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Segment Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information | NOTE 16 Segme nt Information Brown & Brown’s business is divided into four reportable segments: (i) the Retail segment, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, and non-insurance risk-mitigating products through our F&I businesses, (ii) the National Programs segment, which acts as an MGA, provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through nationwide networks of independent agents, and Brown & Brown retail agents, (iii) the Wholesale Brokerage segment, which markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents, and (iv) the Services segment, 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 claims adjusting services. Brown & Brown conducts all of its operations within the United States of America, except for a wholesale brokerage operation based in London, England, retail operations in Ireland, Bermuda and the Cayman Islands, and a national programs operation in Canada. These operations earned $78.0 million, $35.1 million and $17.7 million of total revenues for the years ended December 31, 2021, 2020 and 2019, 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. The Company evaluates the performance of its segments based upon revenues and income before income taxes. Intersegment revenues are eliminated. Summarized financial information concerning the Company’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 intercompany interest expense charge to the reporting segment.
|  | Year Ended December 31, 2021 |
(in thousands) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other |  |  | Total |
Total revenues |  | $ | 1,767,938 |  |  | $ | 701,850 |  |  | $ | 403,417 |  |  | $ | 178,860 |  |  | $ | (667 | ) |  | $ | 3,051,398 |
Investment income |  | $ | 278 |  |  | $ | 550 |  |  | $ | 155 |  |  | $ | 3 |  |  | $ | 113 |  |  | $ | 1,099 |
Amortization |  | $ | 77,810 |  |  | $ | 27,357 |  |  | $ | 9,150 |  |  | $ | 5,276 |  |  | $ | — |  |  | $ | 119,593 |
Depreciation |  | $ | 11,194 |  |  | $ | 9,839 |  |  | $ | 2,646 |  |  | $ | 1,484 |  |  | $ | 8,146 |  |  | $ | 33,309 |
Interest expense |  | $ | 91,425 |  |  | $ | 11,381 |  |  | $ | 15,990 |  |  | $ | 2,899 |  |  | $ | (56,714 | ) |  | $ | 64,981 |
Income before income taxes |  | $ | 334,377 |  |  | $ | 242,334 |  |  | $ | 94,845 |  |  | $ | 28,257 |  |  | $ | 63,010 |  |  | $ | 762,823 |
Total assets |  | $ | 5,040,706 |  |  | $ | 2,943,006 |  |  | $ | 1,154,373 |  |  | $ | 299,185 |  |  | $ | 358,173 |  |  | $ | 9,795,443 |
Capital expenditures |  | $ | 8,093 |  |  | $ | 13,467 |  |  | $ | 1,612 |  |  | $ | 1,609 |  |  | $ | 20,264 |  |  | $ | 45,045 |
|  | Year Ended December 31, 2020 |
(in thousands) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other |  |  | Total |
Total revenues |  | $ | 1,472,766 |  |  | $ | 610,640 |  |  | $ | 352,797 |  |  | $ | 174,012 |  |  | $ | 3,160 |  |  | $ | 2,613,375 |
Investment income |  | $ | 163 |  |  | $ | 756 |  |  | $ | 184 |  |  | $ | — |  |  | $ | 1,708 |  |  | $ | 2,811 |
Amortization |  | $ | 67,315 |  |  | $ | 27,166 |  |  | $ | 8,481 |  |  | $ | 5,561 |  |  | $ | — |  |  | $ | 108,523 |
Depreciation |  | $ | 9,071 |  |  | $ | 8,658 |  |  | $ | 1,948 |  |  | $ | 1,424 |  |  | $ | 5,175 |  |  | $ | 26,276 |
Interest expense |  | $ | 85,968 |  |  | $ | 20,597 |  |  | $ | 10,281 |  |  | $ | 4,142 |  |  | $ | (62,015 | ) |  | $ | 58,973 |
Income before income taxes |  | $ | 262,245 |  |  | $ | 182,892 |  |  | $ | 93,593 |  |  | $ | 27,994 |  |  | $ | 57,375 |  |  | $ | 624,099 |
Total assets |  | $ | 7,093,627 |  |  | $ | 3,510,983 |  |  | $ | 1,791,717 |  |  | $ | 480,440 |  |  | $ | (3,910,275 | ) |  | $ | 8,966,492 |
Capital expenditures |  | $ | 13,175 |  |  | $ | 7,208 |  |  | $ | 3,324 |  |  | $ | 1,424 |  |  | $ | 45,569 |  |  | $ | 70,700 |
|  | Year Ended December 31, 2019 |
(in thousands) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other |  |  | Total |
Total revenues |  | $ | 1,367,261 |  |  | $ | 518,384 |  |  | $ | 310,087 |  |  | $ | 193,781 |  |  | $ | 2,658 |  |  | $ | 2,392,171 |
Investment income |  | $ | 149 |  |  | $ | 1,397 |  |  | $ | 178 |  |  | $ | 139 |  |  | $ | 3,917 |  |  | $ | 5,780 |
Amortization |  | $ | 63,146 |  |  | $ | 25,482 |  |  | $ | 11,191 |  |  | $ | 5,479 |  |  | $ | — |  |  | $ | 105,298 |
Depreciation |  | $ | 7,390 |  |  | $ | 6,791 |  |  | $ | 1,674 |  |  | $ | 1,229 |  |  | $ | 6,333 |  |  | $ | 23,417 |
Interest expense |  | $ | 87,295 |  |  | $ | 16,690 |  |  | $ | 4,756 |  |  | $ | 4,404 |  |  | $ | (49,485 | ) |  | $ | 63,660 |
Income before income taxes |  | $ | 222,875 |  |  | $ | 143,737 |  |  | $ | 82,739 |  |  | $ | 40,337 |  |  | $ | 36,241 |  |  | $ | 525,929 |
Total assets |  | $ | 6,413,459 |  |  | $ | 3,110,368 |  |  | $ | 1,390,250 |  |  | $ | 481,336 |  |  | $ | (3,772,592 | ) |  | $ | 7,622,821 |
Capital expenditures |  | $ | 12,497 |  |  | $ | 10,365 |  |  | $ | 6,171 |  |  | $ | 804 |  |  | $ | 43,271 |  |  | $ | 73,108 |
Historically, the total assets balance in the “Other” column has been negative, reflecting the historical accumulation of the purchase price for acquisitions which are funded at the corporate level, net of a portion returned to Corporate through intercompany interest charges, as well as the historical accumulation of payments for income taxes, dividends, and share repurchases which are paid by Corporate, but not pushed down to the segments. As of December 31, 2021, the Company settled the historical accumulation of the cash outlays paid by Corporate that gave rise to the related intercompany receivables and payables to better reflect the total assets of each segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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