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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Impact of Adoption of Accounting Standards Update

The impact of the adoption of Topic 842 on the balance sheet at January 1, 2019 was (in thousands):

(in thousands)		Balance at December 31, 2018				Adjustments due to Topic 842				Balance at January 1, 2019
Balance Sheet
Assets:
Other current assets		$	128,716			$	(3,004	)		$	125,712
Operating lease assets			—				178,304				178,304
Total Assets			6,688,668				175,300				6,863,968
Liabilities:
Accrued expenses and other liabilities			279,310				13,836				293,146
Operating lease liabilities			—				161,464				161,464
Total Liabilities			3,688,100				175,300				3,863,400

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)		2019				2018				2017(1)
Net income		$	398,514			$	344,255			$	399,630
Net income attributable to unvested awarded    performance stock			(12,873	)			(8,297	)			(9,746	)
Net income attributable to common shares		$	385,641			$	335,958			$	389,884
Weighted average number of common shares    outstanding – basic			281,566				277,663				279,394
Less unvested awarded performance stock    included in weighted average number of    common shares outstanding – basic			(9,095	)			(6,692	)			(6,814	)
Weighted average number of common    shares outstanding for basic earnings    per common share			272,471				270,971				272,580
Dilutive effect of stock options			2,145				4,550				5,006
Weighted average number of shares    outstanding – diluted			274,616				275,521				277,586
Net income per share:
Basic		$	1.42			$	1.24			$	1.43
Diluted		$	1.40			$	1.22			$	1.40

(1)The weighted average number of common shares outstanding for 2017 reflects the 2-for-1 stock split that occurred on March 28, 2018.

Topic 606 and Topic 340 [Member]

Schedule of Impact of Adoption of Accounting Standards Update

The cumulative effect of the changes made to our consolidated balance sheet as of January 1, 2018 for the adoption of Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” and ASC Topic 340 – Other Assets and Deferred Cost (the “New Revenue Standard”):

(in thousands)		Balance at December 31, 2017				Adjustments due to the New Revenue Standard				Balance at January 1, 2018
Balance Sheet
Assets:
Premiums, commissions and fees receivable		$	546,402			$	153,058			$	699,460
Other current assets			47,864				52,680				100,544
Liabilities:
Premiums payable to insurance companies			685,163				12,107				697,270
Accounts payable			64,177				8,747				72,924
Accrued expenses and other liabilities			228,748				22,794				251,542
Deferred income taxes, net			256,185				44,575				300,760
Shareholders’ Equity:
Retained earnings		$	2,456,599			$	117,515			$	2,574,114

The following table illustrates the impact of adopting the New Revenue Standard has had on our reported results in the consolidated statement of income.

		December 31, 2018
(in thousands)		As reported				Impact of adopting the New Revenue Standard				Balances without the New Revenue Standard
Statement of Income
Revenues:
Commissions and fees		$	2,009,857			$	18,399			$	1,991,458
Expenses:
Employee compensation and benefits			1,068,914				(8,835	)			1,077,749
Other operating expenses			332,118				10,621				321,497
Income taxes			118,207				4,246				113,961
Net income		$	344,255			$	12,367			$	331,888

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