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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net earnings $ 858.1 $ 715.8 $ 675.9
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net loss (gain) on investments and other 6.3 (72.0) (8.4)
Depreciation and amortization 562.4 474.4 419.0
Change in estimated acquisition earnout payables (32.9) 15.3 9.6
Amortization of deferred compensation and restricted stock 60.9 47.2 41.6
Stock-based and other noncash compensation expense 13.6 14.0 13.7
Payments on acquisition earnouts in excess of original estimates (14.5) (16.6) (64.6)
Effect of changes in foreign exchange rate 2.9 6.7 (2.9)
Net change in premium and fees receivable (796.5) (434.7) (783.1)
Net change in deferred revenue 18.5 12.8 18.4
Net change in premiums payable to underwriting enterprises 1,154.2 461.6 819.7
Net change in other current assets (77.1) (60.5) (134.7)
Net change in accrued compensation and other accrued liabilities 91.8 77.0 44.9
Net change in income taxes payable 51.8 35.5 (46.0)
Net change in deferred income taxes (175.6) (150.7) (216.0)
Net change in other noncurrent assets and liabilities 28.6 (6.6) (22.0)
Net cash provided by operating activities 1,752.5 1,119.2 765.1
Cash flows from investing activities:      
Capital expenditures (99.3) (138.8) (124.4)
Cash paid for acquisitions, net of cash and restricted cash acquired (324.3) (1,266.8) (784.8)
Net proceeds from sales of operations/books of business 8.2 81.0 14.5
Net funding of investment transactions (1.4) (52.0) (15.6)
Net cash used by investing activities (416.8) (1,376.6) (910.3)
Cash flows from financing activities:      
Payments on acquisition earnouts (38.8) (46.3) (62.1)
Proceeds from issuance of common stock 111.9 101.2 81.9
Repurchases of common stock     (11.3)
Payments to noncontrolling interests (84.4) (75.4) (54.2)
Dividends paid (347.4) (321.1) (301.8)
Net borrowings on premium financing debt facility 16.0 19.2 32.9
Borrowings on line of credit facility 2,630.0 4,315.0 3,075.0
Repayments on line of credit facility (3,150.0) (4,060.0) (3,000.0)
Net borrowings of corporate related long-term debt 424.9 725.0 400.0
Debt acquisition costs (1.3) (3.9) (1.3)
Settlements on terminated interest rate swaps (66.0) (15.3) 2.9
Net cash (used) provided by financing activities (505.1) 638.4 162.0
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash 119.8 6.1 (85.0)
Net increase (decrease) in cash, cash equivalents and restricted cash 950.4 387.1 (68.2)
Cash, cash equivalents and restricted cash at beginning of year 2,623.9 2,236.8 2,305.0
Cash, cash equivalents and restricted cash at end of year $ 3,574.3 $ 2,623.9 $ 2,236.8