v3.22.2

Payables and Accruals (Notes) | 3 Months Ended
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Jun. 30, 2022
Payables and Accruals [Abstract] |
Accounts Payable and Accrued Liabilities Disclosure | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following:
(in thousands) |  | June 30, 2022 |  | December 31, 2021
Contract liabilities |  | $ | 25,191 |  |  | $ | 18,178 |
Accrued compensation and benefits |  | 24,549 |  |  | 22,460 |
Current portion of operating lease liabilities |  | 12,843 |  |  | 12,520 |
Deferred consideration payments |  | 12,656 |  |  | 12,355 |
Accrued expenses |  | 10,943 |  |  | 9,731 |
Current portion of long-term debt |  | 8,509 |  |  | 8,521 |
Advisor incentive liability |  | 4,784 |  |  | — |
Tax distribution payable |  | — |  |  | 5,072 |
Other |  | 4,855 |  |  | 3,386 |
Accrued expenses and other current liabilities |  | $ | 104,330 |  |  | $ | 92,223 |
BRP previously had advisor incentive agreements with several of its Risk Advisors to incentivize them to stay with the Company and grow their Book of Business. The incentive rights had a deposit buy-in requirement payable in the form of payroll withholding or other cash payments for which the Company recorded an advisor incentive liability. The incentive rights could be converted to LLC Units after the achievement of certain milestones, subject to approval at the discretion of management. The Company’s obligation related to advisor incentive liabilities of all but one Risk Advisor was settled in connection with our reorganization during 2019. One Risk Advisor chose not to convert his incentive rights into common stock of BRP Group. As a result, the remaining advisor incentive liability has been reported at fair value of the expected buyout amount each reporting period as a component of other liabilities in the accompanying balance sheets. During the second quarter of 2022, the Company entered into an agreement with this Risk Advisor to settle the advisor incentive liability for $4.8 million and the obligation was subsequently satisfied in the third quarter of 2022. The advisor incentive liability was reclassified from other liabilities to accrued expenses and other current liabilities at June 30, 2022 as a result of the settlement agreement.

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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