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Supplemental Disclosures of Cash Flow Information
6 Months Ended
Jun. 30, 2022
Cash and Cash Equivalents [Abstract]  
Supplemental Disclosures of Cash Flow Information

14. Supplemental Disclosures of Cash Flow Information

 

 

 

Six-month period ended June 30,

 

Supplemental disclosures of cash flow information (in millions):

 

2022

 

 

2021

 

Interest paid

 

$

119.7

 

 

$

95.8

 

Income taxes paid, net

 

 

141.0

 

 

 

115.3

 

 

 

The following is a reconciliation of our end of period cash, cash equivalents and restricted cash balances as presented in the consolidated statement of cash flows for the six-month periods ended June 30, 2022 and 2021 (in millions):

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

523.6

 

 

$

3,204.1

 

Restricted cash

 

 

4,266.1

 

 

 

3,170.9

 

Total cash, cash equivalents and restricted cash

 

$

4,789.7

 

 

$

6,375.0

 

 

We have a qualified contributory savings and thrift 401(k) plan covering the majority of our domestic employees. For eligible employees who have met the plan’s age and service requirements to receive matching contributions, we historically have matched 100% of pre-tax and Roth elective deferrals up to a maximum of 5.0% of eligible compensation, subject to federal limits on plan contributions and not in excess of the maximum amount deductible for federal income tax purposes. Beginning in 2021, the amount matched by the company will be discretionary and annually determined by management. Employees must be employed and eligible for the plan on the last day of the plan year to receive a matching contribution, subject to certain exceptions enumerated in the plan document. Matching contributions are subject to a five-year graduated vesting schedule and can be funded in cash or company stock. We expensed (net of plan forfeitures) $40.0 million and $34.5 million related to the plan in the six-month periods ended June 30, 2022 and 2021, respectively. Our board of directors has authorized a 5.0% employer match on eligible compensation to the 401(k) plan for the 2021 plan year and the use of common stock to fund our 2021 employer matching contributions, which was funded in February 2022.

In fourth quarter 2021, in our consolidated statement of cash flows, we reclassed the net funding of premium finance loans from cash flows from operating activities to cash flows from investing activities. This change was made as this better reflects the cash flows associated with these operations. In addition, within cash flows from operating activities, we reclassed the net change in deferred income taxes to provision for deferred income taxes. We made the applicable reclassifications to the prior-period amounts to conform to the current period presentation. The impact of these changes increased net cash provided by operating activities and decreased net cash used by investing activities by $0.6 million for the six-month period ended June 30, 2021. These reclassifications did not impact our previously reported net increase in cash, cash equivalents and restricted cash.