Operating lease expected to commence undiscounted lease liabilities in 2022	$ 8.8

Leases - Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Operating lease right-of-use assets	$ 179,502	$ 186,998
Total assets	179,502	186,998
Liabilities:
Current operating lease liabilities	$ 43,882	$ 43,542
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	bro:AccruedExpenseAndOtherLiabilityMember	bro:AccruedExpenseAndOtherLiabilityMember
Non-current operating lease liabilities	$ 164,081	$ 172,935
Total liabilities	$ 207,963	$ 216,477

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating leases:
Lease cost	$ 13,349	$ 13,383	$ 26,608	$ 26,351
Variable lease cost	1,093	846	2,097	1,691
Short-term lease cost	348	110	537	238
Operating lease cost	14,790	14,339	29,242	28,280
Sublease income	(392)	(540)	(743)	(808)
Total lease cost net	$ 14,398	$ 13,799	$ 28,499	$ 27,472

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Jun. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term	5 years 11 months 19 days
Weighted-average discount rate	3.12%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (Remainder)	$ 24,253
2022	48,621
2023	41,334
2024	33,322
2025	24,995
Thereafter	53,631
Total undiscounted lease payments	226,156
Less: Imputed interest	18,193
Present value of lease payments	$ 207,963	$ 216,477

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 14,025	$ 13,773	$ 27,844	$ 26,774
Right-of-use assets obtained in exchange for new operating liabilities	$ 14,746	$ 3,023	$ 19,978	$ 22,181

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Additional Information (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) Installment	Dec. 31, 2020 USD ($)
Supplemental Cash Flow Elements [Abstract]
Deferred employer only payroll tax payments, CARES Act		$ 0	$ 31,100,000
Number of installment in cumulative deferred employer payroll taxes to be paid, CARES Act \| Installment		2
Reimbursement for capitalizable costs of public infrastructure improvements	$ 8,100,000

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid during the period for:
Interest	$ 30,832	$ 28,164
Income taxes, net of refunds	$ 74,833	$ 12,575

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Significant Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Significant non-cash investing and financing activities
Other payable issued for purchased customer accounts	$ 1,883	$ 2,165
Estimated acquisition earn-out payables and related charges	25,085	$ 74,754
Common stock issued for agency acquisition	4,892
Notes payable issued or assumed for purchased customer accounts	$ 1,355

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 850,230	$ 817,398	$ 623,240
Restricted cash	500,790		438,964
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$ 1,351,020	$ 1,271,915	$ 1,062,204	$ 962,975

Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Segment	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			4
Revenues	$ 727,352	$ 598,806	$ 1,542,628	$ 1,297,302
Bermuda, Cayman Islands, Ireland and London
Segment Reporting Information [Line Items]
Revenues	$ 19,100	$ 9,200	$ 36,600	$ 16,100

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 727,352	$ 598,806	$ 1,542,628	$ 1,297,302
Investment income	229	333	479	1,495
Amortization	29,546	26,741	59,039	53,132
Depreciation	8,801	6,168	16,257	12,189
Interest expense	16,285	13,809	32,626	29,100
Income before income taxes	186,309	129,401	425,515	334,655
Total assets	9,357,895	8,201,058	9,357,895	8,201,058	$ 8,966,492
Capital expenditures	13,717	19,480	25,142	35,938
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Total revenues	401,099	312,562	924,014	760,051
Investment income	17	41	35	124
Amortization	19,002	16,453	37,835	32,740
Depreciation	2,805	2,147	5,563	4,183
Interest expense	22,604	21,303	45,224	43,101
Income before income taxes	70,481	36,829	221,704	165,491
Total assets	7,393,285	6,487,850	7,393,285	6,487,850
Capital expenditures	1,371	3,228	3,687	5,727
Operating Segments \| National Programs
Segment Reporting Information [Line Items]
Total revenues	176,274	154,667	331,167	283,080
Investment income	134	129	286	392
Amortization	6,862	6,866	13,737	13,231
Depreciation	2,364	2,093	4,511	3,998
Interest expense	2,869	5,195	6,997	9,877
Income before income taxes	66,716	48,344	107,864	77,990
Total assets	3,570,836	3,398,709	3,570,836	3,398,709
Capital expenditures	3,652	1,532	6,653	3,045
Operating Segments \| Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	104,591	88,853	195,466	166,551
Investment income	44	46	85	97
Amortization	2,364	2,032	4,761	4,381
Depreciation	680	467	1,324	898
Interest expense	4,051	2,594	8,304	4,305
Income before income taxes	26,392	24,708	45,173	42,394
Total assets	1,844,315	1,574,931	1,844,315	1,574,931
Capital expenditures	612	555	1,101	1,782
Operating Segments \| Services
Segment Reporting Information [Line Items]
Total revenues	44,887	42,930	91,861	87,382
Investment income	0	0	3	0
Amortization	1,318	1,390	2,706	2,780
Depreciation	364	353	745	704
Interest expense	718	1,042	1,539	2,133
Income before income taxes	7,665	6,436	16,922	16,516
Total assets	447,265	464,905	447,265	464,905
Capital expenditures	352	206	509	473
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	501	(206)	120	238
Investment income	34	117	70	882
Amortization	0	0	0	0
Depreciation	2,588	1,108	4,114	2,406
Interest expense	(13,957)	(16,325)	(29,438)	(30,316)
Income before income taxes	15,055	13,084	33,852	32,264
Total assets	(3,897,806)	(3,725,337)	(3,897,806)	(3,725,337)
Capital expenditures	$ 7,730	$ 13,959	$ 13,192	$ 24,911

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost	$ 39,849	$ 35,562
Gross unrealized gains	479	703
Gross unrealized losses	(162)	(11)
Fair value	40,166	36,254
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Cost	31,533	28,372
Gross unrealized gains	294	464
Gross unrealized losses	(149)	(5)
Fair value	31,678	28,831
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	8,316	7,190
Gross unrealized gains	185	239
Gross unrealized losses	(13)	(6)
Fair value	$ 8,488	$ 7,423

Investments - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) Security	Dec. 31, 2020 USD ($) Security
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 40,166	$ 36,254
Number of securities in unrealized loss position \| Security	20	3
Proceeds from sale of investment in fixed maturity securities	$ 5,400
Proceeds from Sale of Other Investments	6,900
Investments on deposit with the state insurance department	4,200
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	31,678	$ 28,831
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	7,600	11,300
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities \| Bank Time Deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	5,500	7,000
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 8,488	$ 7,423

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 19,415	$ 2,803
Unrealized Losses, Less than 12 Months	(162)	(11)
Fair Value, 12 Months or More	0	0
Unrealized Losses, 12 Months or More	0	0
Fair Value	19,415	2,803
Unrealized Losses	(162)	(11)
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	15,403	1,995
Unrealized Losses, Less than 12 Months	(149)	(5)
Fair Value, 12 Months or More	0	0
Unrealized Losses, 12 Months or More	0	0
Fair Value	15,403	1,995
Unrealized Losses	(149)	(5)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	4,012	808
Unrealized Losses, Less than 12 Months	(13)	(6)
Fair Value, 12 Months or More	0	0
Unrealized Losses, 12 Months or More	0	0
Fair Value	4,012	808
Unrealized Losses	$ (13)	$ (6)

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortized cost
Due in one year or less	$ 7,474	$ 11,214
Due after one year through five years	31,375	23,348
Due after five years	1,000	1,000
Amortized Cost, Total	39,849	35,562
Fair value
Due in one year or less	7,544	11,283
Due after one year through five years	31,649	23,976
Due after five years	973	995
Fair Value, Total	$ 40,166	$ 36,254

Insurance Company WNFIC - Effects of Reinsurance on Premiums Written and Earned (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Written
Direct premiums	$ 349,512
Ceded premiums	(349,505)
Net premiums	7
Earned
Direct premiums	358,417
Ceded premiums	(358,410)
Net premiums	$ 7

Insurance Company WNFIC - Additional Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) Reinsurer	Dec. 31, 2020 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program	100.00%
Premiums written net	$ 349,505
Ceded unpaid loss	42,400
Prepaid reinsurance premiums	368,711	$ 377,615
Increase (decrease) in loss and loss adjustment expense reserve	0
Reserve for losses and loss adjustment expense	$ 42,400
Number of reinsurers \| Reinsurer	2
Wright National Flood Insurance Company
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program	100.00%
Expenses and allowance rate received in premiums	30.00%
Premiums written net	$ 348,400
Ceded to highly rated carriers for excess flood policies	1,100
Statutory capital and surplus required	7,500
Statutory capital and surplus	34,100	32,600
Statutory net Income	$ 500	$ 800
Preferred stock, dividend rate, percentage	100.00%
Maximum dividend payout that may be made without prior approval	$ 3,300
Wright National Flood Insurance Company \| Maximum
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Preferred stock, dividend rate, percentage	10.00%

Shareholders' Equity - Additional Information (Details) - USD ($)				3 Months Ended
	Jul. 21, 2021	May 19, 2021	Feb. 17, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)				18,475,000				16,685,000
Fair value of common stock repurchased				$ 672,763,000				$ 591,338,000
Business combination, shares issued					106,586
Business combination, total value					$ 4,900,000
Cash dividends paid		$ 0.0925	$ 0.0925	$ 0.093	$ 0.093	$ 0.085	$ 0.085
Dividend paid		$ 26,100,000	$ 26,100,000	$ 26,063,000	$ 26,092,000	$ 24,084,000	$ 23,902,000
Subsequent Event
Accelerated Share Repurchases [Line Items]
Dividend payable per share	$ 0.0925
Dividend payable, record date	Aug. 11, 2021
Dividend payable date	Aug. 18, 2021
Second Accelerated Share Repurchase Agreement \| Maximum
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount				$ 100,000,000.0
Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)				232,243	1,557,815
Fair value of common stock repurchased				$ 11,400,000	$ 70,000,000.0
Treasury stock, average cost per share				$ 49.11	$ 44.95
Stock repurchase program, remaining authorized repurchase amount				$ 324,800,000