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Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]  
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

NOTE 13 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

Throughout 2020, the Company deferred $31.1 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. During 2023, there were no additional deferrals under the CARES Act. The Company paid the first installment of approximately $15.6 million in December 2021 and the second installment of approximately $15.6 million in December 2022.

During the second quarter of 2021, the Company received an $8.1 million reimbursement for capitalizable costs of public infrastructure improvements related to the construction of the Company's headquarters in accordance with an economic development grant agreement between the Company and the City of Daytona Beach and Volusia County. The reimbursement has been reflected as a reduction to the additions to fixed asset line item on the Consolidated Statements of Cash Flows for the year ended December 31, 2021.

During 2023, the Company had an impact of $33.9 million of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Consolidated Statements of Cash Flows which is primarily due to the increase in currency exchange rates for British pounds and, to a lesser extent, euro and Canadian dollar.

During 2023, the Company accrued for and deferred $121.0 million related to certain federal income tax payments due to Hurricane Idalia tax relief, which was announced by the Internal Revenue Service on August 30, 2023. These deferred income tax payments were paid by the deadline of February 15, 2024. On March 15, 2023, the Company paid $31.2 million of accrued federal income tax payments deferred from the fourth quarter of 2022 related to similar tax relief announced by the Internal Revenue Service on September 29, 2022 and associated with Hurricane Ian.

The Company’s cash paid during the period for interest and income taxes are summarized as follows:

 

 

 

Year Ended December 31,

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

 

Interest

 

$

185.8

 

 

$

120.1

 

 

$

61.5

 

Income taxes, net of refunds

 

$

218.1

 

 

$

122.3

 

 

$

146.9

 

 

The Company’s significant non-cash investing and financing activities are summarized as follows:

 

 

 

Year Ended December 31,

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

Other payables issued for agency acquisitions and purchased customer accounts

 

$

12.2

 

 

$

5.6

 

 

$

15.1

 

Estimated acquisition earn-out payables and related charges

 

$

67.2

 

 

$

73.3

 

 

$

75.7

 

Assumed acquisition earn-out payables

 

$

21.1

 

 

$

34.8

 

 

$

—

 

Contingent payable issued for agency acquisition

 

$

—

 

 

$

—

 

 

$

24.1

 

Common stock issued for agency acquisition

 

$

18.3

 

 

$

14.7

 

 

$

9.9

 

Notes payable assumed for agency acquisition

 

$

—

 

 

$

1.8

 

 

$

1.4

 

Notes received on the sale of businesses, fixed assets and customer accounts

 

$

0.1

 

 

$

—

 

 

$

—

 

 

 

Our fiduciary cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, per agreement with our carrier partners. The following is a reconciliation of fiduciary cash as of December 31, 2023, 2022 and 2021.

 

 

 

Balance as of December 31,

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

Table to reconcile restricted and non-restricted fiduciary cash

 

 

 

 

 

 

 

 

 

Restricted fiduciary cash

 

$

1,411.8

 

 

$

1,231.9

 

 

$

583.2

 

Non-restricted fiduciary cash

 

$

190.8

 

 

$

151.3

 

 

$

193.8

 

Total restricted and non-restricted fiduciary cash at the end of the period

 

$

1,602.6

 

 

$

1,383.2

 

 

$

777.0

 

 

The Company's fiduciary cash increased as of December 31, 2022 compared to December 31, 2021 primarily due to businesses acquired during 2022.

 

 

 

Balance as of December 31,

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

Table to reconcile cash and cash equivalents inclusive of fiduciary cash

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

700.3

 

 

$

650.0

 

 

$

693.2

 

Fiduciary cash

 

$

1,602.6

 

 

$

1,383.2

 

 

$

777.0

 

Total cash and cash equivalents inclusive of fiduciary cash at the end of the period

 

$

2,302.9

 

 

$

2,033.2

 

 

$

1,470.2