0000950170-24-018890 | 10-K | XBRL Viewer

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Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 568.7	$ 250.6
Total notes	2,239.6	2,738.8
Long-term credit agreements	1,006.3	975.0
Debt issuance costs (contra)	(19.0)	(22.3)
Total long-term debt less unamortized discount and debt issuance costs	3,226.9	3,691.5
Current portion of long-term debt	568.7	250.6
Total debt	3,795.6	3,942.1
5-year Term Loan Facility Expires in 2026
Debt Instrument [Line Items]
Total current portion of long-term debt	25.0	15.6
Long-term credit agreements	193.8	218.8
5-year Term Loan Facility Expired in 2023
Debt Instrument [Line Items]
Total current portion of long-term debt		210.0
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Total current portion of long-term debt	43.7	25.0
Long-term credit agreements	412.5	456.2
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Total current portion of long-term debt	500.0
Total notes		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	699.5	699.4
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Total notes	598.2	598.0
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Total notes	592.2	592.0
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
Debt Instrument [Line Items]
Long-term credit agreements	100.0
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Long-term credit agreements	$ 300.0	$ 300.0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Reconciliation between Basic and Diluted Weighted Average Shares Outstanding

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


(in millions, except per share data)	2023			2022			2021
Net income	$	870.5		$	671.8		$	587.1
Net income attributable to unvested awarded performance stock		(13.3	)		(12.7	)		(12.9	)
Net income attributable to common shares	$	857.2		$	659.1		$	574.2
Weighted average number of common shares outstanding – basic		283.9			282.9			282.2
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(4.3	)		(5.4	)		(6.2	)
Weighted average number of common shares outstanding for basic earnings per common share		279.6			277.5			276.0
Dilutive effect of stock options		1.2			1.1			1.4
Weighted average number of shares outstanding – diluted		280.8			278.6			277.4
Net income per share:
Basic	$	3.07		$	2.38		$	2.08
Diluted	$	3.05		$	2.37		$	2.07

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combinations

NOTE 3 Business Combinations

During the year ended December 31, 2023, the Company acquired the assets and assumed certain liabilities of seven insurance intermediaries, all of the stock of 22 insurance intermediaries, and purchased four books of businesses (customer accounts) for a total of 33 acquisitions. Additionally, adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by ASC Topic 805 - Business Combinations (“ASC 805”). Such adjustments are presented in the “Other” category in the following table. The recorded purchase price for all acquisitions includes an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the Consolidated 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 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 Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. Management often uses independent third-party valuation specialists to assist in finalizing the fair value of assets acquired and liabilities assumed. Fair value adjustments, if any, are most common to the values established for amortizable intangible assets and earnout liabilities, with the offset to goodwill, net of any income tax effect. Provisional estimates were used to initially record the acquisition of Kentro Capital Limited as of the October 1, 2023 acquisition date, including for intangible assets, goodwill, customer contract related balances, tax related balances and all other asset and liability accounts. For the year ended December 31, 2023, adjustments were made within the permitted measurement period that included a decrease to deferred tax liability of $17.3 million, a decrease to purchased customer accounts of $10.9 million and an increase to other current assets of $5.6 million for a net decrease in goodwill of $12.0 million. These measurement period adjustments have been reflected as current period adjustments in the year ended December 31, 2023. The measurement period adjustments had no material effect on earnings or cash in the current period.

Gross cash paid for acquisitions was $695.1 million and $2,544.4 million in the years ended December 31, 2023 and 2022, respectively. We completed 33 acquisitions (including book of business purchases) during the year ended December 31, 2023 and 30 acquisitions (including book of business purchases) during the year ended December 31, 2022.

The following table summarizes the purchase price allocations and estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. These adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date.


(in millions)	Kentro Capital Limited			Berkeley Insurance Group Limited			Other (1)			Total
Business Segment	Retail National Programs			Retail			Various
Effective date of acquisition	October 1, 2023			October 3, 2023			Various
Cash paid	$	402.5		$	48.0		$	244.6		$	695.1
Common stock Issued		18.3			—			—			18.3
Other payable		2.2			1.3			8.7			12.2
Recorded earn-out payable		—			15.4			51.8			67.2
Total consideration		423.0			64.7			305.1			792.8
Maximum potential earn-out payable		—			21.0			121.5			142.5
Allocation of purchase price:
Cash and equivalents		8.5			0.4			12.9			21.8
Fiduciary cash		27.3			2.8			12.5			42.6
Fiduciary receivables		38.8			2.2			26.6			67.6
Other current assets		37.8			10.9			23.1			71.8
Goodwill		358.7			43.3			206.7			608.7
Purchased customer accounts and other (2)		66.0			22.0			79.4			167.4
Deferred income tax, net (3)		—			—			4.9			4.9
Other assets		6.1			0.5			5.6			12.2
Total assets acquired		543.2			82.1			371.7			997.0
Fiduciary liabilities		(66.1	)		(5.0	)		(39.2	)		(110.3	)
Other current liabilities		(22.6	)		(12.2	)		(17.5	)		(52.3	)
Deferred income tax, net		(16.6	)		—			—			(16.6	)
Other long-term liabilities		(14.9	)		(0.2	)		(9.9	)		(25.0	)
Total liabilities assumed		(120.2	)		(17.4	)		(66.6	)		(204.2	)
Net assets acquired	$	423.0		$	64.7		$	305.1		$	792.8

(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 weighted average useful life of purchased customer accounts is 15.0 years.

(3) 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 all the items exchanged related to the 2022 acquisitions of Orchid Underwriters Agency, CrossCover Insurance Services and GRP (Jersey) Holdco Limited and its businesses ("GRP").

Goodwill of $608.7 million, net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail, National Programs, and Wholesale Brokerage segments in the amounts of $348.5 million, $239.0 million, and $21.2 million, respectively. Of the total goodwill of $608.7 million, the amount currently deductible for income tax purposes is $64.5 million. Of the remaining $544.2 million of goodwill, $529.0 million relates to goodwill that will not be deductible for income tax purposes and $15.2 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 December 31, 2023 included in the Consolidated Statement of Income for the year ended December 31, 2023 were $67.9 million. The income before income taxes from the acquisitions completed through December 31, 2023, included in the Consolidated Statement of Income for the year ended December 31, 2023, was $23.8 million.

Subsequent to December 31, 2023, and through the date of this filing, the Company completed two acquisitions for initial cash consideration of approximately $37.6 million.

If the Company's 2023 acquisitions had occurred as of the beginning of 2022, the 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)	Year Ended December 31,
(in millions, except per share data)	2023		2022
Total revenues	$	4,357.6	$	3,736.9
Net income	$	890.5	$	703.8
Net income per share:
Basic	$	3.18	$	2.53
Diluted	$	3.17	$	2.52

Acquisition Earn-Out Payables

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

As of December 31, 2023, the fair values of the estimated acquisition earn-out payables were re-evaluated and measured at fair value on a recurring basis using unobservable inputs (Level 3) as defined in ASC 820-Fair Value Measurement. The resulting additions, payments and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
(in millions)	2023			2022			2021
Balance as of the beginning of the period	$	251.6		$	291.0		$	258.9
Additions to estimated acquisition earn-out payables from new acquisitions		67.2			73.3			75.8
Assumed estimated acquisition earn-out payables		21.1			34.8			—
Payments for estimated acquisition earn-out payables		(118.8	)		(106.3	)		(83.6	)
Subtotal		221.1			292.8			251.1
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		14.1			(45.9	)		34.2
Interest expense accretion		7.7			7.0			6.2
Net change in earnings from estimated acquisition earn- out payables		21.8			(38.9	)		40.4
Foreign currency translation adjustments during the year		6.3			(2.3	)		(0.5	)
Balance as of December 31,	$	249.2		$	251.6		$	291.0

Of the $249.2 million of estimated acquisition earn-out payables as of December 31, 2023, $145.9 million was recorded as current liabilities within the accounts payable caption in the Company's Consolidated Balance Sheets and $103.3 million was recorded as non-current liabilities within the other liabilities caption in the Company's Consolidated Balance Sheets. Included within additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts. Of the $251.6 million of estimated acquisition earn-out payables as of December 31, 2022, $119.3 million was recorded as accounts payable, and $132.3 million was recorded as other liabilities.

As of December 31, 2023, the maximum future contingency payments related to all acquisitions totaled $640.2 million. Six of the estimated acquisition earn-out payables include provisions with no maximum potential earn-out amount. The amount recorded for these acquisitions as of December 31, 2023, is $4.7 million. The Company deems a significant increase to this amount to be unlikely.

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 1.4	$ 8.9
Unrealized Losses, Less than 12 Months		(0.2)
Fair Value, 12 Months or More	23.1	19.9
Unrealized Losses, 12 Months or More	(1.2)	(2.0)
Fair Value	24.5	28.8
Unrealized Losses	(1.2)	(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	1.4	4.7
Unrealized Losses, Less than 12 Months		(0.1)
Fair Value, 12 Months or More	18.4	16.3
Unrealized Losses, 12 Months or More	(1.1)	(1.7)
Fair Value	19.8	21.0
Unrealized Losses	(1.1)	(1.8)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months		4.2
Unrealized Losses, Less than 12 Months		(0.1)
Fair Value, 12 Months or More	4.7	3.6
Unrealized Losses, 12 Months or More	(0.1)	(0.3)
Fair Value	4.7	7.8
Unrealized Losses	$ (0.1)	$ (0.4)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (aa)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 2
-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	BROWN & BROWN, INC.
Entity Central Index Key	0000079282
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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		285,801,863
Entity Public Float			$ 16,289,316,561
ICFR Auditor Attestation Flag	true
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 Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of Brown & Brown, Inc.’s Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III of this Report.
Auditor Name	Deloitte & Touche LLP
Auditor Location	Tampa, Florida, United States of America
Auditor Firm ID	34

Segment Information - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Revenues	$ 4,257.1	$ 3,573.4	$ 3,051.4
Bermuda, Canada, Cayman Islands, Ireland and the United Kingdom
Segment Reporting Information [Line Items]
Revenues	$ 527.0	$ 240.6	$ 78.0

- 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

+ Details

Insurance Company Subsidiary Operations (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Effects of Reinsurance on Premiums Written and Earned


	2023						2022
(in millions)	Written			Earned			Written			Earned
Direct premiums - WNFIC	$	886.5		$	807.4		$	740.9		$	751.3
Assumed premiums - WNFIC		—			—			—			—
Ceded premiums - WNFIC		886.5			807.4			740.9			751.3
'Net premiums - WNFIC		—			—			—			—
Assumed premiums - Quota share captive and excess of loss layer captive		113.2			89.6			65.4			43.7
Ceded premiums - Quota share captive		(52.1	)		(61.9	)		(27.1	)		(17.3	)
Net premiums - Quota share captive and excess loss layer captive		61.1			27.7			38.3			26.4
Net premiums - Total	$	61.1		$	27.7		$	38.3		$	26.4

Investments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 29.1	$ 28.8
Equity investment in a non-consolidated subsidiary	2.5
Available-for-sale debt securities	$ 10.6	$ 6.4
Number of securities in unrealized loss position \| Security	28	33
Proceeds from sale of investment in fixed maturity securities	$ 7.4	$ 7.3
Maturing time deposits	5.8
Proceeds from sale of Other Investments	13.2	7.4
Payments to acquire investments	7.2	0.1	$ 12.4
Investments on deposit with the state insurance department	4.3
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	24.4	21.0
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	4.7	7.8
Bank Time Deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale debt securities	$ 0.4	$ 5.6

Leases - Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets	$ 198.8	$ 214.9
Total assets	198.8	214.9
Liabilities:
Current operating lease liabilities	$ 45.4	$ 45.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Non-current operating lease liabilities	$ 178.6	$ 195.9
Total liabilities	$ 224.0	$ 240.9

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 17, 2022
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 \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
5-year Term Loan Facility Expired in 2023
Debt Instrument [Line Items]
Debt instrument maturity year	2023	2023
Line of credit facility, expiration term	5 years	5 years
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Debt instrument maturity year	2027
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Mar. 31, 2027	Mar. 31, 2027
5-year Term Loan Facility Expires in 2027 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
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 Revolving-Loan Facility, Periodic Interest Payments, SOFR 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, SOFR 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, SOFR 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%
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Line of credit facility, expiration term	3 years	3 years
Line of credit facility, expiration date	Mar. 31, 2025	Mar. 31, 2025
3-year Term Loan Facility Expires in 2025 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.625%	1.625%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summarized Financial Information Reportable Segments

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


	Year Ended December 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	2,440.0	$	1,077.3	$	540.7	$	163.1	$	36.0		$	4,257.1
Investment income	$	1.3	$	12.1	$	1.5	$	—	$	37.5		$	52.4
Amortization	$	108.5	$	41.2	$	11.2	$	5.1	$	—		$	166.0
Depreciation	$	18.0	$	11.8	$	2.6	$	1.4	$	6.2		$	40.0
Interest expense	$	83.4	$	35.6	$	11.9	$	1.3	$	57.8		$	190.0
Income before income taxes	$	528.4	$	405.5	$	125.8	$	153.8	$	(67.4	)	$	1,146.1
Total assets	$	8,303.9	$	4,333.5	$	1,558.9	$	209.0	$	478.1		$	14,883.4
Capital expenditures	$	45.5	$	16.5	$	3.0	$	1.1	$	2.8		$	68.9


	Year Ended December 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	2,084.3	$	859.5	$	453.4	$	171.9	$	4.3		$	3,573.4
Investment income	$	0.1	$	1.3	$	0.3	$	—	$	4.8		$	6.5
Amortization	$	96.7	$	35.4	$	9.4	$	5.1	$	—		$	146.6
Depreciation	$	12.8	$	15.3	$	2.7	$	1.6	$	6.8		$	39.2
Interest expense	$	94.3	$	33.0	$	12.9	$	2.1	$	(1.1	)	$	141.2
Income before income taxes	$	466.7	$	271.1	$	117.7	$	24.1	$	(3.5	)	$	876.1
Total assets	$	7,458.6	$	4,467.8	$	1,401.6	$	295.0	$	350.5		$	13,973.5
Capital expenditures	$	18.6	$	20.2	$	2.8	$	1.0	$	10.0		$	52.6


	Year Ended December 31, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,767.9	$	701.9	$	403.4	$	178.9	$	(0.7	)	$	3,051.4
Investment income	$	0.3	$	0.6	$	0.2	$	—	$	—		$	1.1
Amortization	$	77.8	$	27.4	$	9.1	$	5.3	$	—		$	119.6
Depreciation	$	11.2	$	9.8	$	2.6	$	1.5	$	8.2		$	33.3
Interest expense	$	91.4	$	11.4	$	16.0	$	2.9	$	(56.7	)	$	65.0
Income before income taxes	$	334.4	$	242.3	$	94.8	$	28.3	$	63.0		$	762.8
Total assets	$	5,040.7	$	2,943.0	$	1,154.4	$	299.2	$	358.1		$	9,795.4
Capital expenditures	$	8.1	$	13.5	$	1.6	$	1.6	$	20.2		$	45.0

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 179.7	$ 124.1	$ 106.8
State	57.0	35.3	32.6
Foreign	23.6	2.1	1.8
Total current provision	260.3	161.5	141.2
Deferred:
Federal	26.6	38.9	28.0
State	5.7	8.2	5.0
Foreign	(17.0)	(4.3)	1.5
Total deferred provision	15.3	42.8	34.5
Total tax provision	$ 275.6	$ 204.3	$ 175.7

Amortizable Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

NOTE 5 Amortizable Intangible Assets

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


	December 31, 2023									December 31, 2022
(in millions)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life in years(1)		Gross carrying value			Accumulated amortization			Net carrying value			Weighted average life in years(1)
Purchased customer accounts	$	3,138.0	$	(1,548.7	)	$	1,589.3		14.8	$	2,997.0		$	(1,397.7	)	$	1,599.3			14.8
Foreign currency translation adjustments during the year		33.5		(2.0	)		31.5				(4.5	)		0.4			(4.1	)
Total	$	3,171.5	$	(1,550.7	)	$	1,620.8			$	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, 2024, 2025, 2026, 2027 and 2028 is estimated to be $169.4 million, $165.9 million, $159.9 million, $147.5 million and $141.0 million, respectively.

Stock Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	May 31, 2023 shares	May 31, 2022 shares	May 31, 2021 shares	Jul. 31, 2009	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2023 $ / shares	Jul. 31, 2023 USD ($) $ / shares shares	Aug. 31, 2022 $ / shares	Jul. 31, 2022 USD ($) $ / shares shares	Aug. 31, 2021 $ / shares	Jul. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares	May 01, 2019 shares	Dec. 31, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental increases in average stock price from initial grant price					20.00%
Share-based compensation arrangement by share-based payment award, award requisite service period				20 years	15 years
Attainment age of stock plan					attainment of age 64
Share-based compensation arrangement by share-based payment award, options, grants in period, gross					10,155,094
Share based compensation arrangement by share based payment award equity instruments other than options awarded shares outstanding number					167,772
Share based compensation arrangement by share based payment award equity instruments other than options distributed shares outstanding number					9,987,322
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit \| $ / shares					$ 8.89
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit \| $ / shares					$ 10.31
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value \| $					$ 30,600	$ 6,300	$ 2,300
Number of shares authorized					34,000,000													28,800,000
Maximum employee subscription rate					10.00%
Compensation cost not yet recognized \| $					$ 205,100
Compensation cost not yet recognized, period for recognition					3 years 6 months 10 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant					2,991,813
Threshold period worked per week by employees					20
Allotted value maximum \| $					$ 25,000
Subscription period beginning					August 1st
Subscription period ending					July 31st
Purchase price of common stock, percentage					85.00%
Percentage of market price					15.00%
Value of one year stock option percentage					85.00%
Estimated fair value per share option \| $ / shares										$ 18.13		$ 15.81		$ 11.60
Stock awarded											743,856		791,842		850,956
Shares issued aggregate purchase value \| $											$ 39,900		$ 36,500		$ 32,900
Shares issued aggregate purchase price per share \| $ / shares											$ 53.70		$ 46.10		$ 38.70
Shares held in employee stock option plan, suspense shares					330,599	338,498	354,911
Cash received from proceeds by participants \| $					$ 19,700	$ 18,200	$ 16,400
2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of stock reserved for issuance under stock incentive plans																	2,283,475
Number of shares available for grant					4,238,212												6,957,897
2010 SIP and 2019 SIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award equity instruments other than options awarded shares outstanding number					4,276,330	4,754,649	5,025,561									6,919,847
Stock vesting period					5 years
2010 SIP and 2019 SIP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period					3 years
Percentage of payout								0.00%	0.00%
2010 SIP and 2019 SIP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period					5 years
Percentage of payout								200.00%	100.00%
2010 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to directors shares	16,632	15,003	16,857

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

NOTE 8 Accrued Expenses and Other Liabilities

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


(in millions)	2023		2022
Accrued incentive compensation	$	268.2	$	234.5
Accrued compensation and benefits		64.1		64.6
Lease liability (1)		45.4		45.0
Deferred revenue		78.2		79.9
Reserve for policy cancellations		52.6		39.2
Accrued interest		33.2		33.2
Accrued rent and vendor expenses		20.9		14.9
Other		45.6		30.2
Total	$	608.2	$	541.5

(1)

The Lease liability is the current portion of the Operating lease liabilities as reflected in the Consolidated Balance Sheets as of December 31, 2023 and 2022.

Revenues

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Revenues

NOTE 2 Revenues

The following tables present the revenues disaggregated by revenue source:


	For the year ended December 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,690.6	$	736.2	$	440.5	$	—	$	0.2		$	2,867.5
Fees(2)		530.7		226.6		78.0		163.1		(1.9	)		996.5
Other supplemental commissions(3)		163.5		8.6		5.7		—		—			177.8
Profit-sharing contingent commissions(4)		49.9		65.2		14.8		—		—			129.9
Earned premium(5)		—		27.7		—		—		—			27.7
Investment income(6)		1.3		12.1		1.5		—		37.5			52.4
Other income, net(7)		4.0		0.9		0.2		—		0.2			5.3
Total Revenues	$	2,440.0	$	1,077.3	$	540.7	$	163.1	$	36.0		$	4,257.1


	For the year ended December 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,420.9	$	590.2	$	366.6	$	—	$	—		$	2,377.7
Fees(2)		473.5		198.5		68.5		171.9		(1.2	)		911.2
Other supplemental commissions(3)		138.4		15.4		5.4		—		—			159.2
Profit-sharing contingent commissions(4)		48.8		27.6		12.3		—		—			88.7
Earned premium(5)		—		26.4		—		—		—			26.4
Investment income(6)		0.1		1.3		0.3		—		4.8			6.5
Other income, net(7)		2.6		0.1		0.3		—		0.7			3.7
Total Revenues	$	2,084.3	$	859.5	$	453.4	$	171.9	$	4.3		$	3,573.4


	For the year ended December 31, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,198.1	$	488.7	$	323.1	$	—	$	0.1		$	2,010.0
Fees(2)		414.9		173.8		67.2		178.9		(1.8	)		833.0
Other supplemental commissions(3)		114.7		3.3		4.3		—		—			122.3
Profit-sharing contingent commissions(4)		38.9		35.3		8.0		—		—			82.2
Earned premium(5)		—		—		—		—		—			—
Investment income(6)		0.3		0.6		0.2		—		—			1.1
Other income, net(7)		1.0		0.2		0.6		—		1.0			2.8
Total Revenues	$	1,767.9	$	701.9	$	403.4	$	178.9	$	(0.7	)	$	3,051.4

(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 consists primarily of other miscellaneous income.

(8)

Fees within Other reflects the elimination of intercompany revenues.

Revenues Disaggregated by Geography

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


	For the year ended December 31,
(in millions)	2023		2022		2021
U.S.	$	3,730.1	$	3,332.8	$	2,973.4
U.K.		432.7		170.0		15.5
Republic of Ireland		45.0		38.1		34.1
Canada		35.4		23.6		21.3
Other		13.9		8.9		7.1
Total Revenues	$	4,257.1	$	3,573.4	$	3,051.4

Contract Assets and Liabilities

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


(in millions)	December 31, 2023		December 31, 2022
Contract assets	$	472.6	$	431.2
Contract liabilities	$	113.2	$	113.3

Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in our systems and are reflected in commissions, fees and other receivables in the Company's Consolidated Balance Sheets. The increase in contract assets over the balance as of December 31, 2022 is due to 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 Consolidated Balance Sheets.

As of December 31, 2023, deferred revenue consisted of $78.2 million as the current portion to be recognized within one year and $35.0 million in long term to be recognized beyond one year. As of December 31, 2022, deferred revenue consisted of $79.9 million as the current portion to be recognized within one year and $33.4 million in long-term deferred revenue to be recognized beyond one year.

Contract assets and contract liabilities arising from acquisitions in 2023 were approximately $13.6 million and $6.8 million, respectively. Contract assets and contract liabilities arising from acquisitions in 2022 were approximately $12.0 million and $4.4 million, respectively.

During the 12 months ended December 31, 2023, 2022, and 2021, the amount of revenue recognized related to performance obligations satisfied in a previous period, inclusive of changes due to estimates, was approximately $28.2 million, $25.8 million, and $23.3 million, respectively. This consists of additional variable consideration received on our incentive and profit-sharing contingent 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, whereby the Company pays an incremental amount of compensation on new business. These incremental costs are deferred and amortized over a 15-year period. The cost to obtain balance within the Other assets caption in the

Company’s Consolidated Balance Sheets was $96.5 million and $76.0 million as of December 31, 2023 and December 31, 2022, respectively. For the 12 months ended December 31, 2022 and December 31, 2021, the Company deferred $27.3 million and $23.0 million of incremental cost to obtain customer contracts, respectively. The Company recorded an expense of $6.8 million and $5.2 million associated with the incremental cost to obtain customer contracts for the 12 months ended December 31, 2023 and December 31, 2022, respectively.

Cost to fulfill - The Company defers certain costs to fulfill contracts and recognizes these costs as the associated performance obligations are fulfilled. The cost to fulfill balance within the other current assets caption in the Company's Consolidated Balance Sheets was $122.6 million as of December 31, 2023, which is inclusive of deferrals from businesses acquired in the current year of $6.3 million. The cost to fulfill balance as of December 31, 2022 was $108.7 million, which is inclusive of deferrals from businesses acquired in the year of $14.1 million. For the 12 months ended December 31, 2023 and 2022, the Company had net deferrals of $7.3 million and $6.7 million related to current year deferrals for costs incurred that relate to performance obligations yet to be fulfilled, net of the expense of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

NOTE 15 Leases

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

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

The right-of-use asset is initially measured at cost, which is primarily composed of the initial lease liability, plus any initial direct costs incurred, less any lease incentives received. The lease liability is initially measured at the present value of the minimum lease payments through the term of the lease. Minimum lease payments are discounted to present value using the incremental borrowing rate at the lease commencement date, which approximates the rate of interest the Company expects to 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 Consolidated Balance Sheets as of December 31, 2023 and 2022 is as follows:


(in millions)		December 31, 2023		December 31, 2022
Balance Sheet
Assets:
Operating lease right-of-use assets		$	198.8	$	214.9
Total assets	Operating lease assets		198.8		214.9
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		45.4		45.0
Non-current operating lease liabilities	Operating lease liabilities		178.6		195.9
Total liabilities		$	224.0	$	240.9

As of December 31, 2023, the Company has entered into future lease agreements expected to commence in 2024 consisting of undiscounted lease liabilities of $11.4 million.

Variable lease cost represents lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred.

Lease expense for operating leases consists of the lease payments, inclusive of lease incentives, plus any initial direct costs, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability.

The components of lease cost for operating leases for the 12 months ended December 31, 2023 and 2022 were:


(in millions)	For the year ended December 31, 2023			For the year ended December 31, 2022
Operating leases:
Lease cost	$	57.8		$	55.5
Variable lease cost		4.7			4.3
Short-term lease cost		0.1			0.9
Operating lease cost		62.6			60.7
Sublease income		(1.4	)		(1.5	)
Total lease cost net	$	61.2		$	59.2

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


Weighted average remaining lease term	5.9
Weighted average discount rate	3.44	%

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


(in millions)	Operating Leases
2024	$	51.5
2025		49.6
2026		38.7
2027		31.7
2028		23.8
Thereafter		51.1
Total undiscounted lease payments		246.4
Less: Imputed interest		22.4
Present value of future lease payments	$	224.0

Supplemental cash flow information for operating leases:


(in millions)	For the year ended December 31, 2023		For the year ended December 31, 2022
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	61.3	$	58.2
Right-of-use assets obtained in exchange for new operating liabilities	$	22.4	$	71.0

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	5 years 10 months 24 days
Weighted average discount rate	3.44%

Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Beginning balance	$ 6,674.2	$ 4,736.8
Goodwill adjustment during measurement period	(12.0)
Goodwill of acquired businesses	620.7	1,994.5
Goodwill disposed of relating to sales of businesses	(46.9)	(46.2)
Foreign currency translation adjustments during the year	104.8	(10.9)
Ending balance	7,340.8	6,674.2
Retail
Goodwill [Line Items]
Beginning balance	4,309.0	2,987.2
Goodwill adjustment during measurement period	13.1
Goodwill of acquired businesses	335.4	1,366.6
Goodwill disposed of relating to sales of businesses	(0.2)	(38.5)
Foreign currency translation adjustments during the year	84.8	(6.3)
Ending balance	4,742.1	4,309.0
National Programs
Goodwill [Line Items]
Beginning balance	1,602.4	1,089.9
Goodwill adjustment during measurement period	(23.5)
Goodwill of acquired businesses	262.5	516.5
Goodwill disposed of relating to sales of businesses	(2.7)	0.0
Foreign currency translation adjustments during the year	14.3	(4.0)
Ending balance	1,853.0	1,602.4
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	591.5	488.4
Goodwill adjustment during measurement period	(1.6)
Goodwill of acquired businesses	22.8	111.4
Goodwill disposed of relating to sales of businesses	0.0	(7.7)
Foreign currency translation adjustments during the year	5.7	(0.6)
Ending balance	618.4	591.5
Services
Goodwill [Line Items]
Beginning balance	171.3	171.3
Goodwill adjustment during measurement period	0.0
Goodwill of acquired businesses	0.0	0.0
Goodwill disposed of relating to sales of businesses	(44.0)	0.0
Foreign currency translation adjustments during the year	0.0	0.0
Ending balance	$ 127.3	$ 171.3

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

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Summary of Cash Paid for Interest and Income Taxes

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


	Year Ended December 31,
(in millions)	2023		2022		2021
Cash paid during the period for:
Interest	$	185.8	$	120.1	$	61.5
Income taxes, net of refunds	$	218.1	$	122.3	$	146.9

Summary of Significant Non-Cash Investing and Financing Activities

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


	Year Ended December 31,
(in millions)	2023		2022		2021
Other payables issued for agency acquisitions and purchased customer accounts	$	12.2	$	5.6	$	15.1
Estimated acquisition earn-out payables and related charges	$	67.2	$	73.3	$	75.7
Assumed acquisition earn-out payables	$	21.1	$	34.8	$	—
Contingent payable issued for agency acquisition	$	—	$	—	$	24.1
Common stock issued for agency acquisition	$	18.3	$	14.7	$	9.9
Notes payable assumed for agency acquisition	$	—	$	1.8	$	1.4
Notes received on the sale of businesses, fixed assets and customer accounts	$	0.1	$	—	$	—

Schedule of Reconciliation of Fiduciary Cash

The following is a reconciliation of fiduciary cash as of December 31, 2023, 2022 and 2021.


	Balance as of December 31,
(in millions)	2023		2022		2021
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,411.8	$	1,231.9	$	583.2
Non-restricted fiduciary cash	$	190.8	$	151.3	$	193.8
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,602.6	$	1,383.2	$	777.0

The Company's fiduciary cash increased as of December 31, 2022 compared to December 31, 2021 primarily due to businesses acquired during 2022.


	Balance as of December 31,
(in millions)	2023		2022		2021
Table to reconcile cash and cash equivalents inclusive of fiduciary cash
Cash and cash equivalents	$	700.3	$	650.0	$	693.2
Fiduciary cash	$	1,602.6	$	1,383.2	$	777.0
Total cash and cash equivalents inclusive of fiduciary cash at the end of the period	$	2,302.9	$	2,033.2	$	1,470.2

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued incentive compensation	$ 268.2	$ 234.5
Accrued compensation and benefits	64.1	64.6
Lease liability	45.4	45.0
Deferred revenue	78.2	79.9
Reserve for policy cancellations	52.6	39.2
Accrued interest	33.2	33.2
Accrued rent and vendor expenses	20.9	14.9
Other	45.6	30.2
Total	$ 608.2	$ 541.5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	560.0	560.0
Common stock, shares issued (in shares)	304.2	302.9
Common stock, shares outstanding (in shares)	284.6	283.2
Treasury stock shares (in shares)	19.7	19.7

Amortizable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

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


	December 31, 2023									December 31, 2022
(in millions)	Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life in years(1)		Gross carrying value			Accumulated amortization			Net carrying value			Weighted average life in years(1)
Purchased customer accounts	$	3,138.0	$	(1,548.7	)	$	1,589.3		14.8	$	2,997.0		$	(1,397.7	)	$	1,599.3			14.8
Foreign currency translation adjustments during the year		33.5		(2.0	)		31.5				(4.5	)		0.4			(4.1	)
Total	$	3,171.5	$	(1,550.7	)	$	1,620.8			$	2,992.5		$	(1,397.3	)	$	1,595.2

(1)

Weighted average life calculated as of the date of acquisition.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

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

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Consolidated Balance Sheets as of December 31, 2023 and 2022 is as follows:


(in millions)		December 31, 2023		December 31, 2022
Balance Sheet
Assets:
Operating lease right-of-use assets		$	198.8	$	214.9
Total assets	Operating lease assets		198.8		214.9
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		45.4		45.0
Non-current operating lease liabilities	Operating lease liabilities		178.6		195.9
Total liabilities		$	224.0	$	240.9

Schedule of Components of Lease Cost for Operating Leases

The components of lease cost for operating leases for the 12 months ended December 31, 2023 and 2022 were:


(in millions)	For the year ended December 31, 2023			For the year ended December 31, 2022
Operating leases:
Lease cost	$	57.8		$	55.5
Variable lease cost		4.7			4.3
Short-term lease cost		0.1			0.9
Operating lease cost		62.6			60.7
Sublease income		(1.4	)		(1.5	)
Total lease cost net	$	61.2		$	59.2

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

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


Weighted average remaining lease term	5.9
Weighted average discount rate	3.44	%

Schedule of Maturities of Operating Lease Liabilities

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


(in millions)	Operating Leases
2024	$	51.5
2025		49.6
2026		38.7
2027		31.7
2028		23.8
Thereafter		51.1
Total undiscounted lease payments		246.4
Less: Imputed interest		22.4
Present value of future lease payments	$	224.0

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information for operating leases:


(in millions)	For the year ended December 31, 2023		For the year ended December 31, 2022
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	61.3	$	58.2
Right-of-use assets obtained in exchange for new operating liabilities	$	22.4	$	71.0

Insurance Company Subsidiary Operations - Effects of Reinsurance on Premiums Written and Earned (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Written
Net premiums	$ 61.1	$ 38.3
Earned
Net premiums	27.7	26.4
WNFIC
Written
Direct premiums	886.5	740.9
Ceded premiums	886.5	740.9
Earned
Direct premiums	807.4	751.3
Ceded premiums	(807.4)	(751.3)
Quota Share Captive and Excess of Loss Layer Captive
Written
Assumed premiums	113.2	65.4
Net premiums	61.1	38.3
Earned
Assumed premiums	89.6	43.7
Net premiums	27.7	26.4
Quota Share Captive
Written
Ceded premiums	52.1	27.1
Net premiums	57.6
Earned
Ceded premiums	(61.9)	$ (17.3)
Net premiums	$ 24.2

Stock Based Compensation - Schedule of Performance Stock Plan and 2010 Stock Incentive Plan (Parenthetical) (Details) - 2010 Stock Incentive Plan - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance-based restricted stock granted	1,323,088	784,811	938,268
Potential Payout	615,575	378,836	486,679
Targeted payout	100.00%	100.00%	100.00%
Tranche One
Potential Payout	17,338	15,114	21,651
Tranche Three
Potential Payout			3,886
Maximum
Performance of final target percentage	200.00%	200.00%	200.00%
Maximum \| Tranche One
Performance of final target percentage	120.00%	120.00%	120.00%
Maximum \| Tranche Three
Performance of final target percentage			150.00%
Minimum
Performance of final target percentage	0.00%	0.00%	0.00%
Minimum \| Tranche One
Performance of final target percentage	0.00%	0.00%	0.00%
Minimum \| Tranche Three
Performance of final target percentage			50.00%

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Contract assets	$ 472.6	$ 431.2
Contract liabilities	$ 113.2	$ 113.3

Employee Savings Plan - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) d	Dec. 31, 2022 USD ($)
Employee Savings Plan [Abstract]
Service Period Eligible to Participate for Employee Savings Plan \| d	30
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Defined Benefit Plan, Plan Assets, Contributions by Employer \| $	$ 51.5	$ 42.7

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 870.5	$ 671.8	$ 587.1
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	166.0	146.6	119.6
Depreciation	40.0	39.2	33.3
Non-cash stock-based compensation	89.4	66.1	61.0
Change in estimated acquisition earn-out payables	21.8	(38.9)	40.4
Deferred income taxes	12.3	42.8	33.6
Amortization of debt discount and disposal of deferred financing costs	1.0	3.8	2.8
Amortization of discounts and premiums, investment	3.5	0.2	0.1
Net (gain)/loss on sales/disposals of businesses, investments, fixed assets and customer accounts	(140.3)	(3.6)	(7.1)
Payments on acquisition earn-outs in excess of original estimated payables	(29.3)	(30.1)	(21.1)
Effect of changes in foreign exchange rate changes	0.2	(0.6)	0.5
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase) decrease	(106.4)	(60.9)	(61.9)
Reinsurance recoverable (increase) decrease	705.9	(767.9)	(19.6)
Prepaid reinsurance premiums (increase) decrease	(68.3)	(1.0)	(14.6)
Other assets (increase) decrease	(117.7)	(17.6)	(53.7)
Losses and loss adjustment reserve increase (decrease)	(709.6)	777.8	19.6
Unearned premiums increase (decrease)	50.1	20.1	14.6
Accounts payable increase (decrease)	260.0	124.3	54.4
Accrued expenses and other liabilities increase (decrease)	43.2	37.0	66.9
Other liabilities increase (decrease)	(82.8)	(127.7)	(47.1)
Net cash provided by operating activities	1,009.5	881.4	808.8
Cash flows from investing activities:
Additions to fixed assets	(68.9)	(52.6)	(45.0)
Payments for businesses acquired, net of cash acquired	(630.7)	(1,927.7)	(366.8)
Proceeds from sales of businesses, fixed assets and customer accounts	106.6	60.4	16.6
Purchases of investments	(7.2)	(0.1)	(12.4)
Proceeds from sales of investments	13.2	7.4	10.8
Net cash used in investing activities	(587.0)	(1,912.6)	(396.8)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net	188.5	96.2	133.7
Deferred acquisition purchase payment		(5.1)
Payments on acquisition earn-outs	(89.5)	(76.2)	(62.5)
Proceeds from long-term debt		2,000.0
Payments on long-term debt	(250.6)	(61.3)	(73.1)
Deferred debt issuance costs		(23.4)	(2.6)
Borrowings on revolving credit facility	420.0	350.0
Payments on revolving credit facilities	(320.0)	(350.0)
Issuances of common stock for employee stock benefit plans	39.8	37.6	34.0
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(39.8)	(48.8)	(49.8)
Purchase of treasury stock	(0.1)	(74.1)	(82.6)
Cash dividends paid	(135.0)	(119.5)	(107.2)
Net cash (used in) provided by financing activities	(186.7)	1,725.4	(210.1)
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash	33.9	(131.2)	(3.6)
Net increase in cash and cash equivalents inclusive of fiduciary cash	269.7	563.0	198.3
Cash and cash equivalents inclusive of fiduciary cash at beginning of period	2,033.2	1,470.2	1,271.9
Cash and cash equivalents inclusive of fiduciary cash at end of period	$ 2,302.9	$ 2,033.2	$ 1,470.2

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combinations [Abstract]
Beginning balance	$ 251.6	$ 291.0	$ 258.9
Additions to estimated acquisition earn-out payables from new acquisitions	67.2	73.3	75.8
Assumed estimated acquisition earn-out payables	21.1	34.8
Payments for estimated acquisition earn-out payables	(118.8)	(106.3)	(83.6)
Subtotal	221.1	292.8	251.1
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	14.1	(45.9)	34.2
Interest expense accretion	7.7	7.0	6.2
Net change in earnings from estimated acquisition earn-out payables	21.8	(38.9)	40.4
Foreign currency translation adjustments during the year	6.3	(2.3)	(0.5)
Ending balance	$ 249.2	$ 251.6	$ 291.0

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 10 Income Taxes

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


(in millions)	2023			2022			2021
Current:
Federal	$	179.7		$	124.1		$	106.8
State		57.0			35.3			32.6
Foreign		23.6			2.1			1.8
Total current provision		260.3			161.5			141.2
Deferred:
Federal		26.6			38.9			28.0
State		5.7			8.2			5.0
Foreign		(17.0	)		(4.3	)		1.5
Total deferred provision		15.3			42.8			34.5
Total tax provision	$	275.6		$	204.3		$	175.7

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


	2023			2022			2021
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		4.5			4.7			4.7
Non-deductible employee stock purchase plan expense		0.2			0.2			0.2
Non-deductible meals and entertainment		0.2			0.1			—
Non-deductible officers’ compensation		0.4			0.6			0.4
Tax benefit from stock-based compensation		(1.6	)		(3.1	)		(3.6	)
Other, net		(0.6	)		(0.2	)		0.3
Effective tax rate		24.1	%		23.3	%		23.0	%

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

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


(in millions)	2023			2022
Non-current deferred tax liabilities:
Intangible assets	$	700.7		$	631.6
Fixed assets		23.0			21.1
Right-of-use assets		43.1			48.3
Impact of adoption of ASC 606 revenue recognition		25.0			19.8
Net unrealized holding (loss)/gain on available-for-sale securities		(0.3	)		(0.4	)
Total non-current deferred tax liabilities		791.5			720.4
Non-current deferred tax assets:
Deferred compensation		85.1			67.4
Accruals and reserves		19.4			12.5
Lease liabilities		48.9			54.6
Net operating loss carryforwards and other carryforwards		23.3			3.0
Valuation allowance for deferred tax assets		(1.4	)		(1.1	)
Total non-current deferred tax assets		175.3			136.4
Net non-current deferred tax liability	$	616.2		$	584.0

Income taxes paid in 2023, 2022 and 2021 were $218.5 million, $124.9 million and $147.5 million, respectively.

At December 31, 2023, for income tax reporting purposes, the Company had net operating loss carryforwards of $35.0 million for federal, no net operating loss carryforwards for international jurisdiction and $80.1 million net operating loss carryforwards for state, portions of which expire in the years 2024 and thereafter. The state carryforward amount is derived from the operating results of certain subsidiaries. During 2022, the Company was able to utilize the 2021 net operating loss carryforward in Canada of $1.8 million.

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


(in millions)	2023			2022		2021
Unrecognized tax benefits balance at January 1	$	3.1		$	0.9	$	1.3
Gross increases for tax positions of prior years		3.2			2.2		0.3
Gross decreases for tax positions of prior years		—			—		(0.5	)
Settlements		(1.0	)		—		(0.2	)
Unrecognized tax benefits balance at December 31	$	5.3		$	3.1	$	0.9

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023, 2022 and 2021 the Company had $0.6 million, $0.7 million and $0.3 million of accrued interest and penalties related to uncertain tax positions, respectively.

The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized was $5.3 million as of December 31, 2023, $3.1 million as of December 31, 2022 and $0.9 million as of December 31, 2021. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months.

The Company is subject to taxation in the United States and various state jurisdictions. The Company is also subject to taxation in various international jurisdictions throughout Europe and Asia. In the United States, federal returns for fiscal years 2020 through 2023 remain open and subject to examination by the Internal Revenue Service. The Company files and remits state income taxes in various states where the Company has determined it is required to file state income taxes. The Company’s filings with those states remain open for audit for the fiscal years 2019 through 2023. The Company files and remits income taxes in various international jurisdictions where the Company has determined it is required to file income taxes. The Company's filings with those countries remain open for audit for the fiscal years 2018 through 2023. The Company also operates in Bermuda and the Cayman Islands. The Company is not subject to any income taxes in these countries.

During 2022, the Company came under audit in the State of Massachusetts for the fiscal years 2018-2020. A subsidiary of the Company is currently under audit in the State of Missouri for the fiscal years 2019-2021.

During 2023, the Company settled the previously disclosed State of Massachusetts income tax audit for the fiscal years 2015-2017, settled the previously disclosed State of Wisconsin audit for the fiscal years 2017-2020 and settled the previously disclosed State of Missouri audit for the fiscal years 2019-2021. There were no material adjustments as a result of the finalization of these audits. During 2023, the State of Michigan initiated an audit on the Company for the fiscal years 2018-2021, and the State of California initiated an audit for the fiscal years 2020-2021.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 700.3	$ 650.0
Fiduciary cash	1,602.6	1,383.2
Short-term investments	11.0	12.0
Commission, fees and other receivables	789.7	642.9
Fiduciary receivables	1,124.6	881.4
Reinsurance recoverable	125.2	831.0
Prepaid reinsurance premiums	461.5	393.2
Other current assets	315.0	202.3
Total current assets	5,129.9	4,996.0
Fixed assets, net	270.3	239.9
Operating lease assets	198.8	214.9
Goodwill	7,340.8	6,674.2
Amortizable intangible assets, net	1,620.8	1,595.2
Investments	21.0	22.4
Other assets	301.8	230.9
Total assets	14,883.4	13,973.5
Current Liabilities:
Fiduciary liabilities	2,727.2	2,264.6
Losses and loss adjustment reserve	131.5	841.1
Unearned premiums	462.4	412.3
Accounts payable	458.9	286.5
Accrued expenses and other liabilities	608.2	541.5
Current portion of long-term debt	568.7	250.6
Total current liabilities	4,956.9	4,596.6
Long-term debt less unamortized discount and debt issuance costs	3,226.9	3,691.5
Operating lease liabilities	178.6	195.9
Deferred income taxes, net	616.2	584.0
Other liabilities	326.0	298.9
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560.0 shares; issued 304.2 shares and outstanding 284.6 shares at 2023, issued 302.9 shares and outstanding 283.2 shares at 2022, respectively	30.4	30.3
Additional paid-in capital	1,027.1	919.7
Treasury stock, at cost at 19.7 shares at 2023 and 19.7 shares at 2022, respectively.	(748.1)	(748.0)
Accumulated other comprehensive loss	(19.1)	(148.4)
Retained earnings	5,288.5	4,553.0
Total shareholders’ equity	5,578.8	4,606.6
Total liabilities and shareholders’ equity	$ 14,883.4	$ 13,973.5

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


(in millions)	2023		2022
Accrued incentive compensation	$	268.2	$	234.5
Accrued compensation and benefits		64.1		64.6
Lease liability (1)		45.4		45.0
Deferred revenue		78.2		79.9
Reserve for policy cancellations		52.6		39.2
Accrued interest		33.2		33.2
Accrued rent and vendor expenses		20.9		14.9
Other		45.6		30.2
Total	$	608.2	$	541.5

(1)

The Lease liability is the current portion of the Operating lease liabilities as reflected in the Consolidated Balance Sheets as of December 31, 2023 and 2022.

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 6 Investments

At December 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	$	25.5	$	—	$	(1.1	)	$	24.4
Corporate debt		4.8		—		(0.1	)		4.7
Total	$	30.3	$	—	$	(1.2	)	$	29.1

At December 31, 2023, the Company held $24.4 million in fixed income securities composed of U.S Treasury securities, securities issued by U.S. Government agencies and municipalities, and $4.7 million issued by corporations with investment-grade ratings. Of the total, $10.6 million is classified as short-term investments on the Consolidated Balance Sheets as maturities are less than one year in duration. Additionally, the Company holds $0.4 million in short-term investments, which are related to time deposits held with various financial institutions. The Company also maintains a $2.5 million equity investment in a non-consolidated subsidiary accounted for on the cost basis and held as a long-term investment on the Condensed Consolidated Balance Sheet.

For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 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	$	1.4	$	—	$	18.4	$	(1.1	)	$	19.8	$	(1.1	)
Corporate debt		—		—		4.7		(0.1	)		4.7		(0.1	)
Total	$	1.4	$	—	$	23.1	$	(1.2	)	$	24.5	$	(1.2	)

The unrealized losses in the Company’s investments in U.S. Treasury Securities and obligations of U.S. Government agencies and bonds from corporate issuers were caused by interest rate increases. At December 31, 2023, the Company had 28 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based upon the ability and intent of the Company to hold these investments until maturity, and the underlying creditworthiness of the issuers, the bonds were not considered to be other-than-temporarily impaired at December 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.

The following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2022:


	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 in the Company’s investments in U.S. Treasury Securities and obligations of U.S. Government agencies and bonds from corporate issuers were caused by interest rate increases. At December 31, 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 upon the ability and intent of the Company to hold these investments until maturity, and the underlying creditworthiness of the issuers, 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 December 31, 2023 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	10.9	$	10.6
Due after one year through five years		19.4		18.5
Due after five years through ten years		—		—
Total	$	30.3	$	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 through ten 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 were $7.4 million. This along with maturing time deposits of $5.8 million yielded total cash proceeds from the sale of investments of $13.2 million in the period of January 1, 2023 to December 31, 2023. These proceeds, along with other sources of cash were used to purchase an additional $7.2 million of fixed maturity securities and to fund certain general corporate purposes. The gains and losses realized on those sales for the period from January 1, 2023 to December 31, 2023 were insignificant.

Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $7.3 million for the year ended December 31, 2022. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $7.4 million in the period of January 1, 2022 to December 31, 2022. These proceeds were used to purchase an additional $0.1 million of fixed maturity securities and to fund certain general corporate purposes. The gains and losses realized on those sales for the period from January 1, 2022 to December 31, 2022 were insignificant.

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

At December 31, 2023, investments with a fair value of approximately $4.3 million were on deposit with state insurance departments to satisfy regulatory requirements.

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 9 Long-Term Debt

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


(in millions)	December 31, 2023			December 31, 2022
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	25.0		$	15.6
Current portion of 5-year term loan credit agreement expired 2023		—			210.0
Current portion of 5-year term loan credit agreement expires 2027		43.7			25.0
Current portion of 4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024		500.0			—
Total current portion of long-term debt		568.7			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
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		699.5			699.4
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032		598.2			598.0
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052		592.2			592.0
Total notes		2,239.6			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		193.8			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		100.0			—
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		412.5			456.2
Total credit agreements		1,006.3			975.0
Debt issuance costs (contra)		(19.0	)		(22.3	)
Total long-term debt less unamortized discount and debt issuance costs		3,226.9			3,691.5
Current portion of long-term debt		568.7			250.6
Total debt	$	3,795.6		$	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 is payable semi-annually in arrears. The Notes are senior unsecured obligations of the Company and 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

December 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 December 31, 2023 and December 31, 2022.

Credit agreements: On May 31, 2023, the Company repaid the outstanding balance of $202.5 million on the term loan (the “Term Loan”) associated with the Term Loan Credit Agreement (the “Term Loan Credit Agreement”) which was entered into on December 21, 2018 with cash of $32.5 million and $170.0 million with proceeds from the Revolving Credit Facility. The Term Loan was terminated early due to the agreement's benchmark reference rate to the London Interbank Offered Rate (“LIBOR”) which was due to cease on June 30, 2023.

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 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 December 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 December 31, 2023 there was an outstanding loan balance on the Term A-2 Loans of $456.2 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 December 31, 2023 was $218.8 million and on December 31, 2022, the outstanding balance on these term loans was $444.4 million. As of December 31, 2023 there was $100.0 million outstanding balance on the Revolving Credit Facility and December 31, 2022 there was no outstanding balance on the Revolving Credit Facility.

The Second Amended and Restated 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 December 31, 2023 and December 31, 2022.

The 1-month Term SOFR Rate for the term loan and revolving credit facility of the Second Amended and Restated Credit Agreement as of December 31, 2023 was 5.456% and 5.341% respectively. The 1-month Term SOFR Rate for the Term A-1 Loans is 5.455% and the 1-month Term SOFR Rate for the Term A-2 Loans is 5.456% as of December 31, 2023.

Interest paid in 2023, 2022 and 2021 was $185.8 million, $120.1 million, and $61.5 million, respectively.

At December 31, 2023, maturities of long-term debt were $568.7 million in 2024, $375.0 million in 2025, $318.8 million in 2026, $312.5 million in 2027, $350.0 million in 2029, $700.0 million in 2031, $600.0 million in 2032, $600.0 million in 2052.

Subsequent to December 31, 2023, the Company exercised a draw down on the Revolving Credit Facility for $150.0 million for general corporate purposes.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Estimated Fair Values of Aggregate Assets and Liabilities Acquired


(in millions)	Kentro Capital Limited			Berkeley Insurance Group Limited			Other (1)			Total
Business Segment	Retail National Programs			Retail			Various
Effective date of acquisition	October 1, 2023			October 3, 2023			Various
Cash paid	$	402.5		$	48.0		$	244.6		$	695.1
Common stock Issued		18.3			—			—			18.3
Other payable		2.2			1.3			8.7			12.2
Recorded earn-out payable		—			15.4			51.8			67.2
Total consideration		423.0			64.7			305.1			792.8
Maximum potential earn-out payable		—			21.0			121.5			142.5
Allocation of purchase price:
Cash and equivalents		8.5			0.4			12.9			21.8
Fiduciary cash		27.3			2.8			12.5			42.6
Fiduciary receivables		38.8			2.2			26.6			67.6
Other current assets		37.8			10.9			23.1			71.8
Goodwill		358.7			43.3			206.7			608.7
Purchased customer accounts and other (2)		66.0			22.0			79.4			167.4
Deferred income tax, net (3)		—			—			4.9			4.9
Other assets		6.1			0.5			5.6			12.2
Total assets acquired		543.2			82.1			371.7			997.0
Fiduciary liabilities		(66.1	)		(5.0	)		(39.2	)		(110.3	)
Other current liabilities		(22.6	)		(12.2	)		(17.5	)		(52.3	)
Deferred income tax, net		(16.6	)		—			—			(16.6	)
Other long-term liabilities		(14.9	)		(0.2	)		(9.9	)		(25.0	)
Total liabilities assumed		(120.2	)		(17.4	)		(66.6	)		(204.2	)
Net assets acquired	$	423.0		$	64.7		$	305.1		$	792.8

(2) The weighted average useful life of purchased customer accounts is 15.0 years.

Unaudited Proforma Results

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


(UNAUDITED)	Year Ended December 31,
(in millions, except per share data)	2023		2022
Total revenues	$	4,357.6	$	3,736.9
Net income	$	890.5	$	703.8
Net income per share:
Basic	$	3.18	$	2.53
Diluted	$	3.17	$	2.52

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

The resulting additions, payments and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
(in millions)	2023			2022			2021
Balance as of the beginning of the period	$	251.6		$	291.0		$	258.9
Additions to estimated acquisition earn-out payables from new acquisitions		67.2			73.3			75.8
Assumed estimated acquisition earn-out payables		21.1			34.8			—
Payments for estimated acquisition earn-out payables		(118.8	)		(106.3	)		(83.6	)
Subtotal		221.1			292.8			251.1
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		14.1			(45.9	)		34.2
Interest expense accretion		7.7			7.0			6.2
Net change in earnings from estimated acquisition earn- out payables		21.8			(38.9	)		40.4
Foreign currency translation adjustments during the year		6.3			(2.3	)		(0.5	)
Balance as of December 31,	$	249.2		$	251.6		$	291.0

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 15, 2023	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Reimbursement for capitalizable costs of public infrastructure improvements		$ 8.1
Deferred employer only payroll tax payments, CARES Act						$ 31.1
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash			$ 33.9	$ (131.2)	$ (3.6)
Deferred federal income tax payments amounts due to Hurricane Idalia Tax Relief			$ 121.0
Payments of accrued federal income tax payments due	$ 31.2
Deferred employer-only payroll tax first installment payment					$ 15.6
Payment of cumulative deferred employer payroll taxes CARES Act				$ 15.6

Insurance Company Subsidiary Operations

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Insurance Company Subsidiary Operations

NOTE 17 Insurance Company Subsidiary Operations

The National Flood Insurance Program (“NFIP”) is a program administered by the Federal Emergency Management Agency (“FEMA”) whereby the Company sells and services NFIP flood insurance policies on behalf of FEMA and receives fees for its services. Congressional authorization for the NFIP is periodically evaluated and may be subject to potential government shutdowns. The Company sells excess flood policies which are 100% ceded to a highly rated reinsurance carrier. The Company also operates two Captives for the purpose of facilitating additional underwriting capacity and to participate in a portion of the underwriting results. One Captive participates on a quota share basis for policies placed by certain of our MGU 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 underwriting losses. The other Captive participates through excess of loss reinsurance layers associated with one of our MGU 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:


	2023						2022
(in millions)	Written			Earned			Written			Earned
Direct premiums - WNFIC	$	886.5		$	807.4		$	740.9		$	751.3
Assumed premiums - WNFIC		—			—			—			—
Ceded premiums - WNFIC		886.5			807.4			740.9			751.3
'Net premiums - WNFIC		—			—			—			—
Assumed premiums - Quota share captive and excess of loss layer captive		113.2			89.6			65.4			43.7
Ceded premiums - Quota share captive		(52.1	)		(61.9	)		(27.1	)		(17.3	)
Net premiums - Quota share captive and excess loss layer captive		61.1			27.7			38.3			26.4
Net premiums - Total	$	61.1		$	27.7		$	38.3		$	26.4

All premiums written by the Company under the NFIP are 100.0% ceded to FEMA, for which WNFIC received a 29.7% gross expense allowance from January 1, 2023 through September 30, 2023 and a 29.5% gross expense allowance from October 1, 2023 through December 31,2023. As of December 31, 2023 and 2022, the Company ceded $883.4 million and $738.0 million of written premiums to FEMA, respectively.

As of December 31, 2023, the Condensed Consolidated Balance Sheets contained Reinsurance recoverable of $125.1 million and Prepaid reinsurance premiums of $460.9 million which are related to the WNFIC business. As of December 31, 2022, the Consolidated Balance Sheets contained reinsurance recoverable of $826.2 million and prepaid reinsurance premiums of $381.8 million. There was no net activity in the reserve for losses and loss adjustment expense for the years ended December 31, 2023 and 2022, as WNFIC’s direct premiums written were 100.0% ceded to two reinsurers. The balance of the reserve for losses and loss adjustment expense for the WNFIC, excluding related reinsurance recoverable, was $125.1 million as of December 31, 2023 and $826.2 million as of December 31, 2022.

WNFIC maintains capital in excess of minimum statutory amount of $7.5 million as required by regulatory authorities. The statutory capital and surplus of WNFIC was $39.1 million as of December 31, 2023 and $31.8 million as of December 31, 2022. As of December 31, 2023 and 2022, WNFIC generated statutory net income of $7.5 million and $1.3 million, respectively. The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12 month period is limited to the greater of 10.0% of statutory adjusted capital and surplus or 100.0% of adjusted net income. On April 28, 2023, WNFIC paid an ordinary dividend of $3.1 million. The dividend was declared and approved by the WNFIC Board of Directors on March 17, 2023. There was no dividend payout in 2022. The maximum dividend payouts that may be made in 2023 and 2024 without prior approval is $3.2 million and $7.5 million, respectively.

In December 2021, the initial funding to capitalize the quota share Captive was $5.9 million. This capital in addition to current earnings of $2.5 million through December 31, 2023 is considered at risk for loss. Assumed net written and net earned premiums for the quota share Captive for the 12 months ended December 31, 2023 were $57.6 million and $24.2 million, respectively. For the 12 months ended December 31, 2023, the ultimate loss expense inclusive of incurred but not reported ("IBNR") claims was $7.2 million, of which $3.9 million is related to the estimated insured losses from Hurricane Ian. In connection with the estimated IBNR from Hurricane Ian claims, $0.1 million was recorded as estimated reinsurance recoverable for a net expected loss of $3.8 million. As of December 31, 2023, reported insured losses associated with Hurricane Ian are $1.9 million. As of December 31, 2023 the Consolidated Balance Sheets contained prepaid reinsurance premiums of $0.6 million related to the Captive and deferred acquisition costs of $31.0 million and reserve for losses and loss adjustment

expense, excluding related reinsurance recoverable was $4.0 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 June 2023 with underlying reinsurance treaties effective from June 1 through May 31, 2024. This Captive’s maximum underwriting exposure is $3.0 million. Assumed net earned premiums for the captive for the year ended December 31, 2023 and December 31, 2022 were $3.5 and 5.8 million, respectively. As of December 31, 2023 and December 31, 2022, the Consolidated Balance Sheets contained the reserve for losses and loss adjustment expense of $2.3 million and $4.5 million, respectively.

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 51.5
2025	49.6
2026	38.7
2027	31.7
2028	23.8
Thereafter	51.1
Total undiscounted lease payments	246.4
Less: Imputed interest	22.4
Present value of future lease payments	$ 224.0	$ 240.9

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Total consideration	$ 792.8
Purchased Customer Accounts
Business Combination, Separately Recognized Transactions [Line Items]
Weighted average life (years)	15 years
Other Acquisitions \| Maximum
Business Combination, Separately Recognized Transactions [Line Items]
Total consideration	$ 50.0

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of reportable segments \| Segment			4
Change in accounting principle, accounting standards update, adopted	true		true
Change in accounting principle, accounting standards update, adoption date	Feb. 10, 2023		Feb. 10, 2023
Change in accounting principle, accounting standards update, immaterial effect	true		true
Change in accounting principle, accounting standards update, description			ASU 2020-04
Gains recognized on sales of businesses			$ 143,300,000	$ 4,500,000	$ 9,600,000
Average Annual EBITDAC, operating profit earned period maximum			3 years
Accumulated impairment losses	$ 0		$ 0
Goodwill impairment loss			0	0	0
Gain on Disposition of Assets			143,300,000	4,500,000	$ 9,600,000
Carrying value of fixed-rate borrowings	2,739,600,000		2,739,600,000	2,738,800,000
Long-term Debt, Fair Value	2,487,400,000		2,487,400,000	$ 2,355,700,000
Revolving and term loan			1,075,000,000
Amount written off as uncollectable from reinsurance carriers			$ 0
Third-party Claims Administration and Adjusting Services Businesses \| Services
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Gains recognized on sales of businesses	$ 134,600,000
Percentage of business sold		50.00%
Minimum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life	3 years		3 years
Finite-Lived Intangible Asset, Useful Life	3 years		3 years
Maximum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Property, Plant and Equipment, Useful Life	40 years		40 years
Finite-Lived Intangible Asset, Useful Life	15 years		15 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

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


(in millions)	2023			2022			2021
Current:
Federal	$	179.7		$	124.1		$	106.8
State		57.0			35.3			32.6
Foreign		23.6			2.1			1.8
Total current provision		260.3			161.5			141.2
Deferred:
Federal		26.6			38.9			28.0
State		5.7			8.2			5.0
Foreign		(17.0	)		(4.3	)		1.5
Total deferred provision		15.3			42.8			34.5
Total tax provision	$	275.6		$	204.3		$	175.7

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

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


	2023			2022			2021
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		4.5			4.7			4.7
Non-deductible employee stock purchase plan expense		0.2			0.2			0.2
Non-deductible meals and entertainment		0.2			0.1			—
Non-deductible officers’ compensation		0.4			0.6			0.4
Tax benefit from stock-based compensation		(1.6	)		(3.1	)		(3.6	)
Other, net		(0.6	)		(0.2	)		0.3
Effective tax rate		24.1	%		23.3	%		23.0	%

Schedule of Components of Net Deferred Tax Liabilities

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


(in millions)	2023			2022
Non-current deferred tax liabilities:
Intangible assets	$	700.7		$	631.6
Fixed assets		23.0			21.1
Right-of-use assets		43.1			48.3
Impact of adoption of ASC 606 revenue recognition		25.0			19.8
Net unrealized holding (loss)/gain on available-for-sale securities		(0.3	)		(0.4	)
Total non-current deferred tax liabilities		791.5			720.4
Non-current deferred tax assets:
Deferred compensation		85.1			67.4
Accruals and reserves		19.4			12.5
Lease liabilities		48.9			54.6
Net operating loss carryforwards and other carryforwards		23.3			3.0
Valuation allowance for deferred tax assets		(1.4	)		(1.1	)
Total non-current deferred tax assets		175.3			136.4
Net non-current deferred tax liability	$	616.2		$	584.0

Schedule of Reconciliation of Unrecognized Tax Benefits

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


(in millions)	2023			2022		2021
Unrecognized tax benefits balance at January 1	$	3.1		$	0.9	$	1.3
Gross increases for tax positions of prior years		3.2			2.2		0.3
Gross decreases for tax positions of prior years		—			—		(0.5	)
Settlements		(1.0	)		—		(0.2	)
Unrecognized tax benefits balance at December 31	$	5.3		$	3.1	$	0.9

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash paid	$ 695.1
Common stock issued	18.3	$ 14.7	$ 9.9
Other payable	12.2
Recorded earn-out payable	67.2	$ 73.3	$ 75.7
Total consideration	792.8
Maximum potential earn-out payable	142.5
Allocation of purchase price:
Cash and equivalents	21.8
Fiduciary cash	42.6
Fiduciary receivables	67.6
Other current assets	71.8
Goodwill	608.7
Purchased customer accounts and other	167.4
Deferred income tax, net	4.9
Other assets	12.2
Total assets acquired	997.0
Fiduciary liabilities	(110.3)
Other current liabilities	(52.3)
Deferred income tax, net	(16.6)
Other long-term liabilities	(25.0)
Total liabilities assumed	(204.2)
Net assets acquired	792.8
Kentro Capital Limited \| Retail
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash paid	402.5
Common stock issued	18.3
Other payable	2.2
Total consideration	423.0
Allocation of purchase price:
Cash and equivalents	8.5
Fiduciary cash	27.3
Fiduciary receivables	38.8
Other current assets	37.8
Goodwill	358.7
Purchased customer accounts and other	66.0
Other assets	6.1
Total assets acquired	543.2
Fiduciary liabilities	66.1
Other current liabilities	22.6
Deferred income tax, net	16.6
Other long-term liabilities	14.9
Total liabilities assumed	120.2
Net assets acquired	423.0
Berkeley Insurance Group Limited \| Retail
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash paid	48.0
Other payable	1.3
Recorded earn-out payable	15.4
Total consideration	64.7
Maximum potential earn-out payable	21.0
Allocation of purchase price:
Cash and equivalents	0.4
Fiduciary cash	2.8
Fiduciary receivables	2.2
Other current assets	10.9
Goodwill	43.3
Purchased customer accounts and other	22.0
Other assets	0.5
Total assets acquired	82.1
Fiduciary liabilities	5.0
Other current liabilities	12.2
Other long-term liabilities	0.2
Total liabilities assumed	17.4
Net assets acquired	64.7
Other Acquisitions \| Various
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash paid	244.6
Other payable	8.7
Recorded earn-out payable	51.8
Total consideration	305.1
Maximum potential earn-out payable	121.5
Allocation of purchase price:
Cash and equivalents	12.9
Fiduciary cash	12.5
Fiduciary receivables	26.6
Other current assets	23.1
Goodwill	206.7
Purchased customer accounts and other	79.4
Deferred income tax, net	4.9
Other assets	5.6
Total assets acquired	371.7
Fiduciary liabilities	39.2
Other current liabilities	17.5
Other long-term liabilities	9.9
Total liabilities assumed	66.6
Net assets acquired	$ 305.1

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

NOTE 18 Shareholders’ Equity

Under the authorization from the Company’s board of directors, shares may be purchased from time to time, at the Company’s discretion and subject to the availability of stock, market conditions, the trading price of the stock, alternative uses for capital, the Company’s financial performance and other potential factors. These purchases may be carried out through open market purchases, block trades, accelerated share repurchase plans of up to $100.0 million each (unless otherwise approved by the board of directors), negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. On May 1, 2019, the Company's board of directors authorized the purchasing of up to an additional $372.5 million of the Company's outstanding common stock.

During 2023, the Company repurchased 2,100 shares at an average price of $53.84 for a total cost of $0.1 million under the current share repurchase authorization. During 2022, the Company repurchased 1,164,009 shares at an average price of $63.62 for a total cost of $74.1 million under the current share repurchase authorization. At December 31, 2023, the remaining amount authorized by our board of directors for share repurchases was approximately $249.5 million. Under the authorized repurchase programs, the Company has repurchased approximately 19.7 million shares for an aggregate cost of approximately $748.1 million between 2014 and 2023.

During 2023, the Company paid a cumulative dividend of $0.475 per share for a total of $135.0 million. During 2022, the Company paid a cumulative dividend of $0.423 per share for a total of $119.5 million. On January 17, 2024 the board of directors approved a dividend of $0.1300 per share payable on February 14, 2024 to shareholders of record on February 2, 2024.

During 2023, the Company issued 261,614 shares valued at $18.3 million associated with business combinations. During 2022, the Company issued 252,802 shares valued at $14.7 million associated with business combinations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid during the period for:
Interest	$ 185.8	$ 120.1	$ 61.5
Income taxes, net of refunds	$ 218.1	$ 122.3	$ 146.9

Revenues - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Contract with Customer, Liability	$ 78.2	$ 79.9
Contract with Customer, Liability, Noncurrent	35.0	33.4
Contract with Customer, Asset, Net	472.6	431.2
Contract with Customer, Liability	113.2	113.3
Deferred Costs	$ 96.5	76.0
Cost to Obtain
Segment Reporting Information [Line Items]
Capitalized contract cost, amortization period	15 years
Deferred Costs	$ 27.3	23.0
Capitalized Contract Cost, Amortization	6.8	5.2
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	122.6	108.7
Capitalized Contract Cost, Amortization	7.3	6.7
Incentive and Profit-sharing Contingent Commissions
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized	28.2	25.8	$ 23.3
2022 Acquisition
Segment Reporting Information [Line Items]
Contract with Customer, Asset, Net		12.0
Contract with Customer, Liability		4.4
2022 Acquisition \| Cost to Fulfill
Segment Reporting Information [Line Items]
Capitalized Contract Cost, Amortization		$ 14.1
2023 Acquisition
Segment Reporting Information [Line Items]
Contract with Customer, Asset, Net	13.6
Contract with Customer, Liability	6.8
2023 Acquisition \| Cost to Fulfill
Segment Reporting Information [Line Items]
Capitalized Contract Cost, Amortization	$ 6.3

Stock Based Compensation - Summary of Non-Cash Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	$ 89.4	$ 66.1	$ 61.0
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	12.5	10.4	9.9
2010 SIP and 2019 SIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	75.3	55.4	50.7
Performance Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	1.0	$ 0.3	$ 0.4
Sharesave plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation	$ 0.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Schedule of Disaggregated by Revenue

The following tables present the revenues disaggregated by revenue source:


	For the year ended December 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,690.6	$	736.2	$	440.5	$	—	$	0.2		$	2,867.5
Fees(2)		530.7		226.6		78.0		163.1		(1.9	)		996.5
Other supplemental commissions(3)		163.5		8.6		5.7		—		—			177.8
Profit-sharing contingent commissions(4)		49.9		65.2		14.8		—		—			129.9
Earned premium(5)		—		27.7		—		—		—			27.7
Investment income(6)		1.3		12.1		1.5		—		37.5			52.4
Other income, net(7)		4.0		0.9		0.2		—		0.2			5.3
Total Revenues	$	2,440.0	$	1,077.3	$	540.7	$	163.1	$	36.0		$	4,257.1


	For the year ended December 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,420.9	$	590.2	$	366.6	$	—	$	—		$	2,377.7
Fees(2)		473.5		198.5		68.5		171.9		(1.2	)		911.2
Other supplemental commissions(3)		138.4		15.4		5.4		—		—			159.2
Profit-sharing contingent commissions(4)		48.8		27.6		12.3		—		—			88.7
Earned premium(5)		—		26.4		—		—		—			26.4
Investment income(6)		0.1		1.3		0.3		—		4.8			6.5
Other income, net(7)		2.6		0.1		0.3		—		0.7			3.7
Total Revenues	$	2,084.3	$	859.5	$	453.4	$	171.9	$	4.3		$	3,573.4


	For the year ended December 31, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other(8)			Total
Base commissions(1)	$	1,198.1	$	488.7	$	323.1	$	—	$	0.1		$	2,010.0
Fees(2)		414.9		173.8		67.2		178.9		(1.8	)		833.0
Other supplemental commissions(3)		114.7		3.3		4.3		—		—			122.3
Profit-sharing contingent commissions(4)		38.9		35.3		8.0		—		—			82.2
Earned premium(5)		—		—		—		—		—			—
Investment income(6)		0.3		0.6		0.2		—		—			1.1
Other income, net(7)		1.0		0.2		0.6		—		1.0			2.8
Total Revenues	$	1,767.9	$	701.9	$	403.4	$	178.9	$	(0.7	)	$	3,051.4

(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 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:


	For the year ended December 31,
(in millions)	2023		2022		2021
U.S.	$	3,730.1	$	3,332.8	$	2,973.4
U.K.		432.7		170.0		15.5
Republic of Ireland		45.0		38.1		34.1
Canada		35.4		23.6		21.3
Other		13.9		8.9		7.1
Total Revenues	$	4,257.1	$	3,573.4	$	3,051.4

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

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


(in millions)	December 31, 2023		December 31, 2022
Contract assets	$	472.6	$	431.2
Contract liabilities	$	113.2	$	113.3

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 40.0	$ 39.2	$ 33.3

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Lease cost	$ 57.8	$ 55.5
Variable lease cost	4.7	4.3
Short-term lease cost	0.1	0.9
Operating lease cost	62.6	60.7
Sublease income	(1.4)	(1.5)
Total lease cost net	$ 61.2	$ 59.2

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 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 2024	$ 11.4

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 61.3	$ 58.2
Right-of-use assets obtained in exchange for new operating liabilities	$ 22.4	$ 71.0

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Values of Fixed Maturity Securities

At December 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	$	25.5	$	—	$	(1.1	)	$	24.4
Corporate debt		4.8		—		(0.1	)		4.7
Total	$	30.3	$	—	$	(1.2	)	$	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	$	1.4	$	—	$	18.4	$	(1.1	)	$	19.8	$	(1.1	)
Corporate debt		—		—		4.7		(0.1	)		4.7		(0.1	)
Total	$	1.4	$	—	$	23.1	$	(1.2	)	$	24.5	$	(1.2	)


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


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	10.9	$	10.6
Due after one year through five years		19.4		18.5
Due after five years through ten years		—		—
Total	$	30.3	$	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 through ten years		—		—
Total	$	31.0	$	28.8

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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 underwriter (“MGU”), 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. As announced on October 31, 2023 and completed in the third quarter of 2023, the Company sold certain third-party claims administration and adjusting services businesses representing approximately 50% of the total revenues of the Services segment. The Company performed an evaluation to determine if the sold businesses should be reported as discontinued operations. However, with the sold businesses representing, as a percentage of total Company, approximately 3% of the total revenue, 2% of the total assets and 2% of net income, the Company determined that treating the sale as discontinued operations was not appropriate.

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 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.

Recently Issued Accounting Pronouncements

On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures." This ASU requires additional reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the ASU enhances interim disclosure requirements effectively making the current annual requirements a requirement for interim reporting. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements.

On December 14, 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures." This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements.

Recently Adopted Accounting Standards

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying accounting principles generally accepted in the United States of America 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 on February 10, 2023 in connection with enacting 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. Adoption of this guidance had no impact on the Company's financial statements.

Principle of Consolidation

Principles of Consolidation

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

Revenue Recognition

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

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

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents principally consist of demand deposits with financial institutions and highly liquid investments with quoted market prices having maturities of three months or less when purchased.

Fiduciary Cash, Fiduciary Receivables, and Fiduciary Liabilities

The Company presents certain assets and liabilities that arise from activities in which the Company engages as an intermediary, where we collect premiums from insureds to remit to insurance companies, hold funds from insurance companies to distribute to insureds for claims on covered losses, and hold refunds due to customers as fiduciary assets and fiduciary liabilities.

Uncollected premiums are presented as fiduciary receivables. Likewise, payables to insurance companies and premium deposits due customers are presented as fiduciary liabilities.

Fiduciary cash represents funds in the Company's possession collected from customers to be remitted to insurance companies and funds from insurance companies to be distributed to insureds for the settlement of claims or refunds. The net change in fiduciary cash is represented by the net change in fiduciary liabilities and fiduciary receivables and is presented as cash flows from financing activities in the statement of cash flows.

Unremitted net insurance premiums are held in a fiduciary capacity until the Company disburses them, and the use of such funds is restricted by laws in certain jurisdictions in which we operate, or are restricted due to our contracts with certain insurance companies in which we hold premiums in a fiduciary capacity. Where allowed by law, the Company invests these unremitted funds only in cash, money market accounts, tax-free variable-rate demand bonds and commercial paper held for a short-term. In certain jurisdictions in which the Company operates, the use and investment alternatives for these funds are regulated and restricted by various state laws and agencies. The interest income earned on these unremitted funds, where allowed by state law, is reported as investment income in the Consolidated Statement of Income.

Investments

Certificates of deposit, and other securities, having maturities of more than three months when purchased are reported at cost and are adjusted for other-than-temporary market value declines. The Company’s investment holdings include U.S. Government securities, municipal

bonds, domestic corporate and international corporate bonds as well as short-duration fixed income funds. Investments within the portfolio or funds are held as available-for-sale and are carried at their fair value. Any gain/loss applicable from the fair value change is recorded, net of tax, as other comprehensive income within the equity section of the Consolidated Balance Sheets. Realized gains and losses are reported as investment income on the Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis.

Fixed Assets

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

Goodwill and Amortizable Intangible Assets

All of our business combinations are accounted for using the acquisition method. Acquisition purchase prices are typically based upon a multiple of average annual earnings, and/or revenue earned over a period of three years within a minimum and maximum price range. The recorded purchase prices for acquisitions include an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations are recorded in the Consolidated Statements of Income when incurred.

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

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

The excess of the purchase price of an acquisition over the fair value of the identifiable tangible and amortizable intangible assets is assigned to goodwill. While goodwill is not amortizable under GAAP, it is subject to assessment at least annually, and more frequently in the presence of certain circumstances, for impairment by application of a fair value-based test. The Company compares the fair value of each reporting unit with its carrying amount to determine if there is potential impairment of goodwill. The Company may elect to first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the Company does not perform a qualitative assessment, or as a result of the qualitative assessment, it is not determined that the fair value of the reporting unit more likely than not exceeds the carrying amount, the Company will calculate the fair value of the reporting unit for comparison against the carrying value. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than its carrying value. Fair value is estimated based upon multiples of earnings, or on a discounted cash flow basis. The Company completed its most recent annual assessment as of November 30, 2023 and determined that the fair value of goodwill exceeded the carrying value of such assets. In addition, as of December 31, 2023, there are no accumulated impairment losses.

The carrying value of amortizable intangible assets attributable to each business or asset group comprising the Company is periodically reviewed by management to determine if there are events or changes in circumstances that would indicate that its carrying amount may not be recoverable. Accordingly, if there are any such changes in circumstances during the year, the Company assesses the carrying value of its amortizable intangible assets by considering the estimated future undiscounted cash flows generated by the corresponding business or asset group. Any impairment identified through this assessment may require that the carrying value of related amortizable intangible assets be adjusted after determining the fair value of the amortizable intangible assets. There were no impairments recorded for the years ended December 31, 2023, 2022 and 2021.

Gain or Loss on Disposal

From time to time the Company will sell individual books of business or entire businesses when it aligns with our strategic priorities. When a business is sold, goodwill along with identified tangible and intangible assets and liabilities are netted against the agreed transaction price net of transaction costs to determine the associated gain or loss on disposal. Goodwill is apportioned to the disposed business using the relative fair value of the disposed business to the associated reporting unit to which it was a member.

In the fourth quarter of 2023, the Company completed the sale of certain third-party claims administration and adjusting services businesses from its Services segment and recognized a pre-tax gain on the sale of businesses totaling $134.6 million. The Company is entitled

to future consideration payments upon achievement of certain conditions in accordance with the terms of the sale agreement. Any future consideration payments will be recognized as the condition for achievement is satisfied.

For the years ending December 31, 2023, 2022 and 2021, total gains recognized on sales of businesses and books of business totaled $143.3 million, $4.5 million, and $9.6 million, respectively.

Income Taxes

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

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

Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the 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 for the years ended December 31:


(in millions, except per share data)	2023			2022			2021
Net income	$	870.5		$	671.8		$	587.1
Net income attributable to unvested awarded performance stock		(13.3	)		(12.7	)		(12.9	)
Net income attributable to common shares	$	857.2		$	659.1		$	574.2
Weighted average number of common shares outstanding – basic		283.9			282.9			282.2
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(4.3	)		(5.4	)		(6.2	)
Weighted average number of common shares outstanding for basic earnings per common share		279.6			277.5			276.0
Dilutive effect of stock options		1.2			1.1			1.4
Weighted average number of shares outstanding – diluted		280.8			278.6			277.4
Net income per share:
Basic	$	3.07		$	2.38		$	2.08
Diluted	$	3.05		$	2.37		$	2.07

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents; fiduciary cash; fiduciary receivables, commissions, fees and other receivables; fiduciary liabilities; accounts payable and accrued expenses and other liabilities, at December 31, 2023 and 2022, approximate fair value, because of the short-term maturity of these instruments. As of December 31, 2023 the carrying value of our fixed-rate borrowings was $2,739.6 million and we approximate their values using market quotes of notes with the similar terms as ours and calculate a fair value of $2,487.4 million. As of December 31, 2022 the carrying value of our fixed-rate borrowings was $2,738.8 million and we approximate their values using market quotes of notes with similar terms as ours and calculate a fair value of $2,355.7 million. The estimated fair value of our variable floating rate debt agreements is $1,075.0 million, which approximates the carrying value due to the variable interest rate based upon adjusted Secured Overnight Financing Rate (“SOFR”). See Note 3 to our Consolidated Financial Statements for the fair values related to the establishment of intangible assets and the establishment and adjustment of earn-out payables. See Note 6 to our Consolidated Financial Statements for information on the fair value of investments and Note 9 to our Consolidated Financial Statements for information on the fair value of long-term debt.

Non-Cash Stock-Based Compensation

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

The Company uses the Black-Scholes valuation model for valuing all stock options and shares purchased under the Employee Stock Purchase Plan (the “ESPP”). Compensation for non-vested stock awards is measured at fair value on the grant date based upon the number of shares expected to vest. Compensation cost for all awards is recognized in earnings, net of estimated forfeitures, on a straight-line basis over the requisite service period. See Note 12 to our Consolidated Financial Statements for information on stock-based compensation.

Insurance Company Operations

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

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

The Company also participates in two Captives for the purpose of facilitating additional underwriting capacity, generating additional revenues and participating in underwriting results. One Captive operates on a quota share basis, currently focused on property insurance for earthquake and wind exposed properties for policies placed by certain of our MGU businesses. This Captive buys reinsurance, limiting, but not fully eliminating the Company's exposure to claims expenses. The other Captive operates through an-excess of loss or reinsurance layers associated with placements made by one of our MGU businesses focused on residential property primarily in the southeastern United States. This Captive has capped exposure through contractual aggregate limits on the reinsurance participations it assumes with one layer of per risk excess reinsurance and three layers of catastrophe per occurrence reinsurance. All four layers have limited reinstatements and therefore have capped, maximum aggregate limits.

Unpaid Losses and Loss Adjustment Reserve

Unpaid losses and loss adjustment reserve includes amounts determined on individual claims and other estimates based upon the past experience and the policyholders for IBNR claims, less anticipated salvage and subrogation recoverable. The methods of making such estimates and for establishing the resulting reserves include a combination of an analysis of large discrete events, typically named-storm activity, and also routine losses in the ordinary course from non-named-storm activity. These methodologies are continually reviewed and updated, and any adjustments resulting therefrom are reflected in operations currently.

The Company engages the services of outside actuarial consulting firms (the “Actuaries”) to assist on an annual basis to render an opinion on the sufficiency of the Company’s estimates for unpaid losses and related loss adjustment reserve. The Actuaries utilize both industry experience and the Company’s own experience to develop estimates of those amounts as of year-end. These estimated liabilities are subject to the impact of future changes in claim severity, frequency and other factors. In spite of the variability inherent in such estimates, management believes that the liabilities for unpaid losses and related loss adjustment reserve are adequate.

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 14 Commitments and Contingencies

Legal Proceedings

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

The Company’s accruals for legal matters that were probable and estimable were not material at December 31, 2023 and 2022. We continue to assess certain litigation and claims to determine the amounts, if any, that management believes will be paid as a result of such claims and litigation and, therefore, additional losses may be accrued and paid in the future, which could adversely impact the Company’s operating results, cash flows and overall liquidity. The Company maintains third-party insurance policies to provide coverage for certain legal claims, in an effort to mitigate its overall exposure to unanticipated claims or adverse decisions. However, as (i) one or more of the Company’s insurance carriers could take the position that portions of these claims are not covered by the Company’s insurance, (ii) to the extent that payments are made to resolve claims and lawsuits, applicable insurance policy limits are eroded and (iii) the claims and lawsuits relating to these matters are continuing to develop, it is possible that future results of operations or cash flows for any particular quarterly or annual period could be materially affected by unfavorable resolutions of these matters. Based upon the AM Best Company ratings of these third-party insurers, management does not believe there is a substantial risk of an insurer’s material non-performance related to any current insured claims.

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

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant non-cash investing and financing activities
Other payables issued for agency acquisitions and purchased customer accounts	$ 12.2	$ 5.6	$ 15.1
Estimated acquisition earn-out payables and related charges	67.2	73.3	75.7
Assumed acquisition earn-out payables	21.1	34.8
Contingent payable issued for agency acquisition			24.1
Common stock issued for agency acquisition	18.3	14.7	9.9
Notes payable assumed for agency acquisition		$ 1.8	$ 1.4
Notes received on the sale of businesses, fixed assets and customer accounts	$ 0.1

Insurance Company Subsidiary Operations - Additional Information (Details) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended		25 Months Ended
	Apr. 28, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Reinsurer	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded unpaid loss				$ 125.1	$ 826.2	$ 125.1
Prepaid reinsurance premiums				461.5	393.2	461.5
Increase (decrease) in loss and loss adjustment expense reserve				0.0	0.0
Reinsurance recoverable				125.2	831.0	125.2
Premium net written				61.1	38.3
Net earned premiums				27.7	26.4
Ultimate loss reserve expense inclusive of IBNR claims				131.5	841.1	131.5
Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverable				0.1		0.1
Reinsurance recoverable for net expected loss				3.8		3.8
Loss reserve inclusive of IBNR claims				3.9		3.9
Reported insured losses				$ 1.9		$ 1.9
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				$ 460.9	381.8	$ 460.9
Expenses and allowance rate received in premiums				29.50%		29.50%		29.70%
Reserve for losses and loss adjustment expense				$ 125.1	826.2	$ 125.1
Number of reinsurers \| Reinsurer				2
Premiums written net				$ 886.5	740.9
Statutory capital and surplus required				7.5		7.5
Statutory capital and surplus				39.1	31.8	$ 39.1
Statutory net Income				$ 7.5	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
Dividend paid	$ 3.1
Wright National Flood Insurance Company \| Scenario Forecast
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Maximum dividend payout that may be made without prior approval							$ 7.5
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				$ 883.4	738.0
Quota Share Captive
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Prepaid reinsurance premiums				0.6		0.6
Deferred acquisitions costs				31.0		31.0
Reserve for losses and loss adjustment expense				4.0		4.0
Premium net written				57.6
Premiums written net				52.1	27.1
Net earned premiums				24.2
Initial funding		$ 5.9
Addition to current earnings						2.5
Ultimate loss reserve expense inclusive of IBNR claims				7.2		7.2
Captive Insurance Facility
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Net earned premiums				3.5	5.8
Maximum Underwriting Exposure			$ 3.0
Captive Insurance Facility \| Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reserve for losses and loss adjustment expense				$ 2.3	$ 4.5	$ 2.3

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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Restricted fiduciary cash	$ 1,411.8	$ 1,231.9	$ 583.2
Non-restricted fiduciary cash	190.8	151.3	193.8
Total restricted and non-restricted fiduciary cash at the end of the period	1,602.6	1,383.2	777.0
Cash and cash equivalents	700.3	650.0	693.2
Fiduciary cash	1,602.6	1,383.2	777.0
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$ 2,302.9	$ 2,033.2	$ 1,470.2	$ 1,271.9

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

NOTE 16 Segment Information

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

Brown & Brown conducts most of its operations within the United States of America. International operations include Retail operations in Bermuda, Canada, Cayman Islands, Republic of Ireland and the United Kingdom; National Programs operations in Canada, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, United Arab Emirates and the United Kingdom; and Wholesale Brokerage operations based in Belgium, Hong Kong, Italy and the United Kingdom. These operations earned $527.0 million, $240.6 million and $78.0 million of total revenues for the years ended December 31, 2023, 2022 and 2021, respectively.

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


	Year Ended December 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	2,440.0	$	1,077.3	$	540.7	$	163.1	$	36.0		$	4,257.1
Investment income	$	1.3	$	12.1	$	1.5	$	—	$	37.5		$	52.4
Amortization	$	108.5	$	41.2	$	11.2	$	5.1	$	—		$	166.0
Depreciation	$	18.0	$	11.8	$	2.6	$	1.4	$	6.2		$	40.0
Interest expense	$	83.4	$	35.6	$	11.9	$	1.3	$	57.8		$	190.0
Income before income taxes	$	528.4	$	405.5	$	125.8	$	153.8	$	(67.4	)	$	1,146.1
Total assets	$	8,303.9	$	4,333.5	$	1,558.9	$	209.0	$	478.1		$	14,883.4
Capital expenditures	$	45.5	$	16.5	$	3.0	$	1.1	$	2.8		$	68.9


	Year Ended December 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	2,084.3	$	859.5	$	453.4	$	171.9	$	4.3		$	3,573.4
Investment income	$	0.1	$	1.3	$	0.3	$	—	$	4.8		$	6.5
Amortization	$	96.7	$	35.4	$	9.4	$	5.1	$	—		$	146.6
Depreciation	$	12.8	$	15.3	$	2.7	$	1.6	$	6.8		$	39.2
Interest expense	$	94.3	$	33.0	$	12.9	$	2.1	$	(1.1	)	$	141.2
Income before income taxes	$	466.7	$	271.1	$	117.7	$	24.1	$	(3.5	)	$	876.1
Total assets	$	7,458.6	$	4,467.8	$	1,401.6	$	295.0	$	350.5		$	13,973.5
Capital expenditures	$	18.6	$	20.2	$	2.8	$	1.0	$	10.0		$	52.6


	Year Ended December 31, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,767.9	$	701.9	$	403.4	$	178.9	$	(0.7	)	$	3,051.4
Investment income	$	0.3	$	0.6	$	0.2	$	—	$	—		$	1.1
Amortization	$	77.8	$	27.4	$	9.1	$	5.3	$	—		$	119.6
Depreciation	$	11.2	$	9.8	$	2.6	$	1.5	$	8.2		$	33.3
Interest expense	$	91.4	$	11.4	$	16.0	$	2.9	$	(56.7	)	$	65.0
Income before income taxes	$	334.4	$	242.3	$	94.8	$	28.3	$	63.0		$	762.8
Total assets	$	5,040.7	$	2,943.0	$	1,154.4	$	299.2	$	358.1		$	9,795.4
Capital expenditures	$	8.1	$	13.5	$	1.6	$	1.6	$	20.2		$	45.0

Historically, the total assets balance in the “Other” column has been negative, reflecting the historical accumulation of the purchase price for acquisitions which are funded at the corporate level, net of a portion returned to Corporate through intercompany interest charges, as well as the historical accumulation of payments for income taxes, dividends, and share repurchases which are paid by Corporate, but not pushed down to the segments.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

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-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

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-Topic 280
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 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, 2020	$ 3,754.4	$ 30.0	$ 794.9	$ (591.3)		$ 3,520.8
Beginning Balance, Shares at Dec. 31, 2020		283,004.0
Net income	587.1					587.1
Net unrealized holding (loss) gain on available-for-sale securities	(0.6)		(0.5)		$ (0.1)
Foreign currency translation	(9.3)				(9.3)
Employee stock purchase plan	42.9	$ 0.1	42.8
Employee stock purchase plan, Shares		851.0
Stock incentive plans	51.2	$ 0.1	51.1
Stock incentive plans, Shares		1,313.0
Agency acquisition	9.9		9.9
Agency acquisition, Shares		184.0
Directors	0.9		0.9
Directors, Shares		17.0
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(49.8)	$ (0.1)	(49.7)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(1,061.0)
Purchase of treasury stock	(82.6)			(82.6)
Purchase of treasury stock, Shares		(1,812.0)
Cash dividends paid	(107.2)					(107.2)
Ending Balance, Value at Dec. 31, 2021	4,196.9	$ 30.1	849.4	(673.9)	(9.4)	4,000.7
Ending Balance, Shares at Dec. 31, 2021		282,496.0
Net income	671.8					671.8
Net unrealized holding (loss) gain on available-for-sale securities	(1.5)				(1.5)
Foreign currency translation	(136.5)		1.0		(137.5)
Employee stock purchase plan	47.0	$ 0.1	46.9
Employee stock purchase plan, Shares		792.0
Stock incentive plans	55.7	$ 0.2	55.5
Stock incentive plans, Shares		1,588.0
Agency acquisition	14.7		14.7
Agency acquisition, Shares		253.0
Directors	0.9		0.9
Directors, Shares		15.0
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(48.8)	$ (0.1)	(48.7)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(759.0)
Purchase of treasury stock	(74.1)			(74.1)
Purchase of treasury stock, Shares		(1,164.0)
Cash dividends paid	(119.5)					(119.5)
Ending Balance, Value at Dec. 31, 2022	$ 4,606.6	$ 30.3	919.7	(748.0)	148.4	4,553.0
Ending Balance, Shares at Dec. 31, 2022	283.2	283,221.0
Net income	$ 870.5					870.5
Net unrealized holding (loss) gain on available-for-sale securities	0.7				0.7
Foreign currency translation	128.4		(0.2)		128.6
Employee stock purchase plan	52.5	$ 0.1	52.4
Employee stock purchase plan, Shares		744.0
Stock incentive plans	75.6	$ 0.1	75.5
Stock incentive plans, Shares		1,034.0
Agency acquisition	18.3		18.3
Agency acquisition, Shares		262.0
Directors	1.1		1.1
Directors, Shares		16.0
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(39.8)	$ (0.1)	(39.7)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(696.0)
Purchase of treasury stock	(0.1)			(0.1)
Purchase of treasury stock, Shares		(2.0)
Cash dividends paid	(135.0)					(135.0)
Ending Balance, Value at Dec. 31, 2023	$ 5,578.8	$ 30.4	$ 1,027.1	$ (748.1)	$ (19.1)	$ 5,288.5
Ending Balance, Shares at Dec. 31, 2023	284.6	284,579.0

Income Taxes - Schedule of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	4.50%	4.70%	4.70%
Non-deductible employee stock purchase plan expense	0.20%	0.20%	0.20%
Non-deductible meals and entertainment	0.20%	0.10%
Non-deductible officers’ compensation	0.40%	0.60%	0.40%
Tax benefit from stock-based compensation	(1.60%)	(3.10%)	(3.60%)
Other, net	(0.60%)	(0.20%)	0.30%
Effective tax rate	24.10%	23.30%	23.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 870.5	$ 671.8	$ 587.1
Foreign currency translation	128.6	(137.5)	(9.3)
Unrealized gain/(loss) on available-for-sale debt securities, net of tax	0.7	(1.5)	(0.1)
Comprehensive income	$ 999.8	$ 532.8	$ 577.7

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Savings Plan

12 Months Ended

Dec. 31, 2023

Employee Savings Plan [Abstract]

Employee Savings Plan

NOTE 11 Employee Savings Plan

The Company has an Employee Savings Plan (401(k)) in which substantially all employees with more than 30 days of service are eligible to participate. Under this plan, the Company makes matching contributions of up to 4.0% of each participant’s annual compensation. The Company’s contribution expense to the plan totaled $51.5 million in 2023 and $42.7 million in 2022.

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 4,257.1	$ 3,573.4	$ 3,051.4
Investment income	52.4	6.5	1.1
Amortization	166.0	146.6	119.6
Depreciation	40.0	39.2	33.3
Interest expense	190.0	141.2	65.0
Income before income taxes	1,146.1	876.1	762.8
Total assets	14,883.4	13,973.5	9,795.4
Capital expenditures	68.9	52.6	45.0
Capital expenditures	68.9	52.6	45.0
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Total revenues	2,440.0	2,084.3	1,767.9
Investment income	1.3	0.1	0.3
Amortization	108.5	96.7	77.8
Depreciation	18.0	12.8	11.2
Interest expense	83.4	94.3	91.4
Income before income taxes	528.4	466.7	334.4
Total assets	8,303.9	7,458.6	5,040.7
Capital expenditures	45.5	18.6	8.1
Operating Segments \| National Programs
Segment Reporting Information [Line Items]
Total revenues	1,077.3	859.5	701.9
Investment income	12.1	1.3	0.6
Amortization	41.2	35.4	27.4
Depreciation	11.8	15.3	9.8
Interest expense	35.6	33.0	11.4
Income before income taxes	405.5	271.1	242.3
Total assets	4,333.5	4,467.8	2,943.0
Capital expenditures	16.5	20.2	13.5
Operating Segments \| Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	540.7	453.4	403.4
Investment income	1.5	0.3	0.2
Amortization	11.2	9.4	9.1
Depreciation	2.6	2.7	2.6
Interest expense	11.9	12.9	16.0
Income before income taxes	125.8	117.7	94.8
Total assets	1,558.9	1,401.6	1,154.4
Capital expenditures	3.0	2.8	1.6
Operating Segments \| Services
Segment Reporting Information [Line Items]
Total revenues	163.1	171.9	178.9
Investment income	0.0	0.0	0.0
Amortization	5.1	5.1	5.3
Depreciation	1.4	1.6	1.5
Interest expense	1.3	2.1	2.9
Income before income taxes	153.8	24.1	28.3
Total assets	209.0	295.0	299.2
Capital expenditures	1.1	1.0	1.6
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	36.0	4.3	(0.7)
Investment income	37.5	4.8	0.0
Amortization	0.0
Depreciation	6.2	6.8	8.2
Interest expense	(57.8)	(1.1)	(56.7)
Income before income taxes	(67.4)	(3.5)	63.0
Total assets	478.1	350.5	358.1
Capital expenditures	$ 2.8	$ 10.0	$ 20.2

Fixed Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Fixed Assets

NOTE 7 Fixed Assets

Fixed assets at December 31 consisted of the following:


(in millions)	2023			2022
Furniture, fixtures, equipment and software	$	345.3		$	307.2
Leasehold improvements		62.2			61.3
Land, buildings and improvements		117.1			108.4
Total cost		524.6			476.9
Less accumulated depreciation and amortization		(254.3	)		(237.0	)
Total	$	270.3		$	239.9

Depreciation expense for fixed assets amounted to $40.0 million in 2023, $39.2 million in 2022 and $33.3 million in 2021.

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Commissions and fees	$ 4,199.4	$ 3,563.2	$ 3,047.5
Investment income	52.4	6.5	1.1
Other income, net	5.3	3.7	2.8
Total revenues	4,257.1	3,573.4	3,051.4
EXPENSES
Employee compensation and benefits	2,186.6	1,816.9	1,636.9
Other operating expenses	649.9	596.8	403.0
(Gain)/loss on disposal	(143.3)	(4.5)	(9.6)
Amortization	166.0	146.6	119.6
Depreciation	40.0	39.2	33.3
Interest	190.0	141.2	65.0
Change in estimated acquisition earn-out payables	21.8	(38.9)	40.4
Total expenses	3,111.0	2,697.3	2,288.6
Income before income taxes	1,146.1	876.1	762.8
Income taxes	275.6	204.3	175.7
Net income	$ 870.5	$ 671.8	$ 587.1
Net income per share:
Basic	$ 3.07	$ 2.38	$ 2.08
Diluted	3.05	2.37	2.07
Dividends declared per share	$ 0.48	$ 0.42	$ 0.38

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Income Taxes Paid	$ 218.5	$ 124.9	$ 147.5
Operating Loss Carryforwards State	80.1
Liability for Uncertainty in Income Taxes, Current	0.6	0.7	0.3
Unrecognized Tax Benefits	5.3	3.1	$ 0.9	$ 1.3
Federal
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	35.0
Foreign
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 0.0
Foreign \| Canada
Income Tax Contingency [Line Items]
Operating Loss Carryforwards		$ 1.8

Business Combinations - Additional Information (Details) $ in Millions			12 Months Ended
	Feb. 22, 2024 USD ($) Acquisition	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Acquisition	Dec. 31, 2022 USD ($) Acquisition	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition			33	30
Aggregate purchase price of acquisitions			$ (10.9)
Cash paid		$ 4.7	695.1	$ 2,544.4
Measurement period adjustment, deferred tax liability			(17.3)
Measurement period adjustment, other current assets			5.6
Measurement period adjustment, goodwill			(12.0)
Goodwill		608.7	608.7
Goodwill currently deductible for income tax purposes		64.5	64.5
Goodwill currently non-deductible for income tax purposes		608.7	608.7
Goodwill related to the recorded earn-out payables		15.2	15.2
Total revenues related to acquisitions			67.9
Income before income taxes related to acquisitions			23.8
Maximum future contingency payments acquisitions		640.2	640.2
Estimated acquisition earn-out payables		249.2	249.2	251.6	$ 291.0	$ 258.9
Goodwill currently non-deductible for income tax purposes excluding related to the recorded earn-out payables		529.0	529.0
Goodwill after deducted for income tax		544.2	544.2
Subsequent Event
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	2
Cash paid	$ 37.6
Other Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables		103.3	103.3	132.3
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables		145.9	145.9	$ 119.3
Retail
Business Acquisition [Line Items]
Measurement period adjustment, goodwill			13.1
Goodwill net			348.5
National Programs
Business Acquisition [Line Items]
Measurement period adjustment, goodwill			(23.5)
Goodwill net			239.0
Wholesale Brokerage
Business Acquisition [Line Items]
Measurement period adjustment, goodwill			(1.6)
Goodwill net			21.2
Services
Business Acquisition [Line Items]
Measurement period adjustment, goodwill			$ 0.0
Assets and Assumed Certain Liabilities
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition			7
Business Combinations - Stock Deals
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition			22
Book of Business Purchases
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition			4
GRP Holdco Limited
Business Acquisition [Line Items]
Maximum potential earn- out payable		0.0	$ 0.0
Kentro Capital Limited
Business Acquisition [Line Items]
Acquisition date			Oct. 01, 2023
Kentro Capital Limited \| Retail
Business Acquisition [Line Items]
Goodwill		$ 358.7	$ 358.7

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

Dec. 31, 2023

Dec. 31, 2022

Finite-Lived Intangible Assets [Line Items]

Gross carrying value

$ 3,171.5

$ 2,992.5

Accumulated amortization

(1,550.7)

(1,397.3)

Net carrying value

1,620.8

1,595.2

Foreign currency translation, Gross carrying value

33.5

(4.5)

Foreign currency translation, Accumulated amortization

(2.0)

0.4

Foreign currency translation, Net carrying value

31.5

(4.1)

Purchased Customer Accounts

Finite-Lived Intangible Assets [Line Items]

Gross carrying value, excluding foreign currency translation

3,138.0

2,997.0

Accumulated amortization, excluding foreign currency translation

(1,548.7)

(1,397.7)

Net carrying value, excluding foreign currency translation

$ 1,589.3

$ 1,599.3

Weighted average life (years)

^[1]

14 years 9 months 18 days

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

Stock Based Compensation - Schedule of Performance Stock Plan and 2010 Stock Incentive Plan (Details) - 2010 Stock Incentive Plan - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock granted	1,323,088	784,811	938,268
Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awarded	235,738	693,802	204,826
Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock granted	1,323,088	784,811	938,268
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awarded	977,447	1,383,216	1,272,554

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 52.4	$ 6.5	$ 1.1
Other income, net	5.3	3.7	2.8
Total revenues	4,257.1	3,573.4	3,051.4
Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	2,867.5	2,377.7	2,010.0
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	996.5	911.2	833.0
Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	177.8	159.2	122.3
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	129.9	88.7	82.2
Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	27.7	26.4	0.0
Operating Segments \| Retail
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	1.3	0.1	0.3
Other income, net	4.0	2.6	1.0
Total revenues	2,440.0	2,084.3	1,767.9
Operating Segments \| Retail \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1,690.6	1,420.9	1,198.1
Operating Segments \| Retail \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	530.7	473.5	414.9
Operating Segments \| Retail \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	163.5	138.4	114.7
Operating Segments \| Retail \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	49.9	48.8	38.9
Operating Segments \| Retail \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0
Operating Segments \| National Programs
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	12.1	1.3	0.6
Other income, net	0.9	0.1	0.2
Total revenues	1,077.3	859.5	701.9
Operating Segments \| National Programs \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	736.2	590.2	488.7
Operating Segments \| National Programs \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	226.6	198.5	173.8
Operating Segments \| National Programs \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	8.6	15.4	3.3
Operating Segments \| National Programs \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	65.2	27.6	35.3
Operating Segments \| National Programs \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	27.7	26.4	0.0
Operating Segments \| Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	1.5	0.3	0.2
Other income, net	0.2	0.3	0.6
Total revenues	540.7	453.4	403.4
Operating Segments \| Wholesale Brokerage \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	440.5	366.6	323.1
Operating Segments \| Wholesale Brokerage \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	78.0	68.5	67.2
Operating Segments \| Wholesale Brokerage \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	5.7	5.4	4.3
Operating Segments \| Wholesale Brokerage \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	14.8	12.3	8.0
Operating Segments \| Wholesale Brokerage \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0
Operating Segments \| Services
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.0	0.0	0.0
Other income, net	0.0	0.0	0.0
Total revenues	163.1	171.9	178.9
Operating Segments \| Services \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0
Operating Segments \| Services \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	163.1	171.9	178.9
Operating Segments \| Services \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	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	0.0
Operating Segments \| Services \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0
Other
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	37.5	4.8	0.0
Other income, net	0.2	0.7	1.0
Total revenues	36.0	4.3	(0.7)
Other \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.2	0.0	0.1
Other \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(1.9)	(1.2)	(1.8)
Other \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0
Other \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0
Other \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ 0.0	$ 0.0	$ 0.0

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

NOTE 4 Goodwill

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


(in millions)	Retail			National Programs			Wholesale Brokerage			Services			Total
Balance as of January 1, 2022	$	2,987.2		$	1,089.9		$	488.4		$	171.3		$	4,736.8
Goodwill of acquired businesses		1,366.6			516.5			111.4			—			1,994.5
Goodwill disposed of relating to sales of businesses		(38.5	)		—			(7.7	)		—			(46.2	)
Foreign currency translation adjustments during the year		(6.3	)		(4.0	)		(0.6	)		—			(10.9	)
Balance as of December 31, 2022	$	4,309.0		$	1,602.4		$	591.5		$	171.3		$	6,674.2
Goodwill adjustment during measurement period (1)		13.1			(23.5	)		(1.6	)		—			(12.0	)
Goodwill of acquired businesses		335.4			262.5			22.8			—			620.7
Goodwill disposed of relating to sales of businesses		(0.2	)		(2.7	)		—			(44.0	)		(46.9	)
Foreign currency translation adjustments during the year		84.8			14.3			5.7			—			104.8
Balance as of December 31, 2023	$	4,742.1		$	1,853.0		$	618.4		$	127.3		$	7,340.8

(1)

Provisional estimates of fair value are established at the time of each acquisition and are subsequently reviewed and finalized within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. As of December 31, 2023, adjustments were made to the amounts initially recorded for deferred tax liabilities, purchased customer accounts, other current assets and goodwill. See also Note 3.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 1 Summary of Significant Accounting Policies

Nature of Operations

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Standards

Principles of Consolidation

Revenue Recognition

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

Use of Estimates

Cash and Cash Equivalents

Fiduciary Cash, Fiduciary Receivables, and Fiduciary Liabilities

Uncollected premiums are presented as fiduciary receivables. Likewise, payables to insurance companies and premium deposits due customers are presented as fiduciary liabilities.

Investments

Fixed Assets

Goodwill and Amortizable Intangible Assets

Gain or Loss on Disposal

For the years ending December 31, 2023, 2022 and 2021, total gains recognized on sales of businesses and books of business totaled $143.3 million, $4.5 million, and $9.6 million, respectively.

Income Taxes

Net Income Per Share

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


(in millions, except per share data)	2023			2022			2021
Net income	$	870.5		$	671.8		$	587.1
Net income attributable to unvested awarded performance stock		(13.3	)		(12.7	)		(12.9	)
Net income attributable to common shares	$	857.2		$	659.1		$	574.2
Weighted average number of common shares outstanding – basic		283.9			282.9			282.2
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(4.3	)		(5.4	)		(6.2	)
Weighted average number of common shares outstanding for basic earnings per common share		279.6			277.5			276.0
Dilutive effect of stock options		1.2			1.1			1.4
Weighted average number of shares outstanding – diluted		280.8			278.6			277.4
Net income per share:
Basic	$	3.07		$	2.38		$	2.08
Diluted	$	3.05		$	2.37		$	2.07

Fair Value of Financial Instruments

Non-Cash Stock-Based Compensation

Insurance Company Operations

Unpaid Losses and Loss Adjustment Reserve

Stock Based Compensation - Summary of Stock Option Activity (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2010 SIP and 2019 SIP
Shares not yet awarded Granted	1,323,088	784,811	938,268
Potential Payout	615,575	378,836	486,679
Targeted payout	100.00%	100.00%	100.00%
2010 SIP and 2019 SIP \| Tranche One
Potential Payout	17,338	15,114	21,651
2010 SIP and 2019 SIP \| Tranche Two
Potential Payout			3,886
2010 SIP and 2019 SIP \| Maximum
Performance of final target percentage	200.00%	200.00%	200.00%
2010 SIP and 2019 SIP \| Maximum \| Tranche One
Performance of final target percentage	120.00%		120.00%
2010 SIP and 2019 SIP \| Maximum \| Tranche Two
Performance of final target percentage		120.00%	150.00%
2010 SIP and 2019 SIP \| Minimum
Performance of final target percentage		0.00%
2010 SIP and 2019 SIP \| Minimum \| Tranche One
Performance of final target percentage	0.00%		0.00%
2010 SIP and 2019 SIP \| Minimum \| Tranche Two
Performance of final target percentage		0.00%	0.00%
2010 SIP and 2019 SIP \| Minimum \| Tranche Three
Performance of final target percentage			50.00%
2010 Stock Incentive Plan
Shares not yet awarded Granted	1,323,088	784,811	938,268
Potential Payout	615,575	378,836	486,679
Targeted payout	100.00%	100.00%	100.00%
2010 Stock Incentive Plan \| Tranche One
Potential Payout	17,338	15,114	21,651
2010 Stock Incentive Plan \| Tranche Three
Potential Payout			3,886
2010 Stock Incentive Plan \| Maximum
Performance of final target percentage	200.00%	200.00%	200.00%
2010 Stock Incentive Plan \| Maximum \| Tranche One
Performance of final target percentage	120.00%	120.00%	120.00%
2010 Stock Incentive Plan \| Maximum \| Tranche Three
Performance of final target percentage			150.00%
2010 Stock Incentive Plan \| Minimum
Performance of final target percentage	0.00%	0.00%	0.00%
2010 Stock Incentive Plan \| Minimum \| Tranche One
Performance of final target percentage	0.00%	0.00%	0.00%
2010 Stock Incentive Plan \| Minimum \| Tranche Three
Performance of final target percentage			50.00%

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

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

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

NOTE 13 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

Throughout 2020, the Company deferred $31.1 million in employer-only payroll tax payments as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act), which was signed into law on March 27, 2020. During 2023, there were no additional deferrals under the CARES Act. The Company paid the first installment of approximately $15.6 million in December 2021 and the second installment of approximately $15.6 million in December 2022.

During the second quarter of 2021, the Company received an $8.1 million reimbursement for capitalizable costs of public infrastructure improvements related to the construction of the Company's headquarters in accordance with an economic development grant agreement between the Company and the City of Daytona Beach and Volusia County. The reimbursement has been reflected as a reduction to the additions to fixed asset line item on the Consolidated Statements of Cash Flows for the year ended December 31, 2021.

During 2023, the Company had an impact of $33.9 million of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Consolidated Statements of Cash Flows which is primarily due to the increase in currency exchange rates for British pounds and, to a lesser extent, euro and Canadian dollar.

During 2023, the Company accrued for and deferred $121.0 million related to certain federal income tax payments due to Hurricane Idalia tax relief, which was announced by the Internal Revenue Service on August 30, 2023. These deferred income tax payments were paid by the deadline of February 15, 2024. On March 15, 2023, the Company paid $31.2 million of accrued federal income tax payments deferred from the fourth quarter of 2022 related to similar tax relief announced by the Internal Revenue Service on September 29, 2022 and associated with Hurricane Ian.

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


	Year Ended December 31,
(in millions)	2023		2022		2021
Cash paid during the period for:
Interest	$	185.8	$	120.1	$	61.5
Income taxes, net of refunds	$	218.1	$	122.3	$	146.9

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


	Year Ended December 31,
(in millions)	2023		2022		2021
Other payables issued for agency acquisitions and purchased customer accounts	$	12.2	$	5.6	$	15.1
Estimated acquisition earn-out payables and related charges	$	67.2	$	73.3	$	75.7
Assumed acquisition earn-out payables	$	21.1	$	34.8	$	—
Contingent payable issued for agency acquisition	$	—	$	—	$	24.1
Common stock issued for agency acquisition	$	18.3	$	14.7	$	9.9
Notes payable assumed for agency acquisition	$	—	$	1.8	$	1.4
Notes received on the sale of businesses, fixed assets and customer accounts	$	0.1	$	—	$	—

Our fiduciary cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, per agreement with our carrier partners. The following is a reconciliation of fiduciary cash as of December 31, 2023, 2022 and 2021.


	Balance as of December 31,
(in millions)	2023		2022		2021
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,411.8	$	1,231.9	$	583.2
Non-restricted fiduciary cash	$	190.8	$	151.3	$	193.8
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,602.6	$	1,383.2	$	777.0

The Company's fiduciary cash increased as of December 31, 2022 compared to December 31, 2021 primarily due to businesses acquired during 2022.


	Balance as of December 31,
(in millions)	2023		2022		2021
Table to reconcile cash and cash equivalents inclusive of fiduciary cash
Cash and cash equivalents	$	700.3	$	650.0	$	693.2
Fiduciary cash	$	1,602.6	$	1,383.2	$	777.0
Total cash and cash equivalents inclusive of fiduciary cash at the end of the period	$	2,302.9	$	2,033.2	$	1,470.2

Summary of Significant Accounting Policies - Schedule of Fiduciary Assets and Liabilities and Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fiduciary Assets and Liabilities
Cash and cash equivalents	$ 700.3	$ 650.0	$ 693.2
Fiduciary cash	1,602.6	1,383.2
Total assets	14,883.4	13,973.5	9,795.4
Commission, fees and other receivables	789.7	642.9
Fiduciary receivables	1,124.6	881.4
Accounts payable	458.9	286.5
Fiduciary liabilities	2,727.2	2,264.6
Cash flows from operating activities:
Premiums, commissions and fees receivable	(106.4)	(60.9)	(61.9)
Accounts payable	260.0	124.3	54.4
Cash flows from financing activities:
Fiduciary receivables and liabilities, net	$ 188.5	$ 96.2	$ 133.7

Revenues - Schedule of Revenues Disaggregated by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 4,257.1	$ 3,573.4	$ 3,051.4
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	3,730.1	3,332.8	2,973.4
U.K.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	432.7	170.0	15.5
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	35.4	23.6	21.3
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 13.9	$ 8.9	$ 7.1

- Definition

+ References

+ Details

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 3.1	$ 0.9	$ 1.3
Gross increases for tax positions of prior years	3.2	2.2	0.3
Gross decreases for tax positions of prior years			(0.5)
Settlements	(1.0)		(0.2)
Unrecognized tax benefits	$ 5.3	$ 3.1	$ 0.9

Shareholders' Equity - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 17, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 01, 2019
Accelerated Share Repurchases [Line Items]
Fair value of common stock repurchased		$ 748,100,000	$ 748,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 249,500,000
Treasury stock shares (in shares)		19,700,000	19,700,000
Annualized dividend paid per share		$ 0.475	$ 0.423	$ 0.38
Anualized dividends paid		$ 135,000,000	$ 119,500,000	$ 107,200,000
Current Share Repurchase Authorization
Accelerated Share Repurchases [Line Items]
Treasury stock, average cost per share		$ 53.84	$ 63.62
Fair value of common stock repurchased		$ 100,000	$ 74,100,000
Treasury stock shares (in shares)		2,100	1,164,009
Maximum \| Second Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount		$ 100,000,000			$ 372,500,000
2022 Acquisition
Accelerated Share Repurchases [Line Items]
Business combination, shares issued			252,802
Business combination, total value			$ 14,700,000
2023 Acquisition
Accelerated Share Repurchases [Line Items]
Business combination, shares issued		261,614
Business combination, total value		$ 18,300,000
Subsequent Event
Accelerated Share Repurchases [Line Items]
Dividend approved	$ 0.1300
Dividend approved date	Jan. 17, 2024
Dividend payable date	Feb. 14, 2024
Dividend record date	Feb. 02, 2024

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid	$ 0.475	$ 0.423	$ 0.38

Goodwill (Tables)

12 Months Ended

Dec. 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 years ended December 31, are as follows:


(in millions)	Retail			National Programs			Wholesale Brokerage			Services			Total
Balance as of January 1, 2022	$	2,987.2		$	1,089.9		$	488.4		$	171.3		$	4,736.8
Goodwill of acquired businesses		1,366.6			516.5			111.4			—			1,994.5
Goodwill disposed of relating to sales of businesses		(38.5	)		—			(7.7	)		—			(46.2	)
Foreign currency translation adjustments during the year		(6.3	)		(4.0	)		(0.6	)		—			(10.9	)
Balance as of December 31, 2022	$	4,309.0		$	1,602.4		$	591.5		$	171.3		$	6,674.2
Goodwill adjustment during measurement period (1)		13.1			(23.5	)		(1.6	)		—			(12.0	)
Goodwill of acquired businesses		335.4			262.5			22.8			—			620.7
Goodwill disposed of relating to sales of businesses		(0.2	)		(2.7	)		—			(44.0	)		(46.9	)
Foreign currency translation adjustments during the year		84.8			14.3			5.7			—			104.8
Balance as of December 31, 2023	$	4,742.1		$	1,853.0		$	618.4		$	127.3		$	7,340.8

(1)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amortized cost
Due in one year or less	$ 10.9	$ 6.5
Due after one year through five years	19.4	24.5
Amortized Cost, Total	30.3	31.0
Fair value
Due in one year or less	10.6	6.4
Due after one year through five years	18.5	22.4
Fair Value, Total	$ 29.1	$ 28.8

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 30.3	$ 31.0
Gross unrealized losses	(1.2)	(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	25.5	22.8
Gross unrealized losses	(1.1)	(1.8)
Fair value	24.4	21.0
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	4.8	8.2
Gross unrealized losses	(0.1)	(0.4)
Fair value	$ 4.7	$ 7.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

NOTE 12 Stock-Based Compensation

Performance Stock Plan

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

At December 31, 2023, 10,155,094 shares had been granted, net of forfeitures, under the PSP. As of December 31, 2023, 167,772 shares had met the first condition of vesting and had been awarded, and 9,987,322 shares had satisfied both conditions of vesting and had been distributed to participants. Of the shares that have not vested as of December 31, 2023, the initial stock prices ranged from $8.89 to $10.31.

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

A summary of PSP activity for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2021	$	4.86		909,828			909,828			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.73		(45,736	)		(45,736	)		—
Forfeited	$	5.50		(24,250	)		(24,250	)		—
Outstanding at December 31, 2021	$	4.87		839,842			839,842			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.81		(101,900	)		(101,900	)		—
Forfeited	$	4.80		(29,562	)		(29,562	)		—
Outstanding at December 31, 2022	$	4.88		708,380			708,380			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.69		(532,282	)		(532,282	)		—
Forfeited	$	5.25		(8,326	)		(8,326	)		—
Outstanding at December 31, 2023	$	5.47		167,772			167,772			—

The total fair value of PSP grants that vested during each of the years ended December 31, 2023, 2022 and 2021 was $30.6 million, $6.3 million and $2.3 million, respectively.

Stock Incentive Plans

On April 28, 2010, the shareholders of the Company approved the 2010 Stock Incentive Plan (“2010 SIP”), which was suspended May 1, 2019. On May 1, 2019, the shareholders of the Company approved the 2019 Stock Incentive Plan (“2019 SIP”) that provides for the granting of restricted stock, restricted stock units, stock options, stock appreciation rights and other stock-based awards to employees and directors contingent on performance-based and/or time-based criteria established by the Compensation Committee of the Company’s board of directors. In addition, the 2019 SIP provides for a limited delegation of authority of the Company’s chief executive officer to grant awards to individuals who are not subject to Section 16 of the Securities Exchange Act of 1934. The principal purpose of the 2019 SIP is to attract, incentivize and

retain key employees by offering those persons an opportunity to acquire or increase a direct proprietary interest in the Company’s operations and future success. The number of shares of stock reserved for issuance under the 2019 SIP is 2,283,475 shares, plus any shares that are authorized for issuance under the 2010 SIP (described below), and not already subject to grants under the 2010 SIP, and that were outstanding as of May 1, 2019, the date of suspension of the 2010 SIP, together with PSP shares, 2010 SIP shares and 2019 SIP shares forfeited after that date. As of May 1, 2019, 6,957,897 shares were available for issuance under the 2010 SIP, which were then transferred to the 2019 SIP.

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

Non-employee members of the board of directors received shares annually issued pursuant to the 2019 SIP as part of their annual compensation. A total of 16,857 shares were issued in May 2021, 15,003 shares were issued in May 2022 and 16,632 shares were issued in May 2023.

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

A summary of 2010 SIP and 2019 SIP activity for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2021	$	19.89		9,694,337			6,919,847			2,774,490
Granted	$	46.05		1,143,094			204,826			938,268		(1)
Awarded	$	25.80		310,147			1,272,554			(962,407	)
Vested	$	15.73		(3,223,964	)		(3,223,964	)		—
Forfeited	$	30.54		(315,168	)		(147,702	)		(167,466	)
Outstanding at December 31, 2021	$	21.59		7,608,446			5,025,561			2,582,885
Granted	$	65.22		1,478,613			693,802			784,811		(2)
Awarded	$	28.73		470,793			1,383,216			(912,423	)
Vested	$	20.09		(2,179,476	)		(2,179,476	)		—
Forfeited	$	37.78		(313,428	)		(168,454	)		(144,974	)
Outstanding at December 31, 2022	$	25.01		7,064,948			4,754,649			2,310,299
Granted	$	56.39		1,558,826			235,738			1,323,088		(3)
Awarded	$	47.60		330,310			977,447			(647,137	)
Vested	$	25.46		(1,561,615	)		(1,561,615	)		—
Forfeited	$	49.37		(271,154	)		(129,889	)		(141,265	)
Outstanding at December 31, 2023	$	27.50		7,121,315			4,276,330			2,844,985

(1)

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

(2)

Of the 784,811 performance-based shares granted in 2022, the payout for 378,836 shares may be increased up to 200% of the target or decreased to zero and 15,114 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

(3)

Of the 1,323,088 performance-based shares grant in 2023, the payout for 615,575 shares may be increased up to 200% of the target or decreased to zero and 17,338 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

The following table sets forth information as of December 31, 2023, 2022 and 2021, with respect to the number of time-based restricted shares granted and awarded, the number of performance-based restricted shares granted, and the number of performance-based restricted shares awarded under our Performance Stock Plan and 2010 and 2019 Stock Incentive Plans:


Year	Time-based restricted stock granted and awarded		Performance-based restricted stock granted			Performance-based restricted stock awarded
2023		235,738		1,323,088	(1)		977,447
2022		693,802		784,811	(2)		1,383,216
2021		204,826		938,268	(3)		1,272,554

(1)

Of the 1,323,088 performance-based shares granted in 2023, the payout for 615,575 shares may be increased up to 200% of the target or decreased to zero and 17,338 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

(2)

(3)

At December 31, 2023, 4,238,212 shares were available for future grants under the 2019 SIP. This amount is calculated assuming the maximum payout for all grants.

Employee Stock Purchase Plan

The Company has a shareholder-approved Employee Stock Purchase Plan (“ESPP”) with a total of 34,000,000 authorized shares of which 2,991,813 were available for future subscriptions as of December 31, 2023. Employees of the Company who regularly work 20 hours or more per week are generally eligible to participate in the ESPP. Participants, through payroll deductions, may allot up to 10% of their compensation towards the purchase of a maximum of $25,000 worth of Company stock between August 1st of each year and the following July 31st (the “Subscription Period”) at a cost of 85% of the lower of the stock price as of the beginning or end of the Subscription Period.

The Company estimates the fair value of an ESPP share option as of the beginning of the Subscription Period as the sum of: (i) 15% of the quoted market price of the Company’s stock on the day prior to the beginning of the Subscription Period, and (ii) 85% of the value of a one-year stock option on the Company stock using the Black-Scholes option-pricing model. The estimated fair value of an ESPP share option as of the Subscription Period beginning in August 2023 was $18.13. The fair values of an ESPP share option as of the Subscription Periods beginning in August 2022 and 2021, were $15.81 and $11.60, respectively.

For the ESPP plan years ended July 31, 2023, 2022 and 2021, the Company issued 743,856, 791,842 and 850,956 shares of common stock, respectively. These shares were issued at an aggregate purchase price of $39.9 million, or $53.70 per share, in 2023, $36.5 million, or $46.10 per share, in 2022 and $32.9 million, or $38.70 per share, in 2021.

For the five months ended December 31, 2023, 2022 and 2021 (portions of the 2023-2024, 2022-2023 and 2021-2022 plan years), 330,599, 338,498 and 354,911 shares of common stock (from authorized but unissued shares), respectively, were subscribed to by ESPP participants for proceeds of approximately $19.7 million, $18.2 million and $16.4 million, respectively.

Summary of Non-Cash Stock-Based Compensation Expense

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


(in millions)	2023		2022		2021
Stock incentive plan	$	75.3	$	55.4	$	50.7
Employee stock purchase plan		12.5		10.4		9.9
Performance stock plan		1.0		0.3		0.4
Sharesave plan		0.6
Total	$	89.4	$	66.1	$	61.0

Summary of Unamortized Compensation Expense

As of December 31, 2023, the Company estimates there to be $205.1 million of unamortized compensation expense related to all non-vested stock-based compensation arrangements granted under the Company’s stock-based compensation plans, based upon current projections of grant measurement against performance criteria. That expense is expected to be recognized over a weighted average period of 3.53 years.

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2024)	$ 169.4
Amortization expense estimated, year two (2025)	165.9
Amortization expense estimated, year three (2026)	159.9
Amortization expense estimated, year four (2027)	147.5
Amortization expense estimated, year five (2028)	$ 141.0

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Stock Option Activity

A summary of PSP activity for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2021	$	4.86		909,828			909,828			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.73		(45,736	)		(45,736	)		—
Forfeited	$	5.50		(24,250	)		(24,250	)		—
Outstanding at December 31, 2021	$	4.87		839,842			839,842			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.81		(101,900	)		(101,900	)		—
Forfeited	$	4.80		(29,562	)		(29,562	)		—
Outstanding at December 31, 2022	$	4.88		708,380			708,380			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.69		(532,282	)		(532,282	)		—
Forfeited	$	5.25		(8,326	)		(8,326	)		—
Outstanding at December 31, 2023	$	5.47		167,772			167,772			—

A summary of 2010 SIP and 2019 SIP activity for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2021	$	19.89		9,694,337			6,919,847			2,774,490
Granted	$	46.05		1,143,094			204,826			938,268		(1)
Awarded	$	25.80		310,147			1,272,554			(962,407	)
Vested	$	15.73		(3,223,964	)		(3,223,964	)		—
Forfeited	$	30.54		(315,168	)		(147,702	)		(167,466	)
Outstanding at December 31, 2021	$	21.59		7,608,446			5,025,561			2,582,885
Granted	$	65.22		1,478,613			693,802			784,811		(2)
Awarded	$	28.73		470,793			1,383,216			(912,423	)
Vested	$	20.09		(2,179,476	)		(2,179,476	)		—
Forfeited	$	37.78		(313,428	)		(168,454	)		(144,974	)
Outstanding at December 31, 2022	$	25.01		7,064,948			4,754,649			2,310,299
Granted	$	56.39		1,558,826			235,738			1,323,088		(3)
Awarded	$	47.60		330,310			977,447			(647,137	)
Vested	$	25.46		(1,561,615	)		(1,561,615	)		—
Forfeited	$	49.37		(271,154	)		(129,889	)		(141,265	)
Outstanding at December 31, 2023	$	27.50		7,121,315			4,276,330			2,844,985

(1)

(2)

(3)

Summary of Non-Cash Stock-Based Compensation Expense

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


(in millions)	2023		2022		2021
Stock incentive plan	$	75.3	$	55.4	$	50.7
Employee stock purchase plan		12.5		10.4		9.9
Performance stock plan		1.0		0.3		0.4
Sharesave plan		0.6
Total	$	89.4	$	66.1	$	61.0

2010 Stock Incentive Plan

Schedule of Performance Stock Plan and 2010 Stock Incentive Plan


Year	Time-based restricted stock granted and awarded		Performance-based restricted stock granted			Performance-based restricted stock awarded
2023		235,738		1,323,088	(1)		977,447
2022		693,802		784,811	(2)		1,383,216
2021		204,826		938,268	(3)		1,272,554

(1)

(2)

(3)

Fixed Assets - Schedule of Fixed Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 524.6	$ 476.9
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(254.3)	(237.0)
Property, Plant and Equipment, Net	270.3	239.9
Furniture Fixtures Equipment and Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	345.3	307.2
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	62.2	61.3
Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 117.1	$ 108.4

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions				12 Months Ended
	May 31, 2023	Mar. 17, 2022	Oct. 27, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Debt Instrument [Line Items]
Outstanding debt balance				$ 3,795.6	$ 3,942.1
Net proceeds from issuance of the notes					2,000.0
Interest				185.8	120.1	$ 61.5
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months				568.7
Long-term Debt, Maturities, Repayments of Principal in Year Two				375.0
Long-term Debt, Maturities, Repayments of Principal in Year Three				318.8
Long-term Debt, Maturities, Repayments of Principal in Year Four				312.5
Long-term Debt, Maturities, Repayments of Principal in Year Six				350.0
Long-term Debt, Maturities, Repayments of Principal in Year Eight				700.0
Long-term Debt, Maturities, Repayments of Principal in Year Nine				600.0
Long-term Debt, Maturities, Repayments of Principal in Year Twenty Nine				600.0
Repayments of debt				250.6	61.3	$ 73.1
Borrowings on revolving credit facility				$ 420.0	$ 350.0
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
Second Amended and Restated Credit Agreement \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				5.456%
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 date		Mar. 17, 2032
Senior notes		$ 600.0
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 date		Mar. 17, 2052
Payment frequency of debt interest				semi-annually
Senior notes		$ 600.0
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
Term Loan
Debt Instrument [Line Items]
Outstanding debt balance				$ 218.8	444.4
Repayments of debt	$ 202.5
Cash	32.5
Borrowings on revolving credit facility	$ 170.0
Term Loan \| Second Amended and Restated Credit Agreement \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				5.341%
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt balance				$ 100.0	0.0
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				5.455%
Term A-2 Loan
Debt Instrument [Line Items]
Outstanding debt balance				$ 456.2	$ 481.3
Maximum borrowing capacity under loan agreement							500.0
Term A-2 Loan \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				5.456%
Term Loan Commitments
Debt Instrument [Line Items]
Additional borrowing capacity under credit facility							$ 400.0

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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


(in millions)	December 31, 2023			December 31, 2022
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	25.0		$	15.6
Current portion of 5-year term loan credit agreement expired 2023		—			210.0
Current portion of 5-year term loan credit agreement expires 2027		43.7			25.0
Current portion of 4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024		500.0			—
Total current portion of long-term debt		568.7			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
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		699.5			699.4
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032		598.2			598.0
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052		592.2			592.0
Total notes		2,239.6			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		193.8			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		100.0			—
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		412.5			456.2
Total credit agreements		1,006.3			975.0
Debt issuance costs (contra)		(19.0	)		(22.3	)
Total long-term debt less unamortized discount and debt issuance costs		3,226.9			3,691.5
Current portion of long-term debt		568.7			250.6
Total debt	$	3,795.6		$	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://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
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-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Income Taxes - Schedule of Components of Company's Net Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Non-current deferred tax liabilities:
Intangible assets	$ 700.7	$ 631.6
Fixed assets	23.0	21.1
Right-of-use assets	43.1	48.3
Net unrealized holding (loss)/gain on available-for-sale securities	(0.3)	(0.4)
Total non-current deferred tax liabilities	791.5	720.4
Non-current deferred tax assets:
Deferred compensation	85.1	67.4
Accruals and reserves	19.4	12.5
Lease liabilities	48.9	54.6
Net operating loss carryforwards and other carryforwards	23.3	3.0
Valuation allowance for deferred tax assets	(1.4)	(1.1)
Total non-current deferred tax assets	175.3	136.4
Net non-current deferred tax liability	616.2	584.0
Accounting Standards Update 2014-09
Non-current deferred tax liabilities:
Deferred Tax Liabilities, Other	$ 25.0	$ 19.8

Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Awarded share Outstanding ending balance	167,772
Performance Stock Plan
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Weighted-average grant date fair value Outstanding beginning balance	$ 4.88	$ 4.87	$ 4.86
Weighted-average grant date fair value Vested	4.69	4.81	4.73
Weighted-average grant date fair value Forfeited	5.25	4.80	5.50
Weighted-average grant date fair value Outstanding ending balance	$ 5.47	$ 4.88	$ 4.87
Granted Share Outstanding Beginning Balance	708,380	839,842	909,828
Granted Share Vested	(532,282)	(101,900)	(45,736)
Granted Share Forfeited	(8,326)	(29,562)	(24,250)
Granted Share Outstanding Ending Balance	167,772	708,380	839,842
Awarded share Outstanding beginning balance	708,380	839,842	909,828
Awarded share Vested	(532,282)	(101,900)	(45,736)
Awarded share Forfeited	(8,326)	(29,562)	(24,250)
Awarded share Outstanding ending balance	167,772	708,380	839,842
2010 SIP and 2019 SIP
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Weighted-average grant date fair value Outstanding beginning balance	$ 25.01	$ 21.59	$ 19.89
Weighted-average grant date fair value Granted	56.39	65.22	46.05
Weighted-average grant date fair value Awarded	47.60	28.73	25.80
Weighted-average grant date fair value Vested	25.46	20.09	15.73
Weighted-average grant date fair value Forfeited	49.37	37.78	30.54
Weighted-average grant date fair value Outstanding ending balance	$ 27.50	$ 25.01	$ 21.59
Granted Share Outstanding Beginning Balance	7,064,948	7,608,446	9,694,337
Granted Share Granted	1,558,826	1,478,613	1,143,094
Granted Share Awarded	330,310	470,793	310,147
Granted Share Vested	(1,561,615)	(2,179,476)	(3,223,964)
Granted Share Forfeited	(271,154)	(313,428)	(315,168)
Granted Share Outstanding Ending Balance	7,121,315	7,064,948	7,608,446
Awarded share Outstanding beginning balance	4,754,649	5,025,561	6,919,847
Awarded shares Granted	235,738	693,802	204,826
Awarded share Awarded	977,447	1,383,216	1,272,554
Awarded share Vested	(1,561,615)	(2,179,476)	(3,223,964)
Awarded share Forfeited	(129,889)	(168,454)	(147,702)
Awarded share Outstanding ending balance	4,276,330	4,754,649	5,025,561
Shares not yet awarded Outstanding beginning balance	2,310,299	2,582,885	2,774,490
Shares not yet awarded Granted	1,323,088	784,811	938,268
Shares not yet awarded Awarded	(647,137)	(912,423)	(962,407)
Shares not yet awarded Forfeited	(141,265)	(144,974)	(167,466)
Shares not yet awarded Outstanding ending balance	2,844,985	2,310,299	2,582,885

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combinations [Abstract]
Total revenues	$ 4,357.6	$ 3,736.9
Net income	$ 890.5	$ 703.8
Net income per share:
Basic	$ 3.18	$ 2.53
Diluted	$ 3.17	$ 2.52

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets at December 31 consisted of the following:


(in millions)	2023			2022
Furniture, fixtures, equipment and software	$	345.3		$	307.2
Leasehold improvements		62.2			61.3
Land, buildings and improvements		117.1			108.4
Total cost		524.6			476.9
Less accumulated depreciation and amortization		(254.3	)		(237.0	)
Total	$	270.3		$	239.9

Summary of Significant Accounting Policies - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net income	$ 870.5	$ 671.8	$ 587.1
Net income attributable to unvested awarded performance stock	(13.3)	(12.7)	(12.9)
Net income attributable to common shares	$ 857.2	$ 659.1	$ 574.2
Weighted average number of common shares outstanding – basic	283.9	282.9	282.2
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(4.3)	(5.4)	(6.2)
Weighted average number of common shares outstanding for basic earnings per common share	279.6	277.5	276.0
Dilutive effect of stock options	1.2	1.1	1.4
Weighted average number of shares outstanding – diluted	280.8	278.6	277.4
Net income per share:
Basic (in dollars per share)	$ 3.07	$ 2.38	$ 2.08
Diluted (in dollars per share)	$ 3.05	$ 2.37	$ 2.07