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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			35.0	%			35.0	%			35.0	%
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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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