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Supplemental Disclosures of Cash Flow Information | 3 Months Ended
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Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
Supplemental Disclosures of Cash Flow Information | 13. Supplemental Disclosures of Cash Flow Information
|  | Three-month period ended March 31, |
Supplemental disclosures of cash flow information (in millions): |  | 2025 |  |  | 2024 |
Interest paid |  | $ | 133.0 |  |  | $ | 104.4 |
Income taxes paid, net |  |  | 67.3 |  |  |  | 71.7 |
The following is a reconciliation of our end of period cash, cash equivalents, restricted cash and fiduciary cash balances as presented in the consolidated statement of cash flows for the three-month periods ended March 31, 2025 and 2024 (in millions):
|  | March 31, |
|  | 2025 |  |  | 2024 |
Cash and cash equivalents - non-restricted cash |  | $ | 16,482.6 |  |  | $ | 1,571.6 |
Cash and cash equivalents - restricted cash |  |  | 209.2 |  |  |  | 191.0 |
Total cash and cash equivalents |  |  | 16,691.8 |  |  |  | 1,762.6 |
Fiduciary cash |  |  | 5,547.8 |  |  |  | 5,318.2 |
Total cash, cash equivalents, restricted cash and fiduciary cash |  | $ | 22,239.6 |  |  | $ | 7,080.8 |
Total cash and cash equivalents, restricted cash and fiduciary cash at March 31, 2025 and March 31, 2024, include $17,044.9 million and $2,116.1 million, respectively, of income earning money market accounts. The increase in cash invested in money market accounts between years is primarily due to the proceeds received from the AssuredPartners Financing ($13.5 billion) and proceeds received in January 2025 from the exercise by the underwriters of the overallotment provision related to the follow-on-common stock offering ($1.3 billion). Refer to Note 6 for more information regarding the senior notes. The dividend income on money market accounts was recorded in interest income, premium finance and other income in our consolidated statement of earnings, which increased $154.2 million during March 31, 2025 ($142.6 million of which related to the proceeds from the AssuredPartners Financing) to $247.6 million for the period ended March 31, 2024 compared to $93.4 million for the period ended March 31, 2024. We have a qualified contributory savings and thrift 401(k) plan covering the majority of our domestic employees. For eligible employees who have met the plan’s age and service requirements to receive matching contributions, we historically have matched 100% of pretax and Roth elective deferrals up to a maximum of 5.0% of eligible compensation, subject to federal limits on plan contributions and not in excess of the maximum amount deductible for federal income tax purposes. Beginning in 2021, the amount matched by the Company will be discretionary and annually determined by management. Employees must be employed and eligible for the plan on the last day of the plan year to receive a matching contribution, subject to certain exceptions enumerated in the plan document. Matching contributions are subject to a five-year graduated vesting schedule and can be funded in cash or the common stock of the Company. We expensed (net of plan forfeitures) $29.9 million and $26.1 million related to the plan in the three-month periods ended March 31, 2025 and 2024, respectively. During 2024, our management authorized the 5.0% employer matching contribution on eligible compensation to the 401(k) plan for the 2024 plan year to be funded with our common stock, which was funded in February 2025. During 2023, our management authorized the 5.0% employer matching contribution on eligible compensation to the 401(k) plan for the 2023 plan year to be funded with our common stock, which was funded in February 2024.

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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