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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 321,995 $ 270,803
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 78,418 62,961
Depreciation 17,516 16,410
Non-cash stock-based compensation 34,679 23,522
Change in estimated acquisition earn-out payables (6,920) 2,528
Deferred income taxes 6,172 (16,416)
Amortization of debt discount and disposal of deferred financing costs 1,521 1,220
Accretion (amortization) of discounts and premiums, investment (11) (4)
Net gain/(loss) on sales of investments, fixed assets and customer accounts (4,108) (1,259)
Payments on acquisition earn-outs in excess of original estimated payables (351) (11,775)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Premiums, commissions and fees receivable (increase) decrease (41,078) (24,560)
Reinsurance recoverables (increase) decrease (244,391) 379,304
Prepaid reinsurance premiums (increase) decrease (45,645) (23,938)
Other assets (increase) decrease (23,105) (9,052)
Premiums payable to insurance companies increase (decrease) 43,055 19,179
Premium deposits and credits due customers increase (decrease) 12,335 16,089
Losses and loss adjustment reserve increase (decrease) 244,575 (378,246)
Unearned premiums increase (decrease) 45,645 23,938
Accounts payable increase (decrease) 22,086 27,817
Accrued expenses and other liabilities increase (decrease) (22,462) (21,465)
Other liabilities increase (decrease) 7,194 (1,539)
Net cash provided by operating activities 447,120 355,517
Cash flows from investing activities:    
Additions to fixed assets (47,358) (28,859)
Payments for businesses acquired, net of cash acquired (288,393) (254,836)
Proceeds from sales of fixed assets and customer accounts 3,499 3,338
Purchases of investments (15,769) (8,897)
Proceeds from sales of investments 8,385 17,551
Net cash used in investing activities (339,636) (271,703)
Cash flows from financing activities:    
Payments on acquisition earn-outs (7,514) (13,337)
Proceeds from long-term debt 350,000  
Payments on long-term debt (36,250) (115,000)
Deferred debt issuance costs (3,701)  
Borrowings on revolving credit facility 100,000  
Payments on revolving credit facilities (350,000)  
Issuances of common stock for employee stock benefit plans 24,948 19,406
Repurchase shares to fund tax withholdings for non-cash stock-based compensation (10,794) (11,928)
Purchase of treasury stock (29,742) (11,250)
Settlement (prepayment) of accelerated share repurchase program 20,000 11,250
Cash dividends paid (67,432) (62,356)
Net cash provided by (used in) financing activities (10,485) (183,215)
Net increase (decrease) in cash and cash equivalents inclusive of restricted cash 96,999 (99,401)
Cash and cash equivalents inclusive of restricted cash at beginning of period 777,596 824,088
Cash and cash equivalents inclusive of restricted cash at end of period $ 874,595 $ 724,687