XML 50 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 141,408 $ 127,501
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 47,450 40,790
Depreciation 11,383 9,276
Non-cash stock-based compensation 11,393 8,338
Change in estimated acquisition earn-out payables (134) 656
Deferred income taxes 30,233 30,927
Income tax benefit from exercise of shares from the stock benefit plans (279) (228)
Net (gain) on sales of investments, fixed assets and customer accounts (2,692) (639)
Payments on acquisition earn-outs in excess of original estimated payables (1,693)  
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Restricted cash and investments (increase) (67,602) (22,439)
Premiums, commissions and fees receivable decrease 8,798 5,427
Other assets decrease (increase) 3,400 (9,150)
Premiums payable to insurance companies (decrease) increase (12,999) 8,325
Premium deposits and credits due customers increase 17,698 17,669
Accounts payable increase (decrease) 23,677 (5,157)
Accrued expenses and other liabilities (decrease) (1,982) (4,974)
Other liabilities (decrease) (19,083) (5,099)
Net cash provided by operating activities 188,976 201,223
Cash flows from investing activities:    
Additions to fixed assets (18,915) (9,507)
Payments for businesses acquired, net of cash acquired (384,596) (99,060)
Proceeds from sales of fixed assets and customer accounts 5,239 1,330
Purchases of investments (6,152) (7,908)
Proceeds from sales of investments 5,645 8,161
Net cash used in investing activities (398,779) (106,984)
Cash flows from financing activities:    
Payments on acquisition earn-outs (2,695) (5,267)
Proceeds from long-term debt 200,000 100,000
Payments on long-term debt (1,227) (101,843)
Borrowings on revolving credit facilities 100,000  
Payments on revolving credit facilities (100,000)  
Income tax benefit from exercise of shares from the stock benefit plans 279 228
Issuances of common stock for employee stock benefit plans 9,590 8,633
Repurchase of stock benefit plan shares for employees to fund tax withholdings (1,221) (171)
Cash dividends paid (36,591) (34,306)
Net cash provided by (used in) financing activities 168,135 (32,726)
Net (decrease) increase in cash and cash equivalents (41,668) 61,513
Cash and cash equivalents at beginning of period 286,305 272,984
Cash and cash equivalents at end of period $ 244,637 $ 334,497