XML 24 R7.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 480,483 $ 398,514 $ 344,255
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization 108,523 105,298 86,544
Depreciation 26,276 23,417 22,834
Non-cash stock-based compensation 59,749 46,994 33,519
Change in estimated acquisition earn-out payables (4,458) (1,366) 2,969
Deferred income taxes 15,943 12,383 15,008
Amortization of debt discount and disposal of deferred financing costs 2,319 2,054 1,627
Accretion of discounts and premiums, investments 48 (5) (10)
(Gain)/loss on sales of investments, fixed assets and customer accounts (831) (9,550) (1,934)
Payments on acquisition earn-outs in excess of original estimated payables (4,532) (351) (12,538)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:      
Premiums, commissions and fees receivable (increase) decrease (135,367) (86,778) (93,630)
Reinsurance recoverables (increase) decrease 15,036 6,891 412,424
Prepaid reinsurance premiums (increase) decrease (11,594) (28,101) (16,903)
Other assets (increase) decrease (42,731) (46,520) (22,440)
Premiums payable to insurance companies (increase) decrease 158,775 148,658 141,169
Premium deposits and credits due customers increase (decrease) (12,886) 7,820 13,792
Losses and loss adjustment reserve increase (decrease) (15,036) (6,707) (411,509)
Unearned premiums increase (decrease) 11,594 28,101 16,903
Accounts payable increase (decrease) 107,754 17,800 21,880
Accrued expenses and other liabilities increase (decrease) 34,716 43,330 22,801
Other liabilities increase (decrease) (72,134) 16,298 (9,232)
Net cash provided by operating activities 721,647 678,180 567,529
Cash flows from investing activities:      
Additions to fixed assets (70,700) (73,108) (41,520)
Payments for businesses acquired, net of cash acquired (694,842) (353,043) (923,874)
Proceeds from sales of fixed assets and customer accounts 9,615 21,592 4,984
Purchases of investments (14,168) (17,520) (9,284)
Proceeds from sales of investments 11,025 8,494 17,923
Net cash used in investing activities (759,070) (413,585) (951,771)
Cash flows from financing activities:      
Payments on acquisition earn-outs (24,977) (9,566) (14,059)
Proceeds from long-term debt 700,000 350,000 300,000
Payments on long-term debt (55,000) (50,000) (120,000)
Deferred debt issuance costs (6,756) (3,701) (778)
Borrowings on revolving credit facilities 250,000 100,000 600,000
Payments on revolving credit facilities (350,000) (350,000) (250,000)
Issuances of common stock for employee stock benefit plans 30,104 24,999 19,432
Repurchase of stock benefit plan shares for employees to fund tax withholdings (41,321) (10,933) (12,155)
Purchase of treasury stock (55,095) (58,671) (91,250)
Settlement (prepayment) of accelerated share repurchase program   20,000 (8,750)
Cash dividends paid (100,592) (91,344) (84,690)
Net cash provided by (used in) financing activities 346,363 (79,216) 337,750
Net increase (decrease) in cash and cash equivalents inclusive of restricted cash 308,940 185,379 (46,492)
Cash and cash equivalents inclusive of restricted cash at beginning of period 962,975 777,596 824,088
Cash and cash equivalents inclusive of restricted cash at end of period $ 1,271,915 $ 962,975 $ 777,596