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

6 Months Ended

Jun. 30, 2025

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

During the six months ended June 30, 2025, the Company had an impact of $85 million from foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Condensed Consolidated Statements of Cash Flows due to the change in currency exchange rates.

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

	Six months ended June 30,
(in millions)	2025		2024
Cash paid during the period for:
Interest	$	90	$	94
Income taxes, net of refunds	$	268	$	267

During 2024, the Company accrued for and deferred approximately $90 million related to certain federal income tax payments due to Hurricanes Debby and Milton tax relief. These deferrals of income tax payments were paid by the deadline of May 1, 2025.

During the six months ended June 30, 2024, the Company paid $91 million related to certain federal income tax payments that were deferred from 2023 due to Hurricane Idalia tax relief and paid approximately $30 million of tax payments associated with the gain on disposal of certain third-party claims administration and adjusting services businesses sold in the fourth quarter of 2023.

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

	Six months ended June 30,
(in millions)	2025		2024
Other payables issued for agency acquisitions and purchased customer accounts	$	10	$	7
Estimated acquisition earn-out payables issued for agency acquisitions	$	17	$	19

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 June 30, 2025 and 2024.

(in millions)	June 30, 2025		December 31, 2024
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,674	$	1,570
Non-restricted fiduciary cash		352		257
Total restricted and non-restricted fiduciary cash at the end of the period	$	2,026	$	1,827

	Balance as of June 30,
(in millions)	2025		2024
Table to reconcile cash and cash equivalents inclusive of fiduciary cash
Cash and cash equivalents	$	8,893	$	1,107
Fiduciary cash		2,026		1,867
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	10,919	$	2,974