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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 Segment		2013 Date of Acquisition		Cash Paid				Other Payable				Recorded Earn-out Payable				Net Assets Acquired				Maximum Potential Earn-out Payable
The Rollins Agency, Inc.		Retail		June 1		$	13,792			$	50			$	2,321			$	16,163			$	4,300
Beecher Carlson Holdings, Inc.		Retail; National Programs		July 1			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 Segment		2012 Date of Acquisition		Cash Paid				Note Payable				Other Payable				Recorded Earn-out Payable				Net Assets Acquired				Maximum Potential 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		May 1			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		December 1			9,213				—				—				1,126				10,339				3,321
Rowlands & Barranca Agency, Inc.		Retail		December 1			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		$	1.30			$	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 Segment		2011 Date of Acquisition		Cash Paid				Note Payable				Recorded Earn-out Payable				Net Assets Acquired				Maximum Potential Earn-out Payable
Balcos Insurance, Inc.		Retail		January 1		$	8,611			$	—			$	1,595			$	10,206			$	5,766
Associated Insurance Service, Inc. et al.		Retail		January 1			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		April 30			25,060				—				—				25,060				—
Fitzharris Agency, Inc. et al.		Retail		May 1			6,159				—				888				7,047				3,832
Corporate Benefit Consultants, LLC		Retail		June 1			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		November 1			7,493				—				1,318				8,811				3,988
Industry Consulting Group, Inc.		National Programs		November 1			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		$	1.20			$	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

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Schedule Of Business Acquisition Estimated Earn-Out Payables.

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Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination.

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463



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-Name Accounting Standards Codification

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