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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net earnings $ 722.4 $ 724.2
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Net gain on investments and other (4.1) (2.9)
Depreciation and amortization 335.1 300.1
Change in estimated acquisition earnout payables 51.2 (12.9)
Amortization of deferred compensation and restricted stock 48.5 40.8
Stock-based and other noncash compensation expense 11.9 9.5
Payments on acquisition earnouts in excess of original estimates (57.5) (65.2)
Provision for deferred income taxes (0.9) (10.0)
Effect of changes in foreign exchange rates 11.0 (16.5)
Net change in accounts receivable, net (732.3) (559.2)
Net change in deferred revenue 78.8 53.2
Net change in other current assets (29.9) 3.1
Net change in accrued compensation and other accrued liabilities 15.0 (221.6)
Net change in income taxes payable 14.9 (21.9)
Net change in other noncurrent assets and liabilities (23.2) (80.3)
Net cash provided by operating activities 440.9 140.4
Cash flows from investing activities:    
Capital expenditures (88.8) (91.1)
Cash paid for acquisitions, net of cash and restricted cash acquired (1,049.5) (321.3)
Net proceeds from sales of operations/books of business 4.8 3.7
Net funding of investment transactions 4.5 (0.4)
Net funding of premium finance loans 63.9 39.2
Net cash used by investing activities (1,065.1) (369.9)
Cash flows from financing activities:    
Payments on acquisition earnouts (72.5) (77.9)
Proceeds from issuance of common stock 66.0 69.1
Payments to noncontrolling interests (1.2) (1.2)
Dividends paid (235.9) (214.0)
Net change in fiduciary assets and liabilities 1,727.0 627.9
Net borrowings on premium financing debt facility (53.2) (44.7)
Borrowings on line of credit facility 2,125.0 1,580.0
Repayments on line of credit facility (1,690.0) (1,165.0)
Net borrowings of corporate related long-term debt 643.7 (200.6)
Debt acquisition costs (8.6) 1.1
Settlements on terminated interest rate swaps 60.0 52.7
Net cash provided by financing activities 2,560.3 627.4
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash 41.9 (74.5)
Net increase in cash, cash equivalents, restricted cash and fiduciary cash 1,978.0 323.4
Cash, cash equivalents, restricted cash and fiduciary cash at beginning of period 4,964.2 4,466.3
Cash, cash equivalents, restricted cash and fiduciary cash at end of period $ 6,942.2 $ 4,789.7