0000950170-22-021976 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	BROWN & BROWN, INC.
Entity Central Index Key	0000079282
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		283,222,367
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	BRO
Security Exchange Name	NYSE
Entity File Number	001-13619
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0864469
Entity Address, Address Line One	300 North Beach Street
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	252-9601
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Commissions and fees	$ 925.2	$ 769.7	$ 2,668.2	$ 2,309.6
Investment income	1.2	0.4	1.8	0.9
Other income, net	1.2	0.2	2.0	2.4
Total revenues	927.6	770.3	2,672.0	2,312.9
EXPENSES
Employee compensation and benefits	470.3	395.0	1,341.3	1,220.1
Other operating expenses	169.6	101.1	450.6	291.7
(Gain)/loss on disposal	0.0	(0.3)	(0.9)	(4.3)
Amortization	43.5	29.5	108.2	88.6
Depreciation	11.3	9.2	28.3	25.4
Interest	41.5	16.2	95.8	48.8
Change in estimated acquisition earn-out payables	(26.6)	23.1	(33.1)	20.6
Total expenses	709.6	573.8	1,990.2	1,690.9
Income before income taxes	218.0	196.5	681.8	622.0
Income taxes	56.9	50.1	155.2	136.6
Net income	$ 161.1	$ 146.4	$ 526.6	$ 485.4
Net income per share:
Basic (in dollars per share)	$ 0.57	$ 0.52	$ 1.86	$ 1.72
Diluted (in dollars per share)	0.57	0.52	1.85	1.71
Dividends declared per share (in dollars per share)	$ 0.103	$ 0.093	$ 0.309	$ 0.278

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 161.1	$ 146.4	$ 526.6	$ 485.4
Foreign currency translation	(172.3)	(2.9)	(304.5)	(6.7)
Unrealized (loss) gain on available-for-sale debt securities, net of tax	(0.4)	(0.1)	(1.6)	0.2
Comprehensive (loss) income	$ (11.6)	$ 143.4	$ 220.5	$ 478.9

- Definition

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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 579.5	$ 693.2
Fiduciary cash	1,271.3	777.0
Short-term investments	11.2	12.9
Commission, fees and other receivables	625.3	522.6
Fiduciary receivables	723.4	693.7
Reinsurance recoverable	1,021.6	63.1
Prepaid reinsurance premiums	409.9	392.2
Other current assets	208.6	175.6
Total current assets	4,850.8	3,330.3
Fixed assets, net	239.2	212.0
Operating lease assets	214.5	197.0
Goodwill	6,522.3	4,736.8
Amortizable intangible assets, net	1,588.0	1,081.5
Investments	24.0	31.0
Other assets	219.5	206.8
Total assets	13,658.3	9,795.4
Current Liabilities:
Fiduciary liabilities	1,994.7	1,470.7
Losses and loss adjustment reserve	1,033.5	63.1
Unearned premiums	430.7	392.2
Accounts payable	276.3	242.7
Accrued expenses and other liabilities	435.9	456.2
Current portion of long-term debt	67.5	42.5
Total current liabilities	4,238.6	2,667.4
Long-term debt less unamortized discount and debt issuance costs	4,040.4	1,980.4
Operating lease liabilities	191.4	180.0
Deferred income taxes, net	572.3	386.8
Other liabilities	305.0	383.9
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560.0 shares; issued 302.9 shares and outstanding 283.3 shares at 2022, issued 301.0 shares and outstanding 282.5 shares at 2021, respectively	30.3	30.1
Additional paid-in capital	903.4	849.4
Treasury stock, at cost at 19.6 shares at 2022, 18.5 shares at 2021, respectively	(748.0)	(673.9)
Accumulated other comprehensive loss	(315.5)	(9.4)
Retained earnings	4,440.4	4,000.7
Total shareholders’ equity	4,310.6	4,196.9
Total liabilities and shareholders’ equity	$ 13,658.3	$ 9,795.4

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	560.0	560.0
Common stock, shares issued (in shares)	302.9	301.0
Common stock, shares outstanding (in shares)	283.3	282.5
Treasury stock shares (in shares)	19.6	18.5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance, Value at Dec. 31, 2020	$ 3,754.2	$ 30.0	$ 794.9	$ (591.4)		$ 3,520.7
Beginning Balance, Shares at Dec. 31, 2020		283.0
Net income	199.7					199.7
Net unrealized holding (loss) gain on available-for- sale securities	(0.2)		(0.5)		0.3
Foreign currency translation	(5.1)				(5.3)	0.2
Employee stock purchase plan	3.0		3.0
Stock incentive plans	15.6	$ 0.1	15.5
Stock incentive plans, Shares		1.4
Agency acquisition	4.9		4.9
Agency acquisition, Shares		0.1
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(45.0)	$ (0.1)	(44.9)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(1.0)
Purchase of treasury stock	(70.0)			(70.0)
Purchase of treasury stock, Shares		(1.5)
Cash dividends paid	(26.1)					(26.1)
Ending Balance, Value at Mar. 31, 2021	3,831.0	$ 30.0	772.9	(661.4)	(5.0)	3,694.5
Ending Balance, Shares at Mar. 31, 2021		282.0
Beginning Balance, Value at Dec. 31, 2020	3,754.2	$ 30.0	794.9	(591.4)		3,520.7
Beginning Balance, Shares at Dec. 31, 2020		283.0
Net income	485.4
Ending Balance, Value at Sep. 30, 2021	4,107.8	$ 30.1	830.1	(673.9)	(6.5)	3,928.0
Ending Balance, Shares at Sep. 30, 2021		282.5
Beginning Balance, Value at Mar. 31, 2021	3,831.0	$ 30.0	772.9	(661.4)	(5.0)	3,694.5
Beginning Balance, Shares at Mar. 31, 2021		282.0
Net income	139.3					139.3
Foreign currency translation	1.5				1.5
Employee stock purchase plan	2.0		2.0
Stock incentive plans	12.0		12.0
Directors	0.9		0.9
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(3.2)		(3.2)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(0.1)
Purchase of treasury stock	(11.4)			(11.4)
Purchase of treasury stock, Shares		(0.2)
Cash dividends paid	(26.1)					(26.1)
Ending Balance, Value at Jun. 30, 2021	3,946.0	$ 30.0	784.6	(672.8)	(3.5)	3,807.7
Ending Balance, Shares at Jun. 30, 2021		281.7
Net income	146.4					146.4
Net unrealized holding (loss) gain on available-for- sale securities	(0.1)				(0.1)
Foreign currency translation	(2.9)				(2.9)
Employee stock purchase plan	35.3	$ 0.1	35.2
Employee stock purchase plan, Shares		0.8
Stock incentive plans	11.6		11.6
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(1.3)		(1.3)
Purchase of treasury stock	(1.1)			(1.1)
Cash dividends paid	(26.1)					(26.1)
Ending Balance, Value at Sep. 30, 2021	4,107.8	$ 30.1	830.1	(673.9)	(6.5)	3,928.0
Ending Balance, Shares at Sep. 30, 2021		282.5
Beginning Balance, Value at Dec. 31, 2021	$ 4,196.9	$ 30.1	849.4	(673.9)	(9.4)	4,000.7
Beginning Balance, Shares at Dec. 31, 2021	282.5	282.5
Net income	$ 220.3					220.3
Net unrealized holding (loss) gain on available-for- sale securities	(0.9)				(0.9)
Foreign currency translation	(2.1)				(2.1)
Employee stock purchase plan	2.7		2.7
Stock incentive plans	17.5	$ 0.2	17.3
Stock incentive plans, Shares		1.7
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(46.0)	$ (0.1)	(45.9)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(0.7)
Purchase of treasury stock	(24.1)			(24.1)
Purchase of treasury stock, Shares		(0.4)
Cash dividends paid	(28.9)					(28.9)
Ending Balance, Value at Mar. 31, 2022	4,335.4	$ 30.2	823.5	(698.0)	(12.4)	4,192.1
Ending Balance, Shares at Mar. 31, 2022		283.1
Beginning Balance, Value at Dec. 31, 2021	$ 4,196.9	$ 30.1	849.4	(673.9)	(9.4)	4,000.7
Beginning Balance, Shares at Dec. 31, 2021	282.5	282.5
Net income	$ 526.6
Agency acquisition	14.7
Ending Balance, Value at Sep. 30, 2022	$ 4,310.6	$ 30.3	903.4	(748.0)	(315.5)	4,440.4
Ending Balance, Shares at Sep. 30, 2022	283.3	283.3
Beginning Balance, Value at Mar. 31, 2022	$ 4,335.4	$ 30.2	823.5	(698.0)	(12.4)	4,192.1
Beginning Balance, Shares at Mar. 31, 2022		283.1
Net income	145.2					145.2
Net unrealized holding (loss) gain on available-for- sale securities	(0.3)				(0.3)
Foreign currency translation	(130.2)		(0.1)		(130.1)
Employee stock purchase plan	1.7		1.7
Stock incentive plans	12.1		12.1
Stock incentive plans, Shares		(0.1)
Directors	0.9		0.9
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(2.4)		(2.4)
Purchase of treasury stock	(50.0)			(50.0)
Purchase of treasury stock, Shares		(0.8)
Cash dividends paid	(29.0)					(29.0)
Ending Balance, Value at Jun. 30, 2022	4,283.4	$ 30.2	835.7	(748.0)	(142.8)	4,308.3
Ending Balance, Shares at Jun. 30, 2022		282.2
Net income	161.1					161.1
Net unrealized holding (loss) gain on available-for- sale securities	(0.4)				(0.4)
Foreign currency translation	(171.7)		0.6		(172.3)
Employee stock purchase plan	39.2	$ 0.1	39.1
Employee stock purchase plan, Shares		0.8
Stock incentive plans	13.6		13.6
Agency acquisition	14.7		14.7
Agency acquisition, Shares		0.3
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(0.3)		(0.3)
Cash dividends paid	(29.0)					(29.0)
Ending Balance, Value at Sep. 30, 2022	$ 4,310.6	$ 30.3	$ 903.4	$ (748.0)	$ (315.5)	$ 4,440.4
Ending Balance, Shares at Sep. 30, 2022	283.3	283.3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares				3 Months Ended
	Aug. 17, 2022	May 18, 2022	Feb. 16, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid	$ 0.1025	$ 0.1025	$ 0.1025	$ 0.1025	$ 0.1025	$ 0.1025	$ 0.0925	$ 0.0925	$ 0.0925

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 526.6	$ 485.4
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	108.2	88.6
Depreciation	28.3	25.4
Non-cash stock-based compensation	50.3	46.7
Change in estimated acquisition earn-out payables	(33.1)	20.6
Deferred income taxes	40.2	25.4
Amortization of debt discount and disposal of deferred financing costs	2.8	2.1
Amortization (accretion) of discounts and premiums, investment	0.2	0.1
Net (gain)/loss on sales/disposals of investments, fixed assets and customer accounts		(2.0)
Payments on acquisition earn-outs in excess of original estimated payables	(24.3)	(5.7)
Effect of changes in foreign exchange rate changes	(0.4)	0.5
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase) decrease	(47.4)	(75.8)
Reinsurance recoverable (increase) decrease	(958.5)	(177.0)
Prepaid reinsurance premiums (increase) decrease	(17.7)	(33.6)
Other assets (increase) decrease	(15.1)	(6.5)
Losses and loss adjustment reserve increase (decrease)	970.4	177.0
Unearned premiums increase (decrease)	38.5	33.6
Accounts payable increase (decrease)	80.3	54.5
Accrued expenses and other liabilities increase (decrease)	(63.4)	(0.8)
Other liabilities increase (decrease)	(86.1)	(30.7)
Net cash provided by operating activities	599.8	627.8
Cash flows from investing activities:
Additions to fixed assets	(32.4)	(34.6)
Payments for businesses acquired, net of cash acquired	(1,889.7)	(178.0)
Proceeds from sales of fixed assets and customer accounts	2.2	9.3
Purchases of investments		(12.4)
Proceeds from sales of investments	7.3	9.3
Net cash used in investing activities	(1,912.6)	(206.4)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net	24.4	0.1
Deferred acquisition purchase payment	(5.1)
Payments on acquisition earn-outs	(52.8)	(36.1)
Proceeds from long-term debt	2,000.0
Payments on long-term debt	(44.4)	(52.5)
Deferred debt issuance costs	(23.3)
Borrowings on revolving credit facility	350.0
Payments on revolving credit facilities	(200.0)
Issuances of common stock for employee stock benefit plans	37.4	33.8
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(48.7)	(49.6)
Purchase of treasury stock	(74.1)	(82.6)
Cash dividends paid	(86.9)	(78.2)
Net cash provided by (used in) financing activities	1,876.5	(265.1)
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash	(183.1)	(2.3)
Net increase in cash and cash equivalents inclusive of fiduciary cash	380.6	154.0
Cash and cash equivalents inclusive of fiduciary cash at beginning of period	1,470.2	1,271.9
Cash and cash equivalents inclusive of fiduciary cash at end of period	$ 1,850.8	$ 1,425.9

Nature of Operations

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

NOTE 1 Nature of Operations

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

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. The Company also operates two capitalized captive insurance facilities (the "Captives") for the purpose of facilitating additional underwriting capacity and to participate in underwriting results, one on a quota share basis, currently focused on property insurance for earthquake and wind exposed properties for policies placed by certain of our MGA businesses, and the other through excess of loss reinsurance layers associated with placements made by one of our MGA businesses focused on personal property primarily in the southeastern United States. The quota share Captive buys reinsurance, limiting, but not fully eliminating the Company's exposure to underwriting losses. The other Captive has capped exposure through contractual aggregate limits on the reinsurance participations it assumes.

Basis of Financial Reporting

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Reporting

NOTE 2 Basis of Financial Reporting

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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

Beginning January 1, 2022 the Company is presenting 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 no longer presented in the same caption with commissions, fees and other receivables, but rather represented in a separate caption as fiduciary receivables. Likewise, payables to insurance companies and premium deposits due customers are now combined into a new caption as fiduciary liabilities. The caption “restricted cash” is now reflected as “fiduciary cash” along with non-restricted fiduciary cash balances previously reported within “cash and cash equivalents.” 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. Previously the net change in cash balances held to remit to insurance carriers or to return to customers was presented as cash flows from operating activities. All prior periods included in these financial statements have been recast to conform to this basis of presentation. The relevant balance sheet captions and how the December 31, 2021 balances as presented under the prior method relate to the current presentation are reflected in the tables below. Certain liabilities reported as premiums payable to insurance companies or within premiums deposits and credits due customers were deemed not to be fiduciary in nature and have been included within accounts payable in the current presentation. Likewise, a small component of accounts payable was deemed to be fiduciary in nature and is now included within fiduciary liabilities.


December 31, 2021
(in millions)	As reported		Change in presentation			As revised
Cash and cash equivalents	$	887.0	$	(193.8	)	$	693.2
Restricted cash and investments		583.2		(583.2	)		—
Fiduciary cash		—		777.0			777.0
Total		1,470.2		—			1,470.2

Premiums, commissions and fees receivables		1,216.3		(1,216.3	)		—
Commissions, fees and other receivables		—		522.6			522.6
Fiduciary receivables		—		693.7			693.7
Total		1,216.3		—			1,216.3

Premium payable to insurance companies		1,384.6		(1,384.6	)		—
Premium deposits and credits due customers		122.4		(122.4	)		—
Accounts payable		206.4		36.3			242.7
Fiduciary liabilities		—		1,470.7			1,470.7
Total	$	1,713.4	$	—		$	1,713.4


For the nine months ended September 30, 2021
(in millions)	As reported			Change in presentation			As revised
Cash flows from operating activities:
Premiums, commissions and fees receivable (1)	$	(66.4	)	$	(9.4	)	$	(75.8	)
Premiums payable to insurance companies		(38.0	)		38.0			—
Premium deposits and credits due customers		37.4			(37.4	)		—
Accounts payable		45.8			8.7			54.5

Cash flows from financing activities:
Fiduciary receivables and liabilities, net		—			0.1			0.1
Total restated changes in cash flows	$	(21.2	)	$	—		$	(21.2	)

(1) The caption of "Premiums, commissions and fees receivable" is now shown as "Commissions, fees and other receivables" in the Condensed Consolidated Statements of Cash Flows.

Recently Issued Accounting Pronouncements

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

Recently Adopted Accounting Standards

None.

Revenues

9 Months Ended

Sep. 30, 2022

Revenues [Abstract]

Revenues

NOTE 3 Revenues

The following tables present the revenues disaggregated by revenue source:


	Three months ended September 30, 2022
(in millions)	Retail		National Programs			Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	360.6	$	165.8		$	103.7	$	—	$	—		$	630.1
Fees (2)		130.6		56.2			18.4		41.1		(0.2	)		246.1
Other supplemental commissions (3)		25.0		3.7			0.9		—		—			29.6
Profit-sharing contingent commissions (4)		10.9		(6.2	)		3.1		—		—			7.8
Earned premium (5)		—		11.6			—		—		—			11.6
Investment income (6)		—		0.3			0.1		—		0.8			1.2
Other income, net (7)		1.1		—			0.1		—		—			1.2
Total Revenues	$	528.2	$	231.4		$	126.3	$	41.1	$	0.6		$	927.6


	Three months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	284.6	$	133.6	$	91.0	$	—	$	—		$	509.2
Fees (2)		109.9		49.9		17.9		43.7		(0.5	)		220.9
Other supplemental commissions (3)		19.9		0.9		1.2		—		—			22.0
Profit-sharing contingent commissions (4)		8.7		6.5		2.4		—		—			17.6
Earned premium (5)		—		—		—		—		—			—
Investment income (6)		0.2		0.1		—		—		0.1			0.4
Other income, net (7)		0.1		0.1		—		—		—			0.2
Total Revenues	$	423.4	$	191.1	$	112.5	$	43.7	$	(0.4	)	$	770.3


	Nine months ended September 30, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	1,055.7	$	443.2	$	277.1	$	—	$	(0.1	)	$	1,775.9
Fees (2)		369.4		137.6		52.0		128.8		(1.0	)		686.8
Other supplemental commissions (3)		117.3		7.7		3.9		—		—			128.9
Profit-sharing contingent commissions (4)		38.3		12.0		8.2		—		—			58.5
Earned premium (5)		—		18.1		—		—		—			18.1
Investment income (6)		—		0.6		0.2		—		1.0			1.8
Other income, net (7)		1.6		0.1		0.2		—		0.1			2.0
Total Revenues	$	1,582.3	$	619.3	$	341.6	$	128.8	$	—		$	2,672.0


	Nine months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	905.5	$	369.7	$	246.2	$	—	$	—		$	1,521.4
Fees (2)		307.3		125.3		51.6		135.6		(1.4	)		618.4
Other supplemental commissions (3)		100.6		2.8		3.2		—		—			106.6
Profit-sharing contingent commissions (4)		32.8		23.9		6.5		—		—			63.2
Earned premium (5)		—		—		—		—		—			—
Investment income (6)		0.3		0.4		0.1		—		0.1			0.9
Other income, net (7)		0.9		0.2		0.3		—		1.0			2.4
Total Revenues	$	1,347.4	$	522.3	$	307.9	$	135.6	$	(0.3	)	$	2,312.9

(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 legal settlements and other miscellaneous income.

(8)

Fees within Other reflects the elimination of intercompany revenues.

Contract Assets and Liabilities

The balances of contract assets and contract liabilities arising from contracts with customers as of September 30, 2022 and December 31, 2021 were as follows:


(in millions)	September 30, 2022		December 31, 2021
Contract assets	$	431.9	$	361.8
Contract liabilities	$	89.4	$	97.9

Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in the Company's systems and are reflected in commissions, fees and other receivables in the Company's Condensed Consolidated Balance Sheet. The increase in contract assets over the balance as of December 31, 2021 is due to normal seasonality, growth in our business, and from businesses acquired in the current year.

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

As of September 30, 2022, deferred revenue consisted of $55.9 million as current portion to be recognized within one year and $33.5 million in long-term to be recognized beyond one year. As of December 31, 2021, deferred revenue consisted of $67.4 million as current portion to be recognized within one year and $30.5 million in long-term deferred revenue to be recognized beyond one year.

During the nine months ended September 30, 2022 and 2021, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $23.9 million and $22.0 million, consisting 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, in which the Company pays an incremental amount of compensation on new business. These incremental costs are deferred and amortized over a 15 year period. The cost to obtain balance within the other assets caption in the Company's Condensed Consolidated Balance Sheet was $72.3 million and $58.2 million as of September 30, 2022 and December 31, 2021, respectively. For the nine months ended September 30, 2022, the Company deferred $17.9 million of incremental cost to obtain customer contracts. The Company recorded an expense of $3.8 million associated with the incremental cost to obtain customer contracts for the nine months ended September 30, 2022.

Cost to fulfill - The Company defers certain costs to fulfill contracts and recognizes these costs as the associated performance obligations are fulfilled. The cost to fulfill balance within the other current assets caption in the Company's Condensed Consolidated Balance Sheet as of September 30, 2022 was $89.7 million, which is inclusive of deferrals from businesses acquired in the current year of $12.1 million. The cost to fulfill balance as of December 31, 2021 was $89.3 million. For the nine months ended September 30, 2022, the Company had net expense of $11.7 million related to the release of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, net of current year deferrals for costs incurred that related to performance obligations yet to be fulfilled.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Net Income Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income Per Share

NOTE 4 Net Income Per Share

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


	Three months ended September 30,						Nine months ended September 30,
(in millions, except per share data)	2022			2021			2022			2021
Net income	$	161.1		$	146.4		$	526.6		$	485.4
Net income attributable to unvested awarded performance stock		(2.9	)		(3.1	)		(10.1	)		(10.9	)
Net income attributable to common shares	$	158.2		$	143.3		$	516.5		$	474.5
Weighted average number of common shares outstanding – basic		283.0			282.1			282.7			282.1
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(5.2	)		(5.9	)		(5.4	)		(6.3	)
Weighted average number of common shares outstanding for basic net income per common share		277.8			276.2			277.3			275.8
Dilutive effect of potentially issuable common shares		0.9			1.3			1.2			1.3
Weighted average number of shares outstanding – diluted		278.7			277.5			278.5			277.1
Net income per share:
Basic	$	0.57		$	0.52		$	1.86		$	1.72
Diluted	$	0.57		$	0.52		$	1.85		$	1.71

Business Combinations

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Business Combinations

NOTE 5 Business Combinations

During the nine months ended September 30, 2022, Brown & Brown acquired all of the stock of seven insurance intermediaries, assets and assumed certain liabilities of ten insurance intermediaries, and four books of business (customer accounts) for a total of 21 acquisitions. Additionally, adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by Accounting Standards Codification Topic 805 — Business Combinations (“ASC 805”). Such adjustments are presented in the “Other” category within the following two tables. The recorded purchase price for all acquisitions includes an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the Condensed Consolidated Statements of Income when incurred.

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

Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the nine months ended September 30, 2022, adjustments were made within the permitted measurement period that resulted in a decrease in the aggregate purchase price of the affected acquisitions of $0.4 million. These measurement period adjustments have been reflected as current period adjustments in the nine months ended September 30, 2022 in accordance with the guidance in ASU 2015-16 “Business Combinations.” The measurement period adjustments primarily impacted goodwill, with no effect on earnings or cash in the current period.

The following table summarizes the purchase price allocations made as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. Cash paid for 21 acquisitions was $2,504.7 million during the nine months ended September 30, 2022. 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)
Name	Business segment	Effective date of acquisition	Cash paid		Common stock issued		Other payable		Recorded earn-out payable		Net assets acquired		Maximum potential earn-out payable
Orchid Intermediate Holdings, L.P. (Orchid)	National Programs	March 31, 2022	$	476.2	$	—	$	—	$	10.8	$	487.0	$	20.0
GRP (Jersey) Holdco Limited (GRP)	Retail National Programs Wholesale	July 1, 2022		1,839.8		14.7		—		—		1,854.5		—
First Insurance Solutions Ltd. (First)	Retail	July 8, 2022		13.0		—		1.4		8.3		22.7		8.4
BdB Holdings Limited (BdB)	Wholesale	August 1, 2022		75.3		—		—		11.4		86.7		36.3
Smithwick & Mariners Insurance, Inc. (Smithwick)	Retail	September 1, 2022		23.2		—		1.0		1.6		25.8		6.5
VistaNational Insurance Group, Inc. (VistaNational)	Retail	September 1, 2022		26.7		—		0.8		1.1		28.6		3.0
Other	Various	Various		50.5		—		1.4		8.9		60.8		17.9
Total			$	2,504.7	$	14.7	$	4.6	$	42.1	$	2,566.1	$	92.1

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


(in millions)	Orchid			GRP			First			BdB			Smithwick			VistaNational			Other (1)			Total
Cash and equivalents	$	3.2		$	80.3		$	2.4		$	15.8		$	—		$	—		$	0.3		$	102.0
Fiduciary cash		40.5			457.5			1.4			13.6			—			—			—			513.0
Fiduciary receivables		12.5			127.4			—			21.6			—			—			—			161.5
Other current assets		0.1			86.9			1.0			5.1			0.2			1.4			(9.2	)		85.5
Fixed assets		1.8			17.9			—			0.6			—			0.1			5.3			25.7
Goodwill		400.5			1,365.1			12.9			53.7			20.5			21.2			48.3			1,922.2
Purchased customer accounts and other		119.2			490.7			6.9			16.0			6.7			6.1			15.7			661.3
Non-compete agreements		—			—			—			0.3			0.1			0.1			0.7			1.2
Operating lease right-of-use assets		6.0			18.7			—			—			—			—			—			24.7
Other assets		1.9			8.8			—			3.1			—			—			0.2			14.0
Total assets acquired		585.7			2,653.3			24.6			129.8			27.5			28.9			61.3			3,511.1
Fiduciary liabilities		(53.0	)		(584.9	)		(1.4	)		(35.2	)		—			—			—			(674.5	)
Other current liabilities		(9.5	)		(62.3	)		(0.5	)		(2.1	)		(1.7	)		(0.3	)		(0.5	)		(76.9	)
Deferred income tax, net		(30.2	)		(122.5	)		—			(4.0	)		—			—			—			(156.7	)
Operating lease liabilities		(6.0	)		(18.7	)		—			—			—			—			—			(24.7	)
Other long-term liabilities		—			(10.4	)		—			(1.8	)		—			—			—			(12.2	)
Total liabilities assumed		(98.7	)		(798.8	)		(1.9	)		(43.1	)		(1.7	)		(0.3	)		(0.5	)		(945.0	)
Net assets acquired	$	487.0		$	1,854.5		$	22.7		$	86.7		$	25.8		$	28.6		$	60.8		$	2,566.1

(1)

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

The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 14.3 years; and non-compete agreements, 4.2 years.

Goodwill of $1,922.2 million, which is net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail, National Programs, and Wholesale Brokerage Segments in the amounts of $1,389.0 million, $427.8 million, and $105.4 million, respectively. Of the total goodwill of $1,922.2 million, the amount currently deductible for income tax purposes is $70.7 million. Of the remaining $1,851.5 million of goodwill, $1,846.5 million relates to goodwill that will not be deductible for income tax purposes and $5.0 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 2022, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through September 30, 2022, included in the Condensed Consolidated Statement of Income for the nine months ended September 30, 2022, was $116.9 million. The income before income taxes from the acquisitions completed through September 30, 2022, included in the Condensed Consolidated Statement of Income for the nine months ended September 30, 2022, was $7.5 million. If the acquisitions had occurred as of the beginning of the respective periods, the Company’s estimated results of operations would be as shown in the following table. These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.


(UNAUDITED)	Three months ended September 30,				Nine months ended September 30,
(in millions, except per share data)	2022		2021		2022		2021
Total revenues	$	931.1	$	879.1	$	2,873.6	$	2,641.1
Income before income taxes	$	218.9	$	193.4	$	696.0	$	613.1
Net income	$	161.8	$	144.1	$	537.5	$	478.5
Net income per share:
Basic	$	0.57	$	0.51	$	1.90	$	1.69
Diluted	$	0.57	$	0.51	$	1.89	$	1.69
Weighted average number of shares outstanding:
Basic		277.8		276.5		277.5		276.1
Diluted		278.7		277.8		278.7		277.4

As of September 30, 2022 and 2021, the fair values of the estimated acquisition earn-out payables were re-evaluated and measured at fair value on a recurring basis using unobservable inputs (Level 3) as defined in ASC 820- Fair Value Measurement. The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the three and nine months ended September 30, 2022 and 2021, were as follows:


	Three months ended September 30,						Nine months ended September 30,
(in millions)	2022			2021			2022			2021
Balance as of the beginning of the period	$	232.9		$	242.0		$	291.0		$	258.9
Additions to estimated acquisition earn-out payables		25.2			—			42.1			25.2
Assumed acquisition earn-out payables		34.8			—			34.8			—
Payments for estimated acquisition earn-out payables		(10.6	)		(1.9	)		(77.1	)		(41.8	)
Subtotal		282.3			240.1			290.8			242.3
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(28.5	)		21.8			(38.1	)		15.8
Interest expense accretion		1.9			1.3			5.0			4.8
Net change in earnings from estimated acquisition earn-out payables		(26.6	)		23.1			(33.1	)		20.6
Foreign currency translation adjustments during the year		(5.8	)		(0.3	)		(7.8	)		—
Balance as of September 30,	$	249.9		$	262.9		$	249.9		$	262.9

Of the $249.9 million estimated acquisition earn-out payables as of September 30, 2022, $100.5 million was recorded as accounts payable and $149.4 million was recorded as other non-current liabilities. As of September 30, 2022, the maximum future acquisition contingency payments related to all acquisitions was $550.3 million, inclusive of the $249.9 million estimated acquisition earn-out payables as of September 30, 2022. Four of the estimated acquisition earn-out payables assumed in connection with the acquisition of GRP included provisions with no maximum potential earn-out amount. The amount recorded for these acquisitions as of September 30, 2022 is $2.8 million. The Company deems a significant increase to this amount to be unlikely. Included within the additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts.

Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

NOTE 6 Goodwill

Goodwill is subject to at least an annual assessment for impairment by applying a fair value-based test. The Company completed its most recent annual assessment as of November 30, 2021 and identified no impairment as a result of the evaluation.

The changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2022 are as follows:


(in millions)	Retail			National Programs			Wholesale Brokerage			Services		Total
Balance as of December 31, 2021	$	2,987.2		$	1,089.9		$	488.4		$	171.3	$	4,736.8
Goodwill of acquired businesses		1,389.0			427.8			105.4			—		1,922.2
Goodwill disposed of relating to sales of businesses		(2.6	)		—			—			—		(2.6	)
Foreign currency translation adjustments during the year		(118.1	)		(6.9	)		(9.1	)		—		(134.1	)
Balance as of September 30, 2022	$	4,255.5		$	1,510.8		$	584.7		$	171.3	$	6,522.3

Amortizable Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

NOTE 7 Amortizable Intangible Assets

Amortizable intangible assets at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30, 2022											December 31, 2021
(in millions)	Gross carrying value			Accumulated amortization			Net carrying value			Weighted average life (years) (1)		Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) (1)
Purchased customer accounts and other	$	2,972.9		$	(1,342.3	)	$	1,630.6			14.7	$	2,311.6	$	(1,235.3	)	$	1,076.3		14.9
Non-compete agreements		38.8			(33.6	)		5.2			4.5		37.6		(32.4	)		5.2		4.5
Foreign currency translation adjustments during the year		(49.3	)		1.5			(47.8	)				—		—			—
Total	$	2,962.4		$	(1,374.4	)	$	1,588.0				$	2,349.2	$	(1,267.7	)	$	1,081.5

(1)

Weighted average life calculated as of the date of acquisition.

Amortization expense for amortizable intangible assets for the years ending December 31, 2022, 2023, 2024, 2025 and 2026 is estimated to be $150.6 million, $165.8 million, $161.6 million, $158.8 million, and $152.8 million, respectively.

Long-Term Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 8 Long-Term Debt

Long-term debt at September 30, 2022 and December 31, 2021 consisted of the following:


(in millions)	September 30, 2022			December 31, 2021
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	12.5		$	12.5
Current portion of 5-year term loan facility expires 2023		30.0			30.0
Current portion of 5-year term loan facility expires 2027		25.0			—
Total current portion of long-term debt		67.5			42.5
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	$	499.7		$	499.5
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029		349.6			349.6
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031		699.4			699.3
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032		598.0			—
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052		591.9			—
Total notes		2,738.6			1,548.4
Credit agreements:
5-year term loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires October 27, 2026		225.0			234.4
5-year revolving loan facility, periodic interest payments, LIBOR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026		150.0			—
5-year term loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires December 21, 2023		187.5			210.0
3-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.625%, expires March 31, 2025		300.0			—
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027		462.5			—
Total credit agreements		1,325.0			444.4
Debt issuance costs (contra)		(23.2	)		(12.4	)
Total long-term debt less unamortized discount and debt issuance costs		4,040.4			1,980.4
Current portion of long-term debt		67.5			42.5
Total debt	$	4,107.9		$	2,022.9

On September 18, 2014, the Company issued $500.0 million of 4.200% unsecured Senior Notes due in 2024. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions and regulations which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay the outstanding balance of $475.0 million on the Revolving Credit Facility and for other general corporate purposes. As of September 30, 2022 and December 31, 2021, there was an outstanding debt balance of $500.0 million exclusive of the associated discount balance.

On December 21, 2018, the Company entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with the lenders named therein, Wells Fargo Bank, National Association, as administrative agent, and certain other banks as co-syndication agents and as joint lead arrangers and joint bookrunners. The Term Loan Credit Agreement provides for an unsecured term loan in the initial amount of $300.0 million, which may, subject to lenders’ discretion, potentially be increased up to an aggregate amount of $450.0 million (the “Term Loan”). The Term Loan is repayable over the five-year term from the effective date of the Term Loan Credit Agreement, which was December 21, 2018. Based on the Company’s net debt leverage ratio or a non-credit enhanced senior unsecured long-term debt rating as determined by Moody’s Investor Service and Standard & Poor’s Rating Service, the rates of interest charged on the term loan are 1.00% to 1.75%, above the adjusted 1-Month LIBOR rate. On December 21, 2018, the Company borrowed $300.0 million under the Term Loan Credit Agreement and used $250.0 million of the proceeds to reduce indebtedness under the Revolving Credit Facility. As of September 30, 2022, there was an outstanding debt balance issued under the Term Loan of $217.5 million. As of December 31, 2021, there was an outstanding debt balance issued under the Term Loan of $240.0 million.

On March 11, 2019, the Company completed the issuance of $350.0 million aggregate principal amount of the Company's 4.500% Senior Notes due 2029. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions, which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount, which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay a portion of the outstanding balance of $350.0 million on the Revolving Credit Facility, utilized in connection with the financing related to the Hays Companies acquisition and for other general corporate purposes. As of September 30, 2022 and December 31, 2021, there was an outstanding debt balance of $350.0 million exclusive of the associated discount balance.

On September 24, 2020, the Company completed the issuance of $700.0 million aggregate principal amount of the Company's 2.375% Senior Notes due 2031. The Senior Notes were given investment grade ratings of BBB- stable outlook and Baa3 positive outlook. The notes are subject to certain covenant restrictions, which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount, which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay a portion of the outstanding balance of $200.0 million on the Revolving Credit Facility, utilized in connection with the financing related to the acquisitions of LP Insurance Services, LLP and CKP Insurance, LLC and for other general corporate purposes. As of September 30, 2022 and December 31, 2021, there was an outstanding debt balance of $700.0 million exclusive of the associated discount balance.

On October 27, 2021, the Company entered into an amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”) with the lenders named therein, JPMorgan Chase Bank, N.A. as administrative agent, Bank of America, N.A., Truist Bank and BMO Harris Bank N.A. as co-syndication agents, and U.S. Bank National Association, Fifth Third Bank, National Association, Wells Fargo Bank, National Association, PNC Bank, National Association, Morgan Stanley Senior Funding, Inc. and Citizens Bank, N.A. as co-documentation agents. The Second Amended and Restated Credit Agreement amended and restated the credit agreement dated April 17, 2014, among certain of such parties, as amended by that certain amended and restated credit agreement dated June 28, 2017 (the “Original Credit Agreement”). The Second Amended and Restated Credit Agreement, among other certain terms, extended the maturity of the revolving credit facility of $800.0 million and unsecured term loans associated with the agreement of $250.0 million to October 27, 2026. At the time of the renewal, the Company added an additional $2.7 million in debt issuance costs related to the transaction. The Company carried forward $0.6 million of existing debt issuance costs related to the previous credit facility agreements while expensing $0.1 million in debt issuance costs due to certain lenders exiting the renewed facility agreement. As of September 30, 2022, there was an outstanding debt balance issued under the term loan of the Second Amended and Restated Credit Agreement of $237.5 million and $150.0 million outstanding against the Revolving Credit Facility. As of December 31, 2021, there was an outstanding debt balance issued under the term loan of the Second Amended and Restated Credit Agreement of $246.9 million with no borrowings outstanding against the Revolving Credit Facility.

On March 17, 2022, the Company completed the issuance of $600.0 million aggregate principal amount of the Company’s 4.200% Senior Notes due 2032 (the “2032 Notes”) and $600.0 million aggregate principal amount of the Company’s 4.950% Senior Notes due 2052 (the “2052 Notes,” and together with the 2032 Notes, the “Notes”). The net proceeds to the Company from the issuance of the Notes, after deducting underwriting discounts and estimated offering expenses, were approximately $1,178.2 million. The Senior Notes were given investment grade ratings of BBB- stable outlook and Baa3 stable outlook. The 2032 Notes bear interest at the rate of 4.200% per year and will mature on March 17, 2032. The 2052 Notes bear interest at the rate of 4.950% per year and will mature on March 17, 2052. Interest on the Notes will be payable semi-annually in arrears. The Notes are senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s existing and future senior unsecured indebtedness. The Company may redeem the Notes in whole or in part at any time and from time to time, at the “make whole” redemption prices specified in the Prospectus Supplement for the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the redemption date. The Company used the net proceeds from the offering of the Notes, together with borrowings under its revolving credit facility, cash on hand and other borrowings, to fund the cash consideration and other amounts payable in connection with our acquisition of GRP (Jersey) Holdco Limited and its businesses ("GRP") and to pay fees and expenses associated with the foregoing. As of September 30, 2022, there was a total outstanding debt balance of $1,200.0 million exclusive of the associated discount balance on both Notes.

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 September 30, 2022, there was an outstanding debt balance issued under the Term A-1 Loans of $300.0 million and an outstanding debt balance issued under Term A-2 Loans of $487.5 million.

The Second Amended and Restated Credit Agreement, Term Loan Credit Agreement and Loan Agreement require the Company to maintain certain financial ratios and comply with certain other covenants. The Company was in compliance with all such covenants as of September 30, 2022 and December 31, 2021.

The 30-day Adjusted LIBOR Rate for the term loan of the Second Amended and Restated Credit Agreement and the Term Loan Credit Agreement as of September 30, 2022 were each 3.125%. The 1-month Term SOFR Rate for the Term A-1 Loans is 2.945% and the 1-month Term SOFR Rate for the Term A-2 Loans is 3.134% as of September 30, 2022.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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

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

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

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

+ Details

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

NOTE 9 Leases

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

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

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

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


(in millions)		September 30, 2022		December 31, 2021
Assets:
Operating lease right-of-use assets	Operating lease assets	$	214.5	$	197.0
Total assets			214.5		197.0
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		46.7		43.4
Non-current operating lease liabilities	Operating lease liabilities		191.4		180.0
Total liabilities		$	238.1	$	223.4

As of September 30, 2022, the Company has entered into future lease agreements expected to commence later in 2022 and 2023 consisting of undiscounted lease liabilities of $6.7 million and $2.7 million, respectively.

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

The components of lease cost for operating leases for the three and nine months ended September 30, 2022 and 2021 were:


	Three months ended September 30,						Nine months ended September 30,
(in millions)	2022			2021			2022			2021
Operating leases:
Lease cost	$	14.5		$	13.0		$	40.8		$	39.6
Variable lease cost		1.0			1.1			3.2			3.1
Short-term lease cost		0.4			0.3			0.9			0.9
Operating lease cost	$	15.9		$	14.4		$	44.9		$	43.6
Sublease income		(0.4	)		(0.6	)		(1.2	)		(1.3	)
Total lease cost net	$	15.5		$	13.8		$	43.7		$	42.3

The weighted average remaining lease term and the weighted average discount rate for operating leases as of September 30, 2022 were:


Weighted average remaining lease term	6.21
Weighted average discount rate	2.84	%

Maturities of the operating lease liabilities by fiscal year at September 30, 2022 for the Company's operating leases are as follows:


(in millions)	Operating leases
2022 (Remainder)	$	14.9
2023		55.5
2024		48.1
2025		40.1
2026		29.7
Thereafter		74.3
Total undiscounted lease payments		262.6
Less: Imputed interest		24.5
Present value of lease payments	$	238.1

Supplemental cash flow information for operating leases for the three and nine months ended September 30, 2022 and 2021:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2022		2021		2022		2021
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	16.1	$	13.9	$	43.9	$	41.7
Right-of-use assets obtained in exchange for new operating liabilities	$	8.4	$	14.1	$	35.9	$	34.1

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

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Elements [Abstract]

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

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

Throughout 2020, the Company deferred $31.1 million in employer-only payroll tax payments as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act), which was signed into law on March 27, 2020. During the first nine months of 2022, there were no additional deferrals under the CARES Act. A payment of the cumulative deferred employer payroll taxes as of December 31, 2020 was paid in December 2021 and a second payment of $15.6 million is planned for December 31, 2022, as permitted under the CARES Act.

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

During the nine months ended September 30, 2022, the Company had an impact of $183.1 million on foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Condensed Consolidated Statements of Cash Flows which is primarily due to the decrease in currency exchange rates for British pounds and an additional smaller loss from the decline in currency exchange rates related to euro and Canadian dollar.

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


	Nine months ended September 30,
(in millions)	2022		2021
Cash paid during the period for:
Interest	$	103.3	$	59.7
Income taxes, net of refunds	$	118.2	$	103.9

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


	Nine months ended September 30,
(in millions)	2022		2021
Other payables issued for agency acquisitions and purchased customer accounts	$	4.6	$	3.5
Estimated acquisition earn-out payables issued for agency acquisitions	$	42.1	$	25.1
Assumed acquisition earn-out payables	$	34.8	$	—
Contingent payable issued for agency acquisition	$	—	$	24.1
Common stock issued for agency acquisition	$	14.7	$	4.9
Notes payable assumed for agency acquisition	$	1.8	$	1.3

The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of September 30, 2022 and 2021.


(in millions)	September 30, 2022		December 31, 2021
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,113.0	$	583.2
Non-restricted fiduciary cash		158.3		193.8
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,271.3	$	777.0

The Company's fiduciary cash increased as of September 30, 2022 compared to December 31, 2021 primarily due to businesses acquired during 2022.


	Balance as of September 30,
(in millions)	2022		2021
Table to reconcile cash, cash equivalents and fiduciary cash
Cash and cash equivalents	$	579.5	$	784.6
Fiduciary cash		1,271.3		641.3
Total cash, cash equivalents and fiduciary cash at the end of the period	$	1,850.8	$	1,425.9

Legal and Regulatory Proceedings

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Legal and Regulatory Proceedings

NOTE 11 Legal and Regulatory Proceedings

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

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

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

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

NOTE 12 Segment Information

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

Brown & Brown conducts most of its operations within the United States of America. International operations include Retail operations in England, Bermuda, the Cayman Islands, Ireland and Northern Ireland, National Programs operations in Canada and England, and Wholesale Brokerage operations based in England, Italy and Belgium. These operations earned $92.1 million and $17.4 million of total revenues for the three months ended September 30, 2022 and 2021, respectively. These operations earned $132.8 million and $54.0 million of total revenues for the nine months ended September 30, 2022 and 2021, respectively.

The accounting policies of the reportable segments are the same as those described in Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Intersegment revenues are eliminated.

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


	Three months ended September 30, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	528.2	$	231.4	$	126.3	$	41.1	$	0.6		$	927.6
Investment income	$	—	$	0.3	$	0.1	$	—	$	0.8		$	1.2
Amortization	$	28.2	$	11.4	$	2.6	$	1.3	$	—		$	43.5
Depreciation	$	3.9	$	4.6	$	0.7	$	0.4	$	1.7		$	11.3
Interest expense	$	22.8	$	10.2	$	3.2	$	0.5	$	4.8		$	41.5
Income before income taxes	$	112.2	$	69.7	$	35.4	$	4.7	$	(4.0	)	$	218.0
Total assets	$	7,128.1	$	4,476.3	$	1,366.5	$	289.1	$	398.3		$	13,658.3
Capital expenditures	$	4.7	$	3.3	$	0.7	$	0.3	$	5.1		$	14.1


	Three months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	423.4	$	191.1	$	112.5	$	43.7	$	(0.4	)	$	770.3
Investment income	$	0.2	$	0.1	$	—	$	—	$	0.1		$	0.4
Amortization	$	19.1	$	6.8	$	2.3	$	1.3	$	—		$	29.5
Depreciation	$	2.8	$	3.0	$	0.6	$	0.3	$	2.5		$	9.2
Interest expense	$	22.4	$	2.2	$	3.9	$	0.7	$	(13.0	)	$	16.2
Income before income taxes	$	71.6	$	72.4	$	29.4	$	7.1	$	16.0		$	196.5
Total assets	$	7,385.8	$	3,789.4	$	1,918.2	$	449.5	$	(3,913.7	)	$	9,629.2
Capital expenditures	$	2.1	$	4.7	$	0.2	$	0.9	$	1.6		$	9.5


	Nine months ended September 30, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,582.3	$	619.3	$	341.6	$	128.8	$	—		$	2,672.0
Investment income	$	—	$	0.6	$	0.2	$	—	$	1.0		$	1.8
Amortization	$	69.8	$	27.9	$	6.7	$	3.9	$	(0.1	)	$	108.2
Depreciation	$	9.1	$	10.9	$	2.0	$	1.2	$	5.1		$	28.3
Interest expense	$	69.9	$	22.8	$	10.0	$	1.6	$	(8.5	)	$	95.8
Income before income taxes	$	378.8	$	187.9	$	94.8	$	18.0	$	2.3		$	681.8
Total assets	$	7,128.1	$	4,476.3	$	1,366.5	$	289.1	$	398.3		$	13,658.3
Capital expenditures	$	8.4	$	14.2	$	1.5	$	0.8	$	7.5		$	32.4


	Nine months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,347.4	$	522.3	$	307.9	$	135.6	$	(0.3	)	$	2,312.9
Investment income	$	0.3	$	0.4	$	0.1	$	—	$	0.1		$	0.9
Amortization	$	56.9	$	20.6	$	7.1	$	4.0	$	—		$	88.6
Depreciation	$	8.3	$	7.5	$	2.0	$	1.1	$	6.5		$	25.4
Interest expense	$	67.6	$	9.2	$	12.2	$	2.2	$	(42.4	)	$	48.8
Income before income taxes	$	293.4	$	180.2	$	74.5	$	24.0	$	49.9		$	622.0
Total assets	$	7,385.8	$	3,789.4	$	1,918.2	$	449.5	$	(3,913.7	)	$	9,629.2
Capital expenditures	$	5.8	$	11.3	$	1.3	$	1.4	$	14.8		$	34.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 13 Investments

At September 30, 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	$	22.9	$	—	$	(1.9	)	$	21.0
Corporate debt		8.2		—		(0.4	)		7.8
Other		0.9		—		—			0.9
Total	$	32.0	$	—	$	(2.3	)	$	29.7

At September 30, 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, $5.7 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year. Additionally, the Company holds $5.5 million in short-term investments, which are related to time deposits held with various financial institutions.

For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 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	$	5.6	$	(0.2	)	$	15.4	$	(1.7	)	$	21.0	$	(1.9	)
Corporate debt		5.2		(0.1	)		2.6		(0.3	)		7.8		(0.4	)
Total	$	10.8	$	(0.3	)	$	18.0	$	(2.0	)	$	28.8	$	(2.3	)

At September 30, 2022, the Company had 42 securities in an unrealized loss position. The unrealized losses for the period ended June 30, 2022 were caused by interest rate increases. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at September 30, 2022.

At December 31, 2021, 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	$	30.2	$	0.2	$	(0.4	)	$	30.0
Corporate debt		8.3		0.1		(0.1	)		8.3
Total	$	38.5	$	0.3	$	(0.5	)	$	38.3

At December 31, 2021, the Company held $30.0 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $8.3 million issued by corporations with investment grade ratings. Of that total, $7.4 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year, which also includes $5.5 million that is related to time deposits held with various financial institutions.


	Less than 12 Months					12 Months or More				Total
(in millions)	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities	$	16.8	$	(0.3	)	$	1.0	$	—	$	17.8	$	(0.3	)
Corporate debt		3.9		(0.1	)		—		—		3.9		(0.1	)
Total	$	20.7	$	(0.4	)	$	1.0	$	—	$	21.7	$	(0.4	)

The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2021, the Company had 23 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2021.

The amortized cost and estimated fair value of the fixed maturity securities at September 30, 2022 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	5.7	$	5.7
Due after one year through five years	$	25.4	$	23.1
Due after five years	$	—	$	—
Total	$	31.1	$	28.8

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2021 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	7.3	$	7.3
Due after one year through five years		30.2		30.0
Due after five years		1.0		1.0
Total	$	38.5	$	38.3

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

Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities and maturing time deposits were $7.3 million from the period of January 1, 2022 to September 30, 2022. These proceeds were principally used for general corporate purposes. There were losses realized on the sale of securities for the period from January 1, 2022 to September 30, 2022 of $0.1 million.

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

At September 30, 2022, investments with a fair value of approximately $4.0 million were on deposit with state insurance departments to satisfy regulatory requirements.

Insurance Company Subsidiary Operations

9 Months Ended

Sep. 30, 2022

Reinsurance Disclosures [Abstract]

Insurance Company Subsidiary Operations

NOTE 14 Insurance Company Subsidiary Operations

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


	Nine months ended September 30, 2022
(in millions)	Written			Earned
Direct premiums - WNFIC	$	567.9		$	563.0
Ceded premiums - WNFIC		(567.9	)		(563.0	)
Net premiums - WNFIC		—			—
Assumed premiums - Quota share captive and excess of loss layer captive		54.0			27.6
Ceded premiums - Quota share captive		(22.3	)		(9.5	)
Net premiums - Quota share captive and excess of loss layer captive		31.7			18.1
Net premiums - Total	$	31.7		$	18.1

All premiums written by WNFIC under the National Flood Insurance Program (“NFIP”) are 100% ceded to the Federal Emergency Management Agency, or FEMA, for which WNFIC received a 29.9% gross expense allowance from January 1, 2022 through September 30, 2022. For the period from January 1, 2022 through September 30, 2022, the Company ceded $565.7 million of written premiums to FEMA, with $2.2 million ceded to highly rated carriers for excess flood policies which are not within the NFIP.

As of September 30, 2022 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $1,014.8 million and prepaid reinsurance premiums of $397.1 million which are related to the WNFIC business. There was no change in the balance in the reserve for losses and loss adjustment expense net of reinsurance recoverable during the period January 1, 2022 through September 30, 2022, as WNFIC’s direct premiums written were 100% ceded to two reinsurers. The balance of the reserve for losses and loss adjustment expense for WNFIC, excluding related reinsurance recoverable, as of September 30, 2022 was $1,014.8 million.

WNFIC maintains capital in excess of the minimum statutory amount of $7.5 million as required by regulatory authorities. The unaudited statutory capital and surplus of WNFIC was $33.5 million at September 30, 2022 and $33.1 million as of December 31, 2021. For the period from January 1, 2022 through September 30, 2022, WNFIC generated statutory net income of $0.6 million. For the period from January 1, 2021 through December 31, 2021, WNFIC generated statutory net income of $1.6 million. The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12-month period is limited to the greater of 10% of statutory adjusted capital and surplus or 100% of adjusted net income. There was no dividend payout in 2021 and the maximum dividend payout that may be made in 2022 without prior approval is $3.3 million.

In December 2021, the initial funding to capitalize the quota share Captive was $5.9 million. This capital in addition to current earnings of $1.8 million through September 30, 2022 is considered at risk for loss. Assumed net written and net earned premiums for the quota share Captive for the nine months ended September 30, 2022 were $31.7 million and $13.5 million, respectively. For nine months ended September 30, 2022, the ultimate loss expense inclusive of incurred but not reported ("IBNR") claims was $11.7 million, of which $11.2 million is related to the estimated insured losses with Hurricane Ian. In connection with the estimated IBNR from Hurricane Ian claims, $6.8 million was recorded as estimated reinsurance recoverable for a net expected loss of $4.4 million. As of September 30, 2022, there were no reported insured losses associated with Hurricane Ian due to the timing of its landfall in Florida on September 28, 2022 and in South Carolina on September 30, 2022. As of September 30, 2022 the Condensed Consolidated Balance Sheet contained prepaid reinsurance premiums of $12.8 million, deferred acquisitions costs of $13.5 million, reinsurance payable for $8.9 million, and the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, was $11.7 million. The first collateral release is expected in 2023 and is based on an IBNR factor times earned premium compared to the current collateral balance.

The excess of loss layer Captive was renewed in September 2022 with underlying reinsurance treaties effective from June 1 through May 31, 2023. This Captive’s maximum underwriting exposure is $5.2 million. Assumed net earned premiums for the captive for the nine months ended September 30, 2022 were $4.6 million. In September 2022, the captive recorded a CAT IBNR reserve of $7.0 million associated with estimated impacts from Hurricane Ian plus a non-CAT IBNR Reserve of $0.1 million. These reserves were partially offset by accelerated earned premiums of $2.4 million upon reaching the maximum aggregate loss for one of our reinsurance layers. The combination of earned premium of $2.2 million plus the accelerated earned premium resulted in an underwriting loss of $2.4 million for nine months ended September 30, 2022. As of September 30, 2022 the Condensed Consolidated Balance Sheet contained the reserve for losses and loss adjustment expense of $7.0 million.

Shareholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Shareholders' Equity

NOTE 15 Shareholders’ Equity

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

From April, 1 2022 to June 30, 2022, the Company completed share repurchases in the open market of 777,926 shares at a total cost of $50.0 million, at an average price of $64.27 per share.

From January 1, 2022 to March 31, 2022, the Company completed share repurchases in the open market of 386,083 shares at a total cost of $24.1 million, at an average price of $62.31 per share.

After completing these open market share repurchases, the Company has outstanding approval to purchase up to approximately $249.6 million, in the aggregate, of the Company's outstanding common stock.

During the first quarter, the Company paid a dividend of $0.1025 per share, which was approved by the Board of Directors on January 20, 2022 and paid on February 16, 2022 for a total of $28.9 million. During the second quarter, the Company paid a dividend of $0.1025 per share, which was approved by the Board of Directors on April 25, 2022 and paid on May 18, 2022 for a total of $29.0 million. During the third quarter, the Company paid a dividend of $0.1025 per share, which was approved by the Board of Directors on July 20, 2022 and paid on August 17, 2022 for a total of $29.0 million.

On October 18, 2022 the Board of Directors approved a dividend of $0.1150 per share payable on November 16, 2022 to shareholders of record on November 2, 2022.

On July 1, 2022, the Company issued 252,802 shares at a total value of $14.7 million associated with the acquisition of GRP.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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

+ Details

Basis of Financial Reporting (Policies)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting


December 31, 2021
(in millions)	As reported		Change in presentation			As revised
Cash and cash equivalents	$	887.0	$	(193.8	)	$	693.2
Restricted cash and investments		583.2		(583.2	)		—
Fiduciary cash		—		777.0			777.0
Total		1,470.2		—			1,470.2

Premiums, commissions and fees receivables		1,216.3		(1,216.3	)		—
Commissions, fees and other receivables		—		522.6			522.6
Fiduciary receivables		—		693.7			693.7
Total		1,216.3		—			1,216.3

Premium payable to insurance companies		1,384.6		(1,384.6	)		—
Premium deposits and credits due customers		122.4		(122.4	)		—
Accounts payable		206.4		36.3			242.7
Fiduciary liabilities		—		1,470.7			1,470.7
Total	$	1,713.4	$	—		$	1,713.4


For the nine months ended September 30, 2021
(in millions)	As reported			Change in presentation			As revised
Cash flows from operating activities:
Premiums, commissions and fees receivable (1)	$	(66.4	)	$	(9.4	)	$	(75.8	)
Premiums payable to insurance companies		(38.0	)		38.0			—
Premium deposits and credits due customers		37.4			(37.4	)		—
Accounts payable		45.8			8.7			54.5

Cash flows from financing activities:
Fiduciary receivables and liabilities, net		—			0.1			0.1
Total restated changes in cash flows	$	(21.2	)	$	—		$	(21.2	)

(1) The caption of "Premiums, commissions and fees receivable" is now shown as "Commissions, fees and other receivables" in the Condensed Consolidated Statements of Cash Flows.

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Standards

None.

Basis of Financial Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Fiduciary Assets and Liabilities and Statement of Cash Flows

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. Previously the net change in cash balances held to remit to insurance carriers or to return to customers was presented as cash flows from operating activities. All prior periods included in these financial statements have been recast to conform to this basis of presentation. The relevant balance sheet captions and how the December 31, 2021 balances as presented under the prior method relate to the current presentation are reflected in the tables below. Certain liabilities reported as premiums payable to insurance companies or within premiums deposits and credits due customers were deemed not to be fiduciary in nature and have been included within accounts payable in the current presentation. Likewise, a small component of accounts payable was deemed to be fiduciary in nature and is now included within fiduciary liabilities.


December 31, 2021
(in millions)	As reported		Change in presentation			As revised
Cash and cash equivalents	$	887.0	$	(193.8	)	$	693.2
Restricted cash and investments		583.2		(583.2	)		—
Fiduciary cash		—		777.0			777.0
Total		1,470.2		—			1,470.2

Premiums, commissions and fees receivables		1,216.3		(1,216.3	)		—
Commissions, fees and other receivables		—		522.6			522.6
Fiduciary receivables		—		693.7			693.7
Total		1,216.3		—			1,216.3

Premium payable to insurance companies		1,384.6		(1,384.6	)		—
Premium deposits and credits due customers		122.4		(122.4	)		—
Accounts payable		206.4		36.3			242.7
Fiduciary liabilities		—		1,470.7			1,470.7
Total	$	1,713.4	$	—		$	1,713.4


For the nine months ended September 30, 2021
(in millions)	As reported			Change in presentation			As revised
Cash flows from operating activities:
Premiums, commissions and fees receivable (1)	$	(66.4	)	$	(9.4	)	$	(75.8	)
Premiums payable to insurance companies		(38.0	)		38.0			—
Premium deposits and credits due customers		37.4			(37.4	)		—
Accounts payable		45.8			8.7			54.5

Cash flows from financing activities:
Fiduciary receivables and liabilities, net		—			0.1			0.1
Total restated changes in cash flows	$	(21.2	)	$	—		$	(21.2	)

(1) The caption of "Premiums, commissions and fees receivable" is now shown as "Commissions, fees and other receivables" in the Condensed Consolidated Statements of Cash Flows.

Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Revenues [Abstract]

Schedule of Disaggregated by Revenue

The following tables present the revenues disaggregated by revenue source:


	Three months ended September 30, 2022
(in millions)	Retail		National Programs			Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	360.6	$	165.8		$	103.7	$	—	$	—		$	630.1
Fees (2)		130.6		56.2			18.4		41.1		(0.2	)		246.1
Other supplemental commissions (3)		25.0		3.7			0.9		—		—			29.6
Profit-sharing contingent commissions (4)		10.9		(6.2	)		3.1		—		—			7.8
Earned premium (5)		—		11.6			—		—		—			11.6
Investment income (6)		—		0.3			0.1		—		0.8			1.2
Other income, net (7)		1.1		—			0.1		—		—			1.2
Total Revenues	$	528.2	$	231.4		$	126.3	$	41.1	$	0.6		$	927.6


	Three months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	284.6	$	133.6	$	91.0	$	—	$	—		$	509.2
Fees (2)		109.9		49.9		17.9		43.7		(0.5	)		220.9
Other supplemental commissions (3)		19.9		0.9		1.2		—		—			22.0
Profit-sharing contingent commissions (4)		8.7		6.5		2.4		—		—			17.6
Earned premium (5)		—		—		—		—		—			—
Investment income (6)		0.2		0.1		—		—		0.1			0.4
Other income, net (7)		0.1		0.1		—		—		—			0.2
Total Revenues	$	423.4	$	191.1	$	112.5	$	43.7	$	(0.4	)	$	770.3


	Nine months ended September 30, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	1,055.7	$	443.2	$	277.1	$	—	$	(0.1	)	$	1,775.9
Fees (2)		369.4		137.6		52.0		128.8		(1.0	)		686.8
Other supplemental commissions (3)		117.3		7.7		3.9		—		—			128.9
Profit-sharing contingent commissions (4)		38.3		12.0		8.2		—		—			58.5
Earned premium (5)		—		18.1		—		—		—			18.1
Investment income (6)		—		0.6		0.2		—		1.0			1.8
Other income, net (7)		1.6		0.1		0.2		—		0.1			2.0
Total Revenues	$	1,582.3	$	619.3	$	341.6	$	128.8	$	—		$	2,672.0


	Nine months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	905.5	$	369.7	$	246.2	$	—	$	—		$	1,521.4
Fees (2)		307.3		125.3		51.6		135.6		(1.4	)		618.4
Other supplemental commissions (3)		100.6		2.8		3.2		—		—			106.6
Profit-sharing contingent commissions (4)		32.8		23.9		6.5		—		—			63.2
Earned premium (5)		—		—		—		—		—			—
Investment income (6)		0.3		0.4		0.1		—		0.1			0.9
Other income, net (7)		0.9		0.2		0.3		—		1.0			2.4
Total Revenues	$	1,347.4	$	522.3	$	307.9	$	135.6	$	(0.3	)	$	2,312.9

(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 legal settlements and other miscellaneous income.

(8)

Fees within Other reflects the elimination of intercompany revenues.

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

The balances of contract assets and contract liabilities arising from contracts with customers as of September 30, 2022 and December 31, 2021 were as follows:


(in millions)	September 30, 2022		December 31, 2021
Contract assets	$	431.9	$	361.8
Contract liabilities	$	89.4	$	97.9

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Reconciliation between Basic and Diluted Weighted Average Shares Outstanding

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


	Three months ended September 30,						Nine months ended September 30,
(in millions, except per share data)	2022			2021			2022			2021
Net income	$	161.1		$	146.4		$	526.6		$	485.4
Net income attributable to unvested awarded performance stock		(2.9	)		(3.1	)		(10.1	)		(10.9	)
Net income attributable to common shares	$	158.2		$	143.3		$	516.5		$	474.5
Weighted average number of common shares outstanding – basic		283.0			282.1			282.7			282.1
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(5.2	)		(5.9	)		(5.4	)		(6.3	)
Weighted average number of common shares outstanding for basic net income per common share		277.8			276.2			277.3			275.8
Dilutive effect of potentially issuable common shares		0.9			1.3			1.2			1.3
Weighted average number of shares outstanding – diluted		278.7			277.5			278.5			277.1
Net income per share:
Basic	$	0.57		$	0.52		$	1.86		$	1.72
Diluted	$	0.57		$	0.52		$	1.85		$	1.71

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

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


(in millions)
Name	Business segment	Effective date of acquisition	Cash paid		Common stock issued		Other payable		Recorded earn-out payable		Net assets acquired		Maximum potential earn-out payable
Orchid Intermediate Holdings, L.P. (Orchid)	National Programs	March 31, 2022	$	476.2	$	—	$	—	$	10.8	$	487.0	$	20.0
GRP (Jersey) Holdco Limited (GRP)	Retail National Programs Wholesale	July 1, 2022		1,839.8		14.7		—		—		1,854.5		—
First Insurance Solutions Ltd. (First)	Retail	July 8, 2022		13.0		—		1.4		8.3		22.7		8.4
BdB Holdings Limited (BdB)	Wholesale	August 1, 2022		75.3		—		—		11.4		86.7		36.3
Smithwick & Mariners Insurance, Inc. (Smithwick)	Retail	September 1, 2022		23.2		—		1.0		1.6		25.8		6.5
VistaNational Insurance Group, Inc. (VistaNational)	Retail	September 1, 2022		26.7		—		0.8		1.1		28.6		3.0
Other	Various	Various		50.5		—		1.4		8.9		60.8		17.9
Total			$	2,504.7	$	14.7	$	4.6	$	42.1	$	2,566.1	$	92.1

Estimated Fair Values of Aggregate Assets and Liabilities Acquired


(in millions)	Orchid			GRP			First			BdB			Smithwick			VistaNational			Other (1)			Total
Cash and equivalents	$	3.2		$	80.3		$	2.4		$	15.8		$	—		$	—		$	0.3		$	102.0
Fiduciary cash		40.5			457.5			1.4			13.6			—			—			—			513.0
Fiduciary receivables		12.5			127.4			—			21.6			—			—			—			161.5
Other current assets		0.1			86.9			1.0			5.1			0.2			1.4			(9.2	)		85.5
Fixed assets		1.8			17.9			—			0.6			—			0.1			5.3			25.7
Goodwill		400.5			1,365.1			12.9			53.7			20.5			21.2			48.3			1,922.2
Purchased customer accounts and other		119.2			490.7			6.9			16.0			6.7			6.1			15.7			661.3
Non-compete agreements		—			—			—			0.3			0.1			0.1			0.7			1.2
Operating lease right-of-use assets		6.0			18.7			—			—			—			—			—			24.7
Other assets		1.9			8.8			—			3.1			—			—			0.2			14.0
Total assets acquired		585.7			2,653.3			24.6			129.8			27.5			28.9			61.3			3,511.1
Fiduciary liabilities		(53.0	)		(584.9	)		(1.4	)		(35.2	)		—			—			—			(674.5	)
Other current liabilities		(9.5	)		(62.3	)		(0.5	)		(2.1	)		(1.7	)		(0.3	)		(0.5	)		(76.9	)
Deferred income tax, net		(30.2	)		(122.5	)		—			(4.0	)		—			—			—			(156.7	)
Operating lease liabilities		(6.0	)		(18.7	)		—			—			—			—			—			(24.7	)
Other long-term liabilities		—			(10.4	)		—			(1.8	)		—			—			—			(12.2	)
Total liabilities assumed		(98.7	)		(798.8	)		(1.9	)		(43.1	)		(1.7	)		(0.3	)		(0.5	)		(945.0	)
Net assets acquired	$	487.0		$	1,854.5		$	22.7		$	86.7		$	25.8		$	28.6		$	60.8		$	2,566.1

(1)

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

The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the three and nine months ended September 30, 2022 and 2021, were as follows:


	Three months ended September 30,						Nine months ended September 30,
(in millions)	2022			2021			2022			2021
Balance as of the beginning of the period	$	232.9		$	242.0		$	291.0		$	258.9
Additions to estimated acquisition earn-out payables		25.2			—			42.1			25.2
Assumed acquisition earn-out payables		34.8			—			34.8			—
Payments for estimated acquisition earn-out payables		(10.6	)		(1.9	)		(77.1	)		(41.8	)
Subtotal		282.3			240.1			290.8			242.3
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(28.5	)		21.8			(38.1	)		15.8
Interest expense accretion		1.9			1.3			5.0			4.8
Net change in earnings from estimated acquisition earn-out payables		(26.6	)		23.1			(33.1	)		20.6
Foreign currency translation adjustments during the year		(5.8	)		(0.3	)		(7.8	)		—
Balance as of September 30,	$	249.9		$	262.9		$	249.9		$	262.9

Unaudited Proforma Results

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


(UNAUDITED)	Three months ended September 30,				Nine months ended September 30,
(in millions, except per share data)	2022		2021		2022		2021
Total revenues	$	931.1	$	879.1	$	2,873.6	$	2,641.1
Income before income taxes	$	218.9	$	193.4	$	696.0	$	613.1
Net income	$	161.8	$	144.1	$	537.5	$	478.5
Net income per share:
Basic	$	0.57	$	0.51	$	1.90	$	1.69
Diluted	$	0.57	$	0.51	$	1.89	$	1.69
Weighted average number of shares outstanding:
Basic		277.8		276.5		277.5		276.1
Diluted		278.7		277.8		278.7		277.4

Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

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 nine months ended September 30, 2022 are as follows:


(in millions)	Retail			National Programs			Wholesale Brokerage			Services		Total
Balance as of December 31, 2021	$	2,987.2		$	1,089.9		$	488.4		$	171.3	$	4,736.8
Goodwill of acquired businesses		1,389.0			427.8			105.4			—		1,922.2
Goodwill disposed of relating to sales of businesses		(2.6	)		—			—			—		(2.6	)
Foreign currency translation adjustments during the year		(118.1	)		(6.9	)		(9.1	)		—		(134.1	)
Balance as of September 30, 2022	$	4,255.5		$	1,510.8		$	584.7		$	171.3	$	6,522.3

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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+ Details

Amortizable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

Amortizable intangible assets at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30, 2022											December 31, 2021
(in millions)	Gross carrying value			Accumulated amortization			Net carrying value			Weighted average life (years) (1)		Gross carrying value		Accumulated amortization			Net carrying value		Weighted average life (years) (1)
Purchased customer accounts and other	$	2,972.9		$	(1,342.3	)	$	1,630.6			14.7	$	2,311.6	$	(1,235.3	)	$	1,076.3		14.9
Non-compete agreements		38.8			(33.6	)		5.2			4.5		37.6		(32.4	)		5.2		4.5
Foreign currency translation adjustments during the year		(49.3	)		1.5			(47.8	)				—		—			—
Total	$	2,962.4		$	(1,374.4	)	$	1,588.0				$	2,349.2	$	(1,267.7	)	$	1,081.5

(1)

Weighted average life calculated as of the date of acquisition.

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at September 30, 2022 and December 31, 2021 consisted of the following:


(in millions)	September 30, 2022			December 31, 2021
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	12.5		$	12.5
Current portion of 5-year term loan facility expires 2023		30.0			30.0
Current portion of 5-year term loan facility expires 2027		25.0			—
Total current portion of long-term debt		67.5			42.5
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	$	499.7		$	499.5
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029		349.6			349.6
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031		699.4			699.3
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032		598.0			—
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052		591.9			—
Total notes		2,738.6			1,548.4
Credit agreements:
5-year term loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires October 27, 2026		225.0			234.4
5-year revolving loan facility, periodic interest payments, LIBOR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026		150.0			—
5-year term loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires December 21, 2023		187.5			210.0
3-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.625%, expires March 31, 2025		300.0			—
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027		462.5			—
Total credit agreements		1,325.0			444.4
Debt issuance costs (contra)		(23.2	)		(12.4	)
Total long-term debt less unamortized discount and debt issuance costs		4,040.4			1,980.4
Current portion of long-term debt		67.5			42.5
Total debt	$	4,107.9		$	2,022.9

- 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

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-Paragraph 1
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

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

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


(in millions)		September 30, 2022		December 31, 2021
Assets:
Operating lease right-of-use assets	Operating lease assets	$	214.5	$	197.0
Total assets			214.5		197.0
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		46.7		43.4
Non-current operating lease liabilities	Operating lease liabilities		191.4		180.0
Total liabilities		$	238.1	$	223.4

Schedule of Components of Lease Cost for Operating Leases

The components of lease cost for operating leases for the three and nine months ended September 30, 2022 and 2021 were:


	Three months ended September 30,						Nine months ended September 30,
(in millions)	2022			2021			2022			2021
Operating leases:
Lease cost	$	14.5		$	13.0		$	40.8		$	39.6
Variable lease cost		1.0			1.1			3.2			3.1
Short-term lease cost		0.4			0.3			0.9			0.9
Operating lease cost	$	15.9		$	14.4		$	44.9		$	43.6
Sublease income		(0.4	)		(0.6	)		(1.2	)		(1.3	)
Total lease cost net	$	15.5		$	13.8		$	43.7		$	42.3

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 September 30, 2022 were:


Weighted average remaining lease term	6.21
Weighted average discount rate	2.84	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of the operating lease liabilities by fiscal year at September 30, 2022 for the Company's operating leases are as follows:


(in millions)	Operating leases
2022 (Remainder)	$	14.9
2023		55.5
2024		48.1
2025		40.1
2026		29.7
Thereafter		74.3
Total undiscounted lease payments		262.6
Less: Imputed interest		24.5
Present value of lease payments	$	238.1

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information for operating leases for the three and nine months ended September 30, 2022 and 2021:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2022		2021		2022		2021
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	16.1	$	13.9	$	43.9	$	41.7
Right-of-use assets obtained in exchange for new operating liabilities	$	8.4	$	14.1	$	35.9	$	34.1

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

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Summary of Cash Paid for Interest and Income Taxes

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


	Nine months ended September 30,
(in millions)	2022		2021
Cash paid during the period for:
Interest	$	103.3	$	59.7
Income taxes, net of refunds	$	118.2	$	103.9

Summary of Significant Non-Cash Investing and Financing Activities

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


	Nine months ended September 30,
(in millions)	2022		2021
Other payables issued for agency acquisitions and purchased customer accounts	$	4.6	$	3.5
Estimated acquisition earn-out payables issued for agency acquisitions	$	42.1	$	25.1
Assumed acquisition earn-out payables	$	34.8	$	—
Contingent payable issued for agency acquisition	$	—	$	24.1
Common stock issued for agency acquisition	$	14.7	$	4.9
Notes payable assumed for agency acquisition	$	1.8	$	1.3

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


(in millions)	September 30, 2022		December 31, 2021
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,113.0	$	583.2
Non-restricted fiduciary cash		158.3		193.8
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,271.3	$	777.0

The Company's fiduciary cash increased as of September 30, 2022 compared to December 31, 2021 primarily due to businesses acquired during 2022.


	Balance as of September 30,
(in millions)	2022		2021
Table to reconcile cash, cash equivalents and fiduciary cash
Cash and cash equivalents	$	579.5	$	784.6
Fiduciary cash		1,271.3		641.3
Total cash, cash equivalents and fiduciary cash at the end of the period	$	1,850.8	$	1,425.9

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Summarized Financial Information Reportable Segments


	Three months ended September 30, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	528.2	$	231.4	$	126.3	$	41.1	$	0.6		$	927.6
Investment income	$	—	$	0.3	$	0.1	$	—	$	0.8		$	1.2
Amortization	$	28.2	$	11.4	$	2.6	$	1.3	$	—		$	43.5
Depreciation	$	3.9	$	4.6	$	0.7	$	0.4	$	1.7		$	11.3
Interest expense	$	22.8	$	10.2	$	3.2	$	0.5	$	4.8		$	41.5
Income before income taxes	$	112.2	$	69.7	$	35.4	$	4.7	$	(4.0	)	$	218.0
Total assets	$	7,128.1	$	4,476.3	$	1,366.5	$	289.1	$	398.3		$	13,658.3
Capital expenditures	$	4.7	$	3.3	$	0.7	$	0.3	$	5.1		$	14.1


	Three months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	423.4	$	191.1	$	112.5	$	43.7	$	(0.4	)	$	770.3
Investment income	$	0.2	$	0.1	$	—	$	—	$	0.1		$	0.4
Amortization	$	19.1	$	6.8	$	2.3	$	1.3	$	—		$	29.5
Depreciation	$	2.8	$	3.0	$	0.6	$	0.3	$	2.5		$	9.2
Interest expense	$	22.4	$	2.2	$	3.9	$	0.7	$	(13.0	)	$	16.2
Income before income taxes	$	71.6	$	72.4	$	29.4	$	7.1	$	16.0		$	196.5
Total assets	$	7,385.8	$	3,789.4	$	1,918.2	$	449.5	$	(3,913.7	)	$	9,629.2
Capital expenditures	$	2.1	$	4.7	$	0.2	$	0.9	$	1.6		$	9.5


	Nine months ended September 30, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,582.3	$	619.3	$	341.6	$	128.8	$	—		$	2,672.0
Investment income	$	—	$	0.6	$	0.2	$	—	$	1.0		$	1.8
Amortization	$	69.8	$	27.9	$	6.7	$	3.9	$	(0.1	)	$	108.2
Depreciation	$	9.1	$	10.9	$	2.0	$	1.2	$	5.1		$	28.3
Interest expense	$	69.9	$	22.8	$	10.0	$	1.6	$	(8.5	)	$	95.8
Income before income taxes	$	378.8	$	187.9	$	94.8	$	18.0	$	2.3		$	681.8
Total assets	$	7,128.1	$	4,476.3	$	1,366.5	$	289.1	$	398.3		$	13,658.3
Capital expenditures	$	8.4	$	14.2	$	1.5	$	0.8	$	7.5		$	32.4


	Nine months ended September 30, 2021
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	1,347.4	$	522.3	$	307.9	$	135.6	$	(0.3	)	$	2,312.9
Investment income	$	0.3	$	0.4	$	0.1	$	—	$	0.1		$	0.9
Amortization	$	56.9	$	20.6	$	7.1	$	4.0	$	—		$	88.6
Depreciation	$	8.3	$	7.5	$	2.0	$	1.1	$	6.5		$	25.4
Interest expense	$	67.6	$	9.2	$	12.2	$	2.2	$	(42.4	)	$	48.8
Income before income taxes	$	293.4	$	180.2	$	74.5	$	24.0	$	49.9		$	622.0
Total assets	$	7,385.8	$	3,789.4	$	1,918.2	$	449.5	$	(3,913.7	)	$	9,629.2
Capital expenditures	$	5.8	$	11.3	$	1.3	$	1.4	$	14.8		$	34.6

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Values of Fixed Maturity Securities

At September 30, 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	$	22.9	$	—	$	(1.9	)	$	21.0
Corporate debt		8.2		—		(0.4	)		7.8
Other		0.9		—		—			0.9
Total	$	32.0	$	—	$	(2.3	)	$	29.7

At December 31, 2021, 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	$	30.2	$	0.2	$	(0.4	)	$	30.0
Corporate debt		8.3		0.1		(0.1	)		8.3
Total	$	38.5	$	0.3	$	(0.5	)	$	38.3

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	$	5.6	$	(0.2	)	$	15.4	$	(1.7	)	$	21.0	$	(1.9	)
Corporate debt		5.2		(0.1	)		2.6		(0.3	)		7.8		(0.4	)
Total	$	10.8	$	(0.3	)	$	18.0	$	(2.0	)	$	28.8	$	(2.3	)


	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	$	16.8	$	(0.3	)	$	1.0	$	—	$	17.8	$	(0.3	)
Corporate debt		3.9		(0.1	)		—		—		3.9		(0.1	)
Total	$	20.7	$	(0.4	)	$	1.0	$	—	$	21.7	$	(0.4	)

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 September 30, 2022 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	5.7	$	5.7
Due after one year through five years	$	25.4	$	23.1
Due after five years	$	—	$	—
Total	$	31.1	$	28.8

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2021 by contractual maturity are set forth below:


(in millions)	Amortized cost		Fair value
Years to maturity:
Due in one year or less	$	7.3	$	7.3
Due after one year through five years		30.2		30.0
Due after five years		1.0		1.0
Total	$	38.5	$	38.3

Nature of Operations - Additional Information (Details)	9 Months Ended
Nature of Operations - Additional Information (Details)	Sep. 30, 2022 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Basis of Financial Reporting - Schedule of Fiduciary Assets and Liabilities and Statement of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fiduciary Assets and Liabilities
Cash and cash equivalents	$ 579.5	$ 784.6	$ 693.2
Fiduciary cash	1,271.3		777.0
Total assets	13,658.3	9,629.2	9,795.4
Commission, fees and other receivables	625.3		522.6
Fiduciary receivables	723.4		693.7
Accounts payable	276.3		242.7
Fiduciary liabilities	1,994.7		1,470.7
Cash flows from operating activities:
Premiums, commissions and fees receivable	(47.4)	(75.8)
Accounts payable	80.3	54.5
Cash flows from financing activities:
Fiduciary receivables and liabilities, net	$ 24.4	0.1
Total restated changes in cash flows		(21.2)
As Reported
Cash flows from operating activities:
Premiums, commissions and fees receivable		(66.4)
Premiums payable to insurance companies		(38.0)
Premium deposits and credits due customers		37.4
Accounts payable		45.8
Cash flows from financing activities:
Total restated changes in cash flows		(21.2)
Change in Presentation
Cash flows from operating activities:
Premiums, commissions and fees receivable		9.4
Premiums payable to insurance companies		38.0
Premium deposits and credits due customers		(37.4)
Accounts payable		(8.7)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net		$ 0.1
Fiduciary Cash
Fiduciary Assets and Liabilities
Cash and cash equivalents			693.2
Fiduciary cash			777.0
Total assets			1,470.2
Fiduciary Cash \| As Reported
Fiduciary Assets and Liabilities
Cash and cash equivalents			887.0
Restricted cash and investments			583.2
Total assets			1,470.2
Fiduciary Cash \| Change in Presentation
Fiduciary Assets and Liabilities
Cash and cash equivalents			(193.8)
Restricted cash and investments			(583.2)
Fiduciary cash			777.0
Fiduciary Receivable
Fiduciary Assets and Liabilities
Total assets			1,216.3
Commission, fees and other receivables			522.6
Fiduciary receivables			693.7
Fiduciary Receivable \| As Reported
Fiduciary Assets and Liabilities
Total assets			1,216.3
Premiums, commissions and fees receivable			1,216.3
Fiduciary Receivable \| Change in Presentation
Fiduciary Assets and Liabilities
Premiums, commissions and fees receivable			(1,216.3)
Commission, fees and other receivables			522.6
Fiduciary receivables			693.7
Fiduciary Liability
Fiduciary Assets and Liabilities
Accounts payable			242.7
Fiduciary liabilities			1,470.7
Total			1,713.4
Fiduciary Liability \| As Reported
Fiduciary Assets and Liabilities
Premiums payable to insurance companies			1,384.6
Premium deposits and credits due customers			122.4
Accounts payable			206.4
Total			1,713.4
Fiduciary Liability \| Change in Presentation
Fiduciary Assets and Liabilities
Premiums payable to insurance companies			(1,384.6)
Premium deposits and credits due customers			(122.4)
Accounts payable			36.3
Fiduciary liabilities			$ 1,470.7

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 1.2	$ 0.4	$ 1.8	$ 0.9
Other income, net	1.2	0.2	2.0	2.4
Total revenues	927.6	770.3	2,672.0	2,312.9
Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	630.1	509.2	1,775.9	1,521.4
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	246.1	220.9	686.8	618.4
Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	29.6	22.0	128.9	106.6
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	7.8	17.6	58.5	63.2
Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	11.6	0.0	18.1	0.0
Operating Segments \| Retail
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.0	0.2	0.0	0.3
Other income, net	1.1	0.1	1.6	0.9
Total revenues	528.2	423.4	1,582.3	1,347.4
Operating Segments \| Retail \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	360.6	284.6	1,055.7	905.5
Operating Segments \| Retail \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	130.6	109.9	369.4	307.3
Operating Segments \| Retail \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	25.0	19.9	117.3	100.6
Operating Segments \| Retail \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	10.9	8.7	38.3	32.8
Operating Segments \| Retail \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0	0.0
Operating Segments \| National Programs
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.3	0.1	0.6	0.4
Other income, net	0.0	0.1	0.1	0.2
Total revenues	231.4	191.1	619.3	522.3
Operating Segments \| National Programs \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	165.8	133.6	443.2	369.7
Operating Segments \| National Programs \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	56.2	49.9	137.6	125.3
Operating Segments \| National Programs \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3.7	0.9	7.7	2.8
Operating Segments \| National Programs \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(6.2)	6.5	12.0	23.9
Operating Segments \| National Programs \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	11.6	0.0	18.1	0.0
Operating Segments \| Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.1	0.0	0.2	0.1
Other income, net	0.1	0.0	0.2	0.3
Total revenues	126.3	112.5	341.6	307.9
Operating Segments \| Wholesale Brokerage \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	103.7	91.0	277.1	246.2
Operating Segments \| Wholesale Brokerage \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	18.4	17.9	52.0	51.6
Operating Segments \| Wholesale Brokerage \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.9	1.2	3.9	3.2
Operating Segments \| Wholesale Brokerage \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3.1	2.4	8.2	6.5
Operating Segments \| Wholesale Brokerage \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0	0.0
Operating Segments \| Services
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.0	0.0	0.0	0.0
Other income, net	0.0	0.0	0.0	0.0
Total revenues	41.1	43.7	128.8	135.6
Operating Segments \| Services \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0	0.0
Operating Segments \| Services \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	41.1	43.7	128.8	135.6
Operating Segments \| Services \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	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	0.0
Operating Segments \| Services \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0	0.0
Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.8	0.1	1.0	0.1
Other income, net	0.0	0.0	0.1	1.0
Total revenues	0.6	(0.4)	0.0	(0.3)
Corporate, Non-Segment \| Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	(0.1)	0.0
Corporate, Non-Segment \| Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(0.2)	(0.5)	(1.0)	(1.4)
Corporate, Non-Segment \| Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0	0.0
Corporate, Non-Segment \| Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.0	0.0	0.0	0.0
Corporate, Non-Segment \| Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenues [Abstract]
Contract assets	$ 431.9	$ 361.8
Contract liabilities	$ 89.4	$ 97.9

Revenues - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Contract with Customer, Liability	$ 55.9		$ 67.4
Contract with Customer, Liability, Noncurrent	33.5		30.5
Deferred Costs	72.3		58.2
Incentive and Profit-sharing Contingent Commissions
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized	23.9	$ 22.0
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	89.7		$ 89.3
Capitalized Contract Cost, Amortization	11.7
Cost to Fulfill \| 2021 Acquisition
Segment Reporting Information [Line Items]
Capitalized Contract Cost, Amortization	$ 12.1
Cost to Obtain
Segment Reporting Information [Line Items]
Capitalized contract cost, amortization period	15 years
Deferred Costs	$ 17.9
Capitalized Contract Cost, Amortization	$ 3.8

Net Income Per Share - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 161.1	$ 145.2	$ 220.3	$ 146.4	$ 139.3	$ 199.7	$ 526.6	$ 485.4
Net income attributable to unvested awarded performance stock	(2.9)			(3.1)			(10.1)	(10.9)
Net income attributable to common shares	$ 158.2			$ 143.3			$ 516.5	$ 474.5
Weighted average number of common shares outstanding – basic	283.0			282.1			282.7	282.1
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(5.2)			(5.9)			(5.4)	(6.3)
Weighted average number of common shares outstanding for basic net income per common share	277.8			276.2			277.3	275.8
Dilutive effect of potentially issuable common shares	0.9			1.3			1.2	1.3
Weighted average number of shares outstanding – diluted	278.7			277.5			278.5	277.1
Basic (in dollars per share)	$ 0.57			$ 0.52			$ 1.86	$ 1.72
Diluted (in dollars per share)	$ 0.57			$ 0.52			$ 1.85	$ 1.71

Business Combinations - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Acquisition	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	21
Aggregate purchase price of acquisitions	$ 0.4
Payments to Acquire Businesses, Gross	2,504.7
Net assets acquired	2,566.1
Goodwill, Acquired During Period	1,922.2
Goodwill currently deductible for income tax purposes	70.7
Goodwill currently non-deductible for income tax purposes	1,851.5
Goodwill currently non-deductible for income tax purposes excluding related to the recorded earn-out payables	1,846.5
Goodwill related to the recorded earn-out payables	5.0
Total revenues related to acquisitions	116.9
Income before income taxes related to acquisitions	7.5
Estimated acquisition earn-out payables	249.9	$ 232.9	$ 291.0	$ 262.9	$ 242.0	$ 258.9
Maximum Future Contingency payments Acquisitions	550.3
Other Noncurrent Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	149.4
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	100.5
Retail
Business Acquisition [Line Items]
Goodwill, Acquired During Period	1,389.0
National Programs
Business Acquisition [Line Items]
Goodwill, Acquired During Period	427.8
Wholesale Brokerage
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 105.4
Purchased Customer Accounts
Business Acquisition [Line Items]
Weighted average life (years)	14 years 3 months 18 days
Non-compete Agreements
Business Acquisition [Line Items]
Weighted average life (years)	4 years 2 months 12 days
Business Combinations - Asset Deals
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	7
Assets and Assumed Certain Liabilities
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	10
Book of Business Purchases
Business Acquisition [Line Items]
Number of acquisitions \| Acquisition	4
Other Acquisitions \| Maximum
Business Acquisition [Line Items]
Net assets acquired	$ 20.0
GRP Holdco Limited
Business Acquisition [Line Items]
Maximum potential earn-out amount	0.0
Acquisition costs	$ 2.8

Business Combinations - Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Mar. 31, 2021	Sep. 30, 2022
Business Combination Separately Recognized Transactions [Line Items]
Cash paid			$ 2,504.7
Common stock issued	$ 14.7	$ 4.9	14.7
Other payable			4.6
Recorded earn-out payable			42.1
Net assets acquired	2,566.1		2,566.1
Orchid Intermediate Holdings L P
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	487.0		$ 487.0
Orchid Intermediate Holdings L P \| National Programs
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Mar. 31, 2022
Cash paid			$ 476.2
Common stock issued			0.0
Other payable			0.0
Recorded earn-out payable			10.8
Net assets acquired	487.0		487.0
Maximum potential earn- out payable	20.0		20.0
GRP (Jersey) Holdco Limited (GRP)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	1,854.5		$ 1,854.5
GRP (Jersey) Holdco Limited (GRP) \| Retail National Programs Wholesale
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Jul. 01, 2022
Cash paid			$ 1,839.8
Common stock issued			14.7
Other payable			0.0
Recorded earn-out payable			0.0
Net assets acquired	1,854.5		1,854.5
Maximum potential earn- out payable	0.0		0.0
First Insurance Solutions Ltd. (First)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	22.7		$ 22.7
First Insurance Solutions Ltd. (First) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Jul. 08, 2022
Cash paid			$ 13.0
Common stock issued			0.0
Other payable			1.4
Recorded earn-out payable			8.3
Net assets acquired	22.7		22.7
Maximum potential earn- out payable	8.4		8.4
BdB Holdings Limited (BdB)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	86.7		$ 86.7
BdB Holdings Limited (BdB) \| Wholesale
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Aug. 01, 2022
Cash paid			$ 75.3
Common stock issued			0.0
Other payable			0.0
Recorded earn-out payable			11.4
Net assets acquired	86.7		86.7
Maximum potential earn- out payable	36.3		36.3
Smithwick & Mariners Insurance, Inc. (Smithwick)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	25.8		$ 25.8
Smithwick & Mariners Insurance, Inc. (Smithwick) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Sep. 01, 2022
Cash paid			$ 23.2
Common stock issued			0.0
Other payable			1.0
Recorded earn-out payable			1.6
Net assets acquired	25.8		25.8
Maximum potential earn- out payable	6.5		6.5
VistaNational Insurance Group, Inc. (VistaNational)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	28.6		$ 28.6
VistaNational Insurance Group, Inc. (VistaNational) \| Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Sep. 01, 2022
Cash paid			$ 26.7
Common stock issued			0.0
Other payable			0.8
Recorded earn-out payable			1.1
Net assets acquired	28.6		28.6
Maximum potential earn- out payable	3.0		3.0
Other Acquisitions \| Various
Business Combination Separately Recognized Transactions [Line Items]
Cash paid			50.5
Common stock issued			0.0
Other payable			1.4
Recorded earn-out payable			8.9
Net assets acquired	60.8		60.8
Maximum potential earn- out payable	17.9		17.9
2022 Acquisition
Business Combination Separately Recognized Transactions [Line Items]
Maximum potential earn- out payable	$ 92.1		$ 92.1

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Details) $ in Millions	Sep. 30, 2022 USD ($)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	$ 102.0
Fiduciary cash	513.0
Fiduciary receivables	161.5
Other current assets	85.5
Fixed assets	25.7
Goodwill	1,922.2
Operating lease right-of-use assets	24.7
Other assets	14.0
Total assets acquired	3,511.1
Fiduciary liabilities	(674.5)
Other current liabilities	(76.9)
Deferred income tax, net	(156.7)
Operating lease liabilities	(24.7)
Other long term liabilities	(12.2)
Total liabilities assumed	(945.0)
Net assets acquired	2,566.1
Orchid Intermediate Holdings L P
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	3.2
Fiduciary cash	40.5
Fiduciary receivables	12.5
Other current assets	0.1
Fixed assets	1.8
Goodwill	400.5
Other assets	1.9
Total assets acquired	585.7
Fiduciary liabilities	(53.0)
Other current liabilities	(9.5)
Deferred income tax, net	(30.2)
Total liabilities assumed	(98.7)
Net assets acquired	487.0
GRP (Jersey) Holdco Limited (GRP)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	80.3
Fiduciary cash	457.5
Fiduciary receivables	127.4
Other current assets	86.9
Fixed assets	17.9
Goodwill	1,365.1
Operating lease right-of-use assets	18.7
Other assets	8.8
Total assets acquired	2,653.3
Fiduciary liabilities	(584.9)
Other current liabilities	(62.3)
Deferred income tax, net	(122.5)
Operating lease liabilities	(18.7)
Other long term liabilities	(10.4)
Total liabilities assumed	(798.8)
Net assets acquired	1,854.5
First Insurance Solutions Ltd. (First)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	2.4
Fiduciary cash	1.4
Other current assets	1.0
Goodwill	12.9
Total assets acquired	24.6
Fiduciary liabilities	(1.4)
Other current liabilities	(0.5)
Total liabilities assumed	(1.9)
Net assets acquired	22.7
BdB Holdings Limited (BdB)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	15.8
Fiduciary cash	13.6
Fiduciary receivables	21.6
Other current assets	5.1
Fixed assets	0.6
Goodwill	53.7
Other assets	3.1
Total assets acquired	129.8
Fiduciary liabilities	(35.2)
Other current liabilities	(2.1)
Deferred income tax, net	(4.0)
Other long term liabilities	(1.8)
Total liabilities assumed	(43.1)
Net assets acquired	86.7
Smithwick & Mariners Insurance, Inc. (Smithwick)
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	0.2
Goodwill	20.5
Total assets acquired	27.5
Other current liabilities	(1.7)
Total liabilities assumed	(1.7)
Net assets acquired	25.8
VistaNational Insurance Group, Inc. (VistaNational)
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	1.4
Fixed assets	0.1
Goodwill	21.2
Total assets acquired	28.9
Other current liabilities	(0.3)
Total liabilities assumed	(0.3)
Net assets acquired	28.6
Other Acquisitions \| Adjustments from Prior Year Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	0.3
Other current assets	(9.2)
Fixed assets	5.3
Goodwill	48.3
Other assets	0.2
Total assets acquired	61.3
Other current liabilities	(0.5)
Total liabilities assumed	(0.5)
Net assets acquired	60.8
Purchased Customer Accounts and Other
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	661.3
Purchased Customer Accounts and Other \| Orchid Intermediate Holdings L P
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	119.2
Purchased Customer Accounts and Other \| GRP (Jersey) Holdco Limited (GRP)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	490.7
Purchased Customer Accounts and Other \| First Insurance Solutions Ltd. (First)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	6.9
Purchased Customer Accounts and Other \| BdB Holdings Limited (BdB)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	16.0
Purchased Customer Accounts and Other \| Smithwick & Mariners Insurance, Inc. (Smithwick)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	6.7
Purchased Customer Accounts and Other \| VistaNational Insurance Group, Inc. (VistaNational)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	6.1
Purchased Customer Accounts and Other \| Other Acquisitions \| Adjustments from Prior Year Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	15.7
Non-compete Agreements
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	1.2
Non-compete Agreements \| BdB Holdings Limited (BdB)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	0.3
Non-compete Agreements \| Smithwick & Mariners Insurance, Inc. (Smithwick)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	0.1
Non-compete Agreements \| VistaNational Insurance Group, Inc. (VistaNational)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	0.1
Non-compete Agreements \| Other Acquisitions \| Adjustments from Prior Year Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	$ 0.7

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Combinations [Abstract]
Total revenues	$ 931.1	$ 879.1	$ 2,873.6	$ 2,641.1
Income before income taxes	218.9	193.4	696.0	613.1
Net income	$ 161.8	$ 144.1	$ 537.5	$ 478.5
Net income per share:
Basic	$ 0.57	$ 0.51	$ 1.90	$ 1.69
Diluted	$ 0.57	$ 0.51	$ 1.89	$ 1.69
Weighted average number of shares outstanding:
Basic	277.8	276.5	277.5	276.1
Diluted	278.7	277.8	278.7	277.4

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Combinations [Abstract]
Beginning balance	$ 232.9	$ 242.0	$ 291.0	$ 258.9
Additions to estimated acquisition earn-out payables	25.2		42.1	25.2
Assumed acquisition earn-out payables	34.8		34.8
Payments for estimated acquisition earn-out payables	(10.6)	(1.9)	(77.1)	(41.8)
Subtotal	282.3	240.1	290.8	242.3
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	(28.5)	21.8	(38.1)	15.8
Interest expense accretion	1.9	1.3	5.0	4.8
Net change in earnings from estimated acquisition earn-out payables	(26.6)	23.1	(33.1)	20.6
Foreign currency translation adjustments during the year	(5.8)	(0.3)	(7.8)
Ending balance	$ 249.9	$ 262.9	$ 249.9	$ 262.9

Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Line Items]
Beginning balance	$ 4,736.8
Goodwill of acquired businesses	1,922.2
Goodwill disposed of relating to sales of businesses	(2.6)
Foreign currency translation adjustments during the year	(134.1)
Ending balance	6,522.3
Retail
Goodwill [Line Items]
Beginning balance	2,987.2
Goodwill of acquired businesses	1,389.0
Goodwill disposed of relating to sales of businesses	(2.6)
Foreign currency translation adjustments during the year	(118.1)
Ending balance	4,255.5
National Programs
Goodwill [Line Items]
Beginning balance	1,089.9
Goodwill of acquired businesses	427.8
Goodwill disposed of relating to sales of businesses	0.0
Foreign currency translation adjustments during the year	(6.9)
Ending balance	1,510.8
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	488.4
Goodwill of acquired businesses	105.4
Goodwill disposed of relating to sales of businesses	0.0
Foreign currency translation adjustments during the year	(9.1)
Ending balance	584.7
Services
Goodwill [Line Items]
Beginning balance	171.3
Goodwill of acquired businesses	0.0
Goodwill disposed of relating to sales of businesses	0.0
Foreign currency translation adjustments during the year	0.0
Ending balance	$ 171.3

- Definition

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

+ References + Details

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

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Finite-Lived Intangible Assets [Line Items]

Foreign currency translation, Gross carrying value

$ (49.3)

Gross carrying value

2,962.4

$ 2,349.2

Foreign currency translation, Accumulated amortization

1.5

Accumulated amortization

(1,374.4)

(1,267.7)

Foreign currency translation, Net carrying value

(47.8)

Net carrying value

1,588.0

1,081.5

Purchased Customer Accounts and Other

Finite-Lived Intangible Assets [Line Items]

Gross carrying value, excluding foreign currency translation

2,972.9

2,311.6

Accumulated amortization, excluding foreign currency translation

(1,342.3)

(1,235.3)

Net carrying value, excluding foreign currency translation

$ 1,630.6

$ 1,076.3

Weighted average life (years)

^[1]

14 years 8 months 12 days

14 years 10 months 24 days

Non-compete Agreements

Finite-Lived Intangible Assets [Line Items]

Gross carrying value, excluding foreign currency translation

$ 38.8

$ 37.6

Accumulated amortization, excluding foreign currency translation

(33.6)

(32.4)

Net carrying value, excluding foreign currency translation

$ 5.2

Weighted average life (years)

^[1]

4 years 6 months

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

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2022)	$ 150.6
Amortization expense estimated, year two (2023)	165.8
Amortization expense estimated, year three (2024)	161.6
Amortization expense estimated, year four (2025)	158.8
Amortization expense estimated, year five (2026)	$ 152.8

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 67.5	$ 42.5
Total notes	2,738.6	1,548.4
Long-term credit agreements	1,325.0	444.4
Debt issuance costs (contra)	(23.2)	(12.4)
Total long-term debt less unamortized discount and debt issuance costs	4,040.4	1,980.4
Current portion of long-term debt	67.5	42.5
Total debt	4,107.9	2,022.9
5-year Term Loan Facility Expires in 2026
Debt Instrument [Line Items]
Total current portion of long-term debt	12.5	12.5
Long-term credit agreements	225.0	234.4
5-year Term Loan Facility Expires in 2023
Debt Instrument [Line Items]
Total current portion of long-term debt	30.0	30.0
Long-term credit agreements	187.5	210.0
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Long-term credit agreements	300.0
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Total current portion of long-term debt	25.0
Long-term credit agreements	462.5
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Total notes	499.7	499.5
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Total notes	349.6	349.6
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Total notes	699.4	$ 699.3
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Total notes	598.0
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Total notes	591.9
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026
Debt Instrument [Line Items]
Long-term credit agreements	$ 150.0

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Mar. 17, 2022
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.00%
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%
Debt instrument maturity year	2024	2024
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.50%	4.50%
Debt instrument maturity year	2029	2029
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.375%	2.375%
Debt instrument maturity year	2031	2031
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%
Debt instrument maturity year	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%
Debt instrument maturity year	2052
5-year Term Loan Facility Expires in 2026
Debt Instrument [Line Items]
Debt instrument maturity year	2026	2026
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Oct. 27, 2026	Oct. 27, 2026
5-year Term Loan Facility Expires in 2026 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026
Debt Instrument [Line Items]
Line of credit facility, expiration term	5 years
Line of credit facility, expiration date	Oct. 27, 2026
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 \| Maximum
Debt Instrument [Line Items]
Commitment fee, percentage	0.225%
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.525%
5-year Term Loan Facility Expires in 2023
Debt Instrument [Line Items]
Debt instrument maturity year	2023	2023
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Dec. 21, 2023	Dec. 21, 2023
5-year Term Loan Facility Expires in 2023 \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Line of credit facility, expiration term	3 years
Line of credit facility, expiration date	Mar. 31, 2025
3-year Term Loan Facility Expires in 2025 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.625%
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Debt instrument maturity year	2027
Line of credit facility, expiration term	5 years
Line of credit facility, expiration date	Mar. 31, 2027
5-year Term Loan Facility Expires in 2027 \| Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%

Long-Term Debt - Additional Information (Details) - USD ($)				9 Months Ended
	Mar. 17, 2022	Oct. 27, 2021	Dec. 21, 2018	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 24, 2020	Mar. 11, 2019	Sep. 18, 2014
Debt Instrument [Line Items]
Net proceeds from issuance of the notes				$ 2,000,000,000.0
Outstanding debt balance				$ 4,107,900,000		$ 2,022,900,000
Debt instrument, periodic payment, principal			$ 250,000,000.0
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate				1.00%
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate				1.75%
Unsecured Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount									$ 500,000,000.0
Debt instrument interest rate stated percentage							2.375%	4.50%	4.20%
Outstanding debt balance				$ 500,000,000.0		$ 500,000,000.0	$ 200,000,000.0	$ 350,000,000.0
4.200% 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%
Senior notes	$ 600,000,000.0
Debt instrument maturity date	Mar. 17, 2032
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.95%			4.95%
Senior notes	$ 600,000,000.0
Debt instrument maturity date	Mar. 17, 2052
Payment frequency of debt interest				semi-annually
2032 and 2052 Notes
Debt Instrument [Line Items]
Net proceeds from issuance of the notes	$ 1,178,200,000
Senior notes				$ 1,200,000,000.0
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage				4.50%		4.50%
Senior notes				$ 350,000,000.0		$ 350,000,000.0		$ 350,000,000.0
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage				2.375%		2.375%
Senior notes				$ 700,000,000.0		$ 700,000,000.0	$ 700,000,000.0
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Unsecured revolving credit facility		$ 800,000,000.0		150,000,000.0		0
Proceeds from issuance of debt		2,700,000
Write off of deferred debt issuance cost		100,000
Debt issuance costs		600,000
Unsecured term loans		$ 250,000,000.0		237,500,000		246,900,000
Term Loan
Debt Instrument [Line Items]
Unsecured term loans			$ 300,000,000.0	217,500,000		$ 240,000,000.0
Loan repayment term			5 years
Term Loan \| Minimum
Debt Instrument [Line Items]
Unsecured term loans			$ 300,000,000.0
Term Loan \| Maximum
Debt Instrument [Line Items]
Unsecured term loans			$ 450,000,000.0
Term A-1 Loan
Debt Instrument [Line Items]
Outstanding debt balance				$ 300,000,000.0
Maximum borrowing capacity under loan agreement					$ 300,000,000.0
Term A-1 Loan \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				2.945%
Term A-2 Loan
Debt Instrument [Line Items]
Outstanding debt balance				$ 487,500,000
Maximum borrowing capacity under loan agreement					500,000,000.0
Term A-2 Loan \| SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				3.134%
Term Loan Commitments
Debt Instrument [Line Items]
Additional borrowing capacity under credit facility					$ 400,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount									$ 475,000,000.0
Long-term Debt \| LIBOR
Debt Instrument [Line Items]
30-day Adjusted LIBOR Rate				3.125%

Leases - Additional Information (Details) $ in Millions	9 Months Ended
Leases - Additional Information (Details) $ in Millions	Sep. 30, 2022 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 2022	$ 6.7
Operating lease expected to commence undiscounted lease liabilities in 2023	$ 2.7

Leases - Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Operating lease right-of-use assets	$ 214.5	$ 197.0
Total assets	214.5	197.0
Liabilities:
Current operating lease liabilities	$ 46.7	$ 43.4
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Non-current operating lease liabilities	$ 191.4	$ 180.0
Total liabilities	$ 238.1	$ 223.4

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating leases:
Lease cost	$ 14.5	$ 13.0	$ 40.8	$ 39.6
Variable lease cost	1.0	1.1	3.2	3.1
Short-term lease cost	0.4	0.3	0.9	0.9
Operating lease cost	15.9	14.4	44.9	43.6
Sublease income	(0.4)	(0.6)	(1.2)	(1.3)
Total lease cost net	$ 15.5	$ 13.8	$ 43.7	$ 42.3

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Sep. 30, 2022
Leases [Abstract]
Weighted average remaining lease term	6 years 2 months 15 days
Weighted average discount rate	2.84%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (Remainder)	$ 14.9
2023	55.5
2024	48.1
2025	40.1
2026	29.7
Thereafter	74.3
Total undiscounted lease payments	262.6
Less: Imputed interest	24.5
Present value of lease payments	$ 238.1	$ 223.4

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 16.1	$ 13.9	$ 43.9	$ 41.7
Right-of-use assets obtained in exchange for new operating liabilities	$ 8.4	$ 14.1	$ 35.9	$ 34.1

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2020
Noncash or Part Noncash Acquisitions [Line Items]
Deferred employer only payroll tax payments, CARES Act					$ 31.1
Reimbursement for capitalizable costs of public infrastructure improvements		$ 8.1
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash			$ (183.1)	$ (2.3)
Scenario Forecast
Noncash or Part Noncash Acquisitions [Line Items]
Payment of cumulative deferred employer payroll taxes CARES Act	$ 15.6

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid during the period for:
Interest	$ 103.3	$ 59.7
Income taxes, net of refunds	$ 118.2	$ 103.9

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Significant Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Significant non-cash investing and financing activities
Other payable issued for agency acquisitions and purchased customer accounts		$ 4.6	$ 3.5
Estimated acquisition earn-out payables issued for agency acquisitions		42.1	25.1
Assumed acquisition earn-out payables	$ 34.8	34.8
Contingent payable issued for agency acquisition			24.1
Common stock issued for agency acquisition		14.7	4.9
Notes payable assumed for agency acquisition		$ 1.8	$ 1.3

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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Restricted fiduciary cash	$ 1,113.0	$ 583.2
Non-restricted fiduciary cash	158.3	193.8
Total restricted and non-restricted fiduciary cash at the end of the period	1,271.3	777.0
Cash and cash equivalents	579.5	693.2	$ 784.6
Fiduciary cash	1,271.3		641.3
Total cash, cash equivalents and fiduciary cash at the end of the period	$ 1,850.8	$ 1,470.2	$ 1,425.9	$ 1,271.9

Segment Information - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			4
Revenues	$ 927.6	$ 770.3	$ 2,672.0	$ 2,312.9
England, Bermuda, Cayman Islands and Ireland
Segment Reporting Information [Line Items]
Revenues	$ 92.1	$ 17.4	$ 132.8	$ 54.0

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 927.6	$ 770.3	$ 2,672.0	$ 2,312.9
Investment income	1.2	0.4	1.8	0.9
Amortization	43.5	29.5	108.2	88.6
Depreciation	11.3	9.2	28.3	25.4
Interest expense	41.5	16.2	95.8	48.8
Income before income taxes	218.0	196.5	681.8	622.0
Total assets	13,658.3	9,629.2	13,658.3	9,629.2	$ 9,795.4
Capital expenditures	14.1	9.5	32.4	34.6
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Total revenues	528.2	423.4	1,582.3	1,347.4
Investment income	0.0	0.2	0.0	0.3
Amortization	28.2	19.1	69.8	56.9
Depreciation	3.9	2.8	9.1	8.3
Interest expense	22.8	22.4	69.9	67.6
Income before income taxes	112.2	71.6	378.8	293.4
Total assets	7,128.1	7,385.8	7,128.1	7,385.8
Capital expenditures	4.7	2.1	8.4	5.8
Operating Segments \| National Programs
Segment Reporting Information [Line Items]
Total revenues	231.4	191.1	619.3	522.3
Investment income	0.3	0.1	0.6	0.4
Amortization	11.4	6.8	27.9	20.6
Depreciation	4.6	3.0	10.9	7.5
Interest expense	10.2	2.2	22.8	9.2
Income before income taxes	69.7	72.4	187.9	180.2
Total assets	4,476.3	3,789.4	4,476.3	3,789.4
Capital expenditures	3.3	4.7	14.2	11.3
Operating Segments \| Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	126.3	112.5	341.6	307.9
Investment income	0.1	0.0	0.2	0.1
Amortization	2.6	2.3	6.7	7.1
Depreciation	0.7	0.6	2.0	2.0
Interest expense	3.2	3.9	10.0	12.2
Income before income taxes	35.4	29.4	94.8	74.5
Total assets	1,366.5	1,918.2	1,366.5	1,918.2
Capital expenditures	0.7	0.2	1.5	1.3
Operating Segments \| Services
Segment Reporting Information [Line Items]
Total revenues	41.1	43.7	128.8	135.6
Investment income	0.0	0.0	0.0	0.0
Amortization	1.3	1.3	3.9	4.0
Depreciation	0.4	0.3	1.2	1.1
Interest expense	0.5	0.7	1.6	2.2
Income before income taxes	4.7	7.1	18.0	24.0
Total assets	289.1	449.5	289.1	449.5
Capital expenditures	0.3	0.9	0.8	1.4
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	0.6	(0.4)		(0.3)
Investment income	0.8	0.1	1.0	0.1
Amortization			(0.1)
Depreciation	1.7	2.5	5.1	6.5
Interest expense	4.8	(13.0)	(8.5)	(42.4)
Income before income taxes	(4.0)	16.0	2.3	49.9
Total assets	398.3	(3,913.7)	398.3	(3,913.7)
Capital expenditures	$ 5.1	$ 1.6	$ 7.5	$ 14.8

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cost	$ 32.0	$ 38.5
Gross unrealized gains	0.0	0.3
Gross unrealized losses	(2.3)	(0.5)
Fair value	29.7	38.3
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Cost	22.9	30.2
Gross unrealized gains	0.0	0.2
Gross unrealized losses	(1.9)	(0.4)
Fair value	21.0	30.0
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	8.2	8.3
Gross unrealized gains		0.1
Gross unrealized losses	(0.4)	(0.1)
Fair value	7.8	$ 8.3
Other
Debt Securities, Available-for-sale [Line Items]
Cost	0.9
Gross unrealized gains	0.0
Gross unrealized losses	0.0
Fair value	$ 0.9

Investments - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 29.7	$ 38.3
Available-for-sale Debt Securities	$ 5.7	$ 7.4
Number of securities in unrealized loss position \| Security	42	23
Proceeds from sale of investment in fixed maturity securities and maturing time deposits	$ 7.3
Losses realized on the sale of securities	0.1
Investments on deposit with the state insurance department	4.0
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	21.0	$ 30.0
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	7.8	8.3
Bank Time Deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 5.5	$ 5.5

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 10.8	$ 20.7
Unrealized Losses, Less than 12 Months	(0.3)	(0.4)
Fair Value, 12 Months or More	18.0	1.0
Unrealized Losses, 12 Months or More	(2.0)	0.0
Fair Value	28.8	21.7
Unrealized Losses	(2.3)	(0.4)
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	5.6	16.8
Unrealized Losses, Less than 12 Months	(0.2)	(0.3)
Fair Value, 12 Months or More	15.4	1.0
Unrealized Losses, 12 Months or More	(1.7)	0.0
Fair Value	21.0	17.8
Unrealized Losses	(1.9)	(0.3)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	5.2	3.9
Unrealized Losses, Less than 12 Months	(0.1)	(0.1)
Fair Value, 12 Months or More	2.6	0.0
Unrealized Losses, 12 Months or More	(0.3)	0.0
Fair Value	7.8	3.9
Unrealized Losses	$ (0.4)	$ (0.1)

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Amortized cost
Due in one year or less	$ 5.7	$ 7.3
Due after one year through five years	25.4	30.2
Due after five years		1.0
Amortized Cost, Total	31.1	38.5
Fair value
Due in one year or less	5.7	7.3
Due after one year through five years	23.1	30.0
Due after five years		1.0
Fair Value, Total	$ 28.8	$ 38.3

Insurance Company Subsidiary Operations - Effects of Reinsurance on Premiums Written and Earned (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Written
Net premiums	$ 31.7
Earned
Net premiums	18.1
WNFIC
Written
Direct premiums	567.9
Ceded premiums	(567.9)
Earned
Direct premiums	563.0
Ceded premiums	(563.0)
Quota Share Captive and Excess of Loss Layer Captive
Written
Assumed Premiums	54.0
Net premiums	31.7
Earned
Assumed Premium	27.6
Net premiums	18.1
Quota Share Captive
Written
Ceded premiums	(22.3)
Net premiums	31.7
Earned
Ceded premiums	(9.5)
Net premiums	$ 13.5

Insurance Company Subsidiary Operations - Additional Information (Details)	1 Months Ended	9 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) Reinsurer	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program		100.00%	100.00%
Prepaid reinsurance premiums	$ 392,200,000	$ 409,900,000	$ 409,900,000	$ 392,200,000
Increase (decrease) in loss and loss adjustment expense reserve		0
Reinsurance recoverable	63,100,000	1,021,600,000	1,021,600,000	63,100,000
Reserve for losses and loss adjustment expense		$ 1,014,800,000	1,014,800,000
Number of reinsurers \| Reinsurer		2
Premium net written		$ 31,700,000
Net earned premiums		18,100,000
Ultimate loss reserve expense inclusive of IBNR claims	63,100,000	1,033,500,000	1,033,500,000	63,100,000
Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverable		6,800,000	6,800,000
Reinsurance recoverable for net expected loss		4,400,000	4,400,000
Loss reserve inclusive of IBNR claims		11,200,000	11,200,000
Reported insured losses		$ 0	$ 0
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%
Ceded unpaid loss		$ 1,014,800,000	$ 1,014,800,000
Prepaid reinsurance premiums		$ 397,100,000	$ 397,100,000
Expenses and allowance rate received in premiums		29.90%	29.90%
Premiums written net		$ 567,900,000
Ceded to highly rated carriers for excess flood policies		2,200,000
Statutory capital and surplus required		7,500,000	$ 7,500,000
Statutory capital and surplus	33,100,000	33,500,000	$ 33,500,000	33,100,000
Statutory net Income		$ 600,000		$ 1,600,000
Percentage of adjusted net income		100.00%	100.00%
Maximum dividend payout that may be made without prior approval		$ 3,300,000	$ 3,300,000
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		$ 565,700,000
Quota Share Captive
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Prepaid reinsurance premiums		12,800,000	12,800,000
Deferred acquisitions costs		13,500,000	13,500,000
Reinsurance payable		8,900,000	8,900,000
Reserve for losses and loss adjustment expense		11,700,000	11,700,000
Premiums written net		22,300,000
Premium net written		31,700,000
Net earned premiums		13,500,000
Initial funding	$ 5,900,000
Addition to current earnings			1,800,000
Ultimate loss reserve expense inclusive of IBNR claims		11,700,000	11,700,000
Captive Insurance Facility
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Net earned premiums		4,600,000
Loss reserve inclusive of IBNR claims		100,000	100,000
Maximum underwriting exposure		5,200,000
Captive Insurance Facility \| Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reserve for losses and loss adjustment expense		7,000,000.0	7,000,000.0
Net earned premiums		2,200,000
Loss reserve inclusive of IBNR claims		7,000,000.0	$ 7,000,000.0
Reserve partially offset by accelerated earned premiums		2,400,000
Underwriting loss		$ 2,400,000

Shareholders' Equity - Additional Information (Details) - USD ($)						3 Months Ended
	Oct. 18, 2022	Aug. 17, 2022	Jul. 01, 2022	May 18, 2022	Feb. 16, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)						19,600,000						18,500,000
Fair value of common stock repurchased						$ 748,000,000.0						$ 673,900,000
Stock repurchase program, remaining authorized repurchase amount						$ 249,600,000
Cash dividends paid		$ 0.1025		$ 0.1025	$ 0.1025	$ 0.1025	$ 0.1025	$ 0.1025	$ 0.0925	$ 0.0925	$ 0.0925
Dividend approved date						Jul. 20, 2022	Apr. 25, 2022	Jan. 20, 2022
Dividend paid						$ 29,000,000.0	$ 29,000,000.0	$ 28,900,000	$ 26,100,000	$ 26,100,000	$ 26,100,000
Dividend payable date						Aug. 17, 2022	May 18, 2022	Feb. 16, 2022
GRP Holdco Limited
Accelerated Share Repurchases [Line Items]
Business combination, shares issued			252,802
Business combination, total value			$ 14,700,000
Subsequent Event
Accelerated Share Repurchases [Line Items]
Dividend payable per share	$ 0.1150
Dividend payable, record date	Nov. 02, 2022
Dividend payable date	Nov. 16, 2022
Second Accelerated Share Repurchase Agreement \| Maximum
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount						$ 100,000,000.0
Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)							777,926	386,083
Fair value of common stock repurchased							$ 50,000,000.0	$ 24,100,000
Treasury stock, average cost per share							$ 64.27	$ 62.31