10-Q Filing

BROWN & BROWN, INC. CIK: 79282 Q2 2010

Filing Information

Form Type	10-Q
Accession Number	`0001193125-10-177146`
Period End Date	20100630
Filing Date	20100804
Fiscal Year	2010
Fiscal Period	Q2
XBRL Instance	bro-20100630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 79 Cash Flow Statement 72

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	0.10	pure	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	0.10	pure	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	280.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	280.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$197.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$293.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$189.99M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$78.56M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	142.08M	shares	Point-in-time
Restricted cash and investments	`RestrictedCashAndInvestmentsCurrent`	$145.85M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	142.22M	shares	Point-in-time
Restricted cash and investments	`RestrictedCashAndInvestmentsCurrent`	$155.26M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	142.08M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$8.13M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$8.21M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	142.22M	shares	Point-in-time
Premiums, commissions and fees receivable	`PremiumsCommissionsAndFeesReceivable`	$233.60M	USD	Point-in-time
Tax effect of accumulated other comprehensive income	`OtherComprehensiveIncomeLossTax`	$2.00K	USD	2 Qtrs
Premiums, commissions and fees receivable	`PremiumsCommissionsAndFeesReceivable`	$209.46M	USD	Point-in-time
Tax effect of accumulated other comprehensive income	`OtherComprehensiveIncomeLossTax`	$3.00K	USD	Annual
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$11.79M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$28.67M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$31.86M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$613.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$709.26M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$61.47M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$60.07M	USD	Point-in-time
Goodwill	`Goodwill`	$1.07B	USD	Point-in-time
Goodwill	`Goodwill`	$1.10B	USD	Point-in-time
Amortizable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$468.86M	USD	Point-in-time
Amortizable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$457.94M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.54M	USD	Point-in-time
Total assets	`Assets`	$2.34B	USD	Point-in-time
Total assets	`Assets`	$2.22B	USD	Point-in-time
Premiums payable to insurance companies	`PremiumsPayableToInsuranceCompanies`	$310.30M	USD	Point-in-time
Premiums payable to insurance companies	`PremiumsPayableToInsuranceCompanies`	$356.36M	USD	Point-in-time
Premium deposits and credits due customers	`PremiumDepositsAndCreditsDueCustomers`	$34.44M	USD	Point-in-time
Premium deposits and credits due customers	`PremiumDepositsAndCreditsDueCustomers`	$37.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.43M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$82.82M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$96.39M	USD	Point-in-time
Current portion of long-term debt	`DebtCurrent`	$5.77M	USD	Point-in-time
Current portion of long-term debt	`DebtCurrent`	$17.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$504.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$478.95M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$250.21M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$250.00M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxLiabilitiesNoncurrent`	$124.67M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxLiabilitiesNoncurrent`	$115.61M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$9.58M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$18.97M	USD	Point-in-time
Common stock, par value $0.10 per share; authorized 280,000 shares; issued and outstanding 142,224 at 2010 and 142,076 at 2009	`CommonStockValue`	$14.22M	USD	Point-in-time
Common stock, par value $0.10 per share; authorized 280,000 shares; issued and outstanding 142,224 at 2010 and 142,076 at 2009	`CommonStockValue`	$14.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$273.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$267.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.15B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.09B	USD	Point-in-time
Accumulated other comprehensive income, net of related income tax effect of $2 at 2010 and $3 at 2009	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$3.00K	USD	Point-in-time
Accumulated other comprehensive income, net of related income tax effect of $2 at 2010 and $3 at 2009	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$5.00K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.37B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.44B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.34B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.22B	USD	Point-in-time

Income Statement 79 line items

Line Item	Tag	Value	Unit	Period
Commissions and fees	`InsuranceCommissionsAndFees`	$244.59M	USD	1 Quarter
Commissions and fees	`InsuranceCommissionsAndFees`	$241.05M	USD	1 Quarter
Commissions and fees	`InsuranceCommissionsAndFees`	$508.56M	USD	2 Qtrs
Commissions and fees	`InsuranceCommissionsAndFees`	$491.73M	USD	2 Qtrs
Investment income	`InvestmentIncome`	$460.00K	USD	1 Quarter
Investment income	`InvestmentIncome`	$677.00K	USD	2 Qtrs
Investment income	`InvestmentIncome`	$346.00K	USD	1 Quarter
Investment income	`InvestmentIncome`	$770.00K	USD	2 Qtrs
Other income, net	`OtherIncome`	$3.53M	USD	2 Qtrs
Other income, net	`OtherIncome`	$620.00K	USD	2 Qtrs
Other income, net	`OtherIncome`	$2.27M	USD	1 Quarter
Other income, net	`OtherIncome`	$1.31M	USD	1 Quarter
Total revenues	`Revenues`	$509.95M	USD	2 Qtrs
Total revenues	`Revenues`	$243.66M	USD	1 Quarter
Total revenues	`Revenues`	$495.94M	USD	2 Qtrs
Total revenues	`Revenues`	$246.37M	USD	1 Quarter
Employee compensation and benefits	`EmployeeCompensationAndBenefits`	$249.97M	USD	2 Qtrs
Employee compensation and benefits	`EmployeeCompensationAndBenefits`	$121.37M	USD	1 Quarter
Employee compensation and benefits	`EmployeeCompensationAndBenefits`	$243.56M	USD	2 Qtrs
Employee compensation and benefits	`EmployeeCompensationAndBenefits`	$122.62M	USD	1 Quarter
Non-cash stock-based compensation	`ShareBasedCompensation`	$3.73M	USD	2 Qtrs
Non-cash stock-based compensation	`ShareBasedCompensation`	$3.51M	USD	2 Qtrs
Non-cash stock-based compensation	`ShareBasedCompensation`	$1.78M	USD	1 Quarter
Non-cash stock-based compensation	`ShareBasedCompensation`	$1.70M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$71.48M	USD	2 Qtrs
Other operating expenses	`OtherCostAndExpenseOperating`	$69.95M	USD	2 Qtrs
Other operating expenses	`OtherCostAndExpenseOperating`	$35.62M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$33.62M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$12.52M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$24.90M	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	$25.20M	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	$12.65M	USD	1 Quarter
Depreciation	`Depreciation`	$3.30M	USD	1 Quarter
Depreciation	`Depreciation`	$6.63M	USD	2 Qtrs
Depreciation	`Depreciation`	$3.13M	USD	1 Quarter
Depreciation	`Depreciation`	$6.38M	USD	2 Qtrs
Interest	`InterestExpense`	$7.27M	USD	2 Qtrs
Interest	`InterestExpense`	$3.63M	USD	1 Quarter
Interest	`InterestExpense`	$3.63M	USD	1 Quarter
Interest	`InterestExpense`	$7.24M	USD	2 Qtrs
Change in estimated acquisition earn-out payable	`ChangeInEstimatedAcquisitionEarnOutPayable`	$-1.23M	USD	2 Qtrs
Change in estimated acquisition earn-out payable	`ChangeInEstimatedAcquisitionEarnOutPayable`	$-533.00K	USD	1 Quarter
Change in estimated acquisition earn-out payable	`ChangeInEstimatedAcquisitionEarnOutPayable`	-	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$363.76M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$354.84M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$179.39M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$175.65M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$141.10M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$146.19M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$68.01M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$66.98M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$26.31M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$26.83M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$57.51M	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$55.78M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$85.31M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$88.68M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$41.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$40.67M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	0.63	pure	2 Qtrs
Basic	`EarningsPerShareBasic`	0.29	pure	1 Quarter
Basic	`EarningsPerShareBasic`	0.60	pure	2 Qtrs
Basic	`EarningsPerShareBasic`	0.29	pure	1 Quarter
Diluted	`EarningsPerShareDiluted`	0.29	pure	1 Quarter
Diluted	`EarningsPerShareDiluted`	0.59	pure	2 Qtrs
Diluted	`EarningsPerShareDiluted`	0.63	pure	2 Qtrs
Diluted	`EarningsPerShareDiluted`	0.29	pure	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	136.94M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	137.69M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	136.94M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	137.65M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	138.94M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	137.26M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	139.10M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	137.30M	shares	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.15	USD	2 Qtrs
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.07	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareDeclared`	$0.15	USD	2 Qtrs

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$85.31M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$88.68M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$41.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$40.67M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$12.52M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$24.90M	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	$25.20M	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	$12.65M	USD	1 Quarter
Depreciation	`Depreciation`	$3.30M	USD	1 Quarter
Depreciation	`Depreciation`	$6.63M	USD	2 Qtrs
Depreciation	`Depreciation`	$3.13M	USD	1 Quarter
Depreciation	`Depreciation`	$6.38M	USD	2 Qtrs
Non-cash stock-based compensation	`ShareBasedCompensation`	$3.73M	USD	2 Qtrs
Non-cash stock-based compensation	`ShareBasedCompensation`	$3.51M	USD	2 Qtrs
Non-cash stock-based compensation	`ShareBasedCompensation`	$1.78M	USD	1 Quarter
Non-cash stock-based compensation	`ShareBasedCompensation`	$1.70M	USD	1 Quarter
Change in estimated acquisition earn-out payable	`ChangeInEstimatedAcquistionEarnOutPayableCf`	$-1.23M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$20.85M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$22.67M	USD	2 Qtrs
Net (gain) loss on sales of investments, fixed assets and customer accounts	`NetLossGainOnSalesOfInvestmentsFixedAssetsAndCustomerAccounts`	$-462.00K	USD	2 Qtrs
Net (gain) loss on sales of investments, fixed assets and customer accounts	`NetLossGainOnSalesOfInvestmentsFixedAssetsAndCustomerAccounts`	$844.00K	USD	2 Qtrs
Restricted cash and investments decrease (increase)	`IncreaseDecreaseInRestrictedCash`	$-9.41M	USD	2 Qtrs
Restricted cash and investments decrease (increase)	`IncreaseDecreaseInRestrictedCash`	$15.37M	USD	2 Qtrs
Premiums, commissions and fees receivable (increase) decrease	`IncreaseDecreaseInPremiumsCommissionAndFeesReceivable`	$-23.04M	USD	2 Qtrs
Premiums, commissions and fees receivable (increase) decrease	`IncreaseDecreaseInPremiumsCommissionAndFeesReceivable`	$10.92M	USD	2 Qtrs
Other assets decrease	`IncreaseDecreaseInOtherOperatingAssets`	$4.16M	USD	2 Qtrs
Other assets decrease	`IncreaseDecreaseInOtherOperatingAssets`	$11.51M	USD	2 Qtrs
Premiums payable to insurance companies increase	`IncreaseDecreaseInPremiumsPayableToInsuranceCompanies`	$45.49M	USD	2 Qtrs
Premiums payable to insurance companies increase	`IncreaseDecreaseInPremiumsPayableToInsuranceCompanies`	$39.69M	USD	2 Qtrs
Premium deposits and credits due customers (decrease)	`IncreaseDecreaseInPremiumDepositsAndCreditsDueCustomersDecreaseIncrease`	$-3.74M	USD	2 Qtrs
Premium deposits and credits due customers (decrease)	`IncreaseDecreaseInPremiumDepositsAndCreditsDueCustomersDecreaseIncrease`	$-4.70M	USD	2 Qtrs
Accounts payable increase	`IncreaseDecreaseInAccountsPayable`	$14.39M	USD	2 Qtrs
Accounts payable increase	`IncreaseDecreaseInAccountsPayable`	$7.21M	USD	2 Qtrs
Accrued expenses (decrease)	`IncreaseDecreaseInAccruedLiabilities`	$-18.32M	USD	2 Qtrs
Accrued expenses (decrease)	`IncreaseDecreaseInAccruedLiabilities`	$-13.68M	USD	2 Qtrs
Other liabilities increase	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.52M	USD	2 Qtrs
Other liabilities increase	`IncreaseDecreaseInOtherOperatingLiabilities`	$9.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$184.99M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$166.73M	USD	2 Qtrs
Additions to fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.26M	USD	2 Qtrs
Additions to fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.96M	USD	2 Qtrs
Payments for businesses acquired, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$38.77M	USD	2 Qtrs
Payments for businesses acquired, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$33.97M	USD	2 Qtrs
Proceeds from sales of fixed assets and customer accounts	`ProceedsFromSaleOfProductiveAssets`	$634.00K	USD	2 Qtrs
Proceeds from sales of fixed assets and customer accounts	`ProceedsFromSaleOfProductiveAssets`	$626.00K	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$4.25M	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$2.64M	USD	2 Qtrs
Proceeds from sales of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$2.72M	USD	2 Qtrs
Proceeds from sales of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$4.10M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.23M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.55M	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$12.78M	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$8.27M	USD	2 Qtrs
Borrowings on revolving credit facility	`ProceedsFromLinesOfCredit`	$7.58M	USD	2 Qtrs
Payments on revolving credit facility	`RepaymentsOfLinesOfCredit`	$7.58M	USD	2 Qtrs
Income tax benefit from the issuance of common stock	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$169.00K	USD	2 Qtrs
Issuances of common stock for employee stock benefit plans	`ProceedsFromStockOptionsExercised`	$2.04M	USD	2 Qtrs
Issuances of common stock for employee stock benefit plans	`ProceedsFromStockOptionsExercised`	$501.00K	USD	2 Qtrs
Cash dividends paid	`PaymentsOfDividends`	$21.23M	USD	2 Qtrs
Cash dividends paid	`PaymentsOfDividends`	$22.03M	USD	2 Qtrs
Net cash used in by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-32.60M	USD	2 Qtrs
Net cash used in by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.00M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$95.90M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$111.44M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$197.11M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$293.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$189.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$78.56M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$197.11M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$293.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$189.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$78.56M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.