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

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

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

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

During the six months ended June 30, 2023, the Company had an impact of $29.9 million on foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Condensed Consolidated Statements of Cash Flows which is primarily due to the decrease in currency exchange rates for British pounds and an additional smaller loss from the decline in currency exchange rates related to euro and Canadian dollar.

Cash paid during the period for interest and income taxes are summarized as follows:

	Six months ended June 30,
(in millions)	2023		2022
Cash paid during the period for:
Interest	$	92.9	$	35.8
Income taxes, net of refunds	$	163.2	$	90.5

Significant non-cash investing and financing activities are summarized as follows:

	Six months ended June 30,
(in millions)	2023		2022
Other payables issued for agency acquisitions and purchased customer accounts	$	2.3	$	1.2
Estimated acquisition earn-out payables issued for agency acquisitions	$	40.2	$	16.9

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, 2023 and 2022.

(in millions)	June 30, 2023		December 31, 2022
Table to reconcile restricted and non-restricted fiduciary cash
Restricted fiduciary cash	$	1,398.5	$	1,231.9
Non-restricted fiduciary cash		237.0		151.3
Total restricted and non-restricted fiduciary cash at the end of the period	$	1,635.5	$	1,383.2

The Company's fiduciary cash increased as of June 30, 2023 compared to December 31, 2022 primarily due to businesses acquired during 2023 and 2022.

	Balance as of June 30,
(in millions)	2023		2022
Table to reconcile cash, cash equivalents and fiduciary cash
Cash and cash equivalents	$	627.9	$	2,383.5
Fiduciary cash		1,635.5		904.0
Total cash, cash equivalents and fiduciary cash at the end of the period	$	2,263.4	$	3,287.5