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10-Q Filing

BROWN & BROWN, INC. CIK: 79282 Q3 2011
Filing Information
Form Type 10-Q
Accession Number 0001193125-11-303916
Period End Date 20110930
Filing Date 20111109
Fiscal Year 2011
Fiscal Period Q3
XBRL Instance bro-20110930.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.10 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.10 USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 280.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $257.15M USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 280.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $334.50M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $197.11M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $272.98M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 142.79M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 143.38M shares Point-in-time
Restricted cash and investments RestrictedCashAndInvestmentsCurrent $146.03M USD Point-in-time
Restricted cash and investments RestrictedCashAndInvestmentsCurrent $123.59M USD Point-in-time
Short-term investments ShortTermInvestments $7.68M USD Point-in-time
Short-term investments ShortTermInvestments $7.61M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 143.38M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 142.79M shares Point-in-time
Premiums, commissions and fees receivable PremiumsCommissionsAndFeesReceivable $212.05M USD Point-in-time
Tax effect of accumulated other comprehensive income OtherComprehensiveIncomeLossTax - USD 3 Qtrs
Tax effect of accumulated other comprehensive income OtherComprehensiveIncomeLossTax $4.00K USD Annual
Premiums, commissions and fees receivable PremiumsCommissionsAndFeesReceivable $214.45M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $20.08M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $8.84M USD Point-in-time
Other current assets OtherAssetsCurrent $23.66M USD Point-in-time
Other current assets OtherAssetsCurrent $14.03M USD Point-in-time
Total current assets AssetsCurrent $732.69M USD Point-in-time
Total current assets AssetsCurrent $652.81M USD Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $59.71M USD Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $59.81M USD Point-in-time
Goodwill Goodwill $1.19B USD Point-in-time
Goodwill Goodwill $1.27B USD Point-in-time
Amortizable intangible assets, net IntangibleAssetsNetExcludingGoodwill $481.93M USD Point-in-time
Amortizable intangible assets, net IntangibleAssetsNetExcludingGoodwill $481.90M USD Point-in-time
Other assets OtherAssetsNoncurrent $17.91M USD Point-in-time
Other assets OtherAssetsNoncurrent $11.56M USD Point-in-time
Total assets Assets $2.39B USD Point-in-time
Total assets Assets $2.56B USD Point-in-time
Total assets Assets $2.40B USD Point-in-time
Premiums payable to insurance companies PremiumsPayableToInsuranceCompanies $311.35M USD Point-in-time
Premiums payable to insurance companies PremiumsPayableToInsuranceCompanies $326.00M USD Point-in-time
Premium deposits and credits due customers PremiumDepositsAndCreditsDueCustomers $28.51M USD Point-in-time
Premium deposits and credits due customers PremiumDepositsAndCreditsDueCustomers $46.44M USD Point-in-time
Accounts payable AccountsPayableCurrent $24.06M USD Point-in-time
Accounts payable AccountsPayableCurrent $33.69M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrent $94.95M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrent $90.64M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $1.66M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $1.14M USD Point-in-time
Total current liabilities LiabilitiesCurrent $470.16M USD Point-in-time
Total current liabilities LiabilitiesCurrent $488.28M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $250.60M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $250.07M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilitiesNoncurrent $167.07M USD Point-in-time
Deferred income taxes, net DeferredTaxLiabilitiesNoncurrent $146.48M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $27.76M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $38.78M USD Point-in-time
Common stock, par value $0.10 per share; authorized 280,000 shares; issued and outstanding 143,382 at 2011 and 142,795 at 2010 CommonStockValue $14.28M USD Point-in-time
Common stock, par value $0.10 per share; authorized 280,000 shares; issued and outstanding 143,382 at 2011 and 142,795 at 2010 CommonStockValue $14.34M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $303.97M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $287.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.21B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.30B USD Point-in-time
Accumulated other comprehensive income, net of related income tax effect of $0 at 2011 and $4 at 2010 AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.00K USD Point-in-time
Accumulated other comprehensive income, net of related income tax effect of $0 at 2011 and $4 at 2010 AccumulatedOtherComprehensiveIncomeLossNetOfTax $7.00K USD Point-in-time
Total shareholders' equity StockholdersEquity $1.62B USD Point-in-time
Total shareholders' equity StockholdersEquity $1.51B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.56B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.40B USD Point-in-time
Income Statement 80 line items
Line Item Tag Value Unit Period
Commissions and fees InsuranceCommissionsAndFees $246.10M USD 1 Quarter
Commissions and fees InsuranceCommissionsAndFees $737.83M USD 3 Qtrs
Commissions and fees InsuranceCommissionsAndFees $764.61M USD 3 Qtrs
Commissions and fees InsuranceCommissionsAndFees $257.18M USD 1 Quarter
Investment income InvestmentIncome $317.00K USD 1 Quarter
Investment income InvestmentIncome $345.00K USD 1 Quarter
Investment income InvestmentIncome $1.02M USD 3 Qtrs
Investment income InvestmentIncome $934.00K USD 3 Qtrs
Other income, net OtherIncome $1.17M USD 1 Quarter
Other income, net OtherIncome $2.91M USD 1 Quarter
Other income, net OtherIncome $3.90M USD 3 Qtrs
Other income, net OtherIncome $4.70M USD 3 Qtrs
Total revenues Revenues $247.62M USD 1 Quarter
Total revenues Revenues $743.55M USD 3 Qtrs
Total revenues Revenues $769.45M USD 3 Qtrs
Total revenues Revenues $260.40M USD 1 Quarter
Employee compensation and benefits EmployeeCompensationAndBenefits $365.56M USD 3 Qtrs
Employee compensation and benefits EmployeeCompensationAndBenefits $126.88M USD 1 Quarter
Employee compensation and benefits EmployeeCompensationAndBenefits $379.29M USD 3 Qtrs
Employee compensation and benefits EmployeeCompensationAndBenefits $122.00M USD 1 Quarter
Non-cash stock-based compensation ShareBasedCompensation $8.34M USD 3 Qtrs
Non-cash stock-based compensation ShareBasedCompensation $2.86M USD 1 Quarter
Non-cash stock-based compensation ShareBasedCompensation $1.50M USD 1 Quarter
Non-cash stock-based compensation ShareBasedCompensation $5.23M USD 3 Qtrs
Other operating expenses OtherCostAndExpenseOperating $31.30M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $38.43M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $101.26M USD 3 Qtrs
Other operating expenses OtherCostAndExpenseOperating $109.49M USD 3 Qtrs
Amortization AdjustmentForAmortization $40.79M USD 3 Qtrs
Amortization AdjustmentForAmortization $12.87M USD 1 Quarter
Amortization AdjustmentForAmortization $38.07M USD 3 Qtrs
Amortization AdjustmentForAmortization $13.72M USD 1 Quarter
Depreciation Depreciation $3.06M USD 1 Quarter
Depreciation Depreciation $9.28M USD 3 Qtrs
Depreciation Depreciation $9.50M USD 3 Qtrs
Depreciation Depreciation $3.12M USD 1 Quarter
Interest InterestExpense $10.85M USD 3 Qtrs
Interest InterestExpense $3.61M USD 1 Quarter
Interest InterestExpense $10.78M USD 3 Qtrs
Interest InterestExpense $3.56M USD 1 Quarter
Change in estimated acquisition earn-out payables ChangeInEstimatedAcquisitionEarnOutPayable $193.00K USD 1 Quarter
Change in estimated acquisition earn-out payables ChangeInEstimatedAcquisitionEarnOutPayable $-1.04M USD 3 Qtrs
Change in estimated acquisition earn-out payables ChangeInEstimatedAcquisitionEarnOutPayable $-810.00K USD 1 Quarter
Change in estimated acquisition earn-out payables ChangeInEstimatedAcquisitionEarnOutPayable $656.00K USD 3 Qtrs
Total expenses OperatingExpenses $174.58M USD 1 Quarter
Total expenses OperatingExpenses $529.42M USD 3 Qtrs
Total expenses OperatingExpenses $558.62M USD 3 Qtrs
Total expenses OperatingExpenses $187.71M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $72.69M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $214.13M USD 3 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $73.03M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $210.83M USD 3 Qtrs
Income taxes IncomeTaxExpenseBenefit $84.53M USD 3 Qtrs
Income taxes IncomeTaxExpenseBenefit $28.74M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $83.33M USD 3 Qtrs
Income taxes IncomeTaxExpenseBenefit $28.52M USD 1 Quarter
Net income NetIncomeLoss $129.61M USD 3 Qtrs
Net income NetIncomeLoss $44.17M USD 1 Quarter
Net income NetIncomeLoss $44.29M USD 1 Quarter
Net income NetIncomeLoss $127.50M USD 3 Qtrs
Basic EarningsPerShareBasic $0.89 USD 3 Qtrs
Basic EarningsPerShareBasic $0.31 USD 1 Quarter
Basic EarningsPerShareBasic $0.91 USD 3 Qtrs
Basic EarningsPerShareBasic $0.31 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.31 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.88 USD 3 Qtrs
Diluted EarningsPerShareDiluted $0.90 USD 3 Qtrs
Diluted EarningsPerShareDiluted $0.30 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 138.47M shares 3 Qtrs
Basic WeightedAverageNumberOfSharesOutstandingBasic 138.69M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 137.80M shares 3 Qtrs
Basic WeightedAverageNumberOfSharesOutstandingBasic 138.09M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 139.13M shares 3 Qtrs
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 140.12M shares 3 Qtrs
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 139.51M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 140.44M shares 1 Quarter
Dividends declared per share CommonStockDividendsPerShareDeclared $0.23 USD 3 Qtrs
Dividends declared per share CommonStockDividendsPerShareDeclared $0.08 USD 1 Quarter
Dividends declared per share CommonStockDividendsPerShareDeclared $0.24 USD 3 Qtrs
Dividends declared per share CommonStockDividendsPerShareDeclared $0.08 USD 1 Quarter
Cash Flow Statement 79 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $129.61M USD 3 Qtrs
Net income NetIncomeLoss $44.17M USD 1 Quarter
Net income NetIncomeLoss $44.29M USD 1 Quarter
Net income NetIncomeLoss $127.50M USD 3 Qtrs
Amortization AdjustmentForAmortization $40.79M USD 3 Qtrs
Amortization AdjustmentForAmortization $12.87M USD 1 Quarter
Amortization AdjustmentForAmortization $38.07M USD 3 Qtrs
Amortization AdjustmentForAmortization $13.72M USD 1 Quarter
Depreciation Depreciation $3.06M USD 1 Quarter
Depreciation Depreciation $9.28M USD 3 Qtrs
Depreciation Depreciation $9.50M USD 3 Qtrs
Depreciation Depreciation $3.12M USD 1 Quarter
Non-cash stock-based compensation ShareBasedCompensation $8.34M USD 3 Qtrs
Non-cash stock-based compensation ShareBasedCompensation $2.86M USD 1 Quarter
Non-cash stock-based compensation ShareBasedCompensation $1.50M USD 1 Quarter
Non-cash stock-based compensation ShareBasedCompensation $5.23M USD 3 Qtrs
Change in estimated acquisition earn-out payables ChangeInEstimatedAcquisitionEarnOutPayableCf $1.04M USD 3 Qtrs
Change in estimated acquisition earn-out payables ChangeInEstimatedAcquisitionEarnOutPayableCf $-656.00K USD 3 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $30.93M USD 3 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $27.09M USD 3 Qtrs
Income tax benefit from the issuance of common stock ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $228.00K USD 3 Qtrs
Net gain on sales of investments, fixed assets and customer accounts NetLossGainOnSalesOfInvestmentsFixedAssetsAndCustomerAccounts $1.38M USD 3 Qtrs
Net gain on sales of investments, fixed assets and customer accounts NetLossGainOnSalesOfInvestmentsFixedAssetsAndCustomerAccounts $639.00K USD 3 Qtrs
Restricted cash and investments (increase) IncreaseDecreaseInRestrictedCash $-22.44M USD 3 Qtrs
Restricted cash and investments (increase) IncreaseDecreaseInRestrictedCash $-6.06M USD 3 Qtrs
Premiums, commissions and fees receivable decrease (increase) IncreaseDecreaseInPremiumsCommissionAndFeesReceivable $13.24M USD 3 Qtrs
Premiums, commissions and fees receivable decrease (increase) IncreaseDecreaseInPremiumsCommissionAndFeesReceivable $-5.43M USD 3 Qtrs
Other assets (increase) decrease IncreaseDecreaseInOtherOperatingAssets $9.15M USD 3 Qtrs
Other assets (increase) decrease IncreaseDecreaseInOtherOperatingAssets $-7.40M USD 3 Qtrs
Premiums payable to insurance companies increase IncreaseDecreaseInPremiumsPayableToInsuranceCompanies $8.32M USD 3 Qtrs
Premiums payable to insurance companies increase IncreaseDecreaseInPremiumsPayableToInsuranceCompanies $15.03M USD 3 Qtrs
Premium deposits and credits due customers increase IncreaseDecreaseInPremiumDepositsAndCreditsDueCustomersDecreaseIncrease $17.67M USD 3 Qtrs
Premium deposits and credits due customers increase IncreaseDecreaseInPremiumDepositsAndCreditsDueCustomersDecreaseIncrease $19.63M USD 3 Qtrs
Accounts payable (decrease) increase IncreaseDecreaseInAccountsPayable $-5.16M USD 3 Qtrs
Accounts payable (decrease) increase IncreaseDecreaseInAccountsPayable $3.63M USD 3 Qtrs
Accrued expenses and other liabilities (decrease) IncreaseDecreaseInAccruedLiabilities $-4.97M USD 3 Qtrs
Accrued expenses and other liabilities (decrease) IncreaseDecreaseInAccruedLiabilities $-8.91M USD 3 Qtrs
Other liabilities (decrease) increase IncreaseDecreaseInOtherOperatingLiabilities $-5.10M USD 3 Qtrs
Other liabilities (decrease) increase IncreaseDecreaseInOtherOperatingLiabilities $1.65M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $201.22M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $226.21M USD 3 Qtrs
Additions to fixed assets PaymentsToAcquirePropertyPlantAndEquipment $7.25M USD 3 Qtrs
Additions to fixed assets PaymentsToAcquirePropertyPlantAndEquipment $2.28M USD 1 Quarter
Additions to fixed assets PaymentsToAcquirePropertyPlantAndEquipment $9.51M USD 3 Qtrs
Additions to fixed assets PaymentsToAcquirePropertyPlantAndEquipment $2.99M USD 1 Quarter
Payments for businesses acquired, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $119.37M USD 3 Qtrs
Payments for businesses acquired, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $99.06M USD 3 Qtrs
Proceeds from sales of fixed assets and customer accounts ProceedsFromSaleOfProductiveAssets $1.33M USD 3 Qtrs
Proceeds from sales of fixed assets and customer accounts ProceedsFromSaleOfProductiveAssets $1.10M USD 3 Qtrs
Purchases of investments PaymentsToAcquireInvestments $5.50M USD 3 Qtrs
Purchases of investments PaymentsToAcquireInvestments $7.91M USD 3 Qtrs
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $6.05M USD 3 Qtrs
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $8.16M USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-106.98M USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-124.97M USD 3 Qtrs
Payments on acquisition earn-outs PaymentsOnAcquisitionEarnOuts $5.27M USD 3 Qtrs
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $100.00M USD 3 Qtrs
Payments on long-term debt RepaymentsOfLongTermDebt $101.84M USD 3 Qtrs
Payments on long-term debt RepaymentsOfLongTermDebt $17.85M USD 3 Qtrs
Income tax benefit from the issuance of common stock ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $264.00K USD 3 Qtrs
Income tax benefit from the issuance of common stock ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $228.00K USD 3 Qtrs
Issuances of common stock for employee stock benefit plans ProceedsFromStockOptionsExercised $10.56M USD 3 Qtrs
Issuances of common stock for employee stock benefit plans ProceedsFromStockOptionsExercised $8.63M USD 3 Qtrs
Repurchase of stock benefit plan shares for employees to fund tax withholdings RepurchaseOfStockBenefitPlanSharesForEmployeesToFundTaxWithholdings $171.00K USD 3 Qtrs
Repurchase of stock benefit plan shares for employees to fund tax withholdings RepurchaseOfStockBenefitPlanSharesForEmployeesToFundTaxWithholdings $1.09M USD 3 Qtrs
Cash dividends paid PaymentsOfDividends $33.08M USD 3 Qtrs
Cash dividends paid PaymentsOfDividends $34.31M USD 3 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-41.20M USD 3 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-32.73M USD 3 Qtrs
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $60.04M USD 3 Qtrs
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $61.51M USD 3 Qtrs
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $257.15M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $334.50M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $197.11M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $272.98M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $257.15M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $334.50M 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 $272.98M USD Point-in-time

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

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