XML 57 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income $ 114,170 $ 112,138
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 38,499 32,282
Depreciation 9,882 8,430
Non-cash stock-based compensation 13,509 7,473
Change in estimated acquisition earn-out payables 6,260 2,178
Deferred income taxes 14,425 20,922
Income tax benefit from exercise of shares from the stock benefit plans (2,467) (307)
Net gain on sales of investments, fixed assets and customer accounts (2,804) (974)
Payments on acquisition earn-outs in excess of original estimated payables (2,539) (1,926)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Restricted cash and investments (increase) (50,345) (45,974)
Premiums, commissions and fees receivable (increase) (21,396) (6,307)
Reinsurance recoverables (increase) (2,871)  
Prepaid reinsurance premiums (increase) (20,007)  
Other assets (increase) (37,173) (1,386)
Premiums payable to insurance companies increase 74,646 69,008
Premium deposits and credits due customers increase (decrease) 17,542 (1,651)
Losses and loss adjustment expense increase 2,871  
Unearned premiums increase 20,007  
Accounts payable increase 35,461 6,725
Accrued expenses and other liabilities (decrease) increase (34,714) 27,517
Other liabilities (decrease) (18,232) (6,263)
Net cash provided by operating activities 177,602 221,885
Cash flows from investing activities:    
Additions to fixed assets (12,577) (7,123)
Payments for businesses acquired, net of cash acquired (694,737) (14,384)
Proceeds from sales of fixed assets and customer accounts 3,207 513
Purchases of investments (8,515) (9,935)
Proceeds from sales of investments 8,371 5,914
Net cash used in investing activities (704,251) (25,015)
Cash flows from financing activities:    
Proceeds from long-term debt 550,000  
Payments on long-term debt (230,000) (60)
Payments on acquisition earn-outs (8,890) (6,153)
Borrowings on revolving credit facilities 375,000  
Income tax benefit from exercise of shares from the stock benefit plans 2,467 307
Issuances of common stock for employee stock benefit plans 942 725
Repurchase stock benefit plan shares for employees to fund tax withholdings (2,648) (73)
Purchase of treasury stock (25,025)  
Cash dividends paid (29,042) (25,912)
Net cash provided by (used in) financing activities 632,804 (31,166)
Net increase in cash and cash equivalents 106,155 165,704
Cash and cash equivalents at beginning of period 202,952 219,821
Cash and cash equivalents at end of period $ 309,107 $ 385,525