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Revenues (Tables) | 3 Months Ended
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Mar. 31, 2020
Revenues [Abstract] |
Schedule of Disaggregated by Revenue | The following tables present the revenues disaggregated by revenue source:
|  | Three months ended March 31, 2020 |
(in thousands) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other (8) |  |  | Total |
Base commissions (1) |  | $ | 315,888 |  |  | $ | 88,582 |  |  | $ | 55,563 |  |  | $ | — |  |  | $ | — |  |  | $ | 460,033 |
Fees (2) |  |  | 57,483 |  |  |  | 34,659 |  |  |  | 15,641 |  |  |  | 44,452 |  |  |  | (322 | ) |  |  | 151,913 |
Incentive commissions (3) |  |  | 52,802 |  |  |  | 197 |  |  |  | 3,759 |  |  |  | — |  |  |  | 1 |  |  |  | 56,759 |
Profit-sharing contingent commissions (4) |  |  | 16,095 |  |  |  | 5,711 |  |  |  | 2,136 |  |  |  | — |  |  |  | — |  |  |  | 23,942 |
Guaranteed supplemental commissions (5) |  |  | 4,432 |  |  |  | (1,013 | ) |  |  | 437 |  |  |  | — |  |  |  | — |  |  |  | 3,856 |
Investment income (6) |  |  | 83 |  |  |  | 263 |  |  |  | 50 |  |  |  | — |  |  |  | 765 |  |  |  | 1,161 |
Other income, net (7) |  |  | 706 |  |  |  | 13 |  |  |  | 112 |  |  |  | — |  |  |  | — |  |  |  | 831 |
Total Revenues |  | $ | 447,489 |  |  | $ | 128,412 |  |  | $ | 77,698 |  |  | $ | 44,452 |  |  | $ | 444 |  |  | $ | 698,495 |
|  | Three months ended March 31, 2019 |
(in thousands) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other (8) |  |  | Total |
Base commissions (1) |  | $ | 287,200 |  |  | $ | 77,178 |  |  | $ | 54,173 |  |  | $ | — |  |  | $ | (12 | ) |  | $ | 418,539 |
Fees (2) |  |  | 43,877 |  |  |  | 30,246 |  |  |  | 12,510 |  |  |  | 49,444 |  |  |  | (288 | ) |  |  | 135,789 |
Incentive commissions (3) |  |  | 42,775 |  |  |  | 919 |  |  |  | 373 |  |  |  | — |  |  |  | 111 |  |  |  | 44,178 |
Profit-sharing contingent commissions (4) |  |  | 11,547 |  |  |  | 860 |  |  |  | 2,915 |  |  |  | — |  |  |  | — |  |  |  | 15,322 |
Guaranteed supplemental commissions (5) |  |  | 3,240 |  |  |  | 4 |  |  |  | 391 |  |  |  | — |  |  |  | — |  |  |  | 3,635 |
Investment income (6) |  |  | — |  |  |  | 316 |  |  |  | 40 |  |  |  | 48 |  |  |  | 677 |  |  |  | 1,081 |
Other income, net (7) |  |  | 592 |  |  |  | 37 |  |  |  | 107 |  |  |  | — |  |  |  | — |  |  |  | 736 |
Total Revenues |  | $ | 389,231 |  |  | $ | 109,560 |  |  | $ | 70,509 |  |  | $ | 49,492 |  |  | $ | 488 |  |  | $ | 619,280 |
(1) | Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control.
(2) | Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I.
(3) | Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties.
(4) | Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention.
(5) | Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions.
(6) | Investment income consists primarily of interest on cash and investments.
(7) | Other income consists primarily of legal settlements and other miscellaneous income.
(8) | Fees within other reflects the elimination of intercompany revenues.
Schedule of Balances of Contract Assets and Contract Liabilities Arising from Contracts with Customers | The balances of contract assets and contract liabilities arising from contracts with customers as of March 31, 2020 and December 31, 2019 were as follows:
(in thousands) |  | March 31, 2020 |  |  | December 31, 2019 |
Contract assets |  | $ | 357,567 |  |  | $ | 289,609 |
Contract liabilities |  | $ | 53,791 |  |  | $ | 58,126 |

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