Revenues (Tables)

12 Months Ended

Dec. 31, 2020

The following tables present the revenues disaggregated by revenue source:

	Twelve months ended December 31, 2020
(in thousands)	Retail		National Programs			Wholesale Brokerage		Services		Other⁽⁸⁾			Total
Base commissions⁽¹⁾	$	1,054,619	$	422,916		$	273,878	$	—	$	1		$	1,751,414
Fees⁽²⁾		275,900		159,337			66,051		174,012		(1,291	)		674,009
Incentive commissions⁽³⁾		89,920		549			3,057		—		31			93,557
Profit-sharing contingent commissions⁽⁴⁾		35,785		27,278			7,871		—		—			70,934
Guaranteed supplemental commissions⁽⁵⁾		15,128		(238	)		1,304		—		—			16,194
Investment income⁽⁶⁾		163		756			184		—		1,708			2,811
Other income, net⁽⁷⁾		1,251		42			452		—		2,711			4,456
Total Revenues	$	1,472,766	$	610,640		$	352,797	$	174,012	$	3,160		$	2,613,375

	Twelve months ended December 31, 2019
(in thousands)	Retail		National Programs			Wholesale Brokerage		Services		Other⁽⁸⁾			Total
Base commissions⁽¹⁾	$	994,170	$	338,058		$	242,380	$	—	$	(128	)	$	1,574,480
Fees⁽²⁾		246,135		151,298			56,852		193,641		(1,160	)		646,766
Incentive commissions⁽³⁾		80,505		(524	)		1,252		—		27			81,260
Profit-sharing contingent commissions⁽⁴⁾		34,150		17,517			7,499		—		—			59,166
Guaranteed supplemental commissions⁽⁵⁾		11,056		10,566			1,443		—		—			23,065
Investment income⁽⁶⁾		149		1,397			178		139		3,917			5,780
Other income, net⁽⁷⁾		1,096		72			483		1		2			1,654
Total Revenues	$	1,367,261	$	518,384		$	310,087	$	193,781	$	2,658		$	2,392,171

(1)

Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control.

(2)	Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I products and services.

(3)	Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties.

(4)	Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention.

(5)	Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions.

(6)	Investment income consists primarily of interest on cash and investments.

(7)	Other income consists primarily of legal settlements and other miscellaneous income.

(8)	Fees within other reflects the elimination of intercompany revenues.

Schedule of Balances of Contract Assets and Contract Liabilities Arising from Contracts with Customers

The balances of contract assets and contract liabilities arising from contracts with customers as of December 31, 2020 and 2019 were as follows:

(in thousands)	December 31, 2020		December 31, 2019
Contract assets	$	308,755	$	289,609
Contract liabilities	$	80,997	$	58,126