XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.20.2

Variable Interest Entities (Notes) | 6 Months Ended
--- | ---
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities Topic 810 requires a reporting entity to consolidate a variable interest entity (“VIE”) when the reporting entity has a variable interest or combination of variable interests that provide the entity with a controlling financial interest in the VIE. The Company continually assesses whether it has a controlling financial interest in each of its VIEs to determine if it is the primary beneficiary of the VIE and should, therefore, consolidate each of the VIEs. A reporting entity is considered to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb the losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company determined that it is the primary beneficiary of its VIEs, which, at June 30, 2019, included The Villages Insurance Partners, LLC (“TVIP”) and the Company’s joint ventures, BKS-IPEO JV Partners, LLC (“iPEO”), Laureate Insurance Partners, LLC (“Laureate”), BKS Smith, LLC (“Smith”), BKS MS, LLC (“Saunders”) and BKS Partners Galati Marine Solutions, LLC (“Galati”). In connection with the Reorganization Transactions and Initial Public Offering in October 2019, the Company acquired the equity interests of TVIP and iPEO, which became wholly-owned subsidiaries of BRP and, accordingly, are no longer VIEs of the Company at June 30, 2020 and December 31, 2019. The Company has consolidated its VIEs into the consolidated financial statements. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were $165,000 and $150,000, respectively, for the three months ended June 30, 2020 and $3.1 million and $1.9 million, respectively, for the three months ended June 30, 2019. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were $403,000 and $339,000, respectively, for the six months ended June 30, 2020 and $7.8 million and $4.7 million, respectively, for the six months ended June 30, 2019. The revenues and expenses of TVIP and iPEO are included in the revenues and expenses of the Company’s consolidated VIEs for the three and six months ended June 30, 2019. The assets of the consolidated VIEs can only be used to settle the obligations of the consolidated VIEs and the creditors of the liabilities of the consolidated VIEs do not have recourse to the Company. The following tables provide a summary of the carrying amounts of the assets and liabilities of the Company’s consolidated VIEs at each of the balance sheet dates:
|  | At June 30, 2020
(in thousands) |  | Laureate |  | Smith |  | Saunders |  | Total
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 58 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 60 |
Premiums, commissions and fees receivable, net |  | — |  |  | 88 |  |  | 79 |  |  | 167 |
Total current assets |  | 58 |  |  | 88 |  |  | 81 |  |  | 227 |
Property and equipment, net |  | 26 |  |  | — |  |  | — |  |  | 26 |
Other assets |  | 5 |  |  | — |  |  | — |  |  | 5 |
Total assets |  | $ | 89 |  |  | $ | 88 |  |  | $ | 81 |  |  | $ | 258 |
Liabilities |  |  |  |  |  |  |  |
Premiums payable to insurance companies |  | $ | 7 |  |  | $ | 49 |  |  | $ | 3 |  |  | $ | 59 |
Producer commissions payable |  | 1 |  |  | — |  |  | — |  |  | 1 |
Accrued expenses and other current liabilities |  | 7 |  |  | — |  |  | — |  |  | 7 |
Total liabilities |  | $ | 15 |  |  | $ | 49 |  |  | $ | 3 |  |  | $ | 67 |
|  | At December 31, 2019
(in thousands) |  | Laureate |  | Smith |  | Saunders |  | Total
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 46 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 47 |
Premiums, commissions and fees receivable, net |  | — |  |  | 44 |  |  | 31 |  |  | 75 |
Total current assets |  | 46 |  |  | 45 |  |  | 31 |  |  | 122 |
Property and equipment, net |  | 31 |  |  | — |  |  | — |  |  | 31 |
Other assets |  | 5 |  |  | — |  |  | 2 |  |  | 7 |
Total assets |  | $ | 82 |  |  | $ | 45 |  |  | $ | 33 |  |  | $ | 160 |
Liabilities |  |  |  |  |  |  |  |
Premiums payable to insurance companies |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 6 |
Producer commissions payable |  | 2 |  |  | 5 |  |  | 8 |  |  | 15 |
Accrued expenses and other current liabilities |  | 4 |  |  | 25 |  |  | — |  |  | 29 |
Total liabilities |  | $ | 9 |  |  | $ | 30 |  |  | $ | 11 |  |  | $ | 50 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_VariableInterestEntityDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration