Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 19, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'BRO | ' | ' |
Entity Registrant Name | 'BROWN & BROWN INC | ' | ' |
Entity Central Index Key | '0000079282 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 145,433,663 | ' |
Entity Public Float | ' | ' | $3,830,091,657 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' |
Commissions and fees | $1,355,503 | $1,189,081 | $1,005,962 |
Investment income | 638 | 797 | 1,267 |
Other income, net | 7,138 | 10,154 | 6,313 |
Total revenues | 1,363,279 | 1,200,032 | 1,013,542 |
EXPENSES | ' | ' | ' |
Employee compensation and benefits | 683,000 | 608,506 | 508,675 |
Non-cash stock-based compensation | 22,603 | 15,865 | 11,194 |
Other operating expenses | 195,677 | 174,389 | 144,079 |
Amortization | 67,932 | 63,573 | 54,755 |
Depreciation | 17,485 | 15,373 | 12,392 |
Interest | 16,440 | 16,097 | 14,132 |
Change in estimated acquisition earn-out payables | 2,533 | 1,418 | -2,206 |
Total expenses | 1,005,670 | 895,221 | 743,021 |
Income before income taxes | 357,609 | 304,811 | 270,521 |
Income taxes | 140,497 | 120,766 | 106,526 |
Net income | $217,112 | $184,045 | $163,995 |
Net income per share: | ' | ' | ' |
Basic | $1.50 | $1.28 | $1.15 |
Diluted | $1.48 | $1.26 | $1.13 |
Weighted average number of shares outstanding: | ' | ' | ' |
Basic | 141,033 | 139,364 | 138,582 |
Diluted | 142,624 | 142,010 | 140,264 |
Dividends declared per share | $0.37 | $0.35 | $0.33 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $202,952 | $219,821 |
Restricted cash and investments | 250,009 | 164,564 |
Short-term investments | 10,624 | 8,183 |
Premiums, commissions and fees receivable | 395,915 | 302,725 |
Deferred income taxes | 29,276 | 24,408 |
Other current assets | 39,260 | 39,811 |
Total current assets | 928,036 | 759,512 |
Fixed assets, net | 74,733 | 74,337 |
Goodwill | 2,006,173 | 1,711,514 |
Amortizable intangible assets, net | 618,888 | 566,538 |
Other assets | 21,678 | 16,157 |
Total assets | 3,649,508 | 3,128,058 |
Current Liabilities: | ' | ' |
Premiums payable to insurance companies | 534,360 | 406,704 |
Premium deposits and credits due customers | 80,959 | 32,867 |
Accounts payable | 34,158 | 48,524 |
Accrued expenses and other liabilities | 157,400 | 79,593 |
Current portion of long-term debt | 100,000 | 93 |
Total current liabilities | 906,877 | 567,781 |
Long-term debt | 380,000 | 450,000 |
Deferred income taxes, net | 291,704 | 237,630 |
Other liabilities | 63,786 | 65,314 |
Commitments and contingencies (Note 13) | ' | ' |
Shareholders' Equity: | ' | ' |
Common stock, par value $0.10 per share; authorized 280,000 shares; issued and outstanding 145,419 at 2013 and 143,878 at 2012 | 14,542 | 14,388 |
Additional paid-in capital | 371,960 | 335,872 |
Retained earnings | 1,620,639 | 1,457,073 |
Total shareholders' equity | 2,007,141 | 1,807,333 |
Total liabilities and shareholders' equity | $3,649,508 | $3,128,058 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 280,000 | 280,000 |
Common stock, shares issued | 145,419 | 143,878 |
Common stock, shares outstanding | 145,419 | 143,878 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income |
In Thousands | |||||
Beginning balance at Dec. 31, 2010 | $1,506,344 | $14,279 | $286,997 | $1,205,061 | $7 |
Beginning balance (in shares) at Dec. 31, 2010 | ' | 142,795 | ' | ' | ' |
Net income | 163,995 | ' | ' | 163,995 | ' |
Common stock issued for employee stock benefit plans (in shares) | ' | 545 | ' | ' | ' |
Common stock issued for employee stock benefit plans | 18,914 | 55 | 18,859 | ' | ' |
Income tax benefit from exercise of stock benefit plans | 916 | ' | 916 | ' | ' |
Common stock issued to directors (in shares) | ' | 12 | ' | ' | ' |
Common stock issued to directors | 288 | 1 | 287 | ' | ' |
Cash dividends paid | -46,494 | ' | ' | -46,494 | ' |
Ending balance at Dec. 31, 2011 | 1,643,963 | 14,335 | 307,059 | 1,322,562 | 7 |
Ending balance (in shares) at Dec. 31, 2011 | ' | 143,352 | ' | ' | ' |
Net income | 184,045 | ' | ' | 184,045 | ' |
Net unrealized holding gain on available-for-sale securities | -7 | ' | ' | ' | -7 |
Common stock issued for employee stock benefit plans (in shares) | ' | 501 | ' | ' | ' |
Common stock issued for employee stock benefit plans | 19,599 | 50 | 19,549 | ' | ' |
Income tax benefit from exercise of stock benefit plans | 8,659 | ' | 8,659 | ' | ' |
Common stock issued to directors (in shares) | ' | 25 | ' | ' | ' |
Common stock issued to directors | 608 | 3 | 605 | ' | ' |
Cash dividends paid | -49,534 | ' | ' | -49,534 | ' |
Ending balance at Dec. 31, 2012 | 1,807,333 | 14,388 | 335,872 | 1,457,073 | ' |
Ending balance (in shares) at Dec. 31, 2012 | 143,878 | 143,878 | ' | ' | ' |
Net income | 217,112 | 0 | 0 | 217,112 | 0 |
Common stock issued for employee stock benefit plans (in shares) | ' | 1,541 | ' | ' | ' |
Common stock issued for employee stock benefit plans | 33,884 | 154 | 33,730 | 0 | 0 |
Income tax benefit from exercise of stock benefit plans | 2,358 | 0 | 2,358 | 0 | 0 |
Cash dividends paid | -53,546 | 0 | 0 | -53,546 | 0 |
Ending balance at Dec. 31, 2013 | $2,007,141 | $14,542 | $371,960 | $1,620,639 | $0 |
Ending balance (in shares) at Dec. 31, 2013 | 145,419 | 145,419 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Cash dividends paid, per share | $0.37 | $0.35 | $0.33 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $217,112 | $184,045 | $163,995 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Amortization | 67,932 | 63,573 | 54,755 |
Depreciation | 17,485 | 15,373 | 12,392 |
Non-cash stock-based compensation | 22,603 | 15,865 | 11,194 |
Change in estimated acquisition earn-out payables | 2,533 | 1,418 | -2,206 |
Deferred income taxes | 32,247 | 32,723 | 30,328 |
Income tax benefit from exercise of shares from the stock benefit plans | -2,358 | -8,659 | -916 |
Net gain on sales of investments, fixed assets and customer accounts | -2,806 | -4,105 | -1,890 |
Payments on acquisition earn-outs in excess of original estimated payables | -2,788 | -4,086 | -1,369 |
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures: | ' | ' | ' |
Restricted cash and investments (increase) | -85,445 | -34,029 | -6,941 |
Premiums, commissions and fees receivable (increase) | -40,729 | -11,312 | -20,570 |
Other assets (increase) decrease | -2,583 | 2,145 | -7,322 |
Premiums payable to insurance companies increase (decrease) | 61,624 | -4,651 | 9,447 |
Premium deposits and credits due customers increase | 41,049 | 2,506 | 1,277 |
Accounts payable increase (decrease) | 5,180 | 36,505 | -2,807 |
Accrued expenses and other liabilities increase (decrease) | 70,872 | -43,059 | 3,975 |
Other liabilities (decrease) | -12,554 | -23,937 | -5,811 |
Net cash provided by operating activities | 389,374 | 220,315 | 237,531 |
Cash flows from investing activities: | ' | ' | ' |
Additions to fixed assets | -16,366 | -24,028 | -13,608 |
Payments for businesses acquired, net of cash acquired | -367,712 | -425,054 | -166,055 |
Proceeds from sales of fixed assets and customer accounts | 5,886 | 14,095 | 3,686 |
Purchases of investments | -18,102 | -11,167 | -12,698 |
Proceeds from sales of investments | 15,662 | 10,654 | 12,950 |
Net cash used in investing activities | -380,632 | -435,500 | -175,725 |
Cash flows from financing activities: | ' | ' | ' |
Payments on acquisition earn-outs | -15,491 | -13,539 | -8,843 |
Proceeds from long-term debt | 30,000 | 200,000 | 100,000 |
Payments on long-term debt | -93 | -1,227 | -102,072 |
Borrowings on revolving credit facilities | 31,863 | 100,000 | ' |
Payments on revolving credit facilities | -31,863 | -100,000 | ' |
Income tax benefit from exercise of shares from the stock benefit plans | 2,358 | 8,659 | 916 |
Issuances of common stock for employee stock benefit plans | 12,445 | 13,305 | 8,667 |
Repurchase of stock benefit plan shares for employee to fund tax withholdings | -1,284 | -8,963 | -659 |
Cash dividends paid | -53,546 | -49,534 | -46,494 |
Net cash (used in) provided by financing activities | -25,611 | 148,701 | -48,485 |
Net (decrease) increase in cash and cash equivalents | -16,869 | -66,484 | 13,321 |
Cash and cash equivalents at beginning of year | 219,821 | 286,305 | 272,984 |
Cash and cash equivalents at end of year | $202,952 | $219,821 | $286,305 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
NOTE 1 Summary of Significant Accounting Policies | |||||||||||||
Nature of Operations | |||||||||||||
Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and services organization that markets and sells to its customers insurance products and services, primarily in the property and casualty area. Brown & Brown’s business is divided into four reportable segments: the Retail Division, which provides a broad range of insurance products and services to commercial, public entity, professional and individual customers; the Wholesale Brokerage Division, which markets and sells excess and surplus commercial insurance and reinsurance, primarily through independent agents and brokers; the National Programs Division, which provides professional liability and related package products for certain professionals delivered through nationwide networks of independent agents, and markets targeted products and services designated for specific industries, trade groups, governmental entities and market niches; and the Services Division, 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 catastrophe claims adjusting services. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying Consolidated Financial Statements include the accounts of Brown & Brown, Inc. and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in the Consolidated Financial Statements. | |||||||||||||
Revenue Recognition | |||||||||||||
Commission revenues are recognized as of the effective date of the insurance policy or the date on which the policy premium is billed to the customer, whichever is later. Commission revenues related to installment billings at the Company’s subsidiary, Arrowhead General Insurance Agency, Inc. (“Arrowhead”), are recorded on the later of the effective date of the policy or the first installment billing. At those dates, the earnings process has been completed, and Brown & Brown can reliably estimate the impact of policy cancellations for refunds and establish reserves accordingly. The reserve for policy cancellations is based upon historical cancellation experience adjusted for known circumstances. The policy cancellation reserve was $8,010,000 and $7,174,000 at December 31, 2013 and 2012, respectively, and it is periodically evaluated and adjusted as necessary. Subsequent commission adjustments are recognized upon receipt of notification from the insurance companies. Commission revenues are reported net of commissions paid to sub-brokers or co-brokers. Profit-sharing contingent commissions from insurance companies are recognized when determinable, which is when such commissions, or official notification of the amount of such commissions is received. Fee income is recognized as services are rendered. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“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 Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents principally consist of demand deposits with financial institutions and highly liquid investments with quoted market prices having maturities of three months or less when purchased. | |||||||||||||
Restricted Cash and Investments, and Premiums, Commissions and Fees Receivable | |||||||||||||
In its capacity as an insurance agent or broker, Brown & Brown typically collects premiums from insureds and, after deducting its authorized commissions, remits the net premiums to the appropriate insurance company or companies. Accordingly, as reported in the Consolidated Balance Sheets, “premiums” are receivable from insureds. Unremitted net insurance premiums are held in a fiduciary capacity until Brown & Brown disburses them. Brown & Brown invests these unremitted funds only in cash, money market accounts, tax-free variable-rate demand bonds and commercial paper held for a short term. In certain states in which Brown & Brown operates, the use and investment alternatives for these funds are regulated and restricted by various state laws and agencies. These restricted funds are reported as restricted cash and investments on the Consolidated Balance Sheets. The interest income earned on these unremitted funds is reported as investment income in the Consolidated Statements of Income. | |||||||||||||
In other circumstances, the insurance companies collect the premiums directly from the insureds and remit the applicable commissions to Brown & Brown. Accordingly, as reported in the Consolidated Balance Sheets, “commissions” are receivables from insurance companies. “Fees” are primarily receivables due from customers. | |||||||||||||
Investments | |||||||||||||
Certificates of deposit and other securities having maturities of more than three months when purchased are reported at cost and are adjusted for other-than-temporary market value declines. | |||||||||||||
Fixed Assets | |||||||||||||
Fixed assets, including leasehold improvements, are carried at cost, less accumulated depreciation and amortization. Expenditures for improvements are capitalized, and expenditures for maintenance and repairs are expensed to operations as incurred. Upon sale or retirement, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in other income. Depreciation has been determined using the straight-line method over the estimated useful lives of the related assets, which range from three to 15 years. Leasehold improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the term of the related lease. | |||||||||||||
Goodwill and Amortizable Intangible Assets | |||||||||||||
The excess of the purchase price of an acquisition over the fair value of the identifiable tangible and amortizable intangible assets is assigned to goodwill. While goodwill is not amortizable, it is subject to assessment at least annually, and more frequently in the presence of certain circumstances, for impairment by application of a fair value-based test. The Company compares the fair value of each reporting unit with its carrying amount to determine if there is potential impairment of goodwill. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than its carrying value. Fair value is estimated based on multiples of earnings before interest, income taxes, depreciation, amortization and change in estimated acquisition earn-out payables (“EBITDAC”), or on a discounted cash flow basis. Brown & Brown completed its most recent annual assessment as of November 30, 2013 and determined that the fair value of goodwill exceeded the carrying value of such assets. In addition, as of December 31, 2013, there are no accumulated impairment losses. | |||||||||||||
Amortizable intangible assets are stated at cost, less accumulated amortization, and consist of purchased customer accounts and non-compete agreements. Purchased customer accounts and non-compete agreements are amortized on a straight-line basis over the related estimated lives and contract periods, which range from five to 15 years. Purchased customer accounts primarily consist of records and files that contain information about insurance policies and the related insured parties that are essential to policy renewals. | |||||||||||||
The carrying value of amortizable intangible assets attributable to each business or asset group comprising Brown & Brown is periodically reviewed by management to determine if there are events or changes in circumstances that would indicate that its carrying amount may not be recoverable. Accordingly, if there are any such changes in circumstances during the year, Brown & Brown assesses the carrying value of its amortizable intangible assets by considering the estimated future undiscounted cash flows generated by the corresponding business or asset group. Any impairment identified through this assessment may require that the carrying value of related amortizable intangible assets be adjusted; however, no impairments were recorded for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Income Taxes | |||||||||||||
Brown & Brown records income tax expense using the asset-and-liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying values and the income tax bases of Brown & Brown’s assets and liabilities. | |||||||||||||
Brown & Brown files a consolidated federal income tax return and has elected to file consolidated returns in certain states. Deferred income taxes are provided for in the Consolidated Financial Statements and relate principally to expenses charged to income for financial reporting purposes in one period and deducted for income tax purposes in other periods. | |||||||||||||
Net Income Per Share | |||||||||||||
Effective in 2009, the Company adopted new Financial Accounting Standards Board (“FASB”) authoritative guidance that states that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share (“EPS”) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Performance stock shares granted to employees under the Company’s Performance Stock Plan and under the Company’s Stock Incentive Plan are considered participating securities as they receive non-forfeitable dividend equivalents at the same rate as common stock. | |||||||||||||
Basic EPS is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31: | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 217,112 | $ | 184,045 | $ | 163,995 | |||||||
Net income attributable to unvested awarded performance stock | (5,446 | ) | (5,313 | ) | (5,099 | ) | |||||||
Net income attributable to common shares | $ | 211,666 | $ | 178,732 | $ | 158,896 | |||||||
Weighted average basic number of common shares outstanding | 144,662 | 143,507 | 143,029 | ||||||||||
Less unvested awarded performance stock included in weighted average basic share outstanding | (3,629 | ) | (4,143 | ) | (4,447 | ) | |||||||
Weighted average number of common shares outstanding for basic earnings per common share | 141,033 | 139,364 | 138,582 | ||||||||||
Dilutive effect of stock options | 1,591 | 2,646 | 1,682 | ||||||||||
Weighted average number of shares outstanding | 142,624 | 142,010 | 140,264 | ||||||||||
Net income per share: | |||||||||||||
Basic | $ | 1.5 | $ | 1.28 | $ | 1.15 | |||||||
Diluted | $ | 1.48 | $ | 1.26 | $ | 1.13 | |||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amounts of Brown & Brown’s financial assets and liabilities, including cash and cash equivalents, restricted cash and investments, investments, premiums, commissions and fees receivable, premiums payable to insurance companies, premium deposits and credits due customers and accounts payable, at December 31, 2013 and 2012, approximate fair value because of the short-term maturity of these instruments. The carrying amount of Brown & Brown’s long-term debt approximates fair value at December 31, 2013 and 2012 because the related coupon rate approximates the current market rate. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company grants stock options and non-vested stock awards to its employees, officers and directors. The Company uses the modified-prospective method to account for share-based payments. Under the modified-prospective method, compensation cost is recognized for all share-based payments granted on or after January 1, 2006 and for all awards granted to employees prior to January 1, 2006 that remained unvested on that date. The Company uses the alternative-transition method to account for the income tax effects of payments made related to stock-based compensation. | |||||||||||||
The Company uses the Black-Scholes valuation model for valuing all stock options and shares purchased under the Employee Stock Purchase Plan (the “ESPP”). Compensation for non-vested stock awards is measured at fair value on the grant date based upon the number of shares expected to vest. Compensation cost for all awards is recognized in earnings, net of estimated forfeitures, on a straight-line basis over the requisite service period. |
Business_Combinations
Business Combinations | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||||||||||
Business Combinations | ' | ||||||||||||||||||||||||||||||||
NOTE 2 Business Combinations | |||||||||||||||||||||||||||||||||
Acquisitions in 2013 | |||||||||||||||||||||||||||||||||
During 2013, Brown & Brown acquired the assets and assumed certain liabilities of ten insurance intermediaries, all of the stock of one insurance intermediary and a book of business (customer accounts). The aggregate purchase price of these acquisitions was $519,794,000, including $408,072,000 of cash payments, the issuance of $552,000 in other payables, the assumption of $106,079,000 of liabilities and $5,091,000 of recorded earn-out payables. All of these acquisitions were acquired primarily to expand Brown & Brown’s core businesses and to attract high-quality personnel. Acquisition purchase prices are typically based on a multiple of average annual operating profit earned over a one—to three-year period within a minimum and maximum price range. The recorded purchase price for all acquisitions consummated after January 1, 2009 included an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the consolidated statement of income when incurred. | |||||||||||||||||||||||||||||||||
The fair value of earn-out obligations is based 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 Accounting Standards Codification (“ASC”) Topic 805—Business Combinations. | |||||||||||||||||||||||||||||||||
For 2013, several adjustments were made within the permitted measurement period that resulted in a reduction to the aggregate purchase price of the applicable acquisition of $504,000, including $18,000 of cash payments, an increase of $117,000 in other payables, the assumption of $82,000 of liabilities and the reduction of $721,000 in recorded earn-out payables. | |||||||||||||||||||||||||||||||||
The following table summarizes the aggregate purchase price allocation made as of the date of each acquisition for current year acquisitions and adjustment made during the measurement period for prior year acquisitions: | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Name | Business | 2013 | Cash | Other | Recorded | Net Assets | Maximum | ||||||||||||||||||||||||||
Segment | Date of | Paid | Payable | Earn-out | Acquired | Potential | |||||||||||||||||||||||||||
Acquisition | Payable | Earn-out | |||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||||
The Rollins Agency, Inc. | Retail | 1-Jun | $ | 13,792 | $ | 50 | $ | 2,321 | $ | 16,163 | $ | 4,300 | |||||||||||||||||||||
Beecher Carlson Holdings, Inc. | Retail; National Programs | 1-Jul | 364,256 | — | — | 364,256 | — | ||||||||||||||||||||||||||
ICA, Inc. | Services | December 31 | 19,770 | — | 727 | 20,497 | 5,000 | ||||||||||||||||||||||||||
Other | Various | Various | 10,254 | 502 | 2,043 | 12,799 | 7,468 | ||||||||||||||||||||||||||
Total | $ | 408,072 | $ | 552 | $ | 5,091 | $ | 413,715 | $ | 16,768 | |||||||||||||||||||||||
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||||||||||
(in thousands) | Rollins | Beecher | ICA | Other | Total | ||||||||||||||||||||||||||||
Cash | $ | — | $ | 40,360 | $ | — | $ | — | $ | 40,360 | |||||||||||||||||||||||
Other current assets | 393 | 57,632 | — | 1,573 | 59,598 | ||||||||||||||||||||||||||||
Fixed assets | 30 | 1,786 | 75 | 24 | 1,915 | ||||||||||||||||||||||||||||
Goodwill | 12,697 | 265,174 | 12,377 | 5,696 | 295,944 | ||||||||||||||||||||||||||||
Purchased customer accounts | 3,878 | 101,565 | 7,917 | 5,623 | 118,983 | ||||||||||||||||||||||||||||
Non-compete agreements | 31 | 2,758 | 21 | 76 | 2,886 | ||||||||||||||||||||||||||||
Other assets | — | — | 107 | 1 | 108 | ||||||||||||||||||||||||||||
Total assets acquired | 17,029 | 469,275 | 20,497 | 12,993 | 519,794 | ||||||||||||||||||||||||||||
Other current liabilities | (866 | ) | (80,090 | ) | — | (194 | ) | (81,150 | ) | ||||||||||||||||||||||||
Deferred income taxes, net | — | (22,764 | ) | — | — | (22,764 | ) | ||||||||||||||||||||||||||
Other liabilities | — | (2,165 | ) | — | — | (2,165 | ) | ||||||||||||||||||||||||||
Total liabilities assumed | (866 | ) | (105,019 | ) | — | (194 | ) | (106,079 | ) | ||||||||||||||||||||||||
Net assets acquired | $ | 16,163 | $ | 364,256 | $ | 20,497 | $ | 12,799 | $ | 413,715 | |||||||||||||||||||||||
The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 15.0 years; and non-compete agreements, 5.0 years. | |||||||||||||||||||||||||||||||||
Goodwill of $295,944,000 was allocated to the Retail, National Programs, Wholesale Brokerage and Services Divisions in the amounts of $257,196,000, $27,091,000, ($812,000) and $12,469,000, respectively. Of the total goodwill of $295,944,000, $41,663,000 is currently deductible for income tax purposes and $249,190,000 is non-deductible. The remaining $5,091,000 relates to the recorded earn-out payables and will not be deductible until it is earned and paid. | |||||||||||||||||||||||||||||||||
The results of operations for the acquisitions completed during 2013 have been combined with those of the Company since their respective acquisition dates. The total revenues and income before income taxes from the acquisitions completed through December 31, 2013, included in the Condensed Consolidated Statement of Income for the twelve months ended December 31, 2013, were $63,797,000 and $872,000, respectively. If the acquisitions had occurred as of the beginning of the period, the Company’s results of operations would be as shown in the following table. These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods. | |||||||||||||||||||||||||||||||||
(UNAUDITED) | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Total revenues | $ | 1,439,918 | $ | 1,329,262 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 373,175 | $ | 329,291 | |||||||||||||||||||||||||||||
Net income | $ | 226,562 | $ | 198,826 | |||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.57 | $ | 1.39 | |||||||||||||||||||||||||||||
Diluted | $ | 1.55 | $ | 1.36 | |||||||||||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 141,033 | 139,634 | |||||||||||||||||||||||||||||||
Diluted | 142,624 | 142,010 | |||||||||||||||||||||||||||||||
Acquisitions in 2012 | |||||||||||||||||||||||||||||||||
During 2012, Brown & Brown acquired the assets and assumed certain liabilities of 19 insurance intermediaries, all of the stock of one insurance intermediary and a book of business (customer accounts). The aggregate purchase price of these acquisitions was $667,586,000, including $483,933,000 of cash payments, the issuance of notes payable of $59,000, the issuance of $25,439,000 in other payables, the assumption of $136,676,000 of liabilities and $21,479,000 of recorded earn-out payables. The ‘other payables’ amount includes $22,061,000 that the Company is obligated to pay all shareholders of Arrowhead on a pro rata basis for certain pre-merger corporate tax refunds and certain estimated potential future income tax credits that were created by net operating loss carryforwards originating from transaction-related tax benefit items. All of these acquisitions were acquired primarily to expand Brown & Brown’s core businesses and to attract high-quality personnel. Acquisition purchase prices are typically based on a multiple of average annual operating profit earned over a one—to three-year period within a minimum and maximum price range. The recorded purchase price for all acquisitions consummated after January 1, 2009 included an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the consolidated statement of income when incurred. | |||||||||||||||||||||||||||||||||
The fair value of earn-out obligations is based 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. | |||||||||||||||||||||||||||||||||
The acquisitions made in 2012 have been accounted for as business combinations and are as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Name | Business | 2012 | Cash | Note | Other | Recorded | Net Assets | Maximum | |||||||||||||||||||||||||
Segment | Date of | Paid | Payable | Payable | Earn-out | Acquired | Potential | ||||||||||||||||||||||||||
Acquisition | Payable | Earn-out | |||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||||
Arrowhead General Insurance Agency Superholding Corporation | National Programs; Services | January 9 | $ | 396,952 | $ | — | $ | 22,061 | $ | 3,290 | $ | 422,303 | $ | 5,000 | |||||||||||||||||||
Insurcorp & GGM Investments LLC (d/b/a Maalouf Benefit Resources) | Retail | May 1 | 15,500 | — | 900 | 4,944 | 21,344 | 17,000 | |||||||||||||||||||||||||
Richard W. Endlar Insurance Agency, Inc. | Retail | 1-May | 10,825 | — | — | 2,598 | 13,423 | 5,500 | |||||||||||||||||||||||||
Texas Security General Insurance Agency, Inc. | Wholesale Brokerage | September 1 | 14,506 | — | 2,182 | 2,124 | 18,812 | 7,200 | |||||||||||||||||||||||||
Behnke & Associates, Inc. | Retail | 1-Dec | 9,213 | — | — | 1,126 | 10,339 | 3,321 | |||||||||||||||||||||||||
Rowlands & Barranca Agency, Inc. | Retail | 1-Dec | 8,745 | — | — | 2,401 | 11,146 | 4,000 | |||||||||||||||||||||||||
Other | Various | Various | 28,192 | 59 | 296 | 4,996 | 33,543 | 14,149 | |||||||||||||||||||||||||
Total | $ | 483,933 | $ | 59 | $ | 25,439 | $ | 21,479 | $ | 530,910 | $ | 56,170 | |||||||||||||||||||||
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||||||||||
(in thousands) | Arrowhead | Insurcorp | Endlar | Texas Security | Behnke | Rowlands | Other | Total | |||||||||||||||||||||||||
Cash | $ | 61,786 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 61,786 | |||||||||||||||||
Other current assets | 69,051 | 180 | 305 | 1,866 | — | — | 422 | 71,824 | |||||||||||||||||||||||||
Fixed assets | 4,629 | 25 | 25 | 45 | 25 | 30 | 158 | 4,937 | |||||||||||||||||||||||||
Goodwill | 321,128 | 14,745 | 8,044 | 10,845 | 6,430 | 8,363 | 21,085 | 390,640 | |||||||||||||||||||||||||
Purchased customer accounts | 99,675 | 6,490 | 5,230 | 6,229 | 3,843 | 3,367 | 13,112 | 137,946 | |||||||||||||||||||||||||
Non-compete agreements | 100 | 22 | 11 | 14 | 41 | 21 | 243 | 452 | |||||||||||||||||||||||||
Other assets | 1 | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Total assets acquired | 556,370 | 21,462 | 13,615 | 18,999 | 10,339 | 11,781 | 35,020 | 667,586 | |||||||||||||||||||||||||
Other current liabilities | (107,579 | ) | (118 | ) | (192 | ) | (187 | ) | — | (635 | ) | (1,477 | ) | (110,188 | ) | ||||||||||||||||||
Deferred income taxes, net | (26,488 | ) | — | — | — | — | — | — | (26,488 | ) | |||||||||||||||||||||||
Total liabilities assumed | (134,067 | ) | (118 | ) | (192 | ) | (187 | ) | — | (635 | ) | (1,477 | ) | (136,676 | ) | ||||||||||||||||||
Net assets acquired | $ | 422,303 | $ | 21,344 | $ | 13,423 | $ | 18,812 | $ | 10,339 | $ | 11,146 | $ | 33,543 | $ | 530,910 | |||||||||||||||||
The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 15.0 years; and non-compete agreements, 5.0 years. | |||||||||||||||||||||||||||||||||
Goodwill of $390,640,000, was allocated to the Retail, National Programs, Wholesale Brokerage and Services Divisions in the amounts of $57,856,000, $289,378,000, $11,656,000 and $31,750,000, respectively. Of the total goodwill of $390,640,000, $52,730,000 is currently deductible for income tax purposes and $316,431,000 is non-deductible. The remaining $21,479,000 relates to the recorded earn-out payables and will not be deductible until it is earned and paid. | |||||||||||||||||||||||||||||||||
The results of operations for the acquisitions completed during 2012 have been combined with those of the Company since their respective acquisition dates. The total revenues and income before income taxes from the acquisitions completed through December 31, 2012, included in the Condensed Consolidated Statement of Income for the twelve months ended December 31, 2012, were $129,472,000 and $898,000, respectively. If the acquisitions had occurred as of the beginning of the period, the Company’s results of operations would be as shown in the following table. These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods. | |||||||||||||||||||||||||||||||||
(UNAUDITED) | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2012 | 2011 | |||||||||||||||||||||||||||||||
Total revenues | $ | 1,230,408 | $ | 1,163,341 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 315,051 | $ | 313,706 | |||||||||||||||||||||||||||||
Net income | $ | 190,228 | $ | 190,174 | |||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.33 | $ | 1.33 | |||||||||||||||||||||||||||||
Diluted | $ | 1.3 | $ | 1.31 | |||||||||||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 139,364 | 138,582 | |||||||||||||||||||||||||||||||
Diluted | 142,010 | 140,264 | |||||||||||||||||||||||||||||||
Acquisitions in 2011 | |||||||||||||||||||||||||||||||||
During 2011, Brown & Brown acquired the assets and assumed certain liabilities of 37 insurance intermediaries, all of the stock of one insurance intermediary and several books of business (customer accounts). The aggregate purchase price of these acquisitions was $214,822,000, including $167,444,000 of cash payments, the issuance of $1,194,000 in notes payable, the assumption of $15,659,000 of liabilities and $30,525,000 of recorded earn-out payables. All of these acquisitions were acquired primarily to expand Brown & Brown’s core businesses and to attract high-quality personnel. Acquisition purchase prices are typically based on a multiple of average annual operating profit earned over a one-to three-year period within a minimum and maximum price range. The recorded purchase price for all acquisitions consummated after January 1, 2009 included an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the consolidated statement of income when incurred. | |||||||||||||||||||||||||||||||||
The fair value of earn-out obligations is based 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. | |||||||||||||||||||||||||||||||||
The acquisitions made in 2011 have been accounted for as business combinations and are as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Name | Business | 2011 | Cash | Note | Recorded | Net Assets | Maximum | ||||||||||||||||||||||||||
Segment | Date of | Paid | Payable | Earn-out | Acquired | Potential | |||||||||||||||||||||||||||
Acquisition | Payable | Earn-out | |||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||||
Balcos Insurance, Inc. | Retail | 1-Jan | $ | 8,611 | $ | — | $ | 1,595 | $ | 10,206 | $ | 5,766 | |||||||||||||||||||||
Associated Insurance Service, Inc. et al. | Retail | 1-Jan | 12,000 | — | 1,575 | 13,575 | 6,000 | ||||||||||||||||||||||||||
United Benefit Services Insurance Agency LLC et al. | Retail | February 1 | 14,283 | — | 2,590 | 16,873 | 8,442 | ||||||||||||||||||||||||||
First Horizon Insurance Group, Inc. et al. | Retail | 30-Apr | 25,060 | — | — | 25,060 | — | ||||||||||||||||||||||||||
Fitzharris Agency, Inc. et al. | Retail | 1-May | 6,159 | — | 888 | 7,047 | 3,832 | ||||||||||||||||||||||||||
Corporate Benefit Consultants, LLC | Retail | 1-Jun | 9,000 | — | 2,038 | 11,038 | 4,520 | ||||||||||||||||||||||||||
Sitzmann, Morris & Lavis Insurance Agency, Inc. et al. | Retail | November 1 | 40,460 | — | 6,228 | 46,688 | 19,000 | ||||||||||||||||||||||||||
Snapper Shuler Kenner, Inc. et al. | Retail | 1-Nov | 7,493 | — | 1,318 | 8,811 | 3,988 | ||||||||||||||||||||||||||
Industry Consulting Group, Inc. | National Programs | 1-Nov | 9,133 | — | 3,877 | 13,010 | 5,794 | ||||||||||||||||||||||||||
Colonial Claims Corporation et al. | Services | December 23 | 9,950 | — | 4,248 | 14,198 | 8,000 | ||||||||||||||||||||||||||
Other | Various | Various | 25,295 | 1,194 | 6,168 | 32,657 | 12,865 | ||||||||||||||||||||||||||
Total | $ | 167,444 | $ | 1,194 | $ | 30,525 | $ | 199,163 | $ | 78,207 | |||||||||||||||||||||||
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||||||||||
(in thousands) | Balcos | AIS | United | FHI | FA | CBC | |||||||||||||||||||||||||||
Cash | $ | — | $ | — | $ | — | $ | 5,170 | $ | — | $ | — | |||||||||||||||||||||
Other current assets | 187 | 252 | 438 | 1,640 | 77 | 227 | |||||||||||||||||||||||||||
Fixed assets | 20 | 100 | 20 | 134 | 60 | 6 | |||||||||||||||||||||||||||
Goodwill | 6,486 | 9,055 | 10,049 | 15,254 | 7,244 | 6,738 | |||||||||||||||||||||||||||
Purchased customer accounts | 3,530 | 4,086 | 7,045 | 8,088 | 3,351 | 4,046 | |||||||||||||||||||||||||||
Non-compete agreements | 42 | 92 | 45 | 10 | 21 | 21 | |||||||||||||||||||||||||||
Other assets | — | — | 4 | 9 | — | — | |||||||||||||||||||||||||||
Total assets acquired | 10,265 | 13,585 | 17,601 | 30,305 | 10,753 | 11,038 | |||||||||||||||||||||||||||
Other current liabilities | (59 | ) | (10 | ) | (728 | ) | (3,790 | ) | (3,706 | ) | — | ||||||||||||||||||||||
Deferred income taxes, net | — | — | — | (1,455 | ) | — | — | ||||||||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total liabilities assumed | (59 | ) | (10 | ) | (728 | ) | (5,245 | ) | (3,706 | ) | — | ||||||||||||||||||||||
Net assets acquired | $ | 10,206 | $ | 13,575 | $ | 16,873 | $ | 25,060 | $ | 7,047 | $ | 11,038 | |||||||||||||||||||||
(in thousands) | SML | SSK | ICG | CC | Other | Total | |||||||||||||||||||||||||||
Cash | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,170 | |||||||||||||||||||||
Other current assets | 1,372 | 247 | 336 | — | 1,059 | 5,835 | |||||||||||||||||||||||||||
Fixed assets | 465 | 45 | 100 | 60 | 65 | 1,075 | |||||||||||||||||||||||||||
Goodwill | 31,601 | 5,818 | 9,564 | 8,070 | 18,465 | 128,344 | |||||||||||||||||||||||||||
Purchased customer accounts | 13,995 | 2,726 | 7,161 | 6,094 | 13,746 | 73,868 | |||||||||||||||||||||||||||
Non-compete agreements | 42 | 12 | 11 | 23 | 187 | 506 | |||||||||||||||||||||||||||
Other assets | 4 | — | 5 | — | 2 | 24 | |||||||||||||||||||||||||||
Total assets acquired | 47,479 | 8,848 | 17,177 | 14,247 | 33,524 | 214,822 | |||||||||||||||||||||||||||
Other current liabilities | (791 | ) | (37 | ) | (1,096 | ) | (49 | ) | (867 | ) | (11,133 | ) | |||||||||||||||||||||
Deferred income taxes, net | — | — | — | — | — | (1,455 | ) | ||||||||||||||||||||||||||
Other liabilities | — | — | (3,071 | ) | — | — | (3,071 | ) | |||||||||||||||||||||||||
Total liabilities assumed | (791 | ) | (37 | ) | (4,167 | ) | (49 | ) | (867 | ) | (15,659 | ) | |||||||||||||||||||||
Net assets acquired | $ | 46,688 | $ | 8,811 | $ | 13,010 | $ | 14,198 | $ | 32,657 | $ | 199,163 | |||||||||||||||||||||
The weighted average useful lives for the above acquired amortizable intangible assets are as follows: purchased customer accounts, 15.0 years; noncompete agreements, 5.0 years. | |||||||||||||||||||||||||||||||||
Goodwill of $128,344,000, was assigned to the Retail, National Programs and Services Divisions in the amounts of $108,420,000, $11,853,000 and $8,071,000, respectively. Of the total goodwill of $128,344,000, $84,105,000 is currently deductible for income tax purposes and $13,714,000 is non-deductible. The remaining $30,525,000 relates to the recorded acquisition earn-out payables and will not be deductible until it is earned and paid. | |||||||||||||||||||||||||||||||||
The results of operations for the acquisitions completed during 2011 have been combined with those of the Company since their respective acquisition dates. The total revenues and income before income taxes from the acquisitions completed through December 31, 2011 included in the Condensed Consolidated Statement of Income for the twelve months ended December 31, 2011 were $40,291,000 and $7,223,000, respectively. If the acquisitions had occurred as of the beginning of the comparable prior annual reporting period, 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) | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2011 | 2010 | |||||||||||||||||||||||||||||||
Total revenues | $ | 1,058,142 | $ | 1,059,857 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 283,404 | $ | 291,944 | |||||||||||||||||||||||||||||
Net income | $ | 171,805 | $ | 177,464 | |||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.2 | $ | 1.25 | |||||||||||||||||||||||||||||
Diluted | $ | 1.19 | $ | 1.23 | |||||||||||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 138,582 | 137,924 | |||||||||||||||||||||||||||||||
Diluted | 140,264 | 139,318 | |||||||||||||||||||||||||||||||
For acquisitions consummated prior to January 1, 2009, additional consideration paid to sellers as a result of purchase price earn-out provisions are recorded as adjustments to intangible assets when the contingencies are settled. The net additional consideration paid by the Company in 2013 as a result of these adjustments totaled $873,000, all of which was allocated to goodwill. Of the $873,000 net additional consideration paid, $873,000 was issued in other payables. The net additional consideration paid by the Company in 2012 as a result of these adjustments totaled $2,907,000, all of which was allocated to goodwill. Of the $2,907,000 net additional consideration paid, $2,907,000 was paid in cash. | |||||||||||||||||||||||||||||||||
As of December 31, 2013, the maximum future contingency payments related to all acquisitions totaled $130,584,000, all of which relates to acquisitions consummated subsequent to January 1, 2009. | |||||||||||||||||||||||||||||||||
ASC Topic 805—Business Combinations is the authoritative guidance requiring an acquirer to recognize 100% of the fair values of acquired assets, including goodwill, and assumed liabilities (with only limited exceptions) upon initially obtaining control of an acquired entity. Additionally, the fair value of contingent consideration arrangements (such as earn-out purchase arrangements) at the acquisition date must be included in the purchase price consideration. As a result, the recorded purchase prices for all acquisitions consummated after January 1, 2009 include an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in these earn-out obligations will be recorded in the consolidated statement of income when incurred. Potential earn-out obligations are typically based upon future earnings of the acquired entities, usually between one and three years. | |||||||||||||||||||||||||||||||||
As of December 31, 2013, 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). The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the years ended December 31, were as follows: | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Balance as of the beginning of the period | $ | 52,987 | $ | 47,715 | $ | 29,608 | |||||||||||||||||||||||||||
Additions to estimated acquisition earn-out payables | 5,816 | 21,479 | 30,525 | ||||||||||||||||||||||||||||||
Payments for estimated acquisition earn-out payables | (18,278 | ) | (17,625 | ) | (10,212 | ) | |||||||||||||||||||||||||||
Subtotal | 40,525 | 51,569 | 49,921 | ||||||||||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables: | |||||||||||||||||||||||||||||||||
Change in fair value on estimated acquisition earn-out payables | 570 | (1,051 | ) | (4,043 | ) | ||||||||||||||||||||||||||||
Interest expense accretion | 1,963 | 2,469 | 1,837 | ||||||||||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables | 2,533 | 1,418 | (2,206 | ) | |||||||||||||||||||||||||||||
Balance as of December 31 | $ | 43,058 | $ | 52,987 | $ | 47,715 | |||||||||||||||||||||||||||
Of the $43,058,000 estimated acquisition earn-out payables as of December 31, 2013, $6,312,000 was recorded as accounts payable and $36,746,000 was recorded as other non-current liabilities. Of the $52,987,000 in estimated acquisition earn-out payables as of December 31, 2012, $10,164,000 was recorded as accounts payable and $42,823,000 was recorded as other non-current liabilities. |
Goodwill
Goodwill | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||
NOTE 3 Goodwill | |||||||||||||||||||||
The changes in the carrying value of goodwill by reportable segment for the years ended December 31, are as follows: | |||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Service | Total | ||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||
Balance as of January 1, 2012 | $ | 823,573 | $ | 149,802 | $ | 273,783 | $ | 76,311 | $ | 1,323,469 | |||||||||||
Goodwill of acquired businesses | 58,148 | 289,378 | 14,271 | 31,750 | 393,547 | ||||||||||||||||
Goodwill disposed of relating to sales of businesses | (5,502 | ) | — | — | — | (5,502 | ) | ||||||||||||||
Balance as of December 31, 2012 | 876,219 | 439,180 | 288,054 | 108,061 | 1,711,514 | ||||||||||||||||
Goodwill of acquired businesses | 257,196 | 27,964 | (812 | ) | 12,469 | 296,817 | |||||||||||||||
Goodwill disposed of relating to sales of businesses | (2,158 | ) | — | — | — | (2,158 | ) | ||||||||||||||
Balance as of December 31, 2013 | $ | 1,131,257 | $ | 467,144 | $ | 287,242 | $ | 120,530 | $ | 2,006,173 | |||||||||||
Amortizable_Intangible_Assets
Amortizable Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||||||||
NOTE 4 Amortizable Intangible Assets | |||||||||||||||||||||||||||||||||
Amortizable intangible assets at December 31 consisted of the following: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||||||
Carrying | Amortization | Carrying | Average | Carrying | Amortization | Carrying | Average | ||||||||||||||||||||||||||
Value | Value | Life | Value | Value | Life | ||||||||||||||||||||||||||||
(years) | (years) | ||||||||||||||||||||||||||||||||
Purchased customer accounts | $ | 1,120,719 | $ | (505,137 | ) | $ | 615,582 | 14.9 | $ | 1,005,031 | $ | (439,623 | ) | $ | 565,408 | 14.9 | |||||||||||||||||
Non-compete agreements | 28,115 | (24,809 | ) | 3,306 | 7 | 25,320 | (24,190 | ) | 1,130 | 7.2 | |||||||||||||||||||||||
Total | $ | 1,148,834 | $ | (529,946 | ) | $ | 618,888 | $ | 1,030,351 | $ | (463,813 | ) | $ | 566,538 | |||||||||||||||||||
Amortization expense recorded for amortizable intangible assets for the years ended December 31, 2013, 2012 and 2011 was $67,932,000, $63,573,000 and $54,755,000, respectively. | |||||||||||||||||||||||||||||||||
Amortization expense for amortizable intangible assets for the years ending December 31, 2014, 2015, 2016, 2017 and 2018 is estimated to be $71,306,000, $70,017,000, $65,479,000, $62,767,000, and $57,442,000, respectively. |
Investments
Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
NOTE 5 Investments | |||||||||||||||||
Investments at December 31 consisted of the following: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying Value | Carrying Value | ||||||||||||||||
(in thousands) | Current | Non- | Current | Non- | |||||||||||||
Current | Current | ||||||||||||||||
Certificates of deposit and other securities | $ | 10,624 | $ | 16 | $ | 8,183 | $ | 16 | |||||||||
The following table summarizes the proceeds and realized gains/(losses) on equity securities and certificates of deposit for the years ended December 31: | |||||||||||||||||
(in thousands) | Proceeds | Gross | Gross | ||||||||||||||
Realized | Realized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
2013 | $ | 15,662 | $ | — | $ | — | |||||||||||
2012 | $ | 10,654 | $ | 13 | $ | — | |||||||||||
2011 | $ | 12,950 | $ | 124 | $ | — |
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Fixed Assets | ' | ||||||||
NOTE 6 Fixed Assets | |||||||||
Fixed assets at December 31 consisted of the following: | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Furniture, fixtures and equipment | $ | 149,170 | $ | 141,844 | |||||
Leasehold improvements | 21,231 | 18,889 | |||||||
Land, buildings and improvements | 3,815 | 3,902 | |||||||
Total cost | 174,216 | 164,635 | |||||||
Less accumulated depreciation and amortization | (99,483 | ) | (90,298 | ) | |||||
Total | $ | 74,733 | $ | 74,337 | |||||
Depreciation and amortization expense for fixed assets amounted to $17,485,000 in 2013, $15,373,000 in 2012, and $12,392,000 in 2011. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Accrued Expenses and Other Liabilities | ' | ||||||||
NOTE 7 Accrued Expenses and Other Liabilities | |||||||||
Accrued expenses and other liabilities at December 31 consisted of the following: | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Accrued bonuses | $ | 70,272 | $ | 12,668 | |||||
Accrued compensation and benefits | 35,145 | 19,943 | |||||||
Accrued rent and vendor expenses | 19,235 | 16,972 | |||||||
Reserve for policy cancellations | 8,010 | 7,174 | |||||||
Accrued interest | 3,324 | 3,295 | |||||||
Other | 21,414 | 19,541 | |||||||
Total | $ | 157,400 | $ | 79,593 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
NOTE 8 Long-Term Debt | |||||||||
Long-term debt at December 31 consisted of the following: | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Unsecured Senior Notes | $ | 480,000 | $ | 450,000 | |||||
Acquisition notes payable | — | 93 | |||||||
Revolving credit facility | — | — | |||||||
Total debt | 480,000 | 450,093 | |||||||
Less current portion | (100,000 | ) | (93 | ) | |||||
Long-term debt | $ | 380,000 | $ | 450,000 | |||||
In July 2004, the Company completed a private placement of $200.0 million of unsecured senior notes (the “Notes”). The $200.0 million was divided into two series: (1) Series A, which closed on September 15, 2004, for $100.0 million due in 2011 and bore interest at 5.57% per year; and (2) Series B, which closed on July 15, 2004, for $100.0 million due in 2014 and bearing interest at 6.08% per year. The Company has used the proceeds from the Notes for general corporate purposes, including acquisitions and repayment of existing debt. On September 15, 2011, the $100.0 million of Series A Notes were redeemed on their normal maturity date. As of December 31, 2013 and December 31, 2012, there was an outstanding balance on the Notes of $100.0 million. | |||||||||
On December 22, 2006, the Company entered into a Master Shelf and Note Purchase Agreement (the “Master Agreement”) with a national insurance company (the “Purchaser”). On September 30, 2009, the Company and the Purchaser amended the Master Agreement to extend the term of the agreement until August 20, 2012. The Purchaser also purchased Notes issued by the Company in 2004. The Master Agreement provides for a $200.0 million private uncommitted “shelf” facility for the issuance of senior unsecured notes over a three-year period, with interest rates that may be fixed or floating and with such maturity dates, not to exceed ten years, as the parties may determine. The Master Agreement includes various covenants, limitations and events of default similar to the Notes issued in 2004. The initial issuance of notes under the Master Agreement occurred on December 22, 2006, through the issuance of $25.0 million in Series C Senior Notes due December 22, 2016, with a fixed interest rate of 5.66% per year. On February 1, 2008, $25.0 million in Series D Senior Notes due January 15, 2015, with a fixed interest rate of 5.37% per year, were issued. On September 15, 2011, and pursuant to a Confirmation of Acceptance, dated January 21, 2011 (the “Confirmation”), in connection with the Master Agreement, $100.0 million in Series E Senior Notes due September 15, 2018, with a fixed interest rate of 4.50% per year, were issued. The Series E Senior Notes were issued for the sole purpose of retiring the Series A Senior Notes. As of December 31, 2013 and December 31, 2012, there was an outstanding debt balance of $150.0 million attributable to notes issued under the provisions of the Master Agreement. The Master Agreement expired on September 30, 2012 and was not extended. | |||||||||
On October 12, 2012, the Company entered into a Master Note Facility Agreement (the “New Master Agreement”) with another national insurance company (the “New Purchaser”). The New Purchaser also purchased Notes issued by us in 2004. The New Master Agreement provides for a $125.0 million private uncommitted “shelf” facility for the issuance of unsecured senior notes over a three-year period, with interest rates that may be fixed or floating and with such maturity dates, not to exceed ten years, as the parties may determine. The New Master Agreement includes various covenants, limitations and events of default similar to the Master Agreement. At December 31, 2013 and December 31, 2012, there were no borrowings against this facility. | |||||||||
On June 12, 2008, the Company entered into an Amended and Restated Revolving Loan Agreement dated as of June 3, 2008 (the “Prior Loan Agreement”), with a national banking institution, amending and restating the Revolving Loan Agreement dated September 29, 2003, as amended (the “Revolving Agreement”), to, among other things, increase the lending commitment to $50.0 million (subject to potential increases up to $100.0 million) and to extend the maturity date from December 20, 2011, to June 3, 2013. The Revolving Agreement initially provided for a revolving credit facility in the maximum principal amount of $75.0 million. After a series of amendments that provided covenant exceptions for additional notes issued or to be issued under the Master Agreement and relaxed or deleted certain other covenants, the maximum principal amount was reduced to $20.0 million. The Revolving Agreement was amended and restated by the SunTrust Revolver (as defined in the below paragraph). | |||||||||
On January 9, 2012, the Company entered into: (1) an amended and restated revolving and term loan credit agreement (the “SunTrust Agreement”) with SunTrust Bank (“SunTrust”) that provides for (a) a $100.0 million term loan (the “SunTrust Term Loan”) and (b) a $50.0 million revolving line of credit (the “SunTrust Revolver”) and (2) a $50.0 million promissory note (the “JPM Note”) in favor of JPMorgan Chase Bank, N.A. (“JPMorgan”), pursuant to a letter agreement executed by JP Morgan (together with the JPM Note, (the “JPM Agreement”) that provided for a $50.0 million uncommitted line of credit bridge facility (the “JPM Bridge Facility”). The SunTrust Term Loan, the SunTrust Revolver and the JPM Bridge Facility were each funded on January 9, 2012, and provided the financing for the Arrowhead acquisition. The SunTrust Agreement amended and restated the Prior Loan Agreement. | |||||||||
The maturity date for the SunTrust Term Loan and the SunTrust Revolver is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. Both the SunTrust Term Loan and the SunTrust Revolver may be increased by up to $50.0 million (bringing the total available to $150.0 million for the SunTrust Term Loan and $100.0 million for the SunTrust Revolver). The calculation of interest and fees for the SunTrust Agreement is generally based on the Company’s funded debt-to-EBITDA ratio. Interest is charged at a rate equal to 1.00% to 1.40% above LIBOR or 1.00% below the Base Rate, each as more fully described in the SunTrust Agreement. Fees include an up-front fee, an availability fee of 0.175% to 0.25%, and a letter of credit margin fee of 1.00% to 1.40%. The obligations under the SunTrust Term Loan and SunTrust Revolver are unsecured and the SunTrust Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers and that are substantially similar to those contained in the Prior Loan Agreement. | |||||||||
The maturity date for the JPM Bridge Facility was February 3, 2012, at which time all outstanding principal and unpaid interest would have been due. On January 26, 2012, the Company entered into a term loan agreement (the “JPM Agreement”) with JPMorgan that provided for a $100.0 million term loan (the “JPM Term Loan”). The JPM Term Loan was fully funded on January 26, 2012, and provided the financing to fully repay (1) the JPM Bridge Facility and (2) the SunTrust Revolver. As a result of the January 26, 2012 financing and repayments, the JPM Bridge Facility was terminated and the SunTrust Revolver’s amount outstanding was reduced to zero. At December 31, 2013 and December 31, 2012, there were no borrowings against the SunTrust Revolver. | |||||||||
The maturity date for the JPM Term Loan is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. Interest is charged at a rate equal to the Alternative Base Rate or 1.00% above the Adjusted LIBOR Rate, each as more fully described in the JPM Agreement. Fees include an up-front fee. The obligations under the JPM Term Loan are unsecured and the JPM Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers. | |||||||||
On July 1, 2013, in conjunction with the acquisition of Beecher Carlson Holdings, Inc., the Company entered into: (1) a revolving loan agreement (the “Wells Fargo Agreement”) with Wells Fargo Bank, N.A. that provides for a $50.0 million revolving line of credit (the “Wells Fargo Revolver”) and (2) a term loan agreement (the “Bank of America Agreement”) with Bank of America, N.A. (“Bank of America”) that provides for a $30.0 million term loan (the “Bank of America Term Loan”). | |||||||||
The maturity date for the Wells Fargo Revolver is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. The Wells Fargo Revolver may be increased by up to $50.0 million (bringing the total available to $100.0 million). The calculation of interest and fees for the Wells Fargo Agreement is generally based on our funded debt-to-EBITDA ratio. Interest is charged at a rate equal to 1.00% to 1.40% above LIBOR or 1.00% below the Base Rate, each as more fully described in the Wells Fargo Agreement. Fees include an up-front fee, an availability fee of 0.175% to 0.25%, and a letter of credit margin fee of 1.00% to 1.40%. The obligations under the Wells Fargo Revolver are unsecured and the Wells Fargo Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers. The Wells Fargo Revolver was drawn down in the amount of $30.0 million on July 1, 2013. There were no borrowings against the Wells Fargo Revolver as of December 31, 2013. | |||||||||
The maturity date for the Bank of America Term Loan is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. The calculation of interest for the Bank of America Agreement is generally based on our fixed charge coverage ratio. Interest is charged at a rate equal to the Alternative Base Rate or 1.00% to 1.40% above the Adjusted LIBOR Rate, each as more fully described in the Bank of America Agreement. Fees include an up-front fee. Initially, until Bank of America received our September 30, 2013 quarter end financial statements, the applicable margin for Adjusted LIBOR Rate advances was 1.50%. The obligations under the Bank of America Term Loan are unsecured and the Bank of America Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers. The Bank of America Term Loan was funded in the amount of $30.0 million on July 1, 2013. As of December 31, 2013 there was an outstanding balance of $30.0 million. | |||||||||
The 30-day LIBOR and Adjusted LIBOR Rate as of December 31, 2013 were 0.16% and 0.19%, respectively. | |||||||||
The Notes, the Master Agreement, the SunTrust Agreement and the JPM Agreement require the Company to maintain certain financial ratios and comply with certain other covenants. The Company was in compliance with all such covenants as of December 31, 2013 and 2012. | |||||||||
Acquisition notes payable represent debt incurred to former owners of certain insurance operations acquired by Brown & Brown. These notes and future contingent payments were payable in monthly, quarterly and annual installments through July 2013. | |||||||||
Interest paid in 2013, 2012 and 2011 was $16,501,000, $16,090,000 and $15,571,000, respectively. | |||||||||
At December 31, 2013, maturities of long-term debt were $100,000,000 in 2014, $25,000,000 in 2015, $255,000,000 in 2016, $0 in 2017 and $100,000,000 in 2018. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 9 Income Taxes | |||||||||||||
Significant components of the provision for income taxes for the years ended December 31 are as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 94,007 | $ | 75,522 | $ | 65,461 | |||||||
State | 13,438 | 11,852 | 10,084 | ||||||||||
Foreign | 805 | 669 | 638 | ||||||||||
Total current provision | 108,250 | 88,043 | 76,183 | ||||||||||
Deferred: | |||||||||||||
Federal | 28,469 | 27,348 | 27,212 | ||||||||||
State | 3,723 | 5,375 | 3,131 | ||||||||||
Foreign | 55 | — | — | ||||||||||
Total deferred provision | 32,247 | 32,723 | 30,343 | ||||||||||
Total tax provision | $ | 140,497 | $ | 120,766 | $ | 106,526 | |||||||
A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 3.5 | 4.3 | 3.5 | ||||||||||
Non-deductible employee stock purchase plan expense | 0.3 | 0.3 | 0.3 | ||||||||||
Non-deductible meals and entertainment | 0.3 | 0.3 | 0.3 | ||||||||||
Other, net | 0.2 | (0.3 | ) | 0.3 | |||||||||
Effective tax rate | 39.3 | % | 39.6 | % | 39.4 | % | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for income tax reporting purposes. | |||||||||||||
Significant components of Brown & Brown’s current deferred tax assets as of December 31 are as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Current deferred tax assets: | |||||||||||||
Deferred profit-sharing contingent commissions | $ | 9,713 | $ | 9,490 | |||||||||
Net operating loss carryforwards | 8,408 | 5,786 | |||||||||||
Accruals and reserves | 11,155 | 9,132 | |||||||||||
Total current deferred tax assets | $ | 29,276 | $ | 24,408 | |||||||||
Significant components of Brown & Brown’s non-current deferred tax liabilities and assets as of December 31 are as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Non-current deferred tax liabilities: | |||||||||||||
Fixed assets | $ | 11,651 | $ | 12,427 | |||||||||
Intangible assets | 306,009 | 245,020 | |||||||||||
Total non-current deferred tax liabilities | 317,660 | 257,447 | |||||||||||
Non-current deferred tax assets: | |||||||||||||
Deferred compensation | 22,598 | 13,576 | |||||||||||
Net operating loss carryforwards | 3,843 | 6,658 | |||||||||||
Valuation allowance for deferred tax assets | (485 | ) | (417 | ) | |||||||||
Total non-current deferred tax assets | 25,956 | 19,817 | |||||||||||
Net non-current deferred tax liability | $ | 291,704 | $ | 237,630 | |||||||||
Income taxes paid in 2013, 2012 and 2011 were $110,191,000, $80,622,000, and $75,403,000, respectively. | |||||||||||||
At December 31, 2013, Brown & Brown had net operating loss carryforwards of $22,135,000 and $94,561,000 for federal and state income tax reporting purposes, respectively, portions of which expire in the years 2014 through 2033. The federal carryforward is derived from insurance operations acquired by Brown & Brown in 2001 and 2013. The majority of the federal net operating loss carryforward resulted from the 2013 stock acquisition of Beecher Carlson Holdings, Inc. The state carryforward amount is derived from the operating results of certain subsidiaries and from the 2012 and 2013 stock acquisitions of Arrowhead General Insurance Agency Superholding Corp and Beecher Carlson Holdings, Inc. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits balance at January 1 | $ | 294 | $ | 806 | $ | 656 | |||||||
Gross increases for tax positions of prior years | 232 | 222 | 257 | ||||||||||
Gross decreases for tax positions of prior years | — | (409 | ) | — | |||||||||
Settlements | (135 | ) | (325 | ) | (107 | ) | |||||||
Unrecognized tax benefits balance at December 31 | $ | 391 | $ | 294 | $ | 806 | |||||||
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2013 and 2012, the Company had approximately $121,000 and $79,000 of accrued interest and penalties related to uncertain tax positions, respectively. | |||||||||||||
The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized was $391,000 as of December 31, 2013 and $294,000 as of December 31, 2012. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. | |||||||||||||
As a result of a 2006 Internal Revenue Service (“IRS”) audit, the Company agreed to accrue at each December 31, for tax purposes only, a known amount of profit-sharing contingent commissions represented by the actual amount of profit-sharing contingent commissions received in the first quarter of the related year, with a true-up adjustment to the actual amount received by the end of the following March. Since this method for tax purposes differs from the method used for book purposes, it will result in a current deferred tax asset as of December 31 each year which will reverse by the following March 31 when the related profit-sharing contingent commissions are recognized for financial accounting purposes. | |||||||||||||
The Company is subject to taxation in the United States and various state jurisdictions. The Company is also subject to taxation in the United Kingdom. In the United States, federal returns for fiscal years 2011 through 2013 remain open and subject to examination by the Internal Revenue Service. The Company files and remits state income taxes in various states where the Company has determined it is required to file state income taxes. The Company’s filings with those states remain open for audit for the fiscal years 2008 through 2013. In the United Kingdom, the Company’s filings remain open for audit for the fiscal years 2012 and 2013. | |||||||||||||
The Company’s wholly owned subsidiary, Arrowhead General Insurance Agency Superholding Corp, is currently undergoing an Internal Revenue Service review of its federal corporate income tax filings for the tax years ended December 31, 2010, December 31, 2011 and the short period ended January 9, 2012. The Company’s 2008 through 2011 State of Colorado tax returns are currently under audit. In addition the Company has been notified by the State of Oregon regarding audits of all Oregon state tax returns for the period 2009 through 2012. Additionally, the Company has been notified by the State of Michigan regarding a review and audit of state tax returns for the period 2009 through 2011. |
Employee_Savings_Plan
Employee Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Employee Savings Plan | ' |
NOTE 10 Employee Savings Plan | |
The Company has an Employee Savings Plan (401(k)) in which substantially all employees with more than 30 days of service are eligible to participate. Under this plan, Brown & Brown makes matching contributions, of up to 2.5% of each participant’s annual compensation. Further, the Plan authorizes the Company to make a discretionary profit-sharing contribution each year, which equaled 1.5% of each eligible employee’s compensation in each of the past three years. The Company’s contributions to the plan totaled $14,819,000 in 2013, $14,266,000 in 2012, and $11,866,000 in 2011. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
NOTE 11 Stock-Based Compensation | |||||||||||||||||||||
Performance Stock Plan | |||||||||||||||||||||
In 1996, Brown & Brown adopted and the shareholders approved a performance stock plan, under which until the suspension of the plan in 2010, up to 14,400,000 Performance Stock Plan (“PSP”) shares could be granted to key employees contingent on the employees’ future years of service with Brown & Brown and other performance-based criteria established by the Compensation Committee of the Company’s Board of Directors. Before participants may take full title to Performance Stock, two vesting conditions must be met. Of the grants currently outstanding, specified portions will satisfy the first condition for vesting based on 20% incremental increases in the 20-trading-day average stock price of Brown & Brown’s common stock from the price on the business day prior to date of grant. Performance Stock that has satisfied the first vesting condition is considered “awarded shares.” Awarded shares are included as issued and outstanding common stock shares and are included in the calculation of basic and diluted EPS. Dividends are paid on awarded shares and participants may exercise voting privileges on such shares. Awarded shares satisfy the second condition for vesting on the earlier of a participant’s: (i) 15 years of continuous employment with Brown & Brown from the date shares are granted to the participants (or, in the case of the July 2009 grant to Powell Brown, 20 years); (ii) attainment of age 64 (on a prorated basis corresponding to the number of years since the date of grant); or (iii) death or disability. On April 28, 2010, the PSP was suspended and any remaining authorized but unissued shares, as well as any shares forfeited in the future, will be reserved for issuance under the 2010 Stock Incentive Plan (the “SIP”). | |||||||||||||||||||||
At December 31, 2013, 5,549,882 shares had been granted under the PSP. As of December 31, 2013, 75,435 shares had not met the first condition for vesting, 2,295,852 shares had met the first condition of vesting and had been awarded, and 3,178,595 shares had satisfied both conditions of vesting and had been distributed to participants. Of the shares that have not vested as of December 31, 2013, the initial stock prices ranged from $4.25 to $25.68. | |||||||||||||||||||||
The Company uses a path-dependent lattice model to estimate the fair value of PSP grants on the grant date. | |||||||||||||||||||||
A summary of PSP activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
Weighted- | Granted | Awarded | Shares Not | ||||||||||||||||||
Average | Shares | Shares | Yet | ||||||||||||||||||
Grant | Awarded | ||||||||||||||||||||
Date Fair | |||||||||||||||||||||
Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | $ | 7.32 | 5,791,854 | 3,391,519 | 2,400,335 | ||||||||||||||||
Granted | $ | — | — | — | — | ||||||||||||||||
Awarded | $ | 9.56 | — | 447,154 | (447,154 | ) | |||||||||||||||
Vested | $ | 6.01 | (106,490 | ) | (106,490 | ) | — | ||||||||||||||
Forfeited | $ | 9.48 | (753,552 | ) | (386,914 | ) | (366,638 | ) | |||||||||||||
Outstanding at December 31, 2011 | $ | 8.08 | 4,931,812 | 3,345,269 | 1,586,543 | ||||||||||||||||
Granted | $ | — | — | — | — | ||||||||||||||||
Awarded | $ | 8.09 | — | 7,743 | (7,743 | ) | |||||||||||||||
Vested | $ | 3.29 | (877,224 | ) | (877,224 | ) | — | ||||||||||||||
Forfeited | $ | 13.06 | (363,566 | ) | (81,283 | ) | (282,283 | ) | |||||||||||||
Outstanding at December 31, 2012 | $ | 8.72 | 3,691,022 | 2,394,505 | 1,296,517 | ||||||||||||||||
Granted | $ | — | — | — | — | ||||||||||||||||
Awarded | $ | 10.25 | — | 122,021 | (122,021 | ) | |||||||||||||||
Vested | $ | 4.01 | (119,364 | ) | (119,364 | ) | — | ||||||||||||||
Forfeited | $ | 8.73 | (1,200,371 | ) | (101,310 | ) | (1,099,061 | ) | |||||||||||||
Outstanding at December 31, 2013 | $ | 8.62 | 2,371,287 | 2,295,852 | 75,435 | ||||||||||||||||
The total fair value of PSP grants that vested during each of the years ended December 31, 2013, 2012 and 2011 was $3,729,000, $23,034,000 and $2,384,000, respectively. | |||||||||||||||||||||
Stock Incentive Plan | |||||||||||||||||||||
On April 28, 2010, the shareholders of Brown & Brown, Inc. approved the Stock Incentive Plan (“SIP”) that provides for the granting of stock options, stock and/or stock appreciation rights to employees and directors contingent on criteria established by the Compensation Committee of the Company’s Board of Directors. The principal purpose of the SIP is to attract, incentivize and retain key employees by offering those persons an opportunity to acquire or increase a direct proprietary interest in the Company’s operations and future success. The SIP includes a sub-plan applicable to Decus Insurance Brokers Limited (“Decus”) which, together with its parent company, Decus Holdings (U.K.) Limited, are the Company’s only foreign subsidiaries. The shares of stock reserved for issuance under the SIP are any shares that are authorized for issuance under the PSP and not already subject to grants under the PSP, and that were outstanding as of April 28, 2010, the date of suspension of the PSP, together with PSP shares and SIP shares forfeited after that date. As of April 28, 2010, 6,046,768 shares were available for issuance under the PSP, which were then transferred to the SIP. To date stock grants to employees under the SIP generally vest in four-to-ten years, subject to the achievement of certain performance criteria by grantees, and the achievement of consolidated EPS growth at certain levels by the Company, over three-to-five-year measurement periods. | |||||||||||||||||||||
In 2010, 187,040 shares were granted under the SIP. This grant was conditioned upon the surrender of 187,040 shares previously granted under the PSP in 2009, which were accordingly treated as forfeited PSP shares. The vesting conditions of this grant were identical to those provided for in connection with the 2009 PSP grant; thus the target stock prices and the periods associated with satisfaction of the first and second conditions of vesting were unchanged. Additionally, grants totaling 5,205 shares were made in 2010 to Decus employees under the SIP sub-plan applicable to Decus. | |||||||||||||||||||||
In 2011, 2,375,892 shares were granted under the SIP. Of this total, 24,670 shares were granted to Decus employees under the SIP sub-plan applicable to Decus. As of December 31, 2012, 37,408 of the granted shares had satisfied the first condition of vesting and had been “awarded”, meaning that dividends are paid on awarded shares and participants may exercise voting privileges on such shares. | |||||||||||||||||||||
In 2012, 814,545 shares were granted under the SIP, primarily related to the Arrowhead acquisition. As of December 31, 2012, no shares had met the first condition for vesting. | |||||||||||||||||||||
In 2013, 3,719,974 shares were granted under the SIP. Of the shares granted in 2013, 891,399 shares will vest upon the grantees’ completion of between three and seven years of service with the Company, and because grantees have the right to vote the shares and receive dividends immediately after the date of grant these shares are considered awarded and outstanding under the two-class method. As of December 31, 2013, no shares had met the first condition for vesting. | |||||||||||||||||||||
Additionally, non-employee members of the Board of Directors received shares annually issued pursuant to the SIP as part of their annual compensation. A total of 36,919 SIP shares were issued to these directors in 2011 and 2012, of which 11,682 were issued in January 2011, 12,627 in January 2012, and 12,610 in December 2012. The shares issued in December 2012 were issued at that earlier time rather than in January 2013 pursuant to action of the Board of Directors. No additional shares were granted or issued to the non-employee members of the Board of Directors in 2013. | |||||||||||||||||||||
At December 31, 2013, 2,207,098 shares were available for future grants, of which 318,134 are reserved for grants with PSP-type vesting conditions. | |||||||||||||||||||||
The Company uses the closing stock price on the day prior to the grant date to determine the fair value of SIP grants and then applies an estimated forfeiture factor to estimate the annual expense. Additionally, the Company uses the path-dependent lattice model to estimate the fair value of grants with PSP-type vesting conditions as of the grant date. SIP shares that satisfied the first vesting condition for PSP-like grants or the established performance criteria are considered awarded shares. Awarded shares are included as issued and outstanding common stock shares and are included in the calculation of basic and diluted EPS. | |||||||||||||||||||||
A summary of SIP activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
Weighted- | Granted | Awarded | Shares Not | ||||||||||||||||||
Average | Shares | Shares | Yet | ||||||||||||||||||
Grant | Awarded | ||||||||||||||||||||
Date Fair | |||||||||||||||||||||
Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | $ | 12.62 | 192,245 | 38,449 | 153,796 | ||||||||||||||||
Granted | $ | 23.94 | 2,375,892 | — | 2,375,892 | ||||||||||||||||
Awarded | $ | 11.41 | — | (1,041 | ) | 1,041 | |||||||||||||||
Vested | $ | — | — | — | — | ||||||||||||||||
Forfeited | $ | 23.94 | (90,080 | ) | — | (90,080 | ) | ||||||||||||||
Outstanding at December 31, 2011 | $ | 23.06 | 2,478,057 | 37,408 | 2,440,649 | ||||||||||||||||
Granted | $ | 22.59 | 814,545 | — | 814,545 | ||||||||||||||||
Awarded | $ | — | — | — | — | ||||||||||||||||
Vested | $ | — | — | — | — | ||||||||||||||||
Forfeited | $ | 23.62 | (135,291 | ) | — | (135,291 | ) | ||||||||||||||
Outstanding at December 31, 2012 | $ | 22.91 | 3,157,311 | 37,408 | 3,119,903 | ||||||||||||||||
Granted | $ | 31.95 | 3,719,974 | — | 3,719,974 | ||||||||||||||||
Awarded | $ | 30.71 | — | 966,215 | (966,215 | ) | |||||||||||||||
Vested | $ | — | — | — | — | ||||||||||||||||
Forfeited | $ | 23.88 | (271,184 | ) | (7,906 | ) | (263,278 | ) | |||||||||||||
Outstanding at December 31, 2013 | $ | 27.96 | 6,606,101 | 995,717 | 5,610,384 | ||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
The Company has a shareholder-approved Employee Stock Purchase Plan (“ESPP”) with a total of 12,000,000 authorized shares of which 1,246,838 were available for future subscriptions as of December 31, 2013. Employees of the Company who regularly work more than 20 hours per week are eligible to participate in the ESPP. Participants, through payroll deductions, may allot up to 10% of their compensation, to a maximum of $25,000, to purchase Company stock between August 1st of each year and the following July 31st (the “Subscription Period”) at a cost of 85% of the lower of the stock price as of the beginning or end of the Subscription Period. | |||||||||||||||||||||
The Company estimates the fair value of an ESPP share option as of the beginning of the Subscription Period as the sum of: (1) 15% of the quoted market price of the Company’s stock on the day prior to the beginning of the Subscription Period, and (2) 85% of the value of a one-year stock option on the Company stock using the Black-Scholes option-pricing model. The estimated fair value of an ESPP share option as of the Subscription Period beginning in August 2013 was $8.36. The fair values of an ESPP share option as of the Subscription Periods beginning in August 2012 and 2011, were $5.84 and $4.27, respectively. | |||||||||||||||||||||
For the ESPP plan years ended July 31, 2013, 2012 and 2011, the Company issued 487,672, 562,748 and 488,052 shares of common stock, respectively. These shares were issued at an aggregate purchase price of $10,456,000, or $21.44 per share, in 2013, $9,302,000, or $16.53 per share, in 2012, and $8,048,000, or $16.49 per share, in 2011. | |||||||||||||||||||||
For the five months ended December 31, 2013, 2012 and 2011 (portions of the 2013-2014, 2012-2013 and 2011-2012 plan years), 222,526, 246,164, and 230,481 shares of common stock (from authorized but unissued shares), respectively, were subscribed to by ESPP participants for proceeds of approximately $5,937,000, $5,278,000 and $3,810,000, respectively. | |||||||||||||||||||||
Incentive Stock Option Plan | |||||||||||||||||||||
On April 21, 2000, Brown & Brown adopted, and the shareholders approved, a qualified incentive stock option plan (the “ISOP”) that provides for the granting of stock options to certain key employees for up to 4,800,000 shares of common stock. On December 31, 2008, the ISOP expired. The objective of the ISOP was to provide additional performance incentives to grow Brown & Brown’s pre-tax income in excess of 15% annually. The options were granted at the most recent trading day’s closing market price and vest over a one-to-10-year period, with a potential acceleration of the vesting period to three-to-six years based upon achievement of certain performance goals. All of the options expire 10 years after the grant date. | |||||||||||||||||||||
The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options on the grant date. The risk-free interest rate is based upon the U.S. Treasury yield curve on the date of grant with a remaining term approximating the expected term of the option granted. The expected term of the options granted is derived from historical data; grantees are divided into two groups based upon expected exercise behavior and are considered separately for valuation purposes. The expected volatility is based upon the historical volatility of the Company’s common stock over the period of time equivalent to the expected term of the options granted. The dividend yield is based upon the Company’s best estimate of future dividend yield. | |||||||||||||||||||||
A summary of stock option activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
Stock Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||||||
Option | Exercise | Remaining | Value | ||||||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||||||
Term | |||||||||||||||||||||
(in years) | |||||||||||||||||||||
Outstanding at January 1, 2011 | 1,875,170 | $ | 17.53 | 5.4 | $ | 17,147 | |||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | (52,589 | ) | $ | 18.48 | |||||||||||||||||
Forfeited | (438,044 | ) | $ | 17.28 | |||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 31, 2011 | 1,384,537 | $ | 17.58 | 4.4 | $ | 14,587 | |||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | (645,745 | ) | $ | 16.64 | |||||||||||||||||
Forfeited | — | $ | — | ||||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 31, 2012 | 738,792 | $ | 18.39 | 4.9 | $ | 8,891 | |||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | (115,847 | ) | $ | 17.56 | |||||||||||||||||
Forfeited | — | $ | — | ||||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 31, 2013 | 622,945 | $ | 18.55 | 4.1 | $ | 7,289 | |||||||||||||||
Ending vested and expected to vest at December 31, 2013 | 622,945 | $ | 18.55 | 4.1 | $ | 7,289 | |||||||||||||||
Exercisable at December 31, 2013 | 422,945 | $ | 18.48 | 4.2 | $ | 5,460 | |||||||||||||||
Exercisable at December 31, 2012 | 162,792 | $ | 17.82 | 4 | $ | 1,243 | |||||||||||||||
Exercisable at December 31, 2011 | 396,985 | $ | 18.16 | 5.4 | $ | 1,774 | |||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life (years) | |||||||||||||||||||||
$22.06 | 12,000 | 1 | $ | 22.06 | — | $ | 22.06 | ||||||||||||||
$18.48 | 610,945 | 4.2 | $ | 18.48 | 422,945 | $ | 18.48 | ||||||||||||||
Totals | 622,945 | 4.1 | $ | 18.55 | 422,945 | $ | 18.48 | ||||||||||||||
The total intrinsic value of options exercised, determined as of the date of exercise, during the years ended December 31, 2013, 2012 and 2011 was $1,558,000, $5,780,000 and $333,000, respectively. The total intrinsic value is calculated as the difference between the exercise price of all underlying awards and the quoted market price of the Company’s stock for all in-the-money stock options at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
There are no option shares available for future grant under the ISOP since this plan expired as of December 31, 2008. | |||||||||||||||||||||
Summary of Non-Cash Stock-Based Compensation Expense | |||||||||||||||||||||
The non-cash stock-based compensation expense for the years ended December 31 is as follows: | |||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Stock Incentive Plan | $ | 15,934 | $ | 9,288 | $ | 5,320 | |||||||||||||||
Employee Stock Purchase Plan | 3,538 | 2,856 | 2,126 | ||||||||||||||||||
Performance Stock Plan | 2,310 | 2,612 | 2,661 | ||||||||||||||||||
Incentive Stock Option Plan | 821 | 1,109 | 1,087 | ||||||||||||||||||
Total | $ | 22,603 | $ | 15,865 | $ | 11,194 | |||||||||||||||
Summary of Unrecognized Compensation Expense | |||||||||||||||||||||
As of December 31, 2013, there was approximately $133.9 million of unrecognized compensation expense related to all non-vested share-based compensation arrangements granted under the Company’s stock-based compensation plans. That expense is expected to be recognized over a weighted-average period of 6.9 years. |
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Disclosures of Cash Flow Information | ' | ||||||||||||
NOTE 12 Supplemental Disclosures of Cash Flow Information | |||||||||||||
Brown & Brown’s significant non-cash investing and financing activities for the years ended December 31 are summarized as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Other payable issued for purchased customer accounts | $ | 1,425 | $ | 25,439 | $ | — | |||||||
Notes payable issued or assumed for purchased customer accounts | $ | — | $ | 59 | $ | 1,603 | |||||||
Estimated acquisition earn-out payables and related charges | $ | 5,091 | $ | 21,479 | $ | 30,525 | |||||||
Notes received on the sale of fixed assets and customer accounts | $ | 1,108 | $ | 967 | $ | 8,166 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
NOTE 13 Commitments and Contingencies | |||||
Operating Leases | |||||
Brown & Brown leases facilities and certain items of office equipment under non-cancelable operating lease arrangements expiring on various dates through 2042. The facility leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. Brown & Brown anticipates that most of these leases will be renewed or replaced upon expiration. At December 31, 2013, the aggregate future minimum lease payments under all non-cancelable lease agreements were as follows: | |||||
(in thousands) | |||||
2014 | $ | 34,972 | |||
2015 | 31,386 | ||||
2016 | 27,830 | ||||
2017 | 22,209 | ||||
2018 | 16,015 | ||||
Thereafter | 42,074 | ||||
Total minimum future lease payments | $ | 174,486 | |||
Rental expense in 2013, 2012 and 2011 for operating leases totaled $42,992,000, $39,810,000, and $34,951,000, respectively. | |||||
Legal Proceedings | |||||
The Company records losses for claims in excess of the limits of, or outside the coverage of, applicable insurance at the time and to the extent they are probable and estimable. In accordance with ASC Topic 450—Contingencies, the Company accrues anticipated costs of settlement, damages, losses for liability claims and, under certain conditions, costs of defense, based on historical experience or to the extent specific losses are probable and estimable. Otherwise, the Company expenses these costs as incurred. If the best estimate of a probable loss is a range rather than a specific amount, the Company accrues the amount at the lower end of the range. | |||||
The Company’s accruals for legal matters that were probable and estimable were not material at December 31, 2013 and 2012. We continue to assess certain litigation and claims to determine the amounts, if any, that management believes will be paid as a result of such claims and litigation and, therefore, additional losses may be accrued and paid in the future, which could adversely impact the Company’s operating results, cash flows and overall liquidity. The Company maintains third-party insurance policies to provide coverage for certain legal claims, in an effort to mitigate its overall exposure to unanticipated claims or adverse decisions. However, as (i) one or more of the Company’s insurance carriers could take the position that portions of these claims are not covered by the Company’s insurance, (ii) to the extent that payments are made to resolve claims and lawsuits, applicable insurance policy limits are eroded and (iii) the claims and lawsuits relating to these matters are continuing to develop, it is possible that future results of operations or cash flows for any particular quarterly or annual period could be materially affected by unfavorable resolutions of these matters. Based on the A. M. Best ratings of these third-party insurers, management does not believe there is a substantial risk of an insurer’s material nonperformance 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. |
Quarterly_Operating_Results_Un
Quarterly Operating Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Operating Results (Unaudited) | ' | ||||||||||||||||
NOTE 14 Quarterly Operating Results (Unaudited) | |||||||||||||||||
Quarterly operating results for 2013 and 2012 were as follows: | |||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Total revenues | $ | 335,012 | $ | 325,792 | $ | 359,310 | $ | 343,165 | |||||||||
Total expenses | $ | 235,521 | $ | 239,571 | $ | 263,855 | $ | 266,723 | |||||||||
Income before income taxes | $ | 99,491 | $ | 86,221 | $ | 95,455 | $ | 76,442 | |||||||||
Net income | $ | 60,131 | $ | 52,007 | $ | 57,749 | $ | 47,225 | |||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.42 | $ | 0.36 | $ | 0.4 | $ | 0.32 | |||||||||
Diluted | $ | 0.41 | $ | 0.36 | $ | 0.39 | $ | 0.32 | |||||||||
2012 | |||||||||||||||||
Total revenues | $ | 302,486 | $ | 290,916 | $ | 303,800 | $ | 302,830 | |||||||||
Total expenses | $ | 219,696 | $ | 219,771 | $ | 222,151 | $ | 233,603 | |||||||||
Income before income taxes | $ | 82,790 | $ | 71,145 | $ | 81,649 | $ | 69,227 | |||||||||
Net income | $ | 49,433 | $ | 42,471 | $ | 49,504 | $ | 42,637 | |||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.34 | $ | 0.3 | $ | 0.34 | $ | 0.3 | |||||||||
Diluted | $ | 0.34 | $ | 0.29 | $ | 0.34 | $ | 0.29 | |||||||||
Quarterly financial results are affected by seasonal variations. The timing of the Company’s receipt of profit-sharing contingent commissions, policy renewals and acquisitions may cause revenues, expenses and net income to vary significantly between quarters. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
NOTE 15 Segment Information | |||||||||||||||||||||||||
Brown & Brown’s business is divided into four reportable segments: the Retail Division, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers; the National Programs Division, which provides professional liability and related package products for certain professionals delivered through nationwide networks of independent agents, and markets targeted products and services designed for specific industries, trade groups, public and quasi-public entities, and market niches; the Wholesale Brokerage Division, which markets and sells excess and surplus commercial and personal lines insurance, and reinsurance, primarily through independent agents and brokers; and the Services Division, 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 catastrophe claims adjusting services. | |||||||||||||||||||||||||
Brown & Brown conducts all of its operations within the United States of America, except for one wholesale brokerage operation based in London, England, and retail operations in Bermuda and the Cayman Islands. These operations earned $12.2 million, $9.7 million and $9.1 million of total revenues for the years ended December 31, 2013, 2012 and 2011, respectively. Long-lived assets held outside of the United States during each of these three years were not material. | |||||||||||||||||||||||||
The accounting policies of the reportable segments are the same as those described in Note 1. Brown & Brown evaluates the performance of its segments based upon revenues and income before income taxes. Inter-segment revenues are eliminated. | |||||||||||||||||||||||||
Summarized financial information concerning Brown & Brown’s reportable segments is shown in the following table. The “Other” column includes any income and expenses not allocated to reportable segments and corporate-related items, including the inter-company interest expense charge to the reporting segment. | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 728,324 | $ | 292,130 | $ | 209,907 | $ | 131,489 | $ | 1,429 | $ | 1,363,279 | |||||||||||||
Investment income | $ | 82 | $ | 19 | $ | 22 | $ | 1 | $ | 514 | $ | 638 | |||||||||||||
Amortization | $ | 38,052 | $ | 14,593 | $ | 11,550 | $ | 3,698 | $ | 39 | $ | 67,932 | |||||||||||||
Depreciation | $ | 5,847 | $ | 5,399 | $ | 2,794 | $ | 1,623 | $ | 1,822 | $ | 17,485 | |||||||||||||
Interest expense | $ | 34,407 | $ | 24,014 | $ | 2,565 | $ | 7,321 | $ | (51,867 | ) | $ | 16,440 | ||||||||||||
Income before income taxes | $ | 166,316 | $ | 58,379 | $ | 53,822 | $ | 24,518 | $ | 54,574 | $ | 357,609 | |||||||||||||
Total assets | $ | 2,992,087 | $ | 1,335,911 | $ | 927,825 | $ | 277,652 | $ | (1,883,967 | ) | $ | 3,649,508 | ||||||||||||
Capital expenditures | $ | 6,847 | $ | 4,743 | $ | 1,931 | $ | 1,811 | $ | 1,034 | $ | 16,366 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 644,429 | $ | 252,943 | $ | 183,565 | $ | 116,736 | $ | 2,359 | $ | 1,200,032 | |||||||||||||
Investment income | $ | 108 | $ | 20 | $ | 22 | $ | 1 | $ | 646 | $ | 797 | |||||||||||||
Amortization | $ | 34,639 | $ | 13,936 | $ | 11,280 | $ | 3,680 | $ | 38 | $ | 63,573 | |||||||||||||
Depreciation | $ | 5,181 | $ | 4,600 | $ | 2,718 | $ | 1,278 | $ | 1,596 | $ | 15,373 | |||||||||||||
Interest expense | $ | 26,641 | $ | 25,674 | $ | 3,974 | $ | 8,602 | $ | (48,794 | ) | $ | 16,097 | ||||||||||||
Income before income taxes | $ | 145,214 | $ | 51,491 | $ | 43,355 | $ | 16,770 | $ | 47,981 | $ | 304,811 | |||||||||||||
Total assets | $ | 2,420,759 | $ | 1,183,191 | $ | 837,364 | $ | 238,430 | $ | (1,551,686 | ) | $ | 3,128,058 | ||||||||||||
Capital expenditures | $ | 5,732 | $ | 9,633 | $ | 3,383 | $ | 2,519 | $ | 2,761 | $ | 24,028 | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 607,199 | $ | 164,427 | $ | 174,158 | $ | 65,972 | $ | 1,786 | $ | 1,013,542 | |||||||||||||
Investment income | $ | 102 | $ | — | $ | 34 | $ | 128 | $ | 1,003 | $ | 1,267 | |||||||||||||
Amortization | $ | 33,373 | $ | 7,770 | $ | 11,032 | $ | 2,541 | $ | 39 | $ | 54,755 | |||||||||||||
Depreciation | $ | 5,046 | $ | 2,937 | $ | 2,594 | $ | 590 | $ | 1,225 | $ | 12,392 | |||||||||||||
Interest expense | $ | 27,688 | $ | 1,381 | $ | 7,495 | $ | 5,746 | $ | (28,178 | ) | $ | 14,132 | ||||||||||||
Income before income taxes | $ | 137,807 | $ | 60,465 | $ | 36,511 | $ | 7,729 | $ | 28,009 | $ | 270,521 | |||||||||||||
Total assets | $ | 2,155,413 | $ | 680,251 | $ | 712,212 | $ | 166,060 | $ | (1,106,925 | ) | $ | 2,607,011 | ||||||||||||
Capital expenditures | $ | 6,102 | $ | 1,968 | $ | 2,658 | $ | 689 | $ | 2,191 | $ | 13,608 |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
NOTE 16 Subsequent Event | |
On January 15, 2014, Brown & Brown entered into a merger agreement (the “Agreement”) to acquire The Wright Insurance Group, LLC (“Wright”). Immediately upon the consummation of the merger, Wright’s equity interests will be converted into the rights to receive cash equal, collectively, to $602.5 million. This amount is composed of cash payments of $587.5 million for the Programs Business, $7.5 million for Wright National Flood Insurance Company (“WNFIC”) and $7.5 million for WNFIC statutory surplus. In addition, Wright’s equityholders may receive additional consideration of up to $37.5 million in cash in the event of the closing of certain acquisition transactions by Wright and its affiliates (or, after the closing of the acquisition of Wright, by the Company and its affiliates) prior to July 15, 2015. | |
Under the Agreement, the merger is subject to certain closing conditions including the receipt of required regulatory approvals for the transaction (including the approval of antitrust authorities necessary to complete the acquisition). If the merger is not closed by July 15, 2014 (which may potentially be extended to October 15, 2014 if the only then-outstanding conditions are obtaining regulatory approvals), either party may terminate the agreement. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Nature of Operations | ' | ||||||||||||
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 services organization that markets and sells to its customers insurance products and services, primarily in the property and casualty area. Brown & Brown’s business is divided into four reportable segments: the Retail Division, which provides a broad range of insurance products and services to commercial, public entity, professional and individual customers; the Wholesale Brokerage Division, which markets and sells excess and surplus commercial insurance and reinsurance, primarily through independent agents and brokers; the National Programs Division, which provides professional liability and related package products for certain professionals delivered through nationwide networks of independent agents, and markets targeted products and services designated for specific industries, trade groups, governmental entities and market niches; and the Services Division, 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 catastrophe claims adjusting services. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying Consolidated Financial Statements include the accounts of Brown & Brown, Inc. and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in the Consolidated Financial Statements. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Commission revenues are recognized as of the effective date of the insurance policy or the date on which the policy premium is billed to the customer, whichever is later. Commission revenues related to installment billings at the Company’s subsidiary, Arrowhead General Insurance Agency, Inc. (“Arrowhead”), are recorded on the later of the effective date of the policy or the first installment billing. At those dates, the earnings process has been completed, and Brown & Brown can reliably estimate the impact of policy cancellations for refunds and establish reserves accordingly. The reserve for policy cancellations is based upon historical cancellation experience adjusted for known circumstances. The policy cancellation reserve was $8,010,000 and $7,174,000 at December 31, 2013 and 2012, respectively, and it is periodically evaluated and adjusted as necessary. Subsequent commission adjustments are recognized upon receipt of notification from the insurance companies. Commission revenues are reported net of commissions paid to sub-brokers or co-brokers. Profit-sharing contingent commissions from insurance companies are recognized when determinable, which is when such commissions, or official notification of the amount of such commissions is received. Fee income is recognized as services are rendered. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“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 Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents principally consist of demand deposits with financial institutions and highly liquid investments with quoted market prices having maturities of three months or less when purchased. | |||||||||||||
Restricted Cash and Investments, and Premiums, Commissions and Fees Receivable | ' | ||||||||||||
Restricted Cash and Investments, and Premiums, Commissions and Fees Receivable | |||||||||||||
In its capacity as an insurance agent or broker, Brown & Brown typically collects premiums from insureds and, after deducting its authorized commissions, remits the net premiums to the appropriate insurance company or companies. Accordingly, as reported in the Consolidated Balance Sheets, “premiums” are receivable from insureds. Unremitted net insurance premiums are held in a fiduciary capacity until Brown & Brown disburses them. Brown & Brown invests these unremitted funds only in cash, money market accounts, tax-free variable-rate demand bonds and commercial paper held for a short term. In certain states in which Brown & Brown operates, the use and investment alternatives for these funds are regulated and restricted by various state laws and agencies. These restricted funds are reported as restricted cash and investments on the Consolidated Balance Sheets. The interest income earned on these unremitted funds is reported as investment income in the Consolidated Statements of Income. | |||||||||||||
In other circumstances, the insurance companies collect the premiums directly from the insureds and remit the applicable commissions to Brown & Brown. Accordingly, as reported in the Consolidated Balance Sheets, “commissions” are receivables from insurance companies. “Fees” are primarily receivables due from customers. | |||||||||||||
Investments | ' | ||||||||||||
Investments | |||||||||||||
Certificates of deposit and other securities having maturities of more than three months when purchased are reported at cost and are adjusted for other-than-temporary market value declines. | |||||||||||||
Fixed Assets | ' | ||||||||||||
Fixed Assets | |||||||||||||
Fixed assets, including leasehold improvements, are carried at cost, less accumulated depreciation and amortization. Expenditures for improvements are capitalized, and expenditures for maintenance and repairs are expensed to operations as incurred. Upon sale or retirement, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in other income. Depreciation has been determined using the straight-line method over the estimated useful lives of the related assets, which range from three to 15 years. Leasehold improvements are amortized on the straight-line method over the shorter of the useful life of the improvement or the term of the related lease. | |||||||||||||
Goodwill and Amortizable Intangible Assets | ' | ||||||||||||
Goodwill and Amortizable Intangible Assets | |||||||||||||
The excess of the purchase price of an acquisition over the fair value of the identifiable tangible and amortizable intangible assets is assigned to goodwill. While goodwill is not amortizable, it is subject to assessment at least annually, and more frequently in the presence of certain circumstances, for impairment by application of a fair value-based test. The Company compares the fair value of each reporting unit with its carrying amount to determine if there is potential impairment of goodwill. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than its carrying value. Fair value is estimated based on multiples of earnings before interest, income taxes, depreciation, amortization and change in estimated acquisition earn-out payables (“EBITDAC”), or on a discounted cash flow basis. Brown & Brown completed its most recent annual assessment as of November 30, 2013 and determined that the fair value of goodwill exceeded the carrying value of such assets. In addition, as of December 31, 2013, there are no accumulated impairment losses. | |||||||||||||
Amortizable intangible assets are stated at cost, less accumulated amortization, and consist of purchased customer accounts and non-compete agreements. Purchased customer accounts and non-compete agreements are amortized on a straight-line basis over the related estimated lives and contract periods, which range from five to 15 years. Purchased customer accounts primarily consist of records and files that contain information about insurance policies and the related insured parties that are essential to policy renewals. | |||||||||||||
The carrying value of amortizable intangible assets attributable to each business or asset group comprising Brown & Brown is periodically reviewed by management to determine if there are events or changes in circumstances that would indicate that its carrying amount may not be recoverable. Accordingly, if there are any such changes in circumstances during the year, Brown & Brown assesses the carrying value of its amortizable intangible assets by considering the estimated future undiscounted cash flows generated by the corresponding business or asset group. Any impairment identified through this assessment may require that the carrying value of related amortizable intangible assets be adjusted; however, no impairments were recorded for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Brown & Brown records income tax expense using the asset-and-liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying values and the income tax bases of Brown & Brown’s assets and liabilities. | |||||||||||||
Brown & Brown files a consolidated federal income tax return and has elected to file consolidated returns in certain states. Deferred income taxes are provided for in the Consolidated Financial Statements and relate principally to expenses charged to income for financial reporting purposes in one period and deducted for income tax purposes in other periods. | |||||||||||||
Net Income Per Share | ' | ||||||||||||
Net Income Per Share | |||||||||||||
Effective in 2009, the Company adopted new Financial Accounting Standards Board (“FASB”) authoritative guidance that states that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share (“EPS”) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Performance stock shares granted to employees under the Company’s Performance Stock Plan and under the Company’s Stock Incentive Plan are considered participating securities as they receive non-forfeitable dividend equivalents at the same rate as common stock. | |||||||||||||
Basic EPS is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31: | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 217,112 | $ | 184,045 | $ | 163,995 | |||||||
Net income attributable to unvested awarded performance stock | (5,446 | ) | (5,313 | ) | (5,099 | ) | |||||||
Net income attributable to common shares | $ | 211,666 | $ | 178,732 | $ | 158,896 | |||||||
Weighted average basic number of common shares outstanding | 144,662 | 143,507 | 143,029 | ||||||||||
Less unvested awarded performance stock included in weighted average basic share outstanding | (3,629 | ) | (4,143 | ) | (4,447 | ) | |||||||
Weighted average number of common shares outstanding for basic earnings per common share | 141,033 | 139,364 | 138,582 | ||||||||||
Dilutive effect of stock options | 1,591 | 2,646 | 1,682 | ||||||||||
Weighted average number of shares outstanding | 142,624 | 142,010 | 140,264 | ||||||||||
Net income per share: | |||||||||||||
Basic | $ | 1.5 | $ | 1.28 | $ | 1.15 | |||||||
Diluted | $ | 1.48 | $ | 1.26 | $ | 1.13 | |||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amounts of Brown & Brown’s financial assets and liabilities, including cash and cash equivalents, restricted cash and investments, investments, premiums, commissions and fees receivable, premiums payable to insurance companies, premium deposits and credits due customers and accounts payable, at December 31, 2013 and 2012, approximate fair value because of the short-term maturity of these instruments. The carrying amount of Brown & Brown’s long-term debt approximates fair value at December 31, 2013 and 2012 because the related coupon rate approximates the current market rate. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company grants stock options and non-vested stock awards to its employees, officers and directors. The Company uses the modified-prospective method to account for share-based payments. Under the modified-prospective method, compensation cost is recognized for all share-based payments granted on or after January 1, 2006 and for all awards granted to employees prior to January 1, 2006 that remained unvested on that date. The Company uses the alternative-transition method to account for the income tax effects of payments made related to stock-based compensation. | |||||||||||||
The Company uses the Black-Scholes valuation model for valuing all stock options and shares purchased under the Employee Stock Purchase Plan (the “ESPP”). Compensation for non-vested stock awards is measured at fair value on the grant date based upon the number of shares expected to vest. Compensation cost for all awards is recognized in earnings, net of estimated forfeitures, on a straight-line basis over the requisite service period. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Reconciliation between Basic and Diluted Weighted Average Shares Outstanding | ' | ||||||||||||
The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31: | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net income | $ | 217,112 | $ | 184,045 | $ | 163,995 | |||||||
Net income attributable to unvested awarded performance stock | (5,446 | ) | (5,313 | ) | (5,099 | ) | |||||||
Net income attributable to common shares | $ | 211,666 | $ | 178,732 | $ | 158,896 | |||||||
Weighted average basic number of common shares outstanding | 144,662 | 143,507 | 143,029 | ||||||||||
Less unvested awarded performance stock included in weighted average basic share outstanding | (3,629 | ) | (4,143 | ) | (4,447 | ) | |||||||
Weighted average number of common shares outstanding for basic earnings per common share | 141,033 | 139,364 | 138,582 | ||||||||||
Dilutive effect of stock options | 1,591 | 2,646 | 1,682 | ||||||||||
Weighted average number of shares outstanding | 142,624 | 142,010 | 140,264 | ||||||||||
Net income per share: | |||||||||||||
Basic | $ | 1.5 | $ | 1.28 | $ | 1.15 | |||||||
Diluted | $ | 1.48 | $ | 1.26 | $ | 1.13 | |||||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
2013 Acquisitions [Member] | ' | ||||||||||||||||||||||||||||||||
Acquisitions Accounted for as Business Combinations | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the aggregate purchase price allocation made as of the date of each acquisition for current year acquisitions and adjustment made during the measurement period for prior year acquisitions: | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Name | Business | 2013 | Cash | Other | Recorded | Net Assets | Maximum | ||||||||||||||||||||||||||
Segment | Date of | Paid | Payable | Earn-out | Acquired | Potential | |||||||||||||||||||||||||||
Acquisition | Payable | Earn-out | |||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||||
The Rollins Agency, Inc. | Retail | 1-Jun | $ | 13,792 | $ | 50 | $ | 2,321 | $ | 16,163 | $ | 4,300 | |||||||||||||||||||||
Beecher Carlson Holdings, Inc. | Retail; National Programs | 1-Jul | 364,256 | — | — | 364,256 | — | ||||||||||||||||||||||||||
ICA, Inc. | Services | December 31 | 19,770 | — | 727 | 20,497 | 5,000 | ||||||||||||||||||||||||||
Other | Various | Various | 10,254 | 502 | 2,043 | 12,799 | 7,468 | ||||||||||||||||||||||||||
Total | $ | 408,072 | $ | 552 | $ | 5,091 | $ | 413,715 | $ | 16,768 | |||||||||||||||||||||||
Estimated Fair Values of Aggregate Assets and Liabilities Acquired | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||||||||||
(in thousands) | Rollins | Beecher | ICA | Other | Total | ||||||||||||||||||||||||||||
Cash | $ | — | $ | 40,360 | $ | — | $ | — | $ | 40,360 | |||||||||||||||||||||||
Other current assets | 393 | 57,632 | — | 1,573 | 59,598 | ||||||||||||||||||||||||||||
Fixed assets | 30 | 1,786 | 75 | 24 | 1,915 | ||||||||||||||||||||||||||||
Goodwill | 12,697 | 265,174 | 12,377 | 5,696 | 295,944 | ||||||||||||||||||||||||||||
Purchased customer accounts | 3,878 | 101,565 | 7,917 | 5,623 | 118,983 | ||||||||||||||||||||||||||||
Non-compete agreements | 31 | 2,758 | 21 | 76 | 2,886 | ||||||||||||||||||||||||||||
Other assets | — | — | 107 | 1 | 108 | ||||||||||||||||||||||||||||
Total assets acquired | 17,029 | 469,275 | 20,497 | 12,993 | 519,794 | ||||||||||||||||||||||||||||
Other current liabilities | (866 | ) | (80,090 | ) | — | (194 | ) | (81,150 | ) | ||||||||||||||||||||||||
Deferred income taxes, net | — | (22,764 | ) | — | — | (22,764 | ) | ||||||||||||||||||||||||||
Other liabilities | — | (2,165 | ) | — | — | (2,165 | ) | ||||||||||||||||||||||||||
Total liabilities assumed | (866 | ) | (105,019 | ) | — | (194 | ) | (106,079 | ) | ||||||||||||||||||||||||
Net assets acquired | $ | 16,163 | $ | 364,256 | $ | 20,497 | $ | 12,799 | $ | 413,715 | |||||||||||||||||||||||
Results of Operations | ' | ||||||||||||||||||||||||||||||||
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) | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Total revenues | $ | 1,439,918 | $ | 1,329,262 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 373,175 | $ | 329,291 | |||||||||||||||||||||||||||||
Net income | $ | 226,562 | $ | 198,826 | |||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.57 | $ | 1.39 | |||||||||||||||||||||||||||||
Diluted | $ | 1.55 | $ | 1.36 | |||||||||||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 141,033 | 139,634 | |||||||||||||||||||||||||||||||
Diluted | 142,624 | 142,010 | |||||||||||||||||||||||||||||||
2012 Acquisitions [Member] | ' | ||||||||||||||||||||||||||||||||
Acquisitions Accounted for as Business Combinations | ' | ||||||||||||||||||||||||||||||||
The acquisitions made in 2012 have been accounted for as business combinations and are as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Name | Business | 2012 | Cash | Note | Other | Recorded | Net Assets | Maximum | |||||||||||||||||||||||||
Segment | Date of | Paid | Payable | Payable | Earn-out | Acquired | Potential | ||||||||||||||||||||||||||
Acquisition | Payable | Earn-out | |||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||||
Arrowhead General Insurance Agency Superholding Corporation | National Programs; Services | January 9 | $ | 396,952 | $ | — | $ | 22,061 | $ | 3,290 | $ | 422,303 | $ | 5,000 | |||||||||||||||||||
Insurcorp & GGM Investments LLC (d/b/a Maalouf Benefit Resources) | Retail | May 1 | 15,500 | — | 900 | 4,944 | 21,344 | 17,000 | |||||||||||||||||||||||||
Richard W. Endlar Insurance Agency, Inc. | Retail | 1-May | 10,825 | — | — | 2,598 | 13,423 | 5,500 | |||||||||||||||||||||||||
Texas Security General Insurance Agency, Inc. | Wholesale Brokerage | September 1 | 14,506 | — | 2,182 | 2,124 | 18,812 | 7,200 | |||||||||||||||||||||||||
Behnke & Associates, Inc. | Retail | 1-Dec | 9,213 | — | — | 1,126 | 10,339 | 3,321 | |||||||||||||||||||||||||
Rowlands & Barranca Agency, Inc. | Retail | 1-Dec | 8,745 | — | — | 2,401 | 11,146 | 4,000 | |||||||||||||||||||||||||
Other | Various | Various | 28,192 | 59 | 296 | 4,996 | 33,543 | 14,149 | |||||||||||||||||||||||||
Total | $ | 483,933 | $ | 59 | $ | 25,439 | $ | 21,479 | $ | 530,910 | $ | 56,170 | |||||||||||||||||||||
Estimated Fair Values of Aggregate Assets and Liabilities Acquired | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||||||||||
(in thousands) | Arrowhead | Insurcorp | Endlar | Texas Security | Behnke | Rowlands | Other | Total | |||||||||||||||||||||||||
Cash | $ | 61,786 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 61,786 | |||||||||||||||||
Other current assets | 69,051 | 180 | 305 | 1,866 | — | — | 422 | 71,824 | |||||||||||||||||||||||||
Fixed assets | 4,629 | 25 | 25 | 45 | 25 | 30 | 158 | 4,937 | |||||||||||||||||||||||||
Goodwill | 321,128 | 14,745 | 8,044 | 10,845 | 6,430 | 8,363 | 21,085 | 390,640 | |||||||||||||||||||||||||
Purchased customer accounts | 99,675 | 6,490 | 5,230 | 6,229 | 3,843 | 3,367 | 13,112 | 137,946 | |||||||||||||||||||||||||
Non-compete agreements | 100 | 22 | 11 | 14 | 41 | 21 | 243 | 452 | |||||||||||||||||||||||||
Other assets | 1 | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Total assets acquired | 556,370 | 21,462 | 13,615 | 18,999 | 10,339 | 11,781 | 35,020 | 667,586 | |||||||||||||||||||||||||
Other current liabilities | (107,579 | ) | (118 | ) | (192 | ) | (187 | ) | — | (635 | ) | (1,477 | ) | (110,188 | ) | ||||||||||||||||||
Deferred income taxes, net | (26,488 | ) | — | — | — | — | — | — | (26,488 | ) | |||||||||||||||||||||||
Total liabilities assumed | (134,067 | ) | (118 | ) | (192 | ) | (187 | ) | — | (635 | ) | (1,477 | ) | (136,676 | ) | ||||||||||||||||||
Net assets acquired | $ | 422,303 | $ | 21,344 | $ | 13,423 | $ | 18,812 | $ | 10,339 | $ | 11,146 | $ | 33,543 | $ | 530,910 | |||||||||||||||||
Results of Operations | ' | ||||||||||||||||||||||||||||||||
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) | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2012 | 2011 | |||||||||||||||||||||||||||||||
Total revenues | $ | 1,230,408 | $ | 1,163,341 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 315,051 | $ | 313,706 | |||||||||||||||||||||||||||||
Net income | $ | 190,228 | $ | 190,174 | |||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.33 | $ | 1.33 | |||||||||||||||||||||||||||||
Diluted | $ | 1.3 | $ | 1.31 | |||||||||||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 139,364 | 138,582 | |||||||||||||||||||||||||||||||
Diluted | 142,010 | 140,264 | |||||||||||||||||||||||||||||||
2011 Acquisitions [Member] | ' | ||||||||||||||||||||||||||||||||
Acquisitions Accounted for as Business Combinations | ' | ||||||||||||||||||||||||||||||||
The acquisitions made in 2011 have been accounted for as business combinations and are as follows: | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Name | Business | 2011 | Cash | Note | Recorded | Net Assets | Maximum | ||||||||||||||||||||||||||
Segment | Date of | Paid | Payable | Earn-out | Acquired | Potential | |||||||||||||||||||||||||||
Acquisition | Payable | Earn-out | |||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||||
Balcos Insurance, Inc. | Retail | 1-Jan | $ | 8,611 | $ | — | $ | 1,595 | $ | 10,206 | $ | 5,766 | |||||||||||||||||||||
Associated Insurance Service, Inc. et al. | Retail | 1-Jan | 12,000 | — | 1,575 | 13,575 | 6,000 | ||||||||||||||||||||||||||
United Benefit Services Insurance Agency LLC et al. | Retail | February 1 | 14,283 | — | 2,590 | 16,873 | 8,442 | ||||||||||||||||||||||||||
First Horizon Insurance Group, Inc. et al. | Retail | 30-Apr | 25,060 | — | — | 25,060 | — | ||||||||||||||||||||||||||
Fitzharris Agency, Inc. et al. | Retail | 1-May | 6,159 | — | 888 | 7,047 | 3,832 | ||||||||||||||||||||||||||
Corporate Benefit Consultants, LLC | Retail | 1-Jun | 9,000 | — | 2,038 | 11,038 | 4,520 | ||||||||||||||||||||||||||
Sitzmann, Morris & Lavis Insurance Agency, Inc. et al. | Retail | November 1 | 40,460 | — | 6,228 | 46,688 | 19,000 | ||||||||||||||||||||||||||
Snapper Shuler Kenner, Inc. et al. | Retail | 1-Nov | 7,493 | — | 1,318 | 8,811 | 3,988 | ||||||||||||||||||||||||||
Industry Consulting Group, Inc. | National Programs | 1-Nov | 9,133 | — | 3,877 | 13,010 | 5,794 | ||||||||||||||||||||||||||
Colonial Claims Corporation et al. | Services | December 23 | 9,950 | — | 4,248 | 14,198 | 8,000 | ||||||||||||||||||||||||||
Other | Various | Various | 25,295 | 1,194 | 6,168 | 32,657 | 12,865 | ||||||||||||||||||||||||||
Total | $ | 167,444 | $ | 1,194 | $ | 30,525 | $ | 199,163 | $ | 78,207 | |||||||||||||||||||||||
Estimated Fair Values of Aggregate Assets and Liabilities Acquired | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||||||||||
(in thousands) | Balcos | AIS | United | FHI | FA | CBC | |||||||||||||||||||||||||||
Cash | $ | — | $ | — | $ | — | $ | 5,170 | $ | — | $ | — | |||||||||||||||||||||
Other current assets | 187 | 252 | 438 | 1,640 | 77 | 227 | |||||||||||||||||||||||||||
Fixed assets | 20 | 100 | 20 | 134 | 60 | 6 | |||||||||||||||||||||||||||
Goodwill | 6,486 | 9,055 | 10,049 | 15,254 | 7,244 | 6,738 | |||||||||||||||||||||||||||
Purchased customer accounts | 3,530 | 4,086 | 7,045 | 8,088 | 3,351 | 4,046 | |||||||||||||||||||||||||||
Non-compete agreements | 42 | 92 | 45 | 10 | 21 | 21 | |||||||||||||||||||||||||||
Other assets | — | — | 4 | 9 | — | — | |||||||||||||||||||||||||||
Total assets acquired | 10,265 | 13,585 | 17,601 | 30,305 | 10,753 | 11,038 | |||||||||||||||||||||||||||
Other current liabilities | (59 | ) | (10 | ) | (728 | ) | (3,790 | ) | (3,706 | ) | — | ||||||||||||||||||||||
Deferred income taxes, net | — | — | — | (1,455 | ) | — | — | ||||||||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total liabilities assumed | (59 | ) | (10 | ) | (728 | ) | (5,245 | ) | (3,706 | ) | — | ||||||||||||||||||||||
Net assets acquired | $ | 10,206 | $ | 13,575 | $ | 16,873 | $ | 25,060 | $ | 7,047 | $ | 11,038 | |||||||||||||||||||||
(in thousands) | SML | SSK | ICG | CC | Other | Total | |||||||||||||||||||||||||||
Cash | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,170 | |||||||||||||||||||||
Other current assets | 1,372 | 247 | 336 | — | 1,059 | 5,835 | |||||||||||||||||||||||||||
Fixed assets | 465 | 45 | 100 | 60 | 65 | 1,075 | |||||||||||||||||||||||||||
Goodwill | 31,601 | 5,818 | 9,564 | 8,070 | 18,465 | 128,344 | |||||||||||||||||||||||||||
Purchased customer accounts | 13,995 | 2,726 | 7,161 | 6,094 | 13,746 | 73,868 | |||||||||||||||||||||||||||
Non-compete agreements | 42 | 12 | 11 | 23 | 187 | 506 | |||||||||||||||||||||||||||
Other assets | 4 | — | 5 | — | 2 | 24 | |||||||||||||||||||||||||||
Total assets acquired | 47,479 | 8,848 | 17,177 | 14,247 | 33,524 | 214,822 | |||||||||||||||||||||||||||
Other current liabilities | (791 | ) | (37 | ) | (1,096 | ) | (49 | ) | (867 | ) | (11,133 | ) | |||||||||||||||||||||
Deferred income taxes, net | — | — | — | — | — | (1,455 | ) | ||||||||||||||||||||||||||
Other liabilities | — | — | (3,071 | ) | — | — | (3,071 | ) | |||||||||||||||||||||||||
Total liabilities assumed | (791 | ) | (37 | ) | (4,167 | ) | (49 | ) | (867 | ) | (15,659 | ) | |||||||||||||||||||||
Net assets acquired | $ | 46,688 | $ | 8,811 | $ | 13,010 | $ | 14,198 | $ | 32,657 | $ | 199,163 | |||||||||||||||||||||
Results of Operations | ' | ||||||||||||||||||||||||||||||||
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) | For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | 2011 | 2010 | |||||||||||||||||||||||||||||||
Total revenues | $ | 1,058,142 | $ | 1,059,857 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 283,404 | $ | 291,944 | |||||||||||||||||||||||||||||
Net income | $ | 171,805 | $ | 177,464 | |||||||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1.2 | $ | 1.25 | |||||||||||||||||||||||||||||
Diluted | $ | 1.19 | $ | 1.23 | |||||||||||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 138,582 | 137,924 | |||||||||||||||||||||||||||||||
Diluted | 140,264 | 139,318 | |||||||||||||||||||||||||||||||
Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables | ' | ||||||||||||||||||||||||||||||||
The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the years ended December 31, were as follows: | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Balance as of the beginning of the period | $ | 52,987 | $ | 47,715 | $ | 29,608 | |||||||||||||||||||||||||||
Additions to estimated acquisition earn-out payables | 5,816 | 21,479 | 30,525 | ||||||||||||||||||||||||||||||
Payments for estimated acquisition earn-out payables | (18,278 | ) | (17,625 | ) | (10,212 | ) | |||||||||||||||||||||||||||
Subtotal | 40,525 | 51,569 | 49,921 | ||||||||||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables: | |||||||||||||||||||||||||||||||||
Change in fair value on estimated acquisition earn-out payables | 570 | (1,051 | ) | (4,043 | ) | ||||||||||||||||||||||||||||
Interest expense accretion | 1,963 | 2,469 | 1,837 | ||||||||||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables | 2,533 | 1,418 | (2,206 | ) | |||||||||||||||||||||||||||||
Balance as of December 31 | $ | 43,058 | $ | 52,987 | $ | 47,715 | |||||||||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Changes in Carrying Value of Goodwill by Reportable Segment | ' | ||||||||||||||||||||
The changes in the carrying value of goodwill by reportable segment for the years ended December 31, are as follows: | |||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Service | Total | ||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||
Balance as of January 1, 2012 | $ | 823,573 | $ | 149,802 | $ | 273,783 | $ | 76,311 | $ | 1,323,469 | |||||||||||
Goodwill of acquired businesses | 58,148 | 289,378 | 14,271 | 31,750 | 393,547 | ||||||||||||||||
Goodwill disposed of relating to sales of businesses | (5,502 | ) | — | — | — | (5,502 | ) | ||||||||||||||
Balance as of December 31, 2012 | 876,219 | 439,180 | 288,054 | 108,061 | 1,711,514 | ||||||||||||||||
Goodwill of acquired businesses | 257,196 | 27,964 | (812 | ) | 12,469 | 296,817 | |||||||||||||||
Goodwill disposed of relating to sales of businesses | (2,158 | ) | — | — | — | (2,158 | ) | ||||||||||||||
Balance as of December 31, 2013 | $ | 1,131,257 | $ | 467,144 | $ | 287,242 | $ | 120,530 | $ | 2,006,173 | |||||||||||
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||||||||
Amortizable intangible assets at December 31 consisted of the following: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||||||
Carrying | Amortization | Carrying | Average | Carrying | Amortization | Carrying | Average | ||||||||||||||||||||||||||
Value | Value | Life | Value | Value | Life | ||||||||||||||||||||||||||||
(years) | (years) | ||||||||||||||||||||||||||||||||
Purchased customer accounts | $ | 1,120,719 | $ | (505,137 | ) | $ | 615,582 | 14.9 | $ | 1,005,031 | $ | (439,623 | ) | $ | 565,408 | 14.9 | |||||||||||||||||
Non-compete agreements | 28,115 | (24,809 | ) | 3,306 | 7 | 25,320 | (24,190 | ) | 1,130 | 7.2 | |||||||||||||||||||||||
Total | $ | 1,148,834 | $ | (529,946 | ) | $ | 618,888 | $ | 1,030,351 | $ | (463,813 | ) | $ | 566,538 | |||||||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Summary of Investments | ' | ||||||||||||||||
Investments at December 31 consisted of the following: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying Value | Carrying Value | ||||||||||||||||
(in thousands) | Current | Non- | Current | Non- | |||||||||||||
Current | Current | ||||||||||||||||
Certificates of deposit and other securities | $ | 10,624 | $ | 16 | $ | 8,183 | $ | 16 | |||||||||
Summary of Proceeds and Realized Gains/(Losses) on Equity Securities and Certificates of Deposit | ' | ||||||||||||||||
The following table summarizes the proceeds and realized gains/(losses) on equity securities and certificates of deposit for the years ended December 31: | |||||||||||||||||
(in thousands) | Proceeds | Gross | Gross | ||||||||||||||
Realized | Realized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
2013 | $ | 15,662 | $ | — | $ | — | |||||||||||
2012 | $ | 10,654 | $ | 13 | $ | — | |||||||||||
2011 | $ | 12,950 | $ | 124 | $ | — |
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Fixed Assets | ' | ||||||||
Fixed assets at December 31 consisted of the following: | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Furniture, fixtures and equipment | $ | 149,170 | $ | 141,844 | |||||
Leasehold improvements | 21,231 | 18,889 | |||||||
Land, buildings and improvements | 3,815 | 3,902 | |||||||
Total cost | 174,216 | 164,635 | |||||||
Less accumulated depreciation and amortization | (99,483 | ) | (90,298 | ) | |||||
Total | $ | 74,733 | $ | 74,337 | |||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Accrued Expenses and Other Liabilities | ' | ||||||||
Accrued expenses and other liabilities at December 31 consisted of the following: | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Accrued bonuses | $ | 70,272 | $ | 12,668 | |||||
Accrued compensation and benefits | 35,145 | 19,943 | |||||||
Accrued rent and vendor expenses | 19,235 | 16,972 | |||||||
Reserve for policy cancellations | 8,010 | 7,174 | |||||||
Accrued interest | 3,324 | 3,295 | |||||||
Other | 21,414 | 19,541 | |||||||
Total | $ | 157,400 | $ | 79,593 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt Instrument | ' | ||||||||
Long-term debt at December 31 consisted of the following: | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Unsecured Senior Notes | $ | 480,000 | $ | 450,000 | |||||
Acquisition notes payable | — | 93 | |||||||
Revolving credit facility | — | — | |||||||
Total debt | 480,000 | 450,093 | |||||||
Less current portion | (100,000 | ) | (93 | ) | |||||
Long-term debt | $ | 380,000 | $ | 450,000 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Significant Components of Provision for Income Taxes | ' | ||||||||||||
Significant components of the provision for income taxes for the years ended December 31 are as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 94,007 | $ | 75,522 | $ | 65,461 | |||||||
State | 13,438 | 11,852 | 10,084 | ||||||||||
Foreign | 805 | 669 | 638 | ||||||||||
Total current provision | 108,250 | 88,043 | 76,183 | ||||||||||
Deferred: | |||||||||||||
Federal | 28,469 | 27,348 | 27,212 | ||||||||||
State | 3,723 | 5,375 | 3,131 | ||||||||||
Foreign | 55 | — | — | ||||||||||
Total deferred provision | 32,247 | 32,723 | 30,343 | ||||||||||
Total tax provision | $ | 140,497 | $ | 120,766 | $ | 106,526 | |||||||
Reconciliation of Differences Between Effective Tax Rate and Federal Statutory Tax Rate | ' | ||||||||||||
A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 3.5 | 4.3 | 3.5 | ||||||||||
Non-deductible employee stock purchase plan expense | 0.3 | 0.3 | 0.3 | ||||||||||
Non-deductible meals and entertainment | 0.3 | 0.3 | 0.3 | ||||||||||
Other, net | 0.2 | (0.3 | ) | 0.3 | |||||||||
Effective tax rate | 39.3 | % | 39.6 | % | 39.4 | % | |||||||
Significant Components of Current Deferred Tax Assets | ' | ||||||||||||
Significant components of Brown & Brown’s current deferred tax assets as of December 31 are as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Current deferred tax assets: | |||||||||||||
Deferred profit-sharing contingent commissions | $ | 9,713 | $ | 9,490 | |||||||||
Net operating loss carryforwards | 8,408 | 5,786 | |||||||||||
Accruals and reserves | 11,155 | 9,132 | |||||||||||
Total current deferred tax assets | $ | 29,276 | $ | 24,408 | |||||||||
Significant Components of Non-Current Deferred Tax Liabilities and Assets | ' | ||||||||||||
Significant components of Brown & Brown’s non-current deferred tax liabilities and assets as of December 31 are as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Non-current deferred tax liabilities: | |||||||||||||
Fixed assets | $ | 11,651 | $ | 12,427 | |||||||||
Intangible assets | 306,009 | 245,020 | |||||||||||
Total non-current deferred tax liabilities | 317,660 | 257,447 | |||||||||||
Non-current deferred tax assets: | |||||||||||||
Deferred compensation | 22,598 | 13,576 | |||||||||||
Net operating loss carryforwards | 3,843 | 6,658 | |||||||||||
Valuation allowance for deferred tax assets | (485 | ) | (417 | ) | |||||||||
Total non-current deferred tax assets | 25,956 | 19,817 | |||||||||||
Net non-current deferred tax liability | $ | 291,704 | $ | 237,630 | |||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefits balance at January 1 | $ | 294 | $ | 806 | $ | 656 | |||||||
Gross increases for tax positions of prior years | 232 | 222 | 257 | ||||||||||
Gross decreases for tax positions of prior years | — | (409 | ) | — | |||||||||
Settlements | (135 | ) | (325 | ) | (107 | ) | |||||||
Unrecognized tax benefits balance at December 31 | $ | 391 | $ | 294 | $ | 806 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Stock Option Outstanding | ' | ||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life (years) | |||||||||||||||||||||
$22.06 | 12,000 | 1 | $ | 22.06 | — | $ | 22.06 | ||||||||||||||
$18.48 | 610,945 | 4.2 | $ | 18.48 | 422,945 | $ | 18.48 | ||||||||||||||
Totals | 622,945 | 4.1 | $ | 18.55 | 422,945 | $ | 18.48 | ||||||||||||||
Stock Option [Member] | ' | ||||||||||||||||||||
Summary of Stock Based Compensation Plan Activity | ' | ||||||||||||||||||||
A summary of stock option activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
Stock Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||||||
Option | Exercise | Remaining | Value | ||||||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||||||
Term | |||||||||||||||||||||
(in years) | |||||||||||||||||||||
Outstanding at January 1, 2011 | 1,875,170 | $ | 17.53 | 5.4 | $ | 17,147 | |||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | (52,589 | ) | $ | 18.48 | |||||||||||||||||
Forfeited | (438,044 | ) | $ | 17.28 | |||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 31, 2011 | 1,384,537 | $ | 17.58 | 4.4 | $ | 14,587 | |||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | (645,745 | ) | $ | 16.64 | |||||||||||||||||
Forfeited | — | $ | — | ||||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 31, 2012 | 738,792 | $ | 18.39 | 4.9 | $ | 8,891 | |||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | (115,847 | ) | $ | 17.56 | |||||||||||||||||
Forfeited | — | $ | — | ||||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 31, 2013 | 622,945 | $ | 18.55 | 4.1 | $ | 7,289 | |||||||||||||||
Ending vested and expected to vest at December 31, 2013 | 622,945 | $ | 18.55 | 4.1 | $ | 7,289 | |||||||||||||||
Exercisable at December 31, 2013 | 422,945 | $ | 18.48 | 4.2 | $ | 5,460 | |||||||||||||||
Exercisable at December 31, 2012 | 162,792 | $ | 17.82 | 4 | $ | 1,243 | |||||||||||||||
Exercisable at December 31, 2011 | 396,985 | $ | 18.16 | 5.4 | $ | 1,774 | |||||||||||||||
Performance Stock Plan [Member] | ' | ||||||||||||||||||||
Summary of Stock Based Compensation Plan Activity | ' | ||||||||||||||||||||
A summary of PSP activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
Weighted- | Granted | Awarded | Shares Not | ||||||||||||||||||
Average | Shares | Shares | Yet | ||||||||||||||||||
Grant | Awarded | ||||||||||||||||||||
Date Fair | |||||||||||||||||||||
Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | $ | 7.32 | 5,791,854 | 3,391,519 | 2,400,335 | ||||||||||||||||
Granted | $ | — | — | — | — | ||||||||||||||||
Awarded | $ | 9.56 | — | 447,154 | (447,154 | ) | |||||||||||||||
Vested | $ | 6.01 | (106,490 | ) | (106,490 | ) | — | ||||||||||||||
Forfeited | $ | 9.48 | (753,552 | ) | (386,914 | ) | (366,638 | ) | |||||||||||||
Outstanding at December 31, 2011 | $ | 8.08 | 4,931,812 | 3,345,269 | 1,586,543 | ||||||||||||||||
Granted | $ | — | — | — | — | ||||||||||||||||
Awarded | $ | 8.09 | — | 7,743 | (7,743 | ) | |||||||||||||||
Vested | $ | 3.29 | (877,224 | ) | (877,224 | ) | — | ||||||||||||||
Forfeited | $ | 13.06 | (363,566 | ) | (81,283 | ) | (282,283 | ) | |||||||||||||
Outstanding at December 31, 2012 | $ | 8.72 | 3,691,022 | 2,394,505 | 1,296,517 | ||||||||||||||||
Granted | $ | — | — | — | — | ||||||||||||||||
Awarded | $ | 10.25 | — | 122,021 | (122,021 | ) | |||||||||||||||
Vested | $ | 4.01 | (119,364 | ) | (119,364 | ) | — | ||||||||||||||
Forfeited | $ | 8.73 | (1,200,371 | ) | (101,310 | ) | (1,099,061 | ) | |||||||||||||
Outstanding at December 31, 2013 | $ | 8.62 | 2,371,287 | 2,295,852 | 75,435 | ||||||||||||||||
Stock Incentive Plan [Member] | ' | ||||||||||||||||||||
Summary of Stock Based Compensation Plan Activity | ' | ||||||||||||||||||||
A summary of SIP activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||
Weighted- | Granted | Awarded | Shares Not | ||||||||||||||||||
Average | Shares | Shares | Yet | ||||||||||||||||||
Grant | Awarded | ||||||||||||||||||||
Date Fair | |||||||||||||||||||||
Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | $ | 12.62 | 192,245 | 38,449 | 153,796 | ||||||||||||||||
Granted | $ | 23.94 | 2,375,892 | — | 2,375,892 | ||||||||||||||||
Awarded | $ | 11.41 | — | (1,041 | ) | 1,041 | |||||||||||||||
Vested | $ | — | — | — | — | ||||||||||||||||
Forfeited | $ | 23.94 | (90,080 | ) | — | (90,080 | ) | ||||||||||||||
Outstanding at December 31, 2011 | $ | 23.06 | 2,478,057 | 37,408 | 2,440,649 | ||||||||||||||||
Granted | $ | 22.59 | 814,545 | — | 814,545 | ||||||||||||||||
Awarded | $ | — | — | — | — | ||||||||||||||||
Vested | $ | — | — | — | — | ||||||||||||||||
Forfeited | $ | 23.62 | (135,291 | ) | — | (135,291 | ) | ||||||||||||||
Outstanding at December 31, 2012 | $ | 22.91 | 3,157,311 | 37,408 | 3,119,903 | ||||||||||||||||
Granted | $ | 31.95 | 3,719,974 | — | 3,719,974 | ||||||||||||||||
Awarded | $ | 30.71 | — | 966,215 | (966,215 | ) | |||||||||||||||
Vested | $ | — | — | — | — | ||||||||||||||||
Forfeited | $ | 23.88 | (271,184 | ) | (7,906 | ) | (263,278 | ) | |||||||||||||
Outstanding at December 31, 2013 | $ | 27.96 | 6,606,101 | 995,717 | 5,610,384 | ||||||||||||||||
Non Cash [Member] | ' | ||||||||||||||||||||
Non-Cash Stock-Based Compensation Expense | ' | ||||||||||||||||||||
The non-cash stock-based compensation expense for the years ended December 31 is as follows: | |||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Stock Incentive Plan | $ | 15,934 | $ | 9,288 | $ | 5,320 | |||||||||||||||
Employee Stock Purchase Plan | 3,538 | 2,856 | 2,126 | ||||||||||||||||||
Performance Stock Plan | 2,310 | 2,612 | 2,661 | ||||||||||||||||||
Incentive Stock Option Plan | 821 | 1,109 | 1,087 | ||||||||||||||||||
Total | $ | 22,603 | $ | 15,865 | $ | 11,194 | |||||||||||||||
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Significant Non-Cash Investing and Financing Activities | ' | ||||||||||||
Brown & Brown’s significant non-cash investing and financing activities for the years ended December 31 are summarized as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Other payable issued for purchased customer accounts | $ | 1,425 | $ | 25,439 | $ | — | |||||||
Notes payable issued or assumed for purchased customer accounts | $ | — | $ | 59 | $ | 1,603 | |||||||
Estimated acquisition earn-out payables and related charges | $ | 5,091 | $ | 21,479 | $ | 30,525 | |||||||
Notes received on the sale of fixed assets and customer accounts | $ | 1,108 | $ | 967 | $ | 8,166 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Aggregate Future Minimum Lease Payments under all Non-cancelable Lease Agreements | ' | ||||
At December 31, 2013, the aggregate future minimum lease payments under all non-cancelable lease agreements were as follows: | |||||
(in thousands) | |||||
2014 | $ | 34,972 | |||
2015 | 31,386 | ||||
2016 | 27,830 | ||||
2017 | 22,209 | ||||
2018 | 16,015 | ||||
Thereafter | 42,074 | ||||
Total minimum future lease payments | $ | 174,486 | |||
Quarterly_Operating_Results_Un1
Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Operating Results | ' | ||||||||||||||||
Quarterly operating results for 2013 and 2012 were as follows: | |||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Total revenues | $ | 335,012 | $ | 325,792 | $ | 359,310 | $ | 343,165 | |||||||||
Total expenses | $ | 235,521 | $ | 239,571 | $ | 263,855 | $ | 266,723 | |||||||||
Income before income taxes | $ | 99,491 | $ | 86,221 | $ | 95,455 | $ | 76,442 | |||||||||
Net income | $ | 60,131 | $ | 52,007 | $ | 57,749 | $ | 47,225 | |||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.42 | $ | 0.36 | $ | 0.4 | $ | 0.32 | |||||||||
Diluted | $ | 0.41 | $ | 0.36 | $ | 0.39 | $ | 0.32 | |||||||||
2012 | |||||||||||||||||
Total revenues | $ | 302,486 | $ | 290,916 | $ | 303,800 | $ | 302,830 | |||||||||
Total expenses | $ | 219,696 | $ | 219,771 | $ | 222,151 | $ | 233,603 | |||||||||
Income before income taxes | $ | 82,790 | $ | 71,145 | $ | 81,649 | $ | 69,227 | |||||||||
Net income | $ | 49,433 | $ | 42,471 | $ | 49,504 | $ | 42,637 | |||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.34 | $ | 0.3 | $ | 0.34 | $ | 0.3 | |||||||||
Diluted | $ | 0.34 | $ | 0.29 | $ | 0.34 | $ | 0.29 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Summarized Financial Information Reportable Segments | ' | ||||||||||||||||||||||||
Summarized financial information concerning Brown & Brown’s reportable segments is shown in the following table. The “Other” column includes any income and expenses not allocated to reportable segments and corporate-related items, including the inter-company interest expense charge to the reporting segment. | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 728,324 | $ | 292,130 | $ | 209,907 | $ | 131,489 | $ | 1,429 | $ | 1,363,279 | |||||||||||||
Investment income | $ | 82 | $ | 19 | $ | 22 | $ | 1 | $ | 514 | $ | 638 | |||||||||||||
Amortization | $ | 38,052 | $ | 14,593 | $ | 11,550 | $ | 3,698 | $ | 39 | $ | 67,932 | |||||||||||||
Depreciation | $ | 5,847 | $ | 5,399 | $ | 2,794 | $ | 1,623 | $ | 1,822 | $ | 17,485 | |||||||||||||
Interest expense | $ | 34,407 | $ | 24,014 | $ | 2,565 | $ | 7,321 | $ | (51,867 | ) | $ | 16,440 | ||||||||||||
Income before income taxes | $ | 166,316 | $ | 58,379 | $ | 53,822 | $ | 24,518 | $ | 54,574 | $ | 357,609 | |||||||||||||
Total assets | $ | 2,992,087 | $ | 1,335,911 | $ | 927,825 | $ | 277,652 | $ | (1,883,967 | ) | $ | 3,649,508 | ||||||||||||
Capital expenditures | $ | 6,847 | $ | 4,743 | $ | 1,931 | $ | 1,811 | $ | 1,034 | $ | 16,366 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 644,429 | $ | 252,943 | $ | 183,565 | $ | 116,736 | $ | 2,359 | $ | 1,200,032 | |||||||||||||
Investment income | $ | 108 | $ | 20 | $ | 22 | $ | 1 | $ | 646 | $ | 797 | |||||||||||||
Amortization | $ | 34,639 | $ | 13,936 | $ | 11,280 | $ | 3,680 | $ | 38 | $ | 63,573 | |||||||||||||
Depreciation | $ | 5,181 | $ | 4,600 | $ | 2,718 | $ | 1,278 | $ | 1,596 | $ | 15,373 | |||||||||||||
Interest expense | $ | 26,641 | $ | 25,674 | $ | 3,974 | $ | 8,602 | $ | (48,794 | ) | $ | 16,097 | ||||||||||||
Income before income taxes | $ | 145,214 | $ | 51,491 | $ | 43,355 | $ | 16,770 | $ | 47,981 | $ | 304,811 | |||||||||||||
Total assets | $ | 2,420,759 | $ | 1,183,191 | $ | 837,364 | $ | 238,430 | $ | (1,551,686 | ) | $ | 3,128,058 | ||||||||||||
Capital expenditures | $ | 5,732 | $ | 9,633 | $ | 3,383 | $ | 2,519 | $ | 2,761 | $ | 24,028 | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 607,199 | $ | 164,427 | $ | 174,158 | $ | 65,972 | $ | 1,786 | $ | 1,013,542 | |||||||||||||
Investment income | $ | 102 | $ | — | $ | 34 | $ | 128 | $ | 1,003 | $ | 1,267 | |||||||||||||
Amortization | $ | 33,373 | $ | 7,770 | $ | 11,032 | $ | 2,541 | $ | 39 | $ | 54,755 | |||||||||||||
Depreciation | $ | 5,046 | $ | 2,937 | $ | 2,594 | $ | 590 | $ | 1,225 | $ | 12,392 | |||||||||||||
Interest expense | $ | 27,688 | $ | 1,381 | $ | 7,495 | $ | 5,746 | $ | (28,178 | ) | $ | 14,132 | ||||||||||||
Income before income taxes | $ | 137,807 | $ | 60,465 | $ | 36,511 | $ | 7,729 | $ | 28,009 | $ | 270,521 | |||||||||||||
Total assets | $ | 2,155,413 | $ | 680,251 | $ | 712,212 | $ | 166,060 | $ | (1,106,925 | ) | $ | 2,607,011 | ||||||||||||
Capital expenditures | $ | 6,102 | $ | 1,968 | $ | 2,658 | $ | 689 | $ | 2,191 | $ | 13,608 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Line Items] | ' | ' |
Number of reportable segments | 4 | ' |
Reserve for policy cancellations | 8,010,000 | 7,174,000 |
Non-compete agreements [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Estimated lives of amortizable intangible assets | '7 years | '7 years 2 months 12 days |
Minimum [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Estimated useful lives of the related assets | '3 years | ' |
Minimum [Member] | Non-compete agreements [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Estimated lives of amortizable intangible assets | '5 years | ' |
Maximum [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Estimated useful lives of the related assets | '15 years | ' |
Maximum [Member] | Non-compete agreements [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Estimated lives of amortizable intangible assets | '15 years | ' |
Reconciliation_Between_Basic_a
Reconciliation Between Basic and Diluted Weighted Average Shares Outstanding (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $47,225 | $57,749 | $52,007 | $60,131 | $42,637 | $49,504 | $42,471 | $49,433 | $217,112 | $184,045 | $163,995 |
Net income attributable to unvested awarded performance stock | ' | ' | ' | ' | ' | ' | ' | ' | -5,446 | -5,313 | -5,099 |
Net income attributable to common shares | ' | ' | ' | ' | ' | ' | ' | ' | $211,666 | $178,732 | $158,896 |
Weighted average basic number of common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 144,662 | 143,507 | 143,029 |
Less unvested awarded performance stock included in weighted average basic share outstanding | ' | ' | ' | ' | ' | ' | ' | ' | -3,629 | -4,143 | -4,447 |
Weighted average number of common shares outstanding for basic earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | 141,033 | 139,364 | 138,582 |
Dilutive effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 1,591 | 2,646 | 1,682 |
Weighted average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 142,624 | 142,010 | 140,264 |
Basic | $0.32 | $0.40 | $0.36 | $0.42 | $0.30 | $0.34 | $0.30 | $0.34 | $1.50 | $1.28 | $1.15 |
Diluted | $0.32 | $0.39 | $0.36 | $0.41 | $0.29 | $0.34 | $0.29 | $0.34 | $1.48 | $1.26 | $1.13 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Aggregate purchase price of acquisitions | $519,794,000 | $667,586,000 | $214,822,000 | ' |
Cash payment for acquisition | 408,072,000 | 483,933,000 | 167,444,000 | ' |
Other payables for acquisition | 552,000 | 25,439,000 | ' | ' |
Assumption of liabilities | 106,079,000 | 136,676,000 | 15,659,000 | ' |
Recorded earn-out payables | 5,091,000 | ' | ' | ' |
Average annual operating profit earned period, minimum (years) | '1 year | '1 year | '1 year | ' |
Average annual operating profit earned period, maximum (years) | '3 years | '3 years | '3 years | ' |
Aggregate purchase price of acquisitions | 504,000 | ' | ' | ' |
Cash payments for acquisitions | 18,000 | ' | ' | ' |
Net consideration paid as other note payable | 117,000 | ' | ' | ' |
Assumption of liabilities | 82,000 | ' | ' | ' |
Recorded earn-out payable | 721,000 | ' | ' | ' |
Total goodwill | 295,944,000 | 390,640,000 | 128,344,000 | ' |
Goodwill currently deductible for income tax purposes | 41,663,000 | 52,730,000 | 84,105,000 | ' |
Goodwill currently non-deductible for income tax purposes | 249,190,000 | 316,431,000 | 13,714,000 | ' |
Goodwill related to the recorded earn-out payables | 5,091,000 | 21,479,000 | 30,525,000 | ' |
Total revenues related to acquisitions | 63,797,000 | 129,472,000 | 40,291,000 | ' |
Income (loss) before income taxes related to acquisitions | 872,000 | 898,000 | ' | ' |
Net additional consideration paid as note payable | ' | 59,000 | 1,194,000 | ' |
Recorded earn-out payable | 5,091,000 | 21,479,000 | 30,525,000 | ' |
Income before income taxes related to acquisitions | ' | ' | 7,223,000 | ' |
Maximum future contingency payments related to acquisitions | 130,584,000 | ' | ' | ' |
Percentage recognition by acquirer of fair value of acquired assets | 100.00% | ' | ' | ' |
Future earnings of acquired entities, term basis of potential earn-out obligations, minimum (years) | '1 year | ' | ' | ' |
Future earnings of acquired entities, term basis of potential earn-out obligations, maximum (years) | '3 years | ' | ' | ' |
Estimated acquisition earn-out payables | 43,058,000 | 52,987,000 | 47,715,000 | 29,608,000 |
Accounts Payable [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Estimated acquisition earn-out payables | 6,312,000 | 10,164,000 | ' | ' |
Purchased customer accounts [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Weighted average life (years) | '15 years | '15 years | '15 years | ' |
Non-compete agreements [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Weighted average life (years) | '5 years | '5 years | '5 years | ' |
Arrowhead General Insurance Agency Superholding Corporation [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Other payables for acquisition | ' | 22,061,000 | ' | ' |
Total goodwill | ' | 321,128,000 | ' | ' |
Other Non-Current Liability [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Estimated acquisition earn-out payables | 36,746,000 | 42,823,000 | ' | ' |
Prior to January 1, 2009 [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash payment for acquisition | 873,000 | 2,907,000 | ' | ' |
Net additional consideration paid as note payable | 873,000 | ' | ' | ' |
Additional net consideration paid allocated to goodwill | 873,000 | 2,907,000 | ' | ' |
Retail [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Goodwill assigned | 257,196,000 | 57,856,000 | ' | ' |
Goodwill assigned | ' | ' | 108,420,000 | ' |
National Programs Divisions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Goodwill assigned | 27,091,000 | 289,378,000 | ' | ' |
Goodwill assigned | ' | ' | 11,853,000 | ' |
Wholesale Brokerage Divisions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Goodwill assigned | -812,000 | 11,656,000 | ' | ' |
Services [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Goodwill assigned | 12,469,000 | 31,750,000 | ' | ' |
Goodwill assigned | ' | ' | $8,071,000 | ' |
Asset Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of acquisitions | 10 | 19 | 1 | ' |
Stock Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of acquisitions | 1 | 1 | 37 | ' |
Acquisitions_Accounted_for_Bus
Acquisitions Accounted for Business Combinations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | $408,072 | $483,933 | $167,444 |
Note Payable | ' | 59 | 1,194 |
Other Payable | ' | ' | 30,525 |
Net Assets Acquired | 413,715 | 530,910 | 199,163 |
Maximum Potential Earn-out Payable | ' | ' | 78,207 |
Arrowhead General Insurance Agency Superholding Corporation [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | 422,303 | ' |
Insurcorp & GGM Investments LLC [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | 21,344 | ' |
Richard W. Endlar Insurance Agency, Inc. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | 13,423 | ' |
Texas Security General Insurance Agency, Inc. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | 18,812 | ' |
The Rollins Agency, Inc. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | 16,163 | ' | ' |
Beecher Carlson Holdings, Inc. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | 364,256 | ' | ' |
Other Acquisitions [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | 12,799 | 33,543 | 32,657 |
Other Acquisitions [Member] | Various [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | ' | ' | 25,295 |
Note Payable | ' | ' | 1,194 |
Other Payable | ' | ' | 6,168 |
Net Assets Acquired | ' | ' | 32,657 |
Maximum Potential Earn-out Payable | ' | ' | 12,865 |
Behnke & Associates, Inc. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | 10,339 | ' |
Rowlands & Barranca Agency, Inc. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | 11,146 | ' |
ICA, Inc.[Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | 20,497 | ' | ' |
Balcos Insurance, Inc., Et Al [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 10,206 |
Balcos Insurance, Inc., Et Al [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | ' | ' | 8,611 |
Other Payable | ' | ' | 1,595 |
Net Assets Acquired | ' | ' | 10,206 |
Maximum Potential Earn-out Payable | ' | ' | 5,766 |
Associated Insurance Service, Inc. et al. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 1-Jan-11 |
Cash Paid | ' | ' | 12,000 |
Other Payable | ' | ' | 1,575 |
Net Assets Acquired | ' | ' | 13,575 |
Maximum Potential Earn-out Payable | ' | ' | 6,000 |
United Benefit Services Insurance Agency LLC et al. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 1-Feb-11 |
Cash Paid | ' | ' | 14,283 |
Other Payable | ' | ' | 2,590 |
Net Assets Acquired | ' | ' | 16,873 |
Maximum Potential Earn-out Payable | ' | ' | 8,442 |
First Horizon Insurance Group, Inc. et al. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 25,060 |
First Horizon Insurance Group, Inc. et al. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 30-Apr-11 |
Cash Paid | ' | ' | 25,060 |
Net Assets Acquired | ' | ' | 25,060 |
Fitzharris Agency, Inc. et al. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 7,047 |
Fitzharris Agency, Inc. et al. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 1-May-11 |
Cash Paid | ' | ' | 6,159 |
Other Payable | ' | ' | 888 |
Net Assets Acquired | ' | ' | 7,047 |
Maximum Potential Earn-out Payable | ' | ' | 3,832 |
Corporate Benefit Consultants, LLC [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 11,038 |
Corporate Benefit Consultants, LLC [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 1-Jun-11 |
Cash Paid | ' | ' | 9,000 |
Other Payable | ' | ' | 2,038 |
Net Assets Acquired | ' | ' | 11,038 |
Maximum Potential Earn-out Payable | ' | ' | 4,520 |
Sitzmann, Morris & Lavis Insurance Agency, Inc. et al. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 46,688 |
Sitzmann, Morris & Lavis Insurance Agency, Inc. et al. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 1-Nov-11 |
Cash Paid | ' | ' | 40,460 |
Other Payable | ' | ' | 6,228 |
Net Assets Acquired | ' | ' | 46,688 |
Maximum Potential Earn-out Payable | ' | ' | 19,000 |
Snapper Shuler Kenner, Inc. et al. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 8,811 |
Snapper Shuler Kenner, Inc. et al. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 1-Nov-11 |
Cash Paid | ' | ' | 7,493 |
Other Payable | ' | ' | 1,318 |
Net Assets Acquired | ' | ' | 8,811 |
Maximum Potential Earn-out Payable | ' | ' | 3,988 |
Industry Consulting Group, Inc. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 13,010 |
Industry Consulting Group, Inc. [Member] | National Programs & Services [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | ' | ' | 9,133 |
Other Payable | ' | ' | 3,877 |
Net Assets Acquired | ' | ' | 13,010 |
Maximum Potential Earn-out Payable | ' | ' | 5,794 |
Colonial Claims Corporation et al. [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Net Assets Acquired | ' | ' | 14,198 |
Colonial Claims Corporation et al. [Member] | Services [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | ' | 23-Dec-11 |
Cash Paid | ' | ' | 9,950 |
Other Payable | ' | ' | 4,248 |
Net Assets Acquired | ' | ' | 14,198 |
Maximum Potential Earn-out Payable | ' | ' | 8,000 |
2013 Acquisitions [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | 408,072 | ' | ' |
Other Payable | 552 | ' | ' |
Recorded Earn-out Payable | 5,091 | ' | ' |
Net Assets Acquired | 413,715 | ' | ' |
Maximum Potential Earn-out Payable | 16,768 | ' | ' |
2013 Acquisitions [Member] | The Rollins Agency, Inc. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | 1-Jun-13 | ' | ' |
Cash Paid | 13,792 | ' | ' |
Other Payable | 50 | ' | ' |
Recorded Earn-out Payable | 2,321 | ' | ' |
Net Assets Acquired | 16,163 | ' | ' |
Maximum Potential Earn-out Payable | 4,300 | ' | ' |
2013 Acquisitions [Member] | Beecher Carlson Holdings, Inc. [Member] | Retail And National Programs [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | 1-Jul-13 | ' | ' |
Cash Paid | 364,256 | ' | ' |
Other Payable | ' | ' | ' |
Recorded Earn-out Payable | ' | ' | ' |
Net Assets Acquired | 364,256 | ' | ' |
Maximum Potential Earn-out Payable | ' | ' | ' |
2013 Acquisitions [Member] | Other Acquisitions [Member] | Various [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | 10,254 | ' | ' |
Other Payable | 502 | ' | ' |
Recorded Earn-out Payable | 2,043 | ' | ' |
Net Assets Acquired | 12,799 | ' | ' |
Maximum Potential Earn-out Payable | 7,468 | ' | ' |
2013 Acquisitions [Member] | ICA, Inc.[Member] | Services [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | 31-Dec-13 | ' | ' |
Cash Paid | 19,770 | ' | ' |
Other Payable | ' | ' | ' |
Recorded Earn-out Payable | 727 | ' | ' |
Net Assets Acquired | 20,497 | ' | ' |
Maximum Potential Earn-out Payable | 5,000 | ' | ' |
2012 Acquisitions [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | ' | 483,933 | ' |
Note Payable | ' | 59 | ' |
Other Payable | ' | 25,439 | ' |
Recorded Earn-out Payable | ' | 21,479 | ' |
Net Assets Acquired | ' | 530,910 | ' |
Maximum Potential Earn-out Payable | ' | 56,170 | ' |
2012 Acquisitions [Member] | Arrowhead General Insurance Agency Superholding Corporation [Member] | National Programs & Services [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | 9-Jan-12 | ' |
Cash Paid | ' | 396,952 | ' |
Other Payable | ' | 22,061 | ' |
Recorded Earn-out Payable | ' | 3,290 | ' |
Net Assets Acquired | ' | 422,303 | ' |
Maximum Potential Earn-out Payable | ' | 5,000 | ' |
2012 Acquisitions [Member] | Insurcorp & GGM Investments LLC [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | 1-May-12 | ' |
Cash Paid | ' | 15,500 | ' |
Other Payable | ' | 900 | ' |
Recorded Earn-out Payable | ' | 4,944 | ' |
Net Assets Acquired | ' | 21,344 | ' |
Maximum Potential Earn-out Payable | ' | 17,000 | ' |
2012 Acquisitions [Member] | Richard W. Endlar Insurance Agency, Inc. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | 1-May-12 | ' |
Cash Paid | ' | 10,825 | ' |
Recorded Earn-out Payable | ' | 2,598 | ' |
Net Assets Acquired | ' | 13,423 | ' |
Maximum Potential Earn-out Payable | ' | 5,500 | ' |
2012 Acquisitions [Member] | Texas Security General Insurance Agency, Inc. [Member] | Wholesale Brokerage [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | 1-Sep-12 | ' |
Cash Paid | ' | 14,506 | ' |
Other Payable | ' | 2,182 | ' |
Recorded Earn-out Payable | ' | 2,124 | ' |
Net Assets Acquired | ' | 18,812 | ' |
Maximum Potential Earn-out Payable | ' | 7,200 | ' |
2012 Acquisitions [Member] | Other Acquisitions [Member] | Various [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash Paid | ' | 28,192 | ' |
Note Payable | ' | 59 | ' |
Other Payable | ' | 296 | ' |
Recorded Earn-out Payable | ' | 4,996 | ' |
Net Assets Acquired | ' | 33,543 | ' |
Maximum Potential Earn-out Payable | ' | 14,149 | ' |
2012 Acquisitions [Member] | Behnke & Associates, Inc. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | 1-Dec-12 | ' |
Cash Paid | ' | 9,213 | ' |
Recorded Earn-out Payable | ' | 1,126 | ' |
Net Assets Acquired | ' | 10,339 | ' |
Maximum Potential Earn-out Payable | ' | 3,321 | ' |
2012 Acquisitions [Member] | Rowlands & Barranca Agency, Inc. [Member] | Retail [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
2013 Date of Acquisition | ' | 1-Dec-12 | ' |
Cash Paid | ' | 8,745 | ' |
Recorded Earn-out Payable | ' | 2,401 | ' |
Net Assets Acquired | ' | 11,146 | ' |
Maximum Potential Earn-out Payable | ' | $4,000 | ' |
Estimated_Fair_Values_of_Aggre
Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Cash | $40,360 | $61,786 | $5,170 |
Other current assets | 59,598 | 71,824 | 5,835 |
Fixed assets | 1,915 | 4,937 | 1,075 |
Goodwill | 295,944 | 390,640 | 128,344 |
Purchased customer accounts | 118,983 | 137,946 | 73,868 |
Non-compete agreements | 2,886 | 452 | 506 |
Other assets | 108 | 1 | 24 |
Total assets acquired | 519,794 | 667,586 | 214,822 |
Other current liabilities | -81,150 | -110,188 | -11,133 |
Deferred income taxes, net | -22,764 | -26,488 | -1,455 |
Other liabilities | -2,165 | ' | -3,071 |
Total liabilities assumed | -106,079 | -136,676 | -15,659 |
Net assets acquired | 413,715 | 530,910 | 199,163 |
Arrowhead General Insurance Agency Superholding Corporation [Member] | ' | ' | ' |
Cash | ' | 61,786 | ' |
Other current assets | ' | 69,051 | ' |
Fixed assets | ' | 4,629 | ' |
Goodwill | ' | 321,128 | ' |
Purchased customer accounts | ' | 99,675 | ' |
Non-compete agreements | ' | 100 | ' |
Other assets | ' | 1 | ' |
Total assets acquired | ' | 556,370 | ' |
Other current liabilities | ' | -107,579 | ' |
Deferred income taxes, net | ' | -26,488 | ' |
Total liabilities assumed | ' | -134,067 | ' |
Net assets acquired | ' | 422,303 | ' |
Insurcorp & GGM Investments LLC [Member] | ' | ' | ' |
Other current assets | ' | 180 | ' |
Fixed assets | ' | 25 | ' |
Goodwill | ' | 14,745 | ' |
Purchased customer accounts | ' | 6,490 | ' |
Non-compete agreements | ' | 22 | ' |
Total assets acquired | ' | 21,462 | ' |
Other current liabilities | ' | -118 | ' |
Total liabilities assumed | ' | -118 | ' |
Net assets acquired | ' | 21,344 | ' |
Richard W. Endlar Insurance Agency, Inc. [Member] | ' | ' | ' |
Other current assets | ' | 305 | ' |
Fixed assets | ' | 25 | ' |
Goodwill | ' | 8,044 | ' |
Purchased customer accounts | ' | 5,230 | ' |
Non-compete agreements | ' | 11 | ' |
Total assets acquired | ' | 13,615 | ' |
Other current liabilities | ' | -192 | ' |
Total liabilities assumed | ' | -192 | ' |
Net assets acquired | ' | 13,423 | ' |
Texas Security General Insurance Agency, Inc. [Member] | ' | ' | ' |
Other current assets | ' | 1,866 | ' |
Fixed assets | ' | 45 | ' |
Goodwill | ' | 10,845 | ' |
Purchased customer accounts | ' | 6,229 | ' |
Non-compete agreements | ' | 14 | ' |
Total assets acquired | ' | 18,999 | ' |
Other current liabilities | ' | -187 | ' |
Total liabilities assumed | ' | -187 | ' |
Net assets acquired | ' | 18,812 | ' |
Behnke & Associates, Inc. [Member] | ' | ' | ' |
Fixed assets | ' | 25 | ' |
Goodwill | ' | 6,430 | ' |
Purchased customer accounts | ' | 3,843 | ' |
Non-compete agreements | ' | 41 | ' |
Total assets acquired | ' | 10,339 | ' |
Net assets acquired | ' | 10,339 | ' |
Rowlands & Barranca Agency, Inc. [Member] | ' | ' | ' |
Fixed assets | ' | 30 | ' |
Goodwill | ' | 8,363 | ' |
Purchased customer accounts | ' | 3,367 | ' |
Non-compete agreements | ' | 21 | ' |
Total assets acquired | ' | 11,781 | ' |
Other current liabilities | ' | -635 | ' |
Total liabilities assumed | ' | -635 | ' |
Net assets acquired | ' | 11,146 | ' |
Other Acquisitions [Member] | ' | ' | ' |
Cash | ' | ' | ' |
Other current assets | 1,573 | 422 | 1,059 |
Fixed assets | 24 | 158 | 65 |
Goodwill | 5,696 | 21,085 | 18,465 |
Purchased customer accounts | 5,623 | 13,112 | 13,746 |
Non-compete agreements | 76 | 243 | 187 |
Other assets | 1 | ' | 2 |
Total assets acquired | 12,993 | 35,020 | 33,524 |
Other current liabilities | -194 | -1,477 | -867 |
Deferred income taxes, net | ' | ' | ' |
Other liabilities | ' | ' | ' |
Total liabilities assumed | -194 | -1,477 | -867 |
Net assets acquired | 12,799 | 33,543 | 32,657 |
The Rollins Agency, Inc. [Member] | ' | ' | ' |
Cash | ' | ' | ' |
Other current assets | 393 | ' | ' |
Fixed assets | 30 | ' | ' |
Goodwill | 12,697 | ' | ' |
Purchased customer accounts | 3,878 | ' | ' |
Non-compete agreements | 31 | ' | ' |
Other assets | ' | ' | ' |
Total assets acquired | 17,029 | ' | ' |
Other current liabilities | -866 | ' | ' |
Deferred income taxes, net | ' | ' | ' |
Other liabilities | ' | ' | ' |
Total liabilities assumed | -866 | ' | ' |
Net assets acquired | 16,163 | ' | ' |
Beecher Carlson Holdings, Inc. [Member] | ' | ' | ' |
Cash | 40,360 | ' | ' |
Other current assets | 57,632 | ' | ' |
Fixed assets | 1,786 | ' | ' |
Goodwill | 265,174 | ' | ' |
Purchased customer accounts | 101,565 | ' | ' |
Non-compete agreements | 2,758 | ' | ' |
Other assets | ' | ' | ' |
Total assets acquired | 469,275 | ' | ' |
Other current liabilities | -80,090 | ' | ' |
Deferred income taxes, net | -22,764 | ' | ' |
Other liabilities | -2,165 | ' | ' |
Total liabilities assumed | -105,019 | ' | ' |
Net assets acquired | 364,256 | ' | ' |
ICA, Inc.[Member] | ' | ' | ' |
Cash | ' | ' | ' |
Other current assets | ' | ' | ' |
Fixed assets | 75 | ' | ' |
Goodwill | 12,377 | ' | ' |
Purchased customer accounts | 7,917 | ' | ' |
Non-compete agreements | 21 | ' | ' |
Other assets | 107 | ' | ' |
Total assets acquired | 20,497 | ' | ' |
Other current liabilities | ' | ' | ' |
Deferred income taxes, net | ' | ' | ' |
Other liabilities | ' | ' | ' |
Total liabilities assumed | ' | ' | ' |
Net assets acquired | 20,497 | ' | ' |
Balcos Insurance, Inc., Et Al [Member] | ' | ' | ' |
Other current assets | ' | ' | 187 |
Fixed assets | ' | ' | 20 |
Goodwill | ' | ' | 6,486 |
Purchased customer accounts | ' | ' | 3,530 |
Non-compete agreements | ' | ' | 42 |
Total assets acquired | ' | ' | 10,265 |
Other current liabilities | ' | ' | -59 |
Total liabilities assumed | ' | ' | -59 |
Net assets acquired | ' | ' | 10,206 |
Associated Insurance Service, Inc., Et Al [Member] | ' | ' | ' |
Other current assets | ' | ' | 252 |
Fixed assets | ' | ' | 100 |
Goodwill | ' | ' | 9,055 |
Purchased customer accounts | ' | ' | 4,086 |
Non-compete agreements | ' | ' | 92 |
Total assets acquired | ' | ' | 13,585 |
Other current liabilities | ' | ' | -10 |
Total liabilities assumed | ' | ' | -10 |
Net assets acquired | ' | ' | 13,575 |
United Benefit Services Insurance Agency, Et Al [Member] | ' | ' | ' |
Other current assets | ' | ' | 438 |
Fixed assets | ' | ' | 20 |
Goodwill | ' | ' | 10,049 |
Purchased customer accounts | ' | ' | 7,045 |
Non-compete agreements | ' | ' | 45 |
Other assets | ' | ' | 4 |
Total assets acquired | ' | ' | 17,601 |
Other current liabilities | ' | ' | -728 |
Total liabilities assumed | ' | ' | -728 |
Net assets acquired | ' | ' | 16,873 |
First Horizon Insurance Group, Inc. et al. [Member] | ' | ' | ' |
Cash | ' | ' | 5,170 |
Other current assets | ' | ' | 1,640 |
Fixed assets | ' | ' | 134 |
Goodwill | ' | ' | 15,254 |
Purchased customer accounts | ' | ' | 8,088 |
Non-compete agreements | ' | ' | 10 |
Other assets | ' | ' | 9 |
Total assets acquired | ' | ' | 30,305 |
Other current liabilities | ' | ' | -3,790 |
Deferred income taxes, net | ' | ' | -1,455 |
Total liabilities assumed | ' | ' | -5,245 |
Net assets acquired | ' | ' | 25,060 |
Fitzharris Agency, Inc. et al. [Member] | ' | ' | ' |
Other current assets | ' | ' | 77 |
Fixed assets | ' | ' | 60 |
Goodwill | ' | ' | 7,244 |
Purchased customer accounts | ' | ' | 3,351 |
Non-compete agreements | ' | ' | 21 |
Total assets acquired | ' | ' | 10,753 |
Other current liabilities | ' | ' | -3,706 |
Total liabilities assumed | ' | ' | -3,706 |
Net assets acquired | ' | ' | 7,047 |
Corporate Benefit Consultants, LLC [Member] | ' | ' | ' |
Other current assets | ' | ' | 227 |
Fixed assets | ' | ' | 6 |
Goodwill | ' | ' | 6,738 |
Purchased customer accounts | ' | ' | 4,046 |
Non-compete agreements | ' | ' | 21 |
Total assets acquired | ' | ' | 11,038 |
Net assets acquired | ' | ' | 11,038 |
Sitzmann, Morris & Lavis Insurance Agency, Inc. et al. [Member] | ' | ' | ' |
Other current assets | ' | ' | 1,372 |
Fixed assets | ' | ' | 465 |
Goodwill | ' | ' | 31,601 |
Purchased customer accounts | ' | ' | 13,995 |
Non-compete agreements | ' | ' | 42 |
Other assets | ' | ' | 4 |
Total assets acquired | ' | ' | 47,479 |
Other current liabilities | ' | ' | -791 |
Total liabilities assumed | ' | ' | -791 |
Net assets acquired | ' | ' | 46,688 |
Snapper Shuler Kenner, Inc. et al. [Member] | ' | ' | ' |
Other current assets | ' | ' | 247 |
Fixed assets | ' | ' | 45 |
Goodwill | ' | ' | 5,818 |
Purchased customer accounts | ' | ' | 2,726 |
Non-compete agreements | ' | ' | 12 |
Total assets acquired | ' | ' | 8,848 |
Other current liabilities | ' | ' | -37 |
Total liabilities assumed | ' | ' | -37 |
Net assets acquired | ' | ' | 8,811 |
Industry Consulting Group, Inc. [Member] | ' | ' | ' |
Other current assets | ' | ' | 336 |
Fixed assets | ' | ' | 100 |
Goodwill | ' | ' | 9,564 |
Purchased customer accounts | ' | ' | 7,161 |
Non-compete agreements | ' | ' | 11 |
Other assets | ' | ' | 5 |
Total assets acquired | ' | ' | 17,177 |
Other current liabilities | ' | ' | -1,096 |
Other liabilities | ' | ' | -3,071 |
Total liabilities assumed | ' | ' | -4,167 |
Net assets acquired | ' | ' | 13,010 |
Colonial Claims Corporation et al. [Member] | ' | ' | ' |
Fixed assets | ' | ' | 60 |
Goodwill | ' | ' | 8,070 |
Purchased customer accounts | ' | ' | 6,094 |
Non-compete agreements | ' | ' | 23 |
Total assets acquired | ' | ' | 14,247 |
Other current liabilities | ' | ' | -49 |
Total liabilities assumed | ' | ' | -49 |
Net assets acquired | ' | ' | $14,198 |
Results_of_Operations_Detail
Results of Operations (Detail) (USD $) | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
2011 Acquisitions [Member] | 2011 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2012 Acquisitions [Member] | 2012 Acquisitions [Member] | ||||
Business Acquisition, Pro Forma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | $1,058,142 | $1,059,857 | $1,439,918 | $1,329,262 | $1,230,408 | $1,163,341 |
Income before income taxes | ' | ' | ' | 283,404 | 291,944 | 373,175 | 329,291 | 315,051 | 313,706 |
Net income | ' | ' | ' | $171,805 | $177,464 | $226,562 | $198,826 | $190,228 | $190,174 |
Net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | $1.20 | $1.25 | $1.57 | $1.39 | $1.33 | $1.33 |
Diluted | ' | ' | ' | $1.19 | $1.23 | $1.55 | $1.36 | $1.30 | $1.31 |
Weighted average number of shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 141,033 | 139,364 | 138,582 | 138,582 | 137,924 | 141,033 | 139,634 | 139,364 | 138,582 |
Diluted | 142,624 | 142,010 | 140,264 | 140,264 | 139,318 | 142,624 | 142,010 | 142,010 | 140,264 |
Additions_Payments_and_Net_Cha
Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' | ' |
Beginning balance | $52,987 | $47,715 | $29,608 |
Additions to estimated acquisition earn-out payables | 5,816 | 21,479 | 30,525 |
Payments for estimated acquisition earn-out payables | -18,278 | -17,625 | -10,212 |
Subtotal | 40,525 | 51,569 | 49,921 |
Change in fair value on estimated acquisition earn-out payables | 570 | -1,051 | -4,043 |
Interest expense accretion | 1,963 | 2,469 | 1,837 |
Net change in earnings from estimated acquisition earn-out payables | 2,533 | 1,418 | -2,206 |
Ending balance | $43,058 | $52,987 | $47,715 |
Changes_in_Carrying_Value_of_G
Changes in Carrying Value of Goodwill by Reportable Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Beginning balance | $1,711,514 | $1,323,469 |
Goodwill of acquired businesses | 296,817 | 393,547 |
Goodwill disposed of relating to sales of businesses | -2,158 | -5,502 |
Ending balance | 2,006,173 | 1,711,514 |
Retail [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 876,219 | 823,573 |
Goodwill of acquired businesses | 257,196 | 58,148 |
Goodwill disposed of relating to sales of businesses | -2,158 | -5,502 |
Ending balance | 1,131,257 | 876,219 |
National Programs [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 439,180 | 149,802 |
Goodwill of acquired businesses | 27,964 | 289,378 |
Goodwill disposed of relating to sales of businesses | ' | ' |
Ending balance | 467,144 | 439,180 |
Wholesale Brokerage [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 288,054 | 273,783 |
Goodwill of acquired businesses | -812 | 14,271 |
Goodwill disposed of relating to sales of businesses | ' | ' |
Ending balance | 287,242 | 288,054 |
Services [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 108,061 | 76,311 |
Goodwill of acquired businesses | 12,469 | 31,750 |
Goodwill disposed of relating to sales of businesses | ' | ' |
Ending balance | $120,530 | $108,061 |
Amortizable_Intangible_Assets_1
Amortizable Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | $1,148,834 | $1,030,351 |
Accumulated Amortization | -529,946 | -463,813 |
Net Carrying Value | 618,888 | 566,538 |
Purchased customer accounts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 1,120,719 | 1,005,031 |
Accumulated Amortization | -505,137 | -439,623 |
Net Carrying Value | 615,582 | 565,408 |
Weighted Average Life (years) | '14 years 10 months 24 days | '14 years 10 months 24 days |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 28,115 | 25,320 |
Accumulated Amortization | -24,809 | -24,190 |
Net Carrying Value | $3,306 | $1,130 |
Weighted Average Life (years) | '7 years | '7 years 2 months 12 days |
Amortizable_Intangible_Assets_2
Amortizable Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense for amortizable intangible assets | $67,932,000 | $63,573,000 | $54,755,000 |
Amortization expense estimated, year one (2014) | 71,306,000 | ' | ' |
Amortization expense estimated, year two (2015) | 70,017,000 | ' | ' |
Amortization expense estimated, year three (2016) | 65,479,000 | ' | ' |
Amortization expense estimated, year four (2017) | 62,767,000 | ' | ' |
Amortization expense estimated, year five (2018) | $57,442,000 | ' | ' |
Summary_of_Investments_Detail
Summary of Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Certificates of deposit and other securities, Current | $10,624 | $8,183 |
Certificates of deposit and other securities, Non-Current | $16 | $16 |
Summary_of_Proceeds_and_Realiz
Summary of Proceeds and Realized Gains/(Losses) on Equity Securities and Certificates of Deposit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Proceeds | $15,662 | $10,654 | $12,950 |
Gross Realized Gains | ' | 13 | 124 |
Gross Realized Losses | ' | ' | ' |
Fixed_Assets_Detail
Fixed Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Furniture, fixtures and equipment | $149,170 | $141,844 |
Leasehold improvements | 21,231 | 18,889 |
Land, buildings and improvements | 3,815 | 3,902 |
Total cost | 174,216 | 164,635 |
Less accumulated depreciation and amortization | -99,483 | -90,298 |
Total | $74,733 | $74,337 |
Fixed_Assets_Additional_Inform
Fixed Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense for fixed assets | $17,485 | $15,373 | $12,392 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued bonuses | $70,272,000 | $12,668,000 |
Accrued compensation and benefits | 35,145,000 | 19,943,000 |
Accrued rent and vendor expenses | 19,235,000 | 16,972,000 |
Reserve for policy cancellations | 8,010,000 | 7,174,000 |
Accrued interest | 3,324,000 | 3,295,000 |
Other | 21,414,000 | 19,541,000 |
Total | $157,400,000 | $79,593,000 |
LongTerm_Debt_Instrument_Detai
Long-Term Debt Instrument (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Unsecured Senior Notes | $480,000 | $450,000 |
Acquisition notes payable | ' | 93 |
Revolving credit facility | ' | ' |
Total debt | 480,000 | 450,093 |
Less current portion | -100,000 | -93 |
Long-term debt | $380,000 | $450,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Jun. 12, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 09, 2012 | Dec. 31, 2013 | Jan. 09, 2012 | Jan. 09, 2012 | Jan. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 12, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
JPM Term Loan [Member] | Sun Trust Term Loan [Member] | Sun Trust Term Loan [Member] | JPM Bridge Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Sun Trust Revolver [Member] | Sun Trust Revolver [Member] | Wells Fargo Revolver [Member] | Wells Fargo Revolver [Member] | Bank Of America Loan Term Loan [Member] | Bank Of America Loan Term Loan [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Master Agreement [Member] | Master Agreement [Member] | Master Agreement [Member] | Master Agreement [Member] | Master Agreement [Member] | New Master Agreement [Member] | New Master Agreement [Member] | Minimum [Member] | Maximum [Member] | |||||
Beecher Acquisition [Member] | Beecher Acquisition [Member] | Series A [Member] | Series B [Member] | Senior Notes[Member] | Sun Trust Revolver [Member] | Wells Fargo Revolver [Member] | Bank Of America Loan Term Loan [Member] | Series C [Member] | Series D [Member] | Series E [Member] | LIBOR [Member] | LIBOR [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes outstanding | ' | $480,000,000 | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $100,000,000 | $100,000,000 | $100,000,000 | $200,000,000 | ' | ' | ' | ' | ' | $150,000,000 | $150,000,000 | $25,000,000 | $25,000,000 | $100,000,000 | ' | $0 | ' | ' |
Debt instrument, issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-04 | 15-Jul-04 | ' | ' | ' | ' | ' | ' | ' | ' | 22-Dec-06 | 1-Feb-08 | 15-Sep-11 | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.57% | 6.08% | ' | ' | ' | ' | ' | ' | ' | ' | 5.66% | 5.37% | 4.50% | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-16 | ' | 31-Dec-16 | ' | ' | ' | 15-Sep-11 | 15-Jul-14 | ' | ' | ' | 31-Dec-16 | ' | ' | ' | ' | 22-Dec-16 | 15-Jan-15 | 15-Sep-18 | ' | ' | ' | ' |
Notes redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum shelf facility capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | 125,000,000 | ' | ' | ' |
Length of the issuance period of long-term debt (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | ' |
Long-term debt maturity, period length, maximum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Maturity dates, not to exceed ten years | ' | ' | ' | ' | ' | 'Maturity dates, not to exceed ten years | ' | ' |
Lending commitment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential maximum increase in lending commitment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility in the maximum principal amount | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in maximum principal amount | ' | 31,863,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, extended maturity date | 3-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving and term loan | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | 50,000,000 | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit usage fee, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit usage fee, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | 1.40% | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR below base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability fees, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | 0.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability fees, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted LIBOR Rate | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving and term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility remaining amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
30-day LIBOR Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.16% | 0.16% |
30-day Adjusted LIBOR Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.19% | 0.19% |
Interest paid | ' | 16,501,000 | 16,090,000 | 15,571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt 2014 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt 2015 | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt 2016 | ' | 255,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt 2017 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of long term debt 2018 and beyond | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Components_of_Prov
Significant Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current, Federal | $94,007 | $75,522 | $65,461 |
Current, State | 13,438 | 11,852 | 10,084 |
Current, Foreign | 805 | 669 | 638 |
Total current provision | 108,250 | 88,043 | 76,183 |
Deferred, Federal | 28,469 | 27,348 | 27,212 |
Deferred, State | 3,723 | 5,375 | 3,131 |
Deferred, Foreign | 55 | ' | ' |
Total deferred provision | 32,247 | 32,723 | 30,343 |
Total tax provision | $140,497 | $120,766 | $106,526 |
Reconciliation_of_Differences_
Reconciliation of Differences Between Effective Tax Rate and Federal Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 3.50% | 4.30% | 3.50% |
Non-deductible employee stock purchase plan expense | 0.30% | 0.30% | 0.30% |
Non-deductible meals and entertainment | 0.30% | 0.30% | 0.30% |
Other, net | 0.20% | -0.30% | 0.30% |
Effective tax rate | 39.30% | 39.60% | 39.40% |
Significant_Components_of_Curr
Significant Components of Current Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred profit-sharing contingent commissions | $9,713 | $9,490 |
Net operating loss carryforwards | 8,408 | 5,786 |
Accruals and reserves | 11,155 | 9,132 |
Total current deferred tax assets | $29,276 | $24,408 |
Significant_Components_of_NonC
Significant Components of Non-Current Deferred Tax Liabilities and Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Fixed assets | $11,651 | $12,427 |
Intangible assets | 306,009 | 245,020 |
Total non-current deferred tax liabilities | 317,660 | 257,447 |
Deferred compensation | 22,598 | 13,576 |
Net operating loss carryforwards | 3,843 | 6,658 |
Valuation allowance for deferred tax assets | -485 | -417 |
Total non-current deferred tax assets | 25,956 | 19,817 |
Net non-current deferred tax liability | $291,704 | $237,630 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Income taxes paid | $110,191,000 | $80,622,000 | $75,403,000 | ' |
Range of expiration dates for portions of net operating loss carryforwards | '2014 through 2033 | ' | ' | ' |
Accrued interest and penalties related to uncertain tax positions | 121,000 | 79,000 | ' | ' |
Total amount of unrecognized tax benefits that would affect effective tax rate | 391,000 | 294,000 | 806,000 | 656,000 |
Beginning of Range [Member] | Colorado [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2008 | ' | ' | ' |
Beginning of Range [Member] | OREGON [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2009 | ' | ' | ' |
Beginning of Range [Member] | MICHIGAN [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2009 | ' | ' | ' |
End of Range [Member] | Colorado [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2011 | ' | ' | ' |
End of Range [Member] | OREGON [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2012 | ' | ' | ' |
End of Range [Member] | MICHIGAN [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2011 | ' | ' | ' |
Federal Income Tax [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 22,135,000 | ' | ' | ' |
Federal Income Tax [Member] | Beginning of Range [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2011 | ' | ' | ' |
Federal Income Tax [Member] | End of Range [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2013 | ' | ' | ' |
State Income Tax [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | $94,561,000 | ' | ' | ' |
State Income Tax [Member] | Beginning of Range [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2008 | ' | ' | ' |
State Income Tax [Member] | End of Range [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2013 | ' | ' | ' |
United Kingdom [Member] | Beginning of Range [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2012 | ' | ' | ' |
United Kingdom [Member] | End of Range [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Fiscal years open for audit | '2013 | ' | ' | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits beginning balance | $294 | $806 | $656 |
Gross increases for tax positions of prior years | 232 | 222 | 257 |
Gross decreases for tax positions of prior years | ' | -409 | ' |
Settlements | -135 | -325 | -107 |
Unrecognized tax benefits ending balance | $391 | $294 | $806 |
Employee_Savings_Plan_Addition
Employee Savings Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Number of days of service required for employee to participate | '30 days | ' | ' |
Employer contributions to plan, maximum percentage | 2.50% | ' | ' |
Discretionary profit-sharing contribution percentage for each past three years based on employee's compensation | 1.50% | ' | ' |
Employer contributions to the plan | $14,819,000 | $14,266,000 | $11,866,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2011 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2010 | Jul. 31, 2009 | Dec. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 28, 2010 | Apr. 28, 2010 | Dec. 31, 2013 | Apr. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 21, 2000 | Dec. 31, 2013 | |
Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Performance Stock Plan [Member] | Performance Stock Plan [Member] | Performance Stock Plan [Member] | Performance Stock Plan [Member] | Performance Stock Plan [Member] | Performance Stock Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Incentive Stock Option Plan [Member] | Incentive Stock Option Plan [Member] | Incentive Stock Option Plan [Member] | Incentive Stock Option Plan [Member] | ||||
H | Powell Brown [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Decus [Member] | Decus [Member] | Arrowhead General Insurance Agency Superholding Corporation [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares available to be granted under PSP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental increases in 20-trading-day average stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years of continuous employment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Attainment age | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Attainment of age 64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of shares made under plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,549,882 | ' | ' | 187,040 | ' | ' | ' | ' | ' | 3,719,974 | ' | ' | 187,040 | ' | ' | ' | ' | ' | ' | ' | 814,545 | ' | ' | ' | ' |
Initial stock prices, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial stock prices, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares not meeting first condition for vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,435 | 1,296,517 | 1,586,543 | ' | 2,400,335 | ' | 3,119,903 | ' | ' | 5,610,384 | 3,119,903 | 2,440,649 | 153,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares met the first condition for vesting and awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,295,852 | 2,394,505 | 3,345,269 | ' | 3,391,519 | ' | 37,408 | ' | ' | 995,717 | 37,408 | 37,408 | 38,449 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares distributed to the participants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,178,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair market value of PSP grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,729,000 | $23,034,000 | $2,384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance under the SIP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,046,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period, (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '4 years | ' | ' | ' | ' | ' | '10 years | ' | '1 year |
Expected term of options granted (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Grants made to Decus employees under the SIP sub-plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,375,892 | ' | ' | ' | ' | ' | ' | 24,670 | 5,205 | ' | ' | ' | ' | ' |
Shares issued to Board of Directors as part of their annual compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,610 | 12,627 | 11,682 | 0 | 36,919 | 36,919 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted to Board of Directors as part of their annual compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of granted shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 891,399 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future grants or for future subscription | ' | ' | ' | 1,246,838 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,207,098 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for grants with PSP-type vesting conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318,134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance or authorized shares | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hours worked per week by employees | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of allotment through payroll deductions | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allotted value, maximum, to purchase Company stock | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription Period, beginning | ' | ' | ' | 'August 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription Period, ending | ' | ' | ' | 'July 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price, percentage | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quoted market price of Company's stock | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of a one-year stock option, percentage | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of an ESPP share option | ' | ' | ' | ' | $8.36 | ' | ' | $5.84 | ' | ' | $4.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued shares of common stock | ' | ' | ' | ' | ' | 487,672 | ' | ' | 562,748 | ' | ' | 488,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of issued common stock | ' | ' | ' | 10,456,000 | ' | ' | 9,302,000 | ' | ' | 8,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price per share of issued common stock | ' | ' | ' | $21.44 | ' | ' | $16.53 | ' | ' | $16.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock subscribed | ' | ' | ' | 222,526 | ' | ' | 246,164 | ' | ' | 230,481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | ' |
Proceeds by participants | ' | ' | ' | 5,937,000 | ' | ' | 5,278,000 | ' | ' | 3,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax income annual percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' |
ISOP expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-08 | ' | ' | ' |
Accelerated vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | '3 years |
Options expire period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Total intrinsic value of options exercised | 1,558,000 | 5,780,000 | 333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | $133,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, weighted-average period (in years) | '6 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Performance_Stock_P
Summary of Performance Stock Plan Activity (Detail) (Performance Stock Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Stock Plan [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Outstanding beginning balance | $8.72 | $8.08 | $7.32 |
Weighted-Average Grant Date Fair Value, Granted | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Awarded | $10.25 | $8.09 | $9.56 |
Weighted-Average Grant Date Fair Value, Vested | $4.01 | $3.29 | $6.01 |
Weighted-Average Grant Date Fair Value, Forfeited | $8.73 | $13.06 | $9.48 |
Weighted-Average Grant Date Fair Value, Outstanding ending balance | $8.62 | $8.72 | $8.08 |
Granted Shares | ' | ' | ' |
Granted Shares, Outstanding beginning balance | 3,691,022 | 4,931,812 | 5,791,854 |
Granted Shares, Granted | ' | ' | ' |
Granted Shares, Awarded | ' | ' | ' |
Granted Shares, Vested | -119,364 | -877,224 | -106,490 |
Granted Shares, Forfeited | -1,200,371 | -363,566 | -753,552 |
Granted Shares, Outstanding ending balance | 2,371,287 | 3,691,022 | 4,931,812 |
Awarded Shares | ' | ' | ' |
Awarded Shares, Outstanding beginning balance | 2,394,505 | 3,345,269 | 3,391,519 |
Awarded Shares, Granted | ' | ' | ' |
Awarded Shares, Awarded | 122,021 | 7,743 | 447,154 |
Awarded Shares, Vested | -119,364 | -877,224 | -106,490 |
Awarded Shares, Forfeited | -101,310 | -81,283 | -386,914 |
Awarded Shares, Outstanding ending balance | 2,295,852 | 2,394,505 | 3,345,269 |
Shares Not Yet Awarded | ' | ' | ' |
Shares Not Yet Awarded, Outstanding beginning balance | 1,296,517 | 1,586,543 | 2,400,335 |
Shares Not Yet Awarded, Granted | ' | ' | ' |
Shares Not Yet Awarded, Awarded | -122,021 | -7,743 | -447,154 |
Shares Not Yet Awarded, Forfeited | -1,099,061 | -282,283 | -366,638 |
Shares Not Yet Awarded, Outstanding ending balance | 75,435 | 1,296,517 | 1,586,543 |
Summary_of_Stock_Incentive_Pla
Summary of Stock Incentive Plan Activity (Detail) (Stock Incentive Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Incentive Plan [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Outstanding beginning balance | $22.91 | $23.06 | $12.62 |
Weighted-Average Grant Date Fair Value, Granted | $31.95 | $22.59 | $23.94 |
Weighted-Average Grant Date Fair Value, Awarded | $30.71 | ' | $11.41 |
Weighted-Average Grant Date Fair Value, Vested | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Forfeited | $23.88 | $23.62 | $23.94 |
Weighted-Average Grant Date Fair Value, Outstanding ending balance | $27.96 | $22.91 | $23.06 |
Granted Shares | ' | ' | ' |
Granted Shares, Outstanding beginning balance | 3,157,311 | 2,478,057 | 192,245 |
Granted Shares, Granted | 3,719,974 | 814,545 | 2,375,892 |
Granted Shares, Awarded | ' | ' | ' |
Granted Shares, Vested | ' | ' | ' |
Granted Shares, Forfeited | -271,184 | -135,291 | -90,080 |
Granted Shares, Outstanding ending balance | 6,606,101 | 3,157,311 | 2,478,057 |
Awarded Shares | ' | ' | ' |
Awarded Shares, Outstanding beginning balance | 37,408 | 37,408 | 38,449 |
Awarded Shares, Granted | ' | ' | ' |
Awarded Shares, Awarded | 966,215 | ' | -1,041 |
Awarded Shares, Vested | ' | ' | ' |
Awarded Shares, Forfeited | -7,906 | ' | ' |
Awarded Shares, Outstanding ending balance | 995,717 | 37,408 | 37,408 |
Shares Not Yet Awarded | ' | ' | ' |
Shares Not Yet Awarded, Outstanding beginning balance | 3,119,903 | 2,440,649 | 153,796 |
Shares Not Yet Awarded, Granted | 3,719,974 | 814,545 | 2,375,892 |
Shares Not Yet Awarded, Awarded | -966,215 | ' | 1,041 |
Shares Not Yet Awarded, Forfeited | -263,278 | -135,291 | -90,080 |
Shares Not Yet Awarded, Outstanding ending balance | 5,610,384 | 3,119,903 | 2,440,649 |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Shares Under Option | ' | ' | ' | ' |
Shares Under Option, Outstanding Beginning Balance | 738,792 | 1,384,537 | 1,875,170 | ' |
Shares Under Option, Granted | ' | ' | ' | ' |
Shares Under Option, Exercised | -115,847 | -645,745 | -52,589 | ' |
Shares Under Option, Forfeited | ' | ' | -438,044 | ' |
Shares Under Option, Expired | ' | ' | ' | ' |
Shares Under Option, Outstanding Ending Balance | 622,945 | 738,792 | 1,384,537 | 1,875,170 |
Shares Under Option, Ending vested and expected to vest | 622,945 | ' | ' | ' |
Shares Under Option, Exercisable | 422,945 | 162,792 | 396,985 | ' |
Weighted-Average Exercise Price | ' | ' | ' | ' |
Weighted-Average Exercise Price, Outstanding Beginning Balance | $18.39 | $17.58 | $17.53 | ' |
Weighted-Average Exercise Price, Granted | ' | ' | ' | ' |
Weighted-Average Exercise Price, Exercised | $17.56 | $16.64 | $18.48 | ' |
Weighted-Average Exercise Price, Forfeited | ' | ' | $17.28 | ' |
Weighted-Average Exercise Price, Expired | ' | ' | ' | ' |
Weighted-Average Exercise Price, Outstanding Ending Balance | $18.55 | $18.39 | $17.58 | $17.53 |
Weighted-Average Exercise Price, Ending vested and expected to vest | $18.55 | ' | ' | ' |
Weighted-Average Exercise Price, Exercisable | $18.48 | $17.82 | $18.16 | ' |
Weighted-Average Remaining Contractual Term | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Outstanding | '4 years 1 month 6 days | '4 years 10 months 24 days | '4 years 4 months 24 days | '5 years 4 months 24 days |
Weighted-Average Remaining Contractual Term, Ending vested and expected to vest | '4 years 1 month 6 days | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Exercisable | '4 years 2 months 12 days | '4 years | '5 years 4 months 24 days | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $8,891 | $14,587 | $17,147 | ' |
Aggregate Intrinsic Value, Outstanding Ending balance | 7,289 | 8,891 | 14,587 | 17,147 |
Aggregate Intrinsic Value, Ending vested and expected to vest | 7,289 | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable | $5,460 | $1,243 | $1,774 | ' |
Summary_of_Stock_Option_Outsta
Summary of Stock Option Outstanding (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number Outstanding | 622,945 | 738,792 | 1,384,537 | 1,875,170 |
Weighted Average Remaining Contractual Life (years) | '4 years 1 month 6 days | '4 years 10 months 24 days | '4 years 4 months 24 days | '5 years 4 months 24 days |
Weighted Average Exercise Price | $18.55 | $18.39 | $17.58 | $17.53 |
Number Exercisable | 422,945 | 162,792 | 396,985 | ' |
Weighted Average Exercise Price | $18.48 | $17.82 | $18.16 | ' |
22.06 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price | $22.06 | ' | ' | ' |
Number Outstanding | 12,000 | ' | ' | ' |
Weighted Average Remaining Contractual Life (years) | '1 year | ' | ' | ' |
Weighted Average Exercise Price | $22.06 | ' | ' | ' |
Number Exercisable | ' | ' | ' | ' |
Weighted Average Exercise Price | $22.06 | ' | ' | ' |
18.48 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price | $18.48 | ' | ' | ' |
Number Outstanding | 610,945 | ' | ' | ' |
Weighted Average Remaining Contractual Life (years) | '4 years 2 months 12 days | ' | ' | ' |
Weighted Average Exercise Price | $18.48 | ' | ' | ' |
Number Exercisable | 422,945 | ' | ' | ' |
Weighted Average Exercise Price | $18.48 | ' | ' | ' |
NonCash_StockBased_Compensatio
Non-Cash Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-cash stock-based compensation expense | $22,603 | $15,865 | $11,194 |
Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-cash stock-based compensation expense | 15,934 | 9,288 | 5,320 |
Performance Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-cash stock-based compensation expense | 2,310 | 2,612 | 2,661 |
Incentive Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-cash stock-based compensation expense | 821 | 1,109 | 1,087 |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-cash stock-based compensation expense | $3,538 | $2,856 | $2,126 |
Significant_NonCash_Investing_
Significant Non-Cash Investing and Financing Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Other payable issued for purchased customer accounts | $1,425 | $25,439 | ' |
Notes payable issued or assumed for purchased customer accounts | ' | 59 | 1,603 |
Estimated acquisition earn-out payables and related charges | 5,091 | 21,479 | 30,525 |
Notes received on the sale of fixed assets and customer accounts | $1,108 | $967 | $8,166 |
Aggregate_Future_Minimum_Lease
Aggregate Future Minimum Lease Payments under all Non-cancelable Lease Agreements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $34,972 |
2015 | 31,386 |
2016 | 27,830 |
2017 | 22,209 |
2018 | 16,015 |
Thereafter | 42,074 |
Total minimum future lease payments | $174,486 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expense | $42,992,000 | $39,810,000 | $34,951,000 |
Quarterly_Operating_Results_De
Quarterly Operating Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $343,165 | $359,310 | $325,792 | $335,012 | $302,830 | $303,800 | $290,916 | $302,486 | $1,363,279 | $1,200,032 | $1,013,542 |
Total expenses | 266,723 | 263,855 | 239,571 | 235,521 | 233,603 | 222,151 | 219,771 | 219,696 | 1,005,670 | 895,221 | 743,021 |
Income before income taxes | 76,442 | 95,455 | 86,221 | 99,491 | 69,227 | 81,649 | 71,145 | 82,790 | 357,609 | 304,811 | 270,521 |
Net income | $47,225 | $57,749 | $52,007 | $60,131 | $42,637 | $49,504 | $42,471 | $49,433 | $217,112 | $184,045 | $163,995 |
Net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.32 | $0.40 | $0.36 | $0.42 | $0.30 | $0.34 | $0.30 | $0.34 | $1.50 | $1.28 | $1.15 |
Diluted | $0.32 | $0.39 | $0.36 | $0.41 | $0.29 | $0.34 | $0.29 | $0.34 | $1.48 | $1.26 | $1.13 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Total revenues | $343,165 | $359,310 | $325,792 | $335,012 | $302,830 | $303,800 | $290,916 | $302,486 | $1,363,279 | $1,200,032 | $1,013,542 |
London Operation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $12,200 | $9,700 | $9,100 |
Summarized_Financial_Informati
Summarized Financial Information Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $343,165 | $359,310 | $325,792 | $335,012 | $302,830 | $303,800 | $290,916 | $302,486 | $1,363,279 | $1,200,032 | $1,013,542 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 638 | 797 | 1,267 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 67,932 | 63,573 | 54,755 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 17,485 | 15,373 | 12,392 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,440 | 16,097 | 14,132 |
Income before income taxes | 76,442 | 95,455 | 86,221 | 99,491 | 69,227 | 81,649 | 71,145 | 82,790 | 357,609 | 304,811 | 270,521 |
Total assets | 3,649,508 | ' | ' | ' | 3,128,058 | ' | ' | ' | 3,649,508 | 3,128,058 | 2,607,011 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 16,366 | 24,028 | 13,608 |
Operating Segments [Member] | Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 728,324 | 644,429 | 607,199 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 108 | 102 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 38,052 | 34,639 | 33,373 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 5,847 | 5,181 | 5,046 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 34,407 | 26,641 | 27,688 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 166,316 | 145,214 | 137,807 |
Total assets | 2,992,087 | ' | ' | ' | 2,420,759 | ' | ' | ' | 2,992,087 | 2,420,759 | 2,155,413 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,847 | 5,732 | 6,102 |
Operating Segments [Member] | National Programs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 292,130 | 252,943 | 164,427 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 20 | ' |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 14,593 | 13,936 | 7,770 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 5,399 | 4,600 | 2,937 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 24,014 | 25,674 | 1,381 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 58,379 | 51,491 | 60,465 |
Total assets | 1,335,911 | ' | ' | ' | 1,183,191 | ' | ' | ' | 1,335,911 | 1,183,191 | 680,251 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,743 | 9,633 | 1,968 |
Operating Segments [Member] | Wholesale Brokerage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 209,907 | 183,565 | 174,158 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 22 | 34 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 11,550 | 11,280 | 11,032 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 2,794 | 2,718 | 2,594 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,565 | 3,974 | 7,495 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 53,822 | 43,355 | 36,511 |
Total assets | 927,825 | ' | ' | ' | 837,364 | ' | ' | ' | 927,825 | 837,364 | 712,212 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,931 | 3,383 | 2,658 |
Operating Segments [Member] | Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 131,489 | 116,736 | 65,972 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 128 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,698 | 3,680 | 2,541 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,623 | 1,278 | 590 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 7,321 | 8,602 | 5,746 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24,518 | 16,770 | 7,729 |
Total assets | 277,652 | ' | ' | ' | 238,430 | ' | ' | ' | 277,652 | 238,430 | 166,060 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,811 | 2,519 | 689 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,429 | 2,359 | 1,786 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 514 | 646 | 1,003 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 38 | 39 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,822 | 1,596 | 1,225 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -51,867 | -48,794 | -28,178 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 54,574 | 47,981 | 28,009 |
Total assets | -1,883,967 | ' | ' | ' | -1,551,686 | ' | ' | ' | -1,883,967 | -1,551,686 | -1,106,925 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $1,034 | $2,761 | $2,191 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 15, 2014 | Jan. 15, 2014 | Jan. 15, 2014 | Jan. 15, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Wright Insurance Group, LLC [Member] | Wright Insurance Group, LLC [Member] | Wright Insurance Group, LLC [Member] | Wright Insurance Group, LLC [Member] | ||||
Programs Business [Member] | Wright National Flood Insurance Company [Member] | WNFIC Statutory Surplus [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of acquisitions | $519,794,000 | $667,586,000 | $214,822,000 | $602,500,000 | ' | ' | ' |
Cash payment for acquisition | 408,072,000 | 483,933,000 | 167,444,000 | ' | 587,500,000 | 7,500,000 | 7,500,000 |
Additional consideration in cash | ' | ' | ' | $37,500,000 | ' | ' | ' |