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

3 Months Ended

Mar. 31, 2021

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

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 the first quarter of 2021, there were no additional deferrals under the CARES Act.  The cumulative deferred employer payroll taxes as of December 31, 2020 will be paid in two equal installments by December 31, 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: 

	Three months ended March 31,
(in thousands)	2021		2020
Cash paid during the period for:
Interest	$	28,582	$	24,028
Income taxes, net of refunds	$	4,225	$	4,296

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

	Three months ended March 31,
(in thousands)	2021			2020
Other payable issued for purchased customer accounts	$	(9	)	$	1,547
Estimated acquisition earn-out payables and related charges	$	14,988		$	13,978
Common stock issued for agency acquisition	$	4,892		$	—
Notes payable issued or assumed for purchased customer accounts	$	(1,355	)	$	—

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 March 31, 2021 and 2020.

	Balance as of March 31,
(in thousands)	2021		2020
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	678,744	$	385,788
Restricted cash		461,980		389,390
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,140,724	$	775,178