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

3 Months Ended

Mar. 31, 2022

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 three months of 2022, there were no additional deferrals under the CARES Act. A payment of the cumulative deferred employer payroll taxes as of December 31, 2020 was paid in December 2021 and a second equal payment is planned for December 31, 2022 as permitted under the CARES Act.

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

	Three months ended March 31,
(in millions)	2022		2021
Cash paid during the period for:
Interest	$	27.1	$	28.6
Income taxes, net of refunds	$	4.6	$	4.2

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

	Three months ended March 31,
(in millions)	2022		2021
Estimated acquisition earn-out payables and related charges	$	10.8	$	15.0
Common stock issued for agency acquisition	$	—	$	4.9
Notes payable assumed for agency acquisition	$	—	$	(1.4	)

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 March 31, 2022 and 2021.

(in millions)	March 31, 2022		December 31, 2021
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	572.5	$	583.2
Non-restricted fiduciary cash		159.1		193.8
Total restricted and non-restricted fiduciary cash at the end of the period	$	731.6	$	777.0

	Balance as of March 31,
(in millions)	2022		2021
Table to reconcile cash, cash equivalents and fiduciary cash
Cash and cash equivalents	$	1,694.5	$	511.7
Fiduciary cash		731.6		629.0
Total cash, cash equivalents and fiduciary cash at the end of the period	$	2,426.1	$	1,140.7