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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 587,104 $ 480,483 $ 398,514
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization 119,593 108,523 105,298
Depreciation 33,309 26,276 23,417
Non-cash stock-based compensation 61,018 59,749 46,994
Change in estimated acquisition earn-out payables 40,445 (4,458) (1,366)
Deferred income taxes 33,616 15,943 12,383
Amortization of debt discount and disposal of deferred financing costs 2,839 2,319 2,054
Accretion of discounts and premiums, investments 171 48 (5)
(Gain)/loss on sales of investments, fixed assets and customer accounts (7,096) (831) (9,550)
Payments on acquisition earn-outs in excess of original estimated payables (21,060) (4,532) (351)
Effect of changes in foreign exchange rate changes 494
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:      
Premiums, commissions and fees receivable (increase) decrease (72,843) (135,367) (86,778)
Reinsurance recoverables (increase) decrease (19,637) 15,036 6,891
Prepaid reinsurance premiums (increase) decrease (14,607) (11,594) (28,101)
Other assets (increase) decrease (53,746) (42,731) (46,520)
Premiums payable to insurance companies (increase) decrease 127,991 158,775 148,658
Premium deposits and credits due customers increase (decrease) 19,581 (12,886) 7,820
Losses and loss adjustment reserve increase (decrease) 19,637 (15,036) (6,707)
Unearned premiums increase (decrease) 14,607 11,594 28,101
Accounts payable increase (decrease) 51,404 107,754 17,800
Accrued expenses and other liabilities increase (decrease) 66,782 34,716 43,330
Other liabilities increase (decrease) (47,133) (72,134) 16,298
Net cash provided by operating activities 942,469 721,647 678,180
Cash flows from investing activities:      
Additions to fixed assets (45,045) (70,700) (73,108)
Payments for businesses acquired, net of cash acquired (366,780) (694,842) (353,043)
Proceeds from sales of fixed assets and customer accounts 16,735 9,615 21,592
Purchases of investments (12,375) (14,168) (17,520)
Proceeds from sales of investments 10,785 11,025 8,494
Net cash used in investing activities (396,680) (759,070) (413,585)
Cash flows from financing activities:      
Payments on acquisition earn-outs (62,521) (24,977) (9,566)
Proceeds from long-term debt 700,000 350,000
Payments on long-term debt (73,125) (55,000) (50,000)
Deferred debt issuance costs (2,683) (6,756) (3,701)
Borrowings on revolving credit facilities 250,000 100,000
Payments on revolving credit facilities (350,000) (350,000)
Issuances of common stock for employee stock benefit plans 34,026 30,104 24,999
Repurchase of stock benefit plan shares for employees to fund tax withholdings (49,783) (41,321) (10,933)
Purchase of treasury stock (82,564) (55,095) (58,671)
Settlement of accelerated share repurchase program 20,000
Cash dividends paid (107,229) (100,592) (91,344)
Net cash (used in) provided by financing activities (343,879) 346,363 (79,216)
Effect of foreign exchange rate cash changes (3,569)
Net increase (decrease) in cash and cash equivalents inclusive of restricted cash 198,341 308,940 185,379
Cash and cash equivalents inclusive of restricted cash at beginning of period 1,271,915 962,975 777,596
Cash and cash equivalents inclusive of restricted cash at end of period $ 1,470,256 $ 1,271,915 $ 962,975