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

The Company deferred approximately $50.0 million in federal and state income tax payments as of June 30, 2020. During the third quarter of 2020, the Company paid all previously deferred federal and state income tax payables. As of the end of the third quarter of 2020 there were no deferred amounts for federal and state income taxes payable. In addition, during the third quarter of 2020, the Company deferred an additional $10.7 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. As of September 30, 2020 the total payroll related deferral was $20.7 million. The Company will continue to defer employer-only payroll taxes for the remainder of 2020. The cumulative deferred employer payroll taxes as of December 31, 2020 will be paid in two equal installments in 2021 and 2022, respectively, as permitted under the CARES Act.

Brown & Brown's cash paid during the period for interest and income taxes are summarized as follows:

	Nine months ended September 30,
(in thousands)	2020		2019
Cash paid during the period for:
Interest	$	49,802	$	52,127
Income taxes, net of refunds	$	91,661	$	85,970

Brown & Brown’s significant non-cash investing and financing activities are summarized as follows:

	Nine months ended September 30,
(in thousands)	2020		2019
Other payable issued for purchased customer accounts	$	4,350	$	9,462
Estimated acquisition earn-out payables and related charges	$	96,845	$	71,464
Notes received on the sale of fixed assets and customer accounts	$	—	$	9,903

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 September 30, 2020 and 2019.

	Balance as of September 30,
(in thousands)	2020		2019
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	1,070,190	$	497,510
Restricted cash		431,651		377,085
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,501,841	$	874,595

The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2019 and 2018.

	Balance as of December 31,
(in thousands)	2019		2018
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	542,174	$	438,961
Restricted cash		420,801		338,635
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	962,975	$	777,596