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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net earnings $ 1,470.4 $ 966.0 $ 1,116.0
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net gain on investments and other (22.7) (8.4) (11.0)
Depreciation and amortization 842.3 696.5 599.6
Change in estimated acquisition earnout payables 26.0 377.3 83.0
Amortization of deferred compensation and restricted stock 117.5 105.1 85.4
Stock-based and other noncash compensation expense 41.9 31.4 24.4
Payments on acquisition earnouts in excess of original estimates (42.4) (68.4) (81.7)
Provision for deferred income taxes 108.6 43.1 (209.0)
Effect of changes in foreign exchange rates 0.4 10.3 (34.0)
Net change in accounts receivable, net (65.0) (503.5) (319.6)
Net change in deferred revenue (116.1) 49.0 29.3
Net change in other current assets (114.3) (107.3) (71.7)
Net change in accrued compensation and other accrued liabilities 363.3 462.9 119.0
Net change in income taxes payable (41.8) (77.7) 49.9
Net change in other noncurrent assets and liabilities 14.8 55.4 10.4
Net cash provided by operating activities 2,582.9 2,031.7 1,390.0
Cash flows from investing activities:      
Capital expenditures (141.9) (193.6) (182.7)
Cash paid for acquisitions, net of cash and restricted cash acquired (1,462.3) (3,041.9) (764.9)
Net proceeds from sales of operations/books of business 19.7 9.9 11.0
Net funding of investment transactions 6.0 5.5 1.0
Net funding of premium finance loans (8.9) (72.9) (69.2)
Net cash used by investing activities (1,587.4) (3,293.0) (1,004.8)
Cash flows from financing activities:      
Payments on acquisition earnouts (142.8) (97.8) (106.5)
Proceeds from issuance of common stock 8,506.8 120.2 123.1
Payments to noncontrolling interests (3.7) (2.4) (3.6)
Dividends paid (525.4) (473.6) (429.5)
Net change in fiduciary assets and liabilities (1.4) 1,296.5 735.4
Net borrowings on premium financing debt facility (40.9) 41.7 25.3
Borrowings on line of credit facility 1,663.2 3,795.0 2,570.0
Repayments on line of credit facility (1,906.9) (3,610.0) (2,555.0)
Net borrowings of corporate related long-term debt 5,552.6 1,634.0 (201.5)
Debt acquisition costs (51.6) (17.7) 2.2
Settlements on terminated interest rate swaps 2.8 188.0 52.7
Net cash provided by financing activities 13,052.7 2,873.9 212.6
Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash (122.9) (33.5) (99.9)
Net increase in cash, cash equivalents, restricted cash and fiduciary cash 13,925.3 1,579.1 497.9
Cash, cash equivalents, restricted cash and fiduciary cash at beginning of year 6,543.3 4,964.2 4,466.3
Cash, cash equivalents, restricted cash and fiduciary cash at end of year $ 20,468.6 $ 6,543.3 $ 4,964.2