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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net earnings $ 439.1 $ 393.7
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Net gain on investments and other (1.0) (6.1)
Depreciation and amortization 159.8 143.3
Change in estimated acquisition earnout payables 20.9 15.0
Amortization of deferred compensation and restricted stock 18.1 14.3
Stock-based and other noncash compensation expense 2.4 3.7
Payments on acquisition earnouts in excess of original estimates (29.4) (5.7)
Provision for deferred income taxes 28.1 (6.2)
Effect of changes in foreign exchange rates (2.4) 4.8
Net change in premiums and fees receivable (9,827.3) (1,691.3)
Net change in deferred revenue 59.3 37.9
Net change in premiums payable to underwriting enterprises 9,331.3 1,208.2
Net change in other current assets 120.1 46.2
Net change in accrued compensation and other accrued liabilities 162.7 155.9
Net change in income taxes payable 11.6 (7.4)
Net change in other noncurrent assets and liabilities (58.7) (87.6)
Net cash provided by operating activities 434.6 218.7
Cash flows from investing activities:    
Capital expenditures (37.7) (27.2)
Cash paid for acquisitions, net of cash and restricted cash acquired (121.7) (395.6)
Net proceeds from sales of operations/books of business 1.0 5.3
Net funding of investment transactions (0.1) (0.4)
Net funding of premium finance loans 64.2 67.6
Net cash used by investing activities (94.3) (350.3)
Cash flows from financing activities:    
Payments on acquisition earnouts (32.2) (17.9)
Proceeds from issuance of common stock 45.9 37.2
Payments to noncontrolling interests (0.8) (10.4)
Dividends paid (106.7) (97.4)
Net borrowings on premium financing debt facility (62.1) (54.6)
Borrowings on line of credit facility 380.0 430.0
Repayments on line of credit facility (425.0) (430.0)
Net borrowings of corporate related long-term debt 0.1 25.0
Debt acquisition costs 0.5  
Net cash used by financing activities (200.3) (118.1)
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash 32.4 36.3
Net increase (decrease) in cash, cash equivalents and restricted cash 172.4 (213.4)
Cash, cash equivalents and restricted cash at beginning of period 4,466.3 3,574.3
Cash, cash equivalents and restricted cash at end of period $ 4,638.7 $ 3,360.9