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Segment Information | 12 Months Ended
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Dec. 31, 2023
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 MGU, 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 most of its operations within the United States of America. International operations include Retail operations in Bermuda, Canada, Cayman Islands, Republic of Ireland and the United Kingdom; National Programs operations in Canada, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, United Arab Emirates and the United Kingdom; and Wholesale Brokerage operations based in Belgium, Hong Kong, Italy and the United Kingdom. These operations earned $527.0 million, $240.6 million and $78.0 million of total revenues for the years ended December 31, 2023, 2022 and 2021, respectively. 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, 2023 |
(in millions) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other |  |  | Total |
Total revenues |  | $ | 2,440.0 |  |  | $ | 1,077.3 |  |  | $ | 540.7 |  |  | $ | 163.1 |  |  | $ | 36.0 |  |  | $ | 4,257.1 |
Investment income |  | $ | 1.3 |  |  | $ | 12.1 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 37.5 |  |  | $ | 52.4 |
Amortization |  | $ | 108.5 |  |  | $ | 41.2 |  |  | $ | 11.2 |  |  | $ | 5.1 |  |  | $ | — |  |  | $ | 166.0 |
Depreciation |  | $ | 18.0 |  |  | $ | 11.8 |  |  | $ | 2.6 |  |  | $ | 1.4 |  |  | $ | 6.2 |  |  | $ | 40.0 |
Interest expense |  | $ | 83.4 |  |  | $ | 35.6 |  |  | $ | 11.9 |  |  | $ | 1.3 |  |  | $ | 57.8 |  |  | $ | 190.0 |
Income before income taxes |  | $ | 528.4 |  |  | $ | 405.5 |  |  | $ | 125.8 |  |  | $ | 153.8 |  |  | $ | (67.4 | ) |  | $ | 1,146.1 |
Total assets |  | $ | 8,303.9 |  |  | $ | 4,333.5 |  |  | $ | 1,558.9 |  |  | $ | 209.0 |  |  | $ | 478.1 |  |  | $ | 14,883.4 |
Capital expenditures |  | $ | 45.5 |  |  | $ | 16.5 |  |  | $ | 3.0 |  |  | $ | 1.1 |  |  | $ | 2.8 |  |  | $ | 68.9 |
|  | Year Ended December 31, 2022 |
(in millions) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other |  |  | Total |
Total revenues |  | $ | 2,084.3 |  |  | $ | 859.5 |  |  | $ | 453.4 |  |  | $ | 171.9 |  |  | $ | 4.3 |  |  | $ | 3,573.4 |
Investment income |  | $ | 0.1 |  |  | $ | 1.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 4.8 |  |  | $ | 6.5 |
Amortization |  | $ | 96.7 |  |  | $ | 35.4 |  |  | $ | 9.4 |  |  | $ | 5.1 |  |  | $ | — |  |  | $ | 146.6 |
Depreciation |  | $ | 12.8 |  |  | $ | 15.3 |  |  | $ | 2.7 |  |  | $ | 1.6 |  |  | $ | 6.8 |  |  | $ | 39.2 |
Interest expense |  | $ | 94.3 |  |  | $ | 33.0 |  |  | $ | 12.9 |  |  | $ | 2.1 |  |  | $ | (1.1 | ) |  | $ | 141.2 |
Income before income taxes |  | $ | 466.7 |  |  | $ | 271.1 |  |  | $ | 117.7 |  |  | $ | 24.1 |  |  | $ | (3.5 | ) |  | $ | 876.1 |
Total assets |  | $ | 7,458.6 |  |  | $ | 4,467.8 |  |  | $ | 1,401.6 |  |  | $ | 295.0 |  |  | $ | 350.5 |  |  | $ | 13,973.5 |
Capital expenditures |  | $ | 18.6 |  |  | $ | 20.2 |  |  | $ | 2.8 |  |  | $ | 1.0 |  |  | $ | 10.0 |  |  | $ | 52.6 |
|  | Year Ended December 31, 2021 |
(in millions) |  | Retail |  |  | National Programs |  |  | Wholesale Brokerage |  |  | Services |  |  | Other |  |  | Total |
Total revenues |  | $ | 1,767.9 |  |  | $ | 701.9 |  |  | $ | 403.4 |  |  | $ | 178.9 |  |  | $ | (0.7 | ) |  | $ | 3,051.4 |
Investment income |  | $ | 0.3 |  |  | $ | 0.6 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |
Amortization |  | $ | 77.8 |  |  | $ | 27.4 |  |  | $ | 9.1 |  |  | $ | 5.3 |  |  | $ | — |  |  | $ | 119.6 |
Depreciation |  | $ | 11.2 |  |  | $ | 9.8 |  |  | $ | 2.6 |  |  | $ | 1.5 |  |  | $ | 8.2 |  |  | $ | 33.3 |
Interest expense |  | $ | 91.4 |  |  | $ | 11.4 |  |  | $ | 16.0 |  |  | $ | 2.9 |  |  | $ | (56.7 | ) |  | $ | 65.0 |
Income before income taxes |  | $ | 334.4 |  |  | $ | 242.3 |  |  | $ | 94.8 |  |  | $ | 28.3 |  |  | $ | 63.0 |  |  | $ | 762.8 |
Total assets |  | $ | 5,040.7 |  |  | $ | 2,943.0 |  |  | $ | 1,154.4 |  |  | $ | 299.2 |  |  | $ | 358.1 |  |  | $ | 9,795.4 |
Capital expenditures |  | $ | 8.1 |  |  | $ | 13.5 |  |  | $ | 1.6 |  |  | $ | 1.6 |  |  | $ | 20.2 |  |  | $ | 45.0 |
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.

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