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

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

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

NOTE 13 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 2022, there were no additional deferrals under the CARES Act. The Company paid the first installment of approximately $15.6 million in December 2021 and the second installment of approximately $15.6 million in December 2022.

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 Consolidated Statements of Cash Flows for the year ended December 31, 2021.

During 2022, the company had an impact of $131.2 million of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Consolidated Statements of Cash Flows which is primarily due to the decrease in currency exchange rates for British pounds and an additional smaller impact from the decline in currency exchange rates related to euro and Canadian dollar.

The Company’s cash paid during the period for interest and income taxes are summarized as follows:

	Year Ended December 31,
(in millions)	2022		2021		2020
Cash paid during the period for:
Interest	$	120.1	$	61.5	$	52.4
Income taxes, net of refunds	$	122.3	$	146.9	$	131.6

The Company’s significant non-cash investing and financing activities are summarized as follows:

	Year Ended December 31,
(in millions)	2022		2021		2020
Other payables issued for agency acquisitions and purchased customer accounts	$	5.6	$	15.1	$	9.1
Estimated acquisition earn-out payables and related charges	$	73.3	$	75.7	$	131.4
Assumed acquisition earn-out payables	$	34.8	$	—	$	—
Contingent payable issued for agency acquisition	$	—	$	24.1	$	—
Common stock issued for agency acquisition	$	14.7	$	9.9	$	—
Notes payable assumed for agency acquisition	$	1.8	$	1.4	$	—

Our fiduciary cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, per agreement with our carrier partners. The following is a reconciliation of fiduciary cash as of December 31, 2022, 2021 and 2020.

	Balance as of December 31,
(in millions)	2022		2021		2020
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,231.9	$	583.2	$	454.5
Non-restricted fiduciary cash	$	151.3	$	193.8	$	161.2
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,383.2	$	777.0	$	615.7

The Company's fiduciary cash increased as of December 31, 2022 compared to December 31, 2021 primarily due to businesses acquired during 2022.

	Balance as of December 31,
(in millions)	2022		2021		2020
Table to reconcile cash and cash equivalents inclusive of fiduciary cash
Cash and cash equivalents	$	650.0	$	693.2	$	656.2
Fiduciary cash	$	1,383.2	$	777.0	$	615.7
Total cash and cash equivalents inclusive of fiduciary cash at the end of the period	$	2,033.2	$	1,470.2	$	1,271.9