XML 72 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net earnings $ 610.2 $ 548.1
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Net gain on investments and other (59.0) (8.2)
Depreciation and amortization 344.8 309.2
Change in estimated acquisition earnout payables 12.0 7.2
Amortization of deferred compensation and restricted stock 34.8 31.7
Stock-based and other noncash compensation expense 10.5 10.1
Payments on acquisition earnouts in excess of original estimates (14.7) (62.8)
Effect of changes in foreign exchange rates 2.8 (2.0)
Net change in premiums and fees receivable (832.1) (782.3)
Net change in deferred revenue 17.1 33.0
Net change in premiums payable to underwriting enterprises 843.3 729.1
Net change in other current assets (6.8) (76.8)
Net change in accrued compensation and other current liabilities (50.9) (56.1)
Net change in income taxes payable 5.2 5.7
Net change in deferred income taxes (138.0) (168.4)
Net change in other noncurrent assets and liabilities (10.1) (12.9)
Net cash provided by operating activities 769.1 504.6
Cash flows from investing activities:    
Capital expenditures (107.7) (90.8)
Cash paid for acquisitions, net of cash and restricted cash acquired (951.1) (575.5)
Net proceeds from sales of operations/books of business 79.4 12.6
Net funding of investment transactions (1.0) (0.1)
Net cash used by investing activities (980.4) (653.8)
Cash flows from financing activities:    
Payments on acquisition earnouts (37.4) (56.6)
Proceeds from issuance of common stock 83.1 69.9
Repurchases of common stock   (11.3)
Payments to noncontrolling interests (40.1) (30.9)
Dividends paid (239.8) (226.2)
Net borrowings on premium financing debt facility 23.2 19.0
Borrowings on line of credit facility 2,735.0 2,295.0
Repayments on line of credit facility (2,610.0) (2,355.0)
Net borrowings of corporate related long-term debt 725.0 450.0
Debt acquisition costs (3.9)  
Settlements on terminated interest rate swaps (6.4) 2.9
Net cash provided by financing activities 628.7 156.8
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash (46.9) (52.1)
Net increase (decrease) in cash, cash equivalents and restricted cash 370.5 (44.5)
Cash, cash equivalents and restricted cash at beginning of period 2,236.8 2,305.0
Cash, cash equivalents and restricted cash at end of period $ 2,607.3 $ 2,260.5