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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 249,184 $ 206,489
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 53,132 52,146
Depreciation 12,189 11,701
Non-cash stock-based compensation 30,087 24,128
Change in estimated acquisition earn-out payables (10,322) (1,650)
Deferred income taxes (4,766) (5,342)
Amortization of debt discount and disposal of deferred financing costs 1,066 988
Accretion (amortization) of discounts and premiums, investment 14 (12)
Net gain/(loss) on sales of investments, fixed assets and customer accounts 86 (346)
Payments on acquisition earn-outs in excess of original estimated payables (576) (267)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Premiums, commissions and fees receivable (increase) decrease (130,110) (71,614)
Reinsurance recoverables (increase) decrease 13,295 (11,939)
Prepaid reinsurance premiums (increase) decrease 9,201 (5,674)
Other assets (increase) decrease (2,691) (22,122)
Premiums payable to insurance companies increase (decrease) 177,685 116,472
Premium deposits and credits due customers increase (decrease) (12,103) (12,003)
Losses and loss adjustment reserve increase (decrease) (13,295) 12,123
Unearned premiums increase (decrease) (9,201) 5,674
Accounts payable increase (decrease) 101,124 23,773
Accrued expenses and other liabilities increase (decrease) (47,742) (32,269)
Other liabilities increase (decrease) 442 15,447
Net cash provided by operating activities 416,699 305,703
Cash flows from investing activities:    
Additions to fixed assets (35,938) (35,174)
Payments for businesses acquired, net of cash acquired (291,424) (146,646)
Proceeds from sales of fixed assets and customer accounts 295 2,101
Purchases of investments (3,031) (9,265)
Proceeds from sales of investments 3,669 4,505
Net cash used in investing activities (326,429) (184,479)
Cash flows from financing activities:    
Payments on acquisition earn-outs (6,902) (6,997)
Proceeds from long-term debt   350,000
Payments on long-term debt (27,500) (22,500)
Deferred debt issuance costs   (3,701)
Borrowings on revolving credit facility 250,000  
Payments on revolving credit facilities (150,000) (350,000)
Issuances of common stock for employee stock benefit plans 587 901
Repurchase shares to fund tax withholdings for non-cash stock-based compensation (7,811) (6,861)
Purchase of treasury stock (1,429) (20,000)
Settlement (prepayment) of accelerated share repurchase program   20,000
Cash dividends paid (47,986) (44,881)
Net cash provided by (used in) financing activities 8,959 (84,039)
Net increase in cash and cash equivalents inclusive of restricted cash 99,229 37,185
Cash and cash equivalents inclusive of restricted cash at beginning of period 962,975 777,596
Cash and cash equivalents inclusive of restricted cash at end of period $ 1,062,204 $ 814,781