NOTE 10 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

During the second quarter of 2020, we deferred approximately $60.0 million in federal and state income and employer related payroll tax payments. The resulting impact was an increase to our cash flow from operations in the form of higher payables when compared to comparable second quarters in previous years. Pursuant to guidance from the United States Treasury and various state taxing authorities, the Company deferred approximately $50.0 million in federal and state income tax payments during the second quarter of 2020. The deferred federal and state income tax payments are expected to be paid during the third quarter of 2020. In addition, during the second quarter of 2020, we deferred $10.0 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. The Company will continue to defer employer-only payroll taxes for the remainder of 2020. The cumulative deferred employer payroll taxes as of December 31, 2020 will be paid in two equal installments in 2021 and 2022 respectively, as prescribed by the CARES Act.

Brown & Brown's cash paid during the period for interest and income taxes are summarized as follows:

	Six months ended June 30,
(in thousands)	2020		2019
Cash paid during the period for:
Interest	$	28,164	$	26,652
Income taxes, net of refunds	$	12,575	$	61,145

Brown & Brown’s significant non-cash investing and financing activities are summarized as follows:

	Six months ended June 30,
(in thousands)	2020		2019
Other payable issued for purchased customer accounts	$	2,165	$	2,159
Estimated acquisition earn-out payables and related charges	$	74,754	$	23,966
Notes received on the sale of fixed assets and customer accounts	$	—	$	2,045

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, 2020 and 2019.

	Balance as of June 30,
(in thousands)	2020		2019
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	623,240	$	432,548
Restricted cash		438,964		382,233
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,062,204	$	814,781

The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2019 and 2018.

	Balance as of December 31,
(in thousands)	2019		2018
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	542,174	$	438,961
Restricted cash		420,801		338,635
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	962,975	$	777,596