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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 485,387 $ 383,163
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 88,562 80,190
Depreciation 25,457 18,836
Non-cash stock-based compensation 46,659 43,465
Change in estimated acquisition earn-out payables 20,643 4,996
Deferred income taxes 25,417 4,598
Amortization of debt discount and disposal of deferred financing costs 2,081 1,619
Amortization (accretion) of discounts and premiums, investment 119 26
Net (gain)/loss on sales of investments, fixed assets and customer accounts (2,019) (720)
Payments on acquisition earn-outs in excess of original estimated payables (5,747) (1,199)
Effect of changes in foreign exchange rate changes 475  
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Premiums, commissions and fees receivable (increase) decrease (66,431) (63,124)
Reinsurance recoverables (increase) decrease (176,961) (48,959)
Prepaid reinsurance premiums (increase) decrease (33,637) (31,594)
Other assets (increase) decrease (6,536) 4,071
Premiums payable to insurance companies increase (decrease) (37,999) 58,986
Premium deposits and credits due customers increase (decrease) 37,486 1,823
Losses and loss adjustment reserve increase (decrease) 176,961 48,959
Unearned premiums increase (decrease) 33,637 31,594
Accounts payable increase (decrease) 45,847 53,041
Accrued expenses and other liabilities increase (decrease) (796) (22,458)
Other liabilities increase (decrease) (30,762) (27,725)
Net cash provided by operating activities 627,843 539,588
Cash flows from investing activities:    
Additions to fixed assets (34,617) (55,820)
Payments for businesses acquired, net of cash acquired (178,007) (402,358)
Proceeds from sales of fixed assets and customer accounts 9,327 8,622
Purchases of investments (12,363) (10,129)
Proceeds from sales of investments 9,280 7,434
Net cash used in investing activities (206,380) (452,251)
Cash flows from financing activities:    
Payments on acquisition earn-outs (36,115) (9,859)
Proceeds from long-term debt   700,000
Payments on long-term debt (52,500) (41,250)
Deferred debt issuance costs   (6,788)
Borrowings on revolving credit facility   250,000
Payments on revolving credit facilities   (350,000)
Issuances of common stock for employee stock benefit plans 33,834 29,940
Repurchase shares to fund tax withholdings for non-cash stock-based compensation (49,594) (41,126)
Purchase of treasury stock (82,564) (7,313)
Cash dividends paid (78,281) (72,075)
Net cash (used in) provided by financing activities (265,220) 451,529
Effect of foreign exchange rate cash changes (2,267)  
Net increase in cash and cash equivalents inclusive of restricted cash 153,976 538,866
Cash and cash equivalents inclusive of restricted cash at beginning of period 1,271,915 962,975
Cash and cash equivalents inclusive of restricted cash at end of period $ 1,425,891 $ 1,501,841