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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 383,163 $ 321,995
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 80,190 78,418
Depreciation 18,836 17,516
Non-cash stock-based compensation 43,465 34,679
Change in estimated acquisition earn-out payables 4,996 (6,920)
Deferred income taxes 4,598 6,172
Amortization of debt discount and disposal of deferred financing costs 1,619 1,521
Amortization (accretion) of discounts and premiums, investment 26 (11)
Net (gain)/loss on sales of investments, fixed assets and customer accounts (720) (4,108)
Payments on acquisition earn-outs in excess of original estimated payables (1,199) (351)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Premiums, commissions and fees receivable (increase) decrease (63,124) (41,078)
Reinsurance recoverables (increase) decrease (48,959) (244,391)
Prepaid reinsurance premiums (increase) decrease (31,594) (45,645)
Other assets (increase) decrease 4,071 (23,105)
Premiums payable to insurance companies increase (decrease) 58,986 43,055
Premium deposits and credits due customers increase (decrease) 1,823 12,335
Losses and loss adjustment reserve increase (decrease) 48,959 244,575
Unearned premiums increase (decrease) 31,594 45,645
Accounts payable increase (decrease) 53,041 22,086
Accrued expenses and other liabilities increase (decrease) (22,458) (22,462)
Other liabilities increase (decrease) (27,725) 7,194
Net cash provided by operating activities 539,588 447,120
Cash flows from investing activities:    
Additions to fixed assets (55,820) (47,358)
Payments for businesses acquired, net of cash acquired (402,358) (288,393)
Proceeds from sales of fixed assets and customer accounts 8,622 3,499
Purchases of investments (10,129) (15,769)
Proceeds from sales of investments 7,434 8,385
Net cash used in investing activities (452,251) (339,636)
Cash flows from financing activities:    
Payments on acquisition earn-outs (9,859) (7,514)
Proceeds from long-term debt 700,000 350,000
Payments on long-term debt (41,250) (36,250)
Deferred debt issuance costs (6,788) (3,701)
Borrowings on revolving credit facility 250,000 100,000
Payments on revolving credit facilities (350,000) (350,000)
Issuances of common stock for employee stock benefit plans 29,940 24,948
Repurchase shares to fund tax withholdings for non-cash stock-based compensation (41,126) (10,794)
Purchase of treasury stock (7,313) (29,742)
Settlement (prepayment) of accelerated share repurchase program   20,000
Cash dividends paid (72,075) (67,432)
Net cash provided by (used in) financing activities 451,529 (10,485)
Net increase in cash and cash equivalents inclusive of restricted cash 538,866 96,999
Cash and cash equivalents inclusive of restricted cash at beginning of period 962,975 777,596
Cash and cash equivalents inclusive of restricted cash at end of period $ 1,501,841 $ 874,595