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Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | 9 Months Ended
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Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract] |
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | NOTE 10 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities The Company deferred approximately $50.0 million in federal and state income tax payments as of June 30, 2020. During the third quarter of 2020, the Company paid all previously deferred federal and state income tax payables. As of the end of the third quarter of 2020 there were no deferred amounts for federal and state income taxes payable. In addition, during the third quarter of 2020, the Company deferred an additional $10.7 million in employer-only payroll tax payments as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act), which was signed into law on March 27, 2020. As of September 30, 2020 the total payroll related deferral was $20.7 million. The Company will continue to defer employer-only payroll taxes for the remainder of 2020. The cumulative deferred employer payroll taxes as of December 31, 2020 will be paid in two equal installments in 2021 and 2022, respectively, as permitted under the CARES Act. Brown & Brown's cash paid during the period for interest and income taxes are summarized as follows:
|  | Nine months ended September 30, |
(in thousands) |  | 2020 |  |  | 2019 |
Cash paid during the period for: |  |  |  |  |  |  |  |
Interest |  | $ | 49,802 |  |  | $ | 52,127 |
Income taxes, net of refunds |  | $ | 91,661 |  |  | $ | 85,970 |
Brown & Brown’s significant non-cash investing and financing activities are summarized as follows:
|  | Nine months ended September 30, |
(in thousands) |  | 2020 |  |  | 2019 |
Other payable issued for purchased customer accounts |  | $ | 4,350 |  |  | $ | 9,462 |
Estimated acquisition earn-out payables and related charges |  | $ | 96,845 |  |  | $ | 71,464 |
Notes received on the sale of fixed assets and customer accounts |  | $ | — |  |  | $ | 9,903 |
The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of September 30, 2020 and 2019.
|  | Balance as of September 30, |
(in thousands) |  | 2020 |  |  | 2019 |
Table to reconcile cash and cash equivalents inclusive of restricted cash |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,070,190 |  |  | $ | 497,510 |
Restricted cash |  |  | 431,651 |  |  |  | 377,085 |
Total cash and cash equivalents inclusive of restricted cash at the end of the period |  | $ | 1,501,841 |  |  | $ | 874,595 |
The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2019 and 2018.
|  | Balance as of December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Table to reconcile cash and cash equivalents inclusive of restricted cash |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 542,174 |  |  | $ | 438,961 |
Restricted cash |  |  | 420,801 |  |  |  | 338,635 |
Total cash and cash equivalents inclusive of restricted cash at the end of the period |  | $ | 962,975 |  |  | $ | 777,596 |

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -URI http://asc.fasb.org/topic&trid=2134446 + Details
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- References No definition available. + Details
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