0000950170-22-001654 | 10-K | XBRL Viewer

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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES
Commissions and fees	$ 3,047,522	$ 2,606,108	$ 2,384,737
Investment income	1,099	2,811	5,780
Other income, net	2,777	4,456	1,654
Total revenues	3,051,398	2,613,375	2,392,171
EXPENSES
Employee compensation and benefits	1,636,911	1,436,377	1,308,165
Other operating expenses	402,941	365,973	377,089
(Gain)/loss on disposal	(9,605)	(2,388)	(10,021)
Amortization	119,593	108,523	105,298
Depreciation	33,309	26,276	23,417
Interest	64,981	58,973	63,660
Change in estimated acquisition earn-out payables	40,445	(4,458)	(1,366)
Total expenses	2,288,575	1,989,276	1,866,242
Income before income taxes	762,823	624,099	525,929
Income taxes	175,719	143,616	127,415
Net income	$ 587,104	$ 480,483	$ 398,514
Net income per share:
Basic	$ 2.08	$ 1.70	$ 1.42
Diluted	2.07	1.69	1.40
Dividends declared per share	$ 0.38	$ 0.35	$ 0.33

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 587,104	$ 480,483	$ 398,514
Foreign currency translation	(9,287)
Unrealized loss on available-for-sale debt securities, net of tax	(122)
Comprehensive income	$ 577,695	$ 480,483	$ 398,514

- 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 887,009	$ 817,398
Restricted cash and investments	583,247	454,517
Short-term investments	12,891	18,332
Premiums, commissions and fees receivable	1,216,188	1,099,248
Reinsurance recoverable	63,106	43,469
Prepaid reinsurance premiums	392,222	377,615
Other current assets	175,621	147,670
Total current assets	3,330,284	2,958,249
Fixed assets, net	212,033	201,115
Operating lease assets	197,035	186,998
Goodwill	4,736,828	4,395,918
Amortizable intangible assets, net	1,081,465	1,049,660
Investments	30,970	24,971
Other assets	206,828	149,581
Total assets	9,795,443	8,966,492
Current Liabilities:
Premiums payable to insurance companies	1,384,562	1,198,529
Losses and loss adjustment reserve	63,106	43,469
Unearned premiums	392,222	377,615
Premium deposits and credits due customers	122,447	102,505
Accounts payable	206,370	190,497
Accrued expenses and other liabilities	456,159	371,737
Current portion of long-term debt	42,500	70,000
Total current liabilities	2,667,366	2,354,352
Long-term debt less unamortized discount and debt issuance costs	1,980,437	2,025,906
Operating lease liabilities	179,976	172,935
Deferred income taxes, net	386,794	344,222
Other liabilities	383,977	314,854
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560,000 shares; issued 299,689 shares and outstanding 283,004 at 2020, issued 297,106 shares and outstanding 281,655 shares at 2019 - in thousands.	30,099	29,969
Additional paid-in capital	849,424	794,909
Treasury stock, at cost at 16,685 at 2020 and 15,451 shares at 2019, respectively - in thousands	(673,902)	(591,338)
Accumulated other comprehensive loss	(9,409)
Retained earnings	4,000,681	3,520,683
Total shareholders’ equity	4,196,893	3,754,223
Total liabilities and shareholders’ equity	$ 9,795,443	$ 8,966,492

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 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	560,000
Common stock, shares issued (in shares)	300,993	299,689
Common stock, shares outstanding (in shares)	282,496	283,004
Treasury stock shares (in shares)	18,497	16,685

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 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, 2018	$ 3,000,568	$ 29,338	$ 615,180	$ (477,572)		$ 2,833,622
Beginning Balance, Shares at Dec. 31, 2018		279,583
Net income	398,514					398,514
Net unrealized holding (loss) gain on available-for-sale securities	152		182			(30)
Employee stock purchase plan	30,551	$ 98	30,453
Employee stock purchase plan, Shares		976
Stock incentive plans	40,563	$ 252	40,311
Stock incentive plans, Shares		2,519
Agency acquisition	20,000	$ 57	19,943
Agency acquisition, Shares		569
Directors	880	$ 3	877
Directors, Shares		28
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(10,934)	$ (37)	(10,897)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(366)
Purchase of treasury stock	(38,671)		20,000	(58,671)
Purchase of treasury stock, Shares		(1,654)
Cash dividends paid	(91,344)					(91,344)
Ending Balance, Value at Dec. 31, 2019	3,350,279	$ 29,711	716,049	(536,243)	$ 0	3,140,762
Ending Balance, Shares at Dec. 31, 2019		281,655
Net income	480,483					480,483
Net unrealized holding (loss) gain on available-for-sale securities	496		466			30
Employee stock purchase plan	38,143	$ 96	38,047
Employee stock purchase plan, Shares		962
Stock incentive plans	51,123	$ 189	50,934
Stock incentive plans, Shares		1,895
Agency acquisition	30,120	$ 72	30,048
Agency acquisition, Shares		723
Directors	587	$ 2	585
Directors, Shares		16
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(41,321)	$ (101)	(41,220)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(1,013)
Purchase of treasury stock	(55,095)			(55,095)
Purchase of treasury stock, Shares		(1,234)
Cash dividends paid	(100,592)					(100,592)
Ending Balance, Value at Dec. 31, 2020	$ 3,754,223	$ 29,969	794,909	(591,338)	0	3,520,683
Ending Balance, Shares at Dec. 31, 2020	283,004	283,004
Net income	$ 587,104					587,104
Net unrealized holding (loss) gain on available-for-sale securities	(630)		(508)		(122)
Foreign currency translation	(9,164)				(9,287)	123
Employee stock purchase plan	42,885	$ 85	42,800
Employee stock purchase plan, Shares		851
Stock incentive plans	51,260	$ 131	51,129
Stock incentive plans, Shares		1,313
Agency acquisition	9,892	$ 19	9,873
Agency acquisition, Shares		184
Directors	899	$ 2	897
Directors, Shares		17
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(49,783)	$ (107)	(49,676)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(1,061)
Purchase of treasury stock	(82,564)			(82,564)
Purchase of treasury stock, Shares		(1,812)
Cash dividends paid	(107,229)					(107,229)
Ending Balance, Value at Dec. 31, 2021	$ 4,196,893	$ 30,099	$ 849,424	$ (673,902)	$ (9,409)	$ 4,000,681
Ending Balance, Shares at Dec. 31, 2021	282,496	282,496

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Stockholders Equity [Abstract]
Cash dividends paid	$ 0.380	$ 0.348	$ 0.33

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 587,104	$ 480,483	$ 398,514
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	119,593	108,523	105,298
Depreciation	33,309	26,276	23,417
Non-cash stock-based compensation	61,018	59,749	46,994
Change in estimated acquisition earn-out payables	40,445	(4,458)	(1,366)
Deferred income taxes	33,616	15,943	12,383
Amortization of debt discount and disposal of deferred financing costs	2,839	2,319	2,054
Accretion of discounts and premiums, investments	171	48	(5)
(Gain)/loss on sales of investments, fixed assets and customer accounts	(7,096)	(831)	(9,550)
Payments on acquisition earn-outs in excess of original estimated payables	(21,060)	(4,532)	(351)
Effect of changes in foreign exchange rate changes	494
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Premiums, commissions and fees receivable (increase) decrease	(72,843)	(135,367)	(86,778)
Reinsurance recoverables (increase) decrease	(19,637)	15,036	6,891
Prepaid reinsurance premiums (increase) decrease	(14,607)	(11,594)	(28,101)
Other assets (increase) decrease	(53,746)	(42,731)	(46,520)
Premiums payable to insurance companies (increase) decrease	127,991	158,775	148,658
Premium deposits and credits due customers increase (decrease)	19,581	(12,886)	7,820
Losses and loss adjustment reserve increase (decrease)	19,637	(15,036)	(6,707)
Unearned premiums increase (decrease)	14,607	11,594	28,101
Accounts payable increase (decrease)	51,404	107,754	17,800
Accrued expenses and other liabilities increase (decrease)	66,782	34,716	43,330
Other liabilities increase (decrease)	(47,133)	(72,134)	16,298
Net cash provided by operating activities	942,469	721,647	678,180
Cash flows from investing activities:
Additions to fixed assets	(45,045)	(70,700)	(73,108)
Payments for businesses acquired, net of cash acquired	(366,780)	(694,842)	(353,043)
Proceeds from sales of fixed assets and customer accounts	16,735	9,615	21,592
Purchases of investments	(12,375)	(14,168)	(17,520)
Proceeds from sales of investments	10,785	11,025	8,494
Net cash used in investing activities	(396,680)	(759,070)	(413,585)
Cash flows from financing activities:
Payments on acquisition earn-outs	(62,521)	(24,977)	(9,566)
Proceeds from long-term debt		700,000	350,000
Payments on long-term debt	(73,125)	(55,000)	(50,000)
Deferred debt issuance costs	(2,683)	(6,756)	(3,701)
Borrowings on revolving credit facilities		250,000	100,000
Payments on revolving credit facilities		(350,000)	(350,000)
Issuances of common stock for employee stock benefit plans	34,026	30,104	24,999
Repurchase of stock benefit plan shares for employees to fund tax withholdings	(49,783)	(41,321)	(10,933)
Purchase of treasury stock	(82,564)	(55,095)	(58,671)
Settlement of accelerated share repurchase program			20,000
Cash dividends paid	(107,229)	(100,592)	(91,344)
Net cash (used in) provided by financing activities	(343,879)	346,363	(79,216)
Effect of foreign exchange rate cash changes	(3,569)
Net increase (decrease) in cash and cash equivalents inclusive of restricted cash	198,341	308,940	185,379
Cash and cash equivalents inclusive of restricted cash at beginning of period	1,271,915	962,975	777,596
Cash and cash equivalents inclusive of restricted cash at end of period	$ 1,470,256	$ 1,271,915	$ 962,975

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 1 Summary of Significant Accounting Policies

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, 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.

Recently Issued Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendment requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification ("ASC") Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect on its consolidated financial statements.

In March 2020, the 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 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 the London Interbank Offered Rate (“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 are currently evaluating our contracts and the available expedients provided by the new standard; however, the Company can assert there is no impact to any carrying value of assets or liabilities aside from our floating-rate debt instruments that are indexed to LIBOR and are carried at amortized cost. Any further impact of adoption will be in determining the new periodic floating interest rate indexed to our floating-rate debt instruments with no impact on the balance sheet upon adoption.

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 Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which provides guidance for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted ASU 2018-15 effective January 1, 2020. The impact of adoption of this standard on our consolidated financial statements, including accounting policies, processes and systems, was not material.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new guidance eliminates Step 2 of the goodwill impairment test. The updated guidance requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit to its carrying value, and recognizing a non-cash impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. ASU 2017-04 became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and will be applied prospectively. The Company adopted ASU 2017-04 effective January 1, 2020, with interim or annual goodwill impairment tests now comparing the fair value of a reporting unit with its carrying value and no longer performing Step 2 of the goodwill impairment test. There was no impact from adopting ASU 2017-04 as there were no impairments recorded.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The new guidance adds an impairment model, known as the current expected credit loss (CECL) model that is based on expected losses rather than incurred losses. These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable forward-looking information, which is intended to result in more timely recognition of such losses. All related guidance has been codified into, and is now known as, ASC 326 – Financial Instruments—Credit Losses. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2019, and interim periods therein. The Company adopted ASU 2016-13 effective January 1, 2020 and determined there was not a material impact on the Company’s Financial Statements given that historical trend analysis and assessments for forward-looking qualitative analysis are already integrated into financial assessments for the Company.

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of Brown & Brown, Inc. and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in the Consolidated Financial Statements.

Revenue Recognition

The Company earns commissions paid by insurance carriers for the binding of insurance coverage. Commissions are earned at a point in time upon the effective date of bound insurance coverage, as no performance obligation exists after coverage is bound. If there are other services within the contract, the Company estimates the stand-alone selling price for each separate performance obligation, and the corresponding apportioned revenue is recognized over a period of time as the performance obligations are fulfilled. The Company earns fee revenue by receiving negotiated fees in lieu of a commission and from services other than securing insurance coverage. Fee revenues from certain agreements are recognized depending on when the services within the contract are satisfied and when we have transferred control of the related services to the customer. In situations where multiple performance obligations exist within a fee contract, in some instances the use of estimates is required to allocate the transaction price on a relative stand-alone selling price basis to each separate performance obligation. Incentive commissions represent a form of variable consideration which includes additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties. Profit-sharing contingent commissions represent a form of variable consideration associated with the placement of coverage, for which we earn commissions. Profit-sharing contingent commissions and incentive commissions are estimated with a constraint applied and accrued relative to the recognition of the corresponding core commissions based on the amount of consideration that will be received in the coming year such that a significant reversal of revenue is not probable. Guaranteed supplemental commissions, a form of variable consideration, represent guaranteed fixed-base agreements.

Management determines the policy cancellation reserve based upon historical cancellation experience adjusted for any known circumstances.

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“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 Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents principally consist of demand deposits with financial institutions and highly liquid investments with quoted market prices having maturities of three months or less when purchased. Included in cash and cash equivalents are unrestricted premium from insureds and prefunded claims from carriers held in a fiduciary capacity.

Restricted Cash and Investments, and Premiums, Commissions and Fees Receivable

In our capacity as an insurance agent or broker, the Company typically collects premiums from insureds and, after deducting the authorized commissions, remits the net premiums to the appropriate insurance company or companies. Accordingly, premiums that are receivable from insureds are reported within Premiums, commissions, and fees receivable in the Consolidated Balance Sheets. Unremitted net insurance premiums are held in a fiduciary capacity until the Company disburses them, and the use of such funds is restricted by laws in certain jurisdictions in which our subsidiaries operate, or restricted due to our contracts with a certain insurance company or companies in which we hold premiums in a fiduciary capacity. Where allowed by law, the Company invests these unremitted funds only in cash, money market accounts, tax-free variable-rate demand bonds and commercial paper held for a short-term. In certain states in which the Company operates, the use and investment alternatives for these funds are regulated and restricted by various state laws and agencies. These restricted funds are reported as restricted cash and investments on the Consolidated Balance Sheets. The interest income earned on these unremitted funds, where allowed by state law, is reported as investment income in the Consolidated Statement of Income.

In other circumstances, the insurance companies collect the premiums directly from the insureds and remit the applicable commissions to the Company. Accordingly, as reported in the Consolidated Balance Sheets, commissions are receivables from insurance companies. Fees are primarily receivables due from customers.

Investments

Certificates of deposit, and other securities, having maturities of more than three months when purchased are reported at cost and are adjusted for other-than-temporary market value declines. The Company’s investment holdings include U.S. Government securities, municipal bonds, domestic corporate and foreign corporate bonds as well as short-duration fixed income funds. Investments within the portfolio or funds are held as available-for-sale and are carried at their fair value. Any gain/loss applicable from the fair value change is recorded, net of tax, as other comprehensive income within the equity section of the Consolidated Balance Sheets. Realized gains and losses are reported as investment income on the Consolidated Statement of Income, with the cost of securities sold determined on a specific identification basis.

Fixed Assets

Fixed assets, including leasehold improvements, are carried at cost, less accumulated depreciation and amortization. Expenditures for improvements are capitalized, and expenditures for maintenance and repairs are expensed to operations as incurred. Upon sale or retirement, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in other income. Depreciation has been determined using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 40 years. Leasehold improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the term of the related lease.

Goodwill and Amortizable Intangible Assets

All of our business combinations are accounted for using the acquisition method. Acquisition purchase prices are typically based upon a multiple of average annual EBITDAC (defined below), and/or revenue earned over a period of 3 years within a minimum and maximum price range. The recorded purchase prices for acquisitions include 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 are recorded in the Consolidated Statement of Income when incurred.

The fair value of earn-out obligations is based upon the present value of the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions contained in the respective purchase agreements. In determining fair value, the acquired business’ future performance is estimated using financial projections developed by management for the acquired business and this estimate 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 estimates are then discounted to present value using a risk-adjusted rate that takes into consideration the likelihood that the forecast earn-out payments will be made.

Amortizable intangible assets are stated at cost, less accumulated amortization, and consist of purchased customer accounts and non-compete agreements. Purchased customer accounts and non-compete agreements are amortized on a straight-line basis over the related estimated lives and contract periods, which typically range from 3 to 15 years. Purchased customer accounts represent the value of the customer relationship, but also consist of records and files that contain information about insurance policies and the related insured parties that are essential to policy renewals.

The excess of the purchase price of an acquisition over the fair value of the identifiable tangible and amortizable intangible assets is assigned to goodwill. While goodwill is not amortizable, it is subject to assessment at least annually, and more frequently in the presence of certain circumstances, for impairment by application of a fair value-based test. The Company compares the fair value of each reporting unit with its carrying amount to determine if there is potential impairment of goodwill. The Company may elect to first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the Company does not perform a qualitative assessment, or if it is determined that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, the Company will calculate the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than its carrying value. Fair value is estimated based upon multiples of earnings before interest, income taxes, depreciation, amortization and change in estimated acquisition earn-out payables (“EBITDAC”), or on a discounted cash flow basis. The Company completed its most recent annual assessment as of November 30, 2021 and determined that the fair value of goodwill significantly exceeded the carrying value of such assets. In addition, as of December 31, 2021, there are no accumulated impairment losses.

The carrying value of amortizable intangible assets attributable to each business or asset group comprising the Company is periodically reviewed by management to determine if there are events or changes in circumstances that would indicate that its carrying amount may not be recoverable. Accordingly, if there are any such changes in circumstances during the year, the Company assesses the carrying value of its amortizable intangible assets by considering the estimated future undiscounted cash flows generated by the corresponding business or asset group. Any impairment identified through this assessment may require that the carrying value of related amortizable intangible assets be adjusted after determining the fair value of the amortizable intangible assets. There were no impairments recorded for the years ended December 31, 2021, 2020 and 2019.

Income Taxes

The Company records income tax expense using the asset-and-liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying values and the income tax bases of the Company’s assets and liabilities.

The Company files a consolidated federal income tax return and has elected to file consolidated returns in certain states. Deferred income taxes are provided for in the Consolidated Financial Statements and relate principally to expenses charged to income for financial reporting purposes in one period and deducted for income tax purposes in other periods.

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 exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method.

The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31:


(in thousands, except per share data)	2021			2020			2019
Net income	$	587,104		$	480,483		$	398,514
Net income attributable to unvested awarded performance stock		(12,942	)		(15,197	)		(12,873	)
Net income attributable to common shares	$	574,162		$	465,286		$	385,641
Weighted average number of common shares outstanding – basic		282,246			283,294			281,566
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(6,222	)		(8,960	)		(9,095	)
Weighted average number of common shares outstanding for basic earnings per common share		276,024			274,334			272,471
Dilutive effect of stock options		1,390			1,533			2,145
Weighted average number of shares outstanding – diluted		277,414			275,867			274,616
Net income per share:
Basic	$	2.08		$	1.70		$	1.42
Diluted	$	2.07		$	1.69		$	1.40

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents; restricted cash and short-term investments; investments; premiums, commissions and fees receivable; reinsurance recoverable; prepaid reinsurance premiums; premiums payable to insurance companies; losses and loss adjustment reserve; unearned premium; premium deposits and credits due customers and accounts payable, at December 31, 2021 and 2020, approximate fair value because of the short-term maturity of these instruments. The carrying amount of the Company’s long-term debt approximates fair value at December 31, 2021 and 2020 as our fixed-rate borrowings of $1,548.5 million approximate their values using market quotes of notes with the similar terms as ours, which we deem a close approximation of current market rates. The estimated fair value of our variable floating rate debt agreements is $486.9 million which approximates the carrying value due to the variable interest rate based upon adjusted LIBOR. See Note 3 to our Consolidated Financial Statements for the fair values related to the establishment of intangible assets and the establishment and adjustment of earn-out payables. See Note 6 for information on the fair value of investments and Note 9 for information on the fair value of long-term debt.

Non-Cash Stock-Based Compensation

The Company has stock-based compensation plans that provide for grants of restricted stock, restricted stock units, stock options and other stock-based awards to employees and non-employee directors of the Company. In addition, the Company has an Employee Stock Purchase Plan which allows employees to purchase shares in the Company. The Company expenses stock-based compensation, which is included in Employee compensation and benefits in the Consolidated Statements of Income over the requisite service period. The significant assumptions underlying our expense calculations include the fair value of the award on the date of grant, the estimated achievement of any performance targets and estimated forfeiture rates.

The Company uses the Black-Scholes valuation model for valuing all stock options and shares purchased under the Employee Stock Purchase Plan (the “ESPP”). Compensation for non-vested stock awards is measured at fair value on the grant date based upon the number of shares expected to vest. Compensation cost for all awards is recognized in earnings, net of estimated forfeitures, on a straight-line basis over the requisite service period.

Reinsurance

The Company acts in a risk-bearing capacity for flood insurance associated with the Wright National Flood Insurance Company (“WNFIC”), which is part of our National Programs Segment. The Company protects itself from claims-related losses by reinsuring all claims risk exposure. However, for basic admitted policies conforming to the National Flood Insurance Program all exposure is reinsured with the Federal Emergency Management Agency (“FEMA”). For excess flood insurance policies, all exposure is reinsured with a reinsurance carrier with an AM Best Company rating of “A” or better. Reinsurance does not legally discharge the ceding insurer from the primary liability for the full amount due under the reinsured policies. Reinsurance premiums, commissions, expense reimbursement and reserves related to ceded business are accounted for on a basis consistent with the accounting for the original policies issued and the terms of reinsurance contracts. Premiums earned and losses and loss adjustment expenses incurred are reported net of reinsurance amounts. Other underwriting expenses are shown net of earned ceding commission income. The liabilities for unpaid losses and loss adjustment expenses and unearned premiums are reported gross of ceded reinsurance recoverable.

Balances due from reinsurers on unpaid losses and loss adjustment expenses, including an estimate of such recoverables related to reserves for incurred but not reported (“IBNR”) losses, are reported as assets and are included in reinsurance recoverable even though amounts due on unpaid loss and loss adjustment expense are not recoverable from the reinsurer until such losses are paid. The Company does not believe it is exposed to any material credit risk through its reinsurance as the reinsurer is FEMA for basic admitted flood policies and national reinsurance carriers for private flood policies, which has an AM Best Company rating of “A” or better. Historically, no amounts due from reinsurance carriers have been written off as uncollectible.

The Company also operates a capitalized captive insurance facility (the "Captive"), which started in December 2021, for the purpose of having additional capacity to sell property insurance for earthquake and wind exposed properties. The Captive buys reinsurance, limiting, but not completely eliminating the Company's exposure to underwriting losses. The operations of the Captive were not material to the Consolidated Financial Statements for the year ended December 31, 2021.

Unpaid Losses and Loss Adjustment Reserve

Unpaid losses and loss adjustment reserve include amounts determined on individual claims and other estimates based upon the past experience of WNFIC, the Captive and the policyholders for IBNR claims, less anticipated salvage and subrogation recoverable. The methods of making such estimates and for establishing the resulting reserves are continually reviewed and updated, and any adjustments resulting therefrom are reflected in operations currently.

The Company engages the services of outside actuarial consulting firms (the “Actuaries”) to assist on an annual basis to render an opinion on the sufficiency of the Company’s estimates for unpaid losses and related loss adjustment reserve. The Actuaries utilize both industry experience and the Company’s own experience to develop estimates of those amounts as of year-end. These estimated liabilities are subject to

the impact of future changes in claim severity, frequency and other factors. In spite of the variability inherent in such estimates, management believes that the liabilities for unpaid losses and related loss adjustment reserve are adequate.

Premiums are recognized as income over the coverage period of the related policies. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of the policies in force and are determined on a daily pro rata basis. The income is recorded to the commissions and fees line of the Consolidated Statement of Income.

Revenues

12 Months Ended

Dec. 31, 2021

Revenues [Abstract]

Revenues

NOTE 2 Revenues

The following tables present the revenues disaggregated by revenue source:


	For the year ended December 31, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,198,129	$	488,787	$	323,054	$	—	$	42		$	2,010,012
Fees(2)		414,937		173,790		67,233		178,857		(1,787	)		833,030
Incentive commissions(3)		98,254		1,653		3,342		—		—			103,249
Profit-sharing contingent commissions(4)		38,895		35,259		8,072		—		—			82,226
Guaranteed supplemental commissions(5)		16,452		1,619		934		—		—			19,005
Investment income(6)		278		550		155		3		113			1,099
Other income, net(7)		993		192		627		—		965			2,777
Total Revenues	$	1,767,938	$	701,850	$	403,417	$	178,860	$	(667	)	$	3,051,398


	For the year ended December 31, 2020
(in thousands)	Retail		National Programs			Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,054,619	$	422,916		$	273,878	$	—	$	1		$	1,751,414
Fees(2)		275,900		159,337			66,051		174,012		(1,291	)		674,009
Incentive commissions(3)		89,920		549			3,057		—		31			93,557
Profit-sharing contingent commissions(4)		35,785		27,278			7,871		—		—			70,934
Guaranteed supplemental commissions(5)		15,128		(238	)		1,304		—		—			16,194
Investment income(6)		163		756			184		—		1,708			2,811
Other income, net(7)		1,251		42			452		—		2,711			4,456
Total Revenues	$	1,472,766	$	610,640		$	352,797	$	174,012	$	3,160		$	2,613,375

(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.

(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 December 31, 2021 and 2020 were as follows:


(in thousands)	December 31, 2021		December 31, 2020
Contract assets	$	361,834	$	308,755
Contract liabilities	$	97,933	$	80,997

Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in our systems. 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.

As of December 31, 2021, deferred revenue (recorded within the accrued expenses and other liabilities caption in the Company's Consolidated Balance Sheets) consisted of $67.4 million as current portion to be recognized within one year and $30.5 million in long-term (recorded within the other liabilities caption in the Company's Consolidated Balance Sheets) 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.

Contract assets and contract liabilities arising from acquisitions in 2021 were approximately $5.5 million and $1.2 million, respectively. Contract assets and contract liabilities arising from acquisitions in 2020 were approximately $11.5 million and $20.0 million, respectively.

During the 12 months ended December 31, 2021 and 2020, the amount of revenue recognized related to performance obligations satisfied in a previous period, inclusive of changes due to estimates, was approximately $23.3 million and $8.9 million, respectively. The $23.3 million for 2021 consists of additional variable consideration received on our incentive and profit-sharing contingent commissions. The $8.9 million for 2020 consists of $18.1 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”) and $2.1 million of other adjustments.

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 Consolidated Balance Sheets was $58.2 million and $42.2 million as of December 31, 2021 and December 31, 2020, respectively. For the 12 months ended December 31, 2021 and December 31, 2020, the Company deferred $19.8 million and $17.8 million of incremental cost to obtain customer contracts, respectively. The Company expensed $3.8 million and $2.5 million of the incremental cost to obtain customer contracts for the 12 months ended December 31, 2021 and December 31, 2020, respectively.

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 Consolidated Balance Sheets was $89.3 million, which is inclusive of deferrals from businesses acquired in the current year of $9.9 million. The cost to fulfill balance as of December 31, 2020 was $77.8 million. For the 12 months ended December 31, 2021 and 2020, the Company had net deferrals of $1.6 million and $3.3 million related to current year deferrals for costs incurred that relate to performance obligations yet to be fulfilled, net of the expense of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, respectively.

- 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
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-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 606
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
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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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Business Combinations

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Business Combinations

NOTE 3 Business Combinations

During the year ended December 31, 2021, the Company acquired the assets and assumed certain liabilities of 13 insurance intermediaries, all of the share capital of 1 insurance intermediary, all the stock of 2 insurance intermediaries, and 3 books of businesses (customer accounts). Additionally, miscellaneous adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by ASC 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 Consolidated Statement of Income when incurred.

The fair value of earn-out obligations is based upon 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 forecast earn-out payments will be made.

Based upon the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the year ended December 31, 2021, adjustments were made within the permitted measurement period that resulted in a decrease in the aggregate purchase price of the affected acquisitions of $0.5 million relating to the assumption of certain liabilities on acquisitions completed in 2020. These measurement period adjustments have been reflected as current period adjustments for the year ended December 31, 2021. The measurement period adjustments impacted goodwill, with no effect on earnings or cash in the current period.

Gross cash paid for acquisitions was $424.6 million and $722.5 million in the years ended December 31, 2021 and 2020, respectively. We completed 19 acquisitions (including book of business purchases) during the year ended December 31, 2021. We completed 25 acquisitions (including book of business purchases) during the year ended December 31, 2020.

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. 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
Berkshire Insurance Group, Inc. (Berkshire)	Retail	September 1, 2021		41,500		—		—		—		41,500		—
AGIS Network, Inc. (AGIS) (1)	Retail	September 1, 2021		11,203		—		24,114		739		36,056		12,289
Winston Financial Services, Inc. (Winston)	Retail	October 1, 2021		79,461		5,000		7,724		16,427		108,612		29,000
Remedy Analytics, Inc. (Remedy)	Retail	October 1, 2021		40,762		—		473		7,364		48,599		25,000
Heacock Insurance Group, LLC (Heacock)	Retail	October 1, 2021		18,248		—		455		1,900		20,603		6,000
Corporate Insurance Advisors, L.L.C. (CIA)	Retail	December 1, 2021		15,314		—		181		6,542		22,037		14,000
Rainmaker Advisory, LLC (Rainmaker)	Retail	December 1, 2021		14,174		—		776		5,937		20,887		10,000
HARCO Insurance Services, Inc. (HARCO)	Retail	December 31, 2021		24,266		—		1,000		4,423		29,689		7,350
Other	Various	Various		18,849		—		3,066		7,227		29,142		13,118
Total			$	424,613	$	9,892	$	39,186	$	75,761	$	549,452	$	162,332

(1) Amount in the "other payable" column relates to additional contingent consideration expected to be paid within 12 months.

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		Berkshire			AGIS		Winston			Remedy
Cash	$	45,441		$	—	$	—		$	—	$	5,024		$	6,675
Other current assets		43,350			2,397		1,621			13,693		7,527			1,786
Fixed assets		544			9		9			20		1,185			151
Goodwill		84,619			40,019		27,059			8,715		74,441			33,255
Purchased customer accounts		40,459			12,233		12,313			13,577		25,006			13,697
Non-compete agreements		819			21		11			51		872			508
Other assets		135		—			504			—		27			1,354
Total assets acquired		215,367			54,679		41,517			36,056		114,082			57,426
Other current liabilities		(72,649	)		—		(17	)		—		(5,470	)		(5,233	)
Deferred income tax, net		(5,057	)		—		—			—		—			(3,594	)
Other liabilities		(13	)	—		—			—		—				—
Total liabilities assumed		(77,719	)		—		(17	)		—		(5,470	)		(8,827	)
Net assets acquired	$	137,648		$	54,679	$	41,500		$	36,056	$	108,612		$	48,599


(in thousands)	Heacock			CIA			Rainmaker		HARCO			Other			Total
Cash	$	—		$	—		$	—	$	—		$	692		$	57,832
Other current assets		738			32			—		737			5,060			76,941
Fixed assets		39			11			8		63			14			2,053
Goodwill		13,910			17,310			15,029		20,609			15,007			349,973
Purchased customer accounts		5,800			4,781			5,838		8,183			11,735			153,622
Non-compete agreements		31			11			12		32			150			2,518
Other assets		382			278		—			493			259			3,432
Total assets acquired		20,900			22,423			20,887		30,117			32,917			646,371
Other current liabilities		(297	)		(386	)		—		(428	)		(3,775	)		(88,255	)
Deferred income tax, net		—			—			—		—			—			(8,651	)
Other liabilities		—		—			—		—			—				(13	)
Total liabilities assumed		(297	)		(386	)		—		(428	)		(3,775	)		(96,919	)
Net assets acquired	$	20,603		$	22,037		$	20,887	$	29,689		$	29,142		$	549,452

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 $350.0 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 $346.0 million, ($1.3) million, and $5.3 million, respectively. Of the total goodwill of $350.0 million, the amount currently deductible for income tax purposes is $179.1 million, $117.9 million is non-deductible related to the O'Leary and Remedy acquisitions and the remaining $53.0 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 December 31, 2021 included in the Consolidated Statement of Income for the year ended December 31, 2021 were $63.8 million. The income before income taxes, including the intercompany cost of capital charge, from the acquisitions completed through December 31, 2021 included in the Consolidated Statement of Income for the year ended December 31, 2021 was a loss of $10.6 million. If the acquisitions had occurred as of the beginning of the respective periods, the Company’s 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)	Year Ended December 31,
(in thousands, except per share data)	2021		2020
Total revenues	$	3,128,530	$	2,751,167
Income before income taxes	$	779,533	$	653,270
Net income	$	599,964	$	502,942
Net income per share:
Basic	$	2.13	$	1.78
Diluted	$	2.12	$	1.77
Weighted average number of shares outstanding:
Basic		276,024		274,334
Diluted		277,414		275,867

Acquisitions in 2020

During the year ended December 31, 2020, the Company acquired the assets and assumed certain liabilities of 20 insurance intermediaries, all the stock of 1 F&I administrative services company and 4 book of business (customer accounts). Additionally, miscellaneous adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by ASC 805. Such adjustments are presented in the “Other” category within the following two tables.

For the year ended December 31, 2020, several adjustments were made within the permitted measurement period that resulted in an increase in the aggregate purchase price of the affected acquisitions of $3.5 million, relating to the assumption of certain liabilities.

The following table summarizes the purchase price allocation made as of the date of each acquisition for current year acquisitions and significant adjustments made during the measurement period 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
Special Risk Insurance Managers Ltd. (Special Risk)	National Programs	January 1, 2020	$	70,156	$	—	$	—	$	9,859	$	80,015	$	14,650
Texas All Risk General Agency, Inc. et al (Texas Risk)	Wholesale Brokerage	January 1, 2020		10,511		—		159		310		10,980		1,150
The Colonial Group, Inc. et al (Colonial)	Wholesale Brokerage	March 1, 2020		29,037		—		527		7,577		37,141		10,150
RLA Insurance Intermediaries, LLC (RLA)	Wholesale Brokerage	March 1, 2020		42,496		—		786		11,687		54,969		22,500
Dealer Financial Services of N.C., LLC d/b/a The Sterling Group (Sterling)	Retail	April 1, 2020		19,341		—		300		4,129		23,770		5,400
LP Insurance Services, LLC (LP)	National Programs	May 1, 2020		115,948		10,000		318		23,394		149,660		75,850
First Resource, Inc. (First)	Retail	July 1, 2020		10,700		—		450		3,776		14,926		5,800
Buiten & Associates, LLC (Buiten)	Retail	August 1, 2020		38,225		—		1,175		7,448		46,848		14,175
Amity Insurance, Inc. (Amity)	Retail	August 1, 2020		14,820		2,000		200		1,860		18,880		4,060
Frank E. Neal & Co., Inc. (Neal)	Retail	September 1, 2020		32,589		3,120		345		5,732		41,786		10,325
BrookStone Insurance Group, LLC (BrookStone)	Retail	September 1, 2020		12,030		—		—		1,058		13,088		1,878
VAS GenPar, LLC (VAS)	Retail	October 1, 2020		114,249		15,000		—		23,274		152,523		48,000
Bright & Associates, Inc. (Bright)	Retail	October 1, 2020		12,528		—		1,257		3,854		17,639		5,775
J.E. Brown & Associates Insurance Services, Inc. (J.E. Brown)	Wholesale Brokerage	October 1, 2020		33,331		—		1,030		5,947		40,308		10,425
CoverHound, Inc. and CyberPolicy, Inc. (CoverHound)	Retail	November 1, 2020		27,595		—		600		—		28,195		—
MAJ Companies, Ltd. (MAJ)	Retail	December 1, 2020		19,072		—		300		2,006		21,378		6,475
South & Western General Agency, Inc. (South & Western)	Wholesale Brokerage	December 1, 2020		69,673		—		1,193		7,294		78,160		18,000
Berry Insurance Group, Inc. (Berry)	Retail	December 31, 2020		35,326		—		—		3,694		39,020		6,500
Other	Various	Various		14,888		—		490		8,498		23,876		12,337
Total			$	722,515	$	30,120	$	9,130	$	131,397	$	893,162	$	273,450


(in thousands)	Special Risk			Texas Risk			Colonial			RLA			Sterling			LP			First			Buiten			Amity			Neal
Cash	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other current assets		2,477			446			1,344		—				612			3,162			302			2,595			653			2,337
Fixed assets		345			27			59			55			16			1,877			1			43			58			46
Goodwill		63,087			8,940			27,845			53,567			17,339			99,983			9,523			33,641			15,454			28,929
Purchased customer accounts		14,286			3,222			9,205			12,309			5,962			44,801			5,095			11,323			5,614			13,225
Non-compete agreements		136			25			43			481			21			31			21			91			21			31
Other assets	—			—			—			—			—			—			—			—			—				274
Total assets acquired		80,331			12,660			38,496			66,412			23,950			149,854			14,942			47,693			21,800			44,842
Other current liabilities		(316	)		(1,680	)		(1,355	)		(11,443	)		(180	)		(10	)		(16	)		(845	)		(2,920	)		(3,056	)
Other liabilities	—			—			—			—			—				(184	)		—		—			—			—
Total liabilities assumed		(316	)		(1,680	)		(1,355	)		(11,443	)		(180	)		(194	)		(16	)		(845	)		(2,920	)		(3,056	)
Net assets acquired	$	80,015		$	10,980		$	37,141		$	54,969		$	23,770		$	149,660		$	14,926		$	46,848		$	18,880		$	41,786


(in thousands)	Brook Stone			VAS			Bright			J.E. Brown			Cover Hound			MAJ			South & Western			Berry			Other			Total
Cash	$	—		$	27,673		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	27,673
Other current assets		527			5,486			402			—			375			413			—			—			912			22,043
Fixed assets		22			138			23			32			6,441			—			149			30			25			9,387
Goodwill		8,585			100,826			12,218			31,476			19,524			13,003			63,128			29,702			11,325			648,095
Purchased customer accounts		3,689			48,188			5,055			9,479			3,678			8,034			18,513			9,701			8,582			239,961
Non-compete agreements		21			101			42			41			—			11			21			11			64			1,213
Other assets		290			—			—			—			—			—			—			—			3,088			3,652
Total assets acquired		13,134			182,412			17,740			41,028			30,018			21,461			81,811			39,444			23,996			952,024
Other current liabilities		(46	)		(3,760	)		(101	)		(720	)		(1,823	)		(83	)		(3,651	)		(424	)		(120	)		(32,549	)
Other liabilities	—				(26,129	)		—			—			—			—			—			—			—			(26,313	)
Total liabilities assumed		(46	)		(29,889	)		(101	)		(720	)		(1,823	)		(83	)		(3,651	)		(424	)		(120	)		(58,862	)
Net assets acquired	$	13,088		$	152,523		$	17,639		$	40,308		$	28,195		$	21,378		$	78,160		$	39,020		$	23,876		$	893,162

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 $648.1 million, which is net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail, National Programs, Wholesale Brokerage and Services Segments in the amounts of $300.0 million, $163.1 million, $185.0 million and $0.1 million, respectively. Of the total goodwill of $648.1 million, the amount currently deductible for income tax purposes is $516.7 million and the remaining $131.4 million relates to the recorded earn-out payables and will not be deductible until it is earned and paid.

For the acquisitions completed during 2020, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through December 31, 2020 included in the Consolidated Statement of Income for the year ended December 31, 2020 were $93.9 million. The income before income taxes, including the intercompany cost of capital charge, from the acquisitions completed through December 31, 2020 included in the Consolidated Statement of Income for the year ended December 31, 2020 was $7.5 million. If the acquisitions had occurred as of the beginning of the respective periods, the Company’s 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)	Year Ended December 31,
(in thousands, except per share data)	2020		2019
Total revenues	$	2,714,314	$	2,579,075
Income before income taxes	$	650,618	$	576,355
Net income	$	500,900	$	436,722
Net income per share:
Basic	$	1.77	$	1.55
Diluted	$	1.76	$	1.54
Weighted average number of shares outstanding:
Basic		274,334		272,471
Diluted		275,867		274,616

Acquisitions in 2019

During the year ended December 31, 2019, the Company acquired the assets and assumed certain liabilities of 22 insurance intermediaries, all the stock of 1 insurance intermediary and 4 book of business (customer accounts). Additionally, miscellaneous adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by ASC 805. Such adjustments are presented in the “Other” category within the following two tables.

For the year ended December 31, 2019, several adjustments were made within the permitted measurement period that resulted in a decrease in the aggregate purchase price of the affected acquisitions of $4.1 million, relating to the assumption of certain liabilities.


(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
Smith Insurance Associates, Inc. (Smith)	Retail	February 1, 2019	$	20,129	$	—	$	0	$	2,704	$	22,833	$	4,550
Donald P. Pipino Company, LTD (Pipino)	Retail	February 1, 2019		16,420		—		135		9,821		26,376		12,996
AGA Enterprises, LLC d/b/a Cossio Insurance Agency (Cossio)	Retail	March 1, 2019		13,990		—		10		696		14,696		2,000
Medval, LLC (Medval)	Services	March 1, 2019		29,106		—		100		1,684		30,890		2,500
United Development Systems, Inc. (United)	Retail	May 1, 2019		18,987		—		388		3,268		22,643		8,625
Twinbrook Insurance Brokerage, Inc. (Twinbrook)	Retail	June 1, 2019		26,251		—		400		1,565		28,216		5,073
Innovative Risk Solutions, Inc. (IRS)	Retail	July 1, 2019		26,435		—		2,465		6,109		35,009		9,000
WBR Insurance Agency, LLC et al (WBR)	Retail	August 1, 2019		10,667		—		203		2,197		13,067		4,575
West Ridge Insurance Agency, Inc. d/b/a Yozell Associates (Yozell)	Retail	August 1, 2019		13,030		—		470		768		14,268		6,730
CKP Insurance, LLC (CKP)	Retail	August 1, 2019		89,190		20,000		4,000		38,093		151,283		76,500
Poole Professional Ltd. Insurance Agents and Brokers et al (Poole)	Retail	October 1, 2019		32,358		—		75		4,556		36,989		6,850
VerHagen Glendenning & Walker LLP (VGW)	Retail	October 1, 2019		23,032		—		1,498		2,385		26,915		8,170
Other	Various	Various		36,665		—		2,391		9,026		48,082		14,454
Total			$	356,260	$	20,000	$	12,135	$	82,872	$	471,267	$	162,023

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition.


(in thousands)	Smith			Pipino			Cossio			Medval			United			Twinbrook			IRS			WBR			Yozell		CKP
Cash	$	—		$	—		$	—		$	3,217		$	—		$	—		$	—		$	—		$	—	$	—
Other current assets		680			819			236			1,708			477			919			1,375			449			1,781		9,170
Fixed assets		39			112			29			50			20			85			11			10			12		193
Goodwill		16,042			16,765			10,010			19,108			15,111			18,935			24,938			9,096			8,904		110,495
Purchased customer accounts		6,500			11,360			4,403			7,300			7,065			8,557			8,800			4,022			3,550		32,274
Non-compete agreements		41			11			21			1			11			12			11			34			21		21
Other assets		—			772			—			15			—			—			—			—			—		—
Total assets acquired		23,302			29,839			14,699			31,399			22,684			28,508			35,135			13,611			14,268		152,153
Other current liabilities		(469	)		(3,463	)		(3	)		(480	)		(41	)		(292	)		(126	)		(166	)		—		(870	)
Deferred income tax, net		—			—			—			(29	)		—			—			—			(378	)		—		—
Total liabilities assumed		(469	)		(3,463	)		(3	)		(509	)		(41	)		(292	)		(126	)		(544	)		—		(870	)
Net assets acquired	$	22,833		$	26,376		$	14,696		$	30,890		$	22,643		$	28,216		$	35,009		$	13,067		$	14,268	$	151,283


(in thousands)	Poole			VGW			Other			Total
Cash	$	—		$	—		$	—		$	3,217
Other current assets		938			1,190			(6,786	)		12,956
Fixed assets		4			20			(130	)		455
Goodwill		28,233			16,595			34,314			328,546
Purchased customer accounts		10,359			9,092			15,020			128,302
Non-compete agreements		33			34			161			412
Other assets		—			—			(732	)		55
Total assets acquired		39,567			26,931			41,847			473,943
Other current liabilities		(2,578	)		(16	)		6,235			(2,269	)
Other liabilities		—			—			—			(407	)
Total liabilities assumed		(2,578	)		(16	)		6,235			(2,676	)
Net assets acquired	$	36,989		$	26,915		$	48,082		$	471,267

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 $328.5 million was allocated to the Retail, National Programs, Wholesale Brokerage and Services Segments in the amounts of $302.6 million, $0.1 million, $6.5 million and $19.3 million, respectively. Of the total goodwill of $328.5 million, $245.6 million is currently deductible for income tax purposes. The remaining $82.9 million relates to the recorded earn-out payables and will not be deductible until it is earned and paid.

For the acquisitions completed during 2019, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through December 31, 2019 included in the Consolidated Statement of Income for the year ended December 31, 2019 were $49.1 million. The income before income taxes, including the intercompany cost of capital charge, from the acquisitions completed through December 31, 2019 included in the Consolidated Statement of Income for the year ended December 31, 2019 was $3.4 million. If the acquisitions had occurred as of the beginning of the respective periods, the Company’s results of


(UNAUDITED)	Year Ended December 31,
(in thousands, except per share data)	2019
Total revenues	$	2,447,401
Income before income taxes	$	545,182
Net income	$	412,974
Net income per share:
Basic	$	1.47
Diluted	$	1.46
Weighted average number of shares outstanding:
Basic		272,471
Diluted		274,616

As of December 31, 2021, the maximum future contingency payments related to all acquisitions totaled $484.8 million.

ASC 805 is the authoritative guidance requiring an acquirer to recognize 100% of the fair values of acquired assets, including goodwill, and assumed liabilities (with only limited exceptions) upon initially obtaining control of an acquired entity. Additionally, the fair value of contingent consideration arrangements (such as earn-out purchase arrangements) at the acquisition date must be included in the purchase price consideration. As a result, the recorded purchase prices for acquisitions include an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in these earn-out obligations will be recorded in the Consolidated Statement of Income when incurred. Potential earn-out obligations are typically based upon future earnings of the acquired entities, usually between one and three years.

As of December 31, 2021, 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 years ended December 31, 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
(in thousands)	2021			2020			2019
Balance as of the beginning of the period	$	258,943		$	161,513		$	89,924
Additions to estimated acquisition earn-out payables from new acquisitions		75,761			131,397			82,872
Payments for estimated acquisition earn-out payables		(83,581	)		(29,509	)		(9,917	)
Subtotal		251,123			263,401			162,879
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		34,209			(11,814	)		(7,298	)
Interest expense accretion		6,236			7,356			5,932
Net change in earnings from estimated acquisition earn- out payables		40,445			(4,458	)		(1,366	)
Foreign currency translation adjustments during the year		(521	)		—			—
Balance as of December 31,	$	291,047		$	258,943		$	161,513

Of the $291.0 million of estimated acquisition earn-out payables as of December 31, 2021, $78.4 million was recorded as current liabilities within the accounts payable caption in the Company's Consolidated Balance Sheets, and $212.6 million was recorded as non-current liabilities within the other liabilities caption in the Company's Consolidated Balance Sheets. Included within additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items before the first anniversary date of the acquisition and may therefore differ from previously reported amounts. Of the $258.9 million of estimated acquisition earn-out payables as of December 31, 2020, $79.2 million was recorded as accounts payable, and $179.7 million was recorded as other liabilities. Of the $161.5 million of estimated acquisition earn-out payables as of December 31, 2019, $17.9 million was recorded as accounts payable, and $143.6 million was recorded as other liabilities.

Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

NOTE 4 Goodwill

The changes in the carrying value of goodwill by reportable segment for the years ended December 31, are as follows:


(in thousands)	Retail			National Programs			Wholesale Brokerage		Services		Total
Balance as of January 1, 2020	$	2,351,291		$	925,541		$	298,101	$	171,161	$	3,746,094
Goodwill of acquired businesses		299,961			163,070			184,956		108		648,095
Goodwill disposed of relating to sales of businesses		(782	)		—			—		—		(782	)
Foreign currency translation adjustments during the year		—			2,511			—		—		2,511
Balance as of December 31, 2020	$	2,650,470		$	1,091,122		$	483,057	$	171,269	$	4,395,918
Goodwill of acquired businesses		345,961			(1,337	)		5,349		—		349,973
Goodwill disposed of relating to sales of businesses		(3,050	)		—			—		—		(3,050	)
Foreign currency translation adjustments during the year		(6,135	)		122			—		—		(6,013	)
Balance as of December 31, 2021	$	2,987,246		$	1,089,907		$	488,406	$	171,269	$	4,736,828

Amortizable Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

NOTE 5 Amortizable Intangible Assets

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


	December 31, 2021									December 31, 2020
(in thousands)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life in years(1)		Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life in years(1)
Purchased customer accounts	$	2,311,605	$	(1,235,261	)	$	1,076,344		14.9	$	2,164,968	$	(1,118,316	)	$	1,046,652		15.0
Non-compete agreements		37,587		(32,466	)		5,121		4.5		35,093		(32,085	)		3,008		4.6
Total	$	2,349,192	$	(1,267,727	)	$	1,081,465			$	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, 2022, 2023, 2024, 2025 and 2026 is estimated to be $122.4 million, $115.5 million, $111.3 million, $108.9 million and $102.9 million, respectively.

Investments

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Investments

NOTE 6 Investments

At December 31, 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	$	30,232	$	152	$	(363	)	$	30,021
Corporate debt		8,259		108		(62	)		8,305
Total	$	38,491	$	260	$	(425	)	$	38,326

At December 31, 2021, the Company held $30.0 million in fixed income securities composed of U.S Treasury securities, securities issued by U.S. Government agencies and municipalities, and $8.3 million issued by corporations with investment-grade ratings. Of the total, $7.4 million is classified as short-term investments on the Consolidated Balance Sheets as maturities are less than one year in duration. 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 December 31, 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	$	16,792	$	(322	)	$	959	$	(41	)	$	17,751	$	(363	)
Corporate debt		3,920		(62	)		—		—			3,920		(62	)
Total	$	20,712	$	(384	)	$	959	$	(41	)	$	21,671	$	(425	)

The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2021, the Company had 23 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based upon 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, 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

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 December 31, 2020:


	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 in the Company’s investments in U.S. Treasury Securities and obligations of U.S. Government Agencies and bonds from corporate issuers were caused by interest rate increases. At December 31, 2020, the Company had 3 securities in an unrealized loss position. The contractual cash flows of the U.S. Treasury Securities and obligations of the U.S. Government agencies investments are either guaranteed by the U.S. Government or an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company’s investment. The corporate securities are highly rated securities with no indicators of potential impairment. Based upon 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 December 31, 2021 by contractual maturity are set forth below:


(in thousands)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	7,298	$	7,356
Due after one year through five years		30,193		30,011
Due after five years through ten years		1,000		959
Total	$	38,491	$	38,326

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 through ten 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 $9.2 million. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $10.8 million in the period of January 1, 2021 to December 31, 2021. These proceeds, along with other sources of cash were used to purchase an additional $12.4 million of fixed maturity securities and to fund certain general corporate purposes. The gains and losses realized on those sales for the period from January 1, 2021 to December 31, 2021 were insignificant.

Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $8.6 million for the year ended December 31, 2020. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $11.0 million in the period of January 1, 2020 to December 31, 2020. These proceeds were used to purchase an additional $14.2 million of fixed maturity securities and to fund certain general corporate purposes. The gains and losses realized on those sales for the period from January 1, 2020 to December 31, 2020 were insignificant.

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

At December 31, 2021, investments with a fair value of approximately $4.1 million were on deposit with state insurance departments to satisfy regulatory requirements.

Fixed Assets

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Fixed Assets

NOTE 7 Fixed Assets

Fixed assets at December 31 consisted of the following:


(in thousands)	2021			2020
Furniture, fixtures, equipment and software	$	259,081		$	259,524
Leasehold improvements		52,142			42,261
Construction in progress		—			81,736
Land, buildings and improvements		97,200			8,428
Total cost		408,423			391,949
Less accumulated depreciation and amortization		(196,390	)		(190,834	)
Total	$	212,033		$	201,115

Depreciation expense for fixed assets amounted to $33.3 million in 2021, $26.3 million in 2020 and $23.4 million in 2019.

Construction in progress primarily reflects expenditures related to the construction of the new headquarters in Daytona Beach, Florida which was placed into service in January 2021.

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Other Liabilities

NOTE 8 Accrued Expenses and Other Liabilities

Accrued expenses and other current liabilities at December 31 consisted of the following:


(in thousands)	2021		2020
Accrued incentive compensation	$	216,721	$	159,356
Accrued compensation and benefits		53,547		41,550
Lease liability(1)		43,441		43,542
Deferred revenue		67,450		53,956
Reserve for policy cancellations		29,213		31,081
Accrued interest		15,871		15,260
Accrued rent and vendor expenses		7,552		6,682
Other		22,364		20,310
Total	$	456,159	$	371,737

The Lease liability is the current portion of the Operating lease liabilities as reflected in the Consolidated Balance Sheets as of December 31, 2021 and 2020.

Long-Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 9 Long-Term Debt

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


(in thousands)	December 31, 2021			December 31, 2020
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	12,500		$	—
Current portion of 5-year term loan facility expires 2022		—			40,000
Current portion of 5-year term loan credit agreement expires 2023		30,000			30,000
Total current portion of long-term debt		42,500			70,000
Long-term debt:
Note agreements:
4.200% Senior Notes, semi-annual interest payments, balloon due 2024		499,574			499,416
4.500% Senior Notes, semi-annual interest payments, balloon due 2029		349,596			349,540
2.375% Senior Note due 2031, semi-annual interest payments, balloon due 2031		699,325			699,252
Total notes		1,548,495			1,548,208
Credit agreements:
5-year term loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires October 27, 2026		234,375			—
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, currently LIBOR plus up to 1.500%, plus commitment fees up to 0.225%, expires October 27, 2026		—			—
5-year revolving loan facility, periodic interest payments, currently 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		210,000			240,000
Total credit agreements		444,375			490,000
Debt issuance costs (contra)		(12,433	)		(12,302	)
Total long-term debt less unamortized discount and debt issuance costs		1,980,437			2,025,906
Current portion of long-term debt		42,500			70,000
Total debt	$	2,022,937		$	2,095,906

On October 27, 2021, the Company entered into an amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”) with the lenders named therein, JPMorgan Chase Bank, N.A. as administrative agent, Bank of America, N.A., Truist Bank and BMO Harris Bank N.A. as co-syndication agents, and U.S. Bank National Association, Fifth Third Bank, National Association, Wells Fargo Bank, National Association, PNC Bank, National Association, Morgan Stanley Senior Funding, Inc. and Citizens Bank, N.A. as co-documentation agents. The Second Amended and Restated Credit Agreement amended and restated the credit agreement dated April 17, 2014, among certain of such parties, as amended by that certain amended and restated credit agreement dated June 28, 2017 (the “Original Credit Agreement”). The Second Amended and Restated Credit Agreement, among other certain terms, extended the maturity of the revolving credit facility of $800.0 million and unsecured term loans associated with the agreement of $250.0 million to October 27, 2026. At the time of the renewal, the Company added an additional $2.7 million in debt issuance costs related to the transaction. The Company carried forward $0.6 million of existing debt issuance costs related to the previous credit facility agreements while expensing $0.1 million in debt issuance costs due to certain lenders exiting the renewed facility agreement. As of December 31, 2021, there was an outstanding debt balance issued under the term loan of the Second Amended and Restated Credit Agreement of $246.9 million with no borrowings outstanding against the revolving credit facility.

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 extended 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 Consolidated Balance Sheets. The Company also expensed to the Consolidated Statements of Income $0.2 million of debt issuance costs related to the Original Credit Agreement due to certain lenders exiting before execution of the Amended and Restated Credit Agreement. The Company also carried forward $1.6 million on the Consolidated Balance Sheets 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 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 December 31, 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 1.000% to 1.750%, 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 December 31, 2021, there was an outstanding debt balance issued under the Term Loan of $240.0 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 our acquisition of Hays and for other general corporate purposes. As of December 31, 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 December 31, 2021 and December 31, 2020, there was an outstanding debt balance of $700.0 million exclusive of the associated discount balance.

The Second Amended and Restated Credit Agreement and 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 December 31, 2021 and December 31, 2020.

The 30-day Adjusted LIBOR Rate for the term loan of the Amended and Restated Credit Agreement and Term Loan Credit Agreement as of December 31, 2021 was 0.125%.

Interest paid in 2021, 2020 and 2019 was $61.5 million, $52.4 million, and $58.3 million, respectively.

At December 31, 2021, maturities of long-term debt were $42.5 million in 2022, $225.6 million in 2023, $525.0 million in 2024, $25.0 million in 2025, $168.8 million in 2026, $350.0 million in 2029 and $700.0 million in 2031.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: 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(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 10 Income Taxes

Significant components of the provision for income taxes for the years ended December 31 are as follows:


(in thousands)	2021		2020			2019
Current:
Federal	$	106,763	$	93,620		$	85,507
State		32,635		34,123			28,905
Foreign		1,831		325			620
Total current provision		141,229		128,068			115,032
Deferred:
Federal		27,963		11,655			14,994
State		4,954		4,119			(2,587	)
Foreign		1,573		(226	)		(24	)
Total deferred provision		34,490		15,548			12,383
Total tax provision	$	175,719	$	143,616		$	127,415

A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows:


	2021			2020			2019
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		4.7			5.3			3.8
Non-deductible employee stock purchase plan expense		0.2			0.3			0.3
Non-deductible meals and entertainment		0.0			0.1			0.3
Non-deductible officers’ compensation		0.4			0.3			0.2
Stock Vesting under ASU 2016-19		(3.6	)		(3.5	)		(1.1	)
Other, net		0.3			(0.5	)		(0.3	)
Effective tax rate		23.0	%		23.0	%		24.2	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for income tax reporting purposes.

Significant components of the Company’s net deferred tax liabilities as of December 31 are as follows:


(in thousands)	2021			2020
Non-current deferred tax liabilities:
Intangible assets	$	440,238		$	400,335
Fixed assets		20,004			11,740
ASC 842 ROU Asset		47,663			46,730
Impact of adoption of ASC 606 revenue recognition		15,216			19,928
Net unrealized holding (loss)/gain on available-for-sale securities		(41	)		176
Total non-current deferred tax liabilities		523,080			478,909
Non-current deferred tax assets:
Deferred compensation		66,354			59,897
Accruals and reserves		15,708			19,497
ASC 842 lease liabilities		53,343			53,150
Net operating loss carryforwards and 163(j) disallowed carryforwards		1,910			3,168
Valuation allowance for deferred tax assets		(1,029	)		(1,025	)
Total non-current deferred tax assets		136,286			134,687
Net non-current deferred tax liability	$	386,794		$	344,222

Income taxes paid in 2021, 2020 and 2019 were $147.5 million, $132.9 million and $110.0 million, respectively.

At December 31, 2021, the Company had no net operating loss carryforwards for federal purposes and $34.5 million net operating loss carryforwards for state income tax reporting purposes, portions of which expire in the years 2022 through indefinite. The state carryforward amount is derived from the operating results of certain subsidiaries. As of December 31, 2021, the Company had a net operating loss carryforward in Canada of $1.8 million.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2021			2020			2019
Unrecognized tax benefits balance at January 1	$	1,267		$	1,127		$	1,639
Gross increases for tax positions of prior years		270			848			778
Gross decreases for tax positions of prior years		(446	)		(708	)		(791	)
Settlements		(174	)		—			(499	)
Unrecognized tax benefits balance at December 31	$	917		$	1,267		$	1,127

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2021, 2020 and 2019 the Company had $0.3 million, $0.3 million and $0.2 million of accrued interest and penalties related to uncertain tax positions, respectively.

The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized was $0.9 million as of December 31, 2021, $1.3 million as of December 31, 2020 and $1.1 million as of December 31, 2019. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months.

The Company is subject to taxation in the United States and various state jurisdictions. The Company is also subject to taxation in the United Kingdom, Ireland and Canada. In the United States, federal returns for fiscal years 2018 through 2021 remain open and subject to examination by the Internal Revenue Service. The Company files and remits state income taxes in various states where the Company has determined it is required to file state income taxes. The Company’s filings with those states remain open for audit for the fiscal years 2017 through 2021. In the United Kingdom, the Company’s filings remain open for audit for the fiscal years 2020 through 2021. In Canada, the Company’s filings remain open for audit for the fiscal years 2016 through 2021. In Ireland, the Company’s filings remain open for audit for the fiscal years 2017 through 2021. The Company also operates in Bermuda and the Cayman Islands. The Company is not subject to any income taxes in these countries.

During 2019, the Company settled the previously disclosed State of Colorado income tax audit for the fiscal years 2013-2016, the State of Kansas income tax audit for the fiscal years 2014-2016, and the State of New York income tax audit for the fiscal years 2015-2017.

During 2021, the Company settled the previously disclosed State of Wisconsin income tax audit for the fiscal years 2015-2018, the State of Illinois income tax audit for the fiscal years 2015-2017, and the State of California income tax audit for the fiscal years 2015-2017. There were no material adjustments as a result of the finalization of these audits. The Company is currently under audit in the State of Massachusetts for the fiscal years 2015 through 2017. A subsidiary of the Company is currently under audit in the State of Wisconsin for the fiscal years 2017-2020 and with the Internal Revenue Service for the fiscal years 2017-2018.

In general, it is our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. The Company has determined it is not practical to determine the unrecognized deferred tax liabilities on the undistributed earnings from the Company’s international subsidiaries as such earnings are considered to be indefinitely reinvested.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Employee Savings Plan

12 Months Ended

Dec. 31, 2021

Employee Savings Plan [Abstract]

Employee Savings Plan

NOTE 11 Employee Savings Plan

The Company has an Employee Savings Plan (401(k)) in which substantially all employees with more than 30 days of service are eligible to participate. Under this plan, the Company makes matching contributions of up to 4.0% of each participant’s annual compensation. The Company’s contribution expense to the plan totaled $35.6 million in 2021 and $31.2 million in 2020.

Stock Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

NOTE 12 Stock-Based Compensation

Performance Stock Plan

In 1996, the Company adopted and the shareholders approved a performance stock plan, under which until the suspension of the plan in 2010, up to 28,800,000 Performance Stock Plan (“PSP”) shares could be granted to key employees contingent on the employees’ future years of service with the Company and other performance-based criteria established by the Compensation Committee of the Company’s board of directors. Before participants may take full title to Performance Stock, two vesting conditions must be met. Of the grants currently outstanding, specified portions satisfied the first condition for vesting based upon 20% incremental increases in the 20-trading-day average stock price of Brown & Brown’s common stock from the price on the last business day before date of grant. Performance Stock that has satisfied the first vesting condition is considered “awarded shares.” Awarded shares are included as issued and outstanding common stock shares and are included in the calculation of basic and diluted net income per share. Dividends are paid on awarded shares and participants may exercise voting privileges on such shares. Awarded shares satisfy the second condition for vesting on the earlier of a participant’s: (i) 15 years of continuous employment with Brown & Brown from the date shares are granted to the participants (or, in the case of the July 2009 grant to Powell Brown, 20 years), (ii) attainment of age 64 (on a prorated basis corresponding to the number of years since the date of grant), or (iii) death or disability. On April 28, 2010, the PSP was suspended and any remaining authorized, but unissued shares, as well as any shares forfeited in the future, were reserved for issuance under the 2010 Stock Incentive Plan (the “2010 SIP”).

At December 31, 2021, 10,192,982 shares had been granted, net of forfeitures, under the PSP. As of December 31, 2021, 839,842 shares had met the first condition of vesting and had been awarded, and 9,353,140 shares had satisfied both conditions of vesting and had been distributed to participants. Of the shares that have not vested as of December 31, 2021, the initial stock prices ranged from $8.30 to $10.31.

The Company uses a path-dependent lattice model to estimate the fair value of PSP grants on the grant date.

A summary of PSP activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2019	$	5.03		1,196,092			1,196,092			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	5.29		(115,040	)		(115,040	)		—
Forfeited	$	4.74		(29,760	)		(29,760	)		—
Outstanding at December 31, 2019	$	5.00		1,051,292			1,051,292			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	6.06		(119,072	)		(119,072	)		—
Forfeited	$	5.03		(22,392	)		(22,392	)		—
Outstanding at December 31, 2020	$	4.86		909,828			909,828			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.73		(45,736	)		(45,736	)		—
Forfeited	$	5.50		(24,250	)		(24,250	)		—
Outstanding at December 31, 2021	$	4.87		839,842			839,842			—

The total fair value of PSP grants that vested during each of the years ended December 31, 2021, 2020 and 2019 was $2.3 million, $5.0 million and $3.5 million, respectively.

Stock Incentive Plans

On April 28, 2010, the shareholders of the Company approved the 2010 Stock Incentive Plan (“2010 SIP”), which was suspended May 1, 2019. On May 1, 2019, the shareholders of the Company approved the 2019 Stock Incentive Plan (“2019 SIP”) that provides for the granting of

restricted stock, restricted stock units, stock options, stock appreciation rights and other stock-based awards to employees and directors contingent on performance-based and/or time-based criteria established by the Compensation Committee of the Company’s board of directors. In addition, the 2019 SIP provides for a limited delegation of authority of the Company’s chief executive officer to grant awards to individuals who are not subject to Section 16 of the Securities Exchange Act of 1934. The principal purpose of the 2019 SIP is to attract, incentivize and retain key employees by offering those persons an opportunity to acquire or increase a direct proprietary interest in the Company’s operations and future success. The number of shares of stock reserved for issuance under the 2019 SIP is 2,283,475 shares, plus any shares that are authorized for issuance under the 2010 SIP (described below), and not already subject to grants under the 2010 SIP, and that were outstanding as of May 1, 2019, the date of suspension of the 2010 SIP, together with PSP shares, 2010 SIP shares and 2019 SIP shares forfeited after that date. As of May 1, 2019, 6,957,897 shares were available for issuance under the 2010 SIP, which were then transferred to the 2019 SIP.

The Company has granted restricted share awards (including both restricted stock and restricted stock units) to our employees in the form of time-based grants and performance-based grants under the 2010 SIP and 2019 SIP. To date, a substantial majority of restricted share grants to employees under these plans vest in 5 to 10 years. The performance-based grants are subject to the achievement of certain performance criteria by grantees, which may include growth in a defined book of business, Organic Revenue growth and operating profit growth of a profit center, Organic Revenue growth of the Company and consolidated diluted net income per share growth at certain levels of the Company. The performance measurement period ranges from 3 to 5 years. Beginning in 2016, certain performance-based grants have a payout range between 0% to 200% depending on the achievement against the stated performance target. Prior to 2016, the majority of the grants had a binary performance measurement criteria that only allowed for 0% or 100% payout.

Non-employee members of the board of directors received shares annually issued pursuant to the 2010 SIP and 2019 SIP as part of their annual compensation. A total of 27,885 shares were issued in April 2019, 16,490 shares were issued in May2020 and 16,857 shares were issued in May 2021.

The Company uses the closing stock price on the day before the grant date to determine the fair value of grants under the 2010 SIP and 2019 SIP and then applies an estimated forfeiture factor to estimate the annual expense. Additionally, the Company uses the path-dependent lattice model to estimate the fair value of grants with PSP-type vesting conditions as of the grant date. SIP shares that satisfied the first vesting condition for PSP-type grants or the established performance criteria are considered awarded shares. Awarded shares are included as issued and outstanding common stock shares and are included in the calculation of basic and diluted net income per share.

A summary of 2010 SIP and 2019 SIP activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2019	$	16.69		11,102,375			6,595,319			4,507,056
Granted	$	28.53		1,812,047			797,778			1,014,269		(1)
Awarded	$	17.26		299,339			1,954,983			(1,655,644	)
Vested	$	14.29		(1,068,211	)		(1,068,211	)		—
Forfeited	$	19.09		(503,632	)		(209,293	)		(294,339	)
Outstanding at December 31, 2019	$	18.10		11,641,918			8,070,576			3,571,342
Granted	$	46.58		970,997			148,015			822,982		(2)
Awarded	$	19.71		497,082			1,880,512			(1,383,430	)
Vested	$	15.97		(3,059,619	)		(3,059,619	)		—
Forfeited	$	20.75		(356,041	)		(119,637	)		(236,404	)
Outstanding at December 31, 2020	$	19.89		9,694,337			6,919,847			2,774,490
Granted	$	46.05		1,143,094			204,826			938,268		(3)
Awarded	$	25.80		310,147			1,272,554			(962,407	)
Vested	$	15.73		(3,223,964	)		(3,223,964	)		—
Forfeited	$	30.54		(315,168	)		(147,702	)		(167,466	)
Outstanding at December 31, 2021	$	21.59		7,608,446			5,025,561			2,582,885

(1)

Of the 1,014,269 performance-based shares granted in 2019, the payout for 501,384 shares may be increased up to 200% of the target or decreased to zero, subject to the level of performance attained. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

(2)

Of the 822,982 performance-based shares granted in 2020, the payout for 365,606 shares may be increased up to 200% of the target or decreased to zero, 20,611 shares may be increased up to 120% of the target or decreased to zero, 15,850 shares may be increased up to 150% of the target or decreased to zero and 56,226 shares may be increased up to 150% or decreased to 50% of target subject to the level of performance attained. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

(3)

Of the 938,268 performance-based shares granted in 2021, the payout for 486,679 shares may be increased up to 200% of the target or decreased to zero, 21,651 shares may be increased up to 120% of the target or decreased to zero and 3,886 shares may be increased up to 150% or decreased to 50% of target subject to the level of performance attained. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

The following table sets forth information as of December 31, 2021, 2020 and 2019, with respect to the number of time-based restricted shares granted and awarded, the number of performance-based restricted shares granted, and the number of performance-based restricted shares awarded under our Performance Stock Plan and 2010 and 2019 Stock Incentive Plans:


Year	Time-based restricted stock granted and awarded		Performance-based restricted stock granted			Performance-based restricted stock awarded
2021		204,826		938,268	(1)		1,272,554
2020		148,015		822,982	(2)		1,880,512
2019		797,778		1,014,269	(3)		1,954,983

(1)

(2)

(3)

At December 31, 2021, 7,569,607 shares were available for future grants under the 2019 SIP. This amount is calculated assuming the maximum payout for all grants.

Employee Stock Purchase Plan

The Company has a shareholder-approved Employee Stock Purchase Plan (“ESPP”) with a total of 34,000,000 authorized shares of which 4,527,511 were available for future subscriptions as of December 31, 2021. Employees of the Company who regularly work 20 hours or more per week are generally eligible to participate in the ESPP. Participants, through payroll deductions, may allot up to 10% of their compensation towards the purchase of a maximum of $25,000 worth of Company stock between August 1st of each year and the following July 31st (the “Subscription Period”) at a cost of 85% of the lower of the stock price as of the beginning or end of the Subscription Period.

The Company estimates the fair value of an ESPP share option as of the beginning of the Subscription Period as the sum of: (i) 15% of the quoted market price of the Company’s stock on the day prior to the beginning of the Subscription Period, and (ii) 85% of the value of a one-year stock option on the Company stock using the Black-Scholes option-pricing model. The estimated fair value of an ESPP share option as of the Subscription Period beginning in August 2021 was $11.60. The fair values of an ESPP share option as of the Subscription Periods beginning in August 2020 and 2019, were $12.43 and $7.46, respectively.

For the ESPP plan years ended July 31, 2021, 2020 and 2019, the Company issued 850,956, 962,131 and 976,303 shares of common stock, respectively. These shares were issued at an aggregate purchase price of $32.9 million, or $38.70 per share, in 2021, $29.3 million, or $30.51 per share, in 2020 and $24.0 million, or $24.63 per share, in 2019.

For the five months ended December 31, 2021, 2020 and 2019 (portions of the 2021-2022, 2020-2021 and 2019-2020 plan years), 354,911, 381,371 and 419,446 shares of common stock (from authorized but unissued shares), respectively, were subscribed to by ESPP participants for proceeds of approximately $16.4 million, $14.8 million and $12.8 million, respectively.

Summary of Non-Cash Stock-Based Compensation Expense

The non-cash stock-based compensation expense for the years ended December 31 is as follows:


(in thousands)	2021		2020		2019
Stock incentive plan	$	50,664	$	50,198	$	39,626
Employee stock purchase plan		9,953		8,789		6,504
Performance stock plan		401		762		864
Total	$	61,018	$	59,749	$	46,994

Summary of Unamortized Compensation Expense

As of December 31, 2021, the Company estimates there to be $135.1 million of unamortized compensation expense related to all non-vested stock-based compensation arrangements granted under the Company’s stock-based compensation plans, based upon current projections of grant measurement against performance criteria. That expense is expected to be recognized over a weighted average period of 3.36 years.

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

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

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

NOTE 13 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 2021, there were no additional deferrals under the CARES Act. The Company paid the first installment of $15.6 million in December 2021. The remaining balance of approximately $15.6 million of deferred employer payroll tax payments related to the CARES Act is expected to be paid in December 2022.

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 Consolidated Statements of Cash Flows for the year ended December 31, 2021.

The Company’s cash paid during the period for interest and income taxes are summarized as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Cash paid during the period for:
Interest	$	61,531	$	52,378	$	58,290
Income taxes, net of refunds	$	146,932	$	131,596	$	109,766

The Company’s significant non-cash investing and financing activities are summarized as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Other payables issued for agency acquisitions and purchased customer accounts	$	15,072	$	9,130	$	12,135
Estimated acquisition earn-out payables and related charges	$	75,761	$	131,397	$	82,872
Contingent payable issued for agency acquisition	$	24,114	$	—	$	—
Common stock issued for agency acquisition	$	9,892	$	—	$	—
Notes payable assumed for agency acquisition	$	1,355	$	—	$	—
Notes received on the sale of fixed assets and customer accounts	$	—	$	—	$	9,903

Our Restricted Cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, per agreement with our carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2021, 2020 and 2019.


	Balance as of December 31,
(in thousands)	2021		2020		2019
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	887,009	$	817,398	$	542,174
Restricted cash		583,247		454,517		420,801
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,470,256	$	1,271,915	$	962,975

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 14 Commitments and Contingencies

Legal Proceedings

The Company records losses for claims in excess of the limits of, or outside the coverage of, applicable insurance at the time and to the extent they are probable and estimable. In accordance with ASC Topic 450-Contingencies, the Company accrues anticipated costs of settlement, damages, losses for liability claims and, under certain conditions, costs of defense, based upon historical experience or to the extent specific losses are probable and estimable. Otherwise, the Company expenses these costs as incurred. If the best estimate of a probable loss is a range rather than a specific amount, the Company accrues the amount at the lower end of the range.

The Company’s accruals for legal matters that were probable and estimable were not material at December 31, 2021 and 2020. We continue 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, 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.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

NOTE 15 Leases

Substantially all of the Company's leases are classified as operating leases and primarily 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: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) 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 be paid on a secured borrowing in an amount equal to the lease payments for the underlying asset under similar terms and economic conditions. The Company 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 Consolidated Balance Sheets as of December 31, 2021 and 2020 is as follows:


(in thousands)		December 31, 2021		December 31, 2020
Balance Sheet
Assets:
Operating lease right-of-use assets		$	197,035	$	186,998
Total assets	Operating lease assets		197,035		186,998
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		43,441		43,542
Non-current operating lease liabilities	Operating lease liabilities		179,976		172,935
Total liabilities		$	223,417	$	216,477

As of December 31, 2021, the Company has entered into future lease agreements expected to commence in 2022 consisting of undiscounted lease liabilities of $18.8 million.

Variable lease cost represents 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.

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.

The components of lease cost for operating leases for the 12 months ended December 31, 2021 and 2020 were:


(in thousands)	For the year ended December 31, 2021			For the year ended December 31, 2020
Operating leases:
Lease cost	$	52,751		$	53,821
Variable lease cost		4,316			3,739
Short term lease cost		1,165			468
Operating lease cost		58,232			58,028
Sublease income		(1,661	)		(1,798	)
Total lease cost net	$	56,571		$	56,230

The weighted average remaining lease term and the weighted average discount rate for operating leases as of December 31, 2021 were:


Weighted-average remaining lease term			6.47
Weighted-average discount rate			2.72

Maturities of the operating lease liabilities by fiscal year at December 31, 2021 for the Company's operating leases are as follows:


(in thousands)	Operating Leases
2022	$	48,743
2023		44,794
2024		37,996
2025		31,587
2026		22,511
Thereafter		56,416
Total undiscounted lease payments		242,047
Less: Imputed interest		18,630
Present value of future lease payments	$	223,417

Supplemental cash flow information for operating leases:


(in thousands)	For the year ended December 31, 2021		For the year ended December 31, 2020
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	56,034	$	54,946
Right-of-use assets obtained in exchange for new operating liabilities	$	53,978	$	45,750

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

NOTE 16 Segment Information

Brown & Brown’s business is divided into four reportable segments: (i) 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, (ii) 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, (iii) 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 (iv) 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 all of its operations within the United States of America, except for a wholesale brokerage operation based in London, England, retail operations in Ireland, Bermuda and the Cayman Islands, and a national programs operation in Canada. These operations earned $78.0 million, $35.1 million and $17.7 million of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively. Long-lived assets held outside of the United States during each of these three years were not material.

The accounting policies of the reportable segments are the same as those described in Note 1. The Company evaluates the performance of its segments based upon revenues and income before income taxes. Intersegment revenues are eliminated.

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


	Year Ended December 31, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,767,938	$	701,850	$	403,417	$	178,860	$	(667	)	$	3,051,398
Investment income	$	278	$	550	$	155	$	3	$	113		$	1,099
Amortization	$	77,810	$	27,357	$	9,150	$	5,276	$	—		$	119,593
Depreciation	$	11,194	$	9,839	$	2,646	$	1,484	$	8,146		$	33,309
Interest expense	$	91,425	$	11,381	$	15,990	$	2,899	$	(56,714	)	$	64,981
Income before income taxes	$	334,377	$	242,334	$	94,845	$	28,257	$	63,010		$	762,823
Total assets	$	5,040,706	$	2,943,006	$	1,154,373	$	299,185	$	358,173		$	9,795,443
Capital expenditures	$	8,093	$	13,467	$	1,612	$	1,609	$	20,264		$	45,045


	Year Ended December 31, 2020
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,472,766	$	610,640	$	352,797	$	174,012	$	3,160		$	2,613,375
Investment income	$	163	$	756	$	184	$	—	$	1,708		$	2,811
Amortization	$	67,315	$	27,166	$	8,481	$	5,561	$	—		$	108,523
Depreciation	$	9,071	$	8,658	$	1,948	$	1,424	$	5,175		$	26,276
Interest expense	$	85,968	$	20,597	$	10,281	$	4,142	$	(62,015	)	$	58,973
Income before income taxes	$	262,245	$	182,892	$	93,593	$	27,994	$	57,375		$	624,099
Total assets	$	7,093,627	$	3,510,983	$	1,791,717	$	480,440	$	(3,910,275	)	$	8,966,492
Capital expenditures	$	13,175	$	7,208	$	3,324	$	1,424	$	45,569		$	70,700


	Year Ended December 31, 2019
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,367,261	$	518,384	$	310,087	$	193,781	$	2,658		$	2,392,171
Investment income	$	149	$	1,397	$	178	$	139	$	3,917		$	5,780
Amortization	$	63,146	$	25,482	$	11,191	$	5,479	$	—		$	105,298
Depreciation	$	7,390	$	6,791	$	1,674	$	1,229	$	6,333		$	23,417
Interest expense	$	87,295	$	16,690	$	4,756	$	4,404	$	(49,485	)	$	63,660
Income before income taxes	$	222,875	$	143,737	$	82,739	$	40,337	$	36,241		$	525,929
Total assets	$	6,413,459	$	3,110,368	$	1,390,250	$	481,336	$	(3,772,592	)	$	7,622,821
Capital expenditures	$	12,497	$	10,365	$	6,171	$	804	$	43,271		$	73,108

Historically, the total assets balance in the “Other” column has been negative, reflecting the historical accumulation of the purchase price for acquisitions which are funded at the corporate level, net of a portion returned to Corporate through intercompany interest charges, as well as the historical accumulation of payments for income taxes, dividends, and share repurchases which are paid by Corporate, but not pushed down to the segments. As of December 31, 2021, the Company settled the historical accumulation of the cash outlays paid by Corporate that gave rise to the related intercompany receivables and payables to better reflect the total assets of each segment.

- 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

Insurance Company WNFIC

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Insurance Company WNFIC

NOTE 17 Insurance Company WNFIC

Although the reinsurers are liable to the Company for amounts reinsured, our subsidiary, 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 at December 31 are as follows:


	2021				2020
(in thousands)	Written		Earned		Written		Earned
Direct premiums	$	747,384	$	732,777	$	728,109	$	716,515
Assumed premiums		—		—		—		—
Ceded premiums		747,366		732,759		728,093		716,499
Net premiums	$	18	$	18	$	16	$	16

All premiums written by WNFIC under the National Flood Insurance Program are 100.0% ceded to FEMA, for which WNFIC received a 30.0% expense allowance from January 1, 2021 through September 30, 2021 and a 29.9% expense allowance from October 1, 2021 through December 31, 2021. As of December 31, 2021 and 2020, the Company ceded $745.0 million and $725.8 million of written premiums for Federal Flood, respectively.

As of December 31, 2021, the Consolidated Balance Sheets contained Reinsurance recoverable of $63.1 million and Prepaid reinsurance premiums of $392.2 million. As of December 31, 2020, the Consolidated Balance Sheets contained reinsurance recoverable of $43.5 million and prepaid reinsurance premiums of $377.6 million. There was no net activity in the reserve for losses and loss adjustment expense for the years ended December 31, 2021 and 2020, as WNFIC’s direct premiums written were 100.0% ceded to two reinsurers. The balance of the reserve for losses and loss adjustment expense, excluding related reinsurance recoverables was $63.1 million as of December 31, 2021 and $43.5 million as of December 31, 2020.

WNFIC maintains capital in excess of minimum statutory amount of $7.5 million as required by regulatory authorities. The statutory capital and surplus of WNFIC was $33.1 million as of December 31, 2021 and $32.6 million as of December 31, 2020. As of December 31, 2021 and 2020, WNFIC generated statutory net income of $1.6 million and $0.8 million, respectively. The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12 month period is limited to the greater of 10.0% of statutory adjusted capital and surplus of 100.0% of adjusted net income. There was no dividend payout in 2020 and 2021 and the maximum dividend payout that may be made in 2022 without prior approval is $3.3 million.

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity

NOTE 18 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. On May 1, 2019, the Company's board of directors authorized the purchasing of up to an additional $372.5 million of the Company's outstanding common stock.

During 2021, the Company repurchased 1,811,853 shares at an average price of $45.57 for a total cost of $82.6 million under the current share repurchase authorization. During 2020, the Company repurchased 1,234,417 shares at an average price of $44.63 for a total cost of $55.1 million under the current share repurchase authorization. At December 31, 2021, the remaining amount authorized by our board of directors for share repurchases was approximately $323.6 million. Under the authorized repurchase programs, the Company has repurchased approximately 18.5 million shares for an aggregate cost of approximately $673.9 million between 2014 and 2021.

During 2021, the Company paid an annualized dividend of $0.380 per share for a total of $107.2 million in annualized dividends paid. During 2020, the Company paid an annualized dividend of $0.348 per share for a total $100.6 million in annualized dividends paid. On January 20, 2022 the board of directors approved a dividend of $0.1025 per share payable on February 16, 2022 to shareholders of record on
February 4, 2022.

During 2021, the Company issued 184,772 shares valued at $9.9 million associated with business combinations. During 2020, the Company issued 722,939 shares valued at $30.1 million associated with business combinations.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Nature of Operations

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Standards

Principle of Consolidation

Principles of Consolidation

Revenue Recognition

Management determines the policy cancellation reserve based upon historical cancellation experience adjusted for any known circumstances.

Use of Estimates

Cash and Cash Equivalents

Restricted Cash and Investments Premiums Commissions and Fees Receivable

Restricted Cash and Investments, and Premiums, Commissions and Fees Receivable

Investments

Fixed Assets

Goodwill and Amortizable Intangible Assets

Income Taxes

Net Income Per Share

The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31:


(in thousands, except per share data)	2021			2020			2019
Net income	$	587,104		$	480,483		$	398,514
Net income attributable to unvested awarded performance stock		(12,942	)		(15,197	)		(12,873	)
Net income attributable to common shares	$	574,162		$	465,286		$	385,641
Weighted average number of common shares outstanding – basic		282,246			283,294			281,566
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(6,222	)		(8,960	)		(9,095	)
Weighted average number of common shares outstanding for basic earnings per common share		276,024			274,334			272,471
Dilutive effect of stock options		1,390			1,533			2,145
Weighted average number of shares outstanding – diluted		277,414			275,867			274,616
Net income per share:
Basic	$	2.08		$	1.70		$	1.42
Diluted	$	2.07		$	1.69		$	1.40

Fair Value of Financial Instruments

Non-Cash Stock-Based Compensation

Reinsurance

Unpaid Losses and Loss Adjustment Reserve

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Reconciliation between Basic and Diluted Weighted Average Shares Outstanding

The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31:


(in thousands, except per share data)	2021			2020			2019
Net income	$	587,104		$	480,483		$	398,514
Net income attributable to unvested awarded performance stock		(12,942	)		(15,197	)		(12,873	)
Net income attributable to common shares	$	574,162		$	465,286		$	385,641
Weighted average number of common shares outstanding – basic		282,246			283,294			281,566
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(6,222	)		(8,960	)		(9,095	)
Weighted average number of common shares outstanding for basic earnings per common share		276,024			274,334			272,471
Dilutive effect of stock options		1,390			1,533			2,145
Weighted average number of shares outstanding – diluted		277,414			275,867			274,616
Net income per share:
Basic	$	2.08		$	1.70		$	1.42
Diluted	$	2.07		$	1.69		$	1.40

Revenues (Tables)

12 Months Ended

Dec. 31, 2021

Revenues [Abstract]

Schedule of Disaggregated by Revenue

The following tables present the revenues disaggregated by revenue source:


	For the year ended December 31, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,198,129	$	488,787	$	323,054	$	—	$	42		$	2,010,012
Fees(2)		414,937		173,790		67,233		178,857		(1,787	)		833,030
Incentive commissions(3)		98,254		1,653		3,342		—		—			103,249
Profit-sharing contingent commissions(4)		38,895		35,259		8,072		—		—			82,226
Guaranteed supplemental commissions(5)		16,452		1,619		934		—		—			19,005
Investment income(6)		278		550		155		3		113			1,099
Other income, net(7)		993		192		627		—		965			2,777
Total Revenues	$	1,767,938	$	701,850	$	403,417	$	178,860	$	(667	)	$	3,051,398


	For the year ended December 31, 2020
(in thousands)	Retail		National Programs			Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,054,619	$	422,916		$	273,878	$	—	$	1		$	1,751,414
Fees(2)		275,900		159,337			66,051		174,012		(1,291	)		674,009
Incentive commissions(3)		89,920		549			3,057		—		31			93,557
Profit-sharing contingent commissions(4)		35,785		27,278			7,871		—		—			70,934
Guaranteed supplemental commissions(5)		15,128		(238	)		1,304		—		—			16,194
Investment income(6)		163		756			184		—		1,708			2,811
Other income, net(7)		1,251		42			452		—		2,711			4,456
Total Revenues	$	1,472,766	$	610,640		$	352,797	$	174,012	$	3,160		$	2,613,375

(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.

(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 December 31, 2021 and 2020 were as follows:


(in thousands)	December 31, 2021		December 31, 2020
Contract assets	$	361,834	$	308,755
Contract liabilities	$	97,933	$	80,997

Business Combinations (Tables)

12 Months Ended

Dec. 31, 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
Berkshire Insurance Group, Inc. (Berkshire)	Retail	September 1, 2021		41,500		—		—		—		41,500		—
AGIS Network, Inc. (AGIS) (1)	Retail	September 1, 2021		11,203		—		24,114		739		36,056		12,289
Winston Financial Services, Inc. (Winston)	Retail	October 1, 2021		79,461		5,000		7,724		16,427		108,612		29,000
Remedy Analytics, Inc. (Remedy)	Retail	October 1, 2021		40,762		—		473		7,364		48,599		25,000
Heacock Insurance Group, LLC (Heacock)	Retail	October 1, 2021		18,248		—		455		1,900		20,603		6,000
Corporate Insurance Advisors, L.L.C. (CIA)	Retail	December 1, 2021		15,314		—		181		6,542		22,037		14,000
Rainmaker Advisory, LLC (Rainmaker)	Retail	December 1, 2021		14,174		—		776		5,937		20,887		10,000
HARCO Insurance Services, Inc. (HARCO)	Retail	December 31, 2021		24,266		—		1,000		4,423		29,689		7,350
Other	Various	Various		18,849		—		3,066		7,227		29,142		13,118
Total			$	424,613	$	9,892	$	39,186	$	75,761	$	549,452	$	162,332


(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
Special Risk Insurance Managers Ltd. (Special Risk)	National Programs	January 1, 2020	$	70,156	$	—	$	—	$	9,859	$	80,015	$	14,650
Texas All Risk General Agency, Inc. et al (Texas Risk)	Wholesale Brokerage	January 1, 2020		10,511		—		159		310		10,980		1,150
The Colonial Group, Inc. et al (Colonial)	Wholesale Brokerage	March 1, 2020		29,037		—		527		7,577		37,141		10,150
RLA Insurance Intermediaries, LLC (RLA)	Wholesale Brokerage	March 1, 2020		42,496		—		786		11,687		54,969		22,500
Dealer Financial Services of N.C., LLC d/b/a The Sterling Group (Sterling)	Retail	April 1, 2020		19,341		—		300		4,129		23,770		5,400
LP Insurance Services, LLC (LP)	National Programs	May 1, 2020		115,948		10,000		318		23,394		149,660		75,850
First Resource, Inc. (First)	Retail	July 1, 2020		10,700		—		450		3,776		14,926		5,800
Buiten & Associates, LLC (Buiten)	Retail	August 1, 2020		38,225		—		1,175		7,448		46,848		14,175
Amity Insurance, Inc. (Amity)	Retail	August 1, 2020		14,820		2,000		200		1,860		18,880		4,060
Frank E. Neal & Co., Inc. (Neal)	Retail	September 1, 2020		32,589		3,120		345		5,732		41,786		10,325
BrookStone Insurance Group, LLC (BrookStone)	Retail	September 1, 2020		12,030		—		—		1,058		13,088		1,878
VAS GenPar, LLC (VAS)	Retail	October 1, 2020		114,249		15,000		—		23,274		152,523		48,000
Bright & Associates, Inc. (Bright)	Retail	October 1, 2020		12,528		—		1,257		3,854		17,639		5,775
J.E. Brown & Associates Insurance Services, Inc. (J.E. Brown)	Wholesale Brokerage	October 1, 2020		33,331		—		1,030		5,947		40,308		10,425
CoverHound, Inc. and CyberPolicy, Inc. (CoverHound)	Retail	November 1, 2020		27,595		—		600		—		28,195		—
MAJ Companies, Ltd. (MAJ)	Retail	December 1, 2020		19,072		—		300		2,006		21,378		6,475
South & Western General Agency, Inc. (South & Western)	Wholesale Brokerage	December 1, 2020		69,673		—		1,193		7,294		78,160		18,000
Berry Insurance Group, Inc. (Berry)	Retail	December 31, 2020		35,326		—		—		3,694		39,020		6,500
Other	Various	Various		14,888		—		490		8,498		23,876		12,337
Total			$	722,515	$	30,120	$	9,130	$	131,397	$	893,162	$	273,450


(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
Smith Insurance Associates, Inc. (Smith)	Retail	February 1, 2019	$	20,129	$	—	$	0	$	2,704	$	22,833	$	4,550
Donald P. Pipino Company, LTD (Pipino)	Retail	February 1, 2019		16,420		—		135		9,821		26,376		12,996
AGA Enterprises, LLC d/b/a Cossio Insurance Agency (Cossio)	Retail	March 1, 2019		13,990		—		10		696		14,696		2,000
Medval, LLC (Medval)	Services	March 1, 2019		29,106		—		100		1,684		30,890		2,500
United Development Systems, Inc. (United)	Retail	May 1, 2019		18,987		—		388		3,268		22,643		8,625
Twinbrook Insurance Brokerage, Inc. (Twinbrook)	Retail	June 1, 2019		26,251		—		400		1,565		28,216		5,073
Innovative Risk Solutions, Inc. (IRS)	Retail	July 1, 2019		26,435		—		2,465		6,109		35,009		9,000
WBR Insurance Agency, LLC et al (WBR)	Retail	August 1, 2019		10,667		—		203		2,197		13,067		4,575
West Ridge Insurance Agency, Inc. d/b/a Yozell Associates (Yozell)	Retail	August 1, 2019		13,030		—		470		768		14,268		6,730
CKP Insurance, LLC (CKP)	Retail	August 1, 2019		89,190		20,000		4,000		38,093		151,283		76,500
Poole Professional Ltd. Insurance Agents and Brokers et al (Poole)	Retail	October 1, 2019		32,358		—		75		4,556		36,989		6,850
VerHagen Glendenning & Walker LLP (VGW)	Retail	October 1, 2019		23,032		—		1,498		2,385		26,915		8,170
Other	Various	Various		36,665		—		2,391		9,026		48,082		14,454
Total			$	356,260	$	20,000	$	12,135	$	82,872	$	471,267	$	162,023

Estimated Fair Values of Aggregate Assets and Liabilities Acquired


(in thousands)	O'Leary			Piper		Berkshire			AGIS		Winston			Remedy
Cash	$	45,441		$	—	$	—		$	—	$	5,024		$	6,675
Other current assets		43,350			2,397		1,621			13,693		7,527			1,786
Fixed assets		544			9		9			20		1,185			151
Goodwill		84,619			40,019		27,059			8,715		74,441			33,255
Purchased customer accounts		40,459			12,233		12,313			13,577		25,006			13,697
Non-compete agreements		819			21		11			51		872			508
Other assets		135		—			504			—		27			1,354
Total assets acquired		215,367			54,679		41,517			36,056		114,082			57,426
Other current liabilities		(72,649	)		—		(17	)		—		(5,470	)		(5,233	)
Deferred income tax, net		(5,057	)		—		—			—		—			(3,594	)
Other liabilities		(13	)	—		—			—		—				—
Total liabilities assumed		(77,719	)		—		(17	)		—		(5,470	)		(8,827	)
Net assets acquired	$	137,648		$	54,679	$	41,500		$	36,056	$	108,612		$	48,599


(in thousands)	Heacock			CIA			Rainmaker		HARCO			Other			Total
Cash	$	—		$	—		$	—	$	—		$	692		$	57,832
Other current assets		738			32			—		737			5,060			76,941
Fixed assets		39			11			8		63			14			2,053
Goodwill		13,910			17,310			15,029		20,609			15,007			349,973
Purchased customer accounts		5,800			4,781			5,838		8,183			11,735			153,622
Non-compete agreements		31			11			12		32			150			2,518
Other assets		382			278		—			493			259			3,432
Total assets acquired		20,900			22,423			20,887		30,117			32,917			646,371
Other current liabilities		(297	)		(386	)		—		(428	)		(3,775	)		(88,255	)
Deferred income tax, net		—			—			—		—			—			(8,651	)
Other liabilities		—		—			—		—			—				(13	)
Total liabilities assumed		(297	)		(386	)		—		(428	)		(3,775	)		(96,919	)
Net assets acquired	$	20,603		$	22,037		$	20,887	$	29,689		$	29,142		$	549,452


(in thousands)	Special Risk			Texas Risk			Colonial			RLA			Sterling			LP			First			Buiten			Amity			Neal
Cash	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other current assets		2,477			446			1,344		—				612			3,162			302			2,595			653			2,337
Fixed assets		345			27			59			55			16			1,877			1			43			58			46
Goodwill		63,087			8,940			27,845			53,567			17,339			99,983			9,523			33,641			15,454			28,929
Purchased customer accounts		14,286			3,222			9,205			12,309			5,962			44,801			5,095			11,323			5,614			13,225
Non-compete agreements		136			25			43			481			21			31			21			91			21			31
Other assets	—			—			—			—			—			—			—			—			—				274
Total assets acquired		80,331			12,660			38,496			66,412			23,950			149,854			14,942			47,693			21,800			44,842
Other current liabilities		(316	)		(1,680	)		(1,355	)		(11,443	)		(180	)		(10	)		(16	)		(845	)		(2,920	)		(3,056	)
Other liabilities	—			—			—			—			—				(184	)		—		—			—			—
Total liabilities assumed		(316	)		(1,680	)		(1,355	)		(11,443	)		(180	)		(194	)		(16	)		(845	)		(2,920	)		(3,056	)
Net assets acquired	$	80,015		$	10,980		$	37,141		$	54,969		$	23,770		$	149,660		$	14,926		$	46,848		$	18,880		$	41,786


(in thousands)	Brook Stone			VAS			Bright			J.E. Brown			Cover Hound			MAJ			South & Western			Berry			Other			Total
Cash	$	—		$	27,673		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	27,673
Other current assets		527			5,486			402			—			375			413			—			—			912			22,043
Fixed assets		22			138			23			32			6,441			—			149			30			25			9,387
Goodwill		8,585			100,826			12,218			31,476			19,524			13,003			63,128			29,702			11,325			648,095
Purchased customer accounts		3,689			48,188			5,055			9,479			3,678			8,034			18,513			9,701			8,582			239,961
Non-compete agreements		21			101			42			41			—			11			21			11			64			1,213
Other assets		290			—			—			—			—			—			—			—			3,088			3,652
Total assets acquired		13,134			182,412			17,740			41,028			30,018			21,461			81,811			39,444			23,996			952,024
Other current liabilities		(46	)		(3,760	)		(101	)		(720	)		(1,823	)		(83	)		(3,651	)		(424	)		(120	)		(32,549	)
Other liabilities	—				(26,129	)		—			—			—			—			—			—			—			(26,313	)
Total liabilities assumed		(46	)		(29,889	)		(101	)		(720	)		(1,823	)		(83	)		(3,651	)		(424	)		(120	)		(58,862	)
Net assets acquired	$	13,088		$	152,523		$	17,639		$	40,308		$	28,195		$	21,378		$	78,160		$	39,020		$	23,876		$	893,162

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition.


(in thousands)	Smith			Pipino			Cossio			Medval			United			Twinbrook			IRS			WBR			Yozell		CKP
Cash	$	—		$	—		$	—		$	3,217		$	—		$	—		$	—		$	—		$	—	$	—
Other current assets		680			819			236			1,708			477			919			1,375			449			1,781		9,170
Fixed assets		39			112			29			50			20			85			11			10			12		193
Goodwill		16,042			16,765			10,010			19,108			15,111			18,935			24,938			9,096			8,904		110,495
Purchased customer accounts		6,500			11,360			4,403			7,300			7,065			8,557			8,800			4,022			3,550		32,274
Non-compete agreements		41			11			21			1			11			12			11			34			21		21
Other assets		—			772			—			15			—			—			—			—			—		—
Total assets acquired		23,302			29,839			14,699			31,399			22,684			28,508			35,135			13,611			14,268		152,153
Other current liabilities		(469	)		(3,463	)		(3	)		(480	)		(41	)		(292	)		(126	)		(166	)		—		(870	)
Deferred income tax, net		—			—			—			(29	)		—			—			—			(378	)		—		—
Total liabilities assumed		(469	)		(3,463	)		(3	)		(509	)		(41	)		(292	)		(126	)		(544	)		—		(870	)
Net assets acquired	$	22,833		$	26,376		$	14,696		$	30,890		$	22,643		$	28,216		$	35,009		$	13,067		$	14,268	$	151,283


(in thousands)	Poole			VGW			Other			Total
Cash	$	—		$	—		$	—		$	3,217
Other current assets		938			1,190			(6,786	)		12,956
Fixed assets		4			20			(130	)		455
Goodwill		28,233			16,595			34,314			328,546
Purchased customer accounts		10,359			9,092			15,020			128,302
Non-compete agreements		33			34			161			412
Other assets		—			—			(732	)		55
Total assets acquired		39,567			26,931			41,847			473,943
Other current liabilities		(2,578	)		(16	)		6,235			(2,269	)
Other liabilities		—			—			—			(407	)
Total liabilities assumed		(2,578	)		(16	)		6,235			(2,676	)
Net assets acquired	$	36,989		$	26,915		$	48,082		$	471,267

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)	Year Ended December 31,
(in thousands, except per share data)	2021		2020
Total revenues	$	3,128,530	$	2,751,167
Income before income taxes	$	779,533	$	653,270
Net income	$	599,964	$	502,942
Net income per share:
Basic	$	2.13	$	1.78
Diluted	$	2.12	$	1.77
Weighted average number of shares outstanding:
Basic		276,024		274,334
Diluted		277,414		275,867


(UNAUDITED)	Year Ended December 31,
(in thousands, except per share data)	2020		2019
Total revenues	$	2,714,314	$	2,579,075
Income before income taxes	$	650,618	$	576,355
Net income	$	500,900	$	436,722
Net income per share:
Basic	$	1.77	$	1.55
Diluted	$	1.76	$	1.54
Weighted average number of shares outstanding:
Basic		274,334		272,471
Diluted		275,867		274,616


(UNAUDITED)	Year Ended December 31,
(in thousands, except per share data)	2019
Total revenues	$	2,447,401
Income before income taxes	$	545,182
Net income	$	412,974
Net income per share:
Basic	$	1.47
Diluted	$	1.46
Weighted average number of shares outstanding:
Basic		272,471
Diluted		274,616

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 years ended December 31, 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
(in thousands)	2021			2020			2019
Balance as of the beginning of the period	$	258,943		$	161,513		$	89,924
Additions to estimated acquisition earn-out payables from new acquisitions		75,761			131,397			82,872
Payments for estimated acquisition earn-out payables		(83,581	)		(29,509	)		(9,917	)
Subtotal		251,123			263,401			162,879
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		34,209			(11,814	)		(7,298	)
Interest expense accretion		6,236			7,356			5,932
Net change in earnings from estimated acquisition earn- out payables		40,445			(4,458	)		(1,366	)
Foreign currency translation adjustments during the year		(521	)		—			—
Balance as of December 31,	$	291,047		$	258,943		$	161,513

Goodwill (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, are as follows:


(in thousands)	Retail			National Programs			Wholesale Brokerage		Services		Total
Balance as of January 1, 2020	$	2,351,291		$	925,541		$	298,101	$	171,161	$	3,746,094
Goodwill of acquired businesses		299,961			163,070			184,956		108		648,095
Goodwill disposed of relating to sales of businesses		(782	)		—			—		—		(782	)
Foreign currency translation adjustments during the year		—			2,511			—		—		2,511
Balance as of December 31, 2020	$	2,650,470		$	1,091,122		$	483,057	$	171,269	$	4,395,918
Goodwill of acquired businesses		345,961			(1,337	)		5,349		—		349,973
Goodwill disposed of relating to sales of businesses		(3,050	)		—			—		—		(3,050	)
Foreign currency translation adjustments during the year		(6,135	)		122			—		—		(6,013	)
Balance as of December 31, 2021	$	2,987,246		$	1,089,907		$	488,406	$	171,269	$	4,736,828

Amortizable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

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


	December 31, 2021									December 31, 2020
(in thousands)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life in years(1)		Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life in years(1)
Purchased customer accounts	$	2,311,605	$	(1,235,261	)	$	1,076,344		14.9	$	2,164,968	$	(1,118,316	)	$	1,046,652		15.0
Non-compete agreements		37,587		(32,466	)		5,121		4.5		35,093		(32,085	)		3,008		4.6
Total	$	2,349,192	$	(1,267,727	)	$	1,081,465			$	2,200,061	$	(1,150,401	)	$	1,049,660

(1)

Weighted average life calculated as of the date of acquisition.

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Amortized Cost and Fair Values of Fixed Maturity Securities

At December 31, 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	$	30,232	$	152	$	(363	)	$	30,021
Corporate debt		8,259		108		(62	)		8,305
Total	$	38,491	$	260	$	(425	)	$	38,326

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	$	16,792	$	(322	)	$	959	$	(41	)	$	17,751	$	(363	)
Corporate debt		3,920		(62	)		—		—			3,920		(62	)
Total	$	20,712	$	(384	)	$	959	$	(41	)	$	21,671	$	(425	)


	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 December 31, 2021 by contractual maturity are set forth below:


(in thousands)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	7,298	$	7,356
Due after one year through five years		30,193		30,011
Due after five years through ten years		1,000		959
Total	$	38,491	$	38,326

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 through ten years		1,000		995
Total	$	35,562	$	36,254

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets at December 31 consisted of the following:


(in thousands)	2021			2020
Furniture, fixtures, equipment and software	$	259,081		$	259,524
Leasehold improvements		52,142			42,261
Construction in progress		—			81,736
Land, buildings and improvements		97,200			8,428
Total cost		408,423			391,949
Less accumulated depreciation and amortization		(196,390	)		(190,834	)
Total	$	212,033		$	201,115

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities at December 31 consisted of the following:


(in thousands)	2021		2020
Accrued incentive compensation	$	216,721	$	159,356
Accrued compensation and benefits		53,547		41,550
Lease liability(1)		43,441		43,542
Deferred revenue		67,450		53,956
Reserve for policy cancellations		29,213		31,081
Accrued interest		15,871		15,260
Accrued rent and vendor expenses		7,552		6,682
Other		22,364		20,310
Total	$	456,159	$	371,737

The Lease liability is the current portion of the Operating lease liabilities as reflected in the Consolidated Balance Sheets as of December 31, 2021 and 2020.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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


(in thousands)	December 31, 2021			December 31, 2020
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	12,500		$	—
Current portion of 5-year term loan facility expires 2022		—			40,000
Current portion of 5-year term loan credit agreement expires 2023		30,000			30,000
Total current portion of long-term debt		42,500			70,000
Long-term debt:
Note agreements:
4.200% Senior Notes, semi-annual interest payments, balloon due 2024		499,574			499,416
4.500% Senior Notes, semi-annual interest payments, balloon due 2029		349,596			349,540
2.375% Senior Note due 2031, semi-annual interest payments, balloon due 2031		699,325			699,252
Total notes		1,548,495			1,548,208
Credit agreements:
5-year term loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires October 27, 2026		234,375			—
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, currently LIBOR plus up to 1.500%, plus commitment fees up to 0.225%, expires October 27, 2026		—			—
5-year revolving loan facility, periodic interest payments, currently 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		210,000			240,000
Total credit agreements		444,375			490,000
Debt issuance costs (contra)		(12,433	)		(12,302	)
Total long-term debt less unamortized discount and debt issuance costs		1,980,437			2,025,906
Current portion of long-term debt		42,500			70,000
Total debt	$	2,022,937		$	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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
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-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: 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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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Significant components of the provision for income taxes for the years ended December 31 are as follows:


(in thousands)	2021		2020			2019
Current:
Federal	$	106,763	$	93,620		$	85,507
State		32,635		34,123			28,905
Foreign		1,831		325			620
Total current provision		141,229		128,068			115,032
Deferred:
Federal		27,963		11,655			14,994
State		4,954		4,119			(2,587	)
Foreign		1,573		(226	)		(24	)
Total deferred provision		34,490		15,548			12,383
Total tax provision	$	175,719	$	143,616		$	127,415

Schedule of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate

A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows:


	2021			2020			2019
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		4.7			5.3			3.8
Non-deductible employee stock purchase plan expense		0.2			0.3			0.3
Non-deductible meals and entertainment		0.0			0.1			0.3
Non-deductible officers’ compensation		0.4			0.3			0.2
Stock Vesting under ASU 2016-19		(3.6	)		(3.5	)		(1.1	)
Other, net		0.3			(0.5	)		(0.3	)
Effective tax rate		23.0	%		23.0	%		24.2	%

Schedule of Components of Net Deferred Tax Liabilities

Significant components of the Company’s net deferred tax liabilities as of December 31 are as follows:


(in thousands)	2021			2020
Non-current deferred tax liabilities:
Intangible assets	$	440,238		$	400,335
Fixed assets		20,004			11,740
ASC 842 ROU Asset		47,663			46,730
Impact of adoption of ASC 606 revenue recognition		15,216			19,928
Net unrealized holding (loss)/gain on available-for-sale securities		(41	)		176
Total non-current deferred tax liabilities		523,080			478,909
Non-current deferred tax assets:
Deferred compensation		66,354			59,897
Accruals and reserves		15,708			19,497
ASC 842 lease liabilities		53,343			53,150
Net operating loss carryforwards and 163(j) disallowed carryforwards		1,910			3,168
Valuation allowance for deferred tax assets		(1,029	)		(1,025	)
Total non-current deferred tax assets		136,286			134,687
Net non-current deferred tax liability	$	386,794		$	344,222

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2021			2020			2019
Unrecognized tax benefits balance at January 1	$	1,267		$	1,127		$	1,639
Gross increases for tax positions of prior years		270			848			778
Gross decreases for tax positions of prior years		(446	)		(708	)		(791	)
Settlements		(174	)		—			(499	)
Unrecognized tax benefits balance at December 31	$	917		$	1,267		$	1,127

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Stock Option Activity

A summary of PSP activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2019	$	5.03		1,196,092			1,196,092			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	5.29		(115,040	)		(115,040	)		—
Forfeited	$	4.74		(29,760	)		(29,760	)		—
Outstanding at December 31, 2019	$	5.00		1,051,292			1,051,292			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	6.06		(119,072	)		(119,072	)		—
Forfeited	$	5.03		(22,392	)		(22,392	)		—
Outstanding at December 31, 2020	$	4.86		909,828			909,828			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.73		(45,736	)		(45,736	)		—
Forfeited	$	5.50		(24,250	)		(24,250	)		—
Outstanding at December 31, 2021	$	4.87		839,842			839,842			—

A summary of 2010 SIP and 2019 SIP activity for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2019	$	16.69		11,102,375			6,595,319			4,507,056
Granted	$	28.53		1,812,047			797,778			1,014,269		(1)
Awarded	$	17.26		299,339			1,954,983			(1,655,644	)
Vested	$	14.29		(1,068,211	)		(1,068,211	)		—
Forfeited	$	19.09		(503,632	)		(209,293	)		(294,339	)
Outstanding at December 31, 2019	$	18.10		11,641,918			8,070,576			3,571,342
Granted	$	46.58		970,997			148,015			822,982		(2)
Awarded	$	19.71		497,082			1,880,512			(1,383,430	)
Vested	$	15.97		(3,059,619	)		(3,059,619	)		—
Forfeited	$	20.75		(356,041	)		(119,637	)		(236,404	)
Outstanding at December 31, 2020	$	19.89		9,694,337			6,919,847			2,774,490
Granted	$	46.05		1,143,094			204,826			938,268		(3)
Awarded	$	25.80		310,147			1,272,554			(962,407	)
Vested	$	15.73		(3,223,964	)		(3,223,964	)		—
Forfeited	$	30.54		(315,168	)		(147,702	)		(167,466	)
Outstanding at December 31, 2021	$	21.59		7,608,446			5,025,561			2,582,885

(1)

(2)

(3)

Summary of Non-Cash Stock-Based Compensation Expense

The non-cash stock-based compensation expense for the years ended December 31 is as follows:


(in thousands)	2021		2020		2019
Stock incentive plan	$	50,664	$	50,198	$	39,626
Employee stock purchase plan		9,953		8,789		6,504
Performance stock plan		401		762		864
Total	$	61,018	$	59,749	$	46,994

2010 Stock Incentive Plan

Schedule of Performance Stock Plan and 2010 Stock Incentive Plan


Year	Time-based restricted stock granted and awarded		Performance-based restricted stock granted			Performance-based restricted stock awarded
2021		204,826		938,268	(1)		1,272,554
2020		148,015		822,982	(2)		1,880,512
2019		797,778		1,014,269	(3)		1,954,983

(1)

(2)

(3)

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

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Summary of Cash Paid for Interest and Income Taxes

The Company’s cash paid during the period for interest and income taxes are summarized as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Cash paid during the period for:
Interest	$	61,531	$	52,378	$	58,290
Income taxes, net of refunds	$	146,932	$	131,596	$	109,766

Summary of Significant Non-Cash Investing and Financing Activities

The Company’s significant non-cash investing and financing activities are summarized as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Other payables issued for agency acquisitions and purchased customer accounts	$	15,072	$	9,130	$	12,135
Estimated acquisition earn-out payables and related charges	$	75,761	$	131,397	$	82,872
Contingent payable issued for agency acquisition	$	24,114	$	—	$	—
Common stock issued for agency acquisition	$	9,892	$	—	$	—
Notes payable assumed for agency acquisition	$	1,355	$	—	$	—
Notes received on the sale of fixed assets and customer accounts	$	—	$	—	$	9,903

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 December 31, 2021, 2020 and 2019.


	Balance as of December 31,
(in thousands)	2021		2020		2019
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	887,009	$	817,398	$	542,174
Restricted cash		583,247		454,517		420,801
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,470,256	$	1,271,915	$	962,975

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

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

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Consolidated Balance Sheets as of December 31, 2021 and 2020 is as follows:


(in thousands)		December 31, 2021		December 31, 2020
Balance Sheet
Assets:
Operating lease right-of-use assets		$	197,035	$	186,998
Total assets	Operating lease assets		197,035		186,998
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		43,441		43,542
Non-current operating lease liabilities	Operating lease liabilities		179,976		172,935
Total liabilities		$	223,417	$	216,477

Schedule of Components of Lease Cost for Operating Leases

The components of lease cost for operating leases for the 12 months ended December 31, 2021 and 2020 were:


(in thousands)	For the year ended December 31, 2021			For the year ended December 31, 2020
Operating leases:
Lease cost	$	52,751		$	53,821
Variable lease cost		4,316			3,739
Short term lease cost		1,165			468
Operating lease cost		58,232			58,028
Sublease income		(1,661	)		(1,798	)
Total lease cost net	$	56,571		$	56,230

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 December 31, 2021 were:


Weighted-average remaining lease term			6.47
Weighted-average discount rate			2.72

Schedule of Maturities of Operating Lease Liabilities

Maturities of the operating lease liabilities by fiscal year at December 31, 2021 for the Company's operating leases are as follows:


(in thousands)	Operating Leases
2022	$	48,743
2023		44,794
2024		37,996
2025		31,587
2026		22,511
Thereafter		56,416
Total undiscounted lease payments		242,047
Less: Imputed interest		18,630
Present value of future lease payments	$	223,417

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information for operating leases:


(in thousands)	For the year ended December 31, 2021		For the year ended December 31, 2020
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	56,034	$	54,946
Right-of-use assets obtained in exchange for new operating liabilities	$	53,978	$	45,750

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summarized Financial Information Reportable Segments


	Year Ended December 31, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,767,938	$	701,850	$	403,417	$	178,860	$	(667	)	$	3,051,398
Investment income	$	278	$	550	$	155	$	3	$	113		$	1,099
Amortization	$	77,810	$	27,357	$	9,150	$	5,276	$	—		$	119,593
Depreciation	$	11,194	$	9,839	$	2,646	$	1,484	$	8,146		$	33,309
Interest expense	$	91,425	$	11,381	$	15,990	$	2,899	$	(56,714	)	$	64,981
Income before income taxes	$	334,377	$	242,334	$	94,845	$	28,257	$	63,010		$	762,823
Total assets	$	5,040,706	$	2,943,006	$	1,154,373	$	299,185	$	358,173		$	9,795,443
Capital expenditures	$	8,093	$	13,467	$	1,612	$	1,609	$	20,264		$	45,045


	Year Ended December 31, 2020
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,472,766	$	610,640	$	352,797	$	174,012	$	3,160		$	2,613,375
Investment income	$	163	$	756	$	184	$	—	$	1,708		$	2,811
Amortization	$	67,315	$	27,166	$	8,481	$	5,561	$	—		$	108,523
Depreciation	$	9,071	$	8,658	$	1,948	$	1,424	$	5,175		$	26,276
Interest expense	$	85,968	$	20,597	$	10,281	$	4,142	$	(62,015	)	$	58,973
Income before income taxes	$	262,245	$	182,892	$	93,593	$	27,994	$	57,375		$	624,099
Total assets	$	7,093,627	$	3,510,983	$	1,791,717	$	480,440	$	(3,910,275	)	$	8,966,492
Capital expenditures	$	13,175	$	7,208	$	3,324	$	1,424	$	45,569		$	70,700


	Year Ended December 31, 2019
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,367,261	$	518,384	$	310,087	$	193,781	$	2,658		$	2,392,171
Investment income	$	149	$	1,397	$	178	$	139	$	3,917		$	5,780
Amortization	$	63,146	$	25,482	$	11,191	$	5,479	$	—		$	105,298
Depreciation	$	7,390	$	6,791	$	1,674	$	1,229	$	6,333		$	23,417
Interest expense	$	87,295	$	16,690	$	4,756	$	4,404	$	(49,485	)	$	63,660
Income before income taxes	$	222,875	$	143,737	$	82,739	$	40,337	$	36,241		$	525,929
Total assets	$	6,413,459	$	3,110,368	$	1,390,250	$	481,336	$	(3,772,592	)	$	7,622,821
Capital expenditures	$	12,497	$	10,365	$	6,171	$	804	$	43,271		$	73,108

Insurance Company WNFIC (Tables)

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Effects of Reinsurance on Premiums Written and Earned

The effects of reinsurance on premiums written and earned at December 31 are as follows:


	2021				2020
(in thousands)	Written		Earned		Written		Earned
Direct premiums	$	747,384	$	732,777	$	728,109	$	716,515
Assumed premiums		—		—		—		—
Ceded premiums		747,366		732,759		728,093		716,499
Net premiums	$	18	$	18	$	16	$	16

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of reportable segments \| Segment	4
Average Annual EBITDAC, operating profit earned period maximum	3 years
Accumulated impairment losses	$ 0
Goodwill impairment loss	0
Long-term Debt, Fair Value	1,548,500,000
Revolving and term loan	486,900,000
Amount written off as uncollectable from reinsurance carriers	$ 0
Minimum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Finite-Lived Intangible Asset, Useful Life	3 years
Maximum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Finite-Lived Intangible Asset, Useful Life	15 years
ASU 2018-15
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, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2017-04
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, 2020
Impairment charges	$ 0
ASU 2016-13
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, 2020
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2019-12
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

Summary of Significant Accounting Policies - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net income	$ 587,104	$ 480,483	$ 398,514
Net income attributable to unvested awarded performance stock	(12,942)	(15,197)	(12,873)
Net income attributable to common shares	$ 574,162	$ 465,286	$ 385,641
Weighted average number of common shares outstanding – basic	282,246	283,294	281,566
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(6,222)	(8,960)	(9,095)
Weighted average number of common shares outstanding for basic earnings per common share	276,024	274,334	272,471
Dilutive effect of stock options	1,390	1,533	2,145
Weighted average number of shares outstanding – diluted	277,414	275,867	274,616
Net income per share:
Basic (in dollars per share)	$ 2.08	$ 1.70	$ 1.42
Diluted (in dollars per share)	$ 2.07	$ 1.69	$ 1.40

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 1,099	$ 2,811	$ 5,780
Other income, net	2,777	4,456	1,654
Total revenues	3,051,398	2,613,375	2,392,171
Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	2,010,012	1,751,414
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	833,030	674,009
Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	103,249	93,557
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	82,226	70,934
Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	19,005	16,194
Operating Segments \| Retail
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	278	163	149
Other income, net	993	1,251
Total revenues	1,767,938	1,472,766	1,367,261
Operating Segments \| Retail \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1,198,129	1,054,619
Operating Segments \| Retail \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	414,937	275,900
Operating Segments \| Retail \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	98,254	89,920
Operating Segments \| Retail \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	38,895	35,785
Operating Segments \| Retail \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	16,452	15,128
Operating Segments \| National Programs
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	550	756	1,397
Other income, net	192	42
Total revenues	701,850	610,640	518,384
Operating Segments \| National Programs \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	488,787	422,916
Operating Segments \| National Programs \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	173,790	159,337
Operating Segments \| National Programs \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1,653	549
Operating Segments \| National Programs \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	35,259	27,278
Operating Segments \| National Programs \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1,619	(238)
Operating Segments \| Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	155	184	178
Other income, net	627	452
Total revenues	403,417	352,797	310,087
Operating Segments \| Wholesale Brokerage \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	323,054	273,878
Operating Segments \| Wholesale Brokerage \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	67,233	66,051
Operating Segments \| Wholesale Brokerage \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3,342	3,057
Operating Segments \| Wholesale Brokerage \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	8,072	7,871
Operating Segments \| Wholesale Brokerage \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	934	1,304
Operating Segments \| Services
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	3	0	139
Other income, net	0	0
Total revenues	178,860	174,012	$ 193,781
Operating Segments \| Services \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Operating Segments \| Services \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	178,857	174,012
Operating Segments \| Services \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Operating Segments \| Services \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Operating Segments \| Services \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	113	1,708
Other income, net	965	2,711
Total revenues	(667)	3,160
Corporate, Non-Segment \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	42	1
Corporate, Non-Segment \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(1,787)	(1,291)
Corporate, Non-Segment \| Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other		31
Corporate, Non-Segment \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Corporate, Non-Segment \| Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ 0	$ 0

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenues [Abstract]
Contract assets	$ 361,834	$ 308,755
Contract liabilities	$ 97,933	$ 80,997

Revenues - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Contract with Customer, Asset, Net	$ 361,834	$ 308,755
Contract with Customer, Liability	97,933	80,997
Offset of revised estimated variable consideration		7,100
Other adjustments		2,100
Deferred Costs	58,200	42,200
Accrued Expenses and Other Liabilities
Segment Reporting Information [Line Items]
Contract with Customer, Liability	67,400	54,000
Other Liabilities
Segment Reporting Information [Line Items]
Contract with Customer, Liability, Noncurrent	$ 30,500	27,000
Cost to Obtain
Segment Reporting Information [Line Items]
Capitalized contract cost, amortization period	15 years
Deferred Costs	$ 19,800	17,800
Capitalized Contract Cost, Amortization	3,800	2,500
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	89,300	77,800
Capitalized Contract Cost, Amortization	1,600	3,300
Incentive And Profit-Sharing Contingent Commission Revenue [Member]
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized	23,300	8,900
Variable consideration, Received	23,300	18,100
2020 Acquisition
Segment Reporting Information [Line Items]
Contract with Customer, Asset, Net		11,500
Contract with Customer, Liability		$ 20,000
2021 Acquisition
Segment Reporting Information [Line Items]
Contract with Customer, Asset, Net	5,500
Contract with Customer, Liability	1,200
2021 Acquisition \| Cost to Fulfill
Segment Reporting Information [Line Items]
Capitalized Contract Cost, Amortization	$ 9,900

Business Combinations - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Acquisition	Dec. 31, 2020 USD ($) Acquisition	Dec. 31, 2019 USD ($) Acquisition	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	19	25
Aggregate purchase price of acquisitions	$ (500)	$ 3,500	$ 4,100
Payments to Acquire Businesses, Gross	424,600	722,500
Goodwill, Acquired During Period	349,973	648,095	328,500
Goodwill currently deductible for income tax purposes	179,100	516,700	245,600
Goodwill related to the recorded earn-out payables	53,000	131,400	82,900
Total revenues related to acquisitions	63,800	93,900	49,100
Income before income taxes related to acquisitions	10,600	7,500	3,400
Maximum Future Contingency payments Acquisitions	484,800
Estimated acquisition earn-out payables	291,047	258,943	161,513	$ 89,924
Other Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	212,600	179,700	143,600
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	78,400	79,200	17,900
Retail
Business Acquisition [Line Items]
Goodwill, Acquired During Period	345,961	299,961	302,600
National Programs
Business Acquisition [Line Items]
Goodwill, Acquired During Period	(1,337)	163,070	100
Wholesale Brokerage
Business Acquisition [Line Items]
Goodwill, Acquired During Period	5,349	184,956	6,500
Services
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 0	$ 108	$ 19,300
Purchased Customer Accounts
Business Acquisition [Line Items]
Weighted average life (years)	15 years	15 years	15 years
Non-compete Agreements
Business Acquisition [Line Items]
Weighted average life (years)	5 years	5 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	13	20	22
Business Combinations - Stock Deals
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	2	1	1
Book of Business Purchases
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	3	4	4
O'Leary and Remedy
Business Acquisition [Line Items]
Goodwill currently non-deductible for income tax purposes	$ 117,900

Business Combinations - Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions (Details) - USD ($) $ in Thousands																									12 Months Ended
	Dec. 31, 2021	Dec. 01, 2021	Oct. 01, 2021	Sep. 01, 2021	May 01, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 01, 2020	Nov. 01, 2020	Oct. 01, 2020	Sep. 01, 2020	Aug. 01, 2020	Jul. 01, 2020	May 01, 2020	Apr. 01, 2020	Mar. 01, 2020	Jan. 01, 2020	Oct. 01, 2019	Aug. 01, 2019	Jul. 01, 2019	Jun. 01, 2019	May 01, 2019	Mar. 01, 2019	Feb. 01, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination Separately Recognized Transactions [Line Items]
Cash paid																									$ 424,600	$ 722,500
Common Stock Issued																									9,892	30,120	$ 20,000
Net assets acquired	$ 549,452						$ 893,162																		549,452	893,162	471,267
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
Other payable						0
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
Common Stock Issued					0
Other payable					1,397
Recorded earn-out payable					9,854
Net assets acquired					$ 54,679
Maximum potential earn- out payable	15,000																								15,000
Berkshire Insurance Group, Inc. (Berkshire)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired				$ 41,500
Berkshire Insurance Group, Inc. (Berkshire) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition				Sep. 01, 2021
Cash paid				$ 41,500
Common Stock Issued				0
Other payable				0
Recorded earn-out payable				0
Net assets acquired				41,500
Maximum potential earn- out payable				0
AGIS Network, Inc. (AGIS)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired				$ 36,056
AGIS Network, Inc. (AGIS) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition				Sep. 01, 2021
Cash paid				$ 11,203
Common Stock Issued				0
Other payable				24,114
Recorded earn-out payable				739
Net assets acquired				36,056
Maximum potential earn- out payable				$ 12,289
Winston Financial Services, Inc. (Winston)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired			$ 108,612
Winston Financial Services, Inc. (Winston) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Oct. 01, 2021
Cash paid			$ 79,461
Common Stock Issued			5,000
Other payable			7,724
Recorded earn-out payable			16,427
Net assets acquired			108,612
Maximum potential earn- out payable			29,000
Remedy Analytics, Inc. (Remedy)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired			$ 48,599
Remedy Analytics, Inc. (Remedy) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Oct. 01, 2021
Cash paid			$ 40,762
Common Stock Issued			0
Other payable			473
Recorded earn-out payable			7,364
Net assets acquired			48,599
Maximum potential earn- out payable			25,000
Heacock Insurance Group, LLC (Heacock)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired			$ 20,603
Heacock Insurance Group, LLC (Heacock) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Oct. 01, 2021
Cash paid			$ 18,248
Common Stock Issued			0
Other payable			455
Recorded earn-out payable			1,900
Net assets acquired			20,603
Maximum potential earn- out payable			$ 6,000
Corporate Insurance Advisors, L.L.C. (CIA)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired		$ 22,037
Corporate Insurance Advisors, L.L.C. (CIA) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition		Dec. 01, 2021
Cash paid		$ 15,314
Common Stock Issued		0
Other payable		181
Recorded earn-out payable		6,542
Net assets acquired		22,037
Maximum potential earn- out payable		14,000
Rainmaker Advisory, LLC (Rainmaker)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired		$ 20,887
Rainmaker Advisory, LLC (Rainmaker) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition		Dec. 01, 2021
Cash paid		$ 14,174
Common Stock Issued		0
Other payable		776
Recorded earn-out payable		5,937
Net assets acquired		20,887
Maximum potential earn- out payable		$ 10,000
HARCO Insurance Services, Inc. (HARCO)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	$ 29,689																								29,689
HARCO Insurance Services, Inc. (HARCO) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition	Dec. 31, 2021
Cash paid	$ 24,266
Common Stock Issued	0
Other payable	1,000
Recorded earn-out payable	4,423
Net assets acquired	29,689																								29,689
Maximum potential earn- out payable	7,350																								7,350
Special Risk Insurance Managers Ltd. (Special Risk) \| National Programs
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																	Jan. 01, 2020
Cash paid																	$ 70,156
Common Stock Issued																	0
Other payable																	0
Recorded earn-out payable																	9,859
Net assets acquired																	80,015
Maximum potential earn- out payable																	14,650
Texas All Risk General Agency, Inc. et al (Texas Risk)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																	$ 10,980
Texas All Risk General Agency, Inc. et al (Texas Risk) \| Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																	Jan. 01, 2020
Cash paid																	$ 10,511
Common Stock Issued																	0
Other payable																	159
Recorded earn-out payable																	310
Net assets acquired																	10,980
Maximum potential earn- out payable																	$ 1,150
The Colonial Group, Inc. et al (Colonial)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																$ 37,141
The Colonial Group, Inc. et al (Colonial) \| Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																Mar. 01, 2020
Cash paid																$ 29,037
Common Stock Issued																0
Other payable																527
Recorded earn-out payable																7,577
Net assets acquired																37,141
Maximum potential earn- out payable																10,150
RLA Insurance Intermediaries, LLC (RLA)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																$ 54,969
RLA Insurance Intermediaries, LLC (RLA) \| Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																Mar. 01, 2020
Cash paid																$ 42,496
Common Stock Issued																0
Other payable																786
Recorded earn-out payable																11,687
Net assets acquired																54,969
Maximum potential earn- out payable																$ 22,500
Dealer Financial Services of N.C., LLC d/b/a The Sterling Group (Sterling)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired															$ 23,770
Dealer Financial Services of N.C., LLC d/b/a The Sterling Group (Sterling) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition															Apr. 01, 2020
Cash paid															$ 19,341
Common Stock Issued															0
Other payable															300
Recorded earn-out payable															4,129
Net assets acquired															23,770
Maximum potential earn- out payable															$ 5,400
LP Insurance Services, LLC (LP)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired														$ 149,660
LP Insurance Services, LLC (LP) \| National Programs
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition														May 01, 2020
Cash paid														$ 115,948
Common Stock Issued														10,000
Other payable														318
Recorded earn-out payable														23,394
Net assets acquired														149,660
Maximum potential earn- out payable														$ 75,850
First Resource, Inc. (First)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired													$ 14,926
First Resource, Inc. (First) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition													Jul. 01, 2020
Cash paid													$ 10,700
Common Stock Issued													0
Other payable													450
Recorded earn-out payable													3,776
Net assets acquired													14,926
Maximum potential earn- out payable													$ 5,800
Buiten & Associates, LLC (Buiten)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired												$ 46,848
Buiten & Associates, LLC (Buiten) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition												Aug. 01, 2020
Cash paid												$ 38,225
Common Stock Issued												0
Other payable												1,175
Recorded earn-out payable												7,448
Net assets acquired												46,848
Maximum potential earn- out payable												14,175
Amity Insurance, Inc. (Amity)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired												$ 18,880
Amity Insurance, Inc. (Amity) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition												Aug. 01, 2020
Cash paid												$ 14,820
Common Stock Issued												2,000
Other payable												200
Recorded earn-out payable												1,860
Net assets acquired												18,880
Maximum potential earn- out payable												$ 4,060
Frank E. Neal & Co., Inc. (Neal)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired											$ 41,786
Frank E. Neal & Co., Inc. (Neal) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition											Sep. 01, 2020
Cash paid											$ 32,589
Common Stock Issued											3,120
Other payable											345
Recorded earn-out payable											5,732
Net assets acquired											41,786
Maximum potential earn- out payable											10,325
BrookStone Insurance Group, LLC (BrookStone)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired											$ 13,088
BrookStone Insurance Group, LLC (BrookStone) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition											Sep. 01, 2020
Cash paid											$ 12,030
Common Stock Issued											0
Other payable											0
Recorded earn-out payable											1,058
Net assets acquired											13,088
Maximum potential earn- out payable											$ 1,878
VAS GenPar, LLC (VAS)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired										$ 152,523
VAS GenPar, LLC (VAS) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition										Oct. 01, 2020
Cash paid										$ 114,249
Common Stock Issued										15,000
Other payable										0
Recorded earn-out payable										23,274
Net assets acquired										152,523
Maximum potential earn- out payable										48,000
Bright & Associates, Inc. (Bright)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired										$ 17,639
Bright & Associates, Inc. (Bright) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition										Oct. 01, 2020
Cash paid										$ 12,528
Common Stock Issued										0
Other payable										1,257
Recorded earn-out payable										3,854
Net assets acquired										17,639
Maximum potential earn- out payable										5,775
J.E. Brown & Associates Insurance Services, Inc. (J.E. Brown)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired										$ 40,308
J.E. Brown & Associates Insurance Services, Inc. (J.E. Brown) \| Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition										Oct. 01, 2020
Cash paid										$ 33,331
Common Stock Issued										0
Other payable										1,030
Recorded earn-out payable										5,947
Net assets acquired										40,308
Maximum potential earn- out payable										$ 10,425
CoverHound, Inc. and CyberPolicy, Inc. (CoverHound)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired									$ 28,195
CoverHound, Inc. and CyberPolicy, Inc. (CoverHound) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition									Nov. 01, 2020
Cash paid									$ 27,595
Common Stock Issued									0
Other payable									600
Recorded earn-out payable									0
Net assets acquired									28,195
Maximum potential earn- out payable									$ 0
MAJ Companies, Ltd. (MAJ)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired								$ 21,378
MAJ Companies, Ltd. (MAJ) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition								Dec. 01, 2020
Cash paid								$ 19,072
Common Stock Issued								0
Other payable								300
Recorded earn-out payable								2,006
Net assets acquired								21,378
Maximum potential earn- out payable								6,475
South & Western General Agency, Inc. (South & Western)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired								$ 78,160
South & Western General Agency, Inc. (South & Western) \| Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition								Dec. 01, 2020
Cash paid								$ 69,673
Common Stock Issued								0
Other payable								1,193
Recorded earn-out payable								7,294
Net assets acquired								78,160
Maximum potential earn- out payable								$ 18,000
Berry Insurance Group, Inc. (Berry)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired							$ 39,020																			39,020
Berry Insurance Group, Inc. (Berry) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition							Dec. 31, 2020
Cash paid							$ 35,326
Common Stock Issued							0
Other payable							0
Recorded earn-out payable							3,694
Net assets acquired							39,020																			39,020
Maximum potential earn- out payable							6,500																			6,500
Smith Insurance Associates, Inc. (Smith)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																								$ 22,833
Smith Insurance Associates, Inc. (Smith) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																								Feb. 01, 2019
Cash paid																								$ 20,129
Common Stock Issued																								0
Other payable																								0
Recorded earn-out payable																								2,704
Net assets acquired																								22,833
Maximum potential earn- out payable																								4,550
Donald P. Pipino Company, LTD (Pipino)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																								$ 26,376
Donald P. Pipino Company, LTD (Pipino) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																								Feb. 01, 2019
Cash paid																								$ 16,420
Common Stock Issued																								0
Other payable																								135
Recorded earn-out payable																								9,821
Net assets acquired																								26,376
Maximum potential earn- out payable																								$ 12,996
AGA Enterprises, LLC d/b/a Cossio Insurance Agency (Cossio)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																							$ 14,696
AGA Enterprises, LLC d/b/a Cossio Insurance Agency (Cossio) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																							Mar. 01, 2019
Cash paid																							$ 13,990
Common Stock Issued																							0
Other payable																							10
Recorded earn-out payable																							696
Net assets acquired																							14,696
Maximum potential earn- out payable																							2,000
Medval, LLC (Medval)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																							$ 30,890
Medval, LLC (Medval) \| Services
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																							Mar. 01, 2019
Cash paid																							$ 29,106
Common Stock Issued																							0
Other payable																							100
Recorded earn-out payable																							1,684
Net assets acquired																							30,890
Maximum potential earn- out payable																							$ 2,500
United Development Systems, Inc. (United)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																						$ 22,643
United Development Systems, Inc. (United) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																						May 01, 2019
Cash paid																						$ 18,987
Common Stock Issued																						0
Other payable																						388
Recorded earn-out payable																						3,268
Net assets acquired																						22,643
Maximum potential earn- out payable																						$ 8,625
Twinbrook Insurance Brokerage, Inc. (Twinbrook)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																					$ 28,216
Twinbrook Insurance Brokerage, Inc. (Twinbrook) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																					Jun. 01, 2019
Cash paid																					$ 26,251
Common Stock Issued																					0
Other payable																					400
Recorded earn-out payable																					1,565
Net assets acquired																					28,216
Maximum potential earn- out payable																					$ 5,073
Innovative Risk Solutions, Inc. (IRS)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																				$ 35,009
Innovative Risk Solutions, Inc. (IRS) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																				Jul. 01, 2019
Cash paid																				$ 26,435
Common Stock Issued																				0
Other payable																				2,465
Recorded earn-out payable																				6,109
Net assets acquired																				35,009
Maximum potential earn- out payable																				$ 9,000
WBR Insurance Agency, LLC et al (WBR)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																			$ 13,067
WBR Insurance Agency, LLC et al (WBR) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																			Aug. 01, 2019
Cash paid																			$ 10,667
Common Stock Issued																			0
Other payable																			203
Recorded earn-out payable																			2,197
Net assets acquired																			13,067
Maximum potential earn- out payable																			4,575
West Ridge Insurance Agency, Inc. d/b/a Yozell Associates (Yozell)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																			$ 14,268
West Ridge Insurance Agency, Inc. d/b/a Yozell Associates (Yozell) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																			Aug. 01, 2019
Cash paid																			$ 13,030
Common Stock Issued																			0
Other payable																			470
Recorded earn-out payable																			768
Net assets acquired																			14,268
Maximum potential earn- out payable																			6,730
CKP Insurance, LLC (CKP)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																			$ 151,283
CKP Insurance, LLC (CKP) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																			Aug. 01, 2019
Cash paid																			$ 89,190
Common Stock Issued																			20,000
Other payable																			4,000
Recorded earn-out payable																			38,093
Net assets acquired																			151,283
Maximum potential earn- out payable																			$ 76,500
Poole Professional Ltd. Insurance Agents and Brokers et al (Poole)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																		$ 36,989
Poole Professional Ltd. Insurance Agents and Brokers et al (Poole) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																		Oct. 01, 2019
Cash paid																		$ 32,358
Common Stock Issued																		0
Other payable																		75
Recorded earn-out payable																		4,556
Net assets acquired																		36,989
Maximum potential earn- out payable																		6,850
VerHagen Glendenning & Walker LLP (VGW)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired																		$ 26,915
VerHagen Glendenning & Walker LLP (VGW) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition																		Oct. 01, 2019
Cash paid																		$ 23,032
Common Stock Issued																		0
Other payable																		1,498
Recorded earn-out payable																		2,385
Net assets acquired																		26,915
Maximum potential earn- out payable																		$ 8,170
Other Acquisitions
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	29,142						23,876																		29,142	23,876	48,082
Other Acquisitions \| Various
Business Combination Separately Recognized Transactions [Line Items]
Cash paid							14,888																		18,849		36,665
Common Stock Issued							0																		0		0
Other payable							490																		3,066		2,391
Recorded earn-out payable							8,498																		7,227		9,026
Net assets acquired	29,142						23,876																		29,142	23,876	48,082
Maximum potential earn- out payable	13,118						12,337																		13,118	12,337	14,454
2021 Acquisition
Business Combination Separately Recognized Transactions [Line Items]
Cash paid																									424,613
Common Stock Issued																									9,892
Other payable																									39,186
Recorded earn-out payable																									75,761
Net assets acquired	549,452																								549,452
Maximum potential earn- out payable	$ 162,332																								$ 162,332
2020 Acquisition
Business Combination Separately Recognized Transactions [Line Items]
Cash paid																										722,515
Common Stock Issued																										30,120
Other payable																										9,130
Recorded earn-out payable																										131,397
Net assets acquired							893,162																			893,162
Maximum potential earn- out payable							$ 273,450																			$ 273,450
2019 Acquisition
Business Combination Separately Recognized Transactions [Line Items]
Cash paid																											356,260
Common Stock Issued																											20,000
Other payable																											12,135
Recorded earn-out payable																											82,872
Net assets acquired																											471,267
Maximum potential earn- out payable																											$ 162,023

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Two Thousand Twenty One Acquisition
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenues	$ 3,128,530	$ 2,751,167
Income before income taxes	779,533	653,270
Net income	$ 599,964	$ 502,942
Net income per share:
Basic	$ 2.13	$ 1.78
Diluted	$ 2.12	$ 1.77
Weighted average number of shares outstanding:
Basic	276,024	274,334
Diluted	277,414	275,867
Two Thousand Twenty Acquisition
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenues		$ 2,714,314	$ 2,579,075
Income before income taxes		650,618	576,355
Net income		$ 500,900	$ 436,722
Net income per share:
Basic		$ 1.77	$ 1.55
Diluted		$ 1.76	$ 1.54
Weighted average number of shares outstanding:
Basic		274,334	272,471
Diluted		275,867	274,616
Two Thousand Nineteen Acquisition
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenues			$ 2,447,401
Income before income taxes			545,182
Net income			$ 412,974
Net income per share:
Basic			$ 1.47
Diluted			$ 1.46
Weighted average number of shares outstanding:
Basic			272,471
Diluted			274,616

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Beginning balance	$ 258,943	$ 161,513	$ 89,924
Additions to estimated acquisition earn-out payables from new acquisitions	75,761	131,397	82,872
Payments for estimated acquisition earn-out payables	(83,581)	(29,509)	(9,917)
Subtotal	251,123	263,401	162,879
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	34,209	(11,814)	(7,298)
Interest expense accretion	6,236	7,356	5,932
Net change in earnings from estimated acquisition earn- out payables	40,445	(4,458)	(1,366)
Foreign currency translation adjustments during the year	(521)	0	0
Ending balance	$ 291,047	$ 258,943	$ 161,513

Goodwill - Changes in Carrying Value of Goodwill by Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning balance	$ 4,395,918	$ 3,746,094
Goodwill of acquired businesses	349,973	648,095	$ 328,500
Goodwill disposed of relating to sales of businesses	(3,050)	(782)
Foreign currency translation adjustments during the year	(6,013)	2,511
Ending balance	4,736,828	4,395,918	3,746,094
Retail
Goodwill [Line Items]
Beginning balance	2,650,470	2,351,291
Goodwill of acquired businesses	345,961	299,961	302,600
Goodwill disposed of relating to sales of businesses	(3,050)	(782)
Foreign currency translation adjustments during the year	(6,135)	0
Ending balance	2,987,246	2,650,470	2,351,291
National Programs
Goodwill [Line Items]
Beginning balance	1,091,122	925,541
Goodwill of acquired businesses	(1,337)	163,070	100
Goodwill disposed of relating to sales of businesses	0	0
Foreign currency translation adjustments during the year	122	2,511
Ending balance	1,089,907	1,091,122	925,541
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	483,057	298,101
Goodwill of acquired businesses	5,349	184,956	6,500
Goodwill disposed of relating to sales of businesses	0	0
Foreign currency translation adjustments during the year	0	0
Ending balance	488,406	483,057	298,101
Services
Goodwill [Line Items]
Beginning balance	171,269	171,161
Goodwill of acquired businesses	0	108	19,300
Goodwill disposed of relating to sales of businesses	0	0
Foreign currency translation adjustments during the year	0	0
Ending balance	$ 171,269	$ 171,269	$ 171,161

Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,349,192	$ 2,200,061
Accumulated amortization	(1,267,727)	(1,150,401)
Net carrying value	1,081,465	1,049,660
Purchased Customer Accounts
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	2,311,605	2,164,968
Accumulated amortization	(1,235,261)	(1,118,316)
Net carrying value	$ 1,076,344	$ 1,046,652
Weighted average life (years)	14 years 10 months 24 days	15 years
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 37,587	$ 35,093
Accumulated amortization	(32,466)	(32,085)
Net carrying value	$ 5,121	$ 3,008
Weighted average life (years)	4 years 6 months	4 years 7 months 6 days

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Dec. 31, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2022)	$ 122.4
Amortization expense estimated, year two (2023)	115.5
Amortization expense estimated, year three (2024)	111.3
Amortization expense estimated, year four (2025)	108.9
Amortization expense estimated, year five (2026)	$ 102.9

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost	$ 38,491	$ 35,562
Gross unrealized gains	260	703
Gross unrealized losses	(425)	(11)
Fair value	38,326	36,254
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
Debt Securities, Available-for-sale [Line Items]
Cost	30,232	28,372
Gross unrealized gains	152	464
Gross unrealized losses	(363)	(5)
Fair value	30,021	28,831
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	8,259	7,190
Gross unrealized gains	108	239
Gross unrealized losses	(62)	(6)
Fair value	$ 8,305	$ 7,423

Investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Security	Dec. 31, 2020 USD ($) Security	Dec. 31, 2019 USD ($)
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 38,326	$ 36,254
Number of securities in unrealized loss position \| Security	23	3
Proceeds from sale of investment in fixed maturity securities	$ 9,200	$ 8,600
Proceeds from Sale of Other Investments	10,800	11,000
Payments to Acquire Investments	12,375	14,168	$ 17,520
Investments on deposit with the state insurance department	4,100
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	30,021	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	7,400
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
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 8,305	$ 7,423

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 20,712	$ 2,803
Unrealized Losses, Less than 12 Months	(384)	(11)
Fair Value, 12 Months or More	959	0
Unrealized Losses, 12 Months or More	(41)	0
Fair Value	21,671	2,803
Unrealized Losses	(425)	(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	16,792	1,995
Unrealized Losses, Less than 12 Months	(322)	(5)
Fair Value, 12 Months or More	959	0
Unrealized Losses, 12 Months or More	(41)	0
Fair Value	17,751	1,995
Unrealized Losses	(363)	(5)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	3,920	808
Unrealized Losses, Less than 12 Months	(62)	(6)
Fair Value, 12 Months or More	0	0
Unrealized Losses, 12 Months or More	0	0
Fair Value	3,920	808
Unrealized Losses	$ (62)	$ (6)

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized cost
Due in one year or less	$ 7,298	$ 11,214
Due after one year through five years	30,193	23,348
Due after five years through ten years	1,000	1,000
Amortized Cost, Total	38,491	35,562
Fair value
Due in one year or less	7,356	11,283
Due after one year through five years	30,011	23,976
Due after five years through ten years	959	995
Fair Value, Total	$ 38,326	$ 36,254

Fixed Assets - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 408,423	$ 391,949
Development in Process		81,736
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(196,390)	(190,834)
Property, Plant and Equipment, Net	212,033	201,115
Furniture Fixtures Equipment and Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	259,081	259,524
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	52,142	42,261
Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 97,200	$ 8,428

Fixed Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation	$ 33,309	$ 26,276	$ 23,417

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued incentive compensation	$ 216,721	$ 159,356
Accrued compensation and benefits	53,547	41,550
Lease liability	43,441	43,542
Deferred revenue	67,450	53,956
Reserve for policy cancellations	29,213	31,081
Accrued interest	15,871	15,260
Accrued rent and vendor expenses	7,552	6,682
Other	22,364	20,310
Total	$ 456,159	$ 371,737

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 42,500	$ 70,000
Total notes	1,548,495	1,548,208
Long-term credit agreements	444,375	490,000
Debt issuance costs (contra)	(12,433)	(12,302)
Total long-term debt less unamortized discount and debt issuance costs	1,980,437	2,025,906
Current portion of long-term debt	42,500	70,000
Total debt	2,022,937	2,095,906
5-year Term-Loan Facility Expires in 2026
Debt Instrument [Line Items]
Total current portion of long-term debt	12,500	0
Long-term credit agreements	234,375	0
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	0	40,000
Long-term credit agreements	0	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	210,000	240,000
4.200% Senior Notes, Semi-Annual Interest Payments, Balloon Due 2024
Debt Instrument [Line Items]
Total notes	499,574	499,416
4.500% Senior Notes, Semi-Annual Interest Payments, Balloon Due 2029
Debt Instrument [Line Items]
Total notes	349,596	349,540
2.375% Senior Note due 2031, Semi-Annual Interest Payments, Balloon Due 2031
Debt Instrument [Line Items]
Total notes	699,325	699,252
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026
Debt Instrument [Line Items]
Long-term credit agreements	0	0
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]
Long-term credit agreements	$ 0	$ 0

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.00%
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%
5-year Term-Loan Facility Expires in 2026
Debt Instrument [Line Items]
Debt instrument maturity year	2026	2026
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Oct. 27, 2026	Oct. 27, 2026
5-year Term-Loan Facility Expires in 2026 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Debt instrument maturity year	2022	2022
Line of credit facility, expiration term	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 Term-Loan Facility Expires in 2023
Debt Instrument [Line Items]
Debt instrument maturity year	2023	2023
Line of credit facility, expiration term	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%
4.200% Senior Notes, Semi-Annual Interest Payments, 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, 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 Note due 2031, Semi-Annual Interest Payments, 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 Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026
Debt Instrument [Line Items]
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Oct. 27, 2026	Oct. 27, 2026
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 \| Maximum
Debt Instrument [Line Items]
Commitment fee, percentage	0.225%	0.225%
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.50%	1.50%
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 term	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%

Long-Term Debt - Additional Information (Details) - USD ($)				3 Months Ended	12 Months Ended
	Oct. 27, 2021	Dec. 21, 2018	Jun. 28, 2017	Dec. 31, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 24, 2020	Mar. 11, 2019	Sep. 18, 2014
Debt Instrument [Line Items]
Unsecured revolving credit facility			$ 800,000,000.0			$ 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			400,000,000.0			290,000,000.0
Outstanding debt balance					$ 2,022,937,000	2,095,906,000
Debt instrument, periodic payment, principal		$ 250,000,000.0
Interest					61,500,000	52,400,000	$ 58,300,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months					42,500,000
Long-term Debt, Maturities, Repayments of Principal in Year Two					225,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Three					525,000,000.0
Long-term Debt, Maturities, Repayments of Principal in Year Four					25,000,000.0
Long-term Debt, Maturities, Repayments of Principal in Year Five					168,800,000
Long-term Debt, Maturities, Repayments of Principal in Year Eight					350,000,000.0
Long-term Debt, Maturities, Repayments of Principal in Year Ten					$ 700,000,000.0
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, 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 Note due 2031, Semi-Annual Interest Payments, 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		$ 700,000,000.0
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 800,000,000.0				0
Proceeds from issuance of debt	2,700,000
Write off of deferred debt issuance cost	100,000
Debt issuance costs	600,000
Unsecured term loans	$ 250,000,000.0				246,900,000
Term Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal			$ 67,500,000
Unsecured term loans		$ 300,000,000.0			$ 240,000,000.0	$ 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%

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 106,763	$ 93,620	$ 85,507
State	32,635	34,123	28,905
Foreign	1,831	325	620
Total current provision	141,229	128,068	115,032
Deferred:
Federal	27,963	11,655	14,994
State	4,954	4,119	(2,587)
Foreign	1,573	(226)	(24)
Total deferred provision	34,490	15,548	12,383
Total tax provision	$ 175,719	$ 143,616	$ 127,415

Income Taxes - Schedule of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	4.70%	5.30%	3.80%
Non-deductible employee stock purchase plan expense	0.20%	0.30%	0.30%
Non-deductible meals and entertainment	0.00%	0.10%	0.30%
Non-deductible officers’ compensation	0.40%	0.30%	0.20%
Stock Vesting under ASU 2016-19	(3.60%)	(3.50%)	(1.10%)
Other, net	0.30%	(0.50%)	(0.30%)
Effective tax rate	23.00%	23.00%	24.20%

Income Taxes - Schedule of Components of Company's Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non-current deferred tax liabilities:
Intangible assets	$ 440,238	$ 400,335
Fixed assets	20,004	11,740
ASC 842 ROU Asset	47,663	46,730
Net unrealized holding (loss)/gain on available-for-sale securities	(41)	176
Total non-current deferred tax liabilities	523,080	478,909
Non-current deferred tax assets:
Deferred compensation	66,354	59,897
Accruals and reserves	15,708	19,497
ASC 842 lease liabilities	53,343	53,150
Net operating loss carryforwards and 163(j) disallowed carryforwards	1,910	3,168
Valuation allowance for deferred tax assets	(1,029)	(1,025)
Total non-current deferred tax assets	136,286	134,687
Net non-current deferred tax liability	386,794	344,222
Accounting Standards Update 2014-09
Non-current deferred tax liabilities:
Deferred Tax Liabilities, Other	$ 15,216	$ 19,928

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Income Taxes Paid	$ 147,500	$ 132,900	$ 110,000
Operating Loss Carryforwards	0
Operating Loss Carryforwards State	34,500
Liability for Uncertainty in Income Taxes, Current	300	300	200
Unrecognized Tax Benefits	917	$ 1,267	$ 1,127	$ 1,639
Foreign \| Canada
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 1,800

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 1,267	$ 1,127	$ 1,639
Gross increases for tax positions of prior years	270	848	778
Gross decreases for tax positions of prior years	(446)	(708)	(791)
Settlements	(174)		(499)
Unrecognized tax benefits	$ 917	$ 1,267	$ 1,127

Employee Savings Plan - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) d	Dec. 31, 2020 USD ($)
Employee Savings Plan [Abstract]
Service Period Eligible to Participate for Employee Savings Plan \| d	30
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Defined Benefit Plan, Plan Assets, Contributions by Employer \| $	$ 35.6	$ 31.2

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Stock Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	May 31, 2021 shares	May 31, 2020 shares	Apr. 30, 2019 shares	Jul. 31, 2009	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2021 $ / shares	Jul. 31, 2021 USD ($) $ / shares shares	Aug. 31, 2020 $ / shares	Jul. 31, 2020 USD ($) $ / shares shares	Aug. 31, 2019 $ / shares	Jul. 31, 2019 USD ($) $ / shares shares	May 01, 2019 shares	Dec. 31, 2018 shares	Dec. 31, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental increases in average stock price from initial grant price					20.00%
Share-based compensation arrangement by share-based payment award, award requisite service period				20 years	15 years
Attainment age of stock plan					attainment of age 64
Share-based compensation arrangement by share-based payment award, options, grants in period, gross					10,192,982
Share based compensation arrangement by share based payment award equity instruments other than options awarded shares outstanding number					839,842
Share based compensation arrangement by share based payment award equity instruments other than options distributed shares outstanding number					9,353,140
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit \| $ / shares					$ 8.30
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit \| $ / shares					$ 10.31
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value \| $					$ 2,300	$ 5,000	$ 3,500
Number of shares authorized					34,000,000													28,800,000
Maximum employee subscription rate					10.00%
Compensation cost not yet recognized \| $					$ 135,100
Compensation cost not yet recognized, period for recognition					3 years 4 months 9 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant					4,527,511
Threshold period worked per week by employees					20
Allotted value maximum \| $					$ 25,000
Subscription period beginning					August 1st
Subscription period ending					July 31st
Purchase price of common stock, percentage					85.00%
Percentage of market price					15.00%
Value of one year stock option percentage					85.00%
Estimated fair value per share option \| $ / shares										$ 11.60		$ 12.43		$ 7.46
Stock awarded											850,956		962,131		976,303
Shares issued aggregate purchase value \| $											$ 32,900		$ 29,300		$ 24,000
Shares issued aggregate purchase price per share \| $ / shares											$ 38.70		$ 30.51		$ 24.63
Shares held in employee stock option plan, suspense shares					354,911	381,371	419,446
Cash received from proceeds by participants \| $					$ 16,400	$ 14,800	$ 12,800
2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of stock reserved for issuance under stock incentive plans																2,283,475
Number of shares available for grant					7,569,607											6,957,897
2010 SIP and 2019 SIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award equity instruments other than options awarded shares outstanding number					5,025,561	6,919,847	8,070,576										6,595,319
2010 SIP and 2019 SIP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period					5 years
Performance measurement period					3 years
Percentage of payout								0.00%	0.00%
2010 SIP and 2019 SIP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting period					10 years
Performance measurement period					5 years
Percentage of payout								200.00%	100.00%
2010 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to directors shares	16,857	16,490	27,885

Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Awarded share Outstanding ending balance	839,842
Performance Stock Plan
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Weighted-average grant date fair value Outstanding beginning balance	$ 4.86	$ 5.00	$ 5.03
Weighted-average grant date fair value Vested	4.73	6.06	5.29
Weighted-average grant date fair value Forfeited	5.50	5.03	4.74
Weighted-average grant date fair value Outstanding ending balance	$ 4.87	$ 4.86	$ 5.00
Granted Share Outstanding Beginning Balance	909,828	1,051,292	1,196,092
Granted Share Vested	(45,736)	(119,072)	(115,040)
Granted Share Forfeited	(24,250)	(22,392)	(29,760)
Granted Share Outstanding Ending Balance	839,842	909,828	1,051,292
Awarded share Outstanding beginning balance	909,828	1,051,292	1,196,092
Awarded share Vested	45,736	(119,072)	(115,040)
Awarded share Forfeited	24,250	(22,392)	(29,760)
Awarded share Outstanding ending balance	839,842	909,828	1,051,292
2010 SIP and 2019 SIP
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Weighted-average grant date fair value Outstanding beginning balance	$ 19.89	$ 18.10	$ 16.69
Weighted-average grant date fair value Granted	46.05	46.58	28.53
Weighted-average grant date fair value Awarded	25.80	19.71	17.26
Weighted-average grant date fair value Vested	15.73	15.97	14.29
Weighted-average grant date fair value Forfeited	30.54	20.75	19.09
Weighted-average grant date fair value Outstanding ending balance	$ 21.59	$ 19.89	$ 18.10
Granted Share Outstanding Beginning Balance	9,694,337	11,641,918	11,102,375
Granted Share Granted	1,143,094	970,997	1,812,047
Granted Share Awarded	310,147	497,082	299,339
Granted Share Vested	(3,223,964)	(3,059,619)	(1,068,211)
Granted Share Forfeited	(315,168)	(356,041)	(503,632)
Granted Share Outstanding Ending Balance	7,608,446	9,694,337	11,641,918
Awarded share Outstanding beginning balance	6,919,847	8,070,576	6,595,319
Awarded shares Granted	204,826	148,015	797,778
Awarded share Awarded	1,272,554	1,880,512	1,954,983
Awarded share Vested	(3,223,964)	(3,059,619)	(1,068,211)
Awarded share Forfeited	(147,702)	(119,637)	(209,293)
Awarded share Outstanding ending balance	5,025,561	6,919,847	8,070,576
Shares not yet awarded Outstanding beginning balance	2,774,490	3,571,342	4,507,056
Shares not yet awarded Granted	938,268	822,982	1,014,269
Shares not yet awarded Awarded	(962,407)	(1,383,430)	(1,655,644)
Shares not yet awarded Forfeited	(167,466)	(236,404)	(294,339)
Shares not yet awarded Outstanding ending balance	2,582,885	2,774,490	3,571,342

Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Details) - 2010 SIP and 2019 SIP - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares not yet awarded Granted	938,268	822,982	1,014,269
Potential Payout	486,679	365,606	501,384
Targeted payout	100.00%	100.00%	100.00%
Tranche One
Potential Payout	21,651	20,611
Tranche Two
Potential Payout	3,886	15,850
Tranche Three
Potential Payout		56,226
Maximum
Performance of final target percentage	200.00%	200.00%	200.00%
Maximum \| Tranche One
Performance of final target percentage	120.00%	120.00%
Maximum \| Tranche Two
Performance of final target percentage	150.00%	150.00%
Maximum \| Tranche Three
Performance of final target percentage		150.00%
Minimum
Performance of final target percentage	0.00%	0.00%	0.00%
Minimum \| Tranche One
Performance of final target percentage	0.00%	0.00%
Minimum \| Tranche Two
Performance of final target percentage	50.00%	0.00%
Minimum \| Tranche Three
Performance of final target percentage		50.00%

Stock Based Compensation - Schedule of Performance Stock Plan and 2010 Stock Incentive Plan (Details) - 2010 Stock Incentive Plan - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock granted	938,268	822,982	1,014,269
Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awarded	204,826	148,015	797,778
Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock granted	938,268	822,982	1,014,269
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awarded	1,272,554	1,880,512	1,954,983

Stock Based Compensation - Schedule of Performance Stock Plan and 2010 Stock Incentive Plan (Parenthetical) (Details) - 2010 Stock Incentive Plan - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Performance-based restricted stock granted	938,268	822,982	1,014,269
Potential Payout	486,679	365,606	501,384
Targeted payout	100.00%	100.00%	100.00%
Tranche One
Potential Payout	21,651	20,611
Tranche Two
Potential Payout	3,886	15,850
Tranche Three
Potential Payout		56,226
Maximum
Performance of final target percentage	200.00%	200.00%	200.00%
Maximum \| Tranche One
Performance of final target percentage	120.00%	120.00%
Maximum \| Tranche Two
Performance of final target percentage	150.00%	150.00%
Maximum \| Tranche Three
Performance of final target percentage		150.00%
Minimum
Performance of final target percentage	0.00%	0.00%	0.00%
Minimum \| Tranche One
Performance of final target percentage	0.00%
Minimum \| Tranche Two
Performance of final target percentage	50.00%	0.00%
Minimum \| Tranche Three
Performance of final target percentage		50.00%

Stock Based Compensation - Summary of Non-Cash Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	$ 61,018	$ 59,749	$ 46,994
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	9,953	8,789	6,504
2010 SIP and 2019 SIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	50,664	50,198	39,626
Performance Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	$ 401	$ 762	$ 864

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Reimbursement for capitalizable costs of public infrastructure improvements	$ 8.1
Deferred in employer-only payroll tax payments			$ 31.1
Deferred employer-only payroll tax first installment payment		$ 15.6
Deferred employer-only payroll tax remaining balance payment to be made		$ 15.6

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid during the period for:
Interest	$ 61,531	$ 52,378	$ 58,290
Income taxes, net of refunds	$ 146,932	$ 131,596	$ 109,766

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant non-cash investing and financing activities
Other payables issued for agency acquisitions and purchased customer accounts	$ 15,072	$ 9,130	$ 12,135
Estimated acquisition earn-out payables and related charges	75,761	131,397	82,872
Contingent payable issued for agency acquisition	24,114	0	0
Common stock issued for agency acquisition	9,892	0	0
Notes payable assumed for agency acquisition	1,355	0	0
Notes received on the sale of fixed assets and customer accounts	$ 0	$ 0	$ 9,903

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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 887,009	$ 817,398	$ 542,174
Restricted cash	583,247	454,517	420,801
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$ 1,470,256	$ 1,271,915	$ 962,975	$ 777,596

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 31, 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	$ 18.8

Leases - Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Operating lease right-of-use assets	$ 197,035	$ 186,998
Total assets	197,035	186,998
Liabilities:
Current operating lease liabilities	$ 43,441	$ 43,542
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Non-current operating lease liabilities	$ 179,976	$ 172,935
Total liabilities	$ 223,417	$ 216,477

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating leases:
Lease cost	$ 52,751	$ 53,821
Variable lease cost	4,316	3,739
Short term lease cost	1,165	468
Operating lease cost	58,232	58,028
Sublease income	(1,661)	(1,798)
Total lease cost net	$ 56,571	$ 56,230

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term	6 years 5 months 19 days
Weighted-average discount rate	2.72%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 48,743
2023	44,794
2024	37,996
2025	31,587
2026	22,511
Thereafter	56,416
Total undiscounted lease payments	242,047
Less: Imputed interest	18,630
Present value of future lease payments	$ 223,417	$ 216,477

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 56,034	$ 54,946
Right-of-use assets obtained in exchange for new operating liabilities	$ 53,978	$ 45,750

Segment Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Revenues	$ 3,051,398	$ 2,613,375	$ 2,392,171
London Ireland Bermuda Cayman Islands and Canada
Segment Reporting Information [Line Items]
Revenues	$ 78,000	$ 35,100	$ 17,700

- 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=123359005&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
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+ Details

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 3,051,398	$ 2,613,375	$ 2,392,171
Investment income	1,099	2,811	5,780
Amortization	119,593	108,523	105,298
Depreciation	33,309	26,276	23,417
Interest expense	64,981	58,973	63,660
Income before income taxes	762,823	624,099	525,929
Total assets	9,795,443	8,966,492	7,622,821
Capital expenditures	45,045	70,700	73,108
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Total revenues	1,767,938	1,472,766	1,367,261
Investment income	278	163	149
Amortization	77,810	67,315	63,146
Depreciation	11,194	9,071	7,390
Interest expense	91,425	85,968	87,295
Income before income taxes	334,377	262,245	222,875
Total assets	5,040,706	7,093,627	6,413,459
Capital expenditures	8,093	13,175	12,497
Operating Segments \| National Programs
Segment Reporting Information [Line Items]
Total revenues	701,850	610,640	518,384
Investment income	550	756	1,397
Amortization	27,357	27,166	25,482
Depreciation	9,839	8,658	6,791
Interest expense	11,381	20,597	16,690
Income before income taxes	242,334	182,892	143,737
Total assets	2,943,006	3,510,983	3,110,368
Capital expenditures	13,467	7,208	10,365
Operating Segments \| Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	403,417	352,797	310,087
Investment income	155	184	178
Amortization	9,150	8,481	11,191
Depreciation	2,646	1,948	1,674
Interest expense	15,990	10,281	4,756
Income before income taxes	94,845	93,593	82,739
Total assets	1,154,373	1,791,717	1,390,250
Capital expenditures	1,612	3,324	6,171
Operating Segments \| Services
Segment Reporting Information [Line Items]
Total revenues	178,860	174,012	193,781
Investment income	3	0	139
Amortization	5,276	5,561	5,479
Depreciation	1,484	1,424	1,229
Interest expense	2,899	4,142	4,404
Income before income taxes	28,257	27,994	40,337
Total assets	299,185	480,440	481,336
Capital expenditures	1,609	1,424	804
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	(667)	3,160	2,658
Investment income	113	1,708	3,917
Amortization	0
Depreciation	8,146	5,175	6,333
Interest expense	(56,714)	(62,015)	(49,485)
Income before income taxes	63,010	57,375	36,241
Total assets	358,173	(3,910,275)	(3,772,592)
Capital expenditures	$ 20,264	$ 45,569	$ 43,271

Insurance Company WNFIC - Effects of Reinsurance on Premiums Written and Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Written
Direct premiums	$ 747,384	$ 728,109
Ceded premiums	747,366	728,093
Net premiums	18	16
Earned
Direct premiums	732,777	716,515
Ceded premiums	732,759	716,499
Net premiums	$ 18	$ 16

Insurance Company WNFIC - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Reinsurer	Dec. 31, 2020 USD ($)	Sep. 30, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program	100.00%
Premiums written net	$ 747,366	$ 728,093
Ceded unpaid loss	63,100	43,500
Prepaid reinsurance premiums	392,222	377,615
Increase (decrease) in loss and loss adjustment expense reserve	0	0
Reserve for losses and loss adjustment expense	$ 63,100	43,500
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	29.90%		30.00%
Premiums written net	$ 745,000	725,800
Statutory capital and surplus required	7,500
Statutory capital and surplus	33,100	32,600
Statutory net Income	$ 1,600	$ 800
Percentage of adjusted net income	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 ($)		12 Months Ended			96 Months Ended
	Jan. 20, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	May 01, 2019
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)		18,497,000	16,685,000		18,497,000
Fair value of common stock repurchased		$ 673,902,000	$ 591,338,000		$ 673,902,000
Stock repurchase program, remaining authorized repurchase amount		$ 323,600,000			$ 323,600,000
Treasury stock, shares, acquired					18,500,000
Annualized dividend paid per share		$ 0.380	$ 0.348	$ 0.33
Anualized dividends paid		$ 107,229,000	$ 100,592,000	$ 91,344,000
Current Share Repurchase Authorization
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)		1,811,853	1,234,417		1,811,853
Treasury stock, average cost per share		$ 45.57	$ 44.63
Fair value of common stock repurchased		$ 82,600,000	$ 55,100,000		$ 82,600,000
Maximum
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount		$ 100,000,000.0			$ 100,000,000.0	$ 372,500,000
2020 Acquisition
Accelerated Share Repurchases [Line Items]
Business combination, shares issued			722,939,000
Business combination, total value			$ 30,100,000
2021 Acquisition
Accelerated Share Repurchases [Line Items]
Business combination, shares issued		184,772,000
Business combination, total value		$ 9,900,000
Subsequent Event
Accelerated Share Repurchases [Line Items]
Dividend approved	$ 0.1025
Dividend approved date	Jan. 20, 2022
Dividend payable date	Feb. 16, 2022
Dividend record date	Feb. 04, 2022