Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

9 Months Ended

Sep. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

NOTE 10 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

Throughout 2020, the Company deferred $31.1 million in employer-only payroll tax payments as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act), which was signed into law on March 27, 2020. During the first nine months of 2021, there were no additional deferrals under the CARES Act. The cumulative deferred employer payroll taxes as of December 31, 2020 will be paid in two equal installments by December 31, 2021 and 2022, respectively, as permitted under the CARES Act.

During the second quarter of 2021, the Company received an $8.1 million reimbursement for capitalizable costs of public infrastructure improvements related to the construction of the Company’s headquarters in accordance with an economic development grant agreement between the Company and the City of Daytona Beach and Volusia County. The reimbursement has been reflected as a reduction to the additions to fixed asset line item on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021.

Cash paid during the period for interest and income taxes are summarized as follows:

	Nine months ended September 30,
(in thousands)	2021		2020
Cash paid during the period for:
Interest	$	59,688	$	49,802
Income taxes, net of refunds	$	103,875	$	91,661

Significant non-cash investing and financing activities are summarized as follows:

	Nine months ended September 30,
(in thousands)	2021		2020
Other payables issued for agency acquisitions and purchased customer accounts	$	3,495	$	4,350
Estimated acquisition earn-out payables and related charges	$	25,163	$	96,845
Contingent payable issued for agency acquisition	$	24,114	$	—
Common stock issued for agency acquisition	$	4,892	$	—
Notes payable assumed for agency acquisition	$	1,355	$	—

The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of September 30, 2021 and 2020.

	Balance as of September 30,
(in thousands)	2021		2020
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	943,969	$	1,070,190
Restricted cash		481,922		431,651
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,425,891	$	1,501,841