0000950170-23-015456 | 10-Q | XBRL Viewer

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Reconciliation between Basic and Diluted Weighted Average Shares Outstanding

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


	Three months ended March 31,
(in millions, except per share data)	2023			2022
Net income	$	235.5		$	220.3
Net income attributable to unvested awarded performance stock		(4.0	)		(4.4	)
Net income attributable to common shares	$	231.5		$	215.9
Weighted average number of common shares outstanding – basic		283.4			282.8
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(4.8	)		(5.7	)
Weighted average number of common shares outstanding for basic net income per common share		278.6			277.1
Dilutive effect of potentially issuable common shares		0.8			1.5
Weighted average number of shares outstanding – diluted		279.4			278.6
Net income per share:
Basic	$	0.83		$	0.78
Diluted	$	0.83		$	0.77

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (Remainder)	$ 38.8
2024	51.9
2025	44.7
2026	33.8
2027	27.0
Thereafter	64.5
Total undiscounted lease payments	260.7
Less: Imputed interest	23.5
Present value of lease payments	$ 237.2	$ 240.9

Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 13 Investments

At March 31, 2023, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:


(in millions)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	23.7	$	0.1	$	(1.5	)	$	22.3
Corporate debt		7.1		—		(0.3	)		6.8
Other		—		—		—			—
Total	$	30.8	$	0.1	$	(1.8	)	$	29.1

At March 31, 2023, the Company held $22.3 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $6.8 million issued by corporations with investment grade ratings. Of that total, $3.7 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year. Additionally, the Company holds $5.6 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 March 31, 2023:


	Less than 12 Months				12 Months or More					Total
(in millions)	Fair value		Unrealized losses		Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	—	$	—	$	18.6	$	(1.5	)	$	18.6	$	(1.5	)
Corporate debt		1.2		—		5.6		(0.3	)		6.8		(0.3	)
Total	$	1.2	$	—	$	24.2	$	(1.8	)	$	25.4	$	(1.8	)

At March 31, 2023, the Company had 31 securities in an unrealized loss position. The unrealized losses for the period ended March 31, 2023 were caused by interest rate increases. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at March 31, 2023.

At December 31, 2022, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:


(in millions)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	22.8	$	—	$	(1.8	)	$	21.0
Corporate debt		8.2		—		(0.4	)		7.8
Total	$	31.0	$	—	$	(2.2	)	$	28.8

At December 31, 2022, the Company held $21.0 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $7.8 million issued by corporations with investment grade ratings. Of that total, $6.4 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year, which also includes $5.6 million that is related to time deposits held with various financial institutions.


	Less than 12 Months					12 Months or More					Total
(in millions)	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	4.7	$	(0.1	)	$	16.3	$	(1.7	)	$	21.0	$	(1.8	)
Corporate debt		4.2		(0.1	)		3.6		(0.3	)		7.8		(0.4	)
Total	$	8.9	$	(0.2	)	$	19.9	$	(2.0	)	$	28.8	$	(2.2	)

The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2022, the Company had 33 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2022.

The amortized cost and estimated fair value of the fixed maturity securities at March 31, 2023 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	3.7	$	3.7
Due after one year through five years	$	27.1	$	25.4
Due after five years	$	—	$	—
Total	$	30.8	$	29.1

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2022 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	6.5	$	6.4
Due after one year through five years		24.5		22.4
Due after five years		—		—
Total	$	31.0	$	28.8

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 and maturing time deposits were $3.7 million from the period of January 1, 2023 to March 31, 2023. These proceeds were generally used to purchase an additional $3.6 million of fixed income securities and time deposits. Their gains and losses realized on the sale of securities for the period from January 1, 2023 to March 31, 2023 were insignificant.

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

At March 31, 2023, investments with a fair value of approximately $4.2 million were on deposit with state insurance departments to satisfy regulatory requirements.

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Revenues [Abstract]

Schedule of Disaggregated by Revenue

The following tables present the revenues disaggregated by revenue source:


	Three months ended March 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	488.9	$	157.8	$	100.0	$	—	$	—		$	746.7
Fees (2)		126.1		50.3		17.9		44.3		(0.6	)		238.0
Other supplemental commissions (3)		82.4		2.4		1.7		—		—			86.5
Profit-sharing contingent commissions (4)		15.4		7.9		3.5		—		—			26.8
Earned premium (5)		—		10.0		—		—		—			10.0
Investment income (6)		0.2		1.2		0.2		—		5.4			7.0
Other income, net (7)		0.5		0.2		0.1		—		0.2			1.0
Total Revenues	$	713.5	$	229.8	$	123.4	$	44.3	$	5.0		$	1,116.0


	Three months ended March 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	393.5	$	117.3	$	78.3	$	—	$	—		$	589.1
Fees (2)		112.7		34.6		16.1		43.6		(0.4	)		206.6
Other supplemental commissions (3)		72.2		1.1		5.6		—		—			78.9
Profit-sharing contingent commissions (4)		17.9		8.0		2.7		—		—			28.6
Earned premium (5)		—		1.1		—		—		—			1.1
Investment income (6)		—		0.1		0.1		—		—			0.2
Other income, net (7)		0.1		—		0.1		—		—			0.2
Total Revenues	$	596.4	$	162.2	$	102.9	$	43.6	$	(0.4	)	$	904.7

(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)

Other supplemental commissions include additional commissions over base commissions received from insurance carriers based on predetermined growth or production measures. This includes incentive commissions and guaranteed supplemental commissions.

(4)

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

(5)

Earned premium relates to the premiums earned in the Captives.

(6)

Investment income consists primarily of interest on cash and investments.

(7)

Other income, net consists primarily of other miscellaneous income.

(8)

Fees within Other reflects the elimination of intercompany revenues.

Schedule of Revenues Disaggregated by Geographic Area

The following table presents the revenues disaggregated by geographic area where our services are being performed:


	Three months ended March 31,
(in millions, except per share data)	2023		2022
U.S.	$	998.2	$	884.3
U.K.		98.1		4.6
Ireland		11.3		9.2
Canada		5.3		5.1
Other		3.1		1.5
Total Revenues	$	1,116.0	$	904.7

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 March 31, 2023 and December 31, 2022 were as follows:


(in millions)	March 31, 2023		December 31, 2022
Contract assets	$	543.5	$	431.2
Contract liabilities	$	104.2	$	113.3

Legal and Regulatory Proceedings

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Legal and Regulatory Proceedings

NOTE 11 Legal and Regulatory Proceedings

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

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

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

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 Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Significant non-cash investing and financing activities
Other payables issued for agency acquisitions and purchased customer accounts	$ 0.2
Estimated acquisition earn-out payables issued for agency acquisitions	$ 19.6	$ 10.8

Revenues - Schedule of Revenues Disaggregated by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,116.0	$ 904.7
U.S
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	998.2	884.3
U.K
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	98.1	4.6
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	11.3	9.2
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	5.3	5.1
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 3.1	$ 1.5

- 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

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+ Details

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 14.7	$ 14.1
Right-of-use assets obtained in exchange for new operating liabilities	$ 4.1	$ 13.8

Nature of Operations

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

NOTE 1 Nature of Operations

Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. Brown & Brown’s business is divided into four reportable segments. The Retail segment provides a broad range of insurance products and services to commercial, public and quasi-public entities, professional and individual insured customers, and non-insurance risk-mitigating products through our automobile and recreational vehicle 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.

The Company primarily operates as an agent or broker not assuming underwriting risks. However, we operate a write-your-own flood insurance carrier, Wright National Flood Insurance Company (“WNFIC”). WNFIC’s underwriting business consists of policies written pursuant to the National Flood Insurance Program (“NFIP”), the program administered by the Federal Emergency Management Agency (“FEMA”) to which premiums and underwriting exposure are ceded and excess flood and private flood policies which are fully reinsured in the private market. The Company also participates in two capitalized captive insurance facilities (the "Captives") for the purpose of facilitating additional underwriting capacity, generating incremental revenues and participating in underwriting results.

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

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

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


(in millions)		March 31, 2023		December 31, 2022
Assets:
Operating lease right-of-use assets	Operating lease assets	$	210.0	$	214.9
Total assets			210.0		214.9
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		46.2		45.0
Non-current operating lease liabilities	Operating lease liabilities		191.0		195.9
Total liabilities		$	237.2	$	240.9

Schedule of Components of Lease Cost for Operating Leases

The components of lease cost for operating leases for the three months ended March 31, 2023 and 2022 were:


	Three months ended March 31,
(in millions)	2023			2022
Operating leases:
Lease cost	$	14.3		$	13.1
Variable lease cost		1.1			1.1
Short-term lease cost		0.1			0.3
Operating lease cost	$	15.5		$	14.5
Sublease income		(0.3	)		(0.4	)
Total lease cost net	$	15.2		$	14.1

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 March 31, 2023 were:


Weighted average remaining lease term	6.21
Weighted average discount rate	3.14	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of the operating lease liabilities by fiscal year at March 31, 2023 for the Company's operating leases are as follows:


(in millions)	Operating leases
2023 (Remainder)	$	38.8
2024		51.9
2025		44.7
2026		33.8
2027		27.0
Thereafter		64.5
Total undiscounted lease payments		260.7
Less: imputed interest		23.5
Present value of lease payments	$	237.2

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information for operating leases for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
(in millions)	2023		2022
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	14.7	$	14.1
Right-of-use assets obtained in exchange for new operating liabilities	$	4.1	$	13.8

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	560.0	560.0
Common stock, shares issued (in shares)	303.3	302.9
Common stock, shares outstanding (in shares)	283.6	283.2
Treasury stock shares (in shares)	19.7	19.7

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

NOTE 12 Segment Information

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

Brown & Brown conducts most of its operations within the United States of America. International operations include Retail operations in England, Bermuda, the Cayman Islands, Ireland and Northern Ireland, National Programs operations in Canada and England, and Wholesale Brokerage operations based in England, Italy and Belgium. These operations earned $117.8 million and $20.4 million of total revenues for the three months ended March 31, 2023 and 2022, respectively.

The accounting policies of the reportable segments are the same as those described in Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Intersegment revenues are eliminated.

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


	Three months ended March 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	713.5	$	229.8	$	123.4	$	44.3	$	5.0		$	1,116.0
Investment income	$	0.2	$	1.2	$	0.2	$	—	$	5.4		$	7.0
Amortization	$	27.4	$	10.0	$	2.7	$	1.3	$	—		$	41.4
Depreciation	$	4.3	$	3.0	$	0.7	$	0.4	$	1.5		$	9.9
Interest expense	$	21.8	$	9.8	$	2.7	$	0.4	$	12.0		$	46.7
Income before income taxes	$	210.2	$	73.3	$	31.2	$	5.2	$	(25.7	)	$	294.2
Total assets	$	7,605.3	$	3,675.2	$	1,440.7	$	285.0	$	393.7		$	13,399.9
Capital expenditures	$	4.8	$	4.9	$	0.4	$	0.3	$	1.4		$	11.8


	Three months ended March 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	596.4	$	162.2	$	102.9	$	43.6	$	(0.4	)	$	904.7
Investment income	$	—	$	0.1	$	0.1	$	—	$	—		$	0.2
Amortization	$	21.1	$	6.7	$	2.0	$	1.3	$	—		$	31.1
Depreciation	$	2.5	$	2.8	$	0.7	$	0.4	$	1.7		$	8.1
Interest expense	$	23.6	$	2.2	$	3.5	$	0.6	$	(11.6	)	$	18.3
Income before income taxes	$	184.1	$	41.7	$	25.6	$	6.6	$	7.0		$	265.0
Total assets	$	4,903.9	$	3,338.8	$	1,124.8	$	290.5	$	1,614.9		$	11,272.9
Capital expenditures	$	1.6	$	5.6	$	0.4	$	0.2	$	2.2		$	10.0

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Share - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 235.5	$ 220.3
Net income attributable to unvested awarded performance stock	(4.0)	(4.4)
Net income attributable to common shares	$ 231.5	$ 215.9
Weighted average number of common shares outstanding – basic	283.4	282.8
Less unvested awarded performance stock included in weighted average number of common shares outstanding - basic	(4.8)	(5.7)
Weighted average number of common shares outstanding for basic net income per common share	278.6	277.1
Dilutive effect of potentially issuable common shares	0.8	1.5
Weighted average number of shares outstanding – diluted	279.4	278.6
Basic (in dollars per share)	$ 0.83	$ 0.78
Diluted (in dollars per share)	$ 0.83	$ 0.77

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Values of Fixed Maturity Securities

At March 31, 2023, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:


(in millions)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	23.7	$	0.1	$	(1.5	)	$	22.3
Corporate debt		7.1		—		(0.3	)		6.8
Other		—		—		—			—
Total	$	30.8	$	0.1	$	(1.8	)	$	29.1

At December 31, 2022, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:


(in millions)	Cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	22.8	$	—	$	(1.8	)	$	21.0
Corporate debt		8.2		—		(0.4	)		7.8
Total	$	31.0	$	—	$	(2.2	)	$	28.8

Schedule of Investments' Gross Unrealized Loss and Fair Value


	Less than 12 Months				12 Months or More					Total
(in millions)	Fair value		Unrealized losses		Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	—	$	—	$	18.6	$	(1.5	)	$	18.6	$	(1.5	)
Corporate debt		1.2		—		5.6		(0.3	)		6.8		(0.3	)
Total	$	1.2	$	—	$	24.2	$	(1.8	)	$	25.4	$	(1.8	)


	Less than 12 Months					12 Months or More					Total
(in millions)	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	4.7	$	(0.1	)	$	16.3	$	(1.7	)	$	21.0	$	(1.8	)
Corporate debt		4.2		(0.1	)		3.6		(0.3	)		7.8		(0.4	)
Total	$	8.9	$	(0.2	)	$	19.9	$	(2.0	)	$	28.8	$	(2.2	)

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 March 31, 2023 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	3.7	$	3.7
Due after one year through five years	$	27.1	$	25.4
Due after five years	$	—	$	—
Total	$	30.8	$	29.1

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2022 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	6.5	$	6.4
Due after one year through five years		24.5		22.4
Due after five years		—		—
Total	$	31.0	$	28.8

Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 8 Long-Term Debt

Long-term debt at March 31, 2023 and December 31, 2022 consisted of the following:


(in millions)	March 31, 2023			December 31, 2022
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	18.8		$	15.6
Current portion of 5-year term loan facility expires 2023		202.5			210.0
Current portion of 5-year term loan facility expires 2027		25.0			25.0
Total current portion of long-term debt		246.3			250.6
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	$	499.7		$	499.7
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029		349.7			349.7
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031		699.4			699.4
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032		598.1			598.0
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052		592.1			592.0
Total notes		2,739.0			2,738.8
Credit agreements:
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires October 27, 2026		212.5			218.8
5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026		—			—
3-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.625%, expires March 31, 2025		300.0			300.0
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027		450.0			456.2
Total credit agreements		962.5			975.0
Debt issuance costs (contra)		(21.5	)		(22.3	)
Total long-term debt less unamortized discount and debt issuance costs		3,680.0			3,691.5
Current portion of long-term debt		246.3			250.6
Total debt	$	3,926.3		$	3,942.1

Note agreements: On March 17, 2022, the Company completed the issuance of $600.0 million aggregate principal amount of the Company’s 4.200% Senior Notes due 2032 (the “2032 Notes”) and $600.0 million aggregate principal amount of the Company’s 4.950% Senior Notes due 2052 (the “2052 Notes,” and together with the 2032 Notes, the “Notes”). The net proceeds to the Company from the issuance of the Notes, after deducting underwriting discounts and estimated offering expenses, were approximately $1,178.2 million. The Senior Notes were given investment grade ratings of BBB- stable outlook and Baa3 stable outlook. The 2032 Notes bear interest at the rate of 4.200% per year and will mature on March 17, 2032. The 2052 Notes bear interest at the rate of 4.950% per year and will mature on March 17, 2052. Interest on the Notes will be payable semi-annually in arrears. The Notes are senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s existing and future senior unsecured indebtedness. The Company may redeem the Notes in whole or in part at any time and from time to time, at the “make whole” redemption prices specified in the Prospectus Supplement for the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the redemption date. The Company used the net proceeds from the offering of the Notes, together with borrowings under its revolving credit facility, cash on hand and other borrowings, to fund the cash consideration and other amounts payable in connection with our acquisition of GRP and to pay fees and expenses associated with the foregoing. As of March 31, 2023 and December 31, 2022, there was a total outstanding debt balance of $1,200.0 million exclusive of the associated discount balance on both Notes.

The Company also maintains other notes from other issuances aggregating to a total outstanding debt balance of $1,550.0 million exclusive of the associated discount balance as of March 31, 2023 and December 31, 2022.

Credit Agreements: 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. On February 10, 2023, the Company entered into Amendment No.1 ("Amendment") of the Second Amended and Restated Credit Agreement which provided that the overnight London Interbank Offered Rate (“LIBOR”) should be replaced with a successor rate. The amendment also included additional terms and conditions for the Secured Overnight Financing Rate (“SOFR”) loans and Risk-free
Reference Rate ("RFR") loans.

On March 31, 2022 (the "Effective Date"), the Company entered into a Loan Agreement (the “Loan Agreement”) with the lenders named therein, BMO Harris Bank N.A., as administrative agent, Fifth Third Bank, National Association, PNC Bank, National Association, U.S. Bank National Association and Wells Fargo Bank, National Association, as co-syndication agents and BMO Capital Markets Corp., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Truist Securities, Inc., as joint bookrunners and joint lead arrangers. The Loan Agreement evidences commitments for (i) unsecured delayed draw term loans in an aggregate amount of up to $300.0 million (the “Term A-1 Loan Commitment”) and (ii) unsecured delayed draw term loans in an amount of up to $500.0 million (the “Term A-2 Commitment” and, together with the Term A-1 Loan Commitments, the “Term Loan Commitments”). The Company may, subject to satisfaction of certain conditions, including receipt of additional term loan commitments by new or existing lenders, increase either Term Loan Commitment or the term loans issued thereunder or issue new tranches of term loans in an aggregate additional amount of up to $400.0 million. The Company may borrow term loans (the “Term Loans”) under either of the Term Loan Commitments during the period from the Effective Date until the date which is the first anniversary thereof. The Term Loans issued under the Term A-1 Loan Commitment (“Term A-1 Loans”) are due and payable on the date that is the third anniversary of the Effective Date unless such maturity date is extended as provided under the Loan Agreement. The Term Loans issued under the Term A-2 Loan Commitment (“Term A-2 Loans”) are repayable in installments until the fifth anniversary the Effective Date with any remaining outstanding amounts due and payable on such fifth anniversary of the Effective Date unless such maturity date is extended as provided under the Loan Agreement. The Loan Agreement includes various covenants (including financial covenants), limitations and events of default customary for similar facilities for similarly rated borrowers. As of March 31, 2023 and December 31, 2022, there was an outstanding debt balance issued under the Term A-1 Loans of $300.0 million. As of March 31, 2023 there was an outstanding loan balance on the Term A-2 Loans of $475.0 million and as of December 31, 2022 the outstanding balance on the Term A-2 Loans was $481.3 million.

The Company also maintains other credit agreements that include term loans and a revolving credit facility all having similar terms and covenants. The outstanding balances on the other term loans as of March 31, 2023 was $433.8 million and on December 31, 2022, the outstanding balance on these term loans was $444.4 million. As of March 31, 2023 and December 31, 2022 there was no outstanding balance on the revolving credit facility.

The Second Amended and Restated Credit Agreement, Term Loan Credit Agreement and Loan 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 March 31, 2023 and December 31, 2022.

The 30-day Adjusted LIBOR Rate for and the Term Loan Credit Agreement as of March 31, 2023 were each 3.125%. The 1-month Term SOFR Rate for the term loan of the Second Amended and Restated Credit Agreement is 4.907%, the 1-month Term SOFR Rate for the Term A-1 Loans is 4.856% and the 1-month Term SOFR Rate for the Term A-2 Loans is 4.919% as of March 31, 2023. These SOFR rates are inclusive of a 0.100% credit-spread adjustment per the terms of the relevant agreements.

- 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
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

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 Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Restricted fiduciary cash	$ 1,210.8	$ 1,231.9
Non-restricted fiduciary cash	169.2	151.3
Total restricted and non-restricted fiduciary cash at the end of the period	1,380.0	1,383.2
Cash and cash equivalents	563.5	650.0
Total cash, cash equivalents and fiduciary cash at the end of the period	$ 1,943.5	$ 2,033.2	$ 2,426.1	$ 1,470.2

Basis of Financial Reporting	3 Months Ended
Basis of Financial Reporting	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	NOTE 2 Basis of Financial Reporting The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Recently Issued Accounting Pronouncements None. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, along with the amendments within ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" that extended the period of time preparers can utilize the reference rate reform relief guidance in Topic 848, are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2024. The Company adopted ASU 2020-04 in connection with enacting on February 10, 2023 the transition provision in our Second Amended and Restated Credit Agreement dated October 27, 2021. Under the allowable expedients, a modification of a debt contract that is only a replacement of the reference rate is accounted for as a non-substantial modification.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares		3 Months Ended
	Feb. 15, 2023	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid	$ 0.1150	$ 0.1150	$ 0.1025

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Contract with Customer, Liability	$ 67.1		$ 79.9
Contract with Customer, Liability, Noncurrent	37.1		33.4
Deferred Costs	80.4		76.0
Profit-sharing Contingent Commissions and Other Supplemental Commissions
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized	12.0	$ 16.9
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	92.1		$ 108.7
Capitalized Contract Cost, Amortization	$ 17.0
Cost to Obtain
Segment Reporting Information [Line Items]
Capitalized contract cost, amortization period	15 years
Deferred Costs	$ 5.9
Capitalized Contract Cost, Amortization	$ 1.5

Shareholders' Equity - Additional Information (Details) - USD ($)			3 Months Ended
	Apr. 24, 2023	Feb. 15, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)			19,700,000		19,700,000
Fair value of common stock repurchased			$ 748,100,000		$ 748,000,000.0
Stock repurchase program, remaining authorized repurchase amount			$ 249,500,000
Cash dividends paid		$ 0.1150	$ 0.1150	$ 0.1025
Dividend approved date			Jan. 18, 2023
Dividend paid			$ 32,600,000	$ 28,900,000
Dividend payable date			Feb. 15, 2023
Subsequent Event
Accelerated Share Repurchases [Line Items]
Dividend payable per share	$ 0.1150
Dividend payable, record date	May 08, 2023
Dividend payable date	May 17, 2023
Second Accelerated Share Repurchase Agreement \| Maximum
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount			$ 100,000,000.0
Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)			2,100
Fair value of common stock repurchased			$ 100,000
Treasury stock, average cost per share			$ 53.84

Insurance Company Subsidiary Operations (Tables)

3 Months Ended

Mar. 31, 2023

Reinsurance Disclosures [Abstract]

Effects of Reinsurance on Premiums Written and Earned

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


	Three months ended March 31, 2023
(in millions)	Written			Earned
Direct premiums - WNFIC	$	162.4		$	184.7
Ceded premiums - WNFIC		(162.4	)		(184.7	)
Net premiums - WNFIC		—			—
Assumed premiums - Quota share captive and excess of loss layer captive		25.8			16.8
Ceded premiums - Quota share captive		(15.9	)		(6.8	)
Net premiums - Quota share captive and excess of loss layer captive		9.9			10.0
Net premiums - Total	$	9.9		$	10.0

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance, Value at Dec. 31, 2021	$ 4,196.9	$ 30.1	$ 849.4	$ (673.9)	$ (9.4)	$ 4,000.7
Beginning Balance, Shares at Dec. 31, 2021		282.5
Net income	220.3					220.3
Net unrealized holding (loss) gain on available-for- sale securities	(0.9)				(0.9)
Foreign currency translation	(2.1)				(2.1)
Employee stock purchase plan	2.7		2.7
Stock incentive plans	17.5	$ 0.2	17.3
Stock incentive plans, Shares		1.7
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(46.0)	$ (0.1)	(45.9)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(0.7)
Purchase of treasury stock	(24.1)			(24.1)
Purchase of treasury stock, Shares		(0.4)
Cash dividends paid	(28.9)					(28.9)
Ending Balance, Value at Mar. 31, 2022	4,335.4	$ 30.2	823.5	(698.0)	(12.4)	4,192.1
Ending Balance, Shares at Mar. 31, 2022		283.1
Beginning Balance, Value at Dec. 31, 2022	$ 4,606.6	$ 30.3	919.7	(748.0)	(148.4)	4,553.0
Beginning Balance, Shares at Dec. 31, 2022	283.2	283.2
Net income	$ 235.5					235.5
Net unrealized holding (loss) gain on available-for- sale securities	0.3				0.3
Foreign currency translation	47.1				47.1
Employee stock purchase plan	3.4		3.4
Stock incentive plans	21.0	$ 0.1	20.9
Stock incentive plans, Shares		1.0
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(36.2)	$ (0.1)	(36.1)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(0.6)
Purchase of treasury stock	(0.1)			(0.1)
Cash dividends paid	(32.6)					(32.6)
Ending Balance, Value at Mar. 31, 2023	$ 4,845.0	$ 30.3	$ 907.9	$ (748.1)	$ (101.0)	$ 4,755.9
Ending Balance, Shares at Mar. 31, 2023	283.6	283.6

Investments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Security	Sep. 30, 2022 Security
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 29.1	$ 28.8
Available-for-sale Debt Securities	3.7	$ 6.4
Number of securities in unrealized loss position \| Security		33	31
Proceeds from sale of investment in fixed maturity securities and maturing time deposits	3.7
Payments to acquire investments	3.6
Investments on deposit with the state insurance department	4.2
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	22.3	$ 21.0
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	6.8	7.8
Bank Time Deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 5.6	$ 5.6

Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Finite-Lived Intangible Assets [Line Items]

Foreign currency translation, Gross carrying value

$ 13.2

$ (4.5)

Gross carrying value

3,021.4

2,992.5

Foreign currency translation, Accumulated amortization

(1.1)

0.4

Accumulated amortization

(1,439.8)

(1,397.3)

Foreign currency translation, Net carrying value

12.1

(4.1)

Net carrying value

1,581.6

1,595.2

Purchased Customer Accounts and Other

Finite-Lived Intangible Assets [Line Items]

Gross carrying value, excluding foreign currency translation

2,968.9

2,957.7

Accumulated amortization, excluding foreign currency translation

(1,404.2)

(1,363.7)

Net carrying value, excluding foreign currency translation

$ 1,564.7

$ 1,594.0

Weighted average life (years)

^[1]

14 years 9 months 18 days

Non-compete Agreements

Finite-Lived Intangible Assets [Line Items]

Gross carrying value, excluding foreign currency translation

$ 39.3

Accumulated amortization, excluding foreign currency translation

(34.5)

(34.0)

Net carrying value, excluding foreign currency translation

$ 4.8

$ 5.3

Weighted average life (years)

^[1]

4 years 4 months 24 days

[1]	Weighted average life calculated as of the date of acquisition.

Amortizable Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

Amortizable intangible assets at March 31, 2023 and December 31, 2022 consisted of the following:


	March 31, 2023									December 31, 2022
(in millions)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) (1)		Gross carrying value			Accumulated amortization			Net carrying value			Weighted average life (years) (1)
Purchased customer accounts and other	$	2,968.9	$	(1,404.2	)	$	1,564.7		14.8	$	2,957.7		$	(1,363.7	)	$	1,594.0			14.8
Non-compete agreements		39.3		(34.5	)		4.8		4.4		39.3			(34.0	)		5.3			4.4
Foreign currency translation adjustments during the year		13.2		(1.1	)		12.1				(4.5	)		0.4			(4.1	)
Total	$	3,021.4	$	(1,439.8	)	$	1,581.6			$	2,992.5		$	(1,397.3	)	$	1,595.2

(1)

Weighted average life calculated as of the date of acquisition.

Segment Information - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Revenues	$ 1,116.0	$ 904.7
England, Bermuda, Cayman Islands and Ireland
Segment Reporting Information [Line Items]
Revenues	$ 117.8	$ 20.4

- Definition

+ References

+ Details

Business Combinations - Additional Information (Details) $ in Millions		3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) Acquisition	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition		7
Purchase price of acquisitions		$ 2.9
Payments to Acquire Businesses, Gross	$ 3.6	44.7
Payments for businesses acquired, net of cash acquired		37.6	$ 436.0
Net assets acquired	64.5	64.5
Goodwill, Acquired During Period		23.0
Goodwill currently deductible for income tax purposes	1.1	1.1
Goodwill currently non-deductible for income tax purposes	21.7	21.7
Goodwill related to the recorded earn-out payables	0.2	0.2
Total revenues related to acquisitions		2.6
Income before income taxes related to acquisitions		1.0
Estimated acquisition earn-out payables	254.2	254.2	$ 250.9	$ 251.6	$ 291.0
Maximum Future Contingency payments Acquisitions	535.9	535.9
Other Noncurrent Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	109.6	109.6
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	144.6	144.6
Retail
Business Acquisition [Line Items]
Goodwill, Acquired During Period		44.6
National Programs
Business Acquisition [Line Items]
Goodwill, Acquired During Period		(21.6)
Wholesale Brokerage
Business Acquisition [Line Items]
Goodwill, Acquired During Period		$ 0.0
Purchased Customer Accounts
Business Acquisition [Line Items]
Weighted average life (years)		15 years
Non-compete Agreements
Business Acquisition [Line Items]
Weighted average life (years)		5 years
Assets and Assumed Certain Liabilities
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition		1
Other Acquisitions
Business Acquisition [Line Items]
Net assets acquired	64.5	$ 64.5
Other Acquisitions \| Maximum
Business Acquisition [Line Items]
Net assets acquired	50.0	50.0
GRP Holdco Limited
Business Acquisition [Line Items]
Maximum potential earn-out amount	$ 0.0	$ 0.0

Goodwill (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill by Reportable Segment

The changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2023 are as follows:


(in millions)	Retail		National Programs			Wholesale Brokerage		Services		Total
Balance as of December 31, 2022	$	4,309.0	$	1,602.4		$	591.5	$	171.3	$	6,674.2
Goodwill of acquired businesses		44.6		(21.6	)		—		—		23.0
Goodwill disposed of relating to sales of businesses		—		(2.7	)		—		—		(2.7	)
Foreign currency translation and other adjustments during the year		34.3		(1.1	)		2.5		—		35.7
Balance as of March 31, 2023	$	4,387.9	$	1,577.0		$	594.0	$	171.3	$	6,730.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 4 Net Income Per Share

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


	Three months ended March 31,
(in millions, except per share data)	2023			2022
Net income	$	235.5		$	220.3
Net income attributable to unvested awarded performance stock		(4.0	)		(4.4	)
Net income attributable to common shares	$	231.5		$	215.9
Weighted average number of common shares outstanding – basic		283.4			282.8
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(4.8	)		(5.7	)
Weighted average number of common shares outstanding for basic net income per common share		278.6			277.1
Dilutive effect of potentially issuable common shares		0.8			1.5
Weighted average number of shares outstanding – diluted		279.4			278.6
Net income per share:
Basic	$	0.83		$	0.78
Diluted	$	0.83		$	0.77

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 246.3	$ 250.6
Total notes	2,739.0	2,738.8
Long-term credit agreements	962.5	975.0
Debt issuance costs (contra)	(21.5)	(22.3)
Total long-term debt less unamortized discount and debt issuance costs	3,680.0	3,691.5
Current portion of long-term debt	246.3	250.6
Total debt	3,926.3	3,942.1
5-year Term Loan Facility Expires in 2026
Debt Instrument [Line Items]
Total current portion of long-term debt	18.8	15.6
Long-term credit agreements	212.5	218.8
5-year Term Loan Facility Expires in 2023
Debt Instrument [Line Items]
Total current portion of long-term debt	202.5	210.0
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Long-term credit agreements	300.0	300.0
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Total current portion of long-term debt	25.0	25.0
Long-term credit agreements	450.0	456.2
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Total notes	499.7	499.7
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Total notes	349.7	349.7
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Total notes	699.4	699.4
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Total notes	598.1	598.0
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Total notes	$ 592.1	$ 592.0

Insurance Company Subsidiary Operations - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended	16 Months Ended
	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) Reinsurer	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program		100.00%		100.00%
Ceded unpaid loss		$ 139.2		$ 139.2
Prepaid reinsurance premiums		379.6	$ 393.2	379.6
Increase (decrease) in loss and loss adjustment expense reserve		0.0
Reinsurance recoverable		142.7	831.0	142.7
Reserve for losses and loss adjustment expense		$ 139.2		139.2
Number of reinsurers \| Reinsurer		2
Premium net written		$ 9.9
Net earned premiums		10.0
Ultimate loss reserve expense inclusive of IBNR claims		154.1	841.1	154.1
Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverable		3.6		3.6
Reinsurance recoverable for net expected loss		4.2		4.2
Loss reserve for non-CAT claims		7.8		7.8
Reported insured losses		$ 2.4		$ 2.4
Wright National Flood Insurance Company
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program		100.00%		100.00%
Prepaid reinsurance premiums		$ 359.6		$ 359.6
Expenses and allowance rate received in premiums		29.70%		29.70%
Premiums written net		$ 162.4
Ceded to highly rated carriers for excess flood policies		0.6
Statutory capital and surplus required		7.5		$ 7.5
Statutory capital and surplus		33.0	31.8	$ 33.0
Statutory net Income		$ 0.5	$ 1.3
Percentage of adjusted net income		100.00%		100.00%
Maximum dividend payout that may be made without prior approval		$ 3.2		$ 3.2
Wright National Flood Insurance Company \| Maximum
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Preferred stock, dividend rate, percentage		10.00%
Wright National Flood Insurance Company \| FEMA
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums written net		$ 161.8
Quota Share Captive
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Prepaid reinsurance premiums		20.0		20.0
Deferred acquisitions costs		19.4		19.4
Reinsurance payable		5.3		5.3
Reserve for losses and loss adjustment expense		8.6		8.6
Premiums written net		15.9
Premium net written		9.0
Net earned premiums		9.9
Initial funding	$ 5.9
Addition to current earnings				8.5
Ultimate loss reserve expense inclusive of IBNR claims		8.6		8.6
Captive Insurance Facility
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reserve for losses and loss adjustment expense		6.3		6.3
Net earned premiums		0.9
Maximum underwriting exposure		5.2
Captive Insurance Facility \| Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reserve for losses and loss adjustment expense		$ 6.0		$ 6.0

Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

NOTE 6 Goodwill

Goodwill is subject to at least an annual assessment for impairment by applying a fair value-based test. The Company completed its most recent annual assessment as of November 30, 2022 and identified no impairment as a result of the evaluation.

The changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2023 are as follows:


(in millions)	Retail		National Programs			Wholesale Brokerage		Services		Total
Balance as of December 31, 2022	$	4,309.0	$	1,602.4		$	591.5	$	171.3	$	6,674.2
Goodwill of acquired businesses		44.6		(21.6	)		—		—		23.0
Goodwill disposed of relating to sales of businesses		—		(2.7	)		—		—		(2.7	)
Foreign currency translation and other adjustments during the year		34.3		(1.1	)		2.5		—		35.7
Balance as of March 31, 2023	$	4,387.9	$	1,577.0		$	594.0	$	171.3	$	6,730.2

Revenues

3 Months Ended

Mar. 31, 2023

Revenues [Abstract]

Revenues

NOTE 3 Revenues

The following tables present the revenues disaggregated by revenue source:


	Three months ended March 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	488.9	$	157.8	$	100.0	$	—	$	—		$	746.7
Fees (2)		126.1		50.3		17.9		44.3		(0.6	)		238.0
Other supplemental commissions (3)		82.4		2.4		1.7		—		—			86.5
Profit-sharing contingent commissions (4)		15.4		7.9		3.5		—		—			26.8
Earned premium (5)		—		10.0		—		—		—			10.0
Investment income (6)		0.2		1.2		0.2		—		5.4			7.0
Other income, net (7)		0.5		0.2		0.1		—		0.2			1.0
Total Revenues	$	713.5	$	229.8	$	123.4	$	44.3	$	5.0		$	1,116.0


	Three months ended March 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	393.5	$	117.3	$	78.3	$	—	$	—		$	589.1
Fees (2)		112.7		34.6		16.1		43.6		(0.4	)		206.6
Other supplemental commissions (3)		72.2		1.1		5.6		—		—			78.9
Profit-sharing contingent commissions (4)		17.9		8.0		2.7		—		—			28.6
Earned premium (5)		—		1.1		—		—		—			1.1
Investment income (6)		—		0.1		0.1		—		—			0.2
Other income, net (7)		0.1		—		0.1		—		—			0.2
Total Revenues	$	596.4	$	162.2	$	102.9	$	43.6	$	(0.4	)	$	904.7

(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)

(4)

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

(5)

Earned premium relates to the premiums earned in the Captives.

(6)

Investment income consists primarily of interest on cash and investments.

(7)

Other income, net consists primarily of other miscellaneous income.

(8)

Fees within Other reflects the elimination of intercompany revenues.

The following table presents the revenues disaggregated by geographic area where our services are being performed:


	Three months ended March 31,
(in millions, except per share data)	2023		2022
U.S.	$	998.2	$	884.3
U.K.		98.1		4.6
Ireland		11.3		9.2
Canada		5.3		5.1
Other		3.1		1.5
Total Revenues	$	1,116.0	$	904.7

Contract Assets and Liabilities

The balances of contract assets and contract liabilities arising from contracts with customers as of March 31, 2023 and December 31, 2022 were as follows:


(in millions)	March 31, 2023		December 31, 2022
Contract assets	$	543.5	$	431.2
Contract liabilities	$	104.2	$	113.3

Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in the Company's systems and are reflected in commissions, fees and other receivables in the Company's Condensed Consolidated Balance Sheet. The increase in contract assets over the balance as of December 31, 2022 is due to normal seasonality, growth in our business, and from businesses acquired in the current year.

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

As of March 31, 2023, deferred revenue consisted of $67.1 million as current portion to be recognized within one year and $37.1 million in long-term to be recognized beyond one year. As of December 31, 2022, deferred revenue consisted of $79.9 million as current portion to be recognized within one year and $33.4 million in long-term deferred revenue to be recognized beyond one year.

During the three months ended March 31, 2023 and 2022, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $12.0 million and $16.9 million, respectively, consisting of additional variable consideration received on our profit-sharing contingent commissions and other supplemental commissions.

Other Assets and Deferred Cost

Incremental cost to obtain - The Company defers certain costs to obtain customer contracts primarily as they relate to commission-based compensation plans in the Retail segment, in which the Company pays an incremental amount of compensation on new business. These incremental costs are deferred and amortized over a 15 year period. The cost to obtain balance within the other assets caption in the Company's Condensed Consolidated Balance Sheet was $80.4 million and $76.0 million as of March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023, the Company deferred $5.9 million of incremental cost to obtain customer contracts. The Company recorded an expense of $1.5 million associated with the incremental cost to obtain customer contracts for the three months ended March 31, 2023.

Cost to fulfill - The Company defers certain costs to fulfill contracts and recognizes these costs as the associated performance obligations are fulfilled. The cost to fulfill balance within the other current assets caption in the Company's Condensed Consolidated Balance Sheet as of March 31, 2023 was $92.1 million. The cost to fulfill balance as of December 31, 2022 was $108.7 million. For the three months ended March 31, 2023, the Company had net expense of $17.0 million related to the release of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, net of current year deferrals for costs incurred that related to performance obligations yet to be fulfilled.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	BROWN & BROWN, INC.
Entity Central Index Key	0000079282
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		283,644,264
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	BRO
Security Exchange Name	NYSE
Entity File Number	001-13619
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0864469
Entity Address, Address Line One	300 North Beach Street
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	252-9601
Document Quarterly Report	true
Document Transition Report	false

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 17, 2022
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%
Debt instrument maturity year	2024	2024
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.50%	4.50%
Debt instrument maturity year	2029	2029
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.375%	2.375%
Debt instrument maturity year	2031	2031
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%	4.20%
Debt instrument maturity year	2032	2032
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.95%	4.95%	4.95%
Debt instrument maturity year	2052	2052
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%
5-year Term Loan Facility Expires in 2026 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026
Debt Instrument [Line Items]
Line of credit facility, expiration term	5 years
Line of credit facility, expiration date	Oct. 27, 2026
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 \| Maximum
Debt Instrument [Line Items]
Commitment fee, percentage	0.225%
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.525%
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
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Line of credit facility, expiration term	3 years
Line of credit facility, expiration date	Mar. 31, 2025
3-year Term Loan Facility Expires in 2025 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.625%
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Debt instrument maturity year	2027	2027
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Mar. 31, 2027
5-year Term Loan Facility Expires in 2027 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%

Leases - Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets	$ 210.0	$ 214.9
Total assets	210.0	214.9
Liabilities:
Current operating lease liabilities	$ 46.2	$ 45.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Non-current operating lease liabilities	$ 191.0	$ 195.9
Total liabilities	$ 237.2	$ 240.9

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 235.5	$ 220.3
Foreign currency translation	47.1	(2.1)
Unrealized gain (loss) on available-for-sale debt securities, net of tax	0.3	(0.9)
Comprehensive income	$ 282.9	$ 217.3

- 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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-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

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-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Insurance Company Subsidiary Operations - Effects of Reinsurance on Premiums Written and Earned (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Written
Net premiums	$ 9.9
Earned
Net premiums	10.0
WNFIC
Written
Direct premiums	162.4
Ceded premiums	(162.4)
Earned
Direct premiums	184.7
Ceded premiums	(184.7)
Quota Share Captive and Excess of Loss Layer Captive
Written
Assumed Premiums	25.8
Net premiums	9.9
Earned
Assumed Premium	16.8
Net premiums	10.0
Quota Share Captive
Written
Ceded premiums	(15.9)
Net premiums	9.0
Earned
Ceded premiums	(6.8)
Net premiums	$ 9.9

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at March 31, 2023 and December 31, 2022 consisted of the following:


(in millions)	March 31, 2023			December 31, 2022
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	18.8		$	15.6
Current portion of 5-year term loan facility expires 2023		202.5			210.0
Current portion of 5-year term loan facility expires 2027		25.0			25.0
Total current portion of long-term debt		246.3			250.6
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	$	499.7		$	499.7
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029		349.7			349.7
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031		699.4			699.4
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032		598.1			598.0
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052		592.1			592.0
Total notes		2,739.0			2,738.8
Credit agreements:
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires October 27, 2026		212.5			218.8
5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026		—			—
3-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.625%, expires March 31, 2025		300.0			300.0
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027		450.0			456.2
Total credit agreements		962.5			975.0
Debt issuance costs (contra)		(21.5	)		(22.3	)
Total long-term debt less unamortized discount and debt issuance costs		3,680.0			3,691.5
Current portion of long-term debt		246.3			250.6
Total debt	$	3,926.3		$	3,942.1

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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+ Details

Basis of Financial Reporting (Policies)	3 Months Ended
Basis of Financial Reporting (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements None.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, along with the amendments within ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" that extended the period of time preparers can utilize the reference rate reform relief guidance in Topic 848, are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2024. The Company adopted ASU 2020-04 in connection with enacting on February 10, 2023 the transition provision in our Second Amended and Restated Credit Agreement dated October 27, 2021. Under the allowable expedients, a modification of a debt contract that is only a replacement of the reference rate is accounted for as a non-substantial modification.

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 7.0	$ 0.2
Other income, net	1.0	0.2
Total revenues	1,116.0	904.7
Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	746.7	589.1
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	238.0	206.6
Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	86.5	78.9
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	26.8	28.6
Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	10.0	1.1
Operating Segments \| Retail
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.2	0.0
Other income, net	0.5	0.1
Total revenues	713.5	596.4
Operating Segments \| Retail \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	488.9	393.5
Operating Segments \| Retail \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	126.1	112.7
Operating Segments \| Retail \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	82.4	72.2
Operating Segments \| Retail \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	15.4	17.9
Operating Segments \| Retail \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Operating Segments \| National Programs
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	1.2	0.1
Other income, net	0.2	0.0
Total revenues	229.8	162.2
Operating Segments \| National Programs \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	157.8	117.3
Operating Segments \| National Programs \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	50.3	34.6
Operating Segments \| National Programs \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	2.4	1.1
Operating Segments \| National Programs \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	7.9	8.0
Operating Segments \| National Programs \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	10.0	1.1
Operating Segments \| Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.2	0.1
Other income, net	0.1	0.1
Total revenues	123.4	102.9
Operating Segments \| Wholesale Brokerage \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	100.0	78.3
Operating Segments \| Wholesale Brokerage \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	17.9	16.1
Operating Segments \| Wholesale Brokerage \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1.7	5.6
Operating Segments \| Wholesale Brokerage \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3.5	2.7
Operating Segments \| Wholesale Brokerage \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Operating Segments \| Services
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.0	0.0
Other income, net	0.0	0.0
Total revenues	44.3	43.6
Operating Segments \| Services \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Operating Segments \| Services \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	44.3	43.6
Operating Segments \| Services \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Operating Segments \| Services \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Operating Segments \| Services \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	5.4	0.0
Other income, net	0.2	0.0
Total revenues	5.0	(0.4)
Corporate, Non-Segment \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Corporate, Non-Segment \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(0.6)	(0.4)
Corporate, Non-Segment \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Corporate, Non-Segment \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0
Corporate, Non-Segment \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ 0.0	$ 0.0

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Mar. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	6 years 2 months 15 days
Weighted average discount rate	3.14%

Leases - Additional Information (Details) $ in Millions	3 Months Ended
Leases - Additional Information (Details) $ in Millions	Mar. 31, 2023 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 2023	$ 6.6

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Combinations [Abstract]
Beginning balance	$ 251.6	$ 291.0
Additions to estimated acquisition earn-out payables	19.6	10.8
Payments for estimated acquisition earn-out payables	(16.1)	(46.9)
Subtotal	255.1	254.9
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	(4.2)	(4.8)
Interest expense accretion	1.9	1.4
Net change in earnings from estimated acquisition earn-out payables	(2.3)	(3.4)
Foreign currency translation adjustments during the year	1.4	(0.6)
Ending balance	$ 254.2	$ 250.9

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the three months ended March 31, 2023 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.


	Three months ended March 31, 2023
(in millions)	Other (1)			Total
Cash paid	$	44.7		$	44.7
Other payable		0.2			0.2
Recorded earn-out payable		19.6			19.6
Total consideration		64.5			64.5
Maximum potential earn-out payable		21.1			21.1
Allocation of purchase price:
Cash and equivalents		3.3			3.3
Fiduciary cash		3.8			3.8
Fiduciary receivables		3.3			3.3
Other current assets		2.6			2.6
Fixed assets		0.2			0.2
Goodwill		23.0			23.0
Purchased customer accounts and other		16.6			16.6
Other assets		0.2			0.2
Total assets acquired		53.0			53.0
Fiduciary liabilities		(7.1	)		(7.1	)
Other current liabilities		(3.8	)		(3.8	)
Deferred income tax, net (2)		23.9			23.9
Other long-term liabilities		(1.5	)		(1.5	)
Total liabilities assumed		11.5			11.5
Net assets acquired	$	64.5		$	64.5

(1)

The other column represents current year acquisitions with total net assets acquired of less than $50.0 million and adjustments from prior year acquisitions that were made within the permitted measurement period.

(2)

The Company has revised the provisional amounts in the measurement period for items for which the accounting was incomplete. Additional time was needed to obtain the information necessary, present at the date of the acquisition, to recognize and measure all the items exchanged related to the acquisition of Orchid Underwriters Agency and CrossCover Insurance Services.

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 three months ended March 31, 2023 and 2022, were as follows:


	Three months ended March 31,
(in millions)	2023			2022
Balance as of the beginning of the period	$	251.6		$	291.0
Additions to estimated acquisition earn-out payables		19.6			10.8
Payments for estimated acquisition earn-out payables		(16.1	)		(46.9	)
Subtotal		255.1			254.9
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(4.2	)		(4.8	)
Interest expense accretion		1.9			1.4
Net change in earnings from estimated acquisition earn-out payables		(2.3	)		(3.4	)
Foreign currency translation adjustments during the year		1.4			(0.6	)
Balance as of March 31,	$	254.2		$	250.9

Unaudited Proforma Results

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


(UNAUDITED)	Three months ended March 31,
(in millions, except per share data)	2023		2022
Total revenues	$	1,116.3	$	907.7
Income before income taxes	$	294.3	$	265.8
Net income	$	235.6	$	221.0
Net income per share:
Basic	$	0.83	$	0.78
Diluted	$	0.83	$	0.78
Weighted average number of shares outstanding:
Basic		278.6		277.1
Diluted		279.4		278.6

Business Combinations

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Business Combinations

NOTE 5 Business Combinations

During the three months ended March 31, 2023, Brown & Brown acquired all of the stock of five insurance intermediaries, assets and assumed certain liabilities of one insurance intermediary, and one book of business (customer accounts) for a total of seven acquisitions. Additionally, adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by Accounting Standards Codification Topic 805 — Business Combinations (“ASC 805”). Such adjustments are presented in the “Other” category within the following two tables. The recorded purchase price for all acquisitions includes an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the Condensed Consolidated Statements of Income when incurred.

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

Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the three months ended March 31, 2023, adjustments were made within the permitted measurement period that resulted in an increase in the purchase price of the affected acquisitions of $2.9 million. These measurement period adjustments have been reflected as current period adjustments in the three months ended March 31, 2023 in accordance with the guidance in ASU 2015-16 “Business Combinations.” The measurement period adjustments primarily impacted goodwill, with no effect on earnings or cash in the current period.

Cash paid for the seven acquisitions was $44.7 million, or $37.6 million net of cash and fiduciary cash acquired, during the three months ended March 31, 2023. 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.


	Three months ended March 31, 2023
(in millions)	Other (1)			Total
Cash paid	$	44.7		$	44.7
Other payable		0.2			0.2
Recorded earn-out payable		19.6			19.6
Total consideration		64.5			64.5
Maximum potential earn-out payable		21.1			21.1
Allocation of purchase price:
Cash and equivalents		3.3			3.3
Fiduciary cash		3.8			3.8
Fiduciary receivables		3.3			3.3
Other current assets		2.6			2.6
Fixed assets		0.2			0.2
Goodwill		23.0			23.0
Purchased customer accounts and other		16.6			16.6
Other assets		0.2			0.2
Total assets acquired		53.0			53.0
Fiduciary liabilities		(7.1	)		(7.1	)
Other current liabilities		(3.8	)		(3.8	)
Deferred income tax, net (2)		23.9			23.9
Other long-term liabilities		(1.5	)		(1.5	)
Total liabilities assumed		11.5			11.5
Net assets acquired	$	64.5		$	64.5

(1)

(2)

The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 15.0 years; and non-compete agreements, 5.0 years.

Goodwill of $23.0 million, which is net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail and National Programs segments in the amounts of $44.6 million and ($21.6) million, respectively. Of the total goodwill of $23.0 million, $21.7 million relates to goodwill that will not be deductible for income tax purposes from acquisitions where we acquired the stock of the company. The amount of goodwill currently deductible for income tax purposes is $1.1 million and the remaining $0.2 million relates to recorded earn-out payables which will not be deductible for income tax purposes until it is earned and paid.

For the acquisitions completed during 2023, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through March 31, 2023, included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2023, was $2.6 million. The income before income taxes from the acquisitions completed through March 31, 2023, included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2023, was $1.0 million. If the acquisitions had occurred as of the beginning of the respective periods, the Company’s estimated results of operations would be as shown in the following table. These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.


(UNAUDITED)	Three months ended March 31,
(in millions, except per share data)	2023		2022
Total revenues	$	1,116.3	$	907.7
Income before income taxes	$	294.3	$	265.8
Net income	$	235.6	$	221.0
Net income per share:
Basic	$	0.83	$	0.78
Diluted	$	0.83	$	0.78
Weighted average number of shares outstanding:
Basic		278.6		277.1
Diluted		279.4		278.6

As of March 31, 2023 and 2022, 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 three months ended March 31, 2023 and 2022, were as follows:


	Three months ended March 31,
(in millions)	2023			2022
Balance as of the beginning of the period	$	251.6		$	291.0
Additions to estimated acquisition earn-out payables		19.6			10.8
Payments for estimated acquisition earn-out payables		(16.1	)		(46.9	)
Subtotal		255.1			254.9
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(4.2	)		(4.8	)
Interest expense accretion		1.9			1.4
Net change in earnings from estimated acquisition earn-out payables		(2.3	)		(3.4	)
Foreign currency translation adjustments during the year		1.4			(0.6	)
Balance as of March 31,	$	254.2		$	250.9

Of the $254.2 million estimated acquisition earn-out payables as of March 31, 2023, $144.6 million was recorded as accounts payable and $109.6 million was recorded as other non-current liabilities. As of March 31, 2023, the maximum future acquisition contingency payments related to all acquisitions was $535.9 million, inclusive of the $254.2 million estimated acquisition earn-out payables as of March 31, 2023. Four of the estimated acquisition earn-out payables assumed in connection with the acquisition of GRP (Jersey) Holdco Limited and its businesses ("GRP") included provisions with no maximum potential earn-out amount. The amount recorded for these acquisitions as of March 31, 2023 is $3.6 million. The Company deems a significant increase to this amount to be unlikely. Included within the additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts.

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Combinations [Abstract]
Total revenues	$ 1,116.3	$ 907.7
Income before income taxes	294.3	265.8
Net income	$ 235.6	$ 221.0
Net income per share:
Basic	$ 0.83	$ 0.78
Diluted	$ 0.83	$ 0.78
Weighted average number of shares outstanding:
Basic	278.6	277.1
Diluted	279.4	278.6

Amortizable Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

NOTE 7 Amortizable Intangible Assets

Amortizable intangible assets at March 31, 2023 and December 31, 2022 consisted of the following:


	March 31, 2023									December 31, 2022
(in millions)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) (1)		Gross carrying value			Accumulated amortization			Net carrying value			Weighted average life (years) (1)
Purchased customer accounts and other	$	2,968.9	$	(1,404.2	)	$	1,564.7		14.8	$	2,957.7		$	(1,363.7	)	$	1,594.0			14.8
Non-compete agreements		39.3		(34.5	)		4.8		4.4		39.3			(34.0	)		5.3			4.4
Foreign currency translation adjustments during the year		13.2		(1.1	)		12.1				(4.5	)		0.4			(4.1	)
Total	$	3,021.4	$	(1,439.8	)	$	1,581.6			$	2,992.5		$	(1,397.3	)	$	1,595.2

(1)

Weighted average life calculated as of the date of acquisition.

Amortization expense for amortizable intangible assets for the years ending December 31, 2023, 2024, 2025, 2026 and 2027 is estimated to be $163.2 million, $158.6 million, $155.8 million, $149.8 million, and $136.6 million, respectively.

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended
	Mar. 17, 2022	Oct. 27, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Net proceeds from issuance of the notes				$ 1,200.0
Outstanding debt balance			$ 3,926.3		$ 3,942.1
SOFR
Debt Instrument [Line Items]
Credit spread adjustment percentage			0.10%
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%		4.20%		4.20%
Senior notes	$ 600.0
Debt instrument maturity date	Mar. 17, 2032
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.95%		4.95%		4.95%
Senior notes	$ 600.0
Debt instrument maturity date	Mar. 17, 2052
Payment frequency of debt interest			semi-annually
2032 and 2052 Notes
Debt Instrument [Line Items]
Net proceeds from issuance of the notes	$ 1,178.2
Senior notes			$ 1,200.0		$ 1,200.0
Other Notes
Debt Instrument [Line Items]
Senior notes			$ 1,550.0		$ 1,550.0
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage			4.50%		4.50%
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage			2.375%		2.375%
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Unsecured revolving credit facility		$ 800.0
Proceeds from issuance of debt		2.7
Write off of deferred debt issuance cost		0.1
Debt issuance costs		0.6
Unsecured term loans		$ 250.0
Term Loan
Debt Instrument [Line Items]
Outstanding debt balance			$ 433.8		$ 444.4
Term Loan \| LIBOR
Debt Instrument [Line Items]
30-day Adjusted LIBOR Rate			3.125%
Term Loan \| Second Amended and Restated Credit Agreement \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate			4.907%
Term A-1 Loan
Debt Instrument [Line Items]
Outstanding debt balance			$ 300.0		300.0
Maximum borrowing capacity under loan agreement				300.0
Term A-1 Loan \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate			4.856%
Term A-2 Loan
Debt Instrument [Line Items]
Outstanding debt balance			$ 475.0		481.3
Maximum borrowing capacity under loan agreement				500.0
Term A-2 Loan \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate			4.919%
Term Loan Commitments
Debt Instrument [Line Items]
Additional borrowing capacity under credit facility				$ 400.0
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt balance			$ 0.0		$ 0.0

Basis of Financial Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Feb. 10, 2023
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202004Member

- Definition

Indicates amendment to accounting standards.

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-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL120254519-210437

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL120254526-165497

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

+ Details

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2022	Mar. 31, 2022
Amortized cost
Due in one year or less	$ 6.5	$ 3.7
Due after one year through five years	24.5	27.1
Amortized Cost, Total	31.0	30.8
Fair value
Due in one year or less	6.4	3.7
Due after one year through five years	22.4	25.4
Fair Value, Total	$ 28.8	$ 29.1

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,116.0	$ 904.7
Investment income	7.0	0.2
Amortization	41.4	31.1
Depreciation	9.9	8.1
Interest expense	46.7	18.3
Income before income taxes	294.2	265.0
Total assets	13,399.9	11,272.9	$ 13,973.5
Capital expenditures	11.8	10.0
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Total revenues	713.5	596.4
Investment income	0.2	0.0
Amortization	27.4	21.1
Depreciation	4.3	2.5
Interest expense	21.8	23.6
Income before income taxes	210.2	184.1
Total assets	7,605.3	4,903.9
Capital expenditures	4.8	1.6
Operating Segments \| National Programs
Segment Reporting Information [Line Items]
Total revenues	229.8	162.2
Investment income	1.2	0.1
Amortization	10.0	6.7
Depreciation	3.0	2.8
Interest expense	9.8	2.2
Income before income taxes	73.3	41.7
Total assets	3,675.2	3,338.8
Capital expenditures	4.9	5.6
Operating Segments \| Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	123.4	102.9
Investment income	0.2	0.1
Amortization	2.7	2.0
Depreciation	0.7	0.7
Interest expense	2.7	3.5
Income before income taxes	31.2	25.6
Total assets	1,440.7	1,124.8
Capital expenditures	0.4	0.4
Operating Segments \| Services
Segment Reporting Information [Line Items]
Total revenues	44.3	43.6
Investment income	0.0	0.0
Amortization	1.3	1.3
Depreciation	0.4	0.4
Interest expense	0.4	0.6
Income before income taxes	5.2	6.6
Total assets	285.0	290.5
Capital expenditures	0.3	0.2
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	5.0	(0.4)
Investment income	5.4	0.0
Amortization	0.0	0.0
Depreciation	1.5	1.7
Interest expense	12.0	(11.6)
Income before income taxes	(25.7)	7.0
Total assets	393.7	1,614.9
Capital expenditures	$ 1.4	$ 2.2

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash paid	$ 44.7
Other payable	0.2
Recorded earn-out payable	19.6	$ 10.8
Total consideration	64.5
Maximum potential earn-out payable	21.1
Cash and equivalents	3.3
Fiduciary cash	3.8
Fiduciary receivables	3.3
Other current assets	2.6
Fixed assets	0.2
Goodwill	23.0
Intangible assets	16.6
Other assets	0.2
Total assets acquired	53.0
Fiduciary liabilities	(7.1)
Other current liabilities	(3.8)
Deferred income tax, net	23.9
Other long term liabilities	(1.5)
Total liabilities assumed	11.5
Net assets acquired	64.5
Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash paid	44.7
Other payable	0.2
Recorded earn-out payable	19.6
Total consideration	64.5
Maximum potential earn-out payable	21.1
Cash and equivalents	3.3
Fiduciary cash	3.8
Fiduciary receivables	3.3
Other current assets	2.6
Fixed assets	0.2
Goodwill	23.0
Intangible assets	16.6
Other assets	0.2
Total assets acquired	53.0
Fiduciary liabilities	(7.1)
Other current liabilities	(3.8)
Deferred income tax, net	23.9
Other long term liabilities	(1.5)
Total liabilities assumed	11.5
Net assets acquired	$ 64.5

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Commissions and fees	$ 1,108.0	$ 904.3
Investment income	7.0	0.2
Other income, net	1.0	0.2
Total revenues	1,116.0	904.7
EXPENSES
Employee compensation and benefits	571.1	459.0
Other operating expenses	160.7	126.8
(Gain)/loss on disposal	(5.7)	(0.2)
Amortization	41.4	31.1
Depreciation	9.9	8.1
Interest	46.7	18.3
Change in estimated acquisition earn-out payables	(2.3)	(3.4)
Total expenses	821.8	639.7
Income before income taxes	294.2	265.0
Income taxes	58.7	44.7
Net income	$ 235.5	$ 220.3
Net income per share:
Basic (in dollars per share)	$ 0.83	$ 0.78
Diluted (in dollars per share)	0.83	0.77
Dividends declared per share (in dollars per share)	$ 0.115	$ 0.103

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summarized Financial Information Reportable Segments


	Three months ended March 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	713.5	$	229.8	$	123.4	$	44.3	$	5.0		$	1,116.0
Investment income	$	0.2	$	1.2	$	0.2	$	—	$	5.4		$	7.0
Amortization	$	27.4	$	10.0	$	2.7	$	1.3	$	—		$	41.4
Depreciation	$	4.3	$	3.0	$	0.7	$	0.4	$	1.5		$	9.9
Interest expense	$	21.8	$	9.8	$	2.7	$	0.4	$	12.0		$	46.7
Income before income taxes	$	210.2	$	73.3	$	31.2	$	5.2	$	(25.7	)	$	294.2
Total assets	$	7,605.3	$	3,675.2	$	1,440.7	$	285.0	$	393.7		$	13,399.9
Capital expenditures	$	4.8	$	4.9	$	0.4	$	0.3	$	1.4		$	11.8


	Three months ended March 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	596.4	$	162.2	$	102.9	$	43.6	$	(0.4	)	$	904.7
Investment income	$	—	$	0.1	$	0.1	$	—	$	—		$	0.2
Amortization	$	21.1	$	6.7	$	2.0	$	1.3	$	—		$	31.1
Depreciation	$	2.5	$	2.8	$	0.7	$	0.4	$	1.7		$	8.1
Interest expense	$	23.6	$	2.2	$	3.5	$	0.6	$	(11.6	)	$	18.3
Income before income taxes	$	184.1	$	41.7	$	25.6	$	6.6	$	7.0		$	265.0
Total assets	$	4,903.9	$	3,338.8	$	1,124.8	$	290.5	$	1,614.9		$	11,272.9
Capital expenditures	$	1.6	$	5.6	$	0.4	$	0.2	$	2.2		$	10.0

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 Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid during the period for:
Interest	$ 72.9	$ 27.1
Income taxes, net of refunds	$ 43.9	$ 4.6

Insurance Company Subsidiary Operations

3 Months Ended

Mar. 31, 2023

Reinsurance Disclosures [Abstract]

Insurance Company Subsidiary Operations

NOTE 14 Insurance Company Subsidiary Operations

Although the reinsurers are liable to the Company for amounts reinsured, our subsidiary, Wright National Flood Insurance Company (“WNFIC”), remains primarily liable to its policyholders for the full amount of the policies written whether or not the reinsurers meet their obligations to the Company when they become due. The Company also participates in two Captives for the purpose of facilitating additional underwriting capacity and participating in a portion of the underwriting results. One Captive participates on a quota share basis for policies placed by certain of our MGA businesses that are currently focused on property insurance for earthquake and wind exposed properties with a portion of premiums ceded to reinsurance companies, limiting, but not fully eliminating the Company's exposure to claims expenses. The other Captive participates through excess of loss reinsurance layers associated with one of our MGA businesses focused on placements of personal property, excluding flood, primarily in the southeastern United States with one layer of per risk excess reinsurance and three layers of catastrophe ("CAT") per occurrence reinsurance. All four layers have limited reinstatements and therefore have capped, maximum aggregate limits. The effects of reinsurance on premiums written and earned are as follows:


	Three months ended March 31, 2023
(in millions)	Written			Earned
Direct premiums - WNFIC	$	162.4		$	184.7
Ceded premiums - WNFIC		(162.4	)		(184.7	)
Net premiums - WNFIC		—			—
Assumed premiums - Quota share captive and excess of loss layer captive		25.8			16.8
Ceded premiums - Quota share captive		(15.9	)		(6.8	)
Net premiums - Quota share captive and excess of loss layer captive		9.9			10.0
Net premiums - Total	$	9.9		$	10.0

All premiums written by WNFIC under the National Flood Insurance Program (“NFIP”) are 100% ceded to the Federal Emergency Management Agency, or FEMA, for which WNFIC received a 29.7% gross expense allowance from January 1, 2023 through March 31, 2023. For the period from January 1, 2023 through March 31, 2023, the Company ceded $161.8 million of written premiums to FEMA, with $0.6 million ceded to highly rated carriers for excess flood policies which are not within the NFIP.

As of March 31, 2023 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $139.2 million and prepaid reinsurance premiums of $359.6 million which are related to the WNFIC business. There was no net activity in the reserve for losses and loss adjustment expense during the period January 1, 2023 through March 31, 2023, as WNFIC’s direct premiums written were 100% ceded to two reinsurers. The balance of the reserve for losses and loss adjustment expense for WNFIC, excluding related reinsurance recoverable, as of March 31, 2023 was $139.2 million.

WNFIC maintains capital in excess of the minimum statutory amount of $7.5 million as required by regulatory authorities. The unaudited statutory capital and surplus of WNFIC was $33.0 million at March 31, 2023 and $31.8 million as of December 31, 2022. For the period from January 1, 2023 through March 31, 2023, WNFIC generated statutory net income of $0.5 million. For the period from January 1, 2022 through December 31, 2022, WNFIC generated statutory net income of $1.3 million. The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12-month period is limited to the greater of 10% of statutory adjusted capital and surplus or 100% of adjusted net income. There was no dividend payout in 2022 and the maximum dividend payout that may be made in 2023 without prior approval is $3.2 million.

In December 2021, the initial funding to capitalize the quota share Captive was $5.9 million. This capital in addition to current earnings of $8.5 million through March 31, 2023, is considered at risk for loss. Assumed net written and net earned premiums for the quota share Captive for the three months ended March 31, 2023, were $9.0 million and $9.9 million, respectively. For three months ended March 31, 2023 the ultimate loss expense inclusive of incurred but not reported ("IBNR") claims was $8.6 million, of which $7.8 million is related to the estimated insured losses with Hurricane Ian. In connection with the estimated IBNR from Hurricane Ian claims, $3.6 million was recorded as estimated reinsurance recoverable for a net expected loss of $4.2 million. As of March 31, 2023, reported insured losses associated with Hurricane Ian of $2.4 million. As of March 31, 2023 the Condensed Consolidated Balance Sheet contained prepaid reinsurance premiums of $20.0 million related to the Captive of deferred acquisitions costs of $19.4 million, reinsurance payable for $5.3 million, and the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, was $8.6 million. The first collateral release is expected in 2024 and is based on an IBNR factor times earned premium compared to the current collateral balance.

The excess of loss layer Captive was renewed in September 2022 with underlying reinsurance treaties effective from June 1 through May 31, 2023. This Captive’s maximum underwriting exposure is $5.2 million. Assumed net earned premiums for the Captive for the three months ended March 31, 2023 were $0.9 million. As of March 31, 2023 the Condensed Consolidated Balance Sheet contained the reserve for losses and loss adjustment expense of $6.3 million of which $6.0 million is related to Hurricane Ian.

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash	$ 14.3	$ (0.3)

Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

NOTE 15 Shareholders’ Equity

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

From January 1, 2023 to March 31, 2023, the Company completed share repurchases in the open market of 2,100 shares at a total cost of $0.1 million, at an average price of $53.84 per share.

After completing these open market share repurchases, the Company has outstanding approval to purchase up to approximately $249.5 million, in the aggregate, of the Company's outstanding common stock.

During the first quarter, the Company paid a dividend of $0.1150 per share, which was approved by the Board of Directors on January 18, 2023 and paid on February 15, 2023 for a total of $32.6 million.

On April 24, 2023 the Board of Directors approved a dividend of $0.1150 per share payable on May 17, 2023 to shareholders of record on May 8, 2023.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: 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(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Line Items]
Beginning balance	$ 6,674.2
Goodwill of acquired businesses	23.0
Goodwill disposed of relating to sales of businesses	(2.7)
Foreign currency translation adjustments during the year	35.7
Ending balance	6,730.2
Retail
Goodwill [Line Items]
Beginning balance	4,309.0
Goodwill of acquired businesses	44.6
Goodwill disposed of relating to sales of businesses	0.0
Foreign currency translation adjustments during the year	34.3
Ending balance	4,387.9
National Programs
Goodwill [Line Items]
Beginning balance	1,602.4
Goodwill of acquired businesses	(21.6)
Goodwill disposed of relating to sales of businesses	(2.7)
Foreign currency translation adjustments during the year	(1.1)
Ending balance	1,577.0
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	591.5
Goodwill of acquired businesses	0.0
Goodwill disposed of relating to sales of businesses	0.0
Foreign currency translation adjustments during the year	2.5
Ending balance	594.0
Services
Goodwill [Line Items]
Beginning balance	171.3
Goodwill of acquired businesses	0.0
Goodwill disposed of relating to sales of businesses	0.0
Foreign currency translation adjustments during the year	0.0
Ending balance	$ 171.3

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 30.8	$ 31.0
Gross unrealized gains	0.1
Gross unrealized losses	(1.8)	(2.2)
Fair value	29.1	28.8
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Cost	23.7	22.8
Gross unrealized gains	0.1
Gross unrealized losses	(1.5)	(1.8)
Fair value	22.3	21.0
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	7.1	8.2
Gross unrealized losses	(0.3)	(0.4)
Fair value	$ 6.8	$ 7.8

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

NOTE 9 Leases

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

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

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

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


(in millions)		March 31, 2023		December 31, 2022
Assets:
Operating lease right-of-use assets	Operating lease assets	$	210.0	$	214.9
Total assets			210.0		214.9
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		46.2		45.0
Non-current operating lease liabilities	Operating lease liabilities		191.0		195.9
Total liabilities		$	237.2	$	240.9

As of March 31, 2023, the Company has entered into future lease agreements expected to commence later in 2023 consisting of undiscounted lease liabilities of $6.6 million.

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

The components of lease cost for operating leases for the three months ended March 31, 2023 and 2022 were:


	Three months ended March 31,
(in millions)	2023			2022
Operating leases:
Lease cost	$	14.3		$	13.1
Variable lease cost		1.1			1.1
Short-term lease cost		0.1			0.3
Operating lease cost	$	15.5		$	14.5
Sublease income		(0.3	)		(0.4	)
Total lease cost net	$	15.2		$	14.1

The weighted average remaining lease term and the weighted average discount rate for operating leases as of March 31, 2023 were:


Weighted average remaining lease term	6.21
Weighted average discount rate	3.14	%

Maturities of the operating lease liabilities by fiscal year at March 31, 2023 for the Company's operating leases are as follows:


(in millions)	Operating leases
2023 (Remainder)	$	38.8
2024		51.9
2025		44.7
2026		33.8
2027		27.0
Thereafter		64.5
Total undiscounted lease payments		260.7
Less: imputed interest		23.5
Present value of lease payments	$	237.2

Supplemental cash flow information for operating leases for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
(in millions)	2023		2022
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	14.7	$	14.1
Right-of-use assets obtained in exchange for new operating liabilities	$	4.1	$	13.8

Nature of Operations - Additional Information (Details)	3 Months Ended
Nature of Operations - Additional Information (Details)	Mar. 31, 2023 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 1.2	$ 8.9
Unrealized Losses, Less than 12 Months		(0.2)
Fair Value, 12 Months or More	24.2	19.9
Unrealized Losses, 12 Months or More	(1.8)	(2.0)
Fair Value	25.4	28.8
Unrealized Losses	(1.8)	(2.2)
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		4.7
Unrealized Losses, Less than 12 Months		(0.1)
Fair Value, 12 Months or More	18.6	16.3
Unrealized Losses, 12 Months or More	(1.5)	(1.7)
Fair Value	18.6	21.0
Unrealized Losses	(1.5)	(1.8)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	1.2	4.2
Unrealized Losses, Less than 12 Months		(0.1)
Fair Value, 12 Months or More	5.6	3.6
Unrealized Losses, 12 Months or More	(0.3)	(0.3)
Fair Value	6.8	7.8
Unrealized Losses	$ (0.3)	$ (0.4)

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

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

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

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

During the three months ended March 31, 2023, the Company had an impact of $14.3 million on foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Condensed Consolidated Statements of Cash Flows which is primarily due to the increase in currency exchange rates for British pounds.

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


	Three months ended March 31,
(in millions)	2023		2022
Cash paid during the period for:
Interest	$	72.9	$	27.1
Income taxes, net of refunds	$	43.9	$	4.6

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


	Three months ended March 31,
(in millions)	2023		2022
Other payables issued for agency acquisitions and purchased customer accounts	$	0.2	$	—
Estimated acquisition earn-out payables issued for agency acquisitions	$	19.6	$	10.8

The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of March 31, 2023 and 2022.


(in millions)	March 31, 2023		December 31, 2022
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,210.8	$	1,231.9
Non-restricted fiduciary cash		169.2		151.3
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,380.0	$	1,383.2

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

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Summary of Cash Paid for Interest and Income Taxes

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


	Three months ended March 31,
(in millions)	2023		2022
Cash paid during the period for:
Interest	$	72.9	$	27.1
Income taxes, net of refunds	$	43.9	$	4.6

Summary of Significant Non-Cash Investing and Financing Activities

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


	Three months ended March 31,
(in millions)	2023		2022
Other payables issued for agency acquisitions and purchased customer accounts	$	0.2	$	—
Estimated acquisition earn-out payables issued for agency acquisitions	$	19.6	$	10.8

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


(in millions)	March 31, 2023		December 31, 2022
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,210.8	$	1,231.9
Non-restricted fiduciary cash		169.2		151.3
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,380.0	$	1,383.2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 563.5	$ 650.0
Fiduciary cash	1,380.0	1,383.2
Short-term investments	9.3	12.0
Commission, fees and other receivables	776.0	642.9
Fiduciary receivables	914.2	881.4
Reinsurance recoverable	142.7	831.0
Prepaid reinsurance premiums	379.6	393.2
Other current assets	190.8	202.3
Total current assets	4,356.1	4,996.0
Fixed assets, net	241.6	239.9
Operating lease assets	210.0	214.9
Goodwill	6,730.2	6,674.2
Amortizable intangible assets, net	1,581.6	1,595.2
Investments	25.4	22.4
Other assets	255.0	230.9
Total assets	13,399.9	13,973.5
Current Liabilities:
Fiduciary liabilities	2,294.3	2,264.6
Losses and loss adjustment reserve	154.1	841.1
Unearned premiums	399.7	412.3
Accounts payable	342.7	286.5
Accrued expenses and other liabilities	375.8	541.5
Current portion of long-term debt	246.3	250.6
Total current liabilities	3,812.9	4,596.6
Long-term debt less unamortized discount and debt issuance costs	3,680.0	3,691.5
Operating lease liabilities	191.0	195.9
Deferred income taxes, net	563.5	584.0
Other liabilities	307.5	298.9
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560.0 shares; issued 303.3 shares and outstanding 283.6 shares at 2023, issued 302.8 shares and outstanding 283.2 shares at 2022, respectively	30.3	30.3
Additional paid-in capital	907.9	919.7
Treasury stock, at cost 19.7 shares at 2023, 19.7 shares at 2022, respectively.	(748.1)	(748.0)
Accumulated other comprehensive loss	(101.0)	(148.4)
Retained earnings	4,755.9	4,553.0
Total shareholders’ equity	4,845.0	4,606.6
Total liabilities and shareholders’ equity	$ 13,399.9	$ 13,973.5

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating leases:
Lease cost	$ 14.3	$ 13.1
Variable lease cost	1.1	1.1
Short-term lease cost	0.1	0.3
Operating lease cost	15.5	14.5
Sublease income	(0.3)	(0.4)
Total lease cost net	$ 15.2	$ 14.1

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2023)	$ 163.2
Amortization expense estimated, year two (2024)	158.6
Amortization expense estimated, year three (2025)	155.8
Amortization expense estimated, year four (2026)	149.8
Amortization expense estimated, year five (2027)	$ 136.6

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Contract assets	$ 543.5	$ 431.2
Contract liabilities	$ 104.2	$ 113.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 235.5	$ 220.3
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	41.4	31.1
Depreciation	9.9	8.1
Non-cash stock-based compensation	24.4	20.1
Change in estimated acquisition earn-out payables	(2.3)	(3.4)
Deferred income taxes	0.6	15.2
Amortization of debt discount and disposal of deferred financing costs	1.0	0.7
Net (gain)/loss on sales/disposals of investments, fixed assets and customer accounts	(5.4)	(0.1)
Payments on acquisition earn-outs in excess of original estimated payables		(13.5)
Effect of changes in foreign exchange rate changes		(0.1)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase) decrease	(130.7)	(87.8)
Reinsurance recoverable (increase) decrease	688.3	24.8
Prepaid reinsurance premiums (increase) decrease	13.6	29.8
Other assets (increase) decrease	(6.1)	31.0
Losses and loss adjustment reserve increase (decrease)	(687.0)	(24.8)
Unearned premiums increase (decrease)	(12.7)	(29.7)
Accounts payable increase (decrease)	71.5	22.2
Accrued expenses and other liabilities increase (decrease)	(169.8)	(143.1)
Other liabilities increase (decrease)	(12.4)	2.8
Net cash provided by operating activities	59.8	103.6
Cash flows from investing activities:
Additions to fixed assets	(11.8)	(10.0)
Payments for businesses acquired, net of cash acquired	(37.6)	(436.0)
Proceeds from sales of fixed assets and customer accounts	6.1	0.2
Purchases of investments	(3.6)
Proceeds from sales of investments	3.7
Net cash used in investing activities	(43.2)	(445.8)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net	(18.7)	(85.2)
Payments on acquisition earn-outs	(16.1)	(33.4)
Proceeds from long-term debt		1,200.0
Payments on long-term debt	(16.9)	(10.6)
Deferred debt issuance costs		(23.4)
Borrowings on revolving credit facility		350.0
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(36.2)	(46.0)
Purchase of treasury stock	(0.1)	(24.1)
Cash dividends paid	(32.6)	(28.9)
Net cash (used in)/provided by financing activities	(120.6)	1,298.4
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash	14.3	(0.3)
Net (decrease)/increase in cash and cash equivalents inclusive of fiduciary cash	(89.7)	955.9
Cash and cash equivalents inclusive of fiduciary cash at beginning of period	2,033.2	1,470.2
Cash and cash equivalents inclusive of fiduciary cash at end of period	$ 1,943.5	$ 2,426.1